# EDGAR Filing Document

**Accession Number:** 0001064642
**File Stem:** 0001193125-25-197943
**Filing Date:** 2025-9
**Character Count:** 3154359
**Document Hash:** 4d18dfcc27d42dd8604f1480b59ed27f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-197943.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001193125-25-197943

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 58

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPDR SERIES TRUST
- **CENTRAL INDEX KEY:** 0001064642

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08839
- **FILM NUMBER:** 251298978

**BUSINESS ADDRESS:**
- **STREET 1:** ONE IRON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE IRON STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STREETTRACKS SERIES TRUST
- **DATE OF NAME CHANGE:** 20000925

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INDEX EXCHANGE LISTED SECURITIES TRUST
- **DATE OF NAME CHANGE:** 19980622

## Series and Classes Contracts Data

### SPDR(R) Portfolio S&P 1500 Composite Stock Market ETF (Series ID: S000006973)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000019026 | SPDR(R) Portfolio S&P 1500 Composite Stock Market ETF | SPTM            |

### SPDR(R) S & P 600 Small Cap Value ETF (Series ID: S000006974)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000019027 | SPDR(R) S & P 600 Small Cap Value ETF | SLYV            |

### SPDR(R) Dow Jones REIT ETF (Series ID: S000006976)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000019029 | SPDR(R) Dow Jones REIT ETF | RWR             |

### SPDR(R) S&P Bank ETF (Series ID: S000006977)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000019030 | SPDR(R) S&P Bank ETF | KBE             |

### SPDR(R) S&P(R) Dividend ETF (Series ID: S000006981)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000019034 | SPDR(R) S&P(R) Dividend ETF | SDY             |

### SPDR(R) Portfolio S&P 500 ETF (Series ID: S000006983)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000019036 | SPDR(R) Portfolio S&P 500 ETF | SPLG            |

### SPDR(R) Portfolio S&P 500 Growth ETF (Series ID: S000006984)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000019037 | SPDR(R) Portfolio S&P 500 Growth ETF | SPYG            |

### SPDR(R) Portfolio S&P 500 Value ETF (Series ID: S000006985)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000019038 | SPDR(R) Portfolio S&P 500 Value ETF | SPYV            |

### SPDR(R) Portfolio S&P 400 Mid Cap ETF (Series ID: S000006986)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000019039 | SPDR(R) Portfolio S&P 400 Mid Cap ETF | SPMD            |

### SPDR(R) S & P 400 Mid Cap Growth ETF (Series ID: S000006987)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000019040 | SPDR(R) S & P 400 Mid Cap Growth ETF | MDYG            |

### SPDR(R) S & P 400 Mid Cap Value ETF (Series ID: S000006988)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000019041 | SPDR(R) S & P 400 Mid Cap Value ETF | MDYV            |

### SPDR(R) S & P 600 Small Cap Growth ETF (Series ID: S000006990)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000019043 | SPDR(R) S & P 600 Small Cap Growth ETF | SLYG            |

### SPDR(R) S&P(R) Biotech ETF (Series ID: S000010018)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000027706 | SPDR(R) S&P(R) Biotech ETF | XBI             |

### SPDR(R) S&P(R) Homebuilders ETF (Series ID: S000010019)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000027707 | SPDR(R) S&P(R) Homebuilders ETF | XHB             |

### SPDR(R) S&P(R) Aerospace & Defense ETF (Series ID: S000012318)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000033534 | SPDR(R) S&P(R) Aerospace & Defense ETF | XAR             |

### SPDR(R) S&P(R) Oil & Gas Exploration & Production ETF (Series ID: S000012319)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000033535 | SPDR(R) S&P(R) Oil & Gas Exploration & Production ETF | XOP             |

### SPDR(R) S&P Regional Banking(SM) ETF (Series ID: S000012325)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000033541 | SPDR(R) S&P Regional Banking(SM) ETF | KRE             |

### SPDR S&P 1500 Value Tilt ETF (Series ID: S000033831)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000104492 | SPDR S&P 1500 Value Tilt ETF | VLU             |

### SPDR S&P 1500 Momentum Tilt ETF (Series ID: S000033832)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000104493 | SPDR S&P 1500 Momentum Tilt ETF | MMTM            |

### SPDR SSGA US Large Cap Low Volatility Index ETF (Series ID: S000039794)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000123372 | SPDR SSGA US Large Cap Low Volatility Index ETF | LGLV            |

### SPDR SSGA US Small Cap Low Volatility Index ETF (Series ID: S000039795)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000123373 | SPDR SSGA US Small Cap Low Volatility Index ETF | SMLV            |

### SPDR(R) Portfolio S&P 600 Small Cap ETF (Series ID: S000041317)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000128125 | SPDR(R) Portfolio S&P 600 Small Cap ETF | SPSM            |

### SPDR(R) Portfolio S&P 500 High Dividend ETF (Series ID: S000050968)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000160602 | SPDR(R) Portfolio S&P 500 High Dividend ETF | SPYD            |

### SPDR Russell 1000 Yield Focus ETF (Series ID: S000051787)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000162940 | SPDR Russell 1000 Yield Focus ETF | ONEY            |

### SPDR Russell 1000 Momentum Focus ETF (Series ID: S000051788)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000162941 | SPDR Russell 1000 Momentum Focus ETF | ONEO            |

### SPDR Russell 1000 Low Volatility Focus ETF (Series ID: S000051789)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000162942 | SPDR Russell 1000 Low Volatility Focus ETF | ONEV            |

### SPDR S&P Kensho Intelligent Structures ETF (Series ID: S000059700)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000195381 | SPDR S&P Kensho Intelligent Structures ETF | SIMS            |

### SPDR S&P Kensho Smart Mobility ETF (Series ID: S000059701)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000195382 | SPDR S&P Kensho Smart Mobility ETF | HAIL            |

### SPDR S&P Kensho Future Security ETF (Series ID: S000059702)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000195383 | SPDR S&P Kensho Future Security ETF | FITE            |

### SPDR S&P Kensho Clean Power ETF (Series ID: S000063360)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000205413 | SPDR S&P Kensho Clean Power ETF | CNRG            |

### SPDR S&P Kensho Final Frontiers ETF (Series ID: S000063361)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000205414 | SPDR S&P Kensho Final Frontiers ETF | ROKT            |

### SPDR S&P Kensho New Economies Composite ETF (Series ID: S000063362)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000205415 | SPDR S&P Kensho New Economies Composite ETF | KOMP            |

### SPDR S&P 500 ESG ETF (Series ID: S000069051)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000220766 | SPDR S&P 500 ESG ETF | EFIV            |

### SPDR S&P SmallCap 600 ESG ETF (Series ID: S000074035)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000231370 | SPDR S&P SmallCap 600 ESG ETF | ESIX            |

### SPDR MSCI USA Climate Paris Aligned ETF (Series ID: S000076007)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000235432 | SPDR MSCI USA Climate Paris Aligned ETF | NZUS            |

### SPDR Portfolio S&P Sector Neutral Dividend ETF (Series ID: S000081587)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000244514 | SPDR Portfolio S&P Sector Neutral Dividend ETF | SPDG            |

?xml version='1.0' encoding='ASCII'? SPDR Series Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number: 811-08839

## SPDR<sup>®</sup> SERIES TRUST

#### (Exact name of registrant as specified in charter)

#### One Iron Street, Boston, Massachusetts 02210

#### (Address of principal executive offices) (zip code)

#### Andrew J. DeLorme, Esq.

#### Chief Legal Officer

#### c/o SSGA Funds Management, Inc.

#### One Iron Street

#### Boston, Massachusetts 02210

#### (Name and address of agent for service)

#### Copy to:
W. John McGuire, Esq.

#### Morgan, Lewis & Bockius LLP

#### 1111 Pennsylvania Avenue, NW

#### Washington, DC 20004

#### Registrant's telephone number, including area code: (617) 664-3920

#### Date of fiscal year end: June 30

#### Date of reporting period: June 30, 2025

------

#### Item 1. Report to Stockholders.
(a) The Report to Shareholders is attached herewith.

# SPDR Dow Jones REIT ETF
![Image](g941109g13l21.jpg)

# RWR

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Dow Jones REIT ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Dow Jones REIT ETF | $26 | 0.25% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserves and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration.

The U.S. REIT sector navigated a volatile macroeconomic and policy landscape over the reporting period, marked by shifting interest rate expectations, geopolitical tensions and evolving investor sentiment toward the rate sensitive assets. Despite these headwinds, the sector as a whole demonstrated resilience, though performance as uneven across property types and calendar quarters.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g60n26.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **RWR** | **S&P 500 Index** | **Dow Jones U.S. Select REIT Index /Dow Jones U.S. Select REIT Capped Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10589 | $10210 | $10593 |
| **08/31/15** | $9968 | $9594 | $9972 |
| **09/30/15** | $10302 | $9356 | $10309 |
| **10/31/15** | $10899 | $10145 | $10910 |
| **11/30/15** | $10836 | $10176 | $10850 |
| **12/31/15** | $11066 | $10015 | $11086 |
| **01/31/16** | $10630 | $9518 | $10648 |
| **02/29/16** | $10533 | $9505 | $10553 |
| **03/31/16** | $11622 | $10150 | $11653 |
| **04/30/16** | $11280 | $10189 | $11312 |
| **05/31/16** | $11504 | $10372 | $11539 |
| **06/30/16** | $12243 | $10399 | $12285 |
| **07/31/16** | $12775 | $10783 | $12823 |
| **08/31/16** | $12341 | $10798 | $12389 |
| **09/30/16** | $12080 | $10800 | $12134 |
| **10/31/16** | $11400 | $10603 | $11451 |
| **11/30/16** | $11244 | $10996 | $11296 |
| **12/31/16** | $11765 | $11213 | $11826 |
| **01/31/17** | $11661 | $11426 | $11725 |
| **02/28/17** | $12067 | $11879 | $12135 |
| **03/31/17** | $11726 | $11893 | $11794 |
| **04/30/17** | $11694 | $12015 | $11766 |
| **05/31/17** | $11627 | $12184 | $11701 |
| **06/30/17** | $11909 | $12260 | $11987 |
| **07/31/17** | $12015 | $12512 | $12097 |
| **08/31/17** | $11918 | $12551 | $12001 |
| **09/30/17** | $11950 | $12810 | $12033 |
| **10/31/17** | $11817 | $13109 | $11902 |
| **11/30/17** | $12177 | $13511 | $12268 |
| **12/31/17** | $12180 | $13661 | $12271 |
| **01/31/18** | $11698 | $14443 | $11785 |
| **02/28/18** | $10854 | $13911 | $10936 |
| **03/31/18** | $11273 | $13557 | $11360 |
| **04/30/18** | $11437 | $13609 | $11528 |
| **05/31/18** | $11889 | $13937 | $11986 |
| **06/30/18** | $12388 | $14023 | $12495 |
| **07/31/18** | $12454 | $14544 | $12563 |
| **08/31/18** | $12822 | $15018 | $12937 |
| **09/30/18** | $12474 | $15104 | $12585 |
| **10/31/18** | $12157 | $14072 | $12264 |
| **11/30/18** | $12742 | $14358 | $12859 |
| **12/31/18** | $11652 | $13062 | $11753 |
| **01/31/19** | $12974 | $14109 | $13095 |
| **02/28/19** | $13097 | $14562 | $13221 |
| **03/31/19** | $13470 | $14845 | $13602 |
| **04/30/19** | $13441 | $15446 | $13575 |
| **05/31/19** | $13393 | $14464 | $13529 |
| **06/30/19** | $13575 | $15483 | $13713 |
| **07/31/19** | $13788 | $15706 | $13932 |
| **08/31/19** | $14112 | $15457 | $14263 |
| **09/30/19** | $14489 | $15746 | $14649 |
| **10/31/19** | $14640 | $16087 | $14806 |
| **11/30/19** | $14440 | $16671 | $14606 |
| **12/31/19** | $14300 | $17175 | $14469 |
| **01/31/20** | $14356 | $17168 | $14529 |
| **02/29/20** | $13151 | $15755 | $13308 |
| **03/31/20** | $10208 | $13809 | $10343 |
| **04/30/20** | $11000 | $15579 | $11152 |
| **05/31/20** | $10928 | $16321 | $11081 |
| **06/30/20** | $11127 | $16645 | $11285 |
| **07/31/20** | $11495 | $17584 | $11661 |
| **08/31/20** | $11573 | $18848 | $11742 |
| **09/30/20** | $11218 | $18132 | $11378 |
| **10/31/20** | $10925 | $17650 | $11084 |
| **11/30/20** | $12261 | $19582 | $12445 |
| **12/31/20** | $12654 | $20334 | $12849 |
| **01/31/21** | $12627 | $20129 | $12823 |
| **02/28/21** | $13297 | $20684 | $13507 |
| **03/31/21** | $13910 | $21590 | $14134 |
| **04/30/21** | $15055 | $22742 | $15304 |
| **05/31/21** | $15188 | $22901 | $15442 |
| **06/30/21** | $15532 | $23436 | $15796 |
| **07/31/21** | $16355 | $23993 | $16637 |
| **08/31/21** | $16638 | $24722 | $16929 |
| **09/30/21** | $15716 | $23572 | $15994 |
| **10/31/21** | $16996 | $25224 | $17302 |
| **11/30/21** | $16890 | $25049 | $17198 |
| **12/31/21** | $18406 | $26172 | $18748 |
| **01/31/22** | $17212 | $24817 | $17537 |
| **02/28/22** | $16600 | $24074 | $16918 |
| **03/31/22** | $17710 | $24968 | $18052 |
| **04/30/22** | $16884 | $22791 | $17214 |
| **05/31/22** | $15721 | $22833 | $16027 |
| **06/30/22** | $14493 | $20948 | $14784 |
| **07/31/22** | $15779 | $22879 | $16100 |
| **08/31/22** | $14797 | $21946 | $15100 |
| **09/30/22** | $12988 | $19925 | $13251 |
| **10/31/22** | $13567 | $21538 | $13846 |
| **11/30/22** | $14350 | $22742 | $14648 |
| **12/31/22** | $13599 | $21432 | $13881 |
| **01/31/23** | $15087 | $22778 | $15405 |
| **02/28/23** | $14340 | $22223 | $14646 |
| **03/31/23** | $13970 | $23038 | $14266 |
| **04/30/23** | $14064 | $23398 | $14364 |
| **05/31/23** | $13671 | $23500 | $13968 |
| **06/30/23** | $14376 | $25053 | $14682 |
| **07/31/23** | $14782 | $25857 | $15103 |
| **08/31/23** | $14309 | $25446 | $14621 |
| **09/30/23** | $13308 | $24232 | $13596 |
| **10/31/23** | $12705 | $23723 | $12980 |
| **11/30/23** | $14073 | $25889 | $14378 |
| **12/31/23** | $15482 | $27066 | $15818 |
| **01/31/24** | $14850 | $27520 | $15180 |
| **02/29/24** | $15120 | $28990 | $15463 |
| **03/31/24** | $15408 | $29923 | $15757 |
| **04/30/24** | $14282 | $28700 | $14604 |
| **05/31/24** | $14964 | $30124 | $15311 |
| **06/30/24** | $15378 | $31204 | $15731 |
| **07/31/24** | $16280 | $31584 | $16652 |
| **08/31/24** | $17311 | $32350 | $17711 |
| **09/30/24** | $17751 | $33041 | $18166 |
| **10/31/24** | $17174 | $32742 | $17579 |
| **11/30/24** | $17954 | $34664 | $18383 |
| **12/31/24** | $16680 | $33837 | $17089 |
| **01/31/25** | $16854 | $34780 | $17269 |
| **02/28/25** | $17467 | $34326 | $17900 |
| **03/31/25** | $16840 | $32392 | $17259 |
| **04/30/25** | $16313 | $32172 | $16721 |
| **05/31/25** | $16624 | $34197 | $17046 |
| **06/30/25** | $16533 | $35936 | $16951 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| RWR | 7.51% | 8.24% | 5.16% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| Dow Jones U.S. Select REIT Index /Dow Jones U.S. Select REIT Capped Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 7.75% | 8.48% | 5.42% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective September 20, 2024 (the "Benchmark Index Change Date"), the Fund's benchmark index changed from the Dow Jones U.S. Select REIT Index (the "Previous Benchmark Index") to the Dow Jones U.S. Select REIT Capped Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Returns are reflective of the Dow Jones U.S. Select REIT Index from 06/30/15 to 09/19/24 and of the DowJones U.S. Select REIT Capped Index from 09/20/24 to 06/30/25. |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$2,001,573,669

* Number of Portfolio Holdings107

* Portfolio Turnover Rate13%

* Total Advisory Fees Paid$4,497,105

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Residential REITs | 19.1% |
| Health Care REITs | 18.6% |
| Specialized REITs | 18.3% |
| Retail REITs | 18.0% |
| Industrial REITs | 14.2% |
| Office REITs | 4.9% |
| Hotel & Resort REITs | 3.1% |
| Diversified REITs | 2.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Prologis, Inc. | 9.4% |
| Welltower, Inc. | 9.2% |
| Simon Property Group, Inc. | 4.6% |
| Realty Income Corp. | 4.5% |
| Digital Realty Trust, Inc. | 4.5% |
| Public Storage | 4.4% |
| Equinix, Inc. | 4.0% |
| Extra Space Storage, Inc. | 3.3% |
| AvalonBay Communities, Inc. | 3.1% |
| Ventas, Inc. | 3.0% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR RWR

# SPDR MSCI USA Climate Paris Aligned ETF
![Image](g941109g13l21.jpg)

# NZUS

## Principal Listing Exchange: The Nasdaq Stock Market

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR MSCI USA Climate Paris Aligned ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR MSCI USA Climate Paris Aligned ETF | $11 | 0.10% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I.), but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA, but also on those who might be left behind by it, such as Apple and Google. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with the U.S. up on the 1-year period. The Index benefitted from it's large exposure to these technology and consumer discretionary sectors. And as an indicator of the dominance of the A.I. story, NVIDIA was the largest company in the world with a market cap of nearly $4.0 trillion.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g14t60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **NZUS** | **S&P 500 Index** | **MSCI USA Climate Paris Aligned Index** |
| **04/22/22** | $10000 | $10000 | $10000 |
| **04/30/22** | $9413 | $9406 | $9413 |
| **05/31/22** | $9334 | $9423 | $9335 |
| **06/30/22** | $8633 | $8645 | $8633 |
| **07/31/22** | $9555 | $9443 | $9557 |
| **08/31/22** | $9082 | $9057 | $9084 |
| **09/30/22** | $8226 | $8223 | $8226 |
| **10/31/22** | $8802 | $8889 | $8805 |
| **11/30/22** | $9277 | $9386 | $9282 |
| **12/31/22** | $8697 | $8845 | $8701 |
| **01/31/23** | $9330 | $9401 | $9336 |
| **02/28/23** | $9135 | $9171 | $9140 |
| **03/31/23** | $9496 | $9508 | $9503 |
| **04/30/23** | $9590 | $9657 | $9598 |
| **05/31/23** | $9718 | $9699 | $9727 |
| **06/30/23** | $10381 | $10339 | $10393 |
| **07/31/23** | $10695 | $10672 | $10710 |
| **08/31/23** | $10539 | $10502 | $10553 |
| **09/30/23** | $9942 | $10001 | $9954 |
| **10/31/23** | $9661 | $9791 | $9673 |
| **11/30/23** | $10690 | $10685 | $10689 |
| **12/31/23** | $11241 | $11170 | $11242 |
| **01/31/24** | $11358 | $11358 | $11360 |
| **02/29/24** | $11939 | $11964 | $11957 |
| **03/31/24** | $12183 | $12349 | $12195 |
| **04/30/24** | $11571 | $11845 | $11584 |
| **05/31/24** | $12222 | $12432 | $12236 |
| **06/30/24** | $12728 | $12878 | $12742 |
| **07/31/24** | $12933 | $13035 | $12950 |
| **08/31/24** | $13299 | $13351 | $13320 |
| **09/30/24** | $13616 | $13636 | $13637 |
| **10/31/24** | $13395 | $13513 | $13418 |
| **11/30/24** | $14207 | $14306 | $14234 |
| **12/31/24** | $13976 | $13965 | $14009 |
| **01/31/25** | $14179 | $14354 | $14214 |
| **02/28/25** | $13833 | $14167 | $13864 |
| **03/31/25** | $12923 | $13368 | $12951 |
| **04/30/25** | $12912 | $13278 | $12937 |
| **05/31/25** | $13841 | $14113 | $13869 |
| **06/30/25** | $14455 | $14831 | $14488 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 04/22/22** |
| NZUS | 13.56% | 12.24% |
| S&P 500 Index | 15.16% | 13.14% |
| MSCI USA Climate Paris Aligned Index | 13.70% | 12.32% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$2,624,343

* Number of Portfolio Holdings184

* Portfolio Turnover Rate13%

* Total Advisory Fees Paid$2,611

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Semiconductors & Semiconductor Equipment | 16.3% |
| Software | 12.6% |
| Interactive Media & Services | 6.6% |
| Technology Hardware, Storage & Peripherals | 6.0% |
| Pharmaceuticals | 5.7% |
| Financial Services | 5.4% |
| Specialized REITs | 4.2% |
| Capital Markets | 4.1% |
| Broadline Retail | 4.1% |
| Automobiles | 3.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 9.4% |
| Microsoft Corp. | 7.7% |
| Apple, Inc. | 6.0% |
| Amazon.com, Inc. | 3.8% |
| Tesla, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 3.1% |
| Eli Lilly & Co. | 2.7% |
| Mastercard, Inc., Class A | 2.5% |
| Visa, Inc., Class A | 2.4% |
| Broadcom, Inc. | 2.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR NZUS

# SPDR Portfolio S&P 1500 Composite Stock Market ETF
![Image](g941109g13l21.jpg)

# SPTM

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Portfolio S&P 1500 Composite Stock Market ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF | $3 | 0.03% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariffs introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA, but also on those who might be left behind by it, such as Apple and Google. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g63r80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SPTM** | **S&P 500 Index** | **S&P Composite 1500 Index/SSGA Total Stock Market Index/Russell 3000 Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10169 | $10210 | $10167 |
| **08/31/15** | $9559 | $9594 | $9553 |
| **09/30/15** | $9285 | $9356 | $9275 |
| **10/31/15** | $10018 | $10145 | $10008 |
| **11/30/15** | $10071 | $10176 | $10063 |
| **12/31/15** | $9865 | $10015 | $9857 |
| **01/31/16** | $9317 | $9518 | $9300 |
| **02/29/16** | $9317 | $9505 | $9297 |
| **03/31/16** | $9971 | $10150 | $9952 |
| **04/30/16** | $10032 | $10189 | $10014 |
| **05/31/16** | $10211 | $10372 | $10193 |
| **06/30/16** | $10234 | $10399 | $10214 |
| **07/31/16** | $10637 | $10783 | $10619 |
| **08/31/16** | $10662 | $10798 | $10646 |
| **09/30/16** | $10678 | $10800 | $10663 |
| **10/31/16** | $10451 | $10603 | $10432 |
| **11/30/16** | $10919 | $10996 | $10899 |
| **12/31/16** | $11129 | $11213 | $11112 |
| **01/31/17** | $11339 | $11426 | $11321 |
| **02/28/17** | $11757 | $11879 | $11742 |
| **03/31/17** | $11765 | $11893 | $11750 |
| **04/30/17** | $11888 | $12015 | $11875 |
| **05/31/17** | $12009 | $12184 | $11996 |
| **06/30/17** | $12113 | $12260 | $12104 |
| **07/31/17** | $12341 | $12512 | $12333 |
| **08/31/17** | $12365 | $12551 | $12356 |
| **09/30/17** | $12660 | $12810 | $12658 |
| **10/31/17** | $12941 | $13109 | $12934 |
| **11/30/17** | $13346 | $13511 | $13338 |
| **12/31/17** | $13482 | $13661 | $13474 |
| **01/31/18** | $14172 | $14443 | $14164 |
| **02/28/18** | $13654 | $13911 | $13646 |
| **03/31/18** | $13385 | $13557 | $13377 |
| **04/30/18** | $13457 | $13609 | $13450 |
| **05/31/18** | $13841 | $13937 | $13840 |
| **06/30/18** | $13918 | $14023 | $13919 |
| **07/31/18** | $14370 | $14544 | $14370 |
| **08/31/18** | $14873 | $15018 | $14880 |
| **09/30/18** | $14901 | $15104 | $14907 |
| **10/31/18** | $13813 | $14072 | $13811 |
| **11/30/18** | $14088 | $14358 | $14079 |
| **12/31/18** | $12772 | $13062 | $12755 |
| **01/31/19** | $13906 | $14109 | $13889 |
| **02/28/19** | $14406 | $14562 | $14389 |
| **03/31/19** | $14613 | $14845 | $14592 |
| **04/30/19** | $15205 | $15446 | $15185 |
| **05/31/19** | $14220 | $14464 | $14201 |
| **06/30/19** | $15233 | $15483 | $15211 |
| **07/31/19** | $15456 | $15706 | $15433 |
| **08/31/19** | $15135 | $15457 | $15109 |
| **09/30/19** | $15401 | $15746 | $15374 |
| **10/31/19** | $15734 | $16087 | $15710 |
| **11/30/19** | $16331 | $16671 | $16310 |
| **12/31/19** | $16804 | $17175 | $16782 |
| **01/31/20** | $16766 | $17168 | $16748 |
| **02/29/20** | $15364 | $15755 | $15351 |
| **03/31/20** | $13339 | $13809 | $13343 |
| **04/30/20** | $15059 | $15579 | $15063 |
| **05/31/20** | $15795 | $16321 | $15800 |
| **06/30/20** | $16110 | $16645 | $16114 |
| **07/31/20** | $17002 | $17584 | $17008 |
| **08/31/20** | $18178 | $18848 | $18182 |
| **09/30/20** | $17490 | $18132 | $17493 |
| **10/31/20** | $17091 | $17650 | $17095 |
| **11/30/20** | $19026 | $19582 | $19027 |
| **12/31/20** | $19806 | $20334 | $19810 |
| **01/31/21** | $19672 | $20129 | $19676 |
| **02/28/21** | $20288 | $20684 | $20292 |
| **03/31/21** | $21175 | $21590 | $21179 |
| **04/30/21** | $22275 | $22742 | $22279 |
| **05/31/21** | $22432 | $22901 | $22436 |
| **06/30/21** | $22897 | $23436 | $22902 |
| **07/31/21** | $23384 | $23993 | $23389 |
| **08/31/21** | $24074 | $24722 | $24080 |
| **09/30/21** | $22977 | $23572 | $22983 |
| **10/31/21** | $24548 | $25224 | $24557 |
| **11/30/21** | $24337 | $25049 | $24345 |
| **12/31/21** | $25436 | $26172 | $25445 |
| **01/31/22** | $24085 | $24817 | $24086 |
| **02/28/22** | $23444 | $24074 | $23445 |
| **03/31/22** | $24261 | $24968 | $24264 |
| **04/30/22** | $22179 | $22791 | $22176 |
| **05/31/22** | $22236 | $22833 | $22232 |
| **06/30/22** | $20374 | $20948 | $20378 |
| **07/31/22** | $22274 | $22879 | $22280 |
| **08/31/22** | $21377 | $21946 | $21382 |
| **09/30/22** | $19408 | $19925 | $19409 |
| **10/31/22** | $21031 | $21538 | $21028 |
| **11/30/22** | $22206 | $22742 | $22202 |
| **12/31/22** | $20927 | $21432 | $20921 |
| **01/31/23** | $22293 | $22778 | $22288 |
| **02/28/23** | $21765 | $22223 | $21759 |
| **03/31/23** | $22420 | $23038 | $22418 |
| **04/30/23** | $22717 | $23398 | $22714 |
| **05/31/23** | $22755 | $23500 | $22756 |
| **06/30/23** | $24299 | $25053 | $24299 |
| **07/31/23** | $25106 | $25857 | $25106 |
| **08/31/23** | $24676 | $25446 | $24672 |
| **09/30/23** | $23491 | $24232 | $23482 |
| **10/31/23** | $22933 | $23723 | $22923 |
| **11/30/23** | $25015 | $25889 | $25004 |
| **12/31/23** | $26258 | $27066 | $26248 |
| **01/31/24** | $26611 | $27520 | $26599 |
| **02/29/24** | $28026 | $28990 | $28015 |
| **03/31/24** | $28962 | $29923 | $28954 |
| **04/30/24** | $27735 | $28700 | $27728 |
| **05/31/24** | $29100 | $30124 | $29095 |
| **06/30/24** | $30015 | $31204 | $30014 |
| **07/31/24** | $30526 | $31584 | $30522 |
| **08/31/24** | $31194 | $32350 | $31189 |
| **09/30/24** | $31830 | $33041 | $31828 |
| **10/31/24** | $31531 | $32742 | $31529 |
| **11/30/24** | $33472 | $34664 | $33472 |
| **12/31/24** | $32532 | $33837 | $32535 |
| **01/31/25** | $33456 | $34780 | $33461 |
| **02/28/25** | $32927 | $34326 | $32931 |
| **03/31/25** | $31072 | $32392 | $31075 |
| **04/30/25** | $30807 | $32172 | $30811 |
| **05/31/25** | $32722 | $34197 | $32729 |
| **06/30/25** | $34348 | $35936 | $34359 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SPTM | 14.43% | 16.35% | 13.13% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Composite 1500 Index/SSGA Total Stock Market Index/Russell 3000 Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 14.48% | 16.35% | 13.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective November 16, 2017, the Fund's benchmark index changed from the Russell 3000 Index to the SSGA Total Stock Market Index. Effective January 24, 2020, the Fund's benchmark index changed from the SSGA Total Stock Market Index to the S&P Composite 1500 Index. Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index. Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Returns are reflective of the Russell 3000 Index from 06/30/2015 to 11/15/17, the SSGA Total Stock Market Index from 11/16/17 to 01/23/20, and of the S&PComposite 1500 Index from 01/24/20 to 06/30/25 |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$10,525,164,718

* Number of Portfolio Holdings1,514

* Portfolio Turnover Rate2%

* Total Advisory Fees Paid$2,837,305

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Semiconductors & Semiconductor Equipment | 12.0% |
| Software | 10.8% |
| Interactive Media & Services | 6.1% |
| Technology Hardware, Storage & Peripherals | 5.7% |
| Financial Services | 4.2% |
| Banks | 3.9% |
| Broadline Retail | 3.7% |
| Capital Markets | 3.4% |
| Oil, Gas & Consumable Fuels | 2.8% |
| Pharmaceuticals | 2.7% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 6.8% |
| Microsoft Corp. | 6.5% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc., Class A | 2.8% |
| Broadcom, Inc. | 2.3% |
| Alphabet, Inc., Class A | 1.8% |
| Tesla, Inc. | 1.6% |
| Berkshire Hathaway, Inc., Class B | 1.6% |
| Alphabet, Inc., Class C | 1.5% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPTM

# SPDR Portfolio S&P 400 Mid Cap ETF
![Image](g941109g13l21.jpg)

# SPMD

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Portfolio S&P 400 Mid Cap ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Portfolio S&P 400 Mid Cap ETF | $3 | 0.03% |

---

## How did the Fund perform last year and what affected its performance?
The market environment during the reporting period was shaped initially by inflation dynamics and investor speculation around how the U.S. Federal Reserve and other central banks might respond to more favorable inflation data. This narrative shifted mid-period with the introduction of a new tariff regime by the U.S. administration, which added a layer of geopolitical uncertainty and market volatility. Meanwhile, the secular growth story continued to be dominated by developments in artificial intelligence (A.I.). Investor focus extended beyond companies positioned to benefit from the A.I. megatrend to include those potentially at risk of being disrupted by it. This bifurcation in market sentiment contributed to notable dispersion in equity performance across sectors. Despite the macroeconomic and policy headwinds, global equity markets proved resilient. U.S., developed, and emerging markets all posted gains over the 1 year period. Underscoring the strength of the A.I.-driven rally, the world's largest company reached a market capitalization of nearly $4.0 trillion by the end of the quarter.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g96z29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SPMD** | **S&P 500 Index** | **S&P MidCap 400 Index /S&P 1000 Index /Russell Small Cap Completeness Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $9993 | $10210 | $9997 |
| **08/31/15** | $9396 | $9594 | $9398 |
| **09/30/15** | $8956 | $9356 | $8953 |
| **10/31/15** | $9447 | $10145 | $9446 |
| **11/30/15** | $9608 | $10176 | $9608 |
| **12/31/15** | $9215 | $10015 | $9222 |
| **01/31/16** | $8431 | $9518 | $8427 |
| **02/29/16** | $8462 | $9505 | $8456 |
| **03/31/16** | $9158 | $10150 | $9157 |
| **04/30/16** | $9311 | $10189 | $9312 |
| **05/31/16** | $9478 | $10372 | $9481 |
| **06/30/16** | $9479 | $10399 | $9478 |
| **07/31/16** | $9986 | $10783 | $9989 |
| **08/31/16** | $10066 | $10798 | $10072 |
| **09/30/16** | $10040 | $10800 | $10046 |
| **10/31/16** | $9717 | $10603 | $9723 |
| **11/30/16** | $10625 | $10996 | $10633 |
| **12/31/16** | $10893 | $11213 | $10904 |
| **01/31/17** | $11005 | $11426 | $11017 |
| **02/28/17** | $11258 | $11879 | $11272 |
| **03/31/17** | $11225 | $11893 | $11237 |
| **04/30/17** | $11320 | $12015 | $11333 |
| **05/31/17** | $11209 | $12184 | $11222 |
| **06/30/17** | $11436 | $12260 | $11450 |
| **07/31/17** | $11539 | $12512 | $11554 |
| **08/31/17** | $11326 | $12551 | $11340 |
| **09/30/17** | $11897 | $12810 | $11915 |
| **10/31/17** | $12119 | $13109 | $12136 |
| **11/30/17** | $12559 | $13511 | $12576 |
| **12/31/17** | $12556 | $13661 | $12575 |
| **01/31/18** | $12904 | $14443 | $12924 |
| **02/28/18** | $12355 | $13911 | $12373 |
| **03/31/18** | $12512 | $13557 | $12529 |
| **04/30/18** | $12527 | $13609 | $12546 |
| **05/31/18** | $13131 | $13937 | $13154 |
| **06/30/18** | $13215 | $14023 | $13238 |
| **07/31/18** | $13503 | $14544 | $13530 |
| **08/31/18** | $14004 | $15018 | $14032 |
| **09/30/18** | $13758 | $15104 | $13785 |
| **10/31/18** | $12406 | $14072 | $12428 |
| **11/30/18** | $12731 | $14358 | $12753 |
| **12/31/18** | $11263 | $13062 | $11280 |
| **01/31/19** | $12445 | $14109 | $12466 |
| **02/28/19** | $12976 | $14562 | $12999 |
| **03/31/19** | $12790 | $14845 | $12814 |
| **04/30/19** | $13298 | $15446 | $13323 |
| **05/31/19** | $12210 | $14464 | $12231 |
| **06/30/19** | $13135 | $15483 | $13158 |
| **07/31/19** | $13289 | $15706 | $13313 |
| **08/31/19** | $12719 | $15457 | $12742 |
| **09/30/19** | $13120 | $15746 | $13143 |
| **10/31/19** | $13301 | $16087 | $13323 |
| **11/30/19** | $13699 | $16671 | $13723 |
| **12/31/19** | $14091 | $17175 | $14116 |
| **01/31/20** | $13716 | $17168 | $13742 |
| **02/29/20** | $12416 | $15755 | $12438 |
| **03/31/20** | $9898 | $13809 | $9919 |
| **04/30/20** | $11299 | $15579 | $11326 |
| **05/31/20** | $12124 | $16321 | $12155 |
| **06/30/20** | $12277 | $16645 | $12307 |
| **07/31/20** | $12838 | $17584 | $12875 |
| **08/31/20** | $13289 | $18848 | $13327 |
| **09/30/20** | $12858 | $18132 | $12895 |
| **10/31/20** | $13137 | $17650 | $13175 |
| **11/30/20** | $15009 | $19582 | $15056 |
| **12/31/20** | $15984 | $20334 | $16038 |
| **01/31/21** | $16224 | $20129 | $16279 |
| **02/28/21** | $17327 | $20684 | $17386 |
| **03/31/21** | $18135 | $21590 | $18198 |
| **04/30/21** | $18950 | $22742 | $19017 |
| **05/31/21** | $18987 | $22901 | $19055 |
| **06/30/21** | $18791 | $23436 | $18860 |
| **07/31/21** | $18855 | $23993 | $18925 |
| **08/31/21** | $19221 | $24722 | $19293 |
| **09/30/21** | $18457 | $23572 | $18527 |
| **10/31/21** | $19541 | $25224 | $19618 |
| **11/30/21** | $18967 | $25049 | $19042 |
| **12/31/21** | $19929 | $26172 | $20009 |
| **01/31/22** | $18494 | $24817 | $18566 |
| **02/28/22** | $18698 | $24074 | $18773 |
| **03/31/22** | $18956 | $24968 | $19033 |
| **04/30/22** | $17610 | $22791 | $17680 |
| **05/31/22** | $17739 | $22833 | $17812 |
| **06/30/22** | $16034 | $20948 | $16099 |
| **07/31/22** | $17772 | $22879 | $17846 |
| **08/31/22** | $17221 | $21946 | $17292 |
| **09/30/22** | $15643 | $19925 | $15702 |
| **10/31/22** | $17285 | $21538 | $17354 |
| **11/30/22** | $18341 | $22742 | $18416 |
| **12/31/22** | $17326 | $21432 | $17395 |
| **01/31/23** | $18922 | $22778 | $19001 |
| **02/28/23** | $18580 | $22223 | $18656 |
| **03/31/23** | $17985 | $23038 | $18058 |
| **04/30/23** | $17845 | $23398 | $17916 |
| **05/31/23** | $17276 | $23500 | $17345 |
| **06/30/23** | $18856 | $25053 | $18934 |
| **07/31/23** | $19632 | $25857 | $19715 |
| **08/31/23** | $19065 | $25446 | $19145 |
| **09/30/23** | $18066 | $24232 | $18138 |
| **10/31/23** | $17103 | $23723 | $17170 |
| **11/30/23** | $18556 | $25889 | $18631 |
| **12/31/23** | $20171 | $27066 | $20255 |
| **01/31/24** | $19824 | $27520 | $19908 |
| **02/29/24** | $20997 | $28990 | $21090 |
| **03/31/24** | $22168 | $29923 | $22271 |
| **04/30/24** | $20835 | $28700 | $20930 |
| **05/31/24** | $21749 | $30124 | $21849 |
| **06/30/24** | $21406 | $31204 | $21503 |
| **07/31/24** | $22647 | $31584 | $22752 |
| **08/31/24** | $22628 | $32350 | $22734 |
| **09/30/24** | $22889 | $33041 | $22997 |
| **10/31/24** | $22728 | $32742 | $22834 |
| **11/30/24** | $24727 | $34664 | $24846 |
| **12/31/24** | $22967 | $33837 | $23076 |
| **01/31/25** | $23850 | $34780 | $23964 |
| **02/28/25** | $22813 | $34326 | $22923 |
| **03/31/25** | $21565 | $32392 | $21668 |
| **04/30/25** | $21081 | $32172 | $21180 |
| **05/31/25** | $22219 | $34197 | $22323 |
| **06/30/25** | $23013 | $35936 | $23122 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SPMD | 7.51% | 13.39% | 8.69% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P MidCap 400 Index /S&P 1000 Index /Russell Small Cap Completeness Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 7.53% | 13.44% | 8.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective August 31, 2016, the Fund's benchmark index changed from the Russell Small Cap Completeness Index to the S&P 1000 Index. Effective January 24, 2020, the Fund's benchmark index changed from the S&P 1000 Index to the S&P MidCap 400 Index. Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index. Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index. SPDR Portfolio S&P 400 Mid Cap ETF Index. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Returns are reflective of the Russell Small Cap Completeness Index from 06/30/15 to 08/30/16, the S&P 1000 Index from 08/31/16 to 01/23/20, and of the S&P MidCap 400 Index from 01/24/20 to 06/30/25. |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$13,179,786,578

* Number of Portfolio Holdings404

* Portfolio Turnover Rate13%

* Total Advisory Fees Paid$3,550,055

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 6.6% |
| Machinery | 5.2% |
| Insurance | 4.5% |
| Capital Markets | 3.8% |
| Specialty Retail | 3.7% |
| Software | 3.6% |
| Hotels, Restaurants & Leisure | 3.4% |
| Consumer Staples Distribution & Retail | 3.3% |
| Construction & Engineering | 3.3% |
| Electronic Equipment, Instruments & Components | 3.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Interactive Brokers Group, Inc., Class A | 0.8% |
| EMCOR Group, Inc. | 0.8% |
| Guidewire Software, Inc. | 0.7% |
| RB Global, Inc. | 0.7% |
| Flex Ltd. | 0.7% |
| Casey's General Stores, Inc. | 0.7% |
| Comfort Systems USA, Inc. | 0.6% |
| Curtiss-Wright Corp. | 0.6% |
| Pure Storage, Inc., Class A | 0.6% |
| U.S. Foods Holding Corp. | 0.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPMD

# SPDR Portfolio S&P 500 ETF
![Image](g941109g13l21.jpg)

# SPLG

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Portfolio S&P 500 ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Portfolio S&P 500 ETF | $2 | 0.02% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and subsequent speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. The market rewarded the former but punished the latter.

The sectors with the largest contribution to total return during the reporting period were Information Technology, followed by Financials and Communication Services. On the other hand, Health Care was the sector that detracted the most from total return, followed by Energy and Materials.

On an individual security level, the top positive contributors to the Fund's performance during the reporting period were Nvidia Corporation, followed by Broadcom Inc. and Meta Platforms. The top negative contributors to the Fund's performance during the reporting period were UnitedHealth Group Inc., followed by Apple Inc., and Merck & Co.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g83k07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SPLG** | **S&P 500 Index** | **S&P 500 Index/SSGA Large Cap Index/Russell 1000 Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10192 | $10210 | $10193 |
| **08/31/15** | $9581 | $9594 | $9580 |
| **09/30/15** | $9319 | $9356 | $9317 |
| **10/31/15** | $10071 | $10145 | $10071 |
| **11/30/15** | $10104 | $10176 | $10104 |
| **12/31/15** | $9920 | $10015 | $9922 |
| **01/31/16** | $9388 | $9518 | $9388 |
| **02/29/16** | $9387 | $9505 | $9385 |
| **03/31/16** | $10036 | $10150 | $10039 |
| **04/30/16** | $10089 | $10189 | $10093 |
| **05/31/16** | $10265 | $10372 | $10270 |
| **06/30/16** | $10290 | $10399 | $10293 |
| **07/31/16** | $10681 | $10783 | $10686 |
| **08/31/16** | $10697 | $10798 | $10700 |
| **09/30/16** | $10704 | $10800 | $10708 |
| **10/31/16** | $10496 | $10603 | $10499 |
| **11/30/16** | $10909 | $10996 | $10913 |
| **12/31/16** | $11112 | $11213 | $11118 |
| **01/31/17** | $11334 | $11426 | $11342 |
| **02/28/17** | $11771 | $11879 | $11781 |
| **03/31/17** | $11778 | $11893 | $11788 |
| **04/30/17** | $11902 | $12015 | $11913 |
| **05/31/17** | $12053 | $12184 | $12065 |
| **06/30/17** | $12136 | $12260 | $12149 |
| **07/31/17** | $12376 | $12512 | $12390 |
| **08/31/17** | $12412 | $12551 | $12429 |
| **09/30/17** | $12676 | $12810 | $12693 |
| **10/31/17** | $12965 | $13109 | $12985 |
| **11/30/17** | $13364 | $13511 | $13387 |
| **12/31/17** | $13513 | $13661 | $13535 |
| **01/31/18** | $14242 | $14443 | $14266 |
| **02/28/18** | $13728 | $13911 | $13751 |
| **03/31/18** | $13413 | $13557 | $13436 |
| **04/30/18** | $13481 | $13609 | $13505 |
| **05/31/18** | $13824 | $13937 | $13850 |
| **06/30/18** | $13896 | $14023 | $13920 |
| **07/31/18** | $14374 | $14544 | $14401 |
| **08/31/18** | $14870 | $15018 | $14899 |
| **09/30/18** | $14937 | $15104 | $14965 |
| **10/31/18** | $13889 | $14072 | $13915 |
| **11/30/18** | $14166 | $14358 | $14192 |
| **12/31/18** | $12876 | $13062 | $12896 |
| **01/31/19** | $13977 | $14109 | $14001 |
| **02/28/19** | $14462 | $14562 | $14489 |
| **03/31/19** | $14718 | $14845 | $14744 |
| **04/30/19** | $15324 | $15446 | $15353 |
| **05/31/19** | $14355 | $14464 | $14383 |
| **06/30/19** | $15376 | $15483 | $15404 |
| **07/31/19** | $15609 | $15706 | $15638 |
| **08/31/19** | $15323 | $15457 | $15351 |
| **09/30/19** | $15588 | $15746 | $15618 |
| **10/31/19** | $15926 | $16087 | $15958 |
| **11/30/19** | $16531 | $16671 | $16566 |
| **12/31/19** | $17005 | $17175 | $17042 |
| **01/31/20** | $17020 | $17168 | $17059 |
| **02/29/20** | $15619 | $15755 | $15655 |
| **03/31/20** | $13682 | $13809 | $13722 |
| **04/30/20** | $15435 | $15579 | $15481 |
| **05/31/20** | $16170 | $16321 | $16218 |
| **06/30/20** | $16492 | $16645 | $16540 |
| **07/31/20** | $17422 | $17584 | $17473 |
| **08/31/20** | $18673 | $18848 | $18729 |
| **09/30/20** | $17965 | $18132 | $18017 |
| **10/31/20** | $17488 | $17650 | $17538 |
| **11/30/20** | $19403 | $19582 | $19458 |
| **12/31/20** | $20147 | $20334 | $20206 |
| **01/31/21** | $19944 | $20129 | $20002 |
| **02/28/21** | $20497 | $20684 | $20554 |
| **03/31/21** | $21395 | $21590 | $21454 |
| **04/30/21** | $22536 | $22742 | $22599 |
| **05/31/21** | $22693 | $22901 | $22757 |
| **06/30/21** | $23220 | $23436 | $23288 |
| **07/31/21** | $23771 | $23993 | $23841 |
| **08/31/21** | $24493 | $24722 | $24566 |
| **09/30/21** | $23353 | $23572 | $23423 |
| **10/31/21** | $24988 | $25224 | $25065 |
| **11/30/21** | $24813 | $25049 | $24891 |
| **12/31/21** | $25923 | $26172 | $26006 |
| **01/31/22** | $24583 | $24817 | $24661 |
| **02/28/22** | $23847 | $24074 | $23922 |
| **03/31/22** | $24730 | $24968 | $24811 |
| **04/30/22** | $22575 | $22791 | $22647 |
| **05/31/22** | $22616 | $22833 | $22689 |
| **06/30/22** | $20743 | $20948 | $20816 |
| **07/31/22** | $22655 | $22879 | $22735 |
| **08/31/22** | $21731 | $21946 | $21808 |
| **09/30/22** | $19732 | $19925 | $19799 |
| **10/31/22** | $21329 | $21538 | $21402 |
| **11/30/22** | $22521 | $22742 | $22598 |
| **12/31/22** | $21224 | $21432 | $21296 |
| **01/31/23** | $22556 | $22778 | $22635 |
| **02/28/23** | $22007 | $22223 | $22082 |
| **03/31/23** | $22813 | $23038 | $22893 |
| **04/30/23** | $23168 | $23398 | $23250 |
| **05/31/23** | $23269 | $23500 | $23351 |
| **06/30/23** | $24805 | $25053 | $24894 |
| **07/31/23** | $25601 | $25857 | $25694 |
| **08/31/23** | $25195 | $25446 | $25285 |
| **09/30/23** | $23997 | $24232 | $24079 |
| **10/31/23** | $23493 | $23723 | $23573 |
| **11/30/23** | $25635 | $25889 | $25726 |
| **12/31/23** | $26798 | $27066 | $26895 |
| **01/31/24** | $27247 | $27520 | $27347 |
| **02/29/24** | $28699 | $28990 | $28807 |
| **03/31/24** | $29619 | $29923 | $29734 |
| **04/30/24** | $28411 | $28700 | $28519 |
| **05/31/24** | $29817 | $30124 | $29933 |
| **06/30/24** | $30884 | $31204 | $31007 |
| **07/31/24** | $31260 | $31584 | $31385 |
| **08/31/24** | $32017 | $32350 | $32146 |
| **09/30/24** | $32699 | $33041 | $32833 |
| **10/31/24** | $32402 | $32742 | $32535 |
| **11/30/24** | $34303 | $34664 | $34445 |
| **12/31/24** | $33488 | $33837 | $33624 |
| **01/31/25** | $34420 | $34780 | $34560 |
| **02/28/25** | $33970 | $34326 | $34109 |
| **03/31/25** | $32057 | $32392 | $32187 |
| **04/30/25** | $31839 | $32172 | $31969 |
| **05/31/25** | $33842 | $34197 | $33981 |
| **06/30/25** | $35561 | $35936 | $35709 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SPLG | 15.14% | 16.61% | 13.53% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P 500 Index/SSGA Large Cap Index/Russell 1000 Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 15.16% | 16.64% | 13.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective November 16, 2017, the Fund's benchmark index changed from the Russell 1000 Index to the SSGA Large Cap Index. Effective January 24, 2020, the Fund's benchmark index changed from the SSGA Large Cap Index to the S&P 500 Index. Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index. Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Returns are reflective of the Russell 1000 Index from 06/30/15 to 11/15/17, the SSGA Large Cap Index from 11/16/17 to 01/23/20, and of the S&P 500 Index from 01/24/20 to 06/30/25 |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$72,857,080,454

* Number of Portfolio Holdings507

* Portfolio Turnover Rate3%

* Total Advisory Fees Paid$10,768,280

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Semiconductors & Semiconductor Equipment | 12.7% |
| Software | 11.4% |
| Interactive Media & Services | 6.6% |
| Technology Hardware, Storage & Peripherals | 6.2% |
| Financial Services | 4.3% |
| Broadline Retail | 4.0% |
| Banks | 3.6% |
| Capital Markets | 3.4% |
| Pharmaceuticals | 2.8% |
| Oil, Gas & Consumable Fuels | 2.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 7.3% |
| Microsoft Corp. | 7.0% |
| Apple, Inc. | 5.8% |
| Amazon.com, Inc. | 3.9% |
| Meta Platforms, Inc., Class A | 3.0% |
| Broadcom, Inc. | 2.5% |
| Alphabet, Inc., Class A | 2.0% |
| Berkshire Hathaway, Inc., Class B | 1.7% |
| Tesla, Inc. | 1.7% |
| Alphabet, Inc., Class C | 1.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPLG

# SPDR Portfolio S&P 600 Small Cap ETF
![Image](g941109g13l21.jpg)

# SPSM

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Portfolio S&P 600 Small Cap ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Portfolio S&P 600 Small Cap ETF | $3 | 0.03% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g42f18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SPSM** | **S&P 500 Index** | **S&P SmallCap 600 Index/SSGA Small Cap Index/Russell 2000 Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $9882 | $10210 | $9884 |
| **08/31/15** | $9268 | $9594 | $9263 |
| **09/30/15** | $8819 | $9356 | $8808 |
| **10/31/15** | $9318 | $10145 | $9304 |
| **11/30/15** | $9619 | $10176 | $9607 |
| **12/31/15** | $9139 | $10015 | $9125 |
| **01/31/16** | $8345 | $9518 | $8322 |
| **02/29/16** | $8346 | $9505 | $8322 |
| **03/31/16** | $9013 | $10150 | $8986 |
| **04/30/16** | $9155 | $10189 | $9127 |
| **05/31/16** | $9361 | $10372 | $9333 |
| **06/30/16** | $9355 | $10399 | $9327 |
| **07/31/16** | $9914 | $10783 | $9884 |
| **08/31/16** | $10091 | $10798 | $10059 |
| **09/30/16** | $10203 | $10800 | $10171 |
| **10/31/16** | $9723 | $10603 | $9687 |
| **11/30/16** | $10802 | $10996 | $10767 |
| **12/31/16** | $11103 | $11213 | $11069 |
| **01/31/17** | $11148 | $11426 | $11113 |
| **02/28/17** | $11363 | $11879 | $11327 |
| **03/31/17** | $11382 | $11893 | $11342 |
| **04/30/17** | $11509 | $12015 | $11466 |
| **05/31/17** | $11274 | $12184 | $11233 |
| **06/30/17** | $11656 | $12260 | $11621 |
| **07/31/17** | $11751 | $12512 | $11708 |
| **08/31/17** | $11600 | $12551 | $11559 |
| **09/30/17** | $12326 | $12810 | $12280 |
| **10/31/17** | $12437 | $13109 | $12385 |
| **11/30/17** | $12793 | $13511 | $12747 |
| **12/31/17** | $12811 | $13661 | $12773 |
| **01/31/18** | $13132 | $14443 | $13087 |
| **02/28/18** | $12582 | $13911 | $12543 |
| **03/31/18** | $12736 | $13557 | $12692 |
| **04/30/18** | $12856 | $13609 | $12802 |
| **05/31/18** | $13630 | $13937 | $13585 |
| **06/30/18** | $13786 | $14023 | $13746 |
| **07/31/18** | $13968 | $14544 | $13926 |
| **08/31/18** | $14576 | $15018 | $14539 |
| **09/30/18** | $14251 | $15104 | $14215 |
| **10/31/18** | $12755 | $14072 | $12723 |
| **11/30/18** | $12946 | $14358 | $12900 |
| **12/31/18** | $11389 | $13062 | $11352 |
| **01/31/19** | $12754 | $14109 | $12718 |
| **02/28/19** | $13359 | $14562 | $13320 |
| **03/31/19** | $13101 | $14845 | $13068 |
| **04/30/19** | $13541 | $15446 | $13506 |
| **05/31/19** | $12450 | $14464 | $12427 |
| **06/30/19** | $13339 | $15483 | $13311 |
| **07/31/19** | $13458 | $15706 | $13427 |
| **08/31/19** | $12821 | $15457 | $12783 |
| **09/30/19** | $13105 | $15746 | $13058 |
| **10/31/19** | $13412 | $16087 | $13364 |
| **11/30/19** | $13927 | $16671 | $13886 |
| **12/31/19** | $14336 | $17175 | $14307 |
| **01/31/20** | $13752 | $17168 | $13736 |
| **02/29/20** | $12431 | $15755 | $12417 |
| **03/31/20** | $9642 | $13809 | $9636 |
| **04/30/20** | $10869 | $15579 | $10859 |
| **05/31/20** | $11337 | $16321 | $11327 |
| **06/30/20** | $11768 | $16645 | $11750 |
| **07/31/20** | $12251 | $17584 | $12233 |
| **08/31/20** | $12741 | $18848 | $12721 |
| **09/30/20** | $12143 | $18132 | $12123 |
| **10/31/20** | $12456 | $17650 | $12436 |
| **11/30/20** | $14719 | $19582 | $14696 |
| **12/31/20** | $15943 | $20334 | $15919 |
| **01/31/21** | $16945 | $20129 | $16920 |
| **02/28/21** | $18241 | $20684 | $18214 |
| **03/31/21** | $18851 | $21590 | $18822 |
| **04/30/21** | $19234 | $22742 | $19205 |
| **05/31/21** | $19633 | $22901 | $19604 |
| **06/30/21** | $19696 | $23436 | $19669 |
| **07/31/21** | $19225 | $23993 | $19200 |
| **08/31/21** | $19611 | $24722 | $19587 |
| **09/30/21** | $19132 | $23572 | $19111 |
| **10/31/21** | $19787 | $25224 | $19765 |
| **11/30/21** | $19334 | $25049 | $19313 |
| **12/31/21** | $20204 | $26172 | $20188 |
| **01/31/22** | $18736 | $24817 | $18721 |
| **02/28/22** | $18999 | $24074 | $18983 |
| **03/31/22** | $19070 | $24968 | $19053 |
| **04/30/22** | $17581 | $22791 | $17565 |
| **05/31/22** | $17907 | $22833 | $17893 |
| **06/30/22** | $16373 | $20948 | $16364 |
| **07/31/22** | $18012 | $22879 | $18002 |
| **08/31/22** | $17223 | $21946 | $17213 |
| **09/30/22** | $15524 | $19925 | $15512 |
| **10/31/22** | $17442 | $21538 | $17430 |
| **11/30/22** | $18163 | $22742 | $18156 |
| **12/31/22** | $16949 | $21432 | $16938 |
| **01/31/23** | $18558 | $22778 | $18546 |
| **02/28/23** | $18330 | $22223 | $18318 |
| **03/31/23** | $17385 | $23038 | $17373 |
| **04/30/23** | $16903 | $23398 | $16890 |
| **05/31/23** | $16606 | $23500 | $16594 |
| **06/30/23** | $17970 | $25053 | $17960 |
| **07/31/23** | $18959 | $25857 | $18949 |
| **08/31/23** | $18175 | $25446 | $18165 |
| **09/30/23** | $17086 | $24232 | $17075 |
| **10/31/23** | $16107 | $23723 | $16096 |
| **11/30/23** | $17439 | $25889 | $17427 |
| **12/31/23** | $19664 | $27066 | $19657 |
| **01/31/24** | $18889 | $27520 | $18881 |
| **02/29/24** | $19516 | $28990 | $19509 |
| **03/31/24** | $20146 | $29923 | $20141 |
| **04/30/24** | $19017 | $28700 | $19010 |
| **05/31/24** | $19975 | $30124 | $19969 |
| **06/30/24** | $19522 | $31204 | $19515 |
| **07/31/24** | $21627 | $31584 | $21621 |
| **08/31/24** | $21316 | $32350 | $21310 |
| **09/30/24** | $21498 | $33041 | $21491 |
| **10/31/24** | $20932 | $32742 | $20924 |
| **11/30/24** | $23218 | $34664 | $23213 |
| **12/31/24** | $21371 | $33837 | $21366 |
| **01/31/25** | $21993 | $34780 | $21988 |
| **02/28/25** | $20738 | $34326 | $20733 |
| **03/31/25** | $19463 | $32392 | $19459 |
| **04/30/25** | $18650 | $32172 | $18644 |
| **05/31/25** | $19625 | $34197 | $19619 |
| **06/30/25** | $20417 | $35936 | $20413 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SPSM | 4.58% | 11.65% | 7.40% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P SmallCap 600 Index/SSGA Small Cap Index/Russell 2000 Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 4.60% | 11.68% | 7.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective November 16, 2017, the Fund's benchmark index changed from the Russell 2000 Index to the SSGA Small Cap Index. Effective January 24, 2020, the Fund's benchmark index changed from the SSGA Small Cap Index to the S&P SmallCap 600 Index. Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index. Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Returns are reflective of the Russell 2000 Index from 06/30/15 to 11/15/17, the SSGA Small Cap Index from 11/16/17 to 01/23/20, and of the S&P Small Cap 600 Index from 01/24/20 to 06/30/25. |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$11,302,393,612

* Number of Portfolio Holdings610

* Portfolio Turnover Rate21%

* Total Advisory Fees Paid$3,477,907

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 9.0% |
| Machinery | 5.1% |
| Electronic Equipment, Instruments & Components | 4.2% |
| Software | 4.0% |
| Health Care Equipment & Supplies | 3.7% |
| Chemicals | 3.2% |
| Specialty Retail | 3.1% |
| Capital Markets | 2.9% |
| Semiconductors & Semiconductor Equipment | 2.9% |
| Financial Services | 2.7% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Mr. Cooper Group, Inc. | 0.7% |
| AeroVironment, Inc. | 0.6% |
| Brinker International, Inc. | 0.6% |
| Qorvo, Inc. | 0.6% |
| SPX Technologies, Inc. | 0.6% |
| Kratos Defense & Security Solutions, Inc. | 0.6% |
| BorgWarner, Inc. | 0.6% |
| Badger Meter, Inc. | 0.5% |
| Armstrong World Industries, Inc. | 0.5% |
| Dycom Industries, Inc. | 0.5% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPSM

# SPDR Portfolio S&P Sector Neutral Dividend ETF
![Image](g941109g13l21.jpg)

# SPDG

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Portfolio S&P Sector Neutral Dividend ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Portfolio S&P Sector Neutral Dividend ETF | $5 | 0.05% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period.

During the reporting period, the top three sectors contributing to total return were Information Technology followed by Financials and Industrials. On the other hand, the worst three contributing sectors were Health Care, Materials and Energy. From an individual security perspective, the top three companies that contributed to total return during the reporting period were Broadcom Inc., followed by International Business Machines Corp., and Cisco Systems Inc.. The bottom three companies were UnitedHealth Group Inc., followed by Qualcomm Inc., and Merch & Co.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g79g52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SPDG** | **S&P 500 Index** | **S&P Sector-Neutral High Yield Dividend Aristocrats Index** |
| **09/12/23** | $10000 | $10000 | $10000 |
| **09/30/23** | $9660 | $9617 | $9658 |
| **10/31/23** | $9380 | $9415 | $9375 |
| **11/30/23** | $10114 | $10275 | $10110 |
| **12/31/23** | $10801 | $10742 | $10801 |
| **01/31/24** | $10943 | $10922 | $10944 |
| **02/29/24** | $11173 | $11505 | $11176 |
| **03/31/24** | $11654 | $11876 | $11661 |
| **04/30/24** | $11131 | $11391 | $11137 |
| **05/31/24** | $11444 | $11955 | $11452 |
| **06/30/24** | $11710 | $12384 | $11722 |
| **07/31/24** | $12257 | $12535 | $12273 |
| **08/31/24** | $12579 | $12839 | $12596 |
| **09/30/24** | $12980 | $13113 | $13001 |
| **10/31/24** | $12791 | $12994 | $12810 |
| **11/30/24** | $13325 | $13757 | $13348 |
| **12/31/24** | $12981 | $13429 | $13005 |
| **01/31/25** | $13413 | $13803 | $13440 |
| **02/28/25** | $13586 | $13623 | $13613 |
| **03/31/25** | $13128 | $12856 | $13154 |
| **04/30/25** | $12561 | $12768 | $12587 |
| **05/31/25** | $13019 | $13572 | $13049 |
| **06/30/25** | $13587 | $14262 | $13622 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 09/12/23** |
| SPDG | 16.03% | 18.50% |
| S&P 500 Index | 15.16% | 21.84% |
| S&P Sector-Neutral High Yield Dividend Aristocrats Index | 16.20% | 18.73% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$10,092,103

* Number of Portfolio Holdings287

* Portfolio Turnover Rate32%

* Total Advisory Fees Paid$4,190

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Semiconductors & Semiconductor Equipment | 11.0% |
| Banks | 10.6% |
| IT Services | 9.5% |
| Diversified Telecommunication Services | 7.3% |
| Communications Equipment | 5.8% |
| Specialty Retail | 5.0% |
| Capital Markets | 3.5% |
| Oil, Gas & Consumable Fuels | 3.5% |
| Hotels, Restaurants & Leisure | 3.5% |
| Pharmaceuticals | 3.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Verizon Communications, Inc. | 7.2% |
| Cisco Systems, Inc. | 5.6% |
| International Business Machines Corp. | 5.0% |
| Texas Instruments, Inc. | 4.1% |
| Accenture PLC, Class A | 3.7% |
| QUALCOMM, Inc. | 3.5% |
| Home Depot, Inc. | 3.5% |
| Bank of America Corp. | 3.3% |
| Analog Devices, Inc. | 2.4% |
| McDonald's Corp. | 1.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPDG

# SPDR S&P 500 ESG ETF
![Image](g941109g13l21.jpg)

# EFIV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P 500 ESG ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P 500 ESG ETF | $11 | 0.10% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I.), but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA, but also on those who might be left behind by it, such as Apple and Google. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period. And as an indicator of the dominance of the A.I. story, NVIDIA was the largest company in the world with a market cap of nearly $4.0 trillion. On a sector lever Financials, Information Technology and Industrials were the strongest contributors to the Fund's performance. Materials, Utilities and Real Estate were the weakest contributors.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g74k62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **EFIV** | **S&P 500 Index** | **S&P 500 Scored & Screened Index** |
| **07/28/20** | $10000 | $10000 | $10000 |
| **07/31/20** | $10120 | $10509 | $10120 |
| **08/31/20** | $10918 | $11170 | $10920 |
| **09/30/20** | $10452 | $11094 | $10451 |
| **10/31/20** | $10166 | $10469 | $10165 |
| **11/30/20** | $11229 | $10333 | $11233 |
| **12/31/20** | $11608 | $10620 | $11614 |
| **01/31/21** | $11521 | $10367 | $11527 |
| **02/28/21** | $11778 | $10976 | $11787 |
| **03/31/21** | $12318 | $10876 | $12328 |
| **04/30/21** | $13032 | $11108 | $13045 |
| **05/31/21** | $13084 | $11378 | $13098 |
| **06/30/21** | $13447 | $11516 | $13465 |
| **07/31/21** | $13773 | $11930 | $13794 |
| **08/31/21** | $14202 | $12521 | $14225 |
| **09/30/21** | $13535 | $12010 | $13558 |
| **10/31/21** | $14661 | $12396 | $14688 |
| **11/30/21** | $14680 | $13058 | $14709 |
| **12/31/21** | $15274 | $13277 | $15306 |
| **01/31/22** | $14526 | $13881 | $14556 |
| **02/28/22** | $14143 | $15148 | $14173 |
| **03/31/22** | $14675 | $14830 | $14710 |
| **04/30/22** | $13333 | $14123 | $13363 |
| **05/31/22** | $13383 | $13898 | $13414 |
| **06/30/22** | $12307 | $14344 | $12338 |
| **07/31/22** | $13409 | $15292 | $13446 |
| **08/31/22** | $12838 | $15359 | $12873 |
| **09/30/22** | $11607 | $15598 | $11638 |
| **10/31/22** | $12635 | $16171 | $12670 |
| **11/30/22** | $13347 | $15776 | $13387 |
| **12/31/22** | $12563 | $16768 | $12601 |
| **01/31/23** | $13379 | $15802 | $13421 |
| **02/28/23** | $13003 | $16685 | $13044 |
| **03/31/23** | $13574 | $18036 | $13620 |
| **04/30/23** | $13839 | $16375 | $13887 |
| **05/31/23** | $13972 | $15707 | $14022 |
| **06/30/23** | $14873 | $17155 | $14928 |
| **07/31/23** | $15393 | $15739 | $15451 |
| **08/31/23** | $15148 | $15768 | $15206 |
| **09/30/23** | $14388 | $14393 | $14442 |
| **10/31/23** | $14127 | $14927 | $14181 |
| **11/30/23** | $15408 | $14480 | $15469 |
| **12/31/23** | $16062 | $13731 | $16128 |
| **01/31/24** | $16307 | $14346 | $16375 |
| **02/29/24** | $17124 | $14247 | $17198 |
| **03/31/24** | $17691 | $15245 | $17771 |
| **04/30/24** | $17043 | $14536 | $17121 |
| **05/31/24** | $17966 | $14978 | $18051 |
| **06/30/24** | $18585 | $15334 | $18674 |
| **07/31/24** | $18796 | $15692 | $18887 |
| **08/31/24** | $19212 | $15801 | $19307 |
| **09/30/24** | $19579 | $16645 | $19678 |
| **10/31/24** | $19366 | $17374 | $19466 |
| **11/30/24** | $20493 | $17853 | $20601 |
| **12/31/24** | $19895 | $17673 | $20002 |
| **01/31/25** | $20223 | $18352 | $20334 |
| **02/28/25** | $20011 | $20361 | $20121 |
| **03/31/25** | $18890 | $19819 | $18996 |
| **04/30/25** | $18603 | $19066 | $18709 |
| **05/31/25** | $19661 | $20437 | $19776 |
| **06/30/25** | $20751 | $20643 | $20876 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 07/28/20** |
| EFIV | 11.66% | 15.97% |
| S&P 500 Index | 15.16% | 15.85% |
| S&P 500 Scored & Screened Index<sup>Footnote Reference(1)</sup> | 11.79% | 16.11% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective February 10, 2025, the Fund's benchmark index name changed from the S&P 500 ESG Index to the S&P 500 Scored & Screened Index. These changes did not result in any changes to the Fund's investment objective or principal strategy. |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$1,135,683,294

* Number of Portfolio Holdings324

* Portfolio Turnover Rate13%

* Total Advisory Fees Paid$1,511,104

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Semiconductors & Semiconductor Equipment | 13.7% |
| Software | 13.1% |
| Interactive Media & Services | 9.7% |
| Technology Hardware, Storage & Peripherals | 9.0% |
| Capital Markets | 4.2% |
| Financial Services | 3.8% |
| Oil, Gas & Consumable Fuels | 3.3% |
| Banks | 3.0% |
| Pharmaceuticals | 2.7% |
| Consumer Staples Distribution & Retail | 2.7% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 10.7% |
| Microsoft Corp. | 10.3% |
| Apple, Inc. | 8.5% |
| Meta Platforms, Inc., Class A | 4.5% |
| Alphabet, Inc., Class A | 2.9% |
| Alphabet, Inc., Class C | 2.3% |
| Eli Lilly & Co. | 1.7% |
| Visa, Inc., Class A | 1.7% |
| Exxon Mobil Corp. | 1.3% |
| Mastercard, Inc., Class A | 1.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR EFIV

# SPDR S&P Homebuilders ETF
![Image](g941109g13l21.jpg)

# XHB

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Homebuilders ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Homebuilders ETF | $35 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
Homebuilding-related equities delivered a strong start to the reporting period, gaining over 20% in the first quarter. This performance was supported by declining mortgage rates and continued resilience in housing demand. However, investor sentiment turned more cautious in October, following weaker-than-expected new home sales data, rising input costs, and delays in anticipated the U.S. Federal Reserve rate cuts. As a result, the Fund declined approximately 15% over the second quarter. Performance over the remainder of the reporting period was mixed, reflecting a more cautious outlook amid macroeconomic uncertainty.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g57l72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XHB** | **S&P 500 Index** | **S&P Homebuilders Select Industry Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10267 | $10210 | $10270 |
| **08/31/15** | $9901 | $9594 | $9905 |
| **09/30/15** | $9363 | $9356 | $9368 |
| **10/31/15** | $9782 | $10145 | $9791 |
| **11/30/15** | $9940 | $10176 | $9952 |
| **12/31/15** | $9360 | $10015 | $9378 |
| **01/31/16** | $8371 | $9518 | $8390 |
| **02/29/16** | $8458 | $9505 | $8479 |
| **03/31/16** | $9283 | $10150 | $9311 |
| **04/30/16** | $9240 | $10189 | $9270 |
| **05/31/16** | $9371 | $10372 | $9404 |
| **06/30/16** | $9223 | $10399 | $9257 |
| **07/31/16** | $9918 | $10783 | $9958 |
| **08/31/16** | $9937 | $10798 | $9980 |
| **09/30/16** | $9342 | $10800 | $9385 |
| **10/31/16** | $8706 | $10603 | $8747 |
| **11/30/16** | $9313 | $10996 | $9361 |
| **12/31/16** | $9338 | $11213 | $9390 |
| **01/31/17** | $9523 | $11426 | $9578 |
| **02/28/17** | $9933 | $11879 | $9994 |
| **03/31/17** | $10287 | $11893 | $10353 |
| **04/30/17** | $10450 | $12015 | $10520 |
| **05/31/17** | $10356 | $12184 | $10428 |
| **06/30/17** | $10667 | $12260 | $10744 |
| **07/31/17** | $10617 | $12512 | $10697 |
| **08/31/17** | $10576 | $12551 | $10658 |
| **09/30/17** | $11047 | $12810 | $11138 |
| **10/31/17** | $11471 | $13109 | $11570 |
| **11/30/17** | $12156 | $13511 | $12264 |
| **12/31/17** | $12294 | $13661 | $12409 |
| **01/31/18** | $12442 | $14443 | $12562 |
| **02/28/18** | $11269 | $13911 | $11378 |
| **03/31/18** | $11324 | $13557 | $11437 |
| **04/30/18** | $10856 | $13609 | $10966 |
| **05/31/18** | $10933 | $13937 | $11048 |
| **06/30/18** | $11045 | $14023 | $11148 |
| **07/31/18** | $11065 | $14544 | $11172 |
| **08/31/18** | $11177 | $15018 | $11287 |
| **09/30/18** | $10749 | $15104 | $10857 |
| **10/31/18** | $9503 | $14072 | $9597 |
| **11/30/18** | $9942 | $14358 | $10044 |
| **12/31/18** | $9140 | $13062 | $9236 |
| **01/31/19** | $10303 | $14109 | $10417 |
| **02/28/19** | $10787 | $14562 | $10910 |
| **03/31/19** | $10867 | $14845 | $10994 |
| **04/30/19** | $11465 | $15446 | $11603 |
| **05/31/19** | $10814 | $14464 | $10946 |
| **06/30/19** | $11772 | $15483 | $11919 |
| **07/31/19** | $11756 | $15706 | $11906 |
| **08/31/19** | $11877 | $15457 | $12032 |
| **09/30/19** | $12477 | $15746 | $12645 |
| **10/31/19** | $12899 | $16087 | $13077 |
| **11/30/19** | $12990 | $16671 | $13173 |
| **12/31/19** | $12928 | $17175 | $13113 |
| **01/31/20** | $13326 | $17168 | $13521 |
| **02/29/20** | $12087 | $15755 | $12265 |
| **03/31/20** | $8473 | $13809 | $8569 |
| **04/30/20** | $10265 | $15579 | $10388 |
| **05/31/20** | $11990 | $16321 | $12139 |
| **06/30/20** | $12536 | $16645 | $12696 |
| **07/31/20** | $14161 | $17584 | $14348 |
| **08/31/20** | $15055 | $18848 | $15261 |
| **09/30/20** | $15406 | $18132 | $15621 |
| **10/31/20** | $14867 | $17650 | $15077 |
| **11/30/20** | $16357 | $19582 | $16596 |
| **12/31/20** | $16512 | $20334 | $16760 |
| **01/31/21** | $17283 | $20129 | $17548 |
| **02/28/21** | $17776 | $20684 | $18055 |
| **03/31/21** | $20184 | $21590 | $20510 |
| **04/30/21** | $21635 | $22742 | $21992 |
| **05/31/21** | $21512 | $22901 | $21874 |
| **06/30/21** | $21044 | $23436 | $21404 |
| **07/31/21** | $21668 | $23993 | $22045 |
| **08/31/21** | $22449 | $24722 | $22847 |
| **09/30/21** | $20651 | $23572 | $21022 |
| **10/31/21** | $22334 | $25224 | $22742 |
| **11/30/21** | $23106 | $25049 | $23536 |
| **12/31/21** | $24709 | $26172 | $25178 |
| **01/31/22** | $21446 | $24817 | $21858 |
| **02/28/22** | $20184 | $24074 | $20577 |
| **03/31/22** | $18264 | $24968 | $18622 |
| **04/30/22** | $17708 | $22791 | $18059 |
| **05/31/22** | $18028 | $22833 | $18392 |
| **06/30/22** | $15840 | $20948 | $16164 |
| **07/31/22** | $18534 | $22879 | $18920 |
| **08/31/22** | $17308 | $21946 | $17674 |
| **09/30/22** | $15889 | $19925 | $16227 |
| **10/31/22** | $16929 | $21538 | $17296 |
| **11/30/22** | $18087 | $22742 | $18486 |
| **12/31/22** | $17569 | $21432 | $17960 |
| **01/31/23** | $20232 | $22778 | $20692 |
| **02/28/23** | $19666 | $22223 | $20118 |
| **03/31/23** | $19788 | $23038 | $20248 |
| **04/30/23** | $20712 | $23398 | $21201 |
| **05/31/23** | $20122 | $23500 | $20602 |
| **06/30/23** | $23505 | $25053 | $24077 |
| **07/31/23** | $24746 | $25857 | $25356 |
| **08/31/23** | $24316 | $25446 | $24923 |
| **09/30/23** | $22463 | $24232 | $23026 |
| **10/31/23** | $21012 | $23723 | $21544 |
| **11/30/23** | $24350 | $25889 | $24976 |
| **12/31/23** | $28121 | $27066 | $28857 |
| **01/31/24** | $27582 | $27520 | $28312 |
| **02/29/24** | $30330 | $28990 | $31142 |
| **03/31/24** | $32869 | $29923 | $33764 |
| **04/30/24** | $30225 | $28700 | $31056 |
| **05/31/24** | $31000 | $30124 | $31862 |
| **06/30/24** | $29828 | $31204 | $30666 |
| **07/31/24** | $34854 | $31584 | $35845 |
| **08/31/24** | $34613 | $32350 | $35608 |
| **09/30/24** | $36775 | $33041 | $37844 |
| **10/31/24** | $33725 | $32742 | $34714 |
| **11/30/24** | $36243 | $34664 | $37318 |
| **12/31/24** | $30910 | $33837 | $31834 |
| **01/31/25** | $32077 | $34780 | $33039 |
| **02/28/25** | $29995 | $34326 | $30906 |
| **03/31/25** | $28738 | $32392 | $29621 |
| **04/30/25** | $28119 | $32172 | $28991 |
| **05/31/25** | $27979 | $34197 | $28855 |
| **06/30/25** | $29274 | $35936 | $30200 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XHB | (1.86%) | 18.48% | 11.34% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Homebuilders Select Industry Index | (1.52%) | 18.92% | 11.69% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$1,339,762,507

* Number of Portfolio Holdings37

* Portfolio Turnover Rate20%

* Total Advisory Fees Paid$6,382,493

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Homebuilding | 49.3% |
| Building Products | 33.7% |
| Home Improvement Retail | 10.0% |
| Home Furnishings | 3.5% |
| Homefurnishing Retail | 3.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| TopBuild Corp. | 3.5% |
| Installed Building Products, Inc. | 3.5% |
| Williams-Sonoma, Inc. | 3.5% |
| Taylor Morrison Home Corp. | 3.5% |
| Somnigroup International, Inc. | 3.5% |
| Allegion PLC | 3.5% |
| Toll Brothers, Inc. | 3.5% |
| Lennox International, Inc. | 3.4% |
| Trane Technologies PLC | 3.4% |
| DR Horton, Inc. | 3.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR XHB

# SPDR S&P SmallCap 600 ESG ETF
![Image](g941109g13l21.jpg)

# ESIX

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P SmallCap 600 ESG ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P SmallCap 600 ESG ETF | $12 | 0.12% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period. The sectors with the largest contribution to total return during the reporting period were Financials, followed by Industrials and Information Technology. On the other hand, Energy was the sector that detracted the most from total return, followed by Materials and Real Estate. On an individual security level, the top positive contributors to the Fund's performance during the reporting period were Lumen Technologies, followed by Palantir Technologies and Axon Enterprises. The top negative contributors to the Fund's performance were Fortrea Holdings, followed by Acadia Healthcare and Vestis Corp.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g87u75.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ESIX** | **S&P 500 Index** | **S&P Smallcap 600 Scored & Screened Index** |
| **01/10/22** | $10000 | $10000 | $10000 |
| **01/31/22** | $9447 | $9673 | $9448 |
| **02/28/22** | $9592 | $9384 | $9595 |
| **03/31/22** | $9649 | $9732 | $9656 |
| **04/30/22** | $8944 | $8883 | $8950 |
| **05/31/22** | $9106 | $8900 | $9118 |
| **06/30/22** | $8319 | $8165 | $8330 |
| **07/31/22** | $9168 | $8918 | $9182 |
| **08/31/22** | $8737 | $8554 | $8750 |
| **09/30/22** | $7886 | $7766 | $7896 |
| **10/31/22** | $8864 | $8395 | $8878 |
| **11/30/22** | $9197 | $8864 | $9215 |
| **12/31/22** | $8604 | $8354 | $8620 |
| **01/31/23** | $9372 | $8879 | $9392 |
| **02/28/23** | $9292 | $8662 | $9314 |
| **03/31/23** | $8806 | $8980 | $8828 |
| **04/30/23** | $8539 | $9120 | $8559 |
| **05/31/23** | $8418 | $9160 | $8440 |
| **06/30/23** | $9100 | $9765 | $9124 |
| **07/31/23** | $9623 | $10079 | $9649 |
| **08/31/23** | $9259 | $9918 | $9283 |
| **09/30/23** | $8742 | $9445 | $8764 |
| **10/31/23** | $8286 | $9247 | $8306 |
| **11/30/23** | $8935 | $10091 | $8957 |
| **12/31/23** | $10113 | $10550 | $10147 |
| **01/31/24** | $9756 | $10727 | $9788 |
| **02/29/24** | $10110 | $11300 | $10147 |
| **03/31/24** | $10414 | $11663 | $10456 |
| **04/30/24** | $9871 | $11187 | $9912 |
| **05/31/24** | $10360 | $11742 | $10403 |
| **06/30/24** | $10127 | $12163 | $10170 |
| **07/31/24** | $11165 | $12311 | $11217 |
| **08/31/24** | $11044 | $12610 | $11096 |
| **09/30/24** | $11091 | $12879 | $11145 |
| **10/31/24** | $10849 | $12762 | $10903 |
| **11/30/24** | $11965 | $13511 | $12027 |
| **12/31/24** | $11092 | $13189 | $11150 |
| **01/31/25** | $11374 | $13556 | $11435 |
| **02/28/25** | $10693 | $13380 | $10751 |
| **03/31/25** | $10060 | $12626 | $10114 |
| **04/30/25** | $9632 | $12540 | $9683 |
| **05/31/25** | $10123 | $13329 | $10179 |
| **06/30/25** | $10467 | $14007 | $10526 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 01/10/22** |
| ESIX | 3.36% | 1.32% |
| S&P 500 Index | 15.16% | 10.20% |
| S&P Smallcap 600 Scored & Screened Index<sup>Footnote Reference(1)</sup> | 3.50% | 1.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective February 10, 2025, the Fund's benchmark index name changed from the S&P SmallCap 600 ESG Index to the S&P SmallCap 600 Scored & Screened Index. These changes did not result in any changes to the Fund's investment objective or principal strategy. |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$7,352,721

* Number of Portfolio Holdings415

* Portfolio Turnover Rate46%

* Total Advisory Fees Paid$8,174

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 9.5% |
| Machinery | 6.0% |
| Health Care Equipment & Supplies | 4.9% |
| Electronic Equipment, Instruments & Components | 4.5% |
| Software | 4.1% |
| Financial Services | 3.7% |
| Building Products | 3.5% |
| Chemicals | 3.4% |
| Specialty Retail | 3.2% |
| Semiconductors & Semiconductor Equipment | 3.0% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Mr. Cooper Group, Inc. | 1.0% |
| Brinker International, Inc. | 0.8% |
| Qorvo, Inc. | 0.8% |
| SPX Technologies, Inc. | 0.8% |
| BorgWarner, Inc. | 0.8% |
| Badger Meter, Inc. | 0.8% |
| Armstrong World Industries, Inc. | 0.7% |
| Federal Signal Corp. | 0.7% |
| Jackson Financial, Inc., Class A | 0.7% |
| Essential Properties Realty Trust, Inc. | 0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR ESIX

# SPDR SSGA US Large Cap Low Volatility Index ETF
![Image](g941109g13l21.jpg)

# LGLV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA US Large Cap Low Volatility Index ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA US Large Cap Low Volatility Index ETF | $13 | 0.12% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and subsequent speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. The market rewarded the former but punished the latter. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the one-year period.

The relative performance of large cap low volatility stocks in the U.S. flip-flopped from quarter to quarter, with outperformance followed by underperformance and then back again. This was particularly true in 2025, with low volatility stocks strongly outperforming in the down markets of 1Q25 and then strongly underperforming in the broader market rebound of 2Q25. The net result was the Fund trailing the Index performance slightly over the full reporting period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g88p89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **LGLV** | **S&P 500 Index** | **SSGA US Large Cap Low Volatility Index/Russell 1000 Low Volatility Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10309 | $10210 | $10312 |
| **08/31/15** | $9722 | $9594 | $9723 |
| **09/30/15** | $9607 | $9356 | $9607 |
| **10/31/15** | $10374 | $10145 | $10379 |
| **11/30/15** | $10448 | $10176 | $10453 |
| **12/31/15** | $10393 | $10015 | $10403 |
| **01/31/16** | $10023 | $9518 | $10032 |
| **02/29/16** | $10133 | $9505 | $10143 |
| **03/31/16** | $10845 | $10150 | $10860 |
| **04/30/16** | $10870 | $10189 | $10885 |
| **05/31/16** | $11030 | $10372 | $11047 |
| **06/30/16** | $11372 | $10399 | $11391 |
| **07/31/16** | $11616 | $10783 | $11637 |
| **08/31/16** | $11518 | $10798 | $11540 |
| **09/30/16** | $11357 | $10800 | $11379 |
| **10/31/16** | $11047 | $10603 | $11069 |
| **11/30/16** | $11322 | $10996 | $11346 |
| **12/31/16** | $11563 | $11213 | $11591 |
| **01/31/17** | $11713 | $11426 | $11743 |
| **02/28/17** | $12264 | $11879 | $12300 |
| **03/31/17** | $12239 | $11893 | $12275 |
| **04/30/17** | $12342 | $12015 | $12380 |
| **05/31/17** | $12569 | $12184 | $12611 |
| **06/30/17** | $12576 | $12260 | $12619 |
| **07/31/17** | $12798 | $12512 | $12845 |
| **08/31/17** | $12743 | $12551 | $12790 |
| **09/30/17** | $12957 | $12810 | $13007 |
| **10/31/17** | $13237 | $13109 | $13291 |
| **11/30/17** | $13647 | $13511 | $13706 |
| **12/31/17** | $13627 | $13661 | $13689 |
| **01/31/18** | $14094 | $14443 | $14162 |
| **02/28/18** | $13559 | $13911 | $13624 |
| **03/31/18** | $13547 | $13557 | $13617 |
| **04/30/18** | $13469 | $13609 | $13539 |
| **05/31/18** | $13587 | $13937 | $13660 |
| **06/30/18** | $13728 | $14023 | $13804 |
| **07/31/18** | $14336 | $14544 | $14418 |
| **08/31/18** | $14726 | $15018 | $14814 |
| **09/30/18** | $14822 | $15104 | $14912 |
| **10/31/18** | $14215 | $14072 | $14300 |
| **11/30/18** | $14836 | $14358 | $14928 |
| **12/31/18** | $13701 | $13062 | $13783 |
| **01/31/19** | $14556 | $14109 | $14646 |
| **02/28/19** | $15215 | $14562 | $15312 |
| **03/31/19** | $15520 | $14845 | $15621 |
| **04/30/19** | $16141 | $15446 | $16250 |
| **05/31/19** | $15899 | $14464 | $16008 |
| **06/30/19** | $16740 | $15483 | $16858 |
| **07/31/19** | $17021 | $15706 | $17143 |
| **08/31/19** | $17211 | $15457 | $17337 |
| **09/30/19** | $17412 | $15746 | $17542 |
| **10/31/19** | $17372 | $16087 | $17502 |
| **11/30/19** | $17697 | $16671 | $17833 |
| **12/31/19** | $17956 | $17175 | $18097 |
| **01/31/20** | $18300 | $17168 | $18446 |
| **02/29/20** | $16753 | $15755 | $16886 |
| **03/31/20** | $14319 | $13809 | $14413 |
| **04/30/20** | $15542 | $15579 | $15648 |
| **05/31/20** | $16310 | $16321 | $16425 |
| **06/30/20** | $16229 | $16645 | $16341 |
| **07/31/20** | $17030 | $17584 | $17152 |
| **08/31/20** | $17576 | $18848 | $17705 |
| **09/30/20** | $17308 | $18132 | $17433 |
| **10/31/20** | $16840 | $17650 | $16962 |
| **11/30/20** | $18701 | $19582 | $18842 |
| **12/31/20** | $19308 | $20334 | $19455 |
| **01/31/21** | $18567 | $20129 | $18709 |
| **02/28/21** | $19183 | $20684 | $19332 |
| **03/31/21** | $20252 | $21590 | $20413 |
| **04/30/21** | $21474 | $22742 | $21650 |
| **05/31/21** | $21567 | $22901 | $21746 |
| **06/30/21** | $21627 | $23436 | $21809 |
| **07/31/21** | $22494 | $23993 | $22688 |
| **08/31/21** | $22960 | $24722 | $23159 |
| **09/30/21** | $21755 | $23572 | $21942 |
| **10/31/21** | $23307 | $25224 | $23514 |
| **11/30/21** | $22933 | $25049 | $23137 |
| **12/31/21** | $24671 | $26172 | $24894 |
| **01/31/22** | $23116 | $24817 | $23323 |
| **02/28/22** | $22420 | $24074 | $22621 |
| **03/31/22** | $23578 | $24968 | $23794 |
| **04/30/22** | $22687 | $22791 | $22896 |
| **05/31/22** | $22788 | $22833 | $23002 |
| **06/30/22** | $21638 | $20948 | $21842 |
| **07/31/22** | $22936 | $22879 | $23159 |
| **08/31/22** | $22272 | $21946 | $22489 |
| **09/30/22** | $20471 | $19925 | $20666 |
| **10/31/22** | $22077 | $21538 | $22293 |
| **11/30/22** | $23417 | $22742 | $23653 |
| **12/31/22** | $22669 | $21432 | $22896 |
| **01/31/23** | $23296 | $22778 | $23533 |
| **02/28/23** | $22519 | $22223 | $22748 |
| **03/31/23** | $22963 | $23038 | $23199 |
| **04/30/23** | $23381 | $23398 | $23626 |
| **05/31/23** | $22419 | $23500 | $22653 |
| **06/30/23** | $23689 | $25053 | $23942 |
| **07/31/23** | $23999 | $25857 | $24258 |
| **08/31/23** | $23623 | $25446 | $23877 |
| **09/30/23** | $22628 | $24232 | $22871 |
| **10/31/23** | $22453 | $23723 | $22695 |
| **11/30/23** | $24005 | $25889 | $24269 |
| **12/31/23** | $24750 | $27066 | $25025 |
| **01/31/24** | $25030 | $27520 | $25311 |
| **02/29/24** | $25917 | $28990 | $26213 |
| **03/31/24** | $26691 | $29923 | $27002 |
| **04/30/24** | $25586 | $28700 | $25883 |
| **05/31/24** | $26261 | $30124 | $26571 |
| **06/30/24** | $26334 | $31204 | $26648 |
| **07/31/24** | $27623 | $31584 | $27958 |
| **08/31/24** | $28862 | $32350 | $29217 |
| **09/30/24** | $29343 | $33041 | $29708 |
| **10/31/24** | $29092 | $32742 | $29451 |
| **11/30/24** | $30728 | $34664 | $31115 |
| **12/31/24** | $28779 | $33837 | $29141 |
| **01/31/25** | $29653 | $34780 | $30030 |
| **02/28/25** | $30455 | $34326 | $30848 |
| **03/31/25** | $30428 | $32392 | $30826 |
| **04/30/25** | $29870 | $32172 | $30262 |
| **05/31/25** | $30530 | $34197 | $30934 |
| **06/30/25** | $30664 | $35936 | $31074 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| LGLV | 16.44% | 13.57% | 11.86% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| SSGA US Large Cap Low Volatility Index/Russell 1000 Low Volatility Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 16.61% | 13.72% | 12.01% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective December 13, 2016 (the "Benchmark Index Change Date"), the Fund's benchmark index changed from the Russell 1000 Low Volatility Index (the "Previous Benchmark Index") to the SSGA US Large Cap Low Volatility Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Returns are reflective of the Russell 1000 Low Volatility Index from 06/30/15 to 12/12/16 and of the SSGA US Large Cap Low Volatility Index from 12/13/16 to 06/30/25. |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$1,092,474,610

* Number of Portfolio Holdings170

* Portfolio Turnover Rate16%

* Total Advisory Fees Paid$1,039,613

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Insurance | 10.0% |
| Residential REITs | 5.5% |
| Machinery | 5.3% |
| Multi-Utilities | 4.9% |
| Capital Markets | 4.8% |
| Professional Services | 4.4% |
| Software | 4.1% |
| Specialty Retail | 3.6% |
| Oil, Gas & Consumable Fuels | 3.2% |
| IT Services | 3.1% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Linde PLC | 1.4% |
| Corteva, Inc. | 1.3% |
| Vulcan Materials Co. | 1.2% |
| Colgate-Palmolive Co. | 1.1% |
| PepsiCo, Inc. | 1.1% |
| Walmart, Inc. | 1.1% |
| Johnson & Johnson | 1.1% |
| CME Group, Inc. | 1.1% |
| Microsoft Corp. | 1.0% |
| McDonald's Corp. | 0.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR LGLV

# SPDR SSGA US Small Cap Low Volatility Index ETF
![Image](g941109g13l21.jpg)

# SMLV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR SSGA US Small Cap Low Volatility Index ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR SSGA US Small Cap Low Volatility Index ETF | $13 | 0.12% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and subsequent speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. The market rewarded the former but punished the latter. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the one-year period. Unfortunately, small caps did not perform well during the reporting period, with the Russell 2000 Index returning only 7.68% compared to the S&P 500 Index's 15.16% return. However, the defensive nature of low volatility small cap securities performed extremely well in the inflation- and tariff-induced volatility, allowing the Fund to outperform not only the Russell 2000 Index but the S&P 500 Index as well.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g27d47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SMLV** | **S&P 500 Index** | **SSGA US Small Cap Low Volatility Index/Russell 2000 Low Volatility Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $9974 | $10210 | $9976 |
| **08/31/15** | $9497 | $9594 | $9498 |
| **09/30/15** | $9419 | $9356 | $9419 |
| **10/31/15** | $10029 | $10145 | $10031 |
| **11/30/15** | $10283 | $10176 | $10287 |
| **12/31/15** | $9783 | $10015 | $9789 |
| **01/31/16** | $9339 | $9518 | $9339 |
| **02/29/16** | $9457 | $9505 | $9458 |
| **03/31/16** | $10187 | $10150 | $10192 |
| **04/30/16** | $10147 | $10189 | $10153 |
| **05/31/16** | $10363 | $10372 | $10369 |
| **06/30/16** | $10400 | $10399 | $10406 |
| **07/31/16** | $10915 | $10783 | $10924 |
| **08/31/16** | $11154 | $10798 | $11165 |
| **09/30/16** | $11034 | $10800 | $11044 |
| **10/31/16** | $10859 | $10603 | $10868 |
| **11/30/16** | $12261 | $10996 | $12276 |
| **12/31/16** | $12781 | $11213 | $12794 |
| **01/31/17** | $12493 | $11426 | $12501 |
| **02/28/17** | $12576 | $11879 | $12581 |
| **03/31/17** | $12553 | $11893 | $12563 |
| **04/30/17** | $12733 | $12015 | $12736 |
| **05/31/17** | $12423 | $12184 | $12397 |
| **06/30/17** | $12700 | $12260 | $12690 |
| **07/31/17** | $12822 | $12512 | $12759 |
| **08/31/17** | $12587 | $12551 | $12548 |
| **09/30/17** | $13290 | $12810 | $13255 |
| **10/31/17** | $13321 | $13109 | $13285 |
| **11/30/17** | $13711 | $13511 | $13661 |
| **12/31/17** | $13451 | $13661 | $13398 |
| **01/31/18** | $13458 | $14443 | $13393 |
| **02/28/18** | $12848 | $13911 | $12792 |
| **03/31/18** | $13140 | $13557 | $13105 |
| **04/30/18** | $13249 | $13609 | $13215 |
| **05/31/18** | $13888 | $13937 | $13857 |
| **06/30/18** | $14199 | $14023 | $14171 |
| **07/31/18** | $14396 | $14544 | $14371 |
| **08/31/18** | $14894 | $15018 | $14870 |
| **09/30/18** | $14562 | $15104 | $14538 |
| **10/31/18** | $13540 | $14072 | $13514 |
| **11/30/18** | $13903 | $14358 | $13878 |
| **12/31/18** | $12639 | $13062 | $12614 |
| **01/31/19** | $13699 | $14109 | $13678 |
| **02/28/19** | $14185 | $14562 | $14165 |
| **03/31/19** | $13977 | $14845 | $13958 |
| **04/30/19** | $14362 | $15446 | $14348 |
| **05/31/19** | $13598 | $14464 | $13583 |
| **06/30/19** | $14375 | $15483 | $14360 |
| **07/31/19** | $14650 | $15706 | $14636 |
| **08/31/19** | $14161 | $15457 | $14145 |
| **09/30/19** | $14726 | $15746 | $14715 |
| **10/31/19** | $15104 | $16087 | $15095 |
| **11/30/19** | $15362 | $16671 | $15354 |
| **12/31/19** | $15655 | $17175 | $15651 |
| **01/31/20** | $15149 | $17168 | $15144 |
| **02/29/20** | $13749 | $15755 | $13742 |
| **03/31/20** | $10462 | $13809 | $10447 |
| **04/30/20** | $11613 | $15579 | $11659 |
| **05/31/20** | $11665 | $16321 | $11713 |
| **06/30/20** | $12122 | $16645 | $12170 |
| **07/31/20** | $12166 | $17584 | $12214 |
| **08/31/20** | $12702 | $18848 | $12755 |
| **09/30/20** | $12056 | $18132 | $12100 |
| **10/31/20** | $12245 | $17650 | $12292 |
| **11/30/20** | $14338 | $19582 | $14401 |
| **12/31/20** | $15395 | $20334 | $15469 |
| **01/31/21** | $15606 | $20129 | $15687 |
| **02/28/21** | $17257 | $20684 | $17351 |
| **03/31/21** | $17977 | $21590 | $18076 |
| **04/30/21** | $18410 | $22742 | $18518 |
| **05/31/21** | $18621 | $22901 | $18732 |
| **06/30/21** | $18317 | $23436 | $18426 |
| **07/31/21** | $18323 | $23993 | $18433 |
| **08/31/21** | $18755 | $24722 | $18871 |
| **09/30/21** | $18331 | $23572 | $18444 |
| **10/31/21** | $19049 | $25224 | $19171 |
| **11/30/21** | $18543 | $25049 | $18660 |
| **12/31/21** | $19685 | $26172 | $19816 |
| **01/31/22** | $18717 | $24817 | $18840 |
| **02/28/22** | $18710 | $24074 | $18835 |
| **03/31/22** | $18896 | $24968 | $19023 |
| **04/30/22** | $17765 | $22791 | $17884 |
| **05/31/22** | $18183 | $22833 | $18308 |
| **06/30/22** | $17389 | $20948 | $17511 |
| **07/31/22** | $18534 | $22879 | $18667 |
| **08/31/22** | $17830 | $21946 | $17957 |
| **09/30/22** | $16527 | $19925 | $16642 |
| **10/31/22** | $18465 | $21538 | $18600 |
| **11/30/22** | $19087 | $22742 | $19229 |
| **12/31/22** | $18151 | $21432 | $18284 |
| **01/31/23** | $19126 | $22778 | $19273 |
| **02/28/23** | $18915 | $22223 | $19061 |
| **03/31/23** | $17877 | $23038 | $18008 |
| **04/30/23** | $17199 | $23398 | $17325 |
| **05/31/23** | $16743 | $23500 | $16868 |
| **06/30/23** | $17660 | $25053 | $17792 |
| **07/31/23** | $18667 | $25857 | $18810 |
| **08/31/23** | $17975 | $25446 | $18112 |
| **09/30/23** | $17046 | $24232 | $17171 |
| **10/31/23** | $16361 | $23723 | $16479 |
| **11/30/23** | $17512 | $25889 | $17643 |
| **12/31/23** | $19507 | $27066 | $19661 |
| **01/31/24** | $18674 | $27520 | $18820 |
| **02/29/24** | $18890 | $28990 | $19042 |
| **03/31/24** | $19522 | $29923 | $19709 |
| **04/30/24** | $18492 | $28700 | $18670 |
| **05/31/24** | $19235 | $30124 | $19421 |
| **06/30/24** | $19364 | $31204 | $19551 |
| **07/31/24** | $22271 | $31584 | $22488 |
| **08/31/24** | $22189 | $32350 | $22404 |
| **09/30/24** | $22004 | $33041 | $22214 |
| **10/31/24** | $22151 | $32742 | $22363 |
| **11/30/24** | $24607 | $34664 | $24851 |
| **12/31/24** | $22787 | $33837 | $23010 |
| **01/31/25** | $23502 | $34780 | $23732 |
| **02/28/25** | $23419 | $34326 | $23649 |
| **03/31/25** | $22094 | $32392 | $22309 |
| **04/30/25** | $21354 | $32172 | $21586 |
| **05/31/25** | $22180 | $34197 | $22425 |
| **06/30/25** | $22652 | $35936 | $22906 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SMLV | 16.98% | 13.32% | 8.52% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| SSGA US Small Cap Low Volatility Index/Russell 2000 Low Volatility Index<sup>Footnote Reference(1)</sup><sup>Footnote Reference(2)</sup> | 17.16% | 13.48% | 8.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;Effective December 13, 2016 (the "Benchmark Index Change Date"), the Fund's benchmark index changed from the Russell 2000 Low Volatility Index (the "Previous Benchmark Index") to the SSGA US Small Cap Low Volatility Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index. |
| &nbsp;&nbsp;Footnote<sup>(2)</sup> | &nbsp;&nbsp;Returns are reflective of the Russell 2000 Low Volatility Index from 06/30/15 to 12/12/16 and of the SSGA US Small Cap Low Volatility Index from 12/13/16 to 06/30/25. |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$200,149,428

* Number of Portfolio Holdings411

* Portfolio Turnover Rate48%

* Total Advisory Fees Paid$237,096

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 23.2% |
| Electronic Equipment, Instruments & Components | 4.4% |
| Professional Services | 4.0% |
| Machinery | 3.9% |
| Insurance | 3.4% |
| Software | 2.9% |
| Health Care Equipment & Supplies | 2.7% |
| Financial Services | 2.5% |
| Food Products | 2.3% |
| Health Care REITs | 2.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| TXNM Energy, Inc. | 0.7% |
| Phillips Edison & Co., Inc. | 0.7% |
| Sensient Technologies Corp. | 0.7% |
| Safety Insurance Group, Inc. | 0.7% |
| Flowers Foods, Inc. | 0.6% |
| City Holding Co. | 0.6% |
| American States Water Co. | 0.6% |
| Northwestern Energy Group, Inc. | 0.6% |
| Sonoco Products Co. | 0.6% |
| Horace Mann Educators Corp. | 0.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SMLV

# SPDR Portfolio S&P 500 Growth ETF
![Image](g941109g13l21.jpg)

# SPYG

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Portfolio S&P 500 Growth ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Portfolio S&P 500 Growth ETF | $4 | 0.04% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserves and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I.), but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA Corp., but also on those who might be left behind by it, such as Apple Inc. and Alphabet Inc.. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period. And as an indicator of the dominance of the A.I. story, NVIDIA Corp. was the largest company in the world with a market cap of nearly $4.0 trillion.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g15w65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SPYG** | **S&P 500 Index** | **S&P 500 Growth Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10360 | $10210 | $10362 |
| **08/31/15** | $9731 | $9594 | $9731 |
| **09/30/15** | $9517 | $9356 | $9517 |
| **10/31/15** | $10409 | $10145 | $10412 |
| **11/30/15** | $10420 | $10176 | $10424 |
| **12/31/15** | $10259 | $10015 | $10265 |
| **01/31/16** | $9741 | $9518 | $9748 |
| **02/29/16** | $9666 | $9505 | $9671 |
| **03/31/16** | $10311 | $10150 | $10320 |
| **04/30/16** | $10180 | $10189 | $10190 |
| **05/31/16** | $10449 | $10372 | $10462 |
| **06/30/16** | $10412 | $10399 | $10424 |
| **07/31/16** | $10894 | $10783 | $10909 |
| **08/31/16** | $10861 | $10798 | $10877 |
| **09/30/16** | $10903 | $10800 | $10920 |
| **10/31/16** | $10671 | $10603 | $10689 |
| **11/30/16** | $10799 | $10996 | $10819 |
| **12/31/16** | $10951 | $11213 | $10973 |
| **01/31/17** | $11276 | $11426 | $11302 |
| **02/28/17** | $11733 | $11879 | $11762 |
| **03/31/17** | $11878 | $11893 | $11909 |
| **04/30/17** | $12108 | $12015 | $12141 |
| **05/31/17** | $12448 | $12184 | $12485 |
| **06/30/17** | $12397 | $12260 | $12436 |
| **07/31/17** | $12718 | $12512 | $12761 |
| **08/31/17** | $12905 | $12551 | $12950 |
| **09/30/17** | $13047 | $12810 | $13094 |
| **10/31/17** | $13472 | $13109 | $13523 |
| **11/30/17** | $13851 | $13511 | $13903 |
| **12/31/17** | $13930 | $13661 | $13984 |
| **01/31/18** | $14935 | $14443 | $14995 |
| **02/28/18** | $14632 | $13911 | $14692 |
| **03/31/18** | $14198 | $13557 | $14254 |
| **04/30/18** | $14236 | $13609 | $14293 |
| **05/31/18** | $14851 | $13937 | $14912 |
| **06/30/18** | $14940 | $14023 | $15002 |
| **07/31/18** | $15454 | $14544 | $15518 |
| **08/31/18** | $16207 | $15018 | $16276 |
| **09/30/18** | $16324 | $15104 | $16395 |
| **10/31/18** | $15007 | $14072 | $15070 |
| **11/30/18** | $15236 | $14358 | $15301 |
| **12/31/18** | $13924 | $13062 | $13983 |
| **01/31/19** | $14968 | $14109 | $15033 |
| **02/28/19** | $15578 | $14562 | $15647 |
| **03/31/19** | $16001 | $14845 | $16073 |
| **04/30/19** | $16637 | $15446 | $16714 |
| **05/31/19** | $15758 | $14464 | $15830 |
| **06/30/19** | $16728 | $15483 | $16806 |
| **07/31/19** | $16922 | $15706 | $17000 |
| **08/31/19** | $16800 | $15457 | $16879 |
| **09/30/19** | $16847 | $15746 | $16927 |
| **10/31/19** | $17141 | $16087 | $17223 |
| **11/30/19** | $17728 | $16671 | $17813 |
| **12/31/19** | $18244 | $17175 | $18336 |
| **01/31/20** | $18657 | $17168 | $18752 |
| **02/29/20** | $17325 | $15755 | $17411 |
| **03/31/20** | $15598 | $13809 | $15676 |
| **04/30/20** | $17849 | $15579 | $17942 |
| **05/31/20** | $18910 | $16321 | $19009 |
| **06/30/20** | $19684 | $16645 | $19789 |
| **07/31/20** | $21058 | $17584 | $21173 |
| **08/31/20** | $23070 | $18848 | $23200 |
| **09/30/20** | $21992 | $18132 | $22114 |
| **10/31/20** | $21316 | $17650 | $21433 |
| **11/30/20** | $23382 | $19582 | $23513 |
| **12/31/20** | $24332 | $20334 | $24472 |
| **01/31/21** | $24208 | $20129 | $24348 |
| **02/28/21** | $24208 | $20684 | $24348 |
| **03/31/21** | $24847 | $21590 | $24992 |
| **04/30/21** | $26552 | $22742 | $26709 |
| **05/31/21** | $26314 | $22901 | $26470 |
| **06/30/21** | $27806 | $23436 | $27974 |
| **07/31/21** | $28859 | $23993 | $29035 |
| **08/31/21** | $30063 | $24722 | $30248 |
| **09/30/21** | $28322 | $23572 | $28497 |
| **10/31/21** | $30892 | $25224 | $31085 |
| **11/30/21** | $31329 | $25049 | $31526 |
| **12/31/21** | $32102 | $26172 | $32307 |
| **01/31/22** | $29416 | $24817 | $29602 |
| **02/28/22** | $28094 | $24074 | $28271 |
| **03/31/22** | $29342 | $24968 | $29531 |
| **04/30/22** | $25680 | $22791 | $25845 |
| **05/31/22** | $25331 | $22833 | $25495 |
| **06/30/22** | $23233 | $20948 | $23384 |
| **07/31/22** | $26209 | $22879 | $26383 |
| **08/31/22** | $24811 | $21946 | $24975 |
| **09/30/22** | $22338 | $19925 | $22482 |
| **10/31/22** | $23341 | $21538 | $23492 |
| **11/30/22** | $24528 | $22742 | $24689 |
| **12/31/22** | $22661 | $21432 | $22807 |
| **01/31/23** | $23933 | $22778 | $24089 |
| **02/28/23** | $23470 | $22223 | $23622 |
| **03/31/23** | $24838 | $23038 | $25004 |
| **04/30/23** | $25191 | $23398 | $25361 |
| **05/31/23** | $25819 | $23500 | $25994 |
| **06/30/23** | $27463 | $25053 | $27652 |
| **07/31/23** | $28298 | $25857 | $28495 |
| **08/31/23** | $28125 | $25446 | $28317 |
| **09/30/23** | $26758 | $24232 | $26937 |
| **10/31/23** | $26112 | $23723 | $26288 |
| **11/30/23** | $28399 | $25889 | $28594 |
| **12/31/23** | $29452 | $27066 | $29656 |
| **01/31/24** | $30301 | $27520 | $30514 |
| **02/29/24** | $32510 | $28990 | $32741 |
| **03/31/24** | $33199 | $29923 | $33438 |
| **04/30/24** | $31902 | $28700 | $32132 |
| **05/31/24** | $34006 | $30124 | $34253 |
| **06/30/24** | $36375 | $31204 | $36644 |
| **07/31/24** | $35900 | $31584 | $36166 |
| **08/31/24** | $36685 | $32350 | $36959 |
| **09/30/24** | $37723 | $33041 | $38008 |
| **10/31/24** | $37485 | $32742 | $37769 |
| **11/30/24** | $39710 | $34664 | $40013 |
| **12/31/24** | $40045 | $33837 | $40355 |
| **01/31/25** | $41118 | $34780 | $41438 |
| **02/28/25** | $39922 | $34326 | $40232 |
| **03/31/25** | $36651 | $32392 | $36935 |
| **04/30/25** | $37467 | $32172 | $37760 |
| **05/31/25** | $40988 | $34197 | $41313 |
| **06/30/25** | $43581 | $35936 | $43930 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SPYG | 19.81% | 17.23% | 15.86% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P 500 Growth Index | 19.88% | 17.29% | 15.95% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$37,825,460,300

* Number of Portfolio Holdings213

* Portfolio Turnover Rate22%

* Total Advisory Fees Paid$12,800,158

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Semiconductors & Semiconductor Equipment | 19.2% |
| Software | 14.0% |
| Interactive Media & Services | 12.3% |
| Financial Services | 6.2% |
| Technology Hardware, Storage & Peripherals | 5.2% |
| Broadline Retail | 4.4% |
| Automobiles | 3.2% |
| Hotels, Restaurants & Leisure | 2.6% |
| Consumer Staples Distribution & Retail | 2.6% |
| Entertainment | 2.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 13.7% |
| Microsoft Corp. | 6.8% |
| Meta Platforms, Inc., Class A | 5.7% |
| Apple, Inc. | 5.0% |
| Broadcom, Inc. | 4.6% |
| Amazon.com, Inc. | 4.3% |
| Alphabet, Inc., Class A | 3.7% |
| Tesla, Inc. | 3.2% |
| Alphabet, Inc., Class C | 3.0% |
| Eli Lilly & Co. | 2.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPYG

# SPDR Portfolio S&P 500 High Dividend ETF
![Image](g941109g13l21.jpg)

# SPYD

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Portfolio S&P 500 High Dividend ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Portfolio S&P 500 High Dividend ETF | $7 | 0.07% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and subsequent speculation on how the U.S. Federal Reserves and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I), but the focus was not just on companies that might capitalize on the megatrend. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the one-year period. And as an indicator of the dominance of the A.I. story, NVIDIA Corp. was the largest company in the world with a market cap of nearly $4.0 trillion.

The performances of companies with high dividend yields are highly correlated with value stocks. Unfortunately, the underperformance of value stocks during the reporting period caused the Fund to underperform the S&P 500 Index's 15.16% return.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g40o86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SPYD** | **S&P 500 Index** | **S&P 500 High Dividend Index** |
| **10/22/15** | $10000 | $10000 | $10000 |
| **10/31/15** | $10007 | $10302 | $10007 |
| **11/30/15** | $9912 | $10332 | $9913 |
| **12/31/15** | $9840 | $10169 | $9843 |
| **01/31/16** | $9732 | $9665 | $9736 |
| **02/29/16** | $10036 | $9652 | $10031 |
| **03/31/16** | $10948 | $10307 | $10958 |
| **04/30/16** | $11092 | $10347 | $11103 |
| **05/31/16** | $11096 | $10532 | $11108 |
| **06/30/16** | $11520 | $10560 | $11534 |
| **07/31/16** | $11877 | $10949 | $11893 |
| **08/31/16** | $11829 | $10964 | $11847 |
| **09/30/16** | $11902 | $10966 | $11922 |
| **10/31/16** | $11613 | $10766 | $11632 |
| **11/30/16** | $12184 | $11165 | $12207 |
| **12/31/16** | $12276 | $11386 | $12302 |
| **01/31/17** | $12363 | $11602 | $12389 |
| **02/28/17** | $12708 | $12062 | $12738 |
| **03/31/17** | $12541 | $12076 | $12569 |
| **04/30/17** | $12481 | $12200 | $12510 |
| **05/31/17** | $12497 | $12372 | $12526 |
| **06/30/17** | $12666 | $12449 | $12698 |
| **07/31/17** | $12804 | $12705 | $12839 |
| **08/31/17** | $12640 | $12744 | $12676 |
| **09/30/17** | $13048 | $13007 | $13088 |
| **10/31/17** | $13116 | $13311 | $13157 |
| **11/30/17** | $13702 | $13719 | $13748 |
| **12/31/17** | $13823 | $13871 | $13871 |
| **01/31/18** | $14072 | $14666 | $14123 |
| **02/28/18** | $13311 | $14125 | $13360 |
| **03/31/18** | $13344 | $13766 | $13392 |
| **04/30/18** | $13513 | $13819 | $13562 |
| **05/31/18** | $13709 | $14152 | $13760 |
| **06/30/18** | $14054 | $14239 | $14109 |
| **07/31/18** | $14265 | $14769 | $14322 |
| **08/31/18** | $14414 | $15250 | $14473 |
| **09/30/18** | $14314 | $15337 | $14369 |
| **10/31/18** | $13904 | $14289 | $13957 |
| **11/30/18** | $14388 | $14580 | $14446 |
| **12/31/18** | $13163 | $13263 | $13212 |
| **01/31/19** | $14244 | $14326 | $14299 |
| **02/28/19** | $14590 | $14786 | $14649 |
| **03/31/19** | $14767 | $15073 | $14828 |
| **04/30/19** | $15051 | $15684 | $15115 |
| **05/31/19** | $13982 | $14687 | $14038 |
| **06/30/19** | $15011 | $15722 | $15070 |
| **07/31/19** | $14985 | $15948 | $15046 |
| **08/31/19** | $14239 | $15696 | $14297 |
| **09/30/19** | $15170 | $15989 | $15237 |
| **10/31/19** | $15288 | $16336 | $15356 |
| **11/30/19** | $15532 | $16928 | $15603 |
| **12/31/19** | $15974 | $17439 | $16051 |
| **01/31/20** | $15432 | $17433 | $15506 |
| **02/29/20** | $13825 | $15998 | $13886 |
| **03/31/20** | $10120 | $14022 | $10156 |
| **04/30/20** | $11453 | $15819 | $11498 |
| **05/31/20** | $11546 | $16573 | $11597 |
| **06/30/20** | $11626 | $16902 | $11670 |
| **07/31/20** | $11685 | $17855 | $11731 |
| **08/31/20** | $11875 | $19139 | $11925 |
| **09/30/20** | $11534 | $18411 | $11573 |
| **10/31/20** | $11606 | $17922 | $11646 |
| **11/30/20** | $13534 | $19884 | $13587 |
| **12/31/20** | $14134 | $20648 | $14191 |
| **01/31/21** | $14413 | $20440 | $14473 |
| **02/28/21** | $15784 | $21003 | $15854 |
| **03/31/21** | $16777 | $21923 | $16848 |
| **04/30/21** | $17520 | $23093 | $17597 |
| **05/31/21** | $18147 | $23254 | $18230 |
| **06/30/21** | $17654 | $23797 | $17732 |
| **07/31/21** | $17395 | $24363 | $17473 |
| **08/31/21** | $17793 | $25103 | $17876 |
| **09/30/21** | $17394 | $23936 | $17471 |
| **10/31/21** | $17923 | $25613 | $18006 |
| **11/30/21** | $17482 | $25435 | $17561 |
| **12/31/21** | $18762 | $26575 | $18853 |
| **01/31/22** | $19104 | $25200 | $19200 |
| **02/28/22** | $19066 | $24445 | $19164 |
| **03/31/22** | $19890 | $25353 | $19997 |
| **04/30/22** | $19332 | $23142 | $19436 |
| **05/31/22** | $20181 | $23185 | $20290 |
| **06/30/22** | $18249 | $21271 | $18349 |
| **07/31/22** | $18934 | $23232 | $19035 |
| **08/31/22** | $18397 | $22285 | $18498 |
| **09/30/22** | $16394 | $20232 | $16476 |
| **10/31/22** | $18058 | $21870 | $18154 |
| **11/30/22** | $19303 | $23093 | $19410 |
| **12/31/22** | $18541 | $21762 | $18644 |
| **01/31/23** | $19728 | $23130 | $19840 |
| **02/28/23** | $18766 | $22565 | $18871 |
| **03/31/23** | $17996 | $23394 | $18085 |
| **04/30/23** | $18080 | $23759 | $18169 |
| **05/31/23** | $16637 | $23862 | $16710 |
| **06/30/23** | $17799 | $25439 | $17871 |
| **07/31/23** | $18629 | $26256 | $18708 |
| **08/31/23** | $17864 | $25838 | $17939 |
| **09/30/23** | $17021 | $24606 | $17090 |
| **10/31/23** | $16303 | $24089 | $16368 |
| **11/30/23** | $17820 | $26289 | $17893 |
| **12/31/23** | $19291 | $27483 | $19371 |
| **01/31/24** | $18968 | $27945 | $19044 |
| **02/29/24** | $19143 | $29437 | $19216 |
| **03/31/24** | $20231 | $30384 | $20317 |
| **04/30/24** | $19539 | $29143 | $19623 |
| **05/31/24** | $20299 | $30588 | $20388 |
| **06/30/24** | $20222 | $31686 | $20305 |
| **07/31/24** | $21686 | $32071 | $21790 |
| **08/31/24** | $22667 | $32849 | $22783 |
| **09/30/24** | $23180 | $33551 | $23300 |
| **10/31/24** | $22949 | $33247 | $23068 |
| **11/30/24** | $24004 | $35198 | $24130 |
| **12/31/24** | $22223 | $34359 | $22336 |
| **01/31/25** | $22686 | $35316 | $22803 |
| **02/28/25** | $23200 | $34855 | $23326 |
| **03/31/25** | $22971 | $32891 | $23102 |
| **04/30/25** | $21750 | $32668 | $21868 |
| **05/31/25** | $22073 | $34724 | $22189 |
| **06/30/25** | $22308 | $36490 | $22420 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 10/22/15** |
| SPYD | 10.31% | 13.92% | 8.63% |
| S&P 500 Index | 15.16% | 16.64% | 14.29% |
| S&P 500 High Dividend Index | 10.42% | 13.95% | 8.69% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$6,839,934,395

* Number of Portfolio Holdings80

* Portfolio Turnover Rate29%

* Total Advisory Fees Paid$4,684,710

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Electric Utilities | 12.6% |
| Banks | 8.8% |
| Food Products | 8.4% |
| Oil, Gas & Consumable Fuels | 7.3% |
| Residential REITs | 6.7% |
| Retail REITs | 6.4% |
| Specialized REITs | 5.6% |
| Multi-Utilities | 4.3% |
| Capital Markets | 3.9% |
| Tobacco | 3.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Philip Morris International, Inc. | 1.9% |
| Hasbro, Inc. | 1.7% |
| AT&T, Inc. | 1.7% |
| CVS Health Corp. | 1.7% |
| Franklin Resources, Inc. | 1.6% |
| Crown Castle, Inc. | 1.5% |
| Eversource Energy | 1.5% |
| Altria Group, Inc. | 1.5% |
| Consolidated Edison, Inc. | 1.5% |
| Exelon Corp. | 1.5% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPYD

# SPDR Portfolio S&P 500 Value ETF
![Image](g941109g13l21.jpg)

# SPYV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Portfolio S&P 500 Value ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Portfolio S&P 500 Value ETF | $4 | 0.04% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserves and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I.), but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA Corp., but also on those who might be left behind by it, such as Apple Inc., and Alphabet Inc.. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period. And as an indicator of the dominance of the A.I. story, NVIDIA Corp. was the largest company in the world with a market cap of nearly $4.0 trillion.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g83n11.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SPYV** | **S&P 500 Index** | **S&P 500 Value Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10040 | $10210 | $10038 |
| **08/31/15** | $9441 | $9594 | $9438 |
| **09/30/15** | $9180 | $9356 | $9175 |
| **10/31/15** | $9848 | $10145 | $9847 |
| **11/30/15** | $9898 | $10176 | $9897 |
| **12/31/15** | $9730 | $10015 | $9730 |
| **01/31/16** | $9256 | $9518 | $9255 |
| **02/29/16** | $9305 | $9505 | $9307 |
| **03/31/16** | $9939 | $10150 | $9944 |
| **04/30/16** | $10146 | $10189 | $10154 |
| **05/31/16** | $10237 | $10372 | $10247 |
| **06/30/16** | $10329 | $10399 | $10338 |
| **07/31/16** | $10608 | $10783 | $10619 |
| **08/31/16** | $10669 | $10798 | $10681 |
| **09/30/16** | $10629 | $10800 | $10641 |
| **10/31/16** | $10469 | $10603 | $10480 |
| **11/30/16** | $11125 | $10996 | $11140 |
| **12/31/16** | $11404 | $11213 | $11423 |
| **01/31/17** | $11478 | $11426 | $11499 |
| **02/28/17** | $11918 | $11879 | $11942 |
| **03/31/17** | $11776 | $11893 | $11800 |
| **04/30/17** | $11767 | $12015 | $11792 |
| **05/31/17** | $11729 | $12184 | $11754 |
| **06/30/17** | $11950 | $12260 | $11977 |
| **07/31/17** | $12112 | $12512 | $12141 |
| **08/31/17** | $11970 | $12551 | $12000 |
| **09/30/17** | $12359 | $12810 | $12394 |
| **10/31/17** | $12501 | $13109 | $12536 |
| **11/30/17** | $12923 | $13511 | $12961 |
| **12/31/17** | $13136 | $13661 | $13178 |
| **01/31/18** | $13679 | $14443 | $13725 |
| **02/28/18** | $12931 | $13911 | $12972 |
| **03/31/18** | $12669 | $13557 | $12707 |
| **04/30/18** | $12732 | $13609 | $12771 |
| **05/31/18** | $12765 | $13937 | $12804 |
| **06/30/18** | $12846 | $14023 | $12885 |
| **07/31/18** | $13364 | $14544 | $13407 |
| **08/31/18** | $13545 | $15018 | $13589 |
| **09/30/18** | $13596 | $15104 | $13641 |
| **10/31/18** | $12873 | $14072 | $12914 |
| **11/30/18** | $13211 | $14358 | $13254 |
| **12/31/18** | $11961 | $13062 | $11998 |
| **01/31/19** | $12983 | $14109 | $13027 |
| **02/28/19** | $13273 | $14562 | $13320 |
| **03/31/19** | $13413 | $14845 | $13461 |
| **04/30/19** | $13965 | $15446 | $14017 |
| **05/31/19** | $12910 | $14464 | $12955 |
| **06/30/19** | $13950 | $15483 | $14002 |
| **07/31/19** | $14195 | $15706 | $14249 |
| **08/31/19** | $13828 | $15457 | $13880 |
| **09/30/19** | $14343 | $15746 | $14399 |
| **10/31/19** | $14722 | $16087 | $14781 |
| **11/30/19** | $15288 | $16671 | $15351 |
| **12/31/19** | $15762 | $17175 | $15829 |
| **01/31/20** | $15346 | $17168 | $15411 |
| **02/29/20** | $13892 | $15755 | $13946 |
| **03/31/20** | $11772 | $13809 | $11818 |
| **04/30/20** | $13029 | $15579 | $13084 |
| **05/31/20** | $13442 | $16321 | $13501 |
| **06/30/20** | $13316 | $16645 | $13372 |
| **07/31/20** | $13802 | $17584 | $13861 |
| **08/31/20** | $14295 | $18848 | $14358 |
| **09/30/20** | $13956 | $18132 | $14013 |
| **10/31/20** | $13678 | $17650 | $13733 |
| **11/30/20** | $15435 | $19582 | $15502 |
| **12/31/20** | $15972 | $20334 | $16044 |
| **01/31/21** | $15719 | $20129 | $15791 |
| **02/28/21** | $16650 | $20684 | $16725 |
| **03/31/21** | $17689 | $21590 | $17772 |
| **04/30/21** | $18348 | $22742 | $18435 |
| **05/31/21** | $18789 | $22901 | $18880 |
| **06/30/21** | $18567 | $23436 | $18659 |
| **07/31/21** | $18713 | $23993 | $18807 |
| **08/31/21** | $19034 | $24722 | $19130 |
| **09/30/21** | $18408 | $23572 | $18501 |
| **10/31/21** | $19251 | $25224 | $19351 |
| **11/30/21** | $18626 | $25049 | $18720 |
| **12/31/21** | $19931 | $26172 | $20039 |
| **01/31/22** | $19607 | $24817 | $19714 |
| **02/28/22** | $19325 | $24074 | $19431 |
| **03/31/22** | $19895 | $24968 | $20007 |
| **04/30/22** | $18929 | $22791 | $19034 |
| **05/31/22** | $19237 | $22833 | $19346 |
| **06/30/22** | $17654 | $20948 | $17753 |
| **07/31/22** | $18695 | $22879 | $18802 |
| **08/31/22** | $18165 | $21946 | $18267 |
| **09/30/22** | $16632 | $19925 | $16720 |
| **10/31/22** | $18541 | $21538 | $18643 |
| **11/30/22** | $19654 | $22742 | $19766 |
| **12/31/22** | $18887 | $21432 | $18993 |
| **01/31/23** | $20205 | $22778 | $20322 |
| **02/28/23** | $19605 | $22223 | $19717 |
| **03/31/23** | $19861 | $23038 | $19975 |
| **04/30/23** | $20200 | $23398 | $20317 |
| **05/31/23** | $19815 | $23500 | $19930 |
| **06/30/23** | $21175 | $25053 | $21301 |
| **07/31/23** | $21895 | $25857 | $22027 |
| **08/31/23** | $21299 | $25446 | $21424 |
| **09/30/23** | $20313 | $24232 | $20429 |
| **10/31/23** | $19963 | $23723 | $20077 |
| **11/30/23** | $21869 | $25889 | $21998 |
| **12/31/23** | $23074 | $27066 | $23215 |
| **01/31/24** | $23142 | $27520 | $23284 |
| **02/29/24** | $23845 | $28990 | $23993 |
| **03/31/24** | $24924 | $29923 | $25085 |
| **04/30/24** | $23853 | $28700 | $24006 |
| **05/31/24** | $24561 | $30124 | $24720 |
| **06/30/24** | $24400 | $31204 | $24559 |
| **07/31/24** | $25556 | $31584 | $25724 |
| **08/31/24** | $26310 | $32350 | $26486 |
| **09/30/24** | $26603 | $33041 | $26782 |
| **10/31/24** | $26266 | $32742 | $26441 |
| **11/30/24** | $27780 | $34664 | $27968 |
| **12/31/24** | $25893 | $33837 | $26067 |
| **01/31/25** | $26641 | $34780 | $26822 |
| **02/28/25** | $26753 | $34326 | $26936 |
| **03/31/25** | $25963 | $32392 | $26140 |
| **04/30/25** | $25037 | $32172 | $25206 |
| **05/31/25** | $25790 | $34197 | $25966 |
| **06/30/25** | $26737 | $35936 | $26923 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SPYV | 9.58% | 14.96% | 10.33% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P 500 Value Index | 9.63% | 15.02% | 10.41% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$26,579,070,480

* Number of Portfolio Holdings402

* Portfolio Turnover Rate30%

* Total Advisory Fees Paid$9,859,223

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Software | 8.5% |
| Technology Hardware, Storage & Peripherals | 7.3% |
| Banks | 5.8% |
| Oil, Gas & Consumable Fuels | 5.3% |
| Semiconductors & Semiconductor Equipment | 5.3% |
| Capital Markets | 5.3% |
| Health Care Providers & Services | 3.6% |
| Broadline Retail | 3.6% |
| Pharmaceuticals | 3.6% |
| Health Care Equipment & Supplies | 2.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Microsoft Corp. | 7.3% |
| Apple, Inc. | 6.8% |
| Amazon.com, Inc. | 3.6% |
| Exxon Mobil Corp. | 1.9% |
| Berkshire Hathaway, Inc., Class B | 1.9% |
| Procter & Gamble Co. | 1.5% |
| Johnson & Johnson | 1.5% |
| JPMorgan Chase & Co. | 1.4% |
| Bank of America Corp. | 1.3% |
| UnitedHealth Group, Inc. | 1.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SPYV

# SPDR Russell 1000 Low Volatility Focus ETF
![Image](g941109g13l21.jpg)

# ONEV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Russell 1000 Low Volatility Focus ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Russell 1000 Low Volatility Focus ETF | $21 | 0.20% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period.

The sectors with the largest contribution to total return during the reporting period were Financials, followed by Industrials and Information Technology. On the other hand, Energy was the sector that detracted the most from total return, followed by Materials and Real Estate.

On an individual security level, the top positive contributors to the Fund's performance during the reporting period were Lumen Technologies, followed by Palantir Technologies and Axon Enterprises. The top negative contributors to the Fund's performance were Fortrea Holdings, followed by Acadia Healthcare and Vestis Corp.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g26a43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ONEV** | **S&P 500 Index** | **Russell 1000 Low Volatility Focused Factor Index** |
| **12/03/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $9848 | $9843 | $9848 |
| **01/31/16** | $9547 | $9355 | $9549 |
| **02/29/16** | $9743 | $9342 | $9748 |
| **03/31/16** | $10429 | $9976 | $10437 |
| **04/30/16** | $10397 | $10015 | $10408 |
| **05/31/16** | $10581 | $10195 | $10594 |
| **06/30/16** | $10760 | $10221 | $10773 |
| **07/31/16** | $11127 | $10598 | $11143 |
| **08/31/16** | $11106 | $10613 | $11124 |
| **09/30/16** | $11012 | $10615 | $11032 |
| **10/31/16** | $10743 | $10421 | $10765 |
| **11/30/16** | $11287 | $10807 | $11312 |
| **12/31/16** | $11419 | $11021 | $11446 |
| **01/31/17** | $11621 | $11230 | $11650 |
| **02/28/17** | $12056 | $11676 | $12089 |
| **03/31/17** | $12053 | $11689 | $12087 |
| **04/30/17** | $12140 | $11809 | $12176 |
| **05/31/17** | $12201 | $11975 | $12239 |
| **06/30/17** | $12295 | $12050 | $12337 |
| **07/31/17** | $12413 | $12298 | $12457 |
| **08/31/17** | $12308 | $12336 | $12354 |
| **09/30/17** | $12596 | $12590 | $12646 |
| **10/31/17** | $12801 | $12884 | $12853 |
| **11/30/17** | $13392 | $13279 | $13451 |
| **12/31/17** | $13462 | $13427 | $13532 |
| **01/31/18** | $13956 | $14195 | $14032 |
| **02/28/18** | $13357 | $13672 | $13432 |
| **03/31/18** | $13320 | $13325 | $13397 |
| **04/30/18** | $13272 | $13376 | $13351 |
| **05/31/18** | $13473 | $13698 | $13554 |
| **06/30/18** | $13651 | $13782 | $13736 |
| **07/31/18** | $14108 | $14295 | $14199 |
| **08/31/18** | $14440 | $14761 | $14536 |
| **09/30/18** | $14414 | $14845 | $14511 |
| **10/31/18** | $13579 | $13830 | $13671 |
| **11/30/18** | $14021 | $14112 | $14120 |
| **12/31/18** | $12788 | $12838 | $12877 |
| **01/31/19** | $13868 | $13867 | $13968 |
| **02/28/19** | $14382 | $14312 | $14489 |
| **03/31/19** | $14504 | $14590 | $14615 |
| **04/30/19** | $15054 | $15181 | $15173 |
| **05/31/19** | $14346 | $14216 | $14459 |
| **06/30/19** | $15321 | $15218 | $15448 |
| **07/31/19** | $15479 | $15437 | $15611 |
| **08/31/19** | $15145 | $15192 | $15276 |
| **09/30/19** | $15657 | $15477 | $15797 |
| **10/31/19** | $15849 | $15812 | $15992 |
| **11/30/19** | $16376 | $16386 | $16527 |
| **12/31/19** | $16703 | $16880 | $16861 |
| **01/31/20** | $16407 | $16874 | $16565 |
| **02/29/20** | $14824 | $15485 | $14967 |
| **03/31/20** | $12101 | $13572 | $12225 |
| **04/30/20** | $13502 | $15312 | $13643 |
| **05/31/20** | $14291 | $16041 | $14442 |
| **06/30/20** | $14387 | $16360 | $14542 |
| **07/31/20** | $15161 | $17283 | $15328 |
| **08/31/20** | $15641 | $18525 | $15815 |
| **09/30/20** | $15275 | $17821 | $15444 |
| **10/31/20** | $15365 | $17347 | $15538 |
| **11/30/20** | $17062 | $19246 | $17254 |
| **12/31/20** | $17771 | $19986 | $17975 |
| **01/31/21** | $17586 | $19784 | $17791 |
| **02/28/21** | $18425 | $20330 | $18643 |
| **03/31/21** | $19691 | $21220 | $19929 |
| **04/30/21** | $20590 | $22353 | $20843 |
| **05/31/21** | $20874 | $22509 | $21134 |
| **06/30/21** | $20717 | $23034 | $20979 |
| **07/31/21** | $21194 | $23581 | $21466 |
| **08/31/21** | $21688 | $24298 | $21969 |
| **09/30/21** | $20651 | $23168 | $20920 |
| **10/31/21** | $21735 | $24792 | $22021 |
| **11/30/21** | $21331 | $24620 | $21613 |
| **12/31/21** | $22934 | $25723 | $23246 |
| **01/31/22** | $21628 | $24392 | $21925 |
| **02/28/22** | $21337 | $23662 | $21634 |
| **03/31/22** | $22112 | $24540 | $22424 |
| **04/30/22** | $21009 | $22400 | $21309 |
| **05/31/22** | $21274 | $22441 | $21581 |
| **06/30/22** | $19846 | $20589 | $20141 |
| **07/31/22** | $21353 | $22487 | $21674 |
| **08/31/22** | $20524 | $21570 | $20836 |
| **09/30/22** | $18710 | $19584 | $18994 |
| **10/31/22** | $20501 | $21169 | $20815 |
| **11/30/22** | $21988 | $22352 | $22331 |
| **12/31/22** | $21073 | $21064 | $21404 |
| **01/31/23** | $22327 | $22388 | $22683 |
| **02/28/23** | $21740 | $21842 | $22089 |
| **03/31/23** | $21709 | $22644 | $22060 |
| **04/30/23** | $21764 | $22997 | $22119 |
| **05/31/23** | $20773 | $23097 | $21113 |
| **06/30/23** | $22399 | $24623 | $22771 |
| **07/31/23** | $23096 | $25414 | $23482 |
| **08/31/23** | $22522 | $25010 | $22901 |
| **09/30/23** | $21751 | $23817 | $22117 |
| **10/31/23** | $21017 | $23316 | $21373 |
| **11/30/23** | $22604 | $25446 | $22990 |
| **12/31/23** | $23876 | $26602 | $24291 |
| **01/31/24** | $23746 | $27049 | $24160 |
| **02/29/24** | $24764 | $28493 | $25198 |
| **03/31/24** | $25983 | $29410 | $26446 |
| **04/30/24** | $24523 | $28209 | $24962 |
| **05/31/24** | $25167 | $29607 | $25622 |
| **06/30/24** | $24878 | $30670 | $25329 |
| **07/31/24** | $26376 | $31043 | $26861 |
| **08/31/24** | $26982 | $31796 | $27482 |
| **09/30/24** | $27418 | $32475 | $27930 |
| **10/31/24** | $26929 | $32181 | $27436 |
| **11/30/24** | $28593 | $34070 | $29136 |
| **12/31/24** | $26698 | $33257 | $27207 |
| **01/31/25** | $27527 | $34184 | $28057 |
| **02/28/25** | $27470 | $33738 | $28003 |
| **03/31/25** | $27054 | $31837 | $27585 |
| **04/30/25** | $26504 | $31621 | $27028 |
| **05/31/25** | $27213 | $33611 | $27755 |
| **06/30/25** | $27689 | $35320 | $28246 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/03/15** |
| ONEV | 11.30% | 13.99% | 11.22% |
| S&P 500 Index | 15.16% | 16.64% | 14.09% |
| Russell 1000 Low Volatility Focused Factor Index | 11.52% | 14.20% | 11.45% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$587,508,893

* Number of Portfolio Holdings453

* Portfolio Turnover Rate25%

* Total Advisory Fees Paid$1,263,714

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Insurance | 8.1% |
| Health Care Providers & Services | 8.0% |
| Machinery | 5.3% |
| Electric Utilities | 4.3% |
| Professional Services | 4.1% |
| Food Products | 4.0% |
| Capital Markets | 3.5% |
| Household Durables | 2.9% |
| IT Services | 2.7% |
| Consumer Staples Distribution & Retail | 2.7% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Cardinal Health, Inc. | 1.4% |
| Cognizant Technology Solutions Corp., Class A | 1.0% |
| Cencora, Inc. | 1.0% |
| Cigna Group | 1.0% |
| Arch Capital Group Ltd. | 1.0% |
| Humana, Inc. | 0.9% |
| McKesson Corp. | 0.8% |
| T. Rowe Price Group, Inc. | 0.8% |
| NVR, Inc. | 0.7% |
| Leidos Holdings, Inc. | 0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR ONEV

# SPDR Russell 1000 Momentum Focus ETF
![Image](g941109g13l21.jpg)

# ONEO

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Russell 1000 Momentum Focus ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Russell 1000 Momentum Focus ETF | $21 | 0.20% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period.

The sectors with the largest contribution to total return during the reporting period were Financials, followed by Industrials and Information Technology. On the other hand, Energy was the sector that detracted the most from total return, followed by Materials and Real Estate.

On an individual security level, the top positive contributors to the Fund's performance during the reporting period were Lumen Technologies, followed by Palantir Technologies and Axon Enterprises. The top negative contributors to the Fund's performance were Fortrea Holdings, followed by Acadia Healthcare and Vestis Corp.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g66l17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ONEO** | **S&P 500 Index** | **Russell 1000 Momentum Focused Factor Index** |
| **12/03/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $9809 | $9843 | $9809 |
| **01/31/16** | $9292 | $9355 | $9294 |
| **02/29/16** | $9442 | $9342 | $9446 |
| **03/31/16** | $10116 | $9976 | $10125 |
| **04/30/16** | $10129 | $10015 | $10140 |
| **05/31/16** | $10270 | $10195 | $10282 |
| **06/30/16** | $10310 | $10221 | $10321 |
| **07/31/16** | $10681 | $10598 | $10695 |
| **08/31/16** | $10624 | $10613 | $10640 |
| **09/30/16** | $10585 | $10615 | $10601 |
| **10/31/16** | $10381 | $10421 | $10398 |
| **11/30/16** | $10896 | $10807 | $10917 |
| **12/31/16** | $11033 | $11021 | $11057 |
| **01/31/17** | $11271 | $11230 | $11299 |
| **02/28/17** | $11624 | $11676 | $11655 |
| **03/31/17** | $11632 | $11689 | $11665 |
| **04/30/17** | $11756 | $11809 | $11791 |
| **05/31/17** | $11796 | $11975 | $11834 |
| **06/30/17** | $11821 | $12050 | $11862 |
| **07/31/17** | $12048 | $12298 | $12090 |
| **08/31/17** | $12043 | $12336 | $12088 |
| **09/30/17** | $12431 | $12590 | $12480 |
| **10/31/17** | $12708 | $12884 | $12760 |
| **11/30/17** | $13227 | $13279 | $13284 |
| **12/31/17** | $13318 | $13427 | $13387 |
| **01/31/18** | $13895 | $14195 | $13969 |
| **02/28/18** | $13357 | $13672 | $13430 |
| **03/31/18** | $13298 | $13325 | $13376 |
| **04/30/18** | $13170 | $13376 | $13247 |
| **05/31/18** | $13467 | $13698 | $13545 |
| **06/30/18** | $13473 | $13782 | $13558 |
| **07/31/18** | $13858 | $14295 | $13948 |
| **08/31/18** | $14221 | $14761 | $14316 |
| **09/30/18** | $14096 | $14845 | $14192 |
| **10/31/18** | $12885 | $13830 | $12975 |
| **11/30/18** | $13048 | $14112 | $13142 |
| **12/31/18** | $11722 | $12838 | $11801 |
| **01/31/19** | $12788 | $13867 | $12878 |
| **02/28/19** | $13247 | $14312 | $13342 |
| **03/31/19** | $13320 | $14590 | $13418 |
| **04/30/19** | $13753 | $15181 | $13858 |
| **05/31/19** | $12797 | $14216 | $12895 |
| **06/30/19** | $13713 | $15218 | $13822 |
| **07/31/19** | $13886 | $15437 | $14001 |
| **08/31/19** | $13556 | $15192 | $13670 |
| **09/30/19** | $13869 | $15477 | $13989 |
| **10/31/19** | $14051 | $15812 | $14173 |
| **11/30/19** | $14518 | $16386 | $14647 |
| **12/31/19** | $14819 | $16880 | $14955 |
| **01/31/20** | $14480 | $16874 | $14616 |
| **02/29/20** | $13135 | $15485 | $13258 |
| **03/31/20** | $10502 | $13572 | $10604 |
| **04/30/20** | $12027 | $15312 | $12147 |
| **05/31/20** | $12885 | $16041 | $13016 |
| **06/30/20** | $13083 | $16360 | $13219 |
| **07/31/20** | $13835 | $17283 | $13982 |
| **08/31/20** | $14322 | $18525 | $14475 |
| **09/30/20** | $14016 | $17821 | $14166 |
| **10/31/20** | $13986 | $17347 | $14139 |
| **11/30/20** | $15673 | $19246 | $15846 |
| **12/31/20** | $16381 | $19986 | $16566 |
| **01/31/21** | $16352 | $19784 | $16538 |
| **02/28/21** | $17105 | $20330 | $17300 |
| **03/31/21** | $18051 | $21220 | $18258 |
| **04/30/21** | $18882 | $22353 | $19102 |
| **05/31/21** | $19121 | $22509 | $19346 |
| **06/30/21** | $19151 | $23034 | $19382 |
| **07/31/21** | $19365 | $23581 | $19600 |
| **08/31/21** | $19931 | $24298 | $20177 |
| **09/30/21** | $19060 | $23168 | $19299 |
| **10/31/21** | $20146 | $24792 | $20400 |
| **11/30/21** | $19736 | $24620 | $19986 |
| **12/31/21** | $20728 | $25723 | $20997 |
| **01/31/22** | $19410 | $24392 | $19665 |
| **02/28/22** | $19237 | $23662 | $19493 |
| **03/31/22** | $19583 | $24540 | $19846 |
| **04/30/22** | $18326 | $22400 | $18575 |
| **05/31/22** | $18619 | $22441 | $18878 |
| **06/30/22** | $16878 | $20589 | $17119 |
| **07/31/22** | $18356 | $22487 | $18621 |
| **08/31/22** | $17894 | $21570 | $18156 |
| **09/30/22** | $16254 | $19584 | $16491 |
| **10/31/22** | $18070 | $21169 | $18335 |
| **11/30/22** | $19259 | $22352 | $19546 |
| **12/31/22** | $18250 | $21064 | $18523 |
| **01/31/23** | $19538 | $22388 | $19833 |
| **02/28/23** | $18995 | $21842 | $19285 |
| **03/31/23** | $18810 | $22644 | $19099 |
| **04/30/23** | $18738 | $22997 | $19026 |
| **05/31/23** | $17996 | $23097 | $18269 |
| **06/30/23** | $19646 | $24623 | $19949 |
| **07/31/23** | $20260 | $25414 | $20576 |
| **08/31/23** | $19785 | $25010 | $20095 |
| **09/30/23** | $18924 | $23817 | $19219 |
| **10/31/23** | $18108 | $23316 | $18392 |
| **11/30/23** | $19719 | $25446 | $20030 |
| **12/31/23** | $21105 | $26602 | $21444 |
| **01/31/24** | $21068 | $27049 | $21401 |
| **02/29/24** | $22302 | $28493 | $22658 |
| **03/31/24** | $23358 | $29410 | $23736 |
| **04/30/24** | $21959 | $28209 | $22316 |
| **05/31/24** | $22558 | $29607 | $22928 |
| **06/30/24** | $22431 | $30670 | $22799 |
| **07/31/24** | $23399 | $31043 | $23788 |
| **08/31/24** | $23749 | $31796 | $24147 |
| **09/30/24** | $24231 | $32475 | $24643 |
| **10/31/24** | $24017 | $32181 | $24426 |
| **11/30/24** | $26107 | $34070 | $26560 |
| **12/31/24** | $24278 | $33257 | $24700 |
| **01/31/25** | $25260 | $34184 | $25706 |
| **02/28/25** | $24658 | $33738 | $25098 |
| **03/31/25** | $23648 | $31837 | $24069 |
| **04/30/25** | $23384 | $31621 | $23801 |
| **05/31/25** | $24593 | $33611 | $25035 |
| **06/30/25** | $25428 | $35320 | $25891 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/03/15** |
| ONEO | 13.36% | 14.21% | 10.23% |
| S&P 500 Index | 15.16% | 16.64% | 14.09% |
| Russell 1000 Momentum Focused Factor Index | 13.56% | 14.39% | 10.45% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$92,568,422

* Number of Portfolio Holdings933

* Portfolio Turnover Rate42%

* Total Advisory Fees Paid$205,277

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Software | 6.3% |
| Insurance | 5.0% |
| Health Care Providers & Services | 5.0% |
| Hotels, Restaurants & Leisure | 4.3% |
| Capital Markets | 4.2% |
| Machinery | 4.1% |
| IT Services | 3.7% |
| Professional Services | 3.4% |
| Electric Utilities | 3.2% |
| Electronic Equipment, Instruments & Components | 2.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Cardinal Health, Inc. | 1.1% |
| Jabil, Inc. | 0.8% |
| Synchrony Financial | 0.8% |
| Flex Ltd. | 0.7% |
| United Airlines Holdings, Inc. | 0.7% |
| Cencora, Inc. | 0.6% |
| Cognizant Technology Solutions Corp., Class A | 0.6% |
| F5, Inc. | 0.6% |
| Zoom Communications, Inc., Class A | 0.6% |
| McKesson Corp. | 0.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR ONEO

# SPDR Russell 1000 Yield Focus ETF
![Image](g941109g13l21.jpg)

# ONEY

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR Russell 1000 Yield Focus ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR Russell 1000 Yield Focus ETF | $21 | 0.20% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and subsequent speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. The market rewarded the former but punished the latter. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the one-year period.

The Fund's strategy focuses primarily on exposure to yield, which is highly correlated with the value factor, with secondary emphasis on quality, value and size factors through more gentle tilts. Unfortunately, the value and size factors underperformed during the reporting period, with more mixed performance from quality names.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g82h02.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ONEY** | **S&P 500 Index** | **Russell 1000 Yield Focused Factor Index** |
| **12/03/15** | $10000 | $10000 | $10000 |
| **12/31/15** | $9725 | $9843 | $9725 |
| **01/31/16** | $9408 | $9355 | $9410 |
| **02/29/16** | $9692 | $9342 | $9697 |
| **03/31/16** | $10530 | $9976 | $10539 |
| **04/30/16** | $10602 | $10015 | $10614 |
| **05/31/16** | $10590 | $10195 | $10601 |
| **06/30/16** | $10793 | $10221 | $10802 |
| **07/31/16** | $11299 | $10598 | $11311 |
| **08/31/16** | $11294 | $10613 | $11307 |
| **09/30/16** | $11315 | $10615 | $11329 |
| **10/31/16** | $11103 | $10421 | $11119 |
| **11/30/16** | $11874 | $10807 | $11895 |
| **12/31/16** | $11973 | $11021 | $11996 |
| **01/31/17** | $12217 | $11230 | $12243 |
| **02/28/17** | $12517 | $11676 | $12546 |
| **03/31/17** | $12514 | $11689 | $12544 |
| **04/30/17** | $12532 | $11809 | $12563 |
| **05/31/17** | $12399 | $11975 | $12432 |
| **06/30/17** | $12585 | $12050 | $12622 |
| **07/31/17** | $12717 | $12298 | $12756 |
| **08/31/17** | $12436 | $12336 | $12476 |
| **09/30/17** | $12884 | $12590 | $12930 |
| **10/31/17** | $13002 | $12884 | $13051 |
| **11/30/17** | $13582 | $13279 | $13636 |
| **12/31/17** | $13792 | $13427 | $13872 |
| **01/31/18** | $14178 | $14195 | $14264 |
| **02/28/18** | $13566 | $13672 | $13651 |
| **03/31/18** | $13501 | $13325 | $13587 |
| **04/30/18** | $13602 | $13376 | $13691 |
| **05/31/18** | $13929 | $13698 | $14022 |
| **06/30/18** | $14128 | $13782 | $14224 |
| **07/31/18** | $14508 | $14295 | $14610 |
| **08/31/18** | $14726 | $14761 | $14833 |
| **09/30/18** | $14628 | $14845 | $14735 |
| **10/31/18** | $13718 | $13830 | $13819 |
| **11/30/18** | $14065 | $14112 | $14171 |
| **12/31/18** | $12692 | $12838 | $12788 |
| **01/31/19** | $13908 | $13867 | $14018 |
| **02/28/19** | $14185 | $14312 | $14299 |
| **03/31/19** | $14271 | $14590 | $14390 |
| **04/30/19** | $14717 | $15181 | $14843 |
| **05/31/19** | $13707 | $14216 | $13824 |
| **06/30/19** | $14663 | $15218 | $14792 |
| **07/31/19** | $14790 | $15437 | $14925 |
| **08/31/19** | $13908 | $15192 | $14035 |
| **09/30/19** | $14793 | $15477 | $14934 |
| **10/31/19** | $15078 | $15812 | $15223 |
| **11/30/19** | $15563 | $16386 | $15717 |
| **12/31/19** | $16110 | $16880 | $16274 |
| **01/31/20** | $15319 | $16874 | $15476 |
| **02/29/20** | $13709 | $15485 | $13845 |
| **03/31/20** | $10276 | $13572 | $10384 |
| **04/30/20** | $11712 | $15312 | $11841 |
| **05/31/20** | $12265 | $16041 | $12405 |
| **06/30/20** | $12648 | $16360 | $12798 |
| **07/31/20** | $12892 | $17283 | $13045 |
| **08/31/20** | $13522 | $18525 | $13686 |
| **09/30/20** | $13127 | $17821 | $13281 |
| **10/31/20** | $13259 | $17347 | $13419 |
| **11/30/20** | $15709 | $19246 | $15900 |
| **12/31/20** | $16443 | $19986 | $16647 |
| **01/31/21** | $16634 | $19784 | $16841 |
| **02/28/21** | $18596 | $20330 | $18838 |
| **03/31/21** | $19757 | $21220 | $20019 |
| **04/30/21** | $20585 | $22353 | $20860 |
| **05/31/21** | $21371 | $22509 | $21663 |
| **06/30/21** | $21034 | $23034 | $21327 |
| **07/31/21** | $21084 | $23581 | $21380 |
| **08/31/21** | $21608 | $24298 | $21915 |
| **09/30/21** | $20786 | $23168 | $21086 |
| **10/31/21** | $21564 | $24792 | $21876 |
| **11/30/21** | $21047 | $24620 | $21355 |
| **12/31/21** | $22523 | $25723 | $22862 |
| **01/31/22** | $22183 | $24392 | $22521 |
| **02/28/22** | $22060 | $23662 | $22402 |
| **03/31/22** | $22923 | $24540 | $23287 |
| **04/30/22** | $22099 | $22400 | $22456 |
| **05/31/22** | $22571 | $22441 | $22942 |
| **06/30/22** | $20308 | $20589 | $20648 |
| **07/31/22** | $21860 | $22487 | $22229 |
| **08/31/22** | $21304 | $21570 | $21668 |
| **09/30/22** | $19147 | $19584 | $19469 |
| **10/31/22** | $21257 | $21169 | $21619 |
| **11/30/22** | $22777 | $22352 | $23172 |
| **12/31/22** | $21736 | $21064 | $22115 |
| **01/31/23** | $23327 | $22388 | $23739 |
| **02/28/23** | $22625 | $21842 | $23028 |
| **03/31/23** | $22056 | $22644 | $22442 |
| **04/30/23** | $22002 | $22997 | $22390 |
| **05/31/23** | $20687 | $23097 | $21048 |
| **06/30/23** | $22459 | $24623 | $22858 |
| **07/31/23** | $23709 | $25414 | $24137 |
| **08/31/23** | $22756 | $25010 | $23168 |
| **09/30/23** | $21751 | $23817 | $22143 |
| **10/31/23** | $20853 | $23316 | $21230 |
| **11/30/23** | $22482 | $25446 | $22893 |
| **12/31/23** | $24139 | $26602 | $24589 |
| **01/31/24** | $23619 | $27049 | $24057 |
| **02/29/24** | $24392 | $28493 | $24848 |
| **03/31/24** | $26230 | $29410 | $26736 |
| **04/30/24** | $24951 | $28209 | $25435 |
| **05/31/24** | $25785 | $29607 | $26290 |
| **06/30/24** | $25316 | $30670 | $25810 |
| **07/31/24** | $26682 | $31043 | $27214 |
| **08/31/24** | $27225 | $31796 | $27771 |
| **09/30/24** | $27554 | $32475 | $28111 |
| **10/31/24** | $27138 | $32181 | $27690 |
| **11/30/24** | $28825 | $34070 | $29419 |
| **12/31/24** | $26971 | $33257 | $27527 |
| **01/31/25** | $27660 | $34184 | $28235 |
| **02/28/25** | $27868 | $33738 | $28453 |
| **03/31/25** | $27229 | $31837 | $27806 |
| **04/30/25** | $25939 | $31621 | $26489 |
| **05/31/25** | $26763 | $33611 | $27333 |
| **06/30/25** | $27213 | $35320 | $27796 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/03/15** |
| ONEY | 7.49% | 16.56% | 11.01% |
| S&P 500 Index | 15.16% | 16.64% | 14.09% |
| Russell 1000 Yield Focused Factor Index | 7.70% | 16.78% | 11.27% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$840,591,747

* Number of Portfolio Holdings311

* Portfolio Turnover Rate29%

* Total Advisory Fees Paid$1,657,681

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Oil, Gas & Consumable Fuels | 7.0% |
| Food Products | 6.5% |
| Electric Utilities | 5.8% |
| Chemicals | 4.3% |
| Air Freight & Logistics | 4.1% |
| Machinery | 4.0% |
| Consumer Staples Distribution & Retail | 4.0% |
| Insurance | 3.4% |
| Specialized REITs | 3.2% |
| Multi-Utilities | 3.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| United Parcel Service, Inc., Class B | 2.5% |
| EOG Resources, Inc. | 1.7% |
| Target Corp. | 1.6% |
| Altria Group, Inc. | 1.5% |
| NIKE, Inc., Class B | 1.3% |
| Ford Motor Co. | 1.2% |
| Schlumberger NV | 1.2% |
| VICI Properties, Inc. | 1.1% |
| General Mills, Inc. | 1.0% |
| Hewlett Packard Enterprise Co. | 1.0% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR ONEY

# SPDR S&P 1500 Momentum Tilt ETF
![Image](g941109g13l21.jpg)

# MMTM

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P 1500 Momentum Tilt ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P 1500 Momentum Tilt ETF | $13 | 0.12% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and subsequent speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I), but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA, but also on those who might be left behind by it, such as Apple and Google. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the one-year period. And as an indicator of the dominance of the A.I. story, NVIDIA was the largest company in the world with a market cap of nearly $4.0 trillion.

The market's volatility over the reporting period was also reflected in the performance of momentum names, which outperformed the broader market in one quarter followed by underperformance in the next and vice-versa. By the end of the reporting period, the performance of momentum names had succumbed to the flip-flopping, with the Fund underperforming the S&P 1500 Composite Index's 14.48% return.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g85h52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **MMTM** | **S&P 500 Index** | **S&P 1500 Positive Momentum Tilt Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10297 | $10210 | $10300 |
| **08/31/15** | $9657 | $9594 | $9661 |
| **09/30/15** | $9431 | $9356 | $9433 |
| **10/31/15** | $10150 | $10145 | $10156 |
| **11/30/15** | $10219 | $10176 | $10227 |
| **12/31/15** | $10108 | $10015 | $10120 |
| **01/31/16** | $9645 | $9518 | $9657 |
| **02/29/16** | $9553 | $9505 | $9558 |
| **03/31/16** | $10158 | $10150 | $10164 |
| **04/30/16** | $10136 | $10189 | $10143 |
| **05/31/16** | $10350 | $10372 | $10359 |
| **06/30/16** | $10493 | $10399 | $10503 |
| **07/31/16** | $10802 | $10783 | $10812 |
| **08/31/16** | $10725 | $10798 | $10730 |
| **09/30/16** | $10729 | $10800 | $10737 |
| **10/31/16** | $10470 | $10603 | $10476 |
| **11/30/16** | $10774 | $10996 | $10782 |
| **12/31/16** | $10968 | $11213 | $10980 |
| **01/31/17** | $11214 | $11426 | $11226 |
| **02/28/17** | $11600 | $11879 | $11614 |
| **03/31/17** | $11588 | $11893 | $11602 |
| **04/30/17** | $11707 | $12015 | $11722 |
| **05/31/17** | $11922 | $12184 | $11940 |
| **06/30/17** | $11983 | $12260 | $12003 |
| **07/31/17** | $12272 | $12512 | $12294 |
| **08/31/17** | $12361 | $12551 | $12388 |
| **09/30/17** | $12644 | $12810 | $12671 |
| **10/31/17** | $13097 | $13109 | $13129 |
| **11/30/17** | $13482 | $13511 | $13517 |
| **12/31/17** | $13570 | $13661 | $13608 |
| **01/31/18** | $14489 | $14443 | $14530 |
| **02/28/18** | $14130 | $13911 | $14172 |
| **03/31/18** | $13750 | $13557 | $13793 |
| **04/30/18** | $13789 | $13609 | $13834 |
| **05/31/18** | $14265 | $13937 | $14313 |
| **06/30/18** | $14249 | $14023 | $14295 |
| **07/31/18** | $14706 | $14544 | $14757 |
| **08/31/18** | $15389 | $15018 | $15444 |
| **09/30/18** | $15442 | $15104 | $15500 |
| **10/31/18** | $14124 | $14072 | $14178 |
| **11/30/18** | $14343 | $14358 | $14399 |
| **12/31/18** | $13048 | $13062 | $13103 |
| **01/31/19** | $14086 | $14109 | $14143 |
| **02/28/19** | $14602 | $14562 | $14659 |
| **03/31/19** | $14925 | $14845 | $14994 |
| **04/30/19** | $15406 | $15446 | $15475 |
| **05/31/19** | $14612 | $14464 | $14679 |
| **06/30/19** | $15575 | $15483 | $15649 |
| **07/31/19** | $15763 | $15706 | $15839 |
| **08/31/19** | $15737 | $15457 | $15816 |
| **09/30/19** | $15858 | $15746 | $15939 |
| **10/31/19** | $16053 | $16087 | $16138 |
| **11/30/19** | $16495 | $16671 | $16583 |
| **12/31/19** | $16920 | $17175 | $17012 |
| **01/31/20** | $17044 | $17168 | $17141 |
| **02/29/20** | $15654 | $15755 | $15742 |
| **03/31/20** | $13780 | $13809 | $13866 |
| **04/30/20** | $15365 | $15579 | $15453 |
| **05/31/20** | $16149 | $16321 | $16246 |
| **06/30/20** | $16609 | $16645 | $16707 |
| **07/31/20** | $17753 | $17584 | $17868 |
| **08/31/20** | $19232 | $18848 | $19359 |
| **09/30/20** | $18385 | $18132 | $18509 |
| **10/31/20** | $17817 | $17650 | $17938 |
| **11/30/20** | $19413 | $19582 | $19544 |
| **12/31/20** | $20193 | $20334 | $20332 |
| **01/31/21** | $19912 | $20129 | $20046 |
| **02/28/21** | $20102 | $20684 | $20246 |
| **03/31/21** | $20716 | $21590 | $20865 |
| **04/30/21** | $22026 | $22742 | $22192 |
| **05/31/21** | $22219 | $22901 | $22393 |
| **06/30/21** | $22711 | $23436 | $22891 |
| **07/31/21** | $23148 | $23993 | $23328 |
| **08/31/21** | $23949 | $24722 | $24141 |
| **09/30/21** | $22917 | $23572 | $23106 |
| **10/31/21** | $24820 | $25224 | $25029 |
| **11/30/21** | $24578 | $25049 | $24785 |
| **12/31/21** | $25448 | $26172 | $25668 |
| **01/31/22** | $24083 | $24817 | $24293 |
| **02/28/22** | $23492 | $24074 | $23698 |
| **03/31/22** | $24378 | $24968 | $24599 |
| **04/30/22** | $22112 | $22791 | $22312 |
| **05/31/22** | $22102 | $22833 | $22306 |
| **06/30/22** | $20337 | $20948 | $20529 |
| **07/31/22** | $22015 | $22879 | $22225 |
| **08/31/22** | $21308 | $21946 | $21515 |
| **09/30/22** | $19621 | $19925 | $19807 |
| **10/31/22** | $21528 | $21538 | $21741 |
| **11/30/22** | $22495 | $22742 | $22723 |
| **12/31/22** | $21379 | $21432 | $21596 |
| **01/31/23** | $22033 | $22778 | $22255 |
| **02/28/23** | $21381 | $22223 | $21601 |
| **03/31/23** | $21697 | $23038 | $21932 |
| **04/30/23** | $22186 | $23398 | $22432 |
| **05/31/23** | $22351 | $23500 | $22604 |
| **06/30/23** | $23888 | $25053 | $24163 |
| **07/31/23** | $24653 | $25857 | $24935 |
| **08/31/23** | $24413 | $25446 | $24694 |
| **09/30/23** | $23165 | $24232 | $23430 |
| **10/31/23** | $22739 | $23723 | $23001 |
| **11/30/23** | $25014 | $25889 | $25309 |
| **12/31/23** | $26202 | $27066 | $26511 |
| **01/31/24** | $26954 | $27520 | $27277 |
| **02/29/24** | $28962 | $28990 | $29315 |
| **03/31/24** | $29818 | $29923 | $30187 |
| **04/30/24** | $28424 | $28700 | $28778 |
| **05/31/24** | $30140 | $30124 | $30517 |
| **06/30/24** | $31571 | $31204 | $31971 |
| **07/31/24** | $31398 | $31584 | $31797 |
| **08/31/24** | $32171 | $32350 | $32589 |
| **09/30/24** | $32828 | $33041 | $33259 |
| **10/31/24** | $32751 | $32742 | $33184 |
| **11/30/24** | $34786 | $34664 | $35255 |
| **12/31/24** | $34008 | $33837 | $34466 |
| **01/31/25** | $34980 | $34780 | $35456 |
| **02/28/25** | $34128 | $34326 | $34598 |
| **03/31/25** | $31567 | $32392 | $32001 |
| **04/30/25** | $31489 | $32172 | $31926 |
| **05/31/25** | $33486 | $34197 | $33952 |
| **06/30/25** | $35026 | $35936 | $35517 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| MMTM | 10.95% | 16.09% | 13.35% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P 1500 Positive Momentum Tilt Index | 11.09% | 16.28% | 13.51% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$146,690,610

* Number of Portfolio Holdings1,484

* Portfolio Turnover Rate58%

* Total Advisory Fees Paid$158,893

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Semiconductors & Semiconductor Equipment | 12.2% |
| Technology Hardware, Storage & Peripherals | 7.9% |
| Software | 6.3% |
| Financial Services | 5.9% |
| Interactive Media & Services | 5.8% |
| Banks | 4.5% |
| Capital Markets | 4.2% |
| Insurance | 3.0% |
| Consumer Staples Distribution & Retail | 3.0% |
| Automobiles | 3.0% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 8.5% |
| Apple, Inc. | 7.8% |
| Meta Platforms, Inc., Class A | 5.0% |
| Broadcom, Inc. | 3.1% |
| Tesla, Inc. | 2.9% |
| Amazon.com, Inc. | 2.7% |
| Berkshire Hathaway, Inc., Class B | 2.6% |
| Microsoft Corp. | 2.3% |
| Netflix, Inc. | 2.0% |
| JPMorgan Chase & Co. | 1.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR MMTM

# SPDR S&P 1500 Value Tilt ETF
![Image](g941109g13l21.jpg)

# VLU

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P 1500 Value Tilt ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P 1500 Value Tilt ETF | $13 | 0.12% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and subsequent speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I), but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA, but also on those who might be left behind by it, such as Apple and Google. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the one-year period. And as an indicator of the dominance of the A.I. story, NVIDIA was the largest company in the world with a market cap of nearly $4.0 trillion.

The performance of value stocks flip-flopped between outperformance and underperformance from quarter to quarter, ultimately ending the reporting period with slight underperformance relative to the overall market. The Fund's gentle tilt towards value stocks reflected this relative behavior, as it slightly underperformed compared to the cap weighted S&P 1500 Composite Index's one-year return of 14.48%.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g14q30.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **VLU** | **S&P 500 Index** | **S&P 1500 Low Valuation Tilt Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10050 | $10210 | $10047 |
| **08/31/15** | $9457 | $9594 | $9454 |
| **09/30/15** | $9195 | $9356 | $9187 |
| **10/31/15** | $9887 | $10145 | $9884 |
| **11/30/15** | $9945 | $10176 | $9940 |
| **12/31/15** | $9700 | $10015 | $9700 |
| **01/31/16** | $9190 | $9518 | $9190 |
| **02/29/16** | $9194 | $9505 | $9194 |
| **03/31/16** | $9867 | $10150 | $9875 |
| **04/30/16** | $10002 | $10189 | $10014 |
| **05/31/16** | $10120 | $10372 | $10130 |
| **06/30/16** | $10087 | $10399 | $10090 |
| **07/31/16** | $10447 | $10783 | $10458 |
| **08/31/16** | $10556 | $10798 | $10564 |
| **09/30/16** | $10557 | $10800 | $10567 |
| **10/31/16** | $10411 | $10603 | $10419 |
| **11/30/16** | $11163 | $10996 | $11178 |
| **12/31/16** | $11425 | $11213 | $11443 |
| **01/31/17** | $11529 | $11426 | $11548 |
| **02/28/17** | $11921 | $11879 | $11940 |
| **03/31/17** | $11853 | $11893 | $11870 |
| **04/30/17** | $11866 | $12015 | $11882 |
| **05/31/17** | $11888 | $12184 | $11903 |
| **06/30/17** | $12055 | $12260 | $12073 |
| **07/31/17** | $12279 | $12512 | $12298 |
| **08/31/17** | $12173 | $12551 | $12189 |
| **09/30/17** | $12573 | $12810 | $12590 |
| **10/31/17** | $12799 | $13109 | $12813 |
| **11/30/17** | $13263 | $13511 | $13284 |
| **12/31/17** | $13455 | $13661 | $13484 |
| **01/31/18** | $14104 | $14443 | $14133 |
| **02/28/18** | $13455 | $13911 | $13480 |
| **03/31/18** | $13176 | $13557 | $13202 |
| **04/30/18** | $13294 | $13609 | $13327 |
| **05/31/18** | $13485 | $13937 | $13522 |
| **06/30/18** | $13548 | $14023 | $13586 |
| **07/31/18** | $14039 | $14544 | $14079 |
| **08/31/18** | $14403 | $15018 | $14446 |
| **09/30/18** | $14415 | $15104 | $14461 |
| **10/31/18** | $13560 | $14072 | $13606 |
| **11/30/18** | $13822 | $14358 | $13869 |
| **12/31/18** | $12411 | $13062 | $12457 |
| **01/31/19** | $13437 | $14109 | $13487 |
| **02/28/19** | $13772 | $14562 | $13825 |
| **03/31/19** | $13809 | $14845 | $13864 |
| **04/30/19** | $14302 | $15446 | $14358 |
| **05/31/19** | $13204 | $14464 | $13251 |
| **06/30/19** | $14216 | $15483 | $14271 |
| **07/31/19** | $14398 | $15706 | $14454 |
| **08/31/19** | $13929 | $15457 | $13981 |
| **09/30/19** | $14445 | $15746 | $14501 |
| **10/31/19** | $14728 | $16087 | $14785 |
| **11/30/19** | $15257 | $16671 | $15319 |
| **12/31/19** | $15683 | $17175 | $15751 |
| **01/31/20** | $15267 | $17168 | $15335 |
| **02/29/20** | $13791 | $15755 | $13847 |
| **03/31/20** | $11476 | $13809 | $11534 |
| **04/30/20** | $13038 | $15579 | $13125 |
| **05/31/20** | $13549 | $16321 | $13643 |
| **06/30/20** | $13692 | $16645 | $13798 |
| **07/31/20** | $14150 | $17584 | $14256 |
| **08/31/20** | $14919 | $18848 | $15036 |
| **09/30/20** | $14353 | $18132 | $14459 |
| **10/31/20** | $14198 | $17650 | $14304 |
| **11/30/20** | $16438 | $19582 | $16569 |
| **12/31/20** | $17189 | $20334 | $17333 |
| **01/31/21** | $17300 | $20129 | $17457 |
| **02/28/21** | $18688 | $20684 | $18855 |
| **03/31/21** | $19746 | $21590 | $19924 |
| **04/30/21** | $20557 | $22742 | $20747 |
| **05/31/21** | $21063 | $22901 | $21260 |
| **06/30/21** | $20951 | $23436 | $21149 |
| **07/31/21** | $20997 | $23993 | $21198 |
| **08/31/21** | $21514 | $24722 | $21721 |
| **09/30/21** | $20779 | $23572 | $20979 |
| **10/31/21** | $21834 | $25224 | $22049 |
| **11/30/21** | $21276 | $25049 | $21485 |
| **12/31/21** | $22509 | $26172 | $22737 |
| **01/31/22** | $22107 | $24817 | $22335 |
| **02/28/22** | $21838 | $24074 | $22064 |
| **03/31/22** | $22475 | $24968 | $22718 |
| **04/30/22** | $21135 | $22791 | $21362 |
| **05/31/22** | $21579 | $22833 | $21816 |
| **06/30/22** | $19569 | $20948 | $19786 |
| **07/31/22** | $20964 | $22879 | $21199 |
| **08/31/22** | $20366 | $21946 | $20596 |
| **09/30/22** | $18513 | $19925 | $18718 |
| **10/31/22** | $20552 | $21538 | $20782 |
| **11/30/22** | $21768 | $22742 | $22017 |
| **12/31/22** | $20671 | $21432 | $20906 |
| **01/31/23** | $21920 | $22778 | $22172 |
| **02/28/23** | $21248 | $22223 | $21488 |
| **03/31/23** | $21130 | $23038 | $21371 |
| **04/30/23** | $21371 | $23398 | $21618 |
| **05/31/23** | $20732 | $23500 | $20971 |
| **06/30/23** | $22169 | $25053 | $22428 |
| **07/31/23** | $23120 | $25857 | $23396 |
| **08/31/23** | $22531 | $25446 | $22795 |
| **09/30/23** | $21742 | $24232 | $21991 |
| **10/31/23** | $21133 | $23723 | $21375 |
| **11/30/23** | $22806 | $25889 | $23075 |
| **12/31/23** | $24159 | $27066 | $24451 |
| **01/31/24** | $24344 | $27520 | $24639 |
| **02/29/24** | $25308 | $28990 | $25619 |
| **03/31/24** | $26587 | $29923 | $26922 |
| **04/30/24** | $25348 | $28700 | $25667 |
| **05/31/24** | $26226 | $30124 | $26560 |
| **06/30/24** | $26280 | $31204 | $26619 |
| **07/31/24** | $27412 | $31584 | $27765 |
| **08/31/24** | $27868 | $32350 | $28235 |
| **09/30/24** | $28265 | $33041 | $28641 |
| **10/31/24** | $28043 | $32742 | $28419 |
| **11/30/24** | $30007 | $34664 | $30417 |
| **12/31/24** | $28395 | $33837 | $28782 |
| **01/31/25** | $29610 | $34780 | $30019 |
| **02/28/25** | $29550 | $34326 | $29962 |
| **03/31/25** | $28445 | $32392 | $28841 |
| **04/30/25** | $27589 | $32172 | $27977 |
| **05/31/25** | $28712 | $34197 | $29120 |
| **06/30/25** | $29935 | $35936 | $30367 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| VLU | 13.91% | 16.93% | 11.59% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P 1500 Low Valuation Tilt Index | 14.08% | 17.09% | 11.75% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$480,276,103

* Number of Portfolio Holdings1,505

* Portfolio Turnover Rate17%

* Total Advisory Fees Paid$488,369

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 7.6% |
| Oil, Gas & Consumable Fuels | 7.0% |
| Health Care Providers & Services | 5.2% |
| Software | 4.0% |
| Semiconductors & Semiconductor Equipment | 4.0% |
| Insurance | 3.9% |
| Consumer Staples Distribution & Retail | 3.8% |
| Financial Services | 3.6% |
| Broadline Retail | 3.5% |
| Capital Markets | 3.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Amazon.com, Inc. | 3.4% |
| Microsoft Corp. | 2.1% |
| Berkshire Hathaway, Inc., Class B | 2.1% |
| Exxon Mobil Corp. | 1.7% |
| Verizon Communications, Inc. | 1.6% |
| Walmart, Inc. | 1.6% |
| Apple, Inc. | 1.5% |
| JPMorgan Chase & Co. | 1.5% |
| Bank of America Corp. | 1.4% |
| Meta Platforms, Inc., Class A | 1.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR VLU

# SPDR S&P 400 Mid Cap Growth ETF
![Image](g941109g13l21.jpg)

# MDYG

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P 400 Mid Cap Growth ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P 400 Mid Cap Growth ETF | $15 | 0.15% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and subsequent speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend, but also on those who might be left behind by it. The market rewarded the former but punished the latter. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the one-year period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g59l22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **MDYG** | **S&P 500 Index** | **S&P MidCap 400 Growth Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10234 | $10210 | $10235 |
| **08/31/15** | $9565 | $9594 | $9564 |
| **09/30/15** | $9306 | $9356 | $9305 |
| **10/31/15** | $9786 | $10145 | $9786 |
| **11/30/15** | $9908 | $10176 | $9910 |
| **12/31/15** | $9571 | $10015 | $9576 |
| **01/31/16** | $9013 | $9518 | $9018 |
| **02/29/16** | $9065 | $9505 | $9071 |
| **03/31/16** | $9686 | $10150 | $9695 |
| **04/30/16** | $9751 | $10189 | $9761 |
| **05/31/16** | $10072 | $10372 | $10082 |
| **06/30/16** | $10107 | $10399 | $10117 |
| **07/31/16** | $10562 | $10783 | $10574 |
| **08/31/16** | $10626 | $10798 | $10640 |
| **09/30/16** | $10480 | $10800 | $10494 |
| **10/31/16** | $10130 | $10603 | $10145 |
| **11/30/16** | $10715 | $10996 | $10733 |
| **12/31/16** | $10969 | $11213 | $10991 |
| **01/31/17** | $11183 | $11426 | $11205 |
| **02/28/17** | $11539 | $11879 | $11561 |
| **03/31/17** | $11526 | $11893 | $11550 |
| **04/30/17** | $11715 | $12015 | $11739 |
| **05/31/17** | $11766 | $12184 | $11793 |
| **06/30/17** | $11900 | $12260 | $11929 |
| **07/31/17** | $11993 | $12512 | $12025 |
| **08/31/17** | $11870 | $12551 | $11901 |
| **09/30/17** | $12274 | $12810 | $12309 |
| **10/31/17** | $12695 | $13109 | $12733 |
| **11/30/17** | $13157 | $13511 | $13198 |
| **12/31/17** | $13134 | $13661 | $13180 |
| **01/31/18** | $13705 | $14443 | $13753 |
| **02/28/18** | $13177 | $13911 | $13223 |
| **03/31/18** | $13309 | $13557 | $13358 |
| **04/30/18** | $13159 | $13609 | $13210 |
| **05/31/18** | $13689 | $13937 | $13742 |
| **06/30/18** | $13746 | $14023 | $13800 |
| **07/31/18** | $13933 | $14544 | $13991 |
| **08/31/18** | $14463 | $15018 | $14524 |
| **09/30/18** | $14285 | $15104 | $14346 |
| **10/31/18** | $12831 | $14072 | $12887 |
| **11/30/18** | $13261 | $14358 | $13320 |
| **12/31/18** | $11763 | $13062 | $11817 |
| **01/31/19** | $12854 | $14109 | $12917 |
| **02/28/19** | $13435 | $14562 | $13502 |
| **03/31/19** | $13515 | $14845 | $13584 |
| **04/30/19** | $13961 | $15446 | $14035 |
| **05/31/19** | $13075 | $14464 | $13143 |
| **06/30/19** | $13992 | $15483 | $14068 |
| **07/31/19** | $14166 | $15706 | $14244 |
| **08/31/19** | $13727 | $15457 | $13806 |
| **09/30/19** | $13903 | $15746 | $13983 |
| **10/31/19** | $14030 | $16087 | $14113 |
| **11/30/19** | $14471 | $16671 | $14559 |
| **12/31/19** | $14830 | $17175 | $14924 |
| **01/31/20** | $14649 | $17168 | $14744 |
| **02/29/20** | $13411 | $15755 | $13497 |
| **03/31/20** | $11158 | $13809 | $11234 |
| **04/30/20** | $12721 | $15579 | $12812 |
| **05/31/20** | $13853 | $16321 | $13955 |
| **06/30/20** | $14042 | $16645 | $14146 |
| **07/31/20** | $14894 | $17584 | $15011 |
| **08/31/20** | $15376 | $18848 | $15504 |
| **09/30/20** | $15011 | $18132 | $15136 |
| **10/31/20** | $15183 | $17650 | $15312 |
| **11/30/20** | $17073 | $19582 | $17221 |
| **12/31/20** | $18160 | $20334 | $18322 |
| **01/31/21** | $18493 | $20129 | $18661 |
| **02/28/21** | $19249 | $20684 | $19426 |
| **03/31/21** | $19707 | $21590 | $19890 |
| **04/30/21** | $20523 | $22742 | $20717 |
| **05/31/21** | $20161 | $22901 | $20354 |
| **06/30/21** | $20375 | $23436 | $20573 |
| **07/31/21** | $20567 | $23993 | $20769 |
| **08/31/21** | $20861 | $24722 | $21069 |
| **09/30/21** | $19969 | $23572 | $20170 |
| **10/31/21** | $21476 | $25224 | $21697 |
| **11/30/21** | $20708 | $25049 | $20924 |
| **12/31/21** | $21560 | $26172 | $21785 |
| **01/31/22** | $19319 | $24817 | $19523 |
| **02/28/22** | $19504 | $24074 | $19712 |
| **03/31/22** | $19606 | $24968 | $19815 |
| **04/30/22** | $18111 | $22791 | $18304 |
| **05/31/22** | $17971 | $22833 | $18168 |
| **06/30/22** | $16176 | $20948 | $16355 |
| **07/31/22** | $18228 | $22879 | $18431 |
| **08/31/22** | $17612 | $21946 | $17809 |
| **09/30/22** | $16057 | $19925 | $16234 |
| **10/31/22** | $17569 | $21538 | $17765 |
| **11/30/22** | $18575 | $22742 | $18786 |
| **12/31/22** | $17454 | $21432 | $17654 |
| **01/31/23** | $18694 | $22778 | $18912 |
| **02/28/23** | $18538 | $22223 | $18756 |
| **03/31/23** | $18326 | $23038 | $18544 |
| **04/30/23** | $18231 | $23398 | $18449 |
| **05/31/23** | $17722 | $23500 | $17936 |
| **06/30/23** | $19261 | $25053 | $19498 |
| **07/31/23** | $19990 | $25857 | $20238 |
| **08/31/23** | $19572 | $25446 | $19817 |
| **09/30/23** | $18633 | $24232 | $18866 |
| **10/31/23** | $17726 | $23723 | $17949 |
| **11/30/23** | $19070 | $25889 | $19313 |
| **12/31/23** | $20477 | $27066 | $20742 |
| **01/31/24** | $20398 | $27520 | $20667 |
| **02/29/24** | $22371 | $28990 | $22674 |
| **03/31/24** | $23656 | $29923 | $23978 |
| **04/30/24** | $22236 | $28700 | $22540 |
| **05/31/24** | $23151 | $30124 | $23468 |
| **06/30/24** | $22853 | $31204 | $23168 |
| **07/31/24** | $23815 | $31584 | $24146 |
| **08/31/24** | $23634 | $32350 | $23966 |
| **09/30/24** | $23902 | $33041 | $24241 |
| **10/31/24** | $23581 | $32742 | $23918 |
| **11/30/24** | $25645 | $34664 | $26015 |
| **12/31/24** | $23704 | $33837 | $24048 |
| **01/31/25** | $24591 | $34780 | $24951 |
| **02/28/25** | $23216 | $34326 | $23558 |
| **03/31/25** | $21717 | $32392 | $22038 |
| **04/30/25** | $21679 | $32172 | $22002 |
| **05/31/25** | $23019 | $34197 | $23366 |
| **06/30/25** | $23802 | $35936 | $24164 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| MDYG | 4.15% | 11.13% | 9.06% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P MidCap 400 Growth Index | 4.30% | 11.30% | 9.22% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$2,262,302,191

* Number of Portfolio Holdings245

* Portfolio Turnover Rate41%

* Total Advisory Fees Paid$3,900,602

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Software | 5.9% |
| Capital Markets | 5.6% |
| Hotels, Restaurants & Leisure | 5.2% |
| Machinery | 5.1% |
| Construction & Engineering | 4.8% |
| Banks | 4.1% |
| Aerospace & Defense | 4.0% |
| Specialty Retail | 4.0% |
| Biotechnology | 3.4% |
| Health Care Providers & Services | 3.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Interactive Brokers Group, Inc., Class A | 1.6% |
| EMCOR Group, Inc. | 1.6% |
| Guidewire Software, Inc. | 1.3% |
| RB Global, Inc. | 1.3% |
| Comfort Systems USA, Inc. | 1.2% |
| Curtiss-Wright Corp. | 1.2% |
| Pure Storage, Inc., Class A | 1.2% |
| Equitable Holdings, Inc. | 1.1% |
| Okta, Inc. | 1.1% |
| Dynatrace, Inc. | 1.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR MDYG

# SPDR S&P 400 Mid Cap Value ETF
![Image](g941109g13l21.jpg)

# MDYV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P 400 Mid Cap Value ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P 400 Mid Cap Value ETF | $16 | 0.15% |

---

## How did the Fund perform last year and what affected its performance?
Midcap value stock performance was mixed during the reporting period, but generally positive. The second half of 2024 saw positive returns, boosted by the U.S. Federal Reserve's rate cuts. In early 2025, midcap value stocks struggled with the rest of the US Equity market due to global trade fears, however, rebounded shortly after as markets adjusted to new political policies.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g67b48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **MDYV** | **S&P 500 Index** | **S&P MidCap 400 Value Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $9775 | $10210 | $9779 |
| **08/31/15** | $9338 | $9594 | $9340 |
| **09/30/15** | $8987 | $9356 | $8987 |
| **10/31/15** | $9537 | $10145 | $9540 |
| **11/30/15** | $9675 | $10176 | $9680 |
| **12/31/15** | $9175 | $10015 | $9186 |
| **01/31/16** | $8666 | $9518 | $8676 |
| **02/29/16** | $8861 | $9505 | $8871 |
| **03/31/16** | $9756 | $10150 | $9770 |
| **04/30/16** | $9923 | $10189 | $9938 |
| **05/31/16** | $10063 | $10372 | $10079 |
| **06/30/16** | $10113 | $10399 | $10128 |
| **07/31/16** | $10525 | $10783 | $10542 |
| **08/31/16** | $10565 | $10798 | $10584 |
| **09/30/16** | $10566 | $10800 | $10586 |
| **10/31/16** | $10343 | $10603 | $10365 |
| **11/30/16** | $11372 | $10996 | $11398 |
| **12/31/16** | $11592 | $11213 | $11622 |
| **01/31/17** | $11751 | $11426 | $11783 |
| **02/28/17** | $11983 | $11879 | $12017 |
| **03/31/17** | $11898 | $11893 | $11932 |
| **04/30/17** | $11894 | $12015 | $11928 |
| **05/31/17** | $11711 | $12184 | $11747 |
| **06/30/17** | $11964 | $12260 | $11999 |
| **07/31/17** | $12078 | $12512 | $12114 |
| **08/31/17** | $11827 | $12551 | $11863 |
| **09/30/17** | $12350 | $12810 | $12390 |
| **10/31/17** | $12472 | $13109 | $12514 |
| **11/30/17** | $12933 | $13511 | $12978 |
| **12/31/17** | $13001 | $13661 | $13054 |
| **01/31/18** | $13171 | $14443 | $13227 |
| **02/28/18** | $12505 | $13911 | $12557 |
| **03/31/18** | $12609 | $13557 | $12662 |
| **04/30/18** | $12690 | $13609 | $12745 |
| **05/31/18** | $13224 | $13937 | $13284 |
| **06/30/18** | $13278 | $14023 | $13339 |
| **07/31/18** | $13564 | $14544 | $13628 |
| **08/31/18** | $13908 | $15018 | $13976 |
| **09/30/18** | $13773 | $15104 | $13842 |
| **10/31/18** | $12550 | $14072 | $12614 |
| **11/30/18** | $12910 | $14358 | $12978 |
| **12/31/18** | $11445 | $13062 | $11504 |
| **01/31/19** | $12781 | $14109 | $12850 |
| **02/28/19** | $13283 | $14562 | $13356 |
| **03/31/19** | $13044 | $14845 | $13117 |
| **04/30/19** | $13664 | $15446 | $13742 |
| **05/31/19** | $12347 | $14464 | $12415 |
| **06/30/19** | $13368 | $15483 | $13444 |
| **07/31/19** | $13516 | $15706 | $13595 |
| **08/31/19** | $12788 | $15457 | $12864 |
| **09/30/19** | $13421 | $15746 | $13504 |
| **10/31/19** | $13597 | $16087 | $13684 |
| **11/30/19** | $13975 | $16671 | $14065 |
| **12/31/19** | $14407 | $17175 | $14504 |
| **01/31/20** | $13813 | $17168 | $13906 |
| **02/29/20** | $12346 | $15755 | $12425 |
| **03/31/20** | $9351 | $13809 | $9415 |
| **04/30/20** | $10690 | $15579 | $10765 |
| **05/31/20** | $11253 | $16321 | $11334 |
| **06/30/20** | $11383 | $16645 | $11461 |
| **07/31/20** | $11693 | $17584 | $11774 |
| **08/31/20** | $12137 | $18848 | $12223 |
| **09/30/20** | $11611 | $18132 | $11692 |
| **10/31/20** | $12014 | $17650 | $12100 |
| **11/30/20** | $14000 | $19582 | $14106 |
| **12/31/20** | $14927 | $20334 | $15046 |
| **01/31/21** | $15097 | $20129 | $15220 |
| **02/28/21** | $16533 | $20684 | $16671 |
| **03/31/21** | $17667 | $21590 | $17818 |
| **04/30/21** | $18514 | $22742 | $18675 |
| **05/31/21** | $18871 | $22901 | $19037 |
| **06/30/21** | $18337 | $23436 | $18502 |
| **07/31/21** | $18300 | $23993 | $18468 |
| **08/31/21** | $18736 | $24722 | $18911 |
| **09/30/21** | $18037 | $23572 | $18206 |
| **10/31/21** | $18832 | $25224 | $19013 |
| **11/30/21** | $18383 | $25049 | $18560 |
| **12/31/21** | $19463 | $26172 | $19657 |
| **01/31/22** | $18691 | $24817 | $18879 |
| **02/28/22** | $18924 | $24074 | $19116 |
| **03/31/22** | $19338 | $24968 | $19539 |
| **04/30/22** | $18057 | $22791 | $18245 |
| **05/31/22** | $18441 | $22833 | $18636 |
| **06/30/22** | $16727 | $20948 | $16904 |
| **07/31/22** | $18261 | $22879 | $18458 |
| **08/31/22** | $17739 | $21946 | $17932 |
| **09/30/22** | $16055 | $19925 | $16226 |
| **10/31/22** | $17900 | $21538 | $18097 |
| **11/30/22** | $19052 | $22742 | $19267 |
| **12/31/22** | $18089 | $21432 | $18294 |
| **01/31/23** | $20146 | $22778 | $20379 |
| **02/28/23** | $19585 | $22223 | $19810 |
| **03/31/23** | $18542 | $23038 | $18754 |
| **04/30/23** | $18342 | $23398 | $18554 |
| **05/31/23** | $17677 | $23500 | $17882 |
| **06/30/23** | $19377 | $25053 | $19604 |
| **07/31/23** | $20240 | $25857 | $20481 |
| **08/31/23** | $19481 | $25446 | $19713 |
| **09/30/23** | $18363 | $24232 | $18579 |
| **10/31/23** | $17283 | $23723 | $17487 |
| **11/30/23** | $18930 | $25889 | $19159 |
| **12/31/23** | $20851 | $27066 | $21110 |
| **01/31/24** | $20206 | $27520 | $20457 |
| **02/29/24** | $20594 | $28990 | $20853 |
| **03/31/24** | $21700 | $29923 | $21979 |
| **04/30/24** | $20388 | $28700 | $20650 |
| **05/31/24** | $21338 | $30124 | $21616 |
| **06/30/24** | $20932 | $31204 | $21205 |
| **07/31/24** | $22511 | $31584 | $22809 |
| **08/31/24** | $22651 | $32350 | $22954 |
| **09/30/24** | $22913 | $33041 | $23223 |
| **10/31/24** | $22900 | $32742 | $23212 |
| **11/30/24** | $24919 | $34664 | $25266 |
| **12/31/24** | $23256 | $33837 | $23582 |
| **01/31/25** | $24172 | $34780 | $24516 |
| **02/28/25** | $23435 | $34326 | $23770 |
| **03/31/25** | $22389 | $32392 | $22710 |
| **04/30/25** | $21414 | $32172 | $21720 |
| **05/31/25** | $22382 | $34197 | $22705 |
| **06/30/25** | $23218 | $35936 | $23557 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| MDYV | 10.92% | 15.32% | 8.79% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P MidCap 400 Value Index | 11.09% | 15.50% | 8.95% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$2,378,647,346

* Number of Portfolio Holdings298

* Portfolio Turnover Rate37%

* Total Advisory Fees Paid$4,010,742

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 9.4% |
| Insurance | 6.0% |
| Machinery | 5.3% |
| Consumer Staples Distribution & Retail | 4.2% |
| Electronic Equipment, Instruments & Components | 4.2% |
| Oil, Gas & Consumable Fuels | 3.7% |
| Specialty Retail | 3.4% |
| Metals & Mining | 2.9% |
| Professional Services | 2.4% |
| Semiconductors & Semiconductor Equipment | 2.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Flex Ltd. | 1.4% |
| U.S. Foods Holding Corp. | 1.3% |
| Reliance, Inc. | 1.2% |
| Fidelity National Financial, Inc. | 1.1% |
| WP Carey, Inc. | 1.0% |
| Performance Food Group Co. | 1.0% |
| Reinsurance Group of America, Inc. | 0.9% |
| Unum Group | 0.9% |
| Crown Holdings, Inc. | 0.9% |
| Antero Resources Corp. | 0.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR MDYV

# SPDR S&P 600 Small Cap Growth ETF
![Image](g941109g13l21.jpg)

# SLYG

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P 600 Small Cap Growth ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P 600 Small Cap Growth ETF | $15 | 0.15% |

---

## How did the Fund perform last year and what affected its performance?
Performance of the Fund for the reporting period was driven by positive earnings growth, consumer spending, manufacturing data and Artificial Intelligence and other Technology-centered tailwinds despite escalating trade tensions and increasing uncertainty around trade policies. During the reporting period, the Fund's use of their current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g13w15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SLYG** | **S&P 500 Index** | **S&P SmallCap 600 Growth Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10104 | $10210 | $10104 |
| **08/31/15** | $9513 | $9594 | $9513 |
| **09/30/15** | $9213 | $9356 | $9211 |
| **10/31/15** | $9737 | $10145 | $9738 |
| **11/30/15** | $10000 | $10176 | $10001 |
| **12/31/15** | $9549 | $10015 | $9560 |
| **01/31/16** | $8935 | $9518 | $8945 |
| **02/29/16** | $8952 | $9505 | $8961 |
| **03/31/16** | $9584 | $10150 | $9596 |
| **04/30/16** | $9614 | $10189 | $9625 |
| **05/31/16** | $9883 | $10372 | $9894 |
| **06/30/16** | $9927 | $10399 | $9937 |
| **07/31/16** | $10424 | $10783 | $10435 |
| **08/31/16** | $10588 | $10798 | $10600 |
| **09/30/16** | $10637 | $10800 | $10649 |
| **10/31/16** | $10083 | $10603 | $10094 |
| **11/30/16** | $11268 | $10996 | $11282 |
| **12/31/16** | $11659 | $11213 | $11678 |
| **01/31/17** | $11686 | $11426 | $11706 |
| **02/28/17** | $11887 | $11879 | $11909 |
| **03/31/17** | $11938 | $11893 | $11961 |
| **04/30/17** | $12080 | $12015 | $12105 |
| **05/31/17** | $11838 | $12184 | $11862 |
| **06/30/17** | $12185 | $12260 | $12212 |
| **07/31/17** | $12337 | $12512 | $12365 |
| **08/31/17** | $12041 | $12551 | $12069 |
| **09/30/17** | $12867 | $12810 | $12902 |
| **10/31/17** | $13031 | $13109 | $13065 |
| **11/30/17** | $13460 | $13511 | $13496 |
| **12/31/17** | $13356 | $13661 | $13405 |
| **01/31/18** | $13834 | $14443 | $13885 |
| **02/28/18** | $13336 | $13911 | $13386 |
| **03/31/18** | $13678 | $13557 | $13729 |
| **04/30/18** | $13728 | $13609 | $13781 |
| **05/31/18** | $14698 | $13937 | $14757 |
| **06/30/18** | $14900 | $14023 | $14960 |
| **07/31/18** | $15456 | $14544 | $15521 |
| **08/31/18** | $16481 | $15018 | $16553 |
| **09/30/18** | $15935 | $15104 | $16004 |
| **10/31/18** | $14172 | $14072 | $14232 |
| **11/30/18** | $14526 | $14358 | $14588 |
| **12/31/18** | $12804 | $13062 | $12861 |
| **01/31/19** | $13964 | $14109 | $14029 |
| **02/28/19** | $14590 | $14562 | $14661 |
| **03/31/19** | $14184 | $14845 | $14255 |
| **04/30/19** | $14669 | $15446 | $14745 |
| **05/31/19** | $13571 | $14464 | $13641 |
| **06/30/19** | $14532 | $15483 | $14611 |
| **07/31/19** | $14694 | $15706 | $14775 |
| **08/31/19** | $14121 | $15457 | $14200 |
| **09/30/19** | $14259 | $15746 | $14340 |
| **10/31/19** | $14542 | $16087 | $14626 |
| **11/30/19** | $15039 | $16671 | $15127 |
| **12/31/19** | $15483 | $17175 | $15579 |
| **01/31/20** | $15235 | $17168 | $15328 |
| **02/29/20** | $13860 | $15755 | $13943 |
| **03/31/20** | $11130 | $13809 | $11199 |
| **04/30/20** | $12453 | $15579 | $12532 |
| **05/31/20** | $13188 | $16321 | $13276 |
| **06/30/20** | $13689 | $16645 | $13781 |
| **07/31/20** | $14440 | $17584 | $14541 |
| **08/31/20** | $14872 | $18848 | $14978 |
| **09/30/20** | $14250 | $18132 | $14351 |
| **10/31/20** | $14483 | $17650 | $14588 |
| **11/30/20** | $16976 | $19582 | $17103 |
| **12/31/20** | $18489 | $20334 | $18632 |
| **01/31/21** | $19648 | $20129 | $19803 |
| **02/28/21** | $20530 | $20684 | $20693 |
| **03/31/21** | $20751 | $21590 | $20918 |
| **04/30/21** | $21176 | $22742 | $21349 |
| **05/31/21** | $21194 | $22901 | $21372 |
| **06/30/21** | $21523 | $23436 | $21705 |
| **07/31/21** | $21499 | $23993 | $21683 |
| **08/31/21** | $21952 | $24722 | $22144 |
| **09/30/21** | $21194 | $23572 | $21381 |
| **10/31/21** | $22060 | $25224 | $22259 |
| **11/30/21** | $21610 | $25049 | $21806 |
| **12/31/21** | $22637 | $26172 | $22847 |
| **01/31/22** | $20346 | $24817 | $20535 |
| **02/28/22** | $20424 | $24074 | $20617 |
| **03/31/22** | $20477 | $24968 | $20674 |
| **04/30/22** | $18532 | $22791 | $18710 |
| **05/31/22** | $18786 | $22833 | $18969 |
| **06/30/22** | $17275 | $20948 | $17445 |
| **07/31/22** | $19279 | $22879 | $19473 |
| **08/31/22** | $18388 | $21946 | $18574 |
| **09/30/22** | $16689 | $19925 | $16855 |
| **10/31/22** | $18361 | $21538 | $18548 |
| **11/30/22** | $19161 | $22742 | $19367 |
| **12/31/22** | $17843 | $21432 | $18031 |
| **01/31/23** | $19129 | $22778 | $19334 |
| **02/28/23** | $18975 | $22223 | $19178 |
| **03/31/23** | $18222 | $23038 | $18418 |
| **04/30/23** | $17656 | $23398 | $17840 |
| **05/31/23** | $17689 | $23500 | $17876 |
| **06/30/23** | $19094 | $25053 | $19298 |
| **07/31/23** | $20048 | $25857 | $20266 |
| **08/31/23** | $19375 | $25446 | $19584 |
| **09/30/23** | $18282 | $24232 | $18476 |
| **10/31/23** | $17338 | $23723 | $17522 |
| **11/30/23** | $18636 | $25889 | $18836 |
| **12/31/23** | $20880 | $27066 | $21115 |
| **01/31/24** | $20345 | $27520 | $20577 |
| **02/29/24** | $21212 | $28990 | $21458 |
| **03/31/24** | $21865 | $29923 | $22123 |
| **04/30/24** | $20827 | $28700 | $21073 |
| **05/31/24** | $21962 | $30124 | $22225 |
| **06/30/24** | $21554 | $31204 | $21813 |
| **07/31/24** | $23683 | $31584 | $23974 |
| **08/31/24** | $23294 | $32350 | $23580 |
| **09/30/24** | $23479 | $33041 | $23770 |
| **10/31/24** | $22636 | $32742 | $22918 |
| **11/30/24** | $25164 | $34664 | $25483 |
| **12/31/24** | $22858 | $33837 | $23148 |
| **01/31/25** | $23763 | $34780 | $24067 |
| **02/28/25** | $22357 | $34326 | $22645 |
| **03/31/25** | $21031 | $32392 | $21305 |
| **04/30/25** | $20491 | $32172 | $20758 |
| **05/31/25** | $21725 | $34197 | $22011 |
| **06/30/25** | $22548 | $35936 | $22849 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SLYG | 4.61% | 10.50% | 8.47% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P SmallCap 600 Growth Index | 4.75% | 10.64% | 8.61% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$3,400,432,490

* Number of Portfolio Holdings344

* Portfolio Turnover Rate50%

* Total Advisory Fees Paid$5,218,666

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Machinery | 6.8% |
| Software | 6.6% |
| Banks | 6.6% |
| Health Care Equipment & Supplies | 4.9% |
| Electronic Equipment, Instruments & Components | 4.3% |
| Capital Markets | 4.0% |
| Biotechnology | 4.0% |
| Construction & Engineering | 3.9% |
| Building Products | 3.4% |
| Hotels, Restaurants & Leisure | 3.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Brinker International, Inc. | 1.2% |
| AeroVironment, Inc. | 1.2% |
| SPX Technologies, Inc. | 1.1% |
| Badger Meter, Inc. | 1.0% |
| Armstrong World Industries, Inc. | 1.0% |
| Dycom Industries, Inc. | 1.0% |
| Sterling Infrastructure, Inc. | 1.0% |
| Corcept Therapeutics, Inc. | 1.0% |
| Federal Signal Corp. | 0.9% |
| Essential Properties Realty Trust, Inc. | 0.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SLYG

# SPDR S&P 600 Small Cap Value ETF
![Image](g941109g13l21.jpg)

# SLYV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P 600 Small Cap Value ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P 600 Small Cap Value ETF | $15 | 0.15% |

---

## How did the Fund perform last year and what affected its performance?
Performance of the Fund for the reporting period was driven by positive earnings growth, consumer spending, manufacturing data and Artificial Intelligence and other Technology-centered tailwinds despite escalating trade tensions and increasing uncertainty around trade policies. During the reporting period, the Fund's use of their current investment strategies did not cause the Fund's performance to materially deviate from the manager's expectations considering the uncertainty of the markets.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g96x24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SLYV** | **S&P 500 Index** | **S&P SmallCap 600 Value Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $9723 | $10210 | $9722 |
| **08/31/15** | $9286 | $9594 | $9285 |
| **09/30/15** | $8932 | $9356 | $8930 |
| **10/31/15** | $9508 | $10145 | $9507 |
| **11/30/15** | $9759 | $10176 | $9759 |
| **12/31/15** | $9248 | $10015 | $9261 |
| **01/31/16** | $8707 | $9518 | $8716 |
| **02/29/16** | $8893 | $9505 | $8903 |
| **03/31/16** | $9726 | $10150 | $9741 |
| **04/30/16** | $9928 | $10189 | $9944 |
| **05/31/16** | $9976 | $10372 | $9993 |
| **06/30/16** | $10056 | $10399 | $10072 |
| **07/31/16** | $10572 | $10783 | $10592 |
| **08/31/16** | $10690 | $10798 | $10711 |
| **09/30/16** | $10777 | $10800 | $10800 |
| **10/31/16** | $10376 | $10603 | $10398 |
| **11/30/16** | $11756 | $10996 | $11784 |
| **12/31/16** | $12129 | $11213 | $12161 |
| **01/31/17** | $11995 | $11426 | $12028 |
| **02/28/17** | $12167 | $11879 | $12201 |
| **03/31/17** | $12087 | $11893 | $12110 |
| **04/30/17** | $12156 | $12015 | $12180 |
| **05/31/17** | $11883 | $12184 | $11905 |
| **06/30/17** | $12243 | $12260 | $12266 |
| **07/31/17** | $12328 | $12512 | $12350 |
| **08/31/17** | $11991 | $12551 | $12012 |
| **09/30/17** | $13011 | $12810 | $13037 |
| **10/31/17** | $13094 | $13109 | $13118 |
| **11/30/17** | $13584 | $13511 | $13609 |
| **12/31/17** | $13518 | $13661 | $13561 |
| **01/31/18** | $13712 | $14443 | $13757 |
| **02/28/18** | $13142 | $13911 | $13185 |
| **03/31/18** | $13338 | $13557 | $13382 |
| **04/30/18** | $13558 | $13609 | $13603 |
| **05/31/18** | $14352 | $13937 | $14402 |
| **06/30/18** | $14478 | $14023 | $14530 |
| **07/31/18** | $14852 | $14544 | $14909 |
| **08/31/18** | $15320 | $15018 | $15378 |
| **09/30/18** | $14854 | $15104 | $14909 |
| **10/31/18** | $13386 | $14072 | $13432 |
| **11/30/18** | $13464 | $14358 | $13512 |
| **12/31/18** | $11802 | $13062 | $11847 |
| **01/31/19** | $13247 | $14109 | $13304 |
| **02/28/19** | $13802 | $14562 | $13864 |
| **03/31/19** | $13262 | $14845 | $13322 |
| **04/30/19** | $13831 | $15446 | $13897 |
| **05/31/19** | $12455 | $14464 | $12515 |
| **06/30/19** | $13421 | $15483 | $13489 |
| **07/31/19** | $13575 | $15706 | $13645 |
| **08/31/19** | $12878 | $15457 | $12945 |
| **09/30/19** | $13614 | $15746 | $13685 |
| **10/31/19** | $13875 | $16087 | $13946 |
| **11/30/19** | $14248 | $16671 | $14324 |
| **12/31/19** | $14672 | $17175 | $14754 |
| **01/31/20** | $13730 | $17168 | $13806 |
| **02/29/20** | $12328 | $15755 | $12394 |
| **03/31/20** | $9195 | $13809 | $9240 |
| **04/30/20** | $10451 | $15579 | $10500 |
| **05/31/20** | $10699 | $16321 | $10751 |
| **06/30/20** | $11101 | $16645 | $11145 |
| **07/31/20** | $11373 | $17584 | $11419 |
| **08/31/20** | $11962 | $18848 | $12011 |
| **09/30/20** | $11333 | $18132 | $11378 |
| **10/31/20** | $11743 | $17650 | $11791 |
| **11/30/20** | $13990 | $19582 | $14054 |
| **12/31/20** | $15053 | $20334 | $15128 |
| **01/31/21** | $15997 | $20129 | $16079 |
| **02/28/21** | $17720 | $20684 | $17817 |
| **03/31/21** | $18680 | $21590 | $18784 |
| **04/30/21** | $19054 | $22742 | $19162 |
| **05/31/21** | $19779 | $22901 | $19893 |
| **06/30/21** | $19640 | $23436 | $19755 |
| **07/31/21** | $18786 | $23993 | $18895 |
| **08/31/21** | $19142 | $24722 | $19258 |
| **09/30/21** | $18843 | $23572 | $18961 |
| **10/31/21** | $19371 | $25224 | $19498 |
| **11/30/21** | $18887 | $25049 | $19009 |
| **12/31/21** | $19667 | $26172 | $19809 |
| **01/31/22** | $18817 | $24817 | $18953 |
| **02/28/22** | $19254 | $24074 | $19397 |
| **03/31/22** | $19338 | $24968 | $19485 |
| **04/30/22** | $18128 | $22791 | $18264 |
| **05/31/22** | $18541 | $22833 | $18683 |
| **06/30/22** | $16873 | $20948 | $17003 |
| **07/31/22** | $18322 | $22879 | $18468 |
| **08/31/22** | $17556 | $21946 | $17695 |
| **09/30/22** | $15728 | $19925 | $15850 |
| **10/31/22** | $17988 | $21538 | $18134 |
| **11/30/22** | $18697 | $22742 | $18851 |
| **12/31/22** | $17477 | $21432 | $17622 |
| **01/31/23** | $19560 | $22778 | $19728 |
| **02/28/23** | $19234 | $22223 | $19400 |
| **03/31/23** | $18003 | $23038 | $18159 |
| **04/30/23** | $17568 | $23398 | $17721 |
| **05/31/23** | $16912 | $23500 | $17059 |
| **06/30/23** | $18350 | $25053 | $18512 |
| **07/31/23** | $19450 | $25857 | $19625 |
| **08/31/23** | $18492 | $25446 | $18659 |
| **09/30/23** | $17321 | $24232 | $17476 |
| **10/31/23** | $16234 | $23723 | $16378 |
| **11/30/23** | $17691 | $25889 | $17852 |
| **12/31/23** | $20049 | $27066 | $20245 |
| **01/31/24** | $18975 | $27520 | $19160 |
| **02/29/24** | $19416 | $28990 | $19609 |
| **03/31/24** | $20069 | $29923 | $20273 |
| **04/30/24** | $18765 | $28700 | $18954 |
| **05/31/24** | $19627 | $30124 | $19827 |
| **06/30/24** | $19095 | $31204 | $19290 |
| **07/31/24** | $21324 | $31584 | $21547 |
| **08/31/24** | $21057 | $32350 | $21279 |
| **09/30/24** | $21244 | $33041 | $21469 |
| **10/31/24** | $20876 | $32742 | $21100 |
| **11/30/24** | $23101 | $34664 | $23356 |
| **12/31/24** | $21536 | $33837 | $21776 |
| **01/31/25** | $21926 | $34780 | $22171 |
| **02/28/25** | $20722 | $34326 | $20950 |
| **03/31/25** | $19403 | $32392 | $19617 |
| **04/30/25** | $18272 | $32172 | $18474 |
| **05/31/25** | $19067 | $34197 | $19281 |
| **06/30/25** | $19883 | $35936 | $20111 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SLYV | 4.13% | 12.36% | 7.11% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P SmallCap 600 Value Index | 4.26% | 12.53% | 7.24% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$3,639,038,950

* Number of Portfolio Holdings462

* Portfolio Turnover Rate45%

* Total Advisory Fees Paid$5,818,425

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 11.5% |
| Specialty Retail | 5.0% |
| Chemicals | 4.4% |
| Electronic Equipment, Instruments & Components | 4.2% |
| Financial Services | 3.9% |
| Semiconductors & Semiconductor Equipment | 3.5% |
| Machinery | 3.2% |
| Insurance | 3.2% |
| Auto Components | 3.0% |
| Oil, Gas & Consumable Fuels | 2.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Mr. Cooper Group, Inc. | 1.5% |
| Qorvo, Inc. | 1.2% |
| BorgWarner, Inc. | 1.1% |
| Jackson Financial, Inc., Class A | 1.0% |
| Sandisk Corp. | 0.9% |
| Air Lease Corp. | 0.9% |
| Celanese Corp. | 0.9% |
| Lincoln National Corp. | 0.9% |
| Ralliant Corp. | 0.9% |
| Teleflex, Inc. | 0.8% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SLYV

# SPDR S&P Aerospace & Defense ETF
![Image](g941109g13l21.jpg)

# XAR

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Aerospace & Defense ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Aerospace & Defense ETF | $44 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
The Index returned over 52% for the fiscal year, driven by strong demand in both commercial and defense segments. According to Morningstar, the industry led the Industrials sector and outpaced the broader S&P 500 by close to 37%. The surge was fueled by a sharp increase of almost 20% in commercial aircraft orders from the previous reporting period and continued resilience in U.S. industrial production. Boeing, in particular, focused on growing production of its 737 MAX jet after slowing output last fiscal year following well-publicized quality concerns. Defense stocks benefited from rising geopolitical tensions, particularly in the Middle East and the Trump administration's promise of a $1 trillion budget for U.S. defense next year.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g32s50.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XAR** | **S&P 500 Index** | **S&P Aerospace & Defense Select Industry Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $9684 | $10210 | $9686 |
| **08/31/15** | $9282 | $9594 | $9286 |
| **09/30/15** | $8761 | $9356 | $8765 |
| **10/31/15** | $9479 | $10145 | $9487 |
| **11/30/15** | $9599 | $10176 | $9610 |
| **12/31/15** | $9411 | $10015 | $9429 |
| **01/31/16** | $8653 | $9518 | $8671 |
| **02/29/16** | $8857 | $9505 | $8879 |
| **03/31/16** | $9296 | $10150 | $9322 |
| **04/30/16** | $9709 | $10189 | $9739 |
| **05/31/16** | $9955 | $10372 | $9990 |
| **06/30/16** | $9989 | $10399 | $10025 |
| **07/31/16** | $10338 | $10783 | $10380 |
| **08/31/16** | $10492 | $10798 | $10532 |
| **09/30/16** | $10449 | $10800 | $10490 |
| **10/31/16** | $10447 | $10603 | $10493 |
| **11/30/16** | $11610 | $10996 | $11668 |
| **12/31/16** | $11422 | $11213 | $11484 |
| **01/31/17** | $11595 | $11426 | $11661 |
| **02/28/17** | $12399 | $11879 | $12475 |
| **03/31/17** | $12061 | $11893 | $12138 |
| **04/30/17** | $12394 | $12015 | $12476 |
| **05/31/17** | $12712 | $12184 | $12801 |
| **06/30/17** | $12726 | $12260 | $12818 |
| **07/31/17** | $13179 | $12512 | $13280 |
| **08/31/17** | $13729 | $12551 | $13838 |
| **09/30/17** | $14481 | $12810 | $14604 |
| **10/31/17** | $14760 | $13109 | $14890 |
| **11/30/17** | $15015 | $13511 | $15152 |
| **12/31/17** | $15170 | $13661 | $15315 |
| **01/31/18** | $16065 | $14443 | $16224 |
| **02/28/18** | $16041 | $13911 | $16204 |
| **03/31/18** | $15804 | $13557 | $15970 |
| **04/30/18** | $15477 | $13609 | $15643 |
| **05/31/18** | $16130 | $13937 | $16309 |
| **06/30/18** | $15862 | $14023 | $16043 |
| **07/31/18** | $17105 | $14544 | $17307 |
| **08/31/18** | $17493 | $15018 | $17705 |
| **09/30/18** | $18231 | $15104 | $18456 |
| **10/31/18** | $16158 | $14072 | $16353 |
| **11/30/18** | $16066 | $14358 | $16264 |
| **12/31/18** | $14492 | $13062 | $14671 |
| **01/31/19** | $16423 | $14109 | $16632 |
| **02/28/19** | $17565 | $14562 | $17793 |
| **03/31/19** | $16885 | $14845 | $17110 |
| **04/30/19** | $17833 | $15446 | $18076 |
| **05/31/19** | $17747 | $14464 | $17994 |
| **06/30/19** | $19153 | $15483 | $19427 |
| **07/31/19** | $19481 | $15706 | $19765 |
| **08/31/19** | $19786 | $15457 | $20083 |
| **09/30/19** | $19754 | $15746 | $20058 |
| **10/31/19** | $19513 | $16087 | $19818 |
| **11/30/19** | $20485 | $16671 | $20812 |
| **12/31/19** | $20180 | $17175 | $20508 |
| **01/31/20** | $20835 | $17168 | $21182 |
| **02/29/20** | $18515 | $15755 | $18826 |
| **03/31/20** | $14141 | $13809 | $14391 |
| **04/30/20** | $15129 | $15579 | $15401 |
| **05/31/20** | $16390 | $16321 | $16690 |
| **06/30/20** | $16312 | $16645 | $16616 |
| **07/31/20** | $15941 | $17584 | $16237 |
| **08/31/20** | $16832 | $18848 | $17149 |
| **09/30/20** | $16260 | $18132 | $16573 |
| **10/31/20** | $15874 | $17650 | $16183 |
| **11/30/20** | $19888 | $19582 | $20280 |
| **12/31/20** | $21403 | $20334 | $21832 |
| **01/31/21** | $20859 | $20129 | $21280 |
| **02/28/21** | $22227 | $20684 | $22683 |
| **03/31/21** | $23547 | $21590 | $24041 |
| **04/30/21** | $24022 | $22742 | $24533 |
| **05/31/21** | $24297 | $22901 | $24820 |
| **06/30/21** | $24831 | $23436 | $25374 |
| **07/31/21** | $23913 | $23993 | $24441 |
| **08/31/21** | $23004 | $24722 | $23518 |
| **09/30/21** | $22409 | $23572 | $22917 |
| **10/31/21** | $22416 | $25224 | $22931 |
| **11/30/21** | $20981 | $25049 | $21465 |
| **12/31/21** | $21912 | $26172 | $22426 |
| **01/31/22** | $20726 | $24817 | $21218 |
| **02/28/22** | $23088 | $24074 | $23644 |
| **03/31/22** | $23439 | $24968 | $24011 |
| **04/30/22** | $21190 | $22791 | $21709 |
| **05/31/22** | $20371 | $22833 | $20873 |
| **06/30/22** | $18958 | $20948 | $19430 |
| **07/31/22** | $20566 | $22879 | $21083 |
| **08/31/22** | $19664 | $21946 | $20161 |
| **09/30/22** | $17307 | $19925 | $17745 |
| **10/31/22** | $20049 | $21538 | $20566 |
| **11/30/22** | $20834 | $22742 | $21378 |
| **12/31/22** | $20814 | $21432 | $21362 |
| **01/31/23** | $22344 | $22778 | $22941 |
| **02/28/23** | $22451 | $22223 | $23056 |
| **03/31/23** | $22125 | $23038 | $22726 |
| **04/30/23** | $21665 | $23398 | $22258 |
| **05/31/23** | $20981 | $23500 | $21561 |
| **06/30/23** | $23033 | $25053 | $23680 |
| **07/31/23** | $23696 | $25857 | $24368 |
| **08/31/23** | $23122 | $25446 | $23785 |
| **09/30/23** | $21265 | $24232 | $21878 |
| **10/31/23** | $21827 | $23723 | $22461 |
| **11/30/23** | $24254 | $25889 | $24967 |
| **12/31/23** | $25738 | $27066 | $26507 |
| **01/31/24** | $24570 | $27520 | $25307 |
| **02/29/24** | $26051 | $28990 | $26842 |
| **03/31/24** | $26792 | $29923 | $27616 |
| **04/30/24** | $25863 | $28700 | $26660 |
| **05/31/24** | $27301 | $30124 | $28147 |
| **06/30/24** | $26684 | $31204 | $27519 |
| **07/31/24** | $28694 | $31584 | $29598 |
| **08/31/24** | $29674 | $32350 | $30621 |
| **09/30/24** | $30040 | $33041 | $31008 |
| **10/31/24** | $29349 | $32742 | $30303 |
| **11/30/24** | $33680 | $34664 | $34787 |
| **12/31/24** | $31702 | $33837 | $32754 |
| **01/31/25** | $33563 | $34780 | $34690 |
| **02/28/25** | $31830 | $34326 | $32904 |
| **03/31/25** | $30831 | $32392 | $31882 |
| **04/30/25** | $32758 | $32172 | $33885 |
| **05/31/25** | $36721 | $34197 | $37998 |
| **06/30/25** | $40425 | $35936 | $41848 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XAR | 51.49% | 19.90% | 14.99% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Aerospace & Defense Select Industry Index | 52.07% | 20.29% | 15.39% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$3,603,615,750

* Number of Portfolio Holdings41

* Portfolio Turnover Rate35%

* Total Advisory Fees Paid$9,221,156

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Aerospace & Defense | 99.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| AeroVironment, Inc. | 4.9% |
| Rocket Lab Corp. | 4.2% |
| Kratos Defense & Security Solutions, Inc. | 3.7% |
| Howmet Aerospace, Inc. | 3.5% |
| HEICO Corp. | 3.5% |
| Huntington Ingalls Industries, Inc. | 3.4% |
| Axon Enterprise, Inc. | 3.4% |
| TransDigm Group, Inc. | 3.4% |
| BWX Technologies, Inc. | 3.4% |
| General Dynamics Corp. | 3.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR XAR

# SPDR S&P Bank ETF
![Image](g941109g13l21.jpg)

# KBE

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Bank ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Bank ETF | $39 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
The fiscal year performance for the SPDR S&P Bank ETF was strong. In general, the Financial sector had strong performance over this time period driven by higher interested rates. While the Capital Markets sub-industry had the strongest performance, it represented only a small portion of the Index and had less of an impact to overall performance. The Banks sub-industry represented the largest majority of the industry and generated solid returns. The Financial Services sub-industry also delivered strong returns over this time period however it was the lowest performing sub-industry.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g82o16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KBE** | **S&P 500 Index** | **S&P Banks Select Industry Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $9964 | $10210 | $9964 |
| **08/31/15** | $9319 | $9594 | $9314 |
| **09/30/15** | $9205 | $9356 | $9201 |
| **10/31/15** | $9547 | $10145 | $9547 |
| **11/30/15** | $10070 | $10176 | $10073 |
| **12/31/15** | $9419 | $10015 | $9433 |
| **01/31/16** | $8221 | $9518 | $8231 |
| **02/29/16** | $7877 | $9505 | $7889 |
| **03/31/16** | $8487 | $10150 | $8504 |
| **04/30/16** | $9079 | $10189 | $9101 |
| **05/31/16** | $9344 | $10372 | $9370 |
| **06/30/16** | $8570 | $10399 | $8591 |
| **07/31/16** | $8943 | $10783 | $8968 |
| **08/31/16** | $9599 | $10798 | $9630 |
| **09/30/16** | $9424 | $10800 | $9457 |
| **10/31/16** | $9781 | $10603 | $9819 |
| **11/30/16** | $11603 | $10996 | $11658 |
| **12/31/16** | $12321 | $11213 | $12387 |
| **01/31/17** | $12316 | $11426 | $12380 |
| **02/28/17** | $12780 | $11879 | $12851 |
| **03/31/17** | $12220 | $11893 | $12286 |
| **04/30/17** | $12081 | $12015 | $12149 |
| **05/31/17** | $11676 | $12184 | $11744 |
| **06/30/17** | $12424 | $12260 | $12501 |
| **07/31/17** | $12368 | $12512 | $12448 |
| **08/31/17** | $11892 | $12551 | $11971 |
| **09/30/17** | $12897 | $12810 | $12992 |
| **10/31/17** | $13058 | $13109 | $13158 |
| **11/30/17** | $13584 | $13511 | $13692 |
| **12/31/17** | $13599 | $13661 | $13712 |
| **01/31/18** | $14426 | $14443 | $14552 |
| **02/28/18** | $14176 | $13911 | $14303 |
| **03/31/18** | $13816 | $13557 | $13944 |
| **04/30/18** | $13839 | $13609 | $13971 |
| **05/31/18** | $14071 | $13937 | $14211 |
| **06/30/18** | $13656 | $14023 | $13795 |
| **07/31/18** | $13969 | $14544 | $14117 |
| **08/31/18** | $14301 | $15018 | $14457 |
| **09/30/18** | $13587 | $15104 | $13737 |
| **10/31/18** | $12431 | $14072 | $12568 |
| **11/30/18** | $12888 | $14358 | $13035 |
| **12/31/18** | $10934 | $13062 | $11053 |
| **01/31/19** | $12476 | $14109 | $12620 |
| **02/28/19** | $13254 | $14562 | $13412 |
| **03/31/19** | $12284 | $14845 | $12431 |
| **04/30/19** | $13379 | $15446 | $13544 |
| **05/31/19** | $12050 | $14464 | $12200 |
| **06/30/19** | $12875 | $15483 | $13035 |
| **07/31/19** | $13269 | $15706 | $13440 |
| **08/31/19** | $12145 | $15457 | $12297 |
| **09/30/19** | $12863 | $15746 | $13031 |
| **10/31/19** | $13151 | $16087 | $13327 |
| **11/30/19** | $13779 | $16671 | $13968 |
| **12/31/19** | $14190 | $17175 | $14390 |
| **01/31/20** | $13264 | $17168 | $13454 |
| **02/29/20** | $11621 | $15755 | $11785 |
| **03/31/20** | $8141 | $13809 | $8257 |
| **04/30/20** | $9442 | $15579 | $9579 |
| **05/31/20** | $9487 | $16321 | $9627 |
| **06/30/20** | $9615 | $16645 | $9757 |
| **07/31/20** | $9454 | $17584 | $9595 |
| **08/31/20** | $9699 | $18848 | $9848 |
| **09/30/20** | $9066 | $18132 | $9199 |
| **10/31/20** | $10204 | $17650 | $10359 |
| **11/30/20** | $11882 | $19582 | $12069 |
| **12/31/20** | $12949 | $20334 | $13161 |
| **01/31/21** | $13242 | $20129 | $13462 |
| **02/28/21** | $15413 | $20684 | $15675 |
| **03/31/21** | $16170 | $21590 | $16448 |
| **04/30/21** | $16727 | $22742 | $17020 |
| **05/31/21** | $17126 | $22901 | $17433 |
| **06/30/21** | $16069 | $23436 | $16363 |
| **07/31/21** | $15494 | $23993 | $15781 |
| **08/31/21** | $16321 | $24722 | $16631 |
| **09/30/21** | $16644 | $23572 | $16969 |
| **10/31/21** | $17414 | $25224 | $17760 |
| **11/30/21** | $16899 | $25049 | $17239 |
| **12/31/21** | $17281 | $26172 | $17637 |
| **01/31/22** | $17443 | $24817 | $17810 |
| **02/28/22** | $17948 | $24074 | $18331 |
| **03/31/22** | $16684 | $24968 | $17042 |
| **04/30/22** | $15011 | $22791 | $15336 |
| **05/31/22** | $15692 | $22833 | $16038 |
| **06/30/22** | $14084 | $20948 | $14398 |
| **07/31/22** | $15586 | $22879 | $15939 |
| **08/31/22** | $15298 | $21946 | $15646 |
| **09/30/22** | $14294 | $19925 | $14622 |
| **10/31/22** | $15682 | $21538 | $16048 |
| **11/30/22** | $16002 | $22742 | $16382 |
| **12/31/22** | $14727 | $21432 | $15080 |
| **01/31/23** | $15899 | $22778 | $16287 |
| **02/28/23** | $15734 | $22223 | $16120 |
| **03/31/23** | $12185 | $23038 | $12478 |
| **04/30/23** | $12033 | $23398 | $12324 |
| **05/31/23** | $11182 | $23500 | $11454 |
| **06/30/23** | $11924 | $25053 | $12214 |
| **07/31/23** | $13904 | $25857 | $14248 |
| **08/31/23** | $12949 | $25446 | $13270 |
| **09/30/23** | $12330 | $24232 | $12633 |
| **10/31/23** | $11824 | $23723 | $12110 |
| **11/30/23** | $13495 | $25889 | $13830 |
| **12/31/23** | $15518 | $27066 | $15913 |
| **01/31/24** | $15102 | $27520 | $15490 |
| **02/29/24** | $14983 | $28990 | $15373 |
| **03/31/24** | $15989 | $29923 | $16418 |
| **04/30/24** | $15051 | $28700 | $15459 |
| **05/31/24** | $15697 | $30124 | $16127 |
| **06/30/24** | $15857 | $31204 | $16298 |
| **07/31/24** | $18434 | $31584 | $18952 |
| **08/31/24** | $18420 | $32350 | $18944 |
| **09/30/24** | $18188 | $33041 | $18707 |
| **10/31/24** | $18801 | $32742 | $19344 |
| **11/30/24** | $21247 | $34664 | $21869 |
| **12/31/24** | $19199 | $33837 | $19763 |
| **01/31/25** | $20379 | $34780 | $20985 |
| **02/28/25** | $19832 | $34326 | $20426 |
| **03/31/25** | $18453 | $32392 | $19012 |
| **04/30/25** | $17652 | $32172 | $18187 |
| **05/31/25** | $18547 | $34197 | $19112 |
| **06/30/25** | $19560 | $35936 | $20166 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| KBE | 23.35% | 15.26% | 6.94% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Banks Select Industry Index | 23.73% | 15.63% | 7.27% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$1,491,301,051

* Number of Portfolio Holdings100

* Portfolio Turnover Rate22%

* Total Advisory Fees Paid$6,982,285

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 83.5% |
| Financial Services | 14.0% |
| Capital Markets | 2.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Northern Trust Corp. | 1.2% |
| Corebridge Financial, Inc. | 1.1% |
| Citigroup, Inc. | 1.1% |
| JPMorgan Chase & Co. | 1.1% |
| Citizens Financial Group, Inc. | 1.1% |
| East West Bancorp, Inc. | 1.1% |
| KeyCorp | 1.1% |
| Wells Fargo & Co. | 1.1% |
| Truist Financial Corp. | 1.1% |
| First Horizon Corp. | 1.1% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR KBE

# SPDR S&P Biotech ETF
![Image](g941109g13l21.jpg)

# XBI

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Biotech ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Biotech ETF | $33 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
During the reporting period, Biotech stocks experienced negative returns. Current market conditions, such as high interest rates, have made it difficult for Biotech companies to raise capital. Also, the industry performance is closely tied to drug treatment trials, which were not overly successful during the reporting period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g97o34.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XBI** | **S&P 500 Index** | **S&P Biotechnology Select Industry Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10114 | $10210 | $10112 |
| **08/31/15** | $8814 | $9594 | $8810 |
| **09/30/15** | $7406 | $9356 | $7398 |
| **10/31/15** | $7951 | $10145 | $7938 |
| **11/30/15** | $8601 | $10176 | $8583 |
| **12/31/15** | $8369 | $10015 | $8352 |
| **01/31/16** | $6021 | $9518 | $6001 |
| **02/29/16** | $5721 | $9505 | $5699 |
| **03/31/16** | $6175 | $10150 | $6150 |
| **04/30/16** | $6437 | $10189 | $6410 |
| **05/31/16** | $6932 | $10372 | $6904 |
| **06/30/16** | $6470 | $10399 | $6443 |
| **07/31/16** | $7419 | $10783 | $7389 |
| **08/31/16** | $7184 | $10798 | $7152 |
| **09/30/16** | $7921 | $10800 | $7888 |
| **10/31/16** | $6696 | $10603 | $6667 |
| **11/30/16** | $7488 | $10996 | $7457 |
| **12/31/16** | $7078 | $11213 | $7048 |
| **01/31/17** | $7759 | $11426 | $7729 |
| **02/28/17** | $8402 | $11879 | $8370 |
| **03/31/17** | $8301 | $11893 | $8271 |
| **04/30/17** | $8546 | $12015 | $8517 |
| **05/31/17** | $8104 | $12184 | $8077 |
| **06/30/17** | $9240 | $12260 | $9214 |
| **07/31/17** | $9356 | $12512 | $9328 |
| **08/31/17** | $10054 | $12551 | $10017 |
| **09/30/17** | $10365 | $12810 | $10329 |
| **10/31/17** | $10022 | $13109 | $9986 |
| **11/30/17** | $9981 | $13511 | $9946 |
| **12/31/17** | $10169 | $13661 | $10139 |
| **01/31/18** | $11188 | $14443 | $11156 |
| **02/28/18** | $10823 | $13911 | $10791 |
| **03/31/18** | $10529 | $13557 | $10496 |
| **04/30/18** | $10423 | $13609 | $10387 |
| **05/31/18** | $11476 | $13937 | $11436 |
| **06/30/18** | $11429 | $14023 | $11389 |
| **07/31/18** | $11420 | $14544 | $11379 |
| **08/31/18** | $12032 | $15018 | $11986 |
| **09/30/18** | $11521 | $15104 | $11474 |
| **10/31/18** | $9516 | $14072 | $9478 |
| **11/30/18** | $9797 | $14358 | $9757 |
| **12/31/18** | $8653 | $13062 | $8619 |
| **01/31/19** | $10050 | $14109 | $10014 |
| **02/28/19** | $10705 | $14562 | $10663 |
| **03/31/19** | $10879 | $14845 | $10839 |
| **04/30/19** | $10229 | $15446 | $10193 |
| **05/31/19** | $9531 | $14464 | $9499 |
| **06/30/19** | $10549 | $15483 | $10515 |
| **07/31/19** | $10292 | $15706 | $10260 |
| **08/31/19** | $9656 | $15457 | $9625 |
| **09/30/19** | $9160 | $15746 | $9133 |
| **10/31/19** | $9799 | $16087 | $9765 |
| **11/30/19** | $11238 | $16671 | $11203 |
| **12/31/19** | $11439 | $17175 | $11406 |
| **01/31/20** | $10702 | $17168 | $10669 |
| **02/29/20** | $10725 | $15755 | $10695 |
| **03/31/20** | $9320 | $13809 | $9293 |
| **04/30/20** | $11225 | $15579 | $11195 |
| **05/31/20** | $12454 | $16321 | $12423 |
| **06/30/20** | $13460 | $16645 | $13429 |
| **07/31/20** | $13114 | $17584 | $13078 |
| **08/31/20** | $13430 | $18848 | $13391 |
| **09/30/20** | $13395 | $18132 | $13354 |
| **10/31/20** | $13533 | $17650 | $13484 |
| **11/30/20** | $16004 | $19582 | $15946 |
| **12/31/20** | $16952 | $20334 | $16892 |
| **01/31/21** | $18400 | $20129 | $18332 |
| **02/28/21** | $17805 | $20684 | $17739 |
| **03/31/21** | $16338 | $21590 | $16282 |
| **04/30/21** | $16461 | $22742 | $16408 |
| **05/31/21** | $15402 | $22901 | $15354 |
| **06/30/21** | $16322 | $23436 | $16274 |
| **07/31/21** | $14868 | $23993 | $14826 |
| **08/31/21** | $16012 | $24722 | $15970 |
| **09/30/21** | $15140 | $23572 | $15103 |
| **10/31/21** | $15022 | $25224 | $14988 |
| **11/30/21** | $14000 | $25049 | $13972 |
| **12/31/21** | $13472 | $26172 | $13450 |
| **01/31/22** | $11279 | $24817 | $11261 |
| **02/28/22** | $10829 | $24074 | $10814 |
| **03/31/22** | $10831 | $24968 | $10821 |
| **04/30/22** | $8884 | $22791 | $8877 |
| **05/31/22** | $8283 | $22833 | $8278 |
| **06/30/22** | $8940 | $20948 | $8928 |
| **07/31/22** | $9764 | $22879 | $9754 |
| **08/31/22** | $10084 | $21946 | $10074 |
| **09/30/22** | $9557 | $19925 | $9551 |
| **10/31/22** | $9891 | $21538 | $9888 |
| **11/30/22** | $10085 | $22742 | $10084 |
| **12/31/22** | $10002 | $21432 | $10003 |
| **01/31/23** | $10722 | $22778 | $10677 |
| **02/28/23** | $9984 | $22223 | $9933 |
| **03/31/23** | $9180 | $23038 | $9133 |
| **04/30/23** | $9664 | $23398 | $9629 |
| **05/31/23** | $10133 | $23500 | $10112 |
| **06/30/23** | $10026 | $25053 | $10011 |
| **07/31/23** | $10150 | $25857 | $10138 |
| **08/31/23** | $9535 | $25446 | $9545 |
| **09/30/23** | $8800 | $24232 | $8823 |
| **10/31/23** | $7977 | $23723 | $7993 |
| **11/30/23** | $9091 | $25889 | $9116 |
| **12/31/23** | $10752 | $27066 | $10780 |
| **01/31/24** | $10542 | $27520 | $10565 |
| **02/29/24** | $11855 | $28990 | $11879 |
| **03/31/24** | $11448 | $29923 | $11477 |
| **04/30/24** | $10180 | $28700 | $10210 |
| **05/31/24** | $10720 | $30124 | $10748 |
| **06/30/24** | $11182 | $31204 | $11206 |
| **07/31/24** | $11944 | $31584 | $11971 |
| **08/31/24** | $12222 | $32350 | $12254 |
| **09/30/24** | $11926 | $33041 | $11962 |
| **10/31/24** | $11701 | $32742 | $11738 |
| **11/30/24** | $12011 | $34664 | $12054 |
| **12/31/24** | $10870 | $33837 | $10907 |
| **01/31/25** | $11179 | $34780 | $11219 |
| **02/28/25** | $10704 | $34326 | $10744 |
| **03/31/25** | $9784 | $32392 | $9821 |
| **04/30/25** | $10014 | $32172 | $10056 |
| **05/31/25** | $9553 | $34197 | $9594 |
| **06/30/25** | $10000 | $35936 | $10045 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XBI | (10.57%) | (5.77%) | 0.00% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Biotechnology Select Industry Index | (10.36%) | (5.64%) | 0.04% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$4,822,162,218

* Number of Portfolio Holdings130

* Portfolio Turnover Rate43%

* Total Advisory Fees Paid$22,351,057

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Biotechnology | 99.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Alnylam Pharmaceuticals, Inc. | 2.7% |
| Exelixis, Inc. | 2.6% |
| United Therapeutics Corp. | 2.5% |
| Insmed, Inc. | 2.5% |
| Gilead Sciences, Inc. | 2.5% |
| Natera, Inc. | 2.5% |
| Regeneron Pharmaceuticals, Inc. | 2.5% |
| Neurocrine Biosciences, Inc. | 2.5% |
| Moderna, Inc. | 2.4% |
| Incyte Corp. | 2.4% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR XBI

# SPDR S&P Dividend ETF
![Image](g941109g13l21.jpg)

# SDY

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Dividend ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Dividend ETF | $37 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserves and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly elected Trump administration. The secular growth story continued to be dominated by artificial intelligence, but the focus was not just on companies that might capitalize on the megatrend but also on those who might be left behind by it. Dividend stocks lagged the broader U.S. market primarily due to the large weight of these technology names and their strong performance but still managed near double-digit positive returns.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g76e98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SDY** | **S&P 500 Index** | **S&P High Yield Dividend Aristocrats Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $10173 | $10210 | $10177 |
| **08/31/15** | $9664 | $9594 | $9669 |
| **09/30/15** | $9534 | $9356 | $9539 |
| **10/31/15** | $10270 | $10145 | $10279 |
| **11/30/15** | $10294 | $10176 | $10306 |
| **12/31/15** | $10128 | $10015 | $10158 |
| **01/31/16** | $9940 | $9518 | $9974 |
| **02/29/16** | $10249 | $9505 | $10289 |
| **03/31/16** | $11068 | $10150 | $11118 |
| **04/30/16** | $11173 | $10189 | $11227 |
| **05/31/16** | $11333 | $10372 | $11392 |
| **06/30/16** | $11694 | $10399 | $11757 |
| **07/31/16** | $12028 | $10783 | $12098 |
| **08/31/16** | $11937 | $10798 | $12009 |
| **09/30/16** | $11826 | $10800 | $11901 |
| **10/31/16** | $11410 | $10603 | $11484 |
| **11/30/16** | $11940 | $10996 | $12022 |
| **12/31/16** | $12169 | $11213 | $12259 |
| **01/31/17** | $12268 | $11426 | $12363 |
| **02/28/17** | $12637 | $11879 | $12740 |
| **03/31/17** | $12619 | $11893 | $12724 |
| **04/30/17** | $12692 | $12015 | $12801 |
| **05/31/17** | $12700 | $12184 | $12814 |
| **06/30/17** | $12800 | $12260 | $12918 |
| **07/31/17** | $12945 | $12512 | $13068 |
| **08/31/17** | $12828 | $12551 | $12954 |
| **09/30/17** | $13220 | $12810 | $13356 |
| **10/31/17** | $13393 | $13109 | $13535 |
| **11/30/17** | $13946 | $13511 | $14100 |
| **12/31/17** | $14096 | $13661 | $14262 |
| **01/31/18** | $14380 | $14443 | $14555 |
| **02/28/18** | $13681 | $13911 | $13848 |
| **03/31/18** | $13696 | $13557 | $13867 |
| **04/30/18** | $13652 | $13609 | $13826 |
| **05/31/18** | $13821 | $13937 | $14003 |
| **06/30/18** | $14009 | $14023 | $14197 |
| **07/31/18** | $14571 | $14544 | $14773 |
| **08/31/18** | $14858 | $15018 | $15070 |
| **09/30/18** | $14897 | $15104 | $15113 |
| **10/31/18** | $14189 | $14072 | $14397 |
| **11/30/18** | $14896 | $14358 | $15122 |
| **12/31/18** | $13713 | $13062 | $13917 |
| **01/31/19** | $14579 | $14109 | $14802 |
| **02/28/19** | $15202 | $14562 | $15442 |
| **03/31/19** | $15322 | $14845 | $15568 |
| **04/30/19** | $15647 | $15446 | $15903 |
| **05/31/19** | $14769 | $14464 | $15012 |
| **06/30/19** | $15656 | $15483 | $15921 |
| **07/31/19** | $15792 | $15706 | $16064 |
| **08/31/19** | $15417 | $15457 | $15686 |
| **09/30/19** | $16014 | $15746 | $16299 |
| **10/31/19** | $16282 | $16087 | $16578 |
| **11/30/19** | $16581 | $16671 | $16888 |
| **12/31/19** | $16920 | $17175 | $17241 |
| **01/31/20** | $16444 | $17168 | $16759 |
| **02/29/20** | $14952 | $15755 | $15239 |
| **03/31/20** | $12681 | $13809 | $12920 |
| **04/30/20** | $13955 | $15579 | $14226 |
| **05/31/20** | $14422 | $16321 | $14706 |
| **06/30/20** | $14588 | $16645 | $14874 |
| **07/31/20** | $14949 | $17584 | $15249 |
| **08/31/20** | $15417 | $18848 | $15733 |
| **09/30/20** | $14887 | $18132 | $15189 |
| **10/31/20** | $14889 | $17650 | $15194 |
| **11/30/20** | $16722 | $19582 | $17075 |
| **12/31/20** | $17226 | $20334 | $17596 |
| **01/31/21** | $17141 | $20129 | $17513 |
| **02/28/21** | $18017 | $20684 | $18417 |
| **03/31/21** | $19310 | $21590 | $19747 |
| **04/30/21** | $20094 | $22742 | $20557 |
| **05/31/21** | $20528 | $22901 | $21009 |
| **06/30/21** | $20157 | $23436 | $20633 |
| **07/31/21** | $20289 | $23993 | $20775 |
| **08/31/21** | $20556 | $24722 | $21056 |
| **09/30/21** | $19508 | $23572 | $19981 |
| **10/31/21** | $20477 | $25224 | $20984 |
| **11/30/21** | $20022 | $25049 | $20520 |
| **12/31/21** | $21595 | $26172 | $22144 |
| **01/31/22** | $21111 | $24817 | $21654 |
| **02/28/22** | $20905 | $24074 | $21446 |
| **03/31/22** | $21546 | $24968 | $22110 |
| **04/30/22** | $20871 | $22791 | $21426 |
| **05/31/22** | $21376 | $22833 | $21952 |
| **06/30/22** | $20100 | $20948 | $20651 |
| **07/31/22** | $21436 | $22879 | $22031 |
| **08/31/22** | $20943 | $21946 | $21529 |
| **09/30/22** | $18998 | $19925 | $19529 |
| **10/31/22** | $20960 | $21538 | $21554 |
| **11/30/22** | $22382 | $22742 | $23026 |
| **12/31/22** | $21483 | $21432 | $22105 |
| **01/31/23** | $22215 | $22778 | $22865 |
| **02/28/23** | $21616 | $22223 | $22253 |
| **03/31/23** | $21367 | $23038 | $21998 |
| **04/30/23** | $21588 | $23398 | $22232 |
| **05/31/23** | $20268 | $23500 | $20869 |
| **06/30/23** | $21318 | $25053 | $21960 |
| **07/31/23** | $22052 | $25857 | $22727 |
| **08/31/23** | $21272 | $25446 | $21920 |
| **09/30/23** | $20132 | $24232 | $20749 |
| **10/31/23** | $19603 | $23723 | $20206 |
| **11/30/23** | $20943 | $25889 | $21594 |
| **12/31/23** | $22037 | $27066 | $22730 |
| **01/31/24** | $21793 | $27520 | $22483 |
| **02/29/24** | $22199 | $28990 | $22907 |
| **03/31/24** | $23331 | $29923 | $24086 |
| **04/30/24** | $22580 | $28700 | $23319 |
| **05/31/24** | $23104 | $30124 | $23865 |
| **06/30/24** | $22707 | $31204 | $23456 |
| **07/31/24** | $24090 | $31584 | $24897 |
| **08/31/24** | $25001 | $32350 | $25850 |
| **09/30/24** | $25522 | $33041 | $26398 |
| **10/31/24** | $24815 | $32742 | $25673 |
| **11/30/24** | $25841 | $34664 | $26742 |
| **12/31/24** | $23896 | $33837 | $24731 |
| **01/31/25** | $24341 | $34780 | $25200 |
| **02/28/25** | $25033 | $34326 | $25926 |
| **03/31/25** | $24706 | $32392 | $25599 |
| **04/30/25** | $23888 | $32172 | $24758 |
| **05/31/25** | $24529 | $34197 | $25430 |
| **06/30/25** | $24896 | $35936 | $25817 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| SDY | 9.64% | 11.28% | 9.55% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P High Yield Dividend Aristocrats Index | 10.06% | 11.66% | 9.95% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$19,936,669,592

* Number of Portfolio Holdings152

* Portfolio Turnover Rate26%

* Total Advisory Fees Paid$71,519,659

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Electric Utilities | 8.2% |
| Machinery | 6.7% |
| Semiconductors & Semiconductor Equipment | 6.1% |
| Chemicals | 5.2% |
| Insurance | 4.8% |
| Household Products | 4.4% |
| Aerospace & Defense | 3.9% |
| Consumer Staples Distribution & Retail | 3.8% |
| Food Products | 3.8% |
| Oil, Gas & Consumable Fuels | 3.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Microchip Technology, Inc. | 2.4% |
| Verizon Communications, Inc. | 2.4% |
| Realty Income Corp. | 2.2% |
| Target Corp. | 1.8% |
| Chevron Corp. | 1.7% |
| Texas Instruments, Inc. | 1.6% |
| Archer-Daniels-Midland Co. | 1.4% |
| Eversource Energy | 1.4% |
| Kimberly-Clark Corp. | 1.4% |
| PepsiCo, Inc. | 1.3% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SDY

# SPDR S&P Kensho Clean Power ETF
![Image](g941109g13l21.jpg)

# CNRG

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Kensho Clean Power ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Kensho Clean Power ETF | $45 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariffs introduced in 2025 by the newly-elected Trump administration. Concerns that the Trump administration might reduce or eliminate clean energy subsidies in the US weighed on clean energy stocks. By the end of the reporting period, the broader market had pushed through the inflation and tariff volatility, but clean energy stocks lagged.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g55y49.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **CNRG** | **S&P 500 Index** | **S&P Kensho Clean Power Index** |
| **10/22/18** | $10000 | $10000 | $10000 |
| **10/31/18** | $9741 | $9842 | $9742 |
| **11/30/18** | $10457 | $10042 | $10464 |
| **12/31/18** | $9646 | $9135 | $9656 |
| **01/31/19** | $11090 | $9868 | $11109 |
| **02/28/19** | $11580 | $10184 | $11606 |
| **03/31/19** | $11337 | $10382 | $11366 |
| **04/30/19** | $11811 | $10803 | $11847 |
| **05/31/19** | $11671 | $10116 | $11718 |
| **06/30/19** | $12861 | $10829 | $12921 |
| **07/31/19** | $13194 | $10985 | $13259 |
| **08/31/19** | $13243 | $10811 | $13311 |
| **09/30/19** | $13235 | $11013 | $13310 |
| **10/31/19** | $13177 | $11252 | $13254 |
| **11/30/19** | $13549 | $11660 | $13629 |
| **12/31/19** | $15629 | $12012 | $15734 |
| **01/31/20** | $15745 | $12007 | $15826 |
| **02/29/20** | $16177 | $11019 | $16227 |
| **03/31/20** | $12654 | $9658 | $12684 |
| **04/30/20** | $14693 | $10896 | $14721 |
| **05/31/20** | $15774 | $11415 | $15807 |
| **06/30/20** | $17027 | $11642 | $17066 |
| **07/31/20** | $19664 | $12298 | $19711 |
| **08/31/20** | $23437 | $13182 | $23506 |
| **09/30/20** | $25092 | $12681 | $25173 |
| **10/31/20** | $25580 | $12344 | $25679 |
| **11/30/20** | $32790 | $13695 | $32936 |
| **12/31/20** | $37372 | $14222 | $37569 |
| **01/31/21** | $45132 | $14078 | $45392 |
| **02/28/21** | $40804 | $14467 | $41041 |
| **03/31/21** | $39367 | $15100 | $39606 |
| **04/30/21** | $36255 | $15906 | $36390 |
| **05/31/21** | $34918 | $16017 | $35071 |
| **06/30/21** | $36696 | $16391 | $36878 |
| **07/31/21** | $34331 | $16780 | $34501 |
| **08/31/21** | $34147 | $17291 | $34327 |
| **09/30/21** | $32645 | $16486 | $32821 |
| **10/31/21** | $38020 | $17642 | $38245 |
| **11/30/21** | $35045 | $17519 | $35253 |
| **12/31/21** | $31552 | $18304 | $31747 |
| **01/31/22** | $27967 | $17357 | $28147 |
| **02/28/22** | $29365 | $16838 | $29567 |
| **03/31/22** | $31404 | $17463 | $31641 |
| **04/30/22** | $26813 | $15940 | $27019 |
| **05/31/22** | $28996 | $15969 | $29236 |
| **06/30/22** | $27511 | $14651 | $27745 |
| **07/31/22** | $32446 | $16002 | $32738 |
| **08/31/22** | $33907 | $15349 | $34224 |
| **09/30/22** | $29936 | $13936 | $30219 |
| **10/31/22** | $30058 | $15064 | $30347 |
| **11/30/22** | $32901 | $15906 | $33230 |
| **12/31/22** | $29013 | $14989 | $29302 |
| **01/31/23** | $32509 | $15931 | $32855 |
| **02/28/23** | $30374 | $15543 | $30704 |
| **03/31/23** | $30725 | $16113 | $31069 |
| **04/30/23** | $29050 | $16365 | $29384 |
| **05/31/23** | $28413 | $16436 | $28751 |
| **06/30/23** | $30084 | $17522 | $30458 |
| **07/31/23** | $29975 | $18085 | $30354 |
| **08/31/23** | $26920 | $17797 | $27265 |
| **09/30/23** | $24062 | $16948 | $24369 |
| **10/31/23** | $21388 | $16592 | $21664 |
| **11/30/23** | $23062 | $18107 | $23369 |
| **12/31/23** | $25700 | $18930 | $26065 |
| **01/31/24** | $22161 | $19248 | $22476 |
| **02/29/24** | $22568 | $20276 | $22891 |
| **03/31/24** | $23222 | $20928 | $23563 |
| **04/30/24** | $21084 | $20073 | $21390 |
| **05/31/24** | $24346 | $21068 | $24715 |
| **06/30/24** | $21754 | $21824 | $22074 |
| **07/31/24** | $22932 | $22090 | $23275 |
| **08/31/24** | $22331 | $22626 | $22667 |
| **09/30/24** | $23830 | $23109 | $24199 |
| **10/31/24** | $22436 | $22900 | $22789 |
| **11/30/24** | $23469 | $24244 | $23846 |
| **12/31/24** | $21954 | $23666 | $22312 |
| **01/31/25** | $22143 | $24325 | $22505 |
| **02/28/25** | $20003 | $24008 | $20322 |
| **03/31/25** | $18295 | $22655 | $18577 |
| **04/30/25** | $17940 | $22501 | $18212 |
| **05/31/25** | $20196 | $23918 | $20510 |
| **06/30/25** | $21658 | $25134 | $21999 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 10/22/18** |
| CNRG | (0.44%) | 4.93% | 12.25% |
| S&P 500 Index | 15.16% | 16.64% | 14.78% |
| S&P Kensho Clean Power Index | (0.34%) | 5.21% | 12.51% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$122,142,424

* Number of Portfolio Holdings44

* Portfolio Turnover Rate42%

* Total Advisory Fees Paid$676,417

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Electrical Equipment | 31.7% |
| Semiconductors & Semiconductor Equipment | 19.7% |
| Electric Utilities | 14.7% |
| Independent Power Producers & Energy Traders | 10.0% |
| Construction & Engineering | 7.1% |
| Machinery | 3.0% |
| Multi-Utilities | 2.9% |
| Electronic Equipment, Instruments & Components | 2.2% |
| Energy Equipment & Services | 2.2% |
| Diversified Consumer Services | 2.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Eos Energy Enterprises, Inc. | 3.7% |
| Constellation Energy Corp. | 3.2% |
| Generac Holdings, Inc. | 3.2% |
| JinkoSolar Holding Co. Ltd.ADR | 3.2% |
| GE Vernova, Inc. | 3.2% |
| Bloom Energy Corp., Class A | 3.1% |
| Ormat Technologies, Inc. | 3.1% |
| Daqo New Energy Corp.ADR | 3.0% |
| TransAlta Corp. | 3.0% |
| Canadian Solar, Inc. | 2.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR CNRG

# SPDR S&P Kensho Final Frontiers ETF
![Image](g941109g13l21.jpg)

# ROKT

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Kensho Final Frontiers ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Kensho Final Frontiers ETF | $55 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (AI). By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period. The Final Frontiers enjoyed a very strong year, as the growth in AI and robotics had investors focused on emerging space technologies, such as satellite man manufacturing, satellite communications, and space-based imagery.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g93h97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ROKT** | **S&P 500 Index** | **S&P Kensho Final Frontiers Index** |
| **10/22/18** | $10000 | $10000 | $10000 |
| **10/31/18** | $9506 | $9842 | $9505 |
| **11/30/18** | $9517 | $10042 | $9521 |
| **12/31/18** | $8637 | $9135 | $8640 |
| **01/31/19** | $9607 | $9868 | $9616 |
| **02/28/19** | $10331 | $10184 | $10345 |
| **03/31/19** | $10048 | $10382 | $10065 |
| **04/30/19** | $10673 | $10803 | $10696 |
| **05/31/19** | $10304 | $10116 | $10329 |
| **06/30/19** | $11252 | $10829 | $11287 |
| **07/31/19** | $11479 | $10985 | $11518 |
| **08/31/19** | $11872 | $10811 | $11919 |
| **09/30/19** | $11914 | $11013 | $11965 |
| **10/31/19** | $11597 | $11252 | $11651 |
| **11/30/19** | $11956 | $11660 | $12017 |
| **12/31/19** | $12062 | $12012 | $12129 |
| **01/31/20** | $12426 | $12007 | $12500 |
| **02/29/20** | $11299 | $11019 | $11366 |
| **03/31/20** | $8849 | $9658 | $8899 |
| **04/30/20** | $9781 | $10896 | $9845 |
| **05/31/20** | $10403 | $11415 | $10476 |
| **06/30/20** | $10202 | $11642 | $10277 |
| **07/31/20** | $10319 | $12298 | $10396 |
| **08/31/20** | $10852 | $13182 | $10937 |
| **09/30/20** | $10580 | $12681 | $10664 |
| **10/31/20** | $10273 | $12344 | $10358 |
| **11/30/20** | $12357 | $13695 | $12465 |
| **12/31/20** | $13071 | $14222 | $13191 |
| **01/31/21** | $12753 | $14078 | $12873 |
| **02/28/21** | $13240 | $14467 | $13370 |
| **03/31/21** | $13762 | $15100 | $13903 |
| **04/30/21** | $14034 | $15906 | $14183 |
| **05/31/21** | $14226 | $16017 | $14383 |
| **06/30/21** | $14541 | $16391 | $14709 |
| **07/31/21** | $14196 | $16780 | $14365 |
| **08/31/21** | $14053 | $17291 | $14226 |
| **09/30/21** | $13612 | $16486 | $13783 |
| **10/31/21** | $13836 | $17642 | $14016 |
| **11/30/21** | $13137 | $17519 | $13311 |
| **12/31/21** | $13688 | $18304 | $13878 |
| **01/31/22** | $12886 | $17357 | $13069 |
| **02/28/22** | $13674 | $16838 | $13874 |
| **03/31/22** | $14156 | $17463 | $14370 |
| **04/30/22** | $13049 | $15940 | $13248 |
| **05/31/22** | $13127 | $15969 | $13334 |
| **06/30/22** | $12154 | $14651 | $12347 |
| **07/31/22** | $13339 | $16002 | $13557 |
| **08/31/22** | $12822 | $15349 | $13033 |
| **09/30/22** | $11451 | $13936 | $11640 |
| **10/31/22** | $13162 | $15064 | $13386 |
| **11/30/22** | $13652 | $15906 | $13890 |
| **12/31/22** | $13572 | $14989 | $13813 |
| **01/31/23** | $14563 | $15931 | $14829 |
| **02/28/23** | $14455 | $15543 | $14723 |
| **03/31/23** | $14119 | $16113 | $14384 |
| **04/30/23** | $13930 | $16365 | $14196 |
| **05/31/23** | $13859 | $16436 | $14128 |
| **06/30/23** | $15123 | $17522 | $15424 |
| **07/31/23** | $15219 | $18085 | $15526 |
| **08/31/23** | $14650 | $17797 | $14951 |
| **09/30/23** | $13652 | $16948 | $13934 |
| **10/31/23** | $13415 | $16592 | $13697 |
| **11/30/23** | $14487 | $18107 | $14799 |
| **12/31/23** | $15535 | $18930 | $15880 |
| **01/31/24** | $14675 | $19248 | $15005 |
| **02/29/24** | $15256 | $20276 | $15606 |
| **03/31/24** | $15595 | $20928 | $15960 |
| **04/30/24** | $15134 | $20073 | $15494 |
| **05/31/24** | $15815 | $21068 | $16198 |
| **06/30/24** | $15566 | $21824 | $15949 |
| **07/31/24** | $17035 | $22090 | $17462 |
| **08/31/24** | $17184 | $22626 | $17623 |
| **09/30/24** | $17669 | $23109 | $18128 |
| **10/31/24** | $17528 | $22900 | $17991 |
| **11/30/24** | $20955 | $24244 | $21519 |
| **12/31/24** | $19863 | $23666 | $20407 |
| **01/31/25** | $20639 | $24325 | $21211 |
| **02/28/25** | $19452 | $24008 | $19997 |
| **03/31/25** | $18668 | $22655 | $19198 |
| **04/30/25** | $18576 | $22501 | $19110 |
| **05/31/25** | $20493 | $23918 | $21091 |
| **06/30/25** | $22576 | $25134 | $23248 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 10/22/18** |
| ROKT | 45.03% | 17.22% | 12.95% |
| S&P 500 Index | 15.16% | 16.64% | 14.78% |
| S&P Kensho Final Frontiers Index | 45.77% | 17.73% | 13.44% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$22,538,972

* Number of Portfolio Holdings35

* Portfolio Turnover Rate21%

* Total Advisory Fees Paid$84,062

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Aerospace & Defense | 52.1% |
| Electronic Equipment, Instruments & Components | 11.3% |
| Professional Services | 10.8% |
| Energy Equipment & Services | 6.2% |
| Machinery | 6.2% |
| Diversified Telecommunication Services | 3.9% |
| Industrial Conglomerates | 3.8% |
| Communications Equipment | 3.1% |
| Semiconductors & Semiconductor Equipment | 2.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Rocket Lab Corp. | 4.8% |
| HEICO Corp. | 4.0% |
| Iridium Communications, Inc. | 3.9% |
| Planet Labs PBC | 3.9% |
| Honeywell International, Inc. | 3.8% |
| RTX Corp. | 3.8% |
| ESCO Technologies, Inc. | 3.8% |
| Teledyne Technologies, Inc. | 3.8% |
| Northrop Grumman Corp. | 3.8% |
| L3Harris Technologies, Inc. | 3.8% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR ROKT

# SPDR S&P Kensho Future Security ETF
![Image](g941109g13l21.jpg)

# FITE

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Kensho Future Security ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Kensho Future Security ETF | $53 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (AI). Alongside, the growing need and demand for increased cybersecurity and robotics continues to help future security companies' strong positive performance. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period. Future Security Index followed suit over the same period with impressive return of 34.8%.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g84b38.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **FITE** | **S&P 500 Index** | **S&P Kensho Future Security Index** |
| **12/26/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $9955 | $9978 | $9956 |
| **01/31/18** | $10291 | $10549 | $10296 |
| **02/28/18** | $10468 | $10160 | $10477 |
| **03/31/18** | $10452 | $9902 | $10465 |
| **04/30/18** | $10480 | $9940 | $10496 |
| **05/31/18** | $10961 | $10179 | $10987 |
| **06/30/18** | $10956 | $10242 | $10987 |
| **07/31/18** | $11294 | $10623 | $11330 |
| **08/31/18** | $11879 | $10969 | $11923 |
| **09/30/18** | $12041 | $11032 | $12089 |
| **10/31/18** | $10667 | $10278 | $10713 |
| **11/30/18** | $10840 | $10487 | $10890 |
| **12/31/18** | $9970 | $9540 | $9989 |
| **01/31/19** | $11098 | $10305 | $11116 |
| **02/28/19** | $12052 | $10635 | $12074 |
| **03/31/19** | $11926 | $10842 | $11952 |
| **04/30/19** | $12627 | $11281 | $12658 |
| **05/31/19** | $11956 | $10564 | $11987 |
| **06/30/19** | $12749 | $11309 | $12786 |
| **07/31/19** | $13010 | $11471 | $13051 |
| **08/31/19** | $12588 | $11290 | $12631 |
| **09/30/19** | $12663 | $11501 | $12709 |
| **10/31/19** | $12949 | $11750 | $12999 |
| **11/30/19** | $13343 | $12176 | $13396 |
| **12/31/19** | $13315 | $12544 | $13373 |
| **01/31/20** | $13683 | $12539 | $13745 |
| **02/29/20** | $12279 | $11507 | $12338 |
| **03/31/20** | $10555 | $10086 | $10626 |
| **04/30/20** | $11692 | $11378 | $11776 |
| **05/31/20** | $12738 | $11920 | $12832 |
| **06/30/20** | $12601 | $12157 | $12697 |
| **07/31/20** | $13069 | $12843 | $13173 |
| **08/31/20** | $13289 | $13766 | $13396 |
| **09/30/20** | $12744 | $13243 | $12849 |
| **10/31/20** | $12294 | $12891 | $12399 |
| **11/30/20** | $14086 | $14302 | $14209 |
| **12/31/20** | $15953 | $14852 | $16101 |
| **01/31/21** | $16165 | $14702 | $16318 |
| **02/28/21** | $16329 | $15107 | $16484 |
| **03/31/21** | $16669 | $15769 | $16829 |
| **04/30/21** | $17339 | $16610 | $17510 |
| **05/31/21** | $17683 | $16726 | $17861 |
| **06/30/21** | $17956 | $17117 | $18143 |
| **07/31/21** | $18086 | $17524 | $18280 |
| **08/31/21** | $18483 | $18056 | $18687 |
| **09/30/21** | $17496 | $17217 | $17691 |
| **10/31/21** | $18677 | $18423 | $18890 |
| **11/30/21** | $17695 | $18295 | $17900 |
| **12/31/21** | $18260 | $19115 | $18481 |
| **01/31/22** | $16673 | $18126 | $16879 |
| **02/28/22** | $17665 | $17583 | $17886 |
| **03/31/22** | $18332 | $18236 | $18566 |
| **04/30/22** | $16551 | $16646 | $16767 |
| **05/31/22** | $16345 | $16676 | $16561 |
| **06/30/22** | $15324 | $15300 | $15528 |
| **07/31/22** | $16193 | $16711 | $16414 |
| **08/31/22** | $16075 | $16029 | $16295 |
| **09/30/22** | $14493 | $14553 | $14693 |
| **10/31/22** | $16050 | $15731 | $16278 |
| **11/30/22** | $15550 | $16610 | $15771 |
| **12/31/22** | $15001 | $15653 | $15218 |
| **01/31/23** | $15905 | $16637 | $16140 |
| **02/28/23** | $15926 | $16231 | $16164 |
| **03/31/23** | $16179 | $16827 | $16425 |
| **04/30/23** | $15421 | $17089 | $15659 |
| **05/31/23** | $16458 | $17164 | $16716 |
| **06/30/23** | $17034 | $18298 | $17305 |
| **07/31/23** | $17304 | $18886 | $17582 |
| **08/31/23** | $17265 | $18585 | $17544 |
| **09/30/23** | $16348 | $17699 | $16614 |
| **10/31/23** | $15973 | $17327 | $16237 |
| **11/30/23** | $17831 | $18909 | $18015 |
| **12/31/23** | $19247 | $19768 | $19451 |
| **01/31/24** | $19086 | $20100 | $19287 |
| **02/29/24** | $19924 | $21173 | $20137 |
| **03/31/24** | $20008 | $21855 | $20226 |
| **04/30/24** | $18941 | $20962 | $19152 |
| **05/31/24** | $19250 | $22001 | $19469 |
| **06/30/24** | $19771 | $22791 | $20000 |
| **07/31/24** | $20910 | $23068 | $21156 |
| **08/31/24** | $21266 | $23628 | $21520 |
| **09/30/24** | $21594 | $24133 | $21856 |
| **10/31/24** | $21444 | $23914 | $21710 |
| **11/30/24** | $24175 | $25317 | $24481 |
| **12/31/24** | $23439 | $24714 | $23739 |
| **01/31/25** | $24606 | $25402 | $24923 |
| **02/28/25** | $23029 | $25071 | $23327 |
| **03/31/25** | $21966 | $23658 | $22251 |
| **04/30/25** | $22399 | $23498 | $22691 |
| **05/31/25** | $24188 | $24977 | $24507 |
| **06/30/25** | $26599 | $26247 | $26960 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/26/17** |
| FITE | 34.54% | 16.12% | 13.91% |
| S&P 500 Index | 15.16% | 16.64% | 13.71% |
| S&P Kensho Future Security Index | 34.80% | 16.25% | 14.12% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$73,698,213

* Number of Portfolio Holdings76

* Portfolio Turnover Rate22%

* Total Advisory Fees Paid$332,112

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Software | 28.9% |
| Aerospace & Defense | 27.9% |
| Electronic Equipment, Instruments & Components | 12.8% |
| Communications Equipment | 7.9% |
| Professional Services | 6.7% |
| IT Services | 4.4% |
| Machinery | 2.5% |
| Semiconductors & Semiconductor Equipment | 2.2% |
| Diversified Telecommunication Services | 1.5% |
| Life Sciences Tools & Services | 1.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| AeroVironment, Inc. | 2.1% |
| Viasat, Inc. | 1.9% |
| Rocket Lab Corp. | 1.8% |
| Kratos Defense & Security Solutions, Inc. | 1.6% |
| Datadog, Inc., Class A | 1.6% |
| Planet Labs PBC | 1.6% |
| Juniper Networks, Inc. | 1.6% |
| BlackBerry Ltd. | 1.6% |
| Broadcom, Inc. | 1.5% |
| Cloudflare, Inc., Class A | 1.5% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR FITE

# SPDR S&P Kensho Intelligent Structures ETF
![Image](g941109g13l21.jpg)

# SIMS

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Kensho Intelligent Structures ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Kensho Intelligent Structures ETF | $47 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
The market environment during the reporting period was shaped initially by inflation dynamics and investor speculation around how the U.S. Federal Reserve and other central banks might respond to more favorable inflation data. This narrative shifted mid-period with the introduction of a new tariff regime by the U.S. administration, which added a layer of geopolitical uncertainty and market volatility. Meanwhile, the secular growth story continued to be dominated by developments in artificial intelligence (A.I.). Investor focus extended beyond companies positioned to benefit from the AI megatrend to include those potentially at risk of being disrupted by it. This bifurcation in market sentiment contributed to notable dispersion in equity performance across sectors. Despite the macroeconomic and policy headwinds, global equity markets proved resilient. U.S., developed, and emerging markets all posted gains over the 1-year period. Underscoring the strength of the AI-driven rally, the world's largest company reached a market capitalization of nearly $4.0 trillion by the end of the quarter.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g17y93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **SIMS** | **S&P 500 Index** | **S&P Kensho Intelligent Infrastructure Index** |
| **12/26/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $10005 | $9978 | $10005 |
| **01/31/18** | $10326 | $10549 | $10310 |
| **02/28/18** | $9897 | $10160 | $9884 |
| **03/31/18** | $9787 | $9902 | $9779 |
| **04/30/18** | $9474 | $9940 | $9471 |
| **05/31/18** | $9702 | $10179 | $9704 |
| **06/30/18** | $9693 | $10242 | $9701 |
| **07/31/18** | $10152 | $10623 | $10164 |
| **08/31/18** | $10470 | $10969 | $10486 |
| **09/30/18** | $10319 | $11032 | $10339 |
| **10/31/18** | $8954 | $10278 | $8973 |
| **11/30/18** | $9170 | $10487 | $9194 |
| **12/31/18** | $8250 | $9540 | $8272 |
| **01/31/19** | $9230 | $10305 | $9259 |
| **02/28/19** | $9746 | $10635 | $9777 |
| **03/31/19** | $9388 | $10842 | $9420 |
| **04/30/19** | $10012 | $11281 | $10050 |
| **05/31/19** | $9370 | $10564 | $9405 |
| **06/30/19** | $10179 | $11309 | $10222 |
| **07/31/19** | $10127 | $11471 | $10172 |
| **08/31/19** | $9603 | $11290 | $9646 |
| **09/30/19** | $10091 | $11501 | $10137 |
| **10/31/19** | $10333 | $11750 | $10381 |
| **11/30/19** | $10717 | $12176 | $10765 |
| **12/31/19** | $11146 | $12544 | $11192 |
| **01/31/20** | $10809 | $12539 | $10856 |
| **02/29/20** | $10079 | $11507 | $10122 |
| **03/31/20** | $7930 | $10086 | $7959 |
| **04/30/20** | $9012 | $11378 | $9050 |
| **05/31/20** | $9534 | $11920 | $9573 |
| **06/30/20** | $10221 | $12157 | $10270 |
| **07/31/20** | $10756 | $12843 | $10807 |
| **08/31/20** | $11233 | $13766 | $11288 |
| **09/30/20** | $11073 | $13243 | $11126 |
| **10/31/20** | $11080 | $12891 | $11137 |
| **11/30/20** | $13256 | $14302 | $13330 |
| **12/31/20** | $14432 | $14852 | $14517 |
| **01/31/21** | $14755 | $14702 | $14839 |
| **02/28/21** | $15164 | $15107 | $15253 |
| **03/31/21** | $15571 | $15769 | $15659 |
| **04/30/21** | $15984 | $16610 | $16065 |
| **05/31/21** | $16231 | $16726 | $16308 |
| **06/30/21** | $16477 | $17117 | $16559 |
| **07/31/21** | $15980 | $17524 | $16060 |
| **08/31/21** | $16209 | $18056 | $16291 |
| **09/30/21** | $15078 | $17217 | $15154 |
| **10/31/21** | $16339 | $18423 | $16424 |
| **11/30/21** | $15856 | $18295 | $15940 |
| **12/31/21** | $15739 | $19115 | $15824 |
| **01/31/22** | $13870 | $18126 | $13941 |
| **02/28/22** | $13699 | $17583 | $13761 |
| **03/31/22** | $14157 | $18236 | $14217 |
| **04/30/22** | $12465 | $16646 | $12502 |
| **05/31/22** | $12588 | $16676 | $12615 |
| **06/30/22** | $11201 | $15300 | $11212 |
| **07/31/22** | $12987 | $16711 | $12996 |
| **08/31/22** | $12739 | $16029 | $12736 |
| **09/30/22** | $11264 | $14553 | $11248 |
| **10/31/22** | $12246 | $15731 | $12224 |
| **11/30/22** | $12549 | $16610 | $12523 |
| **12/31/22** | $11464 | $15653 | $11431 |
| **01/31/23** | $12890 | $16637 | $12847 |
| **02/28/23** | $12368 | $16231 | $12312 |
| **03/31/23** | $12211 | $16827 | $12143 |
| **04/30/23** | $11453 | $17089 | $11377 |
| **05/31/23** | $11626 | $17164 | $11535 |
| **06/30/23** | $12742 | $18298 | $12633 |
| **07/31/23** | $13523 | $18886 | $13406 |
| **08/31/23** | $12293 | $18585 | $12181 |
| **09/30/23** | $11328 | $17699 | $11218 |
| **10/31/23** | $10157 | $17327 | $10055 |
| **11/30/23** | $11416 | $18909 | $11302 |
| **12/31/23** | $12331 | $19768 | $12209 |
| **01/31/24** | $11353 | $20100 | $11238 |
| **02/29/24** | $12191 | $21173 | $12067 |
| **03/31/24** | $12378 | $21855 | $12246 |
| **04/30/24** | $11704 | $20962 | $11576 |
| **05/31/24** | $12488 | $22001 | $12349 |
| **06/30/24** | $11928 | $22791 | $11792 |
| **07/31/24** | $12937 | $23068 | $12790 |
| **08/31/24** | $12477 | $23628 | $12331 |
| **09/30/24** | $12408 | $24133 | $12261 |
| **10/31/24** | $12425 | $23914 | $12278 |
| **11/30/24** | $13413 | $25317 | $13255 |
| **12/31/24** | $12297 | $24714 | $12148 |
| **01/31/25** | $12294 | $25402 | $12148 |
| **02/28/25** | $11864 | $25071 | $11721 |
| **03/31/25** | $11155 | $23658 | $11018 |
| **04/30/25** | $10993 | $23498 | $10857 |
| **05/31/25** | $12005 | $24977 | $11857 |
| **06/30/25** | $12791 | $26247 | $12639 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/26/17** |
| SIMS | 7.24% | 4.59% | 3.33% |
| S&P 500 Index | 15.16% | 16.64% | 13.71% |
| S&P Kensho Intelligent Infrastructure Index | 7.18% | 4.24% | 3.17% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$8,500,372

* Number of Portfolio Holdings43

* Portfolio Turnover Rate25%

* Total Advisory Fees Paid$47,107

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Electrical Equipment | 16.1% |
| Machinery | 13.6% |
| Electronic Equipment, Instruments & Components | 11.0% |
| Building Products | 8.4% |
| Commercial Services & Supplies | 6.4% |
| Software | 5.7% |
| Oil, Gas & Consumable Fuels | 5.6% |
| Semiconductors & Semiconductor Equipment | 5.3% |
| Professional Services | 3.9% |
| Diversified Consumer Services | 3.3% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Generac Holdings, Inc. | 3.5% |
| Silicon Laboratories, Inc. | 3.4% |
| Itron, Inc. | 3.4% |
| Bloom Energy Corp., Class A | 3.3% |
| Resideo Technologies, Inc. | 3.3% |
| Pentair PLC | 3.3% |
| ADT, Inc. | 3.2% |
| Veralto Corp. | 3.2% |
| Johnson Controls International PLC | 3.2% |
| Xylem, Inc. | 3.2% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR SIMS

# SPDR S&P Kensho New Economies Composite ETF
![Image](g941109g13l21.jpg)

# KOMP

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Kensho New Economies Composite ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Kensho New Economies Composite ETF | $22 | 0.20% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariff war introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I.), but the focus was not just on companies that might capitalize on the megatrend, like NVIDIA, but also on those who might be left behind by it, such as Apple and Google. By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period. And as an indicator of the dominance of the A.I. story, NVIDIA was the largest company in the world with a market cap of nearly $4.0 trillion.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g36b14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KOMP** | **S&P 500 Index** | **S&P Kensho New Economies Composite Index** |
| **10/22/18** | $10000 | $10000 | $10000 |
| **10/31/18** | $9653 | $9842 | $9653 |
| **11/30/18** | $9877 | $10042 | $9879 |
| **12/31/18** | $8831 | $9135 | $8831 |
| **01/31/19** | $9900 | $9868 | $9903 |
| **02/28/19** | $10546 | $10184 | $10553 |
| **03/31/19** | $10422 | $10382 | $10431 |
| **04/30/19** | $10855 | $10803 | $10867 |
| **05/31/19** | $10182 | $10116 | $10196 |
| **06/30/19** | $11071 | $10829 | $11093 |
| **07/31/19** | $11317 | $10985 | $11342 |
| **08/31/19** | $11029 | $10811 | $11055 |
| **09/30/19** | $11028 | $11013 | $11057 |
| **10/31/19** | $11225 | $11252 | $11256 |
| **11/30/19** | $11688 | $11660 | $11720 |
| **12/31/19** | $12089 | $12012 | $12124 |
| **01/31/20** | $12195 | $12007 | $12227 |
| **02/29/20** | $11468 | $11019 | $11497 |
| **03/31/20** | $9511 | $9658 | $9531 |
| **04/30/20** | $10925 | $10896 | $10945 |
| **05/31/20** | $11747 | $11415 | $11773 |
| **06/30/20** | $12521 | $11642 | $12553 |
| **07/31/20** | $13394 | $12298 | $13428 |
| **08/31/20** | $14582 | $13182 | $14621 |
| **09/30/20** | $14401 | $12681 | $14438 |
| **10/31/20** | $14552 | $12344 | $14590 |
| **11/30/20** | $17765 | $13695 | $17814 |
| **12/31/20** | $19460 | $14222 | $19524 |
| **01/31/21** | $21788 | $14078 | $21848 |
| **02/28/21** | $22700 | $14467 | $22764 |
| **03/31/21** | $22923 | $15100 | $22978 |
| **04/30/21** | $22530 | $15906 | $22574 |
| **05/31/21** | $22165 | $16017 | $22199 |
| **06/30/21** | $22698 | $16391 | $22740 |
| **07/31/21** | $21625 | $16780 | $21658 |
| **08/31/21** | $22028 | $17291 | $22057 |
| **09/30/21** | $20704 | $16486 | $20724 |
| **10/31/21** | $22041 | $17642 | $22059 |
| **11/30/21** | $20888 | $17519 | $20892 |
| **12/31/21** | $20181 | $18304 | $20185 |
| **01/31/22** | $17797 | $17357 | $17805 |
| **02/28/22** | $17646 | $16838 | $17652 |
| **03/31/22** | $17815 | $17463 | $17822 |
| **04/30/22** | $15521 | $15940 | $15520 |
| **05/31/22** | $15440 | $15969 | $15435 |
| **06/30/22** | $13969 | $14651 | $13961 |
| **07/31/22** | $15441 | $16002 | $15423 |
| **08/31/22** | $15017 | $15349 | $14993 |
| **09/30/22** | $13347 | $13936 | $13317 |
| **10/31/22** | $14390 | $15064 | $14358 |
| **11/30/22** | $14702 | $15906 | $14666 |
| **12/31/22** | $13688 | $14989 | $13649 |
| **01/31/23** | $15375 | $15931 | $15329 |
| **02/28/23** | $14831 | $15543 | $14779 |
| **03/31/23** | $14870 | $16113 | $14813 |
| **04/30/23** | $14236 | $16365 | $14177 |
| **05/31/23** | $14320 | $16436 | $14256 |
| **06/30/23** | $15563 | $17522 | $15493 |
| **07/31/23** | $16605 | $18085 | $16526 |
| **08/31/23** | $15048 | $17797 | $14970 |
| **09/30/23** | $13873 | $16948 | $13795 |
| **10/31/23** | $12944 | $16592 | $12868 |
| **11/30/23** | $14633 | $18107 | $14537 |
| **12/31/23** | $16455 | $18930 | $16351 |
| **01/31/24** | $15381 | $19248 | $15281 |
| **02/29/24** | $16345 | $20276 | $16236 |
| **03/31/24** | $16947 | $20928 | $16831 |
| **04/30/24** | $15753 | $20073 | $15630 |
| **05/31/24** | $16516 | $21068 | $16386 |
| **06/30/24** | $16294 | $21824 | $16164 |
| **07/31/24** | $17243 | $22090 | $17098 |
| **08/31/24** | $17123 | $22626 | $16977 |
| **09/30/24** | $17484 | $23109 | $17335 |
| **10/31/24** | $17420 | $22900 | $17271 |
| **11/30/24** | $19333 | $24244 | $19171 |
| **12/31/24** | $18072 | $23666 | $17921 |
| **01/31/25** | $18995 | $24325 | $18838 |
| **02/28/25** | $17966 | $24008 | $17817 |
| **03/31/25** | $16595 | $22655 | $16455 |
| **04/30/25** | $16629 | $22501 | $16487 |
| **05/31/25** | $17919 | $23918 | $17768 |
| **06/30/25** | $19451 | $25134 | $19296 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 10/22/18** |
| KOMP | 19.38% | 9.21% | 10.46% |
| S&P 500 Index | 15.16% | 16.64% | 14.78% |
| S&P Kensho New Economies Composite Index | 19.38% | 8.98% | 10.33% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$2,292,149,863

* Number of Portfolio Holdings455

* Portfolio Turnover Rate45%

* Total Advisory Fees Paid$4,146,367

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Software | 12.2% |
| Aerospace & Defense | 9.1% |
| Electronic Equipment, Instruments & Components | 8.3% |
| Semiconductors & Semiconductor Equipment | 6.7% |
| Interactive Media & Services | 6.0% |
| Health Care Equipment & Supplies | 4.8% |
| Machinery | 4.5% |
| Electrical Equipment | 3.1% |
| Automobiles | 3.1% |
| Professional Services | 2.5% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Elbit Systems Ltd. | 1.0% |
| PTC, Inc. | 0.9% |
| Parsons Corp. | 0.9% |
| Teledyne Technologies, Inc. | 0.9% |
| Ambarella, Inc. | 0.8% |
| Avis Budget Group, Inc. | 0.8% |
| Meta Platforms, Inc., Class A | 0.8% |
| Leidos Holdings, Inc. | 0.8% |
| EHang Holdings Ltd. | 0.7% |
| Coinbase Global, Inc., Class A | 0.7% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR KOMP

# SPDR S&P Kensho Smart Mobility ETF
![Image](g941109g13l21.jpg)

# HAIL

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Kensho Smart Mobility ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Kensho Smart Mobility ETF | $48 | 0.45% |

---

## How did the Fund perform last year and what affected its performance?
The reporting period's market environment was driven first by inflation and speculation on how the U.S. Federal Reserve and other central banks might respond to more reasonable inflation numbers, and then by the tariffs introduced in 2025 by the newly-elected Trump administration. The secular growth story continued to be dominated by artificial intelligence (A.I.). By the end of the reporting period, markets had pushed through the inflation and tariff volatility, with U.S., developed and emerging markets all up on the 1-year period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g75t80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **HAIL** | **S&P 500 Index** | **S&P Kensho Smart Transportation Index** |
| **12/26/17** | $10000 | $10000 | $10000 |
| **12/31/17** | $9943 | $9978 | $9944 |
| **01/31/18** | $10664 | $10549 | $10669 |
| **02/28/18** | $10187 | $10160 | $10196 |
| **03/31/18** | $9871 | $9902 | $9882 |
| **04/30/18** | $9836 | $9940 | $9851 |
| **05/31/18** | $10061 | $10179 | $10080 |
| **06/30/18** | $9942 | $10242 | $9962 |
| **07/31/18** | $10135 | $10623 | $10159 |
| **08/31/18** | $10282 | $10969 | $10312 |
| **09/30/18** | $10161 | $11032 | $10193 |
| **10/31/18** | $9117 | $10278 | $9148 |
| **11/30/18** | $9119 | $10487 | $9153 |
| **12/31/18** | $8000 | $9540 | $8034 |
| **01/31/19** | $9258 | $10305 | $9300 |
| **02/28/19** | $9724 | $10635 | $9770 |
| **03/31/19** | $9360 | $10842 | $9406 |
| **04/30/19** | $9922 | $11281 | $9972 |
| **05/31/19** | $8633 | $10564 | $8673 |
| **06/30/19** | $9623 | $11309 | $9669 |
| **07/31/19** | $9638 | $11471 | $9687 |
| **08/31/19** | $8736 | $11290 | $8781 |
| **09/30/19** | $9079 | $11501 | $9128 |
| **10/31/19** | $9400 | $11750 | $9449 |
| **11/30/19** | $9998 | $12176 | $10043 |
| **12/31/19** | $10427 | $12544 | $10460 |
| **01/31/20** | $10357 | $12539 | $10377 |
| **02/29/20** | $9760 | $11507 | $9767 |
| **03/31/20** | $7261 | $10086 | $7259 |
| **04/30/20** | $8705 | $11378 | $8698 |
| **05/31/20** | $9326 | $11920 | $9310 |
| **06/30/20** | $11016 | $12157 | $10997 |
| **07/31/20** | $11435 | $12843 | $11413 |
| **08/31/20** | $13216 | $13766 | $13195 |
| **09/30/20** | $13076 | $13243 | $13049 |
| **10/31/20** | $13486 | $12891 | $13462 |
| **11/30/20** | $17744 | $14302 | $17714 |
| **12/31/20** | $19153 | $14852 | $19126 |
| **01/31/21** | $21557 | $14702 | $21505 |
| **02/28/21** | $21573 | $15107 | $21510 |
| **03/31/21** | $21392 | $15769 | $21301 |
| **04/30/21** | $21228 | $16610 | $21125 |
| **05/31/21** | $21657 | $16726 | $21537 |
| **06/30/21** | $21830 | $17117 | $21712 |
| **07/31/21** | $20459 | $17524 | $20330 |
| **08/31/21** | $19906 | $18056 | $19768 |
| **09/30/21** | $19308 | $17217 | $19174 |
| **10/31/21** | $20747 | $18423 | $20606 |
| **11/30/21** | $20763 | $18295 | $20621 |
| **12/31/21** | $19557 | $19115 | $19424 |
| **01/31/22** | $16919 | $18126 | $16805 |
| **02/28/22** | $16745 | $17583 | $16629 |
| **03/31/22** | $16609 | $18236 | $16490 |
| **04/30/22** | $14274 | $16646 | $14162 |
| **05/31/22** | $14267 | $16676 | $14145 |
| **06/30/22** | $12246 | $15300 | $12130 |
| **07/31/22** | $14056 | $16711 | $13853 |
| **08/31/22** | $13353 | $16029 | $13155 |
| **09/30/22** | $11303 | $14553 | $11128 |
| **10/31/22** | $11965 | $15731 | $11777 |
| **11/30/22** | $12313 | $16610 | $12110 |
| **12/31/22** | $10638 | $15653 | $10444 |
| **01/31/23** | $12844 | $16637 | $12608 |
| **02/28/23** | $12317 | $16231 | $12076 |
| **03/31/23** | $11514 | $16827 | $11277 |
| **04/30/23** | $10411 | $17089 | $10187 |
| **05/31/23** | $10675 | $17164 | $10427 |
| **06/30/23** | $12159 | $18298 | $11865 |
| **07/31/23** | $14083 | $18886 | $13705 |
| **08/31/23** | $11849 | $18585 | $11490 |
| **09/30/23** | $11336 | $17699 | $10980 |
| **10/31/23** | $9553 | $17327 | $9241 |
| **11/30/23** | $10384 | $18909 | $10033 |
| **12/31/23** | $11656 | $19768 | $11262 |
| **01/31/24** | $10260 | $20100 | $9905 |
| **02/29/24** | $10849 | $21173 | $10466 |
| **03/31/24** | $11131 | $21855 | $10683 |
| **04/30/24** | $10151 | $20962 | $9682 |
| **05/31/24** | $10957 | $22001 | $10426 |
| **06/30/24** | $10408 | $22791 | $9884 |
| **07/31/24** | $10883 | $23068 | $10269 |
| **08/31/24** | $10465 | $23628 | $9856 |
| **09/30/24** | $10839 | $24133 | $10195 |
| **10/31/24** | $10017 | $23914 | $9404 |
| **11/30/24** | $10936 | $25317 | $10257 |
| **12/31/24** | $10832 | $24714 | $10146 |
| **01/31/25** | $10780 | $25402 | $10081 |
| **02/28/25** | $10627 | $25071 | $9932 |
| **03/31/25** | $9868 | $23658 | $9215 |
| **04/30/25** | $9693 | $23498 | $9048 |
| **05/31/25** | $10583 | $24977 | $9856 |
| **06/30/25** | $11648 | $26247 | $10851 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **Since Inception 12/26/17** |
| HAIL | 11.91% | 1.12% | 2.05% |
| S&P 500 Index | 15.16% | 16.64% | 13.71% |
| S&P Kensho Smart Transportation Index | 9.78% | (0.27%) | 1.09% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$21,258,037

* Number of Portfolio Holdings82

* Portfolio Turnover Rate33%

* Total Advisory Fees Paid$126,999

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Automobiles | 18.5% |
| Auto Components | 18.1% |
| Semiconductors & Semiconductor Equipment | 15.3% |
| Electronic Equipment, Instruments & Components | 9.8% |
| Machinery | 9.0% |
| Software | 6.6% |
| Ground Transportation | 6.2% |
| Aerospace & Defense | 5.8% |
| Electrical Equipment | 2.4% |
| Communications Equipment | 2.2% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Aeva Technologies, Inc. | 2.4% |
| Avis Budget Group, Inc. | 2.0% |
| Ambarella, Inc. | 1.8% |
| Ouster, Inc. | 1.8% |
| Allegro MicroSystems, Inc. | 1.7% |
| NVIDIA Corp. | 1.7% |
| indie Semiconductor, Inc., Class A | 1.7% |
| Mobileye Global, Inc., Class A | 1.7% |
| Uber Technologies, Inc. | 1.6% |
| Hesai Group ADR | 1.6% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR HAIL

# SPDR S&P Oil & Gas Exploration & Production ETF
![Image](g941109g13l21.jpg)

# XOP

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Oil & Gas Exploration & Production ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Oil & Gas Exploration & Production ETF | $33 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
During the reporting period, oil's performance was marked by alternating quarters of decline and recovery, reflecting a tug-of-war between supply-side decisions (Organization of the Petroleum Exporting Countries+), demand-side concerns (global growth), and geopolitical shocks. The energy sector's volatility underscored the fragility of the global recovery and the importance of oil as both a driver and a barometer of macroeconomic and geopolitical dynamics. Oil's volatility contributed to inflation uncertainty, particularly in Q4 2024 when central banks, including the U.S. Federal Reserves and the European Central Bank, remained cautious despite easing cycles. Rising oil prices in Q1 2025 added to inflationary pressures, while declines in Q2 2025 helped ease them. Oil's sensitivity to Middle East tensions and U.S.-China trade policy added a geopolitical risk premium to markets, particularly in Q1 and Q2 2025. On a security level, strongest contributors to the Fund's performance were EQT Corp., Comstock Resources Inc., and Expand Energy Corp.. The weakest contributors were Civitas Resources Inc., PBF Energy Inc., and Murphy Oil Corp.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g02g43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **XOP** | **S&P 500 Index** | **S&P Oil & Gas Exploration & Production Select Industry Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $8216 | $10210 | $8210 |
| **08/31/15** | $8193 | $9594 | $8182 |
| **09/30/15** | $7068 | $9356 | $7066 |
| **10/31/15** | $7983 | $10145 | $7980 |
| **11/30/15** | $7993 | $10176 | $7989 |
| **12/31/15** | $6537 | $10015 | $6520 |
| **01/31/16** | $6167 | $9518 | $6152 |
| **02/29/16** | $5325 | $9505 | $5311 |
| **03/31/16** | $6585 | $10150 | $6573 |
| **04/30/16** | $7747 | $10189 | $7736 |
| **05/31/16** | $7700 | $10372 | $7691 |
| **06/30/16** | $7562 | $10399 | $7554 |
| **07/31/16** | $7443 | $10783 | $7437 |
| **08/31/16** | $7994 | $10798 | $7991 |
| **09/30/16** | $8376 | $10800 | $8375 |
| **10/31/16** | $7709 | $10603 | $7710 |
| **11/30/16** | $9122 | $10996 | $9129 |
| **12/31/16** | $9041 | $11213 | $9051 |
| **01/31/17** | $8741 | $11426 | $8753 |
| **02/28/17** | $8260 | $11879 | $8273 |
| **03/31/17** | $8186 | $11893 | $8200 |
| **04/30/17** | $7650 | $12015 | $7665 |
| **05/31/17** | $7126 | $12184 | $7141 |
| **06/30/17** | $6992 | $12260 | $7007 |
| **07/31/17** | $7129 | $12512 | $7146 |
| **08/31/17** | $6614 | $12551 | $6630 |
| **09/30/17** | $7490 | $12810 | $7512 |
| **10/31/17** | $7527 | $13109 | $7552 |
| **11/30/17** | $7844 | $13511 | $7872 |
| **12/31/17** | $8197 | $13661 | $8230 |
| **01/31/18** | $8114 | $14443 | $8148 |
| **02/28/18** | $7274 | $13911 | $7306 |
| **03/31/18** | $7767 | $13557 | $7804 |
| **04/30/18** | $8675 | $13609 | $8719 |
| **05/31/18** | $9306 | $13937 | $9355 |
| **06/30/18** | $9503 | $14023 | $9555 |
| **07/31/18** | $9491 | $14544 | $9546 |
| **08/31/18** | $9349 | $15018 | $9405 |
| **09/30/18** | $9572 | $15104 | $9633 |
| **10/31/18** | $7983 | $14072 | $8038 |
| **11/30/18** | $7244 | $14358 | $7294 |
| **12/31/18** | $5882 | $13062 | $5924 |
| **01/31/19** | $6769 | $14109 | $6819 |
| **02/28/19** | $6598 | $14562 | $6648 |
| **03/31/19** | $6827 | $14845 | $6879 |
| **04/30/19** | $6870 | $15446 | $6924 |
| **05/31/19** | $5692 | $14464 | $5736 |
| **06/30/19** | $6071 | $15483 | $6120 |
| **07/31/19** | $5586 | $15706 | $5633 |
| **08/31/19** | $4807 | $15457 | $4847 |
| **09/30/19** | $4995 | $15746 | $5038 |
| **10/31/19** | $4724 | $16087 | $4764 |
| **11/30/19** | $4550 | $16671 | $4588 |
| **12/31/19** | $5334 | $17175 | $5382 |
| **01/31/20** | $4301 | $17168 | $4340 |
| **02/29/20** | $3462 | $15755 | $3492 |
| **03/31/20** | $1868 | $13809 | $1881 |
| **04/30/20** | $3094 | $15579 | $3117 |
| **05/31/20** | $2941 | $16321 | $2962 |
| **06/30/20** | $2983 | $16645 | $3005 |
| **07/31/20** | $2935 | $17584 | $2953 |
| **08/31/20** | $2936 | $18848 | $2957 |
| **09/30/20** | $2425 | $18132 | $2440 |
| **10/31/20** | $2340 | $17650 | $2356 |
| **11/30/20** | $3112 | $19582 | $3135 |
| **12/31/20** | $3387 | $20334 | $3413 |
| **01/31/21** | $3723 | $20129 | $3754 |
| **02/28/21** | $4661 | $20684 | $4702 |
| **03/31/21** | $4727 | $21590 | $4770 |
| **04/30/21** | $4670 | $22742 | $4713 |
| **05/31/21** | $5182 | $22901 | $5232 |
| **06/30/21** | $5648 | $23436 | $5706 |
| **07/31/21** | $4832 | $23993 | $4882 |
| **08/31/21** | $4828 | $24722 | $4881 |
| **09/30/21** | $5667 | $23572 | $5734 |
| **10/31/21** | $6230 | $25224 | $6306 |
| **11/30/21** | $5708 | $25049 | $5778 |
| **12/31/21** | $5648 | $26172 | $5720 |
| **01/31/22** | $6278 | $24817 | $6360 |
| **02/28/22** | $6892 | $24074 | $6984 |
| **03/31/22** | $7955 | $24968 | $8066 |
| **04/30/22** | $7790 | $22791 | $7902 |
| **05/31/22** | $9143 | $22833 | $9278 |
| **06/30/22** | $7105 | $20948 | $7206 |
| **07/31/22** | $8154 | $22879 | $8273 |
| **08/31/22** | $8614 | $21946 | $8743 |
| **09/30/22** | $7488 | $19925 | $7595 |
| **10/31/22** | $9082 | $21538 | $9213 |
| **11/30/22** | $9133 | $22742 | $9267 |
| **12/31/22** | $8216 | $21432 | $8336 |
| **01/31/23** | $8524 | $22778 | $8650 |
| **02/28/23** | $8037 | $22223 | $8158 |
| **03/31/23** | $7776 | $23038 | $7895 |
| **04/30/23** | $7748 | $23398 | $7868 |
| **05/31/23** | $7197 | $23500 | $7311 |
| **06/30/23** | $7902 | $25053 | $8028 |
| **07/31/23** | $8778 | $25857 | $8920 |
| **08/31/23** | $9124 | $25446 | $9275 |
| **09/30/23** | $9120 | $24232 | $9271 |
| **10/31/23** | $8958 | $23723 | $9108 |
| **11/30/23** | $8512 | $25889 | $8657 |
| **12/31/23** | $8507 | $27066 | $8656 |
| **01/31/24** | $8262 | $27520 | $8409 |
| **02/29/24** | $8726 | $28990 | $8882 |
| **03/31/24** | $9685 | $29923 | $9863 |
| **04/30/24** | $9454 | $28700 | $9631 |
| **05/31/24** | $9503 | $30124 | $9683 |
| **06/30/24** | $9146 | $31204 | $9321 |
| **07/31/24** | $9188 | $31584 | $9365 |
| **08/31/24** | $8759 | $32350 | $8931 |
| **09/30/24** | $8312 | $33041 | $8476 |
| **10/31/24** | $8263 | $32742 | $8427 |
| **11/30/24** | $9194 | $34664 | $9380 |
| **12/31/24** | $8421 | $33837 | $8595 |
| **01/31/25** | $8535 | $34780 | $8714 |
| **02/28/25** | $8333 | $34326 | $8508 |
| **03/31/25** | $8425 | $32392 | $8606 |
| **04/30/25** | $7088 | $32172 | $7241 |
| **05/31/25** | $7651 | $34197 | $7818 |
| **06/30/25** | $8096 | $35936 | $8274 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| XOP | (11.48%) | 22.10% | (2.09%) |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Oil & Gas Exploration & Production Select Industry Index | (11.23%) | 22.46% | (1.88%) |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$1,892,962,636

* Number of Portfolio Holdings54

* Portfolio Turnover Rate33%

* Total Advisory Fees Paid$8,441,027

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Oil, Gas & Consumable Fuels | 99.9% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| EQT Corp. | 3.2% |
| HF Sinclair Corp. | 3.2% |
| CNX Resources Corp. | 3.1% |
| Expand Energy Corp. | 3.1% |
| Range Resources Corp. | 3.1% |
| Antero Resources Corp. | 3.0% |
| Marathon Petroleum Corp. | 3.0% |
| Valero Energy Corp. | 3.0% |
| EOG Resources, Inc. | 3.0% |
| Chevron Corp. | 2.9% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR XOP

# SPDR S&P Regional Banking ETF
![Image](g941109g13l21.jpg)

# KRE

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### June 30, 2025
This annual shareholder report contains important information about the SPDR S&P Regional Banking ETF (the "Fund") for the period of July 1, 2024 through June 30, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257.

**What were the Fund costs for the last year? *(based on a hypothetical $10,000 Investment)***

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR S&P Regional Banking ETF | $39 | 0.35% |

---

## How did the Fund perform last year and what affected its performance?
Regional Banking stocks experienced strong returns during the reporting period. The yield curve went from inverted to normal in late 2024, which is a benefit to regional banks who rely on traditional lending to generate profits. Consumer lending and small business loans had strong demand, which also helped regional bank stock returns during the reporting period.

## Fund Performance
The Fund's benchmarks are unmanaged indices used as a general measure of market performance. Calculations assume dividends and capital gains.

### **Comparison of Change in Value of a $10,000 Investment** 

### (Based on Net Asset Value)
![Growth of 10K Chart](g941109g24s01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KRE** | **S&P 500 Index** | **S&P Regional Banks Select Industry Index** |
| **06/30/15** | $10000 | $10000 | $10000 |
| **07/31/15** | $9879 | $10210 | $9882 |
| **08/31/15** | $9315 | $9594 | $9317 |
| **09/30/15** | $9366 | $9356 | $9370 |
| **10/31/15** | $9750 | $10145 | $9758 |
| **11/30/15** | $10384 | $10176 | $10397 |
| **12/31/15** | $9592 | $10015 | $9620 |
| **01/31/16** | $8376 | $9518 | $8400 |
| **02/29/16** | $8019 | $9505 | $8043 |
| **03/31/16** | $8657 | $10150 | $8691 |
| **04/30/16** | $9287 | $10189 | $9326 |
| **05/31/16** | $9583 | $10372 | $9626 |
| **06/30/16** | $8884 | $10399 | $8920 |
| **07/31/16** | $9269 | $10783 | $9310 |
| **08/31/16** | $9936 | $10798 | $9985 |
| **09/30/16** | $9802 | $10800 | $9852 |
| **10/31/16** | $10157 | $10603 | $10213 |
| **11/30/16** | $12155 | $10996 | $12232 |
| **12/31/16** | $12939 | $11213 | $13028 |
| **01/31/17** | $12902 | $11426 | $12995 |
| **02/28/17** | $13382 | $11879 | $13483 |
| **03/31/17** | $12763 | $11893 | $12860 |
| **04/30/17** | $12624 | $12015 | $12723 |
| **05/31/17** | $12129 | $12184 | $12227 |
| **06/30/17** | $12899 | $12260 | $13008 |
| **07/31/17** | $12788 | $12512 | $12900 |
| **08/31/17** | $12213 | $12551 | $12323 |
| **09/30/17** | $13361 | $12810 | $13490 |
| **10/31/17** | $13437 | $13109 | $13570 |
| **11/30/17** | $13981 | $13511 | $14125 |
| **12/31/17** | $13915 | $13661 | $14064 |
| **01/31/18** | $14731 | $14443 | $14894 |
| **02/28/18** | $14543 | $13911 | $14708 |
| **03/31/18** | $14332 | $13557 | $14499 |
| **04/30/18** | $14632 | $13609 | $14808 |
| **05/31/18** | $14978 | $13937 | $15162 |
| **06/30/18** | $14519 | $14023 | $14702 |
| **07/31/18** | $14645 | $14544 | $14834 |
| **08/31/18** | $15037 | $15018 | $15237 |
| **09/30/18** | $14206 | $15104 | $14396 |
| **10/31/18** | $12910 | $14072 | $13083 |
| **11/30/18** | $13347 | $14358 | $13530 |
| **12/31/18** | $11272 | $13062 | $11424 |
| **01/31/19** | $12764 | $14109 | $12942 |
| **02/28/19** | $13646 | $14562 | $13841 |
| **03/31/19** | $12425 | $14845 | $12600 |
| **04/30/19** | $13509 | $15446 | $13705 |
| **05/31/19** | $12157 | $14464 | $12335 |
| **06/30/19** | $13045 | $15483 | $13241 |
| **07/31/19** | $13445 | $15706 | $13651 |
| **08/31/19** | $12224 | $15457 | $12401 |
| **09/30/19** | $12974 | $15746 | $13168 |
| **10/31/19** | $13206 | $16087 | $13407 |
| **11/30/19** | $13789 | $16671 | $14005 |
| **12/31/19** | $14366 | $17175 | $14581 |
| **01/31/20** | $13374 | $17168 | $13577 |
| **02/29/20** | $11700 | $15755 | $11878 |
| **03/31/20** | $8122 | $13809 | $8253 |
| **04/30/20** | $9494 | $15579 | $9649 |
| **05/31/20** | $9501 | $16321 | $9659 |
| **06/30/20** | $9658 | $16645 | $9819 |
| **07/31/20** | $9441 | $17584 | $9600 |
| **08/31/20** | $9710 | $18848 | $9879 |
| **09/30/20** | $9073 | $18132 | $9222 |
| **10/31/20** | $10458 | $17650 | $10636 |
| **11/30/20** | $12098 | $19582 | $12312 |
| **12/31/20** | $13301 | $20334 | $13547 |
| **01/31/21** | $13919 | $20129 | $14178 |
| **02/28/21** | $16463 | $20684 | $16782 |
| **03/31/21** | $17055 | $21590 | $17392 |
| **04/30/21** | $17598 | $22742 | $17951 |
| **05/31/21** | $18182 | $22901 | $18554 |
| **06/30/21** | $16938 | $23436 | $17294 |
| **07/31/21** | $16166 | $23993 | $16510 |
| **08/31/21** | $17038 | $24722 | $17409 |
| **09/30/21** | $17595 | $23572 | $17983 |
| **10/31/21** | $18442 | $25224 | $18855 |
| **11/30/21** | $18152 | $25049 | $18564 |
| **12/31/21** | $18522 | $26172 | $18952 |
| **01/31/22** | $18703 | $24817 | $19147 |
| **02/28/22** | $19417 | $24074 | $19885 |
| **03/31/22** | $18096 | $24968 | $18534 |
| **04/30/22** | $16250 | $22791 | $16646 |
| **05/31/22** | $16890 | $22833 | $17309 |
| **06/30/22** | $15351 | $20948 | $15736 |
| **07/31/22** | $16854 | $22879 | $17286 |
| **08/31/22** | $16537 | $21946 | $16965 |
| **09/30/22** | $15643 | $19925 | $16048 |
| **10/31/22** | $16999 | $21538 | $17448 |
| **11/30/22** | $17159 | $22742 | $17617 |
| **12/31/22** | $15733 | $21432 | $16156 |
| **01/31/23** | $16625 | $22778 | $17076 |
| **02/28/23** | $16475 | $22223 | $16926 |
| **03/31/23** | $11844 | $23038 | $12160 |
| **04/30/23** | $11518 | $23398 | $11828 |
| **05/31/23** | $10498 | $23500 | $10782 |
| **06/30/23** | $11134 | $25053 | $11433 |
| **07/31/23** | $13283 | $25857 | $13648 |
| **08/31/23** | $12152 | $25446 | $12486 |
| **09/30/23** | $11491 | $24232 | $11803 |
| **10/31/23** | $10922 | $23723 | $11215 |
| **11/30/23** | $12403 | $25889 | $12747 |
| **12/31/23** | $14541 | $27066 | $14955 |
| **01/31/24** | $13787 | $27520 | $14182 |
| **02/29/24** | $13377 | $28990 | $13763 |
| **03/31/24** | $14063 | $29923 | $14482 |
| **04/30/24** | $13145 | $28700 | $13537 |
| **05/31/24** | $13656 | $30124 | $14070 |
| **06/30/24** | $13839 | $31204 | $14265 |
| **07/31/24** | $16413 | $31584 | $16927 |
| **08/31/24** | $16303 | $32350 | $16820 |
| **09/30/24** | $16065 | $33041 | $16576 |
| **10/31/24** | $16731 | $32742 | $17268 |
| **11/30/24** | $19208 | $34664 | $19833 |
| **12/31/24** | $17249 | $33837 | $17814 |
| **01/31/25** | $18338 | $34780 | $18945 |
| **02/28/25** | $17733 | $34326 | $18323 |
| **03/31/25** | $16346 | $32392 | $16894 |
| **04/30/25** | $15576 | $32172 | $16103 |
| **05/31/25** | $16359 | $34197 | $16919 |
| **06/30/25** | $17212 | $35936 | $17813 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **1 Year** | **5 Years** | **10 Years** |
| KRE | 24.37% | 12.25% | 5.58% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Regional Banks Select Industry Index | 24.87% | 12.65% | 5.94% |

---

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.**

## Key Fund Statistics as of 6/30/2025
* Total Net Assets$3,379,291,202

* Number of Portfolio Holdings147

* Portfolio Turnover Rate42%

* Total Advisory Fees Paid$13,432,194

## **What did the Fund invest in as of 6/30/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industry** | **%** |
| Banks | 99.7% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Citizens Financial Group, Inc. | 2.6% |
| East West Bancorp, Inc. | 2.6% |
| Truist Financial Corp. | 2.6% |
| First Horizon Corp. | 2.5% |
| Zions Bancorp NA | 2.5% |
| Regions Financial Corp. | 2.5% |
| M&T Bank Corp. | 2.5% |
| Western Alliance Bancorp | 2.5% |
| Huntington Bancshares, Inc. | 2.5% |
| SouthState Corp. | 2.5% |

---

#### Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and

proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.

TSR AR KRE

------

(b) Not applicable.

#### Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics"). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 19(a)(1).

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Board of Trustees of the registrant has determined that the registrant has four Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert."

(2) Dwight Churchill, Clare Richer, Kristi Rowsell, James Ross, Sandra Sponem and Carl Verboncoeur are the registrant's audit committee financial experts. The Board also determined that each of the foregoing persons are not "interested person(s)" of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act").

#### Item 4. Principal Accountant Fees and Services.
(a) <u>Audit Fees</u>.

For the fiscal years ending June 30, 2025 and June 30, 2024, the aggregate audit fees billed for professional services rendered by the principal accountant were $1,485,013 and $1,485,013, respectively. Audit fees include the performance of the annual audits, security counts performed during the course of the period for each series of the registrant and routine regulatory filings (one for each SEC registrant).

(b) <u>Audit-Related Fees</u>.

For the fiscal years ending June 30, 2025 and June 30, 2024, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

(c) <u>Tax Fees</u>.

For the fiscal years ending June 30, 2025 and June 30, 2024, the aggregate tax fees billed for professional services rendered by the principal accountant were $216,969 and $216,969, respectively. Tax fees represent services related to the review of year-end distribution requirements.

(d) <u>All Other Fees</u>.

For the fiscal years ended June 30, 2025 and June 30, 2024, there were no fees billed for professional services rendered by E&Y for products and services provided by E&Y to the Trust, other than the services reported in paragraphs (a) through (c).

For the fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees for professional services rendered by E&Y for products and services provided by E&Y to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approved by the Audit Committee were approximately $9,441,842 and $9,387,702, respectively.

------

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>.

The registrant's Audit Committee Charter states the following with respect to pre-approval procedures:

Before the independent auditors are engaged by the Trust to render audit, audit-related or permissible non-audit services, either:

(a) The Audit Committee shall pre-approve all audit, audit-related and permissible non-audit services provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting;

or

(b) The engagement to render the audit, audit-related or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee's responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.

(c) Pre-Approval for a service provided to the Trust other than audit or audit-related services is not required if: (1) the aggregate amount of all such permissible non-audit services provided to the Trust constitutes not more than five percent (5%) of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the permissible non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be permissible non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

(d) The Audit Committee shall pre-approve any permissible non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors' engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any permissible non-audit services that need to be pre-approved.

Notwithstanding the above, Pre-Approval for any permissible non-audit services under this Sub-section is not required if: (1) the aggregate amount of all such permissible non-audit services constitutes not more than five percent (5%) of the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person) during

------

the fiscal year in which the permissible non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be permissible non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.

(e)(2) <u>Percentage of Services</u>.

One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed for by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser were as follows:

---

| | | |
|:---|:---|:---|
|  | FY 2025<br> (in millions) | FY 2024<br> (in millions) |
|  Non audit services billed to: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant: | See Item 4(c) | See Item 4(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Adviser: |  |  |
|  Other entities in the Investment Company Complex <sup>(1)(2)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Related Fees | $18.5 | $18.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees | $3.3 | $3.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees | $15.8 | $15 |

---

<sup>(1)</sup> Information is for the calendar years 2025 and 2024, respectively.

<sup>(2)</sup> Services under the caption Audit-Related Fees consisted principally of reports on the processing of transactions by servicing organizations, audits of employee benefit plan, non-statutory audits and due diligence procedures. Services under the caption Tax Fees consisted principally of expatriate, compliance and corporate tax advisory services. Services under the caption All Other Fees primarily related to statutory and financial statement audits and the requirement to opine on the design and operating effectiveness of internal control over financial reporting. 

(h) The registrant's principal accountant notified the registrant's Audit Committee of all non-audit services that were rendered by the principal accountant to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the registrant, which services were not required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, allowing the registrant's Audit Committee to consider whether such services were compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

------

#### Item 5. Audit Committees of Listed Registrants.
The registrant has an audit committee which was established by the Board of Trustees of the Trust in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "1934 Act"). The members of the registrant's Audit Committee are Dwight Churchill, Carolyn Clancy, Clare Richer, Kristi Rowsell, James Ross, Sandra Sponem and Carl Verboncoeur.

#### Item 6. Investments.
(a) A Schedule of Investments for each applicable series of the registrant is included as a part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

## Annual Financial Statements and Other Information
June 30, 2025

## SPDR<sup>®</sup> Series Trust - Equity Funds

---

| |
|:---|
| SPDR MSCI USA Climate Paris Aligned ETF |
| SPDR Russell 1000 Low Volatility Focus ETF |
| SPDR Russell 1000 Momentum Focus ETF |
| SPDR Russell 1000 Yield Focus ETF |
| SPDR S&P 400 Mid Cap Growth ETF |
| SPDR S&P 400 Mid Cap Value ETF |
| SPDR S&P 500 ESG ETF |
| SPDR S&P 600 Small Cap Growth ETF |
| SPDR S&P 600 Small Cap Value ETF |
| SPDR S&P 1500 Momentum Tilt ETF |
| SPDR S&P 1500 Value Tilt ETF |
| SPDR S&P Kensho Clean Power ETF |
| SPDR S&P Kensho Final Frontiers ETF |
| SPDR S&P Kensho Future Security ETF |
| SPDR S&P Kensho Intelligent Structures ETF |
| SPDR S&P Kensho New Economies Composite ETF |
| SPDR S&P Kensho Smart Mobility ETF |
| SPDR S&P SmallCap 600 ESG ETF |
| SPDR SSGA US Large Cap Low Volatility Index ETF |
| SPDR SSGA US Small Cap Low Volatility Index ETF |

---

**The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting *www.ssga.com*. Please read the prospectus carefully before you invest.**![](g941109imgbcafde321.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedules of Investments (N-CSR Item 6)](#xx_5620af71-b280-4cdf-bbbd-caa3703b0ad2_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR MSCI USA Climate Paris Aligned ETF](#xx_5620af71-b280-4cdf-bbbd-caa3703b0ad2_1)**[(](#xx_5620af71-b280-4cdf-bbbd-caa3703b0ad2_1)**[NZUS](#xx_5620af71-b280-4cdf-bbbd-caa3703b0ad2_1)**[)](#xx_5620af71-b280-4cdf-bbbd-caa3703b0ad2_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR Russell 1000 Low Volatility Focus ETF](#xx_a0e46719-1f5d-4d5c-a193-967f70926928_1)**[(](#xx_a0e46719-1f5d-4d5c-a193-967f70926928_1)**[ONEV](#xx_a0e46719-1f5d-4d5c-a193-967f70926928_1)**[)](#xx_a0e46719-1f5d-4d5c-a193-967f70926928_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;[SPDR Russell 1000 Momentum Focus ETF](#xx_80d69f4f-2d81-4b06-b881-e83588178e0a_1)**[(](#xx_80d69f4f-2d81-4b06-b881-e83588178e0a_1)**[ONEO](#xx_80d69f4f-2d81-4b06-b881-e83588178e0a_1)**[)](#xx_80d69f4f-2d81-4b06-b881-e83588178e0a_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;[SPDR Russell 1000 Yield Focus ETF](#xx_c3f363d2-ac94-4ecc-8895-f6446a3eb8ae_1)**[(](#xx_c3f363d2-ac94-4ecc-8895-f6446a3eb8ae_1)**[ONEY](#xx_c3f363d2-ac94-4ecc-8895-f6446a3eb8ae_1)**[)](#xx_c3f363d2-ac94-4ecc-8895-f6446a3eb8ae_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P 400 Mid Cap Growth ETF](#xx_addd4cf5-48b2-404c-bc1d-4070aa391556_1)**[(](#xx_addd4cf5-48b2-404c-bc1d-4070aa391556_1)**[MDYG](#xx_addd4cf5-48b2-404c-bc1d-4070aa391556_1)**[)](#xx_addd4cf5-48b2-404c-bc1d-4070aa391556_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P 400 Mid Cap Value ETF](#xx_6f886433-44d0-4080-b666-44367f5eaa5f_1)**[(](#xx_6f886433-44d0-4080-b666-44367f5eaa5f_1)**[MDYV](#xx_6f886433-44d0-4080-b666-44367f5eaa5f_1)**[)](#xx_6f886433-44d0-4080-b666-44367f5eaa5f_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P 500 ESG ETF](#xx_02c3f2a7-fbe7-425c-b79f-adf5cd0476be_1)**[(](#xx_02c3f2a7-fbe7-425c-b79f-adf5cd0476be_1)**[EFIV](#xx_02c3f2a7-fbe7-425c-b79f-adf5cd0476be_1)**[)](#xx_02c3f2a7-fbe7-425c-b79f-adf5cd0476be_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P 600 Small Cap Growth ETF](#xx_50c79a5d-936a-47ac-b3c2-f922bfd9d498_1)**[(](#xx_50c79a5d-936a-47ac-b3c2-f922bfd9d498_1)**[SLYG](#xx_50c79a5d-936a-47ac-b3c2-f922bfd9d498_1)**[)](#xx_50c79a5d-936a-47ac-b3c2-f922bfd9d498_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P 600 Small Cap Value ETF](#xx_9905caa1-e4cf-49fc-8375-c0788b99c604_1)**[(](#xx_9905caa1-e4cf-49fc-8375-c0788b99c604_1)**[SLYV](#xx_9905caa1-e4cf-49fc-8375-c0788b99c604_1)**[)](#xx_9905caa1-e4cf-49fc-8375-c0788b99c604_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P 1500 Momentum Tilt ETF](#xx_6d129363-7917-4642-84a3-1850c63de2d9_1)**[(](#xx_6d129363-7917-4642-84a3-1850c63de2d9_1)**[MMTM](#xx_6d129363-7917-4642-84a3-1850c63de2d9_1)**[)](#xx_6d129363-7917-4642-84a3-1850c63de2d9_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P 1500 Value Tilt ETF](#xx_a17a858f-a964-475a-8aca-0b99f5114bef_1)**[(](#xx_a17a858f-a964-475a-8aca-0b99f5114bef_1)**[VLU](#xx_a17a858f-a964-475a-8aca-0b99f5114bef_1)**[)](#xx_a17a858f-a964-475a-8aca-0b99f5114bef_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Kensho Clean Power ETF](#xx_dced22f1-bb86-4fe1-84d1-cd58d746093c_1)**[(](#xx_dced22f1-bb86-4fe1-84d1-cd58d746093c_1)**[CNRG](#xx_dced22f1-bb86-4fe1-84d1-cd58d746093c_1)**[)](#xx_dced22f1-bb86-4fe1-84d1-cd58d746093c_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Kensho Final Frontiers ETF](#xx_57704550-9ad6-483f-b08a-91af9eb22c94_1)**[(](#xx_57704550-9ad6-483f-b08a-91af9eb22c94_1)**[ROKT](#xx_57704550-9ad6-483f-b08a-91af9eb22c94_1)**[)](#xx_57704550-9ad6-483f-b08a-91af9eb22c94_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Kensho Future Security ETF](#xx_9d88521f-780b-45b6-8c23-3722e3b423ca_1)**[(](#xx_9d88521f-780b-45b6-8c23-3722e3b423ca_1)**[FITE](#xx_9d88521f-780b-45b6-8c23-3722e3b423ca_1)**[)](#xx_9d88521f-780b-45b6-8c23-3722e3b423ca_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Kensho Intelligent Structures ETF](#xx_72376c7d-44de-4bc2-8651-1b7c1a9d6c09_1)**[(](#xx_72376c7d-44de-4bc2-8651-1b7c1a9d6c09_1)**[SIMS](#xx_72376c7d-44de-4bc2-8651-1b7c1a9d6c09_1)**[)](#xx_72376c7d-44de-4bc2-8651-1b7c1a9d6c09_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Kensho New Economies Composite ETF](#xx_37c27c38-2636-4daf-8a0c-f5ae58ed1757_1)**[(](#xx_37c27c38-2636-4daf-8a0c-f5ae58ed1757_1)**[KOMP](#xx_37c27c38-2636-4daf-8a0c-f5ae58ed1757_1)**[)](#xx_37c27c38-2636-4daf-8a0c-f5ae58ed1757_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Kensho Smart Mobility ETF](#xx_713d8699-6263-4fb2-b087-122e6cc1d014_1)**[(](#xx_713d8699-6263-4fb2-b087-122e6cc1d014_1)**[HAIL](#xx_713d8699-6263-4fb2-b087-122e6cc1d014_1)**[)](#xx_713d8699-6263-4fb2-b087-122e6cc1d014_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P SmallCap 600 ESG ETF](#xx_ca9495ad-480d-4853-88a3-c31e07b5a510_1)**[(](#xx_ca9495ad-480d-4853-88a3-c31e07b5a510_1)**[ESIX](#xx_ca9495ad-480d-4853-88a3-c31e07b5a510_1)**[)](#xx_ca9495ad-480d-4853-88a3-c31e07b5a510_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;112 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA US Large Cap Low Volatility Index ETF](#xx_0a06e1dc-7791-43d0-871d-1dad14dd2322_1)**[(](#xx_0a06e1dc-7791-43d0-871d-1dad14dd2322_1)**[LGLV](#xx_0a06e1dc-7791-43d0-871d-1dad14dd2322_1)**[)](#xx_0a06e1dc-7791-43d0-871d-1dad14dd2322_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;119 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA US Small Cap Low Volatility Index ETF](#xx_98a16c63-5cbe-4099-8977-58924a161ae5_1)**[(](#xx_98a16c63-5cbe-4099-8977-58924a161ae5_1)**[SMLV](#xx_98a16c63-5cbe-4099-8977-58924a161ae5_1)**[)](#xx_98a16c63-5cbe-4099-8977-58924a161ae5_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;123 |
| **[Financial Statements (N-CSR Item 7)](#xx_912f82c9-67f0-484c-b9b7-db53ad9128c9_2)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| **[Financial Highlights (N-CSR Item 7)](#xx_1cb88472-c560-4468-9c82-2f978e476458_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;151 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_65e5eb78-d297-48c5-9168-5fd4bd5675c0_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;171 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_1d033d2e-0809-4da6-9d2b-4f21a5c47ac4_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;185 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_88764001-a5a0-400b-9a62-36b52482fa78_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_e76dd960-f1af-478f-a429-4869bbb375a4_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;189 |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR MSCI USA CLIMATE PARIS ALIGNED ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 0.9%** | **AEROSPACE & DEFENSE — 0.9%** | **AEROSPACE & DEFENSE — 0.9%** |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;29 | &nbsp;&nbsp;$24010 |
| **AUTOMOBILES — 3.9%** | **AUTOMOBILES — 3.9%** | **AUTOMOBILES — 3.9%** |
| Rivian Automotive, Inc. Class A (a) | 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893 |
| Tesla, Inc. (a) | 287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101061 |
| **BANKS — 1.9%** | **BANKS — 1.9%** | **BANKS — 1.9%** |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| JPMorgan Chase & Co. | 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39428 |
| M&T Bank Corp. | &nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1940 |
| Wells Fargo & Co. | &nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49438 |
| **BEVERAGES — 0.4%** | **BEVERAGES — 0.4%** | **BEVERAGES — 0.4%** |
| Brown-Forman Corp. Class B | 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4709 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9394 |
| **BIOTECHNOLOGY — 1.6%** | **BIOTECHNOLOGY — 1.6%** | **BIOTECHNOLOGY — 1.6%** |
| AbbVie, Inc. | &nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15778 |
| Alnylam Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3587 |
| Amgen, Inc. | &nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 |
| Incyte Corp. (a) | &nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41939 |
| **BROADLINE RETAIL — 4.1%** | **BROADLINE RETAIL — 4.1%** | **BROADLINE RETAIL — 4.1%** |
| Amazon.com, Inc. (a) | 454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99603 |
| MercadoLibre, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107444 |
| **CAPITAL MARKETS — 4.1%** | **CAPITAL MARKETS — 4.1%** | **CAPITAL MARKETS — 4.1%** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6469 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148 |
| Blackstone, Inc. | &nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265 |
| Charles Schwab Corp. | 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12044 |
| CME Group, Inc. | &nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9371 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8256 |
| KKR & Co., Inc. | &nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257 |
| Moody's Corp. | &nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19562 |
| Nasdaq, Inc. | &nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885 |
| Northern Trust Corp. | &nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916 |
| S&P Global, Inc. | &nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20037 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Tradeweb Markets, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107998 |
| **CHEMICALS — 1.7%** | **CHEMICALS — 1.7%** | **CHEMICALS — 1.7%** |
| Sherwin-Williams Co. | 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44637 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.6%** | **COMMERCIAL SERVICES & SUPPLIES — 0.6%** | **COMMERCIAL SERVICES & SUPPLIES — 0.6%** |
| Cintas Corp. | &nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903 |
| Copart, Inc. (a) | &nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827 |
| Rollins, Inc. | &nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498 |
| Veralto Corp. | &nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16973 |
| **COMMUNICATIONS EQUIPMENT — 1.2%** | **COMMUNICATIONS EQUIPMENT — 1.2%** | **COMMUNICATIONS EQUIPMENT — 1.2%** |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 |
| Cisco Systems, Inc. | 192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13321 |
| F5, Inc. (a) | &nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5298 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31597 |
| **CONSUMER FINANCE — 0.4%** | **CONSUMER FINANCE — 0.4%** | **CONSUMER FINANCE — 0.4%** |
| American Express Co. | &nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11164 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% <sup>\*</sup>** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% <sup>\*</sup>** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% <sup>\*</sup>** |
| Verizon Communications, Inc. | &nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 |
| **ELECTRIC UTILITIES — 0.7%** | **ELECTRIC UTILITIES — 0.7%** | **ELECTRIC UTILITIES — 0.7%** |
| Edison International | 374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19298 |
| **ELECTRICAL EQUIPMENT — 1.0%** | **ELECTRICAL EQUIPMENT — 1.0%** | **ELECTRICAL EQUIPMENT — 1.0%** |
| AMETEK, Inc. | &nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13210 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26829 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.2%** |
| Ralliant Corp. (a) | &nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972 |
| Trimble, Inc. (a) | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5771 |
| **ENTERTAINMENT — 1.4%** | **ENTERTAINMENT — 1.4%** | **ENTERTAINMENT — 1.4%** |
| Liberty Media Corp.-Liberty Formula One Class C (a) | &nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 |
| Netflix, Inc. (a) | &nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33478 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37167 |
| **FINANCIAL SERVICES — 5.4%** | **FINANCIAL SERVICES — 5.4%** | **FINANCIAL SERVICES — 5.4%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682 |
| Block, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 |
| Mastercard, Inc. Class A | 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66871 |
| PayPal Holdings, Inc. (a) | &nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533 |
| Visa, Inc. Class A | 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62844 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141610 |
| **GROUND TRANSPORTATION — 0.3%** | **GROUND TRANSPORTATION — 0.3%** | **GROUND TRANSPORTATION — 0.3%** |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3571 |
| Uber Technologies, Inc. (a) | &nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9169 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR MSCI USA CLIMATE PARIS ALIGNED ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.0%** |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;82 | &nbsp;&nbsp;$8808 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 |
| Insulet Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25044 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.5%** | **HEALTH CARE PROVIDERS & SERVICES — 0.5%** | **HEALTH CARE PROVIDERS & SERVICES — 0.5%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13415 |
| **HEALTH CARE REITs — 0.5%** | **HEALTH CARE REITs — 0.5%** | **HEALTH CARE REITs — 0.5%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721 |
| Healthpeak Properties, Inc. REIT | 528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13966 |
| **HEALTH CARE TECHNOLOGY — 0.1%** | **HEALTH CARE TECHNOLOGY — 0.1%** | **HEALTH CARE TECHNOLOGY — 0.1%** |
| Veeva Systems, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 |
| **HOTELS, RESTAURANTS & LEISURE — 1.8%** | **HOTELS, RESTAURANTS & LEISURE — 1.8%** | **HOTELS, RESTAURANTS & LEISURE — 1.8%** |
| Airbnb, Inc. Class A (a) | &nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 |
| Chipotle Mexican Grill, Inc. (a) | &nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 |
| McDonald's Corp. | &nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23958 |
| Starbucks Corp. | &nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506 |
| Yum! Brands, Inc. | &nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45993 |
| **HOUSEHOLD DURABLES — 0.2%** | **HOUSEHOLD DURABLES — 0.2%** | **HOUSEHOLD DURABLES — 0.2%** |
| Garmin Ltd. | &nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 |
| **HOUSEHOLD PRODUCTS — 0.2%** | **HOUSEHOLD PRODUCTS — 0.2%** | **HOUSEHOLD PRODUCTS — 0.2%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5767 |
| **INDUSTRIAL REITs — 0.7%** | **INDUSTRIAL REITs — 0.7%** | **INDUSTRIAL REITs — 0.7%** |
| Prologis, Inc. REIT | 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17240 |
| **INSURANCE — 3.5%** | **INSURANCE — 3.5%** | **INSURANCE — 3.5%** |
| Aflac, Inc. | 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13499 |
| American Financial Group, Inc. | &nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913 |
| Aon PLC Class A | &nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 |
| Brown & Brown, Inc. | &nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654 |
| Chubb Ltd. | &nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10140 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2081 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 |
| Markel Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713 |
| MetLife, Inc. | &nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217 |
| Progressive Corp. | &nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9607 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873 |
| W.R. Berkley Corp. | &nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865 |
| Willis Towers Watson PLC | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91229 |
| **INTERACTIVE MEDIA & SERVICES — 6.6%** | **INTERACTIVE MEDIA & SERVICES — 6.6%** | **INTERACTIVE MEDIA & SERVICES — 6.6%** |
| Alphabet, Inc. Class A | 172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30311 |
| Alphabet, Inc. Class C | 335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59426 |
| Meta Platforms, Inc. Class A | 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82666 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Pinterest, Inc. Class A (a) | &nbsp;&nbsp;20 | &nbsp;&nbsp;$717 |
| Snap, Inc. Class A (a) | &nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173459 |
| **IT SERVICES — 2.3%** | **IT SERVICES — 2.3%** | **IT SERVICES — 2.3%** |
| Accenture PLC Class A | &nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12254 |
| International Business Machines Corp. | 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44807 |
| MongoDB, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 |
| Okta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| Snowflake, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60634 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.7%** | **LIFE SCIENCES TOOLS & SERVICES — 1.7%** | **LIFE SCIENCES TOOLS & SERVICES — 1.7%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242 |
| Danaher Corp. | &nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10865 |
| Illumina, Inc. (a) | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048 |
| Revvity, Inc. | &nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10137 |
| Waters Corp. (a) | &nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4538 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44381 |
| **MACHINERY — 1.7%** | **MACHINERY — 1.7%** | **MACHINERY — 1.7%** |
| Fortive Corp. | 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360 |
| Graco, Inc. | &nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 |
| IDEX Corp. | &nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4916 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 |
| Xylem, Inc. | 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45302 |
| **MEDIA — 0.1%** | **MEDIA — 0.1%** | **MEDIA — 0.1%** |
| Charter Communications, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 |
| Trade Desk, Inc. Class A (a) | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427 |
| **OFFICE REITs — 0.4%** | **OFFICE REITs — 0.4%** | **OFFICE REITs — 0.4%** |
| BXP, Inc. REIT | 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9783 |
| **PERSONAL CARE PRODUCTS — 0.0% <sup>\*</sup>** | **PERSONAL CARE PRODUCTS — 0.0% <sup>\*</sup>** | **PERSONAL CARE PRODUCTS — 0.0% <sup>\*</sup>** |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 |
| **PHARMACEUTICALS — 5.7%** | **PHARMACEUTICALS — 5.7%** | **PHARMACEUTICALS — 5.7%** |
| Bristol-Myers Squibb Co. | 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7267 |
| Eli Lilly & Co. | &nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71717 |
| Johnson & Johnson | 153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23371 |
| Merck & Co., Inc. | 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13536 |
| Pfizer, Inc. | 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6084 |
| Royalty Pharma PLC Class A | 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11566 |
| Zoetis, Inc. | &nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148668 |
| **PROFESSIONAL SERVICES — 0.6%** | **PROFESSIONAL SERVICES — 0.6%** | **PROFESSIONAL SERVICES — 0.6%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 |
| Equifax, Inc. | &nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 |
| Paychex, Inc. | &nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR MSCI USA CLIMATE PARIS ALIGNED ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$264 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14469 |
| **RESIDENTIAL REITs — 0.9%** | **RESIDENTIAL REITs — 0.9%** | **RESIDENTIAL REITs — 0.9%** |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10582 |
| Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23497 |
| **RETAIL REITs — 0.1%** | **RETAIL REITs — 0.1%** | **RETAIL REITs — 0.1%** |
| Simon Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.3%** |
| Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19157 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17614 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59540 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16388 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40867 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 |
| NVIDIA Corp. | 1563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246938 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427577 |
| **SOFTWARE — 12.6%** | **SOFTWARE — 12.6%** | **SOFTWARE — 12.6%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11219 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 |
| HubSpot, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18903 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202446 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24705 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17998 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28786 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5127 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 |
| Zoom Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331574 |
| **SPECIALIZED REITs — 4.2%** | **SPECIALIZED REITs — 4.2%** | **SPECIALIZED REITs — 4.2%** |
| American Tower Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;$54391 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109236 |
| **SPECIALTY RETAIL — 0.9%** | **SPECIALTY RETAIL — 0.9%** | **SPECIALTY RETAIL — 0.9%** |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20899 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23238 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.0%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158391 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.1%** |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.2%** | **TRADING COMPANIES & DISTRIBUTORS — 0.2%** | **TRADING COMPANIES & DISTRIBUTORS — 0.2%** |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132 |
| **WATER UTILITIES — 1.0%** | **WATER UTILITIES — 1.0%** | **WATER UTILITIES — 1.0%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25040 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 |
| **TOTAL COMMON STOCKS<br>(Cost $2,496,885)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619268 |
| **SHORT-TERM INVESTMENT — 0.1%** | **SHORT-TERM INVESTMENT — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (b) (c)<br>(Cost $3,707) | 3707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 |
| **TOTAL INVESTMENTS — 99.9%<br>(Cost $2,500,592)<br>** | **TOTAL INVESTMENTS — 99.9%<br>(Cost $2,500,592)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;2622975 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $2624343 |

---

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR MSCI USA CLIMATE PARIS ALIGNED ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $2619268 | $— | $— | $2619268 |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 |
| **TOTAL INVESTMENTS<br>**  | $2622975 | $— | $— | $2622975 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at 6/30/24** | **Value at<br> 6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at 6/30/25** | **Value at<br> 6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 7745 | $7747 | $28397 | $36145 | $1 | $— | &nbsp;&nbsp;&nbsp;&nbsp;— | $— | $51 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;167556 | &nbsp;&nbsp;163849 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 3707 | &nbsp;&nbsp;3707 | &nbsp;&nbsp;294 |
| Total<br>|  | $7747 | $195953 | $199994 | $1 | $— |  | $3707 | $345 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AEROSPACE & DEFENSE — 1.7%** | **AEROSPACE & DEFENSE — 1.7%** | **AEROSPACE & DEFENSE — 1.7%** |
| BWX Technologies, Inc. | &nbsp;&nbsp;4856 | &nbsp;&nbsp;$699555 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813436 |
| General Dynamics Corp. | &nbsp;&nbsp;9018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630190 |
| Hexcel Corp. | &nbsp;&nbsp;5908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333743 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594716 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201022 |
| Northrop Grumman Corp. | &nbsp;&nbsp;3628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813927 |
| Textron, Inc. | 13324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069784 |
| Woodward, Inc. | &nbsp;&nbsp;3203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941396 |
| **AIR FREIGHT & LOGISTICS — 1.5%** | **AIR FREIGHT & LOGISTICS — 1.5%** | **AIR FREIGHT & LOGISTICS — 1.5%** |
| CH Robinson Worldwide, Inc. | 15852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520999 |
| Expeditors International of Washington, Inc. | 25389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900693 |
| FedEx Corp. | &nbsp;&nbsp;7051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602763 |
| United Parcel Service, Inc. Class B | 28655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2892436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8916891 |
| **AIRLINES — 0.0% <sup>\*</sup>** | **AIRLINES — 0.0% <sup>\*</sup>** | **AIRLINES — 0.0% <sup>\*</sup>** |
| Alaska Air Group, Inc. (a) | &nbsp;&nbsp;4827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238840 |
| **AUTO COMPONENTS — 0.8%** | **AUTO COMPONENTS — 0.8%** | **AUTO COMPONENTS — 0.8%** |
| Aptiv PLC (a) | 19241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312621 |
| BorgWarner, Inc. | 45385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519490 |
| Gentex Corp. | 47107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035883 |
| Lear Corp. | 11111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923317 |
| **AUTOMOBILES — 0.1%** | **AUTOMOBILES — 0.1%** | **AUTOMOBILES — 0.1%** |
| Harley-Davidson, Inc. | &nbsp;&nbsp;4841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114247 |
| Thor Industries, Inc. (b) | &nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356432 |
| **BANKS — 0.2%** | **BANKS — 0.2%** | **BANKS — 0.2%** |
| Bank OZK | &nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240053 |
| BOK Financial Corp. | &nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125064 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;6291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391111 |
| FNB Corp. | 15791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230233 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;4757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320593 |
| **BEVERAGES — 0.9%** | **BEVERAGES — 0.9%** | **BEVERAGES — 0.9%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95214 |
| Brown-Forman Corp. Class A (b) | &nbsp;&nbsp;3449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94744 |
| Brown-Forman Corp. Class B | 11756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316354 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361299 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;6841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112894 |
| Keurig Dr. Pepper, Inc. | 31176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030679 |
| Molson Coors Beverage Co. Class B | 26444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271692 |
| Monster Beverage Corp. (a) | 16577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321259 |
| **BIOTECHNOLOGY — 1.7%** | **BIOTECHNOLOGY — 1.7%** | **BIOTECHNOLOGY — 1.7%** |
| BioMarin Pharmaceutical, Inc. (a) | 14784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812677 |
| Exelixis, Inc. (a) | 21710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956868 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Incyte Corp. (a) | 14310 | &nbsp;&nbsp;$974511 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;7602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955495 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;7639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010475 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;7686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9918598 |
| **BROADLINE RETAIL — 0.5%** | **BROADLINE RETAIL — 0.5%** | **BROADLINE RETAIL — 0.5%** |
| eBay, Inc. | 39365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2931118 |
| **BUILDING PRODUCTS — 1.8%** | **BUILDING PRODUCTS — 1.8%** | **BUILDING PRODUCTS — 1.8%** |
| A.O. Smith Corp. | 23726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555714 |
| AAON, Inc. | &nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139978 |
| Allegion PLC | &nbsp;&nbsp;7658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103671 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;3332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541250 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;3236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377609 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;5333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991342 |
| Fortune Brands Innovations, Inc. | 10937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563037 |
| Lennox International, Inc. | &nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996864 |
| Masco Corp. | 35234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267660 |
| Owens Corning | &nbsp;&nbsp;4147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570295 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;4623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10825418 |
| **CAPITAL MARKETS — 3.5%** | **CAPITAL MARKETS — 3.5%** | **CAPITAL MARKETS — 3.5%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;4677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920293 |
| Cboe Global Markets, Inc. | 12207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2846794 |
| Evercore, Inc. Class A | &nbsp;&nbsp;4139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117613 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;5238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342853 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;4122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585819 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;9554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719242 |
| Invesco Ltd. | 21328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336343 |
| Janus Henderson Group PLC | 20563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798667 |
| Lazard, Inc. | 14308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686498 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;3260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728088 |
| Morningstar, Inc. | &nbsp;&nbsp;2351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738049 |
| SEI Investments Co. | 21663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946637 |
| Stifel Financial Corp. | &nbsp;&nbsp;3882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402874 |
| T. Rowe Price Group, Inc. | 45690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409085 |
| Tradeweb Markets, Inc. Class A | &nbsp;&nbsp;7592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20690324 |
| **CHEMICALS — 2.5%** | **CHEMICALS — 2.5%** | **CHEMICALS — 2.5%** |
| Ashland, Inc. | &nbsp;&nbsp;9743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489878 |
| Axalta Coating Systems Ltd. (a) | 18223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541041 |
| CF Industries Holdings, Inc. | 19271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772932 |
| Dow, Inc. | 53930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428066 |
| DuPont de Nemours, Inc. | 12534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859707 |
| Eastman Chemical Co. | 23902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784523 |
| Element Solutions, Inc. | 24910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564212 |
| FMC Corp. | 10090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421258 |
| Huntsman Corp. | 14857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154810 |
| International Flavors & Fragrances, Inc. | 10433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767347 |
| LyondellBasell Industries NV Class A | 38660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236868 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422115 |
| PPG Industries, Inc. | 10262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167303 |
| RPM International, Inc. | 16235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783252 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3927 | &nbsp;&nbsp;$298177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14691489 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.7%** | **COMMERCIAL SERVICES & SUPPLIES — 0.7%** | **COMMERCIAL SERVICES & SUPPLIES — 0.7%** |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855366 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812186 |
| Rollins, Inc. | &nbsp;&nbsp;17453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984698 |
| Tetra Tech, Inc. | &nbsp;&nbsp;15991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575036 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188330 |
| **COMMUNICATIONS EQUIPMENT — 0.7%** | **COMMUNICATIONS EQUIPMENT — 0.7%** | **COMMUNICATIONS EQUIPMENT — 0.7%** |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610030 |
| Juniper Networks, Inc. | &nbsp;&nbsp;32006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888029 |
| **CONSTRUCTION & ENGINEERING — 0.9%** | **CONSTRUCTION & ENGINEERING — 0.9%** | **CONSTRUCTION & ENGINEERING — 0.9%** |
| AECOM | &nbsp;&nbsp;15848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788605 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071094 |
| Everus Construction Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207426 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979057 |
| WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5181401 |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550143 |
| **CONSUMER FINANCE — 0.3%** | **CONSUMER FINANCE — 0.3%** | **CONSUMER FINANCE — 0.3%** |
| Synchrony Financial | &nbsp;&nbsp;22309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488903 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.7%** |
| Albertsons Cos., Inc. Class A | &nbsp;&nbsp;48305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039040 |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;21543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322982 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984821 |
| Dollar General Corp. | &nbsp;&nbsp;29170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336465 |
| Kroger Co. | &nbsp;&nbsp;31274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243284 |
| Sprouts Farmers Market, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618223 |
| Sysco Corp. | &nbsp;&nbsp;19860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504196 |
| Target Corp. | &nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953270 |
| U.S. Foods Holding Corp. (a) | &nbsp;&nbsp;17762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367852 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;24246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15648477 |
| **CONTAINERS & PACKAGING — 1.9%** | **CONTAINERS & PACKAGING — 1.9%** | **CONTAINERS & PACKAGING — 1.9%** |
| Amcor PLC | 132578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218392 |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488901 |
| Ardagh Group SA (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12113 |
| Avery Dennison Corp. | &nbsp;&nbsp;13353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343051 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937015 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;35791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754116 |
| International Paper Co. | &nbsp;&nbsp;30664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435995 |
| Packaging Corp. of America | &nbsp;&nbsp;10245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930670 |
| Sealed Air Corp. | &nbsp;&nbsp;15440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479103 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451753 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133947 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11185056 |
| **DISTRIBUTORS — 0.9%** | **DISTRIBUTORS — 0.9%** | **DISTRIBUTORS — 0.9%** |
| Genuine Parts Co. | &nbsp;&nbsp;15640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897288 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| LKQ Corp. | &nbsp;&nbsp;54044 | &nbsp;&nbsp;$2000169 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189296 |
| **DIVERSIFIED CONSUMER SERVICES — 0.7%** | **DIVERSIFIED CONSUMER SERVICES — 0.7%** | **DIVERSIFIED CONSUMER SERVICES — 0.7%** |
| Bright Horizons Family Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363973 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;&nbsp;4992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943488 |
| H&R Block, Inc. | &nbsp;&nbsp;27616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515842 |
| Service Corp. International | &nbsp;&nbsp;13492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098249 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921552 |
| **DIVERSIFIED REITs — 0.2%** | **DIVERSIFIED REITs — 0.2%** | **DIVERSIFIED REITs — 0.2%** |
| WP Carey, Inc. REIT | &nbsp;&nbsp;15308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954913 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%** |
| GCI Liberty, Inc. (a) (c) | &nbsp;&nbsp;10520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Iridium Communications, Inc. (b) | &nbsp;&nbsp;&nbsp;7163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216108 |
| Liberty Global Ltd. Class A (a) | &nbsp;&nbsp;35765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358007 |
| Liberty Global Ltd. Class C (a) | &nbsp;&nbsp;29428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877518 |
| **ELECTRIC UTILITIES — 4.3%** | **ELECTRIC UTILITIES — 4.3%** | **ELECTRIC UTILITIES — 4.3%** |
| Alliant Energy Corp. | &nbsp;&nbsp;20860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261404 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;22271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310839 |
| Edison International | &nbsp;&nbsp;51817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673757 |
| Entergy Corp. | &nbsp;&nbsp;22517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871613 |
| Evergy, Inc. | &nbsp;&nbsp;30852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126628 |
| Eversource Energy | &nbsp;&nbsp;19918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267183 |
| Exelon Corp. | &nbsp;&nbsp;52295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270649 |
| FirstEnergy Corp. | &nbsp;&nbsp;29439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185214 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;8019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925794 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;6205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996399 |
| OGE Energy Corp. | &nbsp;&nbsp;30789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366416 |
| PG&E Corp. | 114543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596729 |
| Pinnacle West Capital Corp. (b) | &nbsp;&nbsp;19635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756744 |
| PPL Corp. | &nbsp;&nbsp;49629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681927 |
| Xcel Energy, Inc. | &nbsp;&nbsp;26778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823582 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25114878 |
| **ELECTRICAL EQUIPMENT — 0.8%** | **ELECTRICAL EQUIPMENT — 0.8%** | **ELECTRICAL EQUIPMENT — 0.8%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759574 |
| AMETEK, Inc. | &nbsp;&nbsp;10315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866602 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;3722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520102 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;8656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406910 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%** |
| Arrow Electronics, Inc. (a) | &nbsp;&nbsp;&nbsp;4838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616506 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;8137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431912 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;5123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162502 |
| Crane NXT Co. (b) | &nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175822 |
| Flex Ltd. (a) | &nbsp;&nbsp;45974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295022 |
| Jabil, Inc. | &nbsp;&nbsp;15684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420680 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369116 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;5263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255219 |
| TD SYNNEX Corp. | &nbsp;&nbsp;15888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156002 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238766 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Trimble, Inc. (a) | 12852 | &nbsp;&nbsp;$976495 |
| Vontier Corp. | 11576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427154 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12963684 |
| **ENTERTAINMENT — 0.6%** | **ENTERTAINMENT — 0.6%** | **ENTERTAINMENT — 0.6%** |
| Electronic Arts, Inc. | 19864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172281 |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512869 |
| **FINANCIAL SERVICES — 1.1%** | **FINANCIAL SERVICES — 1.1%** | **FINANCIAL SERVICES — 1.1%** |
| Corpay, Inc. (a) | &nbsp;&nbsp;2952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979533 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;5107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517748 |
| Global Payments, Inc. | 15677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254787 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;8038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448207 |
| MGIC Investment Corp. | 48586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352634 |
| Voya Financial, Inc. | &nbsp;&nbsp;5723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406333 |
| Western Union Co. | 68753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578900 |
| WEX, Inc. (a) | &nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6689879 |
| **FOOD PRODUCTS — 4.0%** | **FOOD PRODUCTS — 4.0%** | **FOOD PRODUCTS — 4.0%** |
| Archer-Daniels-Midland Co. | 35937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896755 |
| Bunge Global SA | 12113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972432 |
| Campbell's Co. | 12628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387048 |
| Conagra Brands, Inc. | 86561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771904 |
| Flowers Foods, Inc. (b) | 38878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621270 |
| General Mills, Inc. | 61530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187869 |
| Hershey Co. | 18086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001372 |
| Hormel Foods Corp. | 34019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029075 |
| Ingredion, Inc. | 13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803746 |
| J.M. Smucker Co. | &nbsp;&nbsp;3550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348610 |
| Kellanova | 15940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267708 |
| Kraft Heinz Co. | 64967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677448 |
| Lamb Weston Holdings, Inc. | 10649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552151 |
| McCormick & Co., Inc. | 13683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037445 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308113 |
| Post Holdings, Inc. (a) | 10503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145142 |
| Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131615 |
| Smithfield Foods, Inc. | &nbsp;&nbsp;3860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90826 |
| Tyson Foods, Inc. Class A | 35610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23222552 |
| **GAS UTILITIES — 0.6%** | **GAS UTILITIES — 0.6%** | **GAS UTILITIES — 0.6%** |
| Atmos Energy Corp. | &nbsp;&nbsp;9742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501340 |
| MDU Resources Group, Inc. | 19388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323198 |
| National Fuel Gas Co. | 14652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241171 |
| UGI Corp. | 19822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787626 |
| **GROUND TRANSPORTATION — 1.3%** | **GROUND TRANSPORTATION — 1.3%** | **GROUND TRANSPORTATION — 1.3%** |
| CSX Corp. | 51485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679956 |
| JB Hunt Transport Services, Inc. | 13928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000061 |
| Knight-Swift Transportation Holdings, Inc. | 15357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679240 |
| Landstar System, Inc. | &nbsp;&nbsp;7219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003585 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;4894 | &nbsp;&nbsp;$794296 |
| Ryder System, Inc. | &nbsp;&nbsp;4605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732195 |
| Schneider National, Inc. Class B | 10759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259830 |
| U-Haul Holding Co. (a) (d) | &nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65647 |
| U-Haul Holding Co. (d) | &nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7486769 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.0%** |
| Cooper Cos., Inc. (a) | 11215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798059 |
| Dentsply Sirona, Inc. | 12729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202137 |
| GE HealthCare Technologies, Inc. | 18311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356296 |
| Globus Medical, Inc. Class A (a) | 10266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605899 |
| Hologic, Inc. (a) | 33595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189050 |
| ResMed, Inc. | &nbsp;&nbsp;6082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569156 |
| Solventum Corp. (a) | 11574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877772 |
| STERIS PLC | &nbsp;&nbsp;7744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860264 |
| Teleflex, Inc. | &nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700218 |
| Zimmer Biomet Holdings, Inc. | 20044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11987064 |
| **HEALTH CARE PROVIDERS & SERVICES — 8.0%** | **HEALTH CARE PROVIDERS & SERVICES — 8.0%** | **HEALTH CARE PROVIDERS & SERVICES — 8.0%** |
| Amedisys, Inc. (a) | &nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319472 |
| Cardinal Health, Inc. | 50399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8467032 |
| Cencora, Inc. | 19180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751123 |
| Centene Corp. (a) | 45902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491561 |
| Chemed Corp. | &nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455434 |
| Cigna Group | 17162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5673414 |
| DaVita, Inc. (a) | &nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775783 |
| Encompass Health Corp. | 12402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520857 |
| Henry Schein, Inc. (a) | 22813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666490 |
| Humana, Inc. | 22177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5421833 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;9508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495945 |
| McKesson Corp. | &nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862728 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;7756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2310512 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;8713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565116 |
| Universal Health Services, Inc. Class B | 10673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46710714 |
| **HEALTH CARE REITs — 0.2%** | **HEALTH CARE REITs — 0.2%** | **HEALTH CARE REITs — 0.2%** |
| Omega Healthcare Investors, Inc. REIT | 23862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874542 |
| **HOTEL & RESORT REITs — 0.2%** | **HOTEL & RESORT REITs — 0.2%** | **HOTEL & RESORT REITs — 0.2%** |
| Host Hotels & Resorts, Inc. REIT | 82454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266493 |
| **HOTELS, RESTAURANTS & LEISURE — 2.7%** | **HOTELS, RESTAURANTS & LEISURE — 2.7%** | **HOTELS, RESTAURANTS & LEISURE — 2.7%** |
| Aramark | 36933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546385 |
| Boyd Gaming Corp. | &nbsp;&nbsp;9783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765324 |
| Choice Hotels International, Inc. (b) | &nbsp;&nbsp;3802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482398 |
| Churchill Downs, Inc. | &nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496112 |
| Darden Restaurants, Inc. | 10713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335113 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;3267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472110 |
| Hyatt Hotels Corp. Class A | &nbsp;&nbsp;2898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404706 |
| MGM Resorts International (a) | 11858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407797 |
| Restaurant Brands International, Inc. | 21257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409126 |
| Texas Roadhouse, Inc. | 10203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912144 |
| Travel & Leisure Co. | &nbsp;&nbsp;5388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278075 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Vail Resorts, Inc. (b) | &nbsp;&nbsp;3731 | &nbsp;&nbsp;$586252 |
| Wendy's Co. | 34063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388999 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484011 |
| Yum! Brands, Inc. | 17709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15592672 |
| **HOUSEHOLD DURABLES — 2.9%** | **HOUSEHOLD DURABLES — 2.9%** | **HOUSEHOLD DURABLES — 2.9%** |
| DR Horton, Inc. | 16682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150643 |
| Garmin Ltd. | &nbsp;&nbsp;7852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638869 |
| Lennar Corp. Class A | 23260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572789 |
| Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104092 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268705 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313226 |
| PulteGroup, Inc. | 34736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3663259 |
| Toll Brothers, Inc. | 14288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630689 |
| TopBuild Corp. (a) | &nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16825616 |
| **HOUSEHOLD PRODUCTS — 1.3%** | **HOUSEHOLD PRODUCTS — 1.3%** | **HOUSEHOLD PRODUCTS — 1.3%** |
| Church & Dwight Co., Inc. | 15686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507581 |
| Clorox Co. | &nbsp;&nbsp;4797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575976 |
| Colgate-Palmolive Co. | 26213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382762 |
| Kimberly-Clark Corp. | 21555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778871 |
| Reynolds Consumer Products, Inc. | 11351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488328 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.3%** |
| AES Corp. | 40850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429742 |
| Brookfield Renewable Corp. (b) | 12360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405161 |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;3693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111750 |
| Clearway Energy, Inc. Class C | &nbsp;&nbsp;7524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240768 |
| Talen Energy Corp. (a) | &nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038214 |
| **INDUSTRIAL REITs — 0.4%** | **INDUSTRIAL REITs — 0.4%** | **INDUSTRIAL REITs — 0.4%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;4282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715608 |
| First Industrial Realty Trust, Inc. REIT | 18476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889250 |
| STAG Industrial, Inc. REIT | 12554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060317 |
| **INSURANCE — 8.1%** | **INSURANCE — 8.1%** | **INSURANCE — 8.1%** |
| Aflac, Inc. | 23473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475463 |
| Allstate Corp. | 17560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3535004 |
| American Financial Group, Inc. | &nbsp;&nbsp;8415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062057 |
| Arch Capital Group Ltd. | 61984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5643643 |
| Assurant, Inc. | &nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117793 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213743 |
| Axis Capital Holdings Ltd. | 15797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640045 |
| Brown & Brown, Inc. | 14110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564376 |
| Cincinnati Financial Corp. | 24964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717639 |
| CNA Financial Corp. | &nbsp;&nbsp;1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88593 |
| Everest Group Ltd. | &nbsp;&nbsp;5198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766540 |
| Fidelity National Financial, Inc. | 16057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900156 |
| First American Financial Corp. | &nbsp;&nbsp;5590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343170 |
| Globe Life, Inc. | &nbsp;&nbsp;9689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204246 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;6139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042832 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Hartford Insurance Group, Inc. | 23480 | &nbsp;&nbsp;$2978908 |
| Kemper Corp. | &nbsp;&nbsp;5244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338448 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420509 |
| Loews Corp. | 13511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238418 |
| Markel Group, Inc. (a) | &nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471412 |
| Old Republic International Corp. | 41910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611020 |
| Primerica, Inc. | &nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599337 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588137 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;8506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066107 |
| RLI Corp. | 17038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230484 |
| Travelers Cos., Inc. | 11618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108280 |
| Unum Group | 13218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067486 |
| W.R. Berkley Corp. | 30513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241790 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47871815 |
| **IT SERVICES — 2.7%** | **IT SERVICES — 2.7%** | **IT SERVICES — 2.7%** |
| Akamai Technologies, Inc. (a) | 28024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235194 |
| Amdocs Ltd. | 22992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097790 |
| Cognizant Technology Solutions Corp. Class A | 76172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5943701 |
| Gartner, Inc. (a) | &nbsp;&nbsp;5863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369942 |
| VeriSign, Inc. | 11785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16050135 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.2%** | **LEISURE EQUIPMENT & PRODUCTS — 0.2%** | **LEISURE EQUIPMENT & PRODUCTS — 0.2%** |
| Brunswick Corp. | &nbsp;&nbsp;3082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170249 |
| Mattel, Inc. (a) | 57658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307265 |
| **LEISURE PRODUCTS — 0.1%** | **LEISURE PRODUCTS — 0.1%** | **LEISURE PRODUCTS — 0.1%** |
| Hasbro, Inc. | &nbsp;&nbsp;8006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591003 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.6%** | **LIFE SCIENCES TOOLS & SERVICES — 1.6%** | **LIFE SCIENCES TOOLS & SERVICES — 1.6%** |
| Agilent Technologies, Inc. | 15593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840130 |
| Avantor, Inc. (a) | 51771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696838 |
| Bio-Techne Corp. | &nbsp;&nbsp;7880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405426 |
| IQVIA Holdings, Inc. (a) | 13008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049931 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134779 |
| Qiagen NV (a) (b) | 23203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115136 |
| Revvity, Inc. | &nbsp;&nbsp;6572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635644 |
| Waters Corp. (a) | &nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805933 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;4137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9588993 |
| **MACHINERY — 5.3%** | **MACHINERY — 5.3%** | **MACHINERY — 5.3%** |
| Allison Transmission Holdings, Inc. | 11689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110338 |
| Crane Co. | &nbsp;&nbsp;2781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528084 |
| Cummins, Inc. | &nbsp;&nbsp;6682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188355 |
| Donaldson Co., Inc. | 24823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721475 |
| Dover Corp. | 11166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045946 |
| Esab Corp. | &nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214941 |
| Flowserve Corp. | &nbsp;&nbsp;9927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519678 |
| Fortive Corp. | 15790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823133 |
| Gates Industrial Corp. PLC (a) | 14283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328937 |
| Graco, Inc. | 15079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296342 |
| IDEX Corp. | &nbsp;&nbsp;4363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766012 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;8956 | &nbsp;&nbsp;$2214371 |
| ITT, Inc. | &nbsp;&nbsp;7249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136861 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;4852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005917 |
| Middleby Corp. (a) | &nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304560 |
| Mueller Industries, Inc. | 18199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446274 |
| Nordson Corp. | &nbsp;&nbsp;2443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523706 |
| Oshkosh Corp. | 12068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370201 |
| Otis Worldwide Corp. | 15205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505599 |
| PACCAR, Inc. | 18252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1735035 |
| Pentair PLC | &nbsp;&nbsp;9906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016950 |
| Snap-on, Inc. | &nbsp;&nbsp;8138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532383 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;6777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459142 |
| Timken Co. | &nbsp;&nbsp;7496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543835 |
| Toro Co. | 17839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260860 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;6724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407669 |
| Xylem, Inc. | 10389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1343921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31350525 |
| **MARINE — 0.2%** | **MARINE — 0.2%** | **MARINE — 0.2%** |
| Kirby Corp. (a) | &nbsp;&nbsp;8088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917260 |
| **MEDIA — 1.5%** | **MEDIA — 1.5%** | **MEDIA — 1.5%** |
| Fox Corp. Class A | 13959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782262 |
| Fox Corp. Class B | &nbsp;&nbsp;9790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505458 |
| Interpublic Group of Cos., Inc. | 76816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880456 |
| New York Times Co. Class A | 20697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158618 |
| News Corp. Class A | 24996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742881 |
| News Corp. Class B | &nbsp;&nbsp;6125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210149 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;5121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885677 |
| Omnicom Group, Inc. | 35750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2571855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737356 |
| **METALS & MINING — 0.9%** | **METALS & MINING — 0.9%** | **METALS & MINING — 0.9%** |
| Reliance, Inc. | 11031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462631 |
| Royal Gold, Inc. | &nbsp;&nbsp;6626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178368 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;6411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5461671 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.2%** |
| AGNC Investment Corp. REIT | 37183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341712 |
| Annaly Capital Management, Inc. REIT | 40964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770942 |
| Rithm Capital Corp. REIT | 26745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414605 |
| **MULTI-UTILITIES — 2.6%** | **MULTI-UTILITIES — 2.6%** | **MULTI-UTILITIES — 2.6%** |
| Ameren Corp. | 19870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908315 |
| CenterPoint Energy, Inc. | 36178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329180 |
| CMS Energy Corp. | 27622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913652 |
| Consolidated Edison, Inc. | 20042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011215 |
| Dominion Energy, Inc. | 28382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604150 |
| DTE Energy Co. | 17196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277782 |
| NiSource, Inc. | 27646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115240 |
| Public Service Enterprise Group, Inc. | 15689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320700 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| WEC Energy Group, Inc. | 16690 | &nbsp;&nbsp;$1739098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15219332 |
| **OFFICE REITs — 0.1%** | **OFFICE REITs — 0.1%** | **OFFICE REITs — 0.1%** |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;5162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160487 |
| Kilroy Realty Corp. REIT (b) | &nbsp;&nbsp;4814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325655 |
| **OIL, GAS & CONSUMABLE FUELS — 1.1%** | **OIL, GAS & CONSUMABLE FUELS — 1.1%** | **OIL, GAS & CONSUMABLE FUELS — 1.1%** |
| Antero Midstream Corp. | 20205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382885 |
| Coterra Energy, Inc. | 60381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532470 |
| EOG Resources, Inc. | 21319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549965 |
| Marathon Petroleum Corp. | 11517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1913089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378409 |
| **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** | **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** | **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;2753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236730 |
| **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358587 |
| Estee Lauder Cos., Inc. Class A | 12628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378929 |
| **PHARMACEUTICALS — 0.8%** | **PHARMACEUTICALS — 0.8%** | **PHARMACEUTICALS — 0.8%** |
| Jazz Pharmaceuticals PLC (a) | 11898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262616 |
| Perrigo Co. PLC | &nbsp;&nbsp;7374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197033 |
| Royalty Pharma PLC Class A | 71135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562994 |
| Viatris, Inc. | 99890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914661 |
| **PROFESSIONAL SERVICES — 4.1%** | **PROFESSIONAL SERVICES — 4.1%** | **PROFESSIONAL SERVICES — 4.1%** |
| Booz Allen Hamilton Holding Corp. | 18653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942337 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;9762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372459 |
| CACI International, Inc. Class A (a) | &nbsp;&nbsp;4522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155637 |
| Concentrix Corp. | &nbsp;&nbsp;5239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276907 |
| Dun & Bradstreet Holdings, Inc. | 20648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187690 |
| ExlService Holdings, Inc. (a) | 13702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600011 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;6963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124524 |
| Genpact Ltd. | 31923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404931 |
| Jacobs Solutions, Inc. | 17022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237542 |
| KBR, Inc. | 13133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629596 |
| Leidos Holdings, Inc. | 26638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202411 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;8282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334593 |
| Parsons Corp. (a) | 10988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788609 |
| Paychex, Inc. | &nbsp;&nbsp;9240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344050 |
| Robert Half, Inc. | 20594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845384 |
| Science Applications International Corp. | &nbsp;&nbsp;9788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102227 |
| SS&C Technologies Holdings, Inc. | 17477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447096 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;4347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24350094 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** |
| Howard Hughes Holdings, Inc. (a) | &nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106177 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846149 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **RESIDENTIAL REITs — 1.3%** | **RESIDENTIAL REITs — 1.3%** | **RESIDENTIAL REITs — 1.3%** |
| American Homes 4 Rent Class A REIT | 17413 | &nbsp;&nbsp;$628087 |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;7664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559624 |
| Equity LifeStyle Properties, Inc. REIT | 23348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439871 |
| Equity Residential REIT | 21818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472497 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;5232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482749 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;7592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7706520 |
| **RETAIL REITs — 0.5%** | **RETAIL REITs — 0.5%** | **RETAIL REITs — 0.5%** |
| Agree Realty Corp. REIT (b) | &nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358067 |
| Brixmor Property Group, Inc. REIT | 22017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573323 |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;5256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499267 |
| NNN REIT, Inc. | 24160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043229 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;8331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067303 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%** |
| Cirrus Logic, Inc. (a) | 11026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149516 |
| Skyworks Solutions, Inc. | 31921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3528269 |
| **SOFTWARE — 0.5%** | **SOFTWARE — 0.5%** | **SOFTWARE — 0.5%** |
| Dolby Laboratories, Inc. Class A | 12591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935008 |
| Dropbox, Inc. Class A (a) | 42152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205547 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;4371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003696 |
| **SPECIALIZED REITs — 2.2%** | **SPECIALIZED REITs — 2.2%** | **SPECIALIZED REITs — 2.2%** |
| CubeSmart REIT | 30388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291490 |
| Gaming & Leisure Properties, Inc. REIT | 53940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2517919 |
| Lamar Advertising Co. Class A REIT | &nbsp;&nbsp;8327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010565 |
| National Storage Affiliates Trust REIT | &nbsp;&nbsp;4778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152848 |
| Public Storage REIT | &nbsp;&nbsp;8165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395774 |
| Rayonier, Inc. REIT | 32241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715105 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;6560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540551 |
| VICI Properties, Inc. REIT | 99908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12881253 |
| **SPECIALTY RETAIL — 2.5%** | **SPECIALTY RETAIL — 2.5%** | **SPECIALTY RETAIL — 2.5%** |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450072 |
| Best Buy Co., Inc. | 35090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355592 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440523 |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;4085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310296 |
| Murphy USA, Inc. | &nbsp;&nbsp;2586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051985 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;1777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305306 |
| Ross Stores, Inc. | 17486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230864 |
| Tractor Supply Co. | 55043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904619 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;4005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873619 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Valvoline, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17909 | &nbsp;&nbsp;$678214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14601090 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4%** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;112931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309439 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;104786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563065 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352214 |
| **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** |
| Columbia Sportswear Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330870 |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654701 |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;48705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460003 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018128 |
| Skechers USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;20611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764256 |
| **TOBACCO — 0.6%** | **TOBACCO — 0.6%** | **TOBACCO — 0.6%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584697 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.4%** | **TRADING COMPANIES & DISTRIBUTORS — 1.4%** | **TRADING COMPANIES & DISTRIBUTORS — 1.4%** |
| Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201030 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674338 |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;55034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311428 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445207 |
| MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778188 |
| SiteOne Landscape Supply, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327747 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987021 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8463200 |
| **WATER UTILITIES — 0.4%** | **WATER UTILITIES — 0.4%** | **WATER UTILITIES — 0.4%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205110 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156897 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** |
| Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp;10467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392199 |
| **TOTAL COMMON STOCKS<br>(Cost $532,766,643)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;586620601 |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (e) (f) | &nbsp;&nbsp;&nbsp;688006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688006 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (g) (h) | 3080540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080540 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $3,768,546)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $3,768,546)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768546 |
| **TOTAL INVESTMENTS — 100.5%<br>(Cost $536,535,189)<br>** | **TOTAL INVESTMENTS — 100.5%<br>(Cost $536,535,189)<br>** | &nbsp;&nbsp;&nbsp;590389147 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(2880254) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $587508893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.

(d) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at June 30, 2025.

(g) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(h) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini Russell 1000 Index (long) | 5 | 09/19/2025 | $830004 | $855850 | $25846 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $940,849.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $586620601 | $— | &nbsp;&nbsp;&nbsp;$0(a) | $586620601 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768546 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768546 |
| **TOTAL INVESTMENTS<br>**  | $590389147 | $— | $0 | $590389147 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $25846 | $— | $— | $25846 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $25846 | $— | $— | $25846 |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 1216601 | $1216966 | $1808912 | $3025878 | $25 | $(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $5747 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;18612575 | &nbsp;&nbsp;&nbsp;17924569 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;688006 | &nbsp;&nbsp;&nbsp;&nbsp;688006 | &nbsp;&nbsp;&nbsp;31181 |
| State Street Navigator Securities Lending Portfolio II<br>| 2916007 | &nbsp;&nbsp;2916007 | &nbsp;&nbsp;&nbsp;98099476 | &nbsp;&nbsp;&nbsp;97934943 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 3080540 | &nbsp;&nbsp;3080540 | &nbsp;&nbsp;107493 |
| Total<br>|  | $4132973 | $118520963 | $118885390 | $25 | $(25) |  | $3768546 | $144421 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 1.8%** | **AEROSPACE & DEFENSE — 1.8%** | **AEROSPACE & DEFENSE — 1.8%** |
| ATI, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;$85563 |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76998 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94215 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170993 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119872 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29085 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28864 |
| HEICO Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45023 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26663 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160630 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38634 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84784 |
| Leonardo DRS, Inc. | &nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51174 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99112 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161494 |
| Rocket Lab Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31513 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75492 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61743 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82115 |
| Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645532 |
| **AIR FREIGHT & LOGISTICS — 0.7%** | **AIR FREIGHT & LOGISTICS — 0.7%** | **AIR FREIGHT & LOGISTICS — 0.7%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194299 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;1264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144412 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143206 |
| GXO Logistics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41346 |
| United Parcel Service, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617137 |
| **AIRLINES — 1.3%** | **AIRLINES — 1.3%** | **AIRLINES — 1.3%** |
| Alaska Air Group, Inc. (a) | &nbsp;&nbsp;2543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125828 |
| American Airlines Group, Inc. (a) | &nbsp;&nbsp;7722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86641 |
| Delta Air Lines, Inc. | &nbsp;&nbsp;5748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282687 |
| Southwest Airlines Co. (b) | &nbsp;&nbsp;3064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99396 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;7569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1197271 |
| **AUTO COMPONENTS — 0.4%** | **AUTO COMPONENTS — 0.4%** | **AUTO COMPONENTS — 0.4%** |
| Aptiv PLC (a) | &nbsp;&nbsp;2601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177440 |
| BorgWarner, Inc. | &nbsp;&nbsp;4168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139545 |
| Gentex Corp. | &nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25926 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403128 |
| **AUTOMOBILES — 0.4%** | **AUTOMOBILES — 0.4%** | **AUTOMOBILES — 0.4%** |
| Ford Motor Co. | 10729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116410 |
| General Motors Co. | &nbsp;&nbsp;4411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217065 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10549 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13977 |
| Thor Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406669 |
| **BANKS — 1.5%** | **BANKS — 1.5%** | **BANKS — 1.5%** |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7855 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Bank OZK | 1191 | &nbsp;&nbsp;$56048 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13961 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21706 |
| Citizens Financial Group, Inc. | 1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57638 |
| Columbia Banking System, Inc. | 1746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40821 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36685 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33510 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41390 |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86136 |
| Fifth Third Bancorp | 1403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57705 |
| First Citizens BancShares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60651 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17148 |
| First Horizon Corp. | 2831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60017 |
| FNB Corp. | 1616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23561 |
| Huntington Bancshares, Inc. | 4084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68448 |
| KeyCorp | &nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9616 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88265 |
| NU Holdings Ltd. Class A (a) | 4204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57679 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41625 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62824 |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37692 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27042 |
| Regions Financial Corp. | 2935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69031 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30278 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37156 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12639 |
| U.S. Bancorp | 1441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65205 |
| Webster Financial Corp. | 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55419 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22193 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15050 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44137 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402709 |
| **BEVERAGES — 0.6%** | **BEVERAGES — 0.6%** | **BEVERAGES — 0.6%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16982 |
| Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10414 |
| Celsius Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752 |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25329 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103053 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23263 |
| Keurig Dr. Pepper, Inc. | 1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55342 |
| Molson Coors Beverage Co. Class B | 3302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158793 |
| Monster Beverage Corp. (a) | 1968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123276 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555082 |
| **BIOTECHNOLOGY — 1.1%** | **BIOTECHNOLOGY — 1.1%** | **BIOTECHNOLOGY — 1.1%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20047 |
| Alnylam Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19565 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32388 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15824 |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21823 |
| Exact Sciences Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 |
| Exelixis, Inc. (a) | 7091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312536 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Gilead Sciences, Inc. | 1309 | &nbsp;&nbsp;$145129 |
| Halozyme Therapeutics, Inc. (a) | 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57482 |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53322 |
| Natera, Inc. (a) | &nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90383 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56435 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23625 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002040 |
| **BROADLINE RETAIL — 0.8%** | **BROADLINE RETAIL — 0.8%** | **BROADLINE RETAIL — 0.8%** |
| Amazon.com, Inc. (a) | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35102 |
| Coupang, Inc. (a) | 5670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169873 |
| Dillard's, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37187 |
| eBay, Inc. | 5071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377587 |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38272 |
| Macy's, Inc. | 1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13514 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776564 |
| **BUILDING PRODUCTS — 1.6%** | **BUILDING PRODUCTS — 1.6%** | **BUILDING PRODUCTS — 1.6%** |
| A.O. Smith Corp. | 1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75996 |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52066 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14243 |
| Allegion PLC | 1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160550 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113708 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114706 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178112 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37066 |
| Hayward Holdings, Inc. (a) | 1629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22480 |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81327 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134138 |
| Masco Corp. | 2758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177505 |
| Owens Corning | &nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35893 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61813 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160967 |
| Trex Co., Inc. (a) | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434670 |
| **CAPITAL MARKETS — 4.2%** | **CAPITAL MARKETS — 4.2%** | **CAPITAL MARKETS — 4.2%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144823 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91268 |
| ARES Management Corp. Class A | &nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37238 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62046 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71349 |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103061 |
| Blue Owl Capital, Inc. | 1111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21342 |
| Brookfield Asset Management Ltd. Class A | &nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27198 |
| Carlyle Group, Inc. | 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52428 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204292 |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13777 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47407 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56078 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257329 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131053 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;$17458 |
| Freedom Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8763 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19817 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128761 |
| Houlihan Lokey, Inc. | 1172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210901 |
| Interactive Brokers Group, Inc. Class A | 1736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96192 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34309 |
| Invesco Ltd. | 3293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51931 |
| Janus Henderson Group PLC | 2792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108441 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11102 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16097 |
| Lazard, Inc. | 3573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171432 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215233 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97376 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113359 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31412 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56507 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153989 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58123 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68466 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103525 |
| Robinhood Markets, Inc. Class A (a) | 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117974 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60111 |
| SEI Investments Co. | 2298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206498 |
| State Street Corp. (c) | &nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27436 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53862 |
| T. Rowe Price Group, Inc. | 1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142241 |
| TPG, Inc. (b) | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9861 |
| Tradeweb Markets, Inc. Class A | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117120 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100 |
| XP, Inc. Class A | 2126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905031 |
| **CHEMICALS — 1.6%** | **CHEMICALS — 1.6%** | **CHEMICALS — 1.6%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73054 |
| Axalta Coating Systems Ltd. (a) | 1363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40467 |
| CF Industries Holdings, Inc. | 4286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394312 |
| Corteva, Inc. | 2936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218820 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13664 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45818 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59429 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68707 |
| Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20204 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17326 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22433 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40819 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24938 |
| Mosaic Co. | 3095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112906 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35234 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59946 |
| RPM International, Inc. | 1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134224 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51185 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;$88930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522416 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.8%** | **COMMERCIAL SERVICES & SUPPLIES — 0.8%** | **COMMERCIAL SERVICES & SUPPLIES — 0.8%** |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103857 |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68198 |
| Copart, Inc. (a) | &nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111634 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29988 |
| RB Global, Inc. | &nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106933 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83601 |
| Rollins, Inc. | &nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66914 |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31753 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59662 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44849 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707389 |
| **COMMUNICATIONS EQUIPMENT — 1.0%** | **COMMUNICATIONS EQUIPMENT — 1.0%** | **COMMUNICATIONS EQUIPMENT — 1.0%** |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93716 |
| Ciena Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78809 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53492 |
| F5, Inc. (a) | &nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554205 |
| Juniper Networks, Inc. | &nbsp;&nbsp;1652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65964 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84092 |
| Ubiquiti, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947567 |
| **CONSTRUCTION & ENGINEERING — 1.7%** | **CONSTRUCTION & ENGINEERING — 1.7%** | **CONSTRUCTION & ENGINEERING — 1.7%** |
| AECOM | &nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211500 |
| API Group Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21135 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338348 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421493 |
| Everus Construction Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51205 |
| MasTec, Inc. (a) | &nbsp;&nbsp;1381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235364 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126657 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183206 |
| WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601183 |
| **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** |
| CRH PLC | &nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148165 |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96002 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50504 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333012 |
| **CONSUMER FINANCE — 1.3%** | **CONSUMER FINANCE — 1.3%** | **CONSUMER FINANCE — 1.3%** |
| Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19397 |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72727 |
| Capital One Financial Corp. | &nbsp;&nbsp;1052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223824 |
| Credit Acceptance Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25981 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61902 |
| SLM Corp. | &nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38004 |
| SoFi Technologies, Inc. (a) (b) | &nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20577 |
| Synchrony Financial | 10853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186741 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** |
| Albertsons Cos., Inc. Class A | &nbsp;&nbsp;7478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160852 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| BJ's Wholesale Club Holdings, Inc. (a) | 3226 | &nbsp;&nbsp;$347859 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115321 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36628 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89216 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14658 |
| Kroger Co. | 5468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392220 |
| Maplebear, Inc. (a) | 5594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253072 |
| Performance Food Group Co. (a) | &nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81347 |
| Sprouts Farmers Market, Inc. (a) | 1762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290096 |
| Sysco Corp. | 1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112171 |
| Target Corp. | &nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54455 |
| U.S. Foods Holding Corp. (a) | 5662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436031 |
| Walgreens Boots Alliance, Inc. | 2967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34061 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439401 |
| **CONTAINERS & PACKAGING — 0.9%** | **CONTAINERS & PACKAGING — 0.9%** | **CONTAINERS & PACKAGING — 0.9%** |
| Amcor PLC | 7097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65222 |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105903 |
| Ardagh Group SA (a) (b) | 1422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15215 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47552 |
| Crown Holdings, Inc. | 1611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165901 |
| Graphic Packaging Holding Co. | 1663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35039 |
| International Paper Co. | 2530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118480 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150383 |
| Sealed Air Corp. | 1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36647 |
| Silgan Holdings, Inc. | 1022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55372 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801028 |
| **DISTRIBUTORS — 0.3%** | **DISTRIBUTORS — 0.3%** | **DISTRIBUTORS — 0.3%** |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64416 |
| LKQ Corp. | 3647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134975 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281005 |
| **DIVERSIFIED CONSUMER SERVICES — 0.6%** | **DIVERSIFIED CONSUMER SERVICES — 0.6%** | **DIVERSIFIED CONSUMER SERVICES — 0.6%** |
| ADT, Inc. | 6858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58087 |
| Bright Horizons Family Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68593 |
| Duolingo, Inc. (a) | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91024 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141183 |
| H&R Block, Inc. | 3049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167360 |
| Service Corp. International | &nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591123 |
| **DIVERSIFIED REITs — 0.1%** | **DIVERSIFIED REITs — 0.1%** | **DIVERSIFIED REITs — 0.1%** |
| WP Carey, Inc. REIT | &nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60134 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** |
| AT&T, Inc. | 7851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227208 |
| Frontier Communications Parent, Inc. (a) | 2537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92347 |
| GCI Liberty, Inc. (a) (d) | 6909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Iridium Communications, Inc. | 1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45255 |
| Liberty Global Ltd. Class A (a) | 5569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55745 |
| Liberty Global Ltd. Class C (a) | 4790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49385 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Verizon Communications, Inc. | &nbsp;&nbsp;3451 | &nbsp;&nbsp;$149325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619265 |
| **ELECTRIC UTILITIES — 3.2%** | **ELECTRIC UTILITIES — 3.2%** | **ELECTRIC UTILITIES — 3.2%** |
| Alliant Energy Corp. | &nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110055 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191748 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31308 |
| Duke Energy Corp. | &nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159418 |
| Edison International | &nbsp;&nbsp;1591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82096 |
| Entergy Corp. | &nbsp;&nbsp;2961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246118 |
| Evergy, Inc. | &nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210443 |
| Eversource Energy | &nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102428 |
| Exelon Corp. | &nbsp;&nbsp;5509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239201 |
| FirstEnergy Corp. | &nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117358 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80469 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57410 |
| NRG Energy, Inc. | &nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471784 |
| OGE Energy Corp. | &nbsp;&nbsp;2847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126350 |
| PG&E Corp. | &nbsp;&nbsp;8802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122700 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170798 |
| PPL Corp. | &nbsp;&nbsp;4458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151082 |
| Southern Co. | &nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119930 |
| Xcel Energy, Inc. | &nbsp;&nbsp;2970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992953 |
| **ELECTRICAL EQUIPMENT — 1.4%** | **ELECTRICAL EQUIPMENT — 1.4%** | **ELECTRICAL EQUIPMENT — 1.4%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192429 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145854 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84250 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79198 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191552 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95378 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133142 |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21389 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42183 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66766 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15356 |
| Vertiv Holdings Co. Class A | &nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1265120 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.8%** |
| Amphenol Corp. Class A | &nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173306 |
| Arrow Electronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35680 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36413 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23038 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8406 |
| Coherent Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14898 |
| Corning, Inc. | &nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153352 |
| Crane NXT Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11750 |
| Flex Ltd. (a) | 12458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621903 |
| Ingram Micro Holding Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356 |
| IPG Photonics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9611 |
| Jabil, Inc. | &nbsp;&nbsp;3446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751573 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63742 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22673 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16810 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TD SYNNEX Corp. | &nbsp;&nbsp;1194 | &nbsp;&nbsp;$162026 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161890 |
| Trimble, Inc. (a) | &nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221938 |
| Vontier Corp. | &nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39778 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636518 |
| **ENERGY EQUIPMENT & SERVICES — 0.9%** | **ENERGY EQUIPMENT & SERVICES — 0.9%** | **ENERGY EQUIPMENT & SERVICES — 0.9%** |
| Baker Hughes Co. | &nbsp;&nbsp;7840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300585 |
| Halliburton Co. | &nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29531 |
| NOV, Inc. | &nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30466 |
| Schlumberger NV | &nbsp;&nbsp;3038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102684 |
| TechnipFMC PLC | 11056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844035 |
| **ENTERTAINMENT — 1.1%** | **ENTERTAINMENT — 1.1%** | **ENTERTAINMENT — 1.1%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186530 |
| Liberty Media Corp.-Liberty Formula One Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47130 |
| Liberty Media Corp.-Liberty Live Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299 |
| Liberty Media Corp.-Liberty Live Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17206 |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125109 |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16925 |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28122 |
| ROBLOX Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73850 |
| Roku, Inc. (a) | &nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103622 |
| Spotify Technology SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72130 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11414 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85516 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59401 |
| Warner Bros Discovery, Inc. (a) | 14101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997851 |
| **FINANCIAL SERVICES — 2.3%** | **FINANCIAL SERVICES — 2.3%** | **FINANCIAL SERVICES — 2.3%** |
| Affirm Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25928 |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31495 |
| Berkshire Hathaway, Inc. Class B (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40319 |
| Block, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62156 |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22756 |
| Corpay, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198428 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57503 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99859 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;1789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145642 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116722 |
| Global Payments, Inc. | &nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99009 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113867 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24725 |
| MGIC Investment Corp. | &nbsp;&nbsp;7574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210860 |
| Mr. Cooper Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58640 |
| PayPal Holdings, Inc. (a) | &nbsp;&nbsp;4446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330427 |
| Shift4 Payments, Inc. Class A (a) (b) | &nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116355 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Toast, Inc. Class A (a) | &nbsp;&nbsp;6685 | &nbsp;&nbsp;$296079 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22368 |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17395 |
| Western Union Co. | &nbsp;&nbsp;3041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25605 |
| WEX, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130827 |
| **FOOD PRODUCTS — 1.7%** | **FOOD PRODUCTS — 1.7%** | **FOOD PRODUCTS — 1.7%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;1383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72995 |
| Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31470 |
| Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10973 |
| Conagra Brands, Inc. | &nbsp;&nbsp;2498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51134 |
| Darling Ingredients, Inc. (a) | &nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62146 |
| Flowers Foods, Inc. | &nbsp;&nbsp;1547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24721 |
| General Mills, Inc. | &nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94864 |
| Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107370 |
| Hormel Foods Corp. | &nbsp;&nbsp;2196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66429 |
| Ingredion, Inc. | &nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281140 |
| J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27201 |
| Kellanova | &nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181328 |
| Kraft Heinz Co. | &nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60884 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16022 |
| McCormick & Co., Inc. | &nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85525 |
| Mondelez International, Inc. Class A | &nbsp;&nbsp;1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96641 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60363 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85698 |
| Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19647 |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;2717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588540 |
| **GAS UTILITIES — 0.5%** | **GAS UTILITIES — 0.5%** | **GAS UTILITIES — 0.5%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151953 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30806 |
| National Fuel Gas Co. | &nbsp;&nbsp;1886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159763 |
| UGI Corp. | &nbsp;&nbsp;3715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477822 |
| **GROUND TRANSPORTATION — 1.4%** | **GROUND TRANSPORTATION — 1.4%** | **GROUND TRANSPORTATION — 1.4%** |
| Avis Budget Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28908 |
| CSX Corp. | &nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87807 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140010 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54403 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31557 |
| Lyft, Inc. Class A (a) | 12109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190838 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99060 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107443 |
| Ryder System, Inc. | &nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207654 |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11782 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38640 |
| Uber Technologies, Inc. (a) | &nbsp;&nbsp;1629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151986 |
| U-Haul Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18160 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75696 |
| XPO, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342071 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107720 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Align Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;$37677 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20842 |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40708 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27681 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6892 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19029 |
| Edwards Lifesciences Corp. (a) | &nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70936 |
| Envista Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11294 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71626 |
| Globus Medical, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45622 |
| Hologic, Inc. (a) | &nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40008 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97614 |
| Inspire Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17779 |
| Insulet Corp. (a) | &nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123473 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46733 |
| Masimo Corp. (a) | &nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22037 |
| Medtronic PLC | 1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97805 |
| Penumbra, Inc. (a) | &nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99059 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191694 |
| Solventum Corp. (a) | 3255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246859 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129479 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43915 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11126 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693648 |
| **HEALTH CARE PROVIDERS & SERVICES — 5.0%** | **HEALTH CARE PROVIDERS & SERVICES — 5.0%** | **HEALTH CARE PROVIDERS & SERVICES — 5.0%** |
| Amedisys, Inc. (a) | &nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41225 |
| Cardinal Health, Inc. | 6102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025136 |
| Cencora, Inc. | 1994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597901 |
| Centene Corp. (a) | 2164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117462 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84239 |
| Cigna Group | &nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260167 |
| CVS Health Corp. | 2754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189971 |
| DaVita, Inc. (a) | &nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87322 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28783 |
| Encompass Health Corp. | 1470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180266 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164733 |
| Henry Schein, Inc. (a) | 2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148803 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80189 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171157 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543723 |
| Molina Healthcare, Inc. (a) | 1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306539 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115861 |
| Tenet Healthcare Corp. (a) | 1511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265936 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7487 |
| Universal Health Services, Inc. Class B | 1136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622686 |
| **HEALTH CARE REITs — 0.1%** | **HEALTH CARE REITs — 0.1%** | **HEALTH CARE REITs — 0.1%** |
| Healthpeak Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13851 |
| Omega Healthcare Investors, Inc. REIT | 1848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67729 |
| Ventas, Inc. REIT | &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15724 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Welltower, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;$16603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113907 |
| **HEALTH CARE TECHNOLOGY — 0.3%** | **HEALTH CARE TECHNOLOGY — 0.3%** | **HEALTH CARE TECHNOLOGY — 0.3%** |
| Doximity, Inc. Class A (a) | &nbsp;&nbsp;2207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135377 |
| Veeva Systems, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256617 |
| **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** |
| Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71824 |
| Park Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81266 |
| **HOTELS, RESTAURANTS & LEISURE — 4.3%** | **HOTELS, RESTAURANTS & LEISURE — 4.3%** | **HOTELS, RESTAURANTS & LEISURE — 4.3%** |
| Airbnb, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89594 |
| Aramark | &nbsp;&nbsp;5169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216426 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144731 |
| Boyd Gaming Corp. | &nbsp;&nbsp;1886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147542 |
| Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15870 |
| Carnival Corp. (a) | 14070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395648 |
| Cava Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45568 |
| Chipotle Mexican Grill, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44359 |
| Choice Hotels International, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34384 |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13433 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295131 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68942 |
| DoorDash, Inc. Class A (a) | &nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321942 |
| DraftKings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9522 |
| Dutch Bros, Inc. Class A (a) | &nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69054 |
| Expedia Group, Inc. | &nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378518 |
| Flutter Entertainment PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99159 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108933 |
| Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32678 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51516 |
| Light & Wonder, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28589 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79231 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52591 |
| MGM Resorts International (a) | &nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48456 |
| Norwegian Cruise Line Holdings Ltd. (a) | &nbsp;&nbsp;6233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126405 |
| Penn Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8059 |
| Planet Fitness, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72191 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62047 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236421 |
| Starbucks Corp. | &nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109773 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165670 |
| Travel & Leisure Co. | &nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65132 |
| Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28126 |
| Viking Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14122 |
| Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9765 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53436 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87956 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969394 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HOUSEHOLD DURABLES — 1.4%** | **HOUSEHOLD DURABLES — 1.4%** | **HOUSEHOLD DURABLES — 1.4%** |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;$117317 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196614 |
| Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84727 |
| Lennar Corp. Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5157 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102953 |
| Newell Brands, Inc. | 2877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15536 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199413 |
| PulteGroup, Inc. | 2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257006 |
| SharkNinja, Inc. (a) | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89091 |
| Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23477 |
| Toll Brothers, Inc. | 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124973 |
| TopBuild Corp. (a) | &nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70575 |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302965 |
| **HOUSEHOLD PRODUCTS — 0.4%** | **HOUSEHOLD PRODUCTS — 0.4%** | **HOUSEHOLD PRODUCTS — 0.4%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52476 |
| Clorox Co. | &nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42985 |
| Colgate-Palmolive Co. | 1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101263 |
| Kimberly-Clark Corp. | 1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155349 |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22942 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382169 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.7%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.7%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.7%** |
| AES Corp. | 2178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22913 |
| Brookfield Renewable Corp. | 2448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80245 |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23572 |
| Clearway Energy, Inc. Class C | 1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35808 |
| Talen Energy Corp. (a) | &nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171845 |
| Vistra Corp. | 1502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625486 |
| **INDUSTRIAL CONGLOMERATES — 0.2%** | **INDUSTRIAL CONGLOMERATES — 0.2%** | **INDUSTRIAL CONGLOMERATES — 0.2%** |
| 3M Co. | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156807 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194767 |
| **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34761 |
| First Industrial Realty Trust, Inc. REIT | 1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48996 |
| Prologis, Inc. REIT | &nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38895 |
| Rexford Industrial Realty, Inc. REIT | &nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8003 |
| STAG Industrial, Inc. REIT | &nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151117 |
| **INSURANCE — 5.0%** | **INSURANCE — 5.0%** | **INSURANCE — 5.0%** |
| Aflac, Inc. | 1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153655 |
| Allstate Corp. | 1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301160 |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57804 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42196 |
| Aon PLC Class A | &nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112379 |
| Arch Capital Group Ltd. | 2326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211782 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31052 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81563 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;$27262 |
| Axis Capital Holdings Ltd. | 1713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177844 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10431 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104994 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102851 |
| Cincinnati Financial Corp. | 2704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402680 |
| CNA Financial Corp. | &nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59134 |
| Fidelity National Financial, Inc. | 1454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81511 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25845 |
| Globe Life, Inc. | 1636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203338 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92919 |
| Hartford Insurance Group, Inc. | 2019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256151 |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36013 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164042 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30206 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70762 |
| Markel Group, Inc. (a) | &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237686 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85925 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56053 |
| Old Republic International Corp. | 3408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131003 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48440 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38444 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232969 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30835 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34515 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136267 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70126 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11762 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234097 |
| Unum Group | 2525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203919 |
| W.R. Berkley Corp. | 2706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198810 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21549 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626846 |
| **INTERACTIVE MEDIA & SERVICES — 0.6%** | **INTERACTIVE MEDIA & SERVICES — 0.6%** | **INTERACTIVE MEDIA & SERVICES — 0.6%** |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36480 |
| Alphabet, Inc. Class C | &nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30156 |
| IAC, Inc. (a) | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14936 |
| Match Group, Inc. | 5732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177061 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108499 |
| Pinterest, Inc. Class A (a) | 3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134475 |
| Reddit, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31921 |
| ZoomInfo Technologies, Inc. (a) | 2088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554659 |
| **IT SERVICES — 3.7%** | **IT SERVICES — 3.7%** | **IT SERVICES — 3.7%** |
| Accenture PLC Class A | &nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60077 |
| Akamai Technologies, Inc. (a) | 1254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100019 |
| Amdocs Ltd. | 3584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327004 |
| Cloudflare, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65603 |
| Cognizant Technology Solutions Corp. Class A | 7157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558461 |
| DXC Technology Co. (a) | 2554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39051 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127134 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;$181899 |
| Globant SA (a) | &nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5541 |
| GoDaddy, Inc. Class A (a) | 1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342834 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101699 |
| Kyndryl Holdings, Inc. (a) | 6372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267369 |
| MongoDB, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11129 |
| Okta, Inc. (a) | 2243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224233 |
| Snowflake, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119269 |
| Twilio, Inc. Class A (a) | 2999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372956 |
| VeriSign, Inc. | 1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401592 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.2%** | **LEISURE EQUIPMENT & PRODUCTS — 0.2%** | **LEISURE EQUIPMENT & PRODUCTS — 0.2%** |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734 |
| Mattel, Inc. (a) | 7017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138375 |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172964 |
| **LEISURE PRODUCTS — 0.1%** | **LEISURE PRODUCTS — 0.1%** | **LEISURE PRODUCTS — 0.1%** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60089 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.5%** | **LIFE SCIENCES TOOLS & SERVICES — 0.5%** | **LIFE SCIENCES TOOLS & SERVICES — 0.5%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50626 |
| Avantor, Inc. (a) | &nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12491 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10341 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13049 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19557 |
| Illumina, Inc. (a) | &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12213 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26002 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29503 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49338 |
| Qiagen NV (a) (b) | &nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48012 |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12687 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26114 |
| Sotera Health Co. (a) | &nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7551 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11353 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97731 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444728 |
| **MACHINERY — 4.1%** | **MACHINERY — 4.1%** | **MACHINERY — 4.1%** |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14649 |
| Allison Transmission Holdings, Inc. | 2433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231111 |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119180 |
| CNH Industrial NV | 7209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93429 |
| Crane Co. | &nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98173 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250865 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69155 |
| Donaldson Co., Inc. | 1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102083 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141820 |
| Esab Corp. | &nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79684 |
| Flowserve Corp. | 1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73552 |
| Fortive Corp. | 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54215 |
| Gates Industrial Corp. PLC (a) | 3878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89310 |
| Graco, Inc. | 1332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114512 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37221 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;$148845 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31775 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153693 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102209 |
| Middleby Corp. (a) | &nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92592 |
| Mueller Industries, Inc. | 3441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273456 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24224 |
| Oshkosh Corp. | 1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151917 |
| Otis Worldwide Corp. | 1044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103377 |
| PACCAR, Inc. | 1004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95440 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148774 |
| Pentair PLC | 1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153579 |
| RBC Bearings, Inc. (a) | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40404 |
| Snap-on, Inc. | 1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317092 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56029 |
| Timken Co. | &nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31269 |
| Toro Co. | &nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51879 |
| Westinghouse Air Brake Technologies Corp. | 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212490 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832385 |
| **MARINE — 0.1%** | **MARINE — 0.1%** | **MARINE — 0.1%** |
| Kirby Corp. (a) | &nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86192 |
| **MEDIA — 1.3%** | **MEDIA — 1.3%** | **MEDIA — 1.3%** |
| Charter Communications, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226890 |
| Comcast Corp. Class A | 3688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131625 |
| DoubleVerify Holdings, Inc. (a) | 1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15778 |
| Fox Corp. Class A | 2171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121663 |
| Fox Corp. Class B | 1394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71972 |
| Interpublic Group of Cos., Inc. | 3217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78752 |
| Liberty Broadband Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5478 |
| Liberty Broadband Corp. Class C (a) | &nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66997 |
| New York Times Co. Class A | 1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96118 |
| News Corp. Class A | 2147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63809 |
| News Corp. Class B | &nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20209 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140089 |
| Omnicom Group, Inc. | 1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78774 |
| Paramount Global Class B | 4586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59159 |
| Trade Desk, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199558 |
| **METALS & MINING — 1.6%** | **METALS & MINING — 1.6%** | **METALS & MINING — 1.6%** |
| Alcoa Corp. | 1143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33730 |
| Anglogold Ashanti PLC | 2846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129692 |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118014 |
| Freeport-McMoRan, Inc. | 1797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77900 |
| MP Materials Corp. (a) | &nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12077 |
| Newmont Corp. | 6415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373738 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70988 |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287218 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160590 |
| Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9308 |
| Steel Dynamics, Inc. | 1519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467702 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%** |
| AGNC Investment Corp. REIT | 2204 | &nbsp;&nbsp;$20255 |
| Annaly Capital Management, Inc. REIT | 2681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50456 |
| Rithm Capital Corp. REIT | 2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26193 |
| Starwood Property Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112699 |
| **MULTI-UTILITIES — 1.6%** | **MULTI-UTILITIES — 1.6%** | **MULTI-UTILITIES — 1.6%** |
| Ameren Corp. | 2107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202356 |
| CenterPoint Energy, Inc. | 3306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121462 |
| CMS Energy Corp. | 2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156434 |
| Consolidated Edison, Inc. | 1534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153937 |
| Dominion Energy, Inc. | 2321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131183 |
| DTE Energy Co. | 1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197498 |
| NiSource, Inc. | 2976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120052 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82244 |
| Sempra | 1087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82362 |
| WEC Energy Group, Inc. | 1798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434880 |
| **OFFICE REITs — 0.1%** | **OFFICE REITs — 0.1%** | **OFFICE REITs — 0.1%** |
| BXP, Inc. REIT | &nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15113 |
| Cousins Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10120 |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18903 |
| Kilroy Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22027 |
| Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81727 |
| **OIL, GAS & CONSUMABLE FUELS — 2.5%** | **OIL, GAS & CONSUMABLE FUELS — 2.5%** | **OIL, GAS & CONSUMABLE FUELS — 2.5%** |
| Antero Midstream Corp. | 3592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68068 |
| Antero Resources Corp. (a) | 1787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71980 |
| APA Corp. | &nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10626 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71351 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91785 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5424 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49985 |
| Coterra Energy, Inc. | 6187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157026 |
| Devon Energy Corp. | 1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52391 |
| DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49350 |
| EOG Resources, Inc. | 2610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312182 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28244 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119144 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14871 |
| Kinder Morgan, Inc. | 3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91581 |
| Marathon Petroleum Corp. | 1016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168768 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30159 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19703 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31999 |
| Ovintiv, Inc. | 1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50759 |
| Permian Resources Corp. | 9409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128150 |
| Phillips 66 Co. | &nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93293 |
| Range Resources Corp. | 2076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84431 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;$154409 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125710 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112241 |
| Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31953 |
| Williams Cos., Inc. | 1004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294826 |
| **PAPER & FOREST PRODUCTS — 0.2%** | **PAPER & FOREST PRODUCTS — 0.2%** | **PAPER & FOREST PRODUCTS — 0.2%** |
| Louisiana-Pacific Corp. | 1829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157276 |
| **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** |
| BellRing Brands, Inc. (a) | 1164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67430 |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19958 |
| Kenvue, Inc. | 6320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219666 |
| **PHARMACEUTICALS — 0.8%** | **PHARMACEUTICALS — 0.8%** | **PHARMACEUTICALS — 0.8%** |
| Bristol-Myers Squibb Co. | 1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55687 |
| Corcept Therapeutics, Inc. (a) | 1308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96007 |
| Elanco Animal Health, Inc. (a) | 1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14794 |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87125 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32078 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17494 |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20681 |
| Pfizer, Inc. | 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49062 |
| Royalty Pharma PLC Class A | 7575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272927 |
| Viatris, Inc. | 5168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46150 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762962 |
| **PROFESSIONAL SERVICES — 3.4%** | **PROFESSIONAL SERVICES — 3.4%** | **PROFESSIONAL SERVICES — 3.4%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130145 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88719 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154567 |
| CACI International, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229769 |
| Concentrix Corp. | 1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77855 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39272 |
| Dun & Bradstreet Holdings, Inc. | 1916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17417 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82739 |
| ExlService Holdings, Inc. (a) | 3370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147572 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41829 |
| Genpact Ltd. | 5224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229908 |
| Jacobs Solutions, Inc. | 1504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197701 |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30106 |
| Leidos Holdings, Inc. | 2596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409545 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8322 |
| Parsons Corp. (a) | &nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56914 |
| Paychex, Inc. | 1105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160733 |
| Paycom Software, Inc. | 1681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388983 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115418 |
| Robert Half, Inc. | &nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33374 |
| Science Applications International Corp. | 1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161595 |
| SS&C Technologies Holdings, Inc. | 1899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157237 |
| TransUnion | &nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77088 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3158916 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** |
| CBRE Group, Inc. Class A (a) | 1534 | &nbsp;&nbsp;$214944 |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11095 |
| Howard Hughes Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14175 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371941 |
| **RESIDENTIAL REITs — 0.5%** | **RESIDENTIAL REITs — 0.5%** | **RESIDENTIAL REITs — 0.5%** |
| American Homes 4 Rent Class A REIT | &nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31597 |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72446 |
| Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18256 |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60930 |
| Equity Residential REIT | 1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84565 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87004 |
| Invitation Homes, Inc. REIT | &nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21287 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75041 |
| Sun Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11511 |
| UDR, Inc. REIT | &nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473457 |
| **RETAIL REITs — 0.5%** | **RETAIL REITs — 0.5%** | **RETAIL REITs — 0.5%** |
| Agree Realty Corp. REIT | &nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23306 |
| Brixmor Property Group, Inc. REIT | 2461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64085 |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29067 |
| Kimco Realty Corp. REIT | 1520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31950 |
| NNN REIT, Inc. | 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52248 |
| Realty Income Corp. REIT | &nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22986 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48223 |
| Simon Property Group, Inc. REIT | 1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440663 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.5%** |
| Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28238 |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9886 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65694 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80368 |
| Astera Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26222 |
| Cirrus Logic, Inc. (a) | 1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107383 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5081 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34929 |
| GLOBALFOUNDRIES, Inc. (a) | &nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11536 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100323 |
| Lam Research Corp. | 1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100552 |
| Lattice Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23221 |
| MACOM Technology Solutions Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26365 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40248 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47451 |
| MKS, Inc. | &nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10234 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171874 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100482 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50523 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Qorvo, Inc. (a) | &nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;$25303 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74852 |
| Skyworks Solutions, Inc. | 1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108576 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23110 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70591 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382111 |
| **SOFTWARE — 6.3%** | **SOFTWARE — 6.3%** | **SOFTWARE — 6.3%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51455 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199844 |
| Appfolio, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48359 |
| AppLovin Corp. Class A (a) | &nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201296 |
| Atlassian Corp. Class A (a) | &nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136477 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196577 |
| Bentley Systems, Inc. Class B | &nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27903 |
| Bill Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13045 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54234 |
| CCC Intelligent Solutions Holdings, Inc. (a) | 1089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10248 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100334 |
| Datadog, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69180 |
| Docusign, Inc. (a) | 6570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511737 |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67131 |
| Dropbox, Inc. Class A (a) | 6565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187759 |
| Dynatrace, Inc. (a) | 4829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266609 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179140 |
| Fortinet, Inc. (a) | 3399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359342 |
| Gen Digital, Inc. | 4318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126949 |
| Gitlab, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44839 |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112781 |
| HubSpot, Inc. (a) | &nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93514 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74825 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60821 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81078 |
| Nutanix, Inc. Class A (a) | 4078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311722 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13336 |
| Palantir Technologies, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77839 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164735 |
| Pegasystems, Inc. | 1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76377 |
| Procore Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56583 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61870 |
| RingCentral, Inc. Class A (a) | 2599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73682 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71989 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139617 |
| Samsara, Inc. Class A (a) | 2846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113214 |
| SentinelOne, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17640 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121314 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97922 |
| Teradata Corp. (a) | &nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17580 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219351 |
| UiPath, Inc. Class A (a) | 5339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68339 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188160 |
| Zoom Communications, Inc. (a) | 7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546952 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Zscaler, Inc. (a) | &nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;$79427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793126 |
| **SPECIALIZED REITs — 1.0%** | **SPECIALIZED REITs — 1.0%** | **SPECIALIZED REITs — 1.0%** |
| American Tower Corp. REIT | &nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40447 |
| CubeSmart REIT | 1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57290 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18479 |
| EPR Properties REIT | &nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32567 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21478 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29193 |
| Gaming & Leisure Properties, Inc. REIT | 2649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123655 |
| Iron Mountain, Inc. REIT | &nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17027 |
| Lamar Advertising Co. Class A REIT | &nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61165 |
| National Storage Affiliates Trust REIT | &nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078 |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128518 |
| Rayonier, Inc. REIT | 1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43961 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138556 |
| VICI Properties, Inc. REIT | 6462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210661 |
| Weyerhaeuser Co. REIT | &nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20064 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949139 |
| **SPECIALTY RETAIL — 2.8%** | **SPECIALTY RETAIL — 2.8%** | **SPECIALTY RETAIL — 2.8%** |
| AutoNation, Inc. (a) | &nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29003 |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196748 |
| Bath & Body Works, Inc. | 2108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63156 |
| Best Buy Co., Inc. | 1996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133991 |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120508 |
| CarMax, Inc. (a) | &nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45972 |
| Carvana Co. (a) | &nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86599 |
| Chewy, Inc. Class A (a) | 4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184715 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76355 |
| Five Below, Inc. (a) | &nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70312 |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21876 |
| GameStop Corp. Class A (a) | 1798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43853 |
| Gap, Inc. | 7471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162943 |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11732 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102697 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91189 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41900 |
| O'Reilly Automotive, Inc. (a) | 1737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156556 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34877 |
| RH (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 |
| Ross Stores, Inc. | 1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158582 |
| TJX Cos., Inc. | 1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147571 |
| Tractor Supply Co. | 2429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128178 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225021 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20223 |
| Williams-Sonoma, Inc. | 1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2631300 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.8%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106073 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98325 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Hewlett Packard Enterprise Co. | 10237 | &nbsp;&nbsp;$209347 |
| HP, Inc. | &nbsp;&nbsp;4991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122080 |
| NetApp, Inc. | &nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148424 |
| Pure Storage, Inc. Class A (a) | &nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86830 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777094 |
| **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** |
| Amer Sports, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7791 |
| Birkenstock Holding PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5311 |
| Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19729 |
| Crocs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57932 |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64110 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122116 |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50367 |
| On Holding AG Class A (a) | &nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116332 |
| PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20649 |
| Ralph Lauren Corp. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329136 |
| Skechers USA, Inc. Class A (a) | &nbsp;&nbsp;1263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79695 |
| Tapestry, Inc. | &nbsp;&nbsp;2572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225847 |
| VF Corp. | &nbsp;&nbsp;4872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156261 |
| **TOBACCO — 0.6%** | **TOBACCO — 0.6%** | **TOBACCO — 0.6%** |
| Altria Group, Inc. | &nbsp;&nbsp;7306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428351 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521966 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.5%** | **TRADING COMPANIES & DISTRIBUTORS — 1.5%** | **TRADING COMPANIES & DISTRIBUTORS — 1.5%** |
| Air Lease Corp. | &nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84694 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142957 |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61979 |
| Fastenal Co. | &nbsp;&nbsp;4416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185472 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104520 |
| FTAI Aviation Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17601 |
| MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98538 |
| QXO, Inc. (a) | &nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25439 |
| SiteOne Landscape Supply, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39547 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206432 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97156 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128899 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397121 |
| **WATER UTILITIES — 0.2%** | **WATER UTILITIES — 0.2%** | **WATER UTILITIES — 0.2%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91117 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1699 | &nbsp;&nbsp;$63101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154218 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** |
| Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125300 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161277 |
| **TOTAL COMMON STOCKS<br>(Cost $77,630,718)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92385197 |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (e) (f) | 287889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287889 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (c) (g) | 254914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254914 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $542,803)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $542,803)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542803 |
| **TOTAL INVESTMENTS — 100.4%<br>(Cost $78,173,521)<br>** | **TOTAL INVESTMENTS — 100.4%<br>(Cost $78,173,521)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;92928000 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359578) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $92568422 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at June 30, 2025.

(g) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini Russell 1000 Index (long) | 1 | 09/19/2025 | $166001 | $171171 | $5170 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

During the year ended June 30, 2025, the average notional value related to futures contracts was $159,330.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $92385197 | $— | &nbsp;&nbsp;&nbsp;$0(a) | $92385197 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542803 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542803 |
| **TOTAL INVESTMENTS<br>**  | $92928000 | $— | $0 | $92928000 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $5170 | $— | $— | $5170 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $5170 | $— | $— | $5170 |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;668 | $49432 | $788 | $38636 | $8708 | $7144 | &nbsp;&nbsp;&nbsp;&nbsp;258 | $27436 | $1361 |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 137550 | &nbsp;&nbsp;137591 | &nbsp;&nbsp;&nbsp;&nbsp;464456 | &nbsp;&nbsp;&nbsp;&nbsp;602048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1416 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2634220 | &nbsp;&nbsp;&nbsp;2346331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 287889 | &nbsp;&nbsp;287889 | &nbsp;&nbsp;&nbsp;6464 |
| State Street Navigator Securities Lending Portfolio II<br>| 370318 | &nbsp;&nbsp;370318 | &nbsp;&nbsp;13640408 | &nbsp;&nbsp;13755812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 254914 | &nbsp;&nbsp;254914 | &nbsp;&nbsp;&nbsp;1057 |
| Total<br>|  | $557341 | $16739872 | $16742827 | $8715 | $7138 |  | $570239 | $10298 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 YIELD FOCUS ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **AEROSPACE & DEFENSE — 0.3%** | **AEROSPACE & DEFENSE — 0.3%** | **AEROSPACE & DEFENSE — 0.3%** |
| Hexcel Corp. | &nbsp;&nbsp;10300 | &nbsp;&nbsp;$581847 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409699 |
| **AIR FREIGHT & LOGISTICS — 4.1%** | **AIR FREIGHT & LOGISTICS — 4.1%** | **AIR FREIGHT & LOGISTICS — 4.1%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;35231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380414 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2376400 |
| FedEx Corp. | &nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7683078 |
| United Parcel Service, Inc. Class B | 206600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20854204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34294096 |
| **AIRLINES — 0.3%** | **AIRLINES — 0.3%** | **AIRLINES — 0.3%** |
| Southwest Airlines Co. (a) | &nbsp;&nbsp;67651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194598 |
| **AUTO COMPONENTS — 0.6%** | **AUTO COMPONENTS — 0.6%** | **AUTO COMPONENTS — 0.6%** |
| BorgWarner, Inc. | &nbsp;&nbsp;59138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979940 |
| Gentex Corp. | &nbsp;&nbsp;67786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490614 |
| Lear Corp. | &nbsp;&nbsp;16030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4993084 |
| **AUTOMOBILES — 1.5%** | **AUTOMOBILES — 1.5%** | **AUTOMOBILES — 1.5%** |
| Ford Motor Co. | 962084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10438611 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;33466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789798 |
| Thor Industries, Inc. | &nbsp;&nbsp;15289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12586225 |
| **BANKS — 2.8%** | **BANKS — 2.8%** | **BANKS — 2.8%** |
| Bank OZK | &nbsp;&nbsp;32011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506438 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322179 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;47843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140974 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;62665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465108 |
| Comerica, Inc. | &nbsp;&nbsp;24491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460888 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972148 |
| East West Bancorp, Inc. | &nbsp;&nbsp;16210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636886 |
| Fifth Third Bancorp | &nbsp;&nbsp;61800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541834 |
| First Hawaiian, Inc. | &nbsp;&nbsp;25455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635357 |
| First Horizon Corp. | &nbsp;&nbsp;60904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291165 |
| FNB Corp. | &nbsp;&nbsp;67916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990215 |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818530 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;11616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815908 |
| Regions Financial Corp. | 116426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738339 |
| Synovus Financial Corp. | &nbsp;&nbsp;18644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964827 |
| Webster Financial Corp. | &nbsp;&nbsp;25943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416488 |
| Zions Bancorp NA | &nbsp;&nbsp;28509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23198041 |
| **BEVERAGES — 0.6%** | **BEVERAGES — 0.6%** | **BEVERAGES — 0.6%** |
| Brown-Forman Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189543 |
| Brown-Forman Corp. Class B | &nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627003 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;11400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854552 |
| Molson Coors Beverage Co. Class B | &nbsp;&nbsp;50291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5089592 |
| **BROADLINE RETAIL — 0.5%** | **BROADLINE RETAIL — 0.5%** | **BROADLINE RETAIL — 0.5%** |
| eBay, Inc. | &nbsp;&nbsp;44507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313991 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Macy's, Inc. | &nbsp;&nbsp;83098 | &nbsp;&nbsp;$968923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282914 |
| **BUILDING PRODUCTS — 1.4%** | **BUILDING PRODUCTS — 1.4%** | **BUILDING PRODUCTS — 1.4%** |
| A.O. Smith Corp. | &nbsp;&nbsp;34611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269443 |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;8523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228335 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;36306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869033 |
| Masco Corp. | &nbsp;&nbsp;63288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073216 |
| Owens Corning | &nbsp;&nbsp;14718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11464046 |
| **CAPITAL MARKETS — 2.7%** | **CAPITAL MARKETS — 2.7%** | **CAPITAL MARKETS — 2.7%** |
| Carlyle Group, Inc. | &nbsp;&nbsp;32100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649940 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203903 |
| Franklin Resources, Inc. | &nbsp;&nbsp;53882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285086 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739024 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272606 |
| Invesco Ltd. | 109100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720507 |
| Janus Henderson Group PLC | &nbsp;&nbsp;37631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461588 |
| Lazard, Inc. | &nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583340 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096599 |
| SEI Investments Co. | &nbsp;&nbsp;11011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989448 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;65557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6326251 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;10505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470519 |
| XP, Inc. Class A | &nbsp;&nbsp;89243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22601520 |
| **CHEMICALS — 4.3%** | **CHEMICALS — 4.3%** | **CHEMICALS — 4.3%** |
| Ashland, Inc. | &nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703920 |
| Celanese Corp. | &nbsp;&nbsp;33413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848741 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;49689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571388 |
| Dow, Inc. | 212198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5619003 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;39100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681869 |
| Eastman Chemical Co. | &nbsp;&nbsp;34433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570768 |
| Element Solutions, Inc. | &nbsp;&nbsp;34700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785955 |
| FMC Corp. | &nbsp;&nbsp;37201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553142 |
| Huntsman Corp. | &nbsp;&nbsp;49293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513633 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;76805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443937 |
| Mosaic Co. | &nbsp;&nbsp;60618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211345 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370301 |
| Olin Corp. | &nbsp;&nbsp;34404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691176 |
| PPG Industries, Inc. | &nbsp;&nbsp;29299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3332761 |
| RPM International, Inc. | &nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2559272 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;13140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866715 |
| Westlake Corp. | &nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759300 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36083226 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.1%** | **COMMERCIAL SERVICES & SUPPLIES — 0.1%** | **COMMERCIAL SERVICES & SUPPLIES — 0.1%** |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653367 |
| **COMMUNICATIONS EQUIPMENT — 0.3%** | **COMMUNICATIONS EQUIPMENT — 0.3%** | **COMMUNICATIONS EQUIPMENT — 0.3%** |
| Juniper Networks, Inc. | &nbsp;&nbsp;63982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554801 |
| **CONSUMER FINANCE — 1.3%** | **CONSUMER FINANCE — 1.3%** | **CONSUMER FINANCE — 1.3%** |
| Ally Financial, Inc. | &nbsp;&nbsp;38341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493382 |
| OneMain Holdings, Inc. | &nbsp;&nbsp;35697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034729 |
| Synchrony Financial | 109659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10846753 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 YIELD FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.0%** |
| Albertsons Cos., Inc. Class A | 124164 | &nbsp;&nbsp;$2670768 |
| Dollar General Corp. | &nbsp;&nbsp;65872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7534439 |
| Kroger Co. | &nbsp;&nbsp;46604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342905 |
| Sysco Corp. | &nbsp;&nbsp;50690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839260 |
| Target Corp. | 136314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13447376 |
| Walgreens Boots Alliance, Inc. | 214262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33294476 |
| **CONTAINERS & PACKAGING — 2.7%** | **CONTAINERS & PACKAGING — 2.7%** | **CONTAINERS & PACKAGING — 2.7%** |
| Amcor PLC | 588700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410153 |
| Ardagh Group SA (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68159 |
| Avery Dennison Corp. | &nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140913 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;69550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465419 |
| International Paper Co. | 119659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603631 |
| Packaging Corp. of America | &nbsp;&nbsp;26460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4986387 |
| Sealed Air Corp. | &nbsp;&nbsp;43733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357035 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444926 |
| Sonoco Products Co. | &nbsp;&nbsp;13648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23071130 |
| **DISTRIBUTORS — 1.1%** | **DISTRIBUTORS — 1.1%** | **DISTRIBUTORS — 1.1%** |
| Genuine Parts Co. | &nbsp;&nbsp;38777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4704038 |
| LKQ Corp. | &nbsp;&nbsp;77820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880118 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9605861 |
| **DIVERSIFIED CONSUMER SERVICES — 0.5%** | **DIVERSIFIED CONSUMER SERVICES — 0.5%** | **DIVERSIFIED CONSUMER SERVICES — 0.5%** |
| ADT, Inc. | 106028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898057 |
| H&R Block, Inc. | &nbsp;&nbsp;39711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179737 |
| Service Corp. International | &nbsp;&nbsp;12911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4128749 |
| **DIVERSIFIED REITs — 0.3%** | **DIVERSIFIED REITs — 0.3%** | **DIVERSIFIED REITs — 0.3%** |
| WP Carey, Inc. REIT | &nbsp;&nbsp;41909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614283 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%** |
| Iridium Communications, Inc. (a) | &nbsp;&nbsp;28472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859000 |
| **ELECTRIC UTILITIES — 5.8%** | **ELECTRIC UTILITIES — 5.8%** | **ELECTRIC UTILITIES — 5.8%** |
| Alliant Energy Corp. | &nbsp;&nbsp;40282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435852 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;48703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053423 |
| Edison International | 114268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5896229 |
| Entergy Corp. | &nbsp;&nbsp;41525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451558 |
| Evergy, Inc. | &nbsp;&nbsp;69001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756239 |
| Eversource Energy | &nbsp;&nbsp;58571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3726287 |
| Exelon Corp. | 125330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441829 |
| FirstEnergy Corp. | &nbsp;&nbsp;96932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902482 |
| IDACORP, Inc. | &nbsp;&nbsp;13538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562962 |
| OGE Energy Corp. | &nbsp;&nbsp;60220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2672564 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;35679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192200 |
| PPL Corp. | &nbsp;&nbsp;91867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113373 |
| Xcel Energy, Inc. | &nbsp;&nbsp;55184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48963028 |
| **ELECTRICAL EQUIPMENT — 0.1%** | **ELECTRICAL EQUIPMENT — 0.1%** | **ELECTRICAL EQUIPMENT — 0.1%** |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240532 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** |
| Avnet, Inc. | &nbsp;&nbsp;21100 | &nbsp;&nbsp;$1119988 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612171 |
| TD SYNNEX Corp. | &nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754089 |
| **ENERGY EQUIPMENT & SERVICES — 2.5%** | **ENERGY EQUIPMENT & SERVICES — 2.5%** | **ENERGY EQUIPMENT & SERVICES — 2.5%** |
| Baker Hughes Co. | 131678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5048535 |
| Halliburton Co. | 257080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239290 |
| NOV, Inc. | 112000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392160 |
| Schlumberger NV | 287600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9720880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21400865 |
| **FINANCIAL SERVICES — 0.8%** | **FINANCIAL SERVICES — 0.8%** | **FINANCIAL SERVICES — 0.8%** |
| Corebridge Financial, Inc. | &nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784550 |
| Global Payments, Inc. | &nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249124 |
| MGIC Investment Corp. | &nbsp;&nbsp;69990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948521 |
| UWM Holdings Corp. | &nbsp;&nbsp;19663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81405 |
| Voya Financial, Inc. | &nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887500 |
| Western Union Co. | &nbsp;&nbsp;98945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784217 |
| **FOOD PRODUCTS — 6.5%** | **FOOD PRODUCTS — 6.5%** | **FOOD PRODUCTS — 6.5%** |
| Archer-Daniels-Midland Co. | 134323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7089568 |
| Bunge Global SA | &nbsp;&nbsp;39858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3199800 |
| Campbell's Co. | &nbsp;&nbsp;40184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231640 |
| Conagra Brands, Inc. | 142702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2921110 |
| Flowers Foods, Inc. | &nbsp;&nbsp;55977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894512 |
| General Mills, Inc. | 164213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8507876 |
| Hershey Co. | &nbsp;&nbsp;41723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6923932 |
| Hormel Foods Corp. | &nbsp;&nbsp;86764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624611 |
| Ingredion, Inc. | &nbsp;&nbsp;19142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596038 |
| J.M. Smucker Co. | &nbsp;&nbsp;10405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021771 |
| Kellanova | &nbsp;&nbsp;32509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585441 |
| Kraft Heinz Co. | 240349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6205811 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;40900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120665 |
| McCormick & Co., Inc. | &nbsp;&nbsp;23533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784272 |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;83902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54400525 |
| **GAS UTILITIES — 0.8%** | **GAS UTILITIES — 0.8%** | **GAS UTILITIES — 0.8%** |
| Atmos Energy Corp. | &nbsp;&nbsp;11963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843618 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;38880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648129 |
| National Fuel Gas Co. | &nbsp;&nbsp;24153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046001 |
| UGI Corp. | &nbsp;&nbsp;64522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2349891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6887639 |
| **GROUND TRANSPORTATION — 0.7%** | **GROUND TRANSPORTATION — 0.7%** | **GROUND TRANSPORTATION — 0.7%** |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981680 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;25905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145778 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514374 |
| Ryder System, Inc. | &nbsp;&nbsp;12062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917858 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;15461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933073 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 YIELD FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.2%** |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;59737 | &nbsp;&nbsp;$948624 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433900 |
| **HEALTH CARE PROVIDERS & SERVICES — 2.5%** | **HEALTH CARE PROVIDERS & SERVICES — 2.5%** | **HEALTH CARE PROVIDERS & SERVICES — 2.5%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;34108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5730144 |
| CVS Health Corp. | 115235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948910 |
| Humana, Inc. | &nbsp;&nbsp;28800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7041024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20720078 |
| **HEALTH CARE REITs — 0.7%** | **HEALTH CARE REITs — 0.7%** | **HEALTH CARE REITs — 0.7%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;18200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321866 |
| Healthpeak Properties, Inc. REIT | &nbsp;&nbsp;70385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232441 |
| Omega Healthcare Investors, Inc. REIT | &nbsp;&nbsp;85854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3146549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700856 |
| **HOTEL & RESORT REITs — 0.4%** | **HOTEL & RESORT REITs — 0.4%** | **HOTEL & RESORT REITs — 0.4%** |
| Host Hotels & Resorts, Inc. REIT | 205583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157755 |
| Park Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;58847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759760 |
| **HOTELS, RESTAURANTS & LEISURE — 1.9%** | **HOTELS, RESTAURANTS & LEISURE — 1.9%** | **HOTELS, RESTAURANTS & LEISURE — 1.9%** |
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471571 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;25264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506794 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;46300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014513 |
| Restaurant Brands International, Inc. | &nbsp;&nbsp;35300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340037 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508088 |
| Travel & Leisure Co. | &nbsp;&nbsp;18817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971145 |
| Vail Resorts, Inc. | &nbsp;&nbsp;10768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691976 |
| Wendy's Co. (a) | &nbsp;&nbsp;49074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560425 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;10321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902718 |
| **HOUSEHOLD DURABLES — 1.1%** | **HOUSEHOLD DURABLES — 1.1%** | **HOUSEHOLD DURABLES — 1.1%** |
| Lennar Corp. Class A | &nbsp;&nbsp;56700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6271587 |
| Lennar Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273650 |
| Newell Brands, Inc. | 125027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675146 |
| Whirlpool Corp. (a) | &nbsp;&nbsp;16104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8853651 |
| **HOUSEHOLD PRODUCTS — 1.0%** | **HOUSEHOLD PRODUCTS — 1.0%** | **HOUSEHOLD PRODUCTS — 1.0%** |
| Clorox Co. | &nbsp;&nbsp;15332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840913 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;49344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6361429 |
| Reynolds Consumer Products, Inc. | &nbsp;&nbsp;16334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552216 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.4%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.4%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.4%** |
| AES Corp. | 212836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239035 |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;10397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314613 |
| Clearway Energy, Inc. Class C | &nbsp;&nbsp;24430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335408 |
| **INDUSTRIAL REITs — 0.6%** | **INDUSTRIAL REITs — 0.6%** | **INDUSTRIAL REITs — 0.6%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;8561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430714 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp;35883 | &nbsp;&nbsp;$1727049 |
| Rexford Industrial Realty, Inc. REIT | &nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052872 |
| STAG Industrial, Inc. REIT | &nbsp;&nbsp;30028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300051 |
| **INSURANCE — 3.4%** | **INSURANCE — 3.4%** | **INSURANCE — 3.4%** |
| American Financial Group, Inc. | &nbsp;&nbsp;15388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942120 |
| Axis Capital Holdings Ltd. | &nbsp;&nbsp;16508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713861 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;45576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6787178 |
| CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214782 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2909456 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;52837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962042 |
| First American Financial Corp. | &nbsp;&nbsp;17786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091883 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274025 |
| Kemper Corp. | &nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787388 |
| Lincoln National Corp. | &nbsp;&nbsp;47500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643500 |
| Old Republic International Corp. | &nbsp;&nbsp;68557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635331 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;27100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152553 |
| Unum Group | &nbsp;&nbsp;28665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2314985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28429104 |
| **INTERACTIVE MEDIA & SERVICES — 0.2%** | **INTERACTIVE MEDIA & SERVICES — 0.2%** | **INTERACTIVE MEDIA & SERVICES — 0.2%** |
| Match Group, Inc. | &nbsp;&nbsp;67500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085075 |
| **IT SERVICES — 0.4%** | **IT SERVICES — 0.4%** | **IT SERVICES — 0.4%** |
| Amdocs Ltd. | &nbsp;&nbsp;33077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017945 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.1%** | **LEISURE EQUIPMENT & PRODUCTS — 0.1%** | **LEISURE EQUIPMENT & PRODUCTS — 0.1%** |
| Brunswick Corp. | &nbsp;&nbsp;19688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087565 |
| **LEISURE PRODUCTS — 0.3%** | **LEISURE PRODUCTS — 0.3%** | **LEISURE PRODUCTS — 0.3%** |
| Hasbro, Inc. | &nbsp;&nbsp;39612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924158 |
| **MACHINERY — 4.0%** | **MACHINERY — 4.0%** | **MACHINERY — 4.0%** |
| CNH Industrial NV | &nbsp;&nbsp;96762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254035 |
| Cummins, Inc. | &nbsp;&nbsp;14743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4828332 |
| Donaldson Co., Inc. | &nbsp;&nbsp;30625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123844 |
| Flowserve Corp. | &nbsp;&nbsp;23547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232685 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381788 |
| Mueller Industries, Inc. | &nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056951 |
| Oshkosh Corp. | &nbsp;&nbsp;19205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180536 |
| PACCAR, Inc. | &nbsp;&nbsp;84251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8008900 |
| Snap-on, Inc. | &nbsp;&nbsp;15326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769145 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;46326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138586 |
| Timken Co. | &nbsp;&nbsp;18527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344134 |
| Toro Co. | &nbsp;&nbsp;29945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33435449 |
| **MEDIA — 1.1%** | **MEDIA — 1.1%** | **MEDIA — 1.1%** |
| Interpublic Group of Cos., Inc. | 110551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706289 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454164 |
| Omnicom Group, Inc. | &nbsp;&nbsp;57993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4172016 |
| Paramount Global Class B | &nbsp;&nbsp;66100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185159 |
| **METALS & MINING — 2.7%** | **METALS & MINING — 2.7%** | **METALS & MINING — 2.7%** |
| Alcoa Corp. | &nbsp;&nbsp;70200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071602 |
| Newmont Corp. | 108200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6303732 |
| Nucor Corp. | &nbsp;&nbsp;51700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6697218 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 YIELD FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Reliance, Inc. | &nbsp;&nbsp;13944 | &nbsp;&nbsp;$4377022 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;24503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22586203 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.9%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.9%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.9%** |
| AGNC Investment Corp. REIT | 177600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632144 |
| Annaly Capital Management, Inc. REIT | 179300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374426 |
| Rithm Capital Corp. REIT | 143377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618726 |
| Starwood Property Trust, Inc. REIT | &nbsp;&nbsp;47335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7575310 |
| **MULTI-UTILITIES — 3.2%** | **MULTI-UTILITIES — 3.2%** | **MULTI-UTILITIES — 3.2%** |
| Ameren Corp. | &nbsp;&nbsp;33765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242791 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;51295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884578 |
| CMS Energy Corp. | &nbsp;&nbsp;50152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474531 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;39966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010588 |
| Dominion Energy, Inc. | &nbsp;&nbsp;84578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780348 |
| DTE Energy Co. | &nbsp;&nbsp;32086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250112 |
| NiSource, Inc. | &nbsp;&nbsp;46304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867903 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;33166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26966748 |
| **OFFICE REITs — 0.2%** | **OFFICE REITs — 0.2%** | **OFFICE REITs — 0.2%** |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;25039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778463 |
| Kilroy Realty Corp. REIT | &nbsp;&nbsp;35152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984528 |
| **OIL, GAS & CONSUMABLE FUELS — 7.0%** | **OIL, GAS & CONSUMABLE FUELS — 7.0%** | **OIL, GAS & CONSUMABLE FUELS — 7.0%** |
| Antero Midstream Corp. | &nbsp;&nbsp;79155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499987 |
| APA Corp. | 106298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944191 |
| Chord Energy Corp. | &nbsp;&nbsp;17695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713761 |
| Civitas Resources, Inc. | &nbsp;&nbsp;27633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760460 |
| Coterra Energy, Inc. | 226206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5741108 |
| Devon Energy Corp. | 186476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5931802 |
| EOG Resources, Inc. | 120812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14450323 |
| HF Sinclair Corp. | &nbsp;&nbsp;47854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965842 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700913 |
| Matador Resources Co. | &nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670200 |
| Ovintiv, Inc. | &nbsp;&nbsp;77800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2960290 |
| Permian Resources Corp. | 191100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602782 |
| Phillips 66 Co. | &nbsp;&nbsp;47400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654820 |
| Valero Energy Corp. | &nbsp;&nbsp;45556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6123638 |
| Viper Energy, Inc. | &nbsp;&nbsp;28478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58805983 |
| **PAPER & FOREST PRODUCTS — 0.1%** | **PAPER & FOREST PRODUCTS — 0.1%** | **PAPER & FOREST PRODUCTS — 0.1%** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169464 |
| **PERSONAL CARE PRODUCTS — 0.7%** | **PERSONAL CARE PRODUCTS — 0.7%** | **PERSONAL CARE PRODUCTS — 0.7%** |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;70100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664080 |
| **PHARMACEUTICALS — 1.1%** | **PHARMACEUTICALS — 1.1%** | **PHARMACEUTICALS — 1.1%** |
| Organon & Co. | &nbsp;&nbsp;77886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753936 |
| Perrigo Co. PLC | &nbsp;&nbsp;40811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090470 |
| Royalty Pharma PLC Class A | 116951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213745 |
| Viatris, Inc. | 355681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9234382 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **PROFESSIONAL SERVICES — 1.2%** | **PROFESSIONAL SERVICES — 1.2%** | **PROFESSIONAL SERVICES — 1.2%** |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;37500 | &nbsp;&nbsp;$3904875 |
| Concentrix Corp. | &nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718828 |
| Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499950 |
| Genpact Ltd. | &nbsp;&nbsp;40028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761632 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;13851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559581 |
| Robert Half, Inc. | &nbsp;&nbsp;29603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215203 |
| Science Applications International Corp. | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10011389 |
| **RESIDENTIAL REITs — 2.0%** | **RESIDENTIAL REITs — 2.0%** | **RESIDENTIAL REITs — 2.0%** |
| American Homes 4 Rent Class A REIT | &nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082100 |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;15640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182740 |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;42331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610553 |
| Equity Residential REIT | &nbsp;&nbsp;54786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3697507 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;13314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773187 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;17095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16876318 |
| **RETAIL REITs — 2.1%** | **RETAIL REITs — 2.1%** | **RETAIL REITs — 2.1%** |
| Agree Realty Corp. REIT | &nbsp;&nbsp;10171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743093 |
| Brixmor Property Group, Inc. REIT | &nbsp;&nbsp;87038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266470 |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;18165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725493 |
| Kimco Realty Corp. REIT | &nbsp;&nbsp;61406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290754 |
| NNN REIT, Inc. | &nbsp;&nbsp;56028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419289 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;22137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576819 |
| Simon Property Group, Inc. REIT | &nbsp;&nbsp;45279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7279052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300970 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.5%** |
| Amkor Technology, Inc. | &nbsp;&nbsp;34250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718908 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;45950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143102 |
| **SOFTWARE — 0.2%** | **SOFTWARE — 0.2%** | **SOFTWARE — 0.2%** |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;17167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274821 |
| **SPECIALIZED REITs — 3.2%** | **SPECIALIZED REITs — 3.2%** | **SPECIALIZED REITs — 3.2%** |
| CubeSmart REIT | &nbsp;&nbsp;67861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884092 |
| EPR Properties REIT | &nbsp;&nbsp;17276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006500 |
| Gaming & Leisure Properties, Inc. REIT | &nbsp;&nbsp;79137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694115 |
| Lamar Advertising Co. Class A REIT | &nbsp;&nbsp;26269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188006 |
| National Storage Affiliates Trust REIT | &nbsp;&nbsp;20632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660018 |
| Public Storage REIT | &nbsp;&nbsp;19633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5760715 |
| Rayonier, Inc. REIT | &nbsp;&nbsp;46455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030372 |
| VICI Properties, Inc. REIT | 276978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9029483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27253301 |
| **SPECIALTY RETAIL — 2.2%** | **SPECIALTY RETAIL — 2.2%** | **SPECIALTY RETAIL — 2.2%** |
| Bath & Body Works, Inc. | &nbsp;&nbsp;63798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911388 |
| Best Buy Co., Inc. | &nbsp;&nbsp;57973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891728 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 YIELD FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;16266 | &nbsp;&nbsp;$3217577 |
| Gap, Inc. | &nbsp;&nbsp;68935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503472 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950453 |
| Tractor Supply Co. | &nbsp;&nbsp;80200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232154 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;18983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18808025 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.6%** |
| Hewlett Packard Enterprise Co. | 393250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8041962 |
| HP, Inc. | 282782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916848 |
| NetApp, Inc. | &nbsp;&nbsp;60892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21446853 |
| **TEXTILES, APPAREL & LUXURY GOODS — 1.9%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.9%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.9%** |
| Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;7818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477524 |
| NIKE, Inc. Class B | 156300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11103552 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468769 |
| Tapestry, Inc. | &nbsp;&nbsp;23319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047641 |
| VF Corp. (a) | 105305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16334820 |
| **TOBACCO — 1.5%** | **TOBACCO — 1.5%** | **TOBACCO — 1.5%** |
| Altria Group, Inc. | 210314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12330710 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.6%** | **TRADING COMPANIES & DISTRIBUTORS — 0.6%** | **TRADING COMPANIES & DISTRIBUTORS — 0.6%** |
| Air Lease Corp. | &nbsp;&nbsp;13934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815000 |
| MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp;13213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123369 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5081820 |
| **WATER UTILITIES — 0.3%** | **WATER UTILITIES — 0.3%** | **WATER UTILITIES — 0.3%** |
| Essential Utilities, Inc. | &nbsp;&nbsp;60835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259412 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** |
| Millicom International Cellular SA | &nbsp;&nbsp;30800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154076 |
| **TOTAL COMMON STOCKS<br>(Cost $827,679,184)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;838174837 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;354937 | &nbsp;&nbsp;$354937 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 2849891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849891 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $3,204,828)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $3,204,828)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204828 |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $830,884,012)<br>** | **TOTAL INVESTMENTS — 100.1%<br>(Cost $830,884,012)<br>** | &nbsp;&nbsp;&nbsp;841379665 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787918) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $840591747 |

---

(a) All or a portion of the shares of the security are on loan at June 30, 2025.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Index (long) | 8 | 09/19/2025 | $2432534 | $2501500 | $68966 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $2,329,877.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR RUSSELL 1000 YIELD FOCUS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $838174837 | $— | $— | $838174837 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204828 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204828 |
| **TOTAL INVESTMENTS<br>**  | $841379665 | $— | $— | $841379665 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $68966 | $— | $— | $68966 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $68966 | $— | $— | $68966 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $4945805 | $4945805 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $17288 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;42575684 | &nbsp;&nbsp;&nbsp;42220747 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;354937 | &nbsp;&nbsp;&nbsp;&nbsp;354937 | &nbsp;&nbsp;&nbsp;77757 |
| State Street Navigator Securities Lending Portfolio II<br>| 652751 | &nbsp;&nbsp;652751 | &nbsp;&nbsp;&nbsp;70292660 | &nbsp;&nbsp;&nbsp;68095520 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 2849891 | &nbsp;&nbsp;2849891 | &nbsp;&nbsp;129858 |
| Total<br>|  | $652751 | $117814149 | $115262072 | $— | $— |  | $3204828 | $224903 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AEROSPACE & DEFENSE — 4.0%** | **AEROSPACE & DEFENSE — 4.0%** | **AEROSPACE & DEFENSE — 4.0%** |
| ATI, Inc. (a) | 208524 | &nbsp;&nbsp;$18003962 |
| BWX Technologies, Inc. | 135078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19459337 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;55753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27238128 |
| Hexcel Corp. | &nbsp;&nbsp;59775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376690 |
| Woodward, Inc. | &nbsp;&nbsp;87913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21546597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89624714 |
| **AIRLINES — 0.9%** | **AIRLINES — 0.9%** | **AIRLINES — 0.9%** |
| Alaska Air Group, Inc. (a) | 179132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863452 |
| American Airlines Group, Inc. (a) (b) | 973906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10927225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19790677 |
| **AUTO COMPONENTS — 0.1%** | **AUTO COMPONENTS — 0.1%** | **AUTO COMPONENTS — 0.1%** |
| Gentex Corp. | 137046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3013642 |
| **BANKS — 4.1%** | **BANKS — 4.1%** | **BANKS — 4.1%** |
| Commerce Bancshares, Inc. | 102285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359059 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;66384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532999 |
| East West Bancorp, Inc. | 203696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20569222 |
| First Financial Bankshares, Inc. | 106588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835036 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;79152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409868 |
| Home BancShares, Inc. | 103728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952099 |
| International Bancshares Corp. | &nbsp;&nbsp;56036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729756 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;72702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8027028 |
| Synovus Financial Corp. | 100643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208275 |
| UMB Financial Corp. | &nbsp;&nbsp;61210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6436844 |
| Western Alliance Bancorp | 161055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12559069 |
| Wintrust Financial Corp. | &nbsp;&nbsp;51414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6374308 |
| Zions Bancorp NA | &nbsp;&nbsp;87243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92524964 |
| **BEVERAGES — 0.7%** | **BEVERAGES — 0.7%** | **BEVERAGES — 0.7%** |
| Celsius Holdings, Inc. (a) | 148761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901023 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;86534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9661521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16562544 |
| **BIOTECHNOLOGY — 3.4%** | **BIOTECHNOLOGY — 3.4%** | **BIOTECHNOLOGY — 3.4%** |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;88813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2934382 |
| Exelixis, Inc. (a) | 402993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17761916 |
| Halozyme Therapeutics, Inc. (a) | 181957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9465403 |
| Neurocrine Biosciences, Inc. (a) | 146249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18382037 |
| Roivant Sciences Ltd. (a) (b) | 622313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013467 |
| Sarepta Therapeutics, Inc. (a) | 146148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499131 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;66691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19163659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77219995 |
| **BROADLINE RETAIL — 0.3%** | **BROADLINE RETAIL — 0.3%** | **BROADLINE RETAIL — 0.3%** |
| Ollie's Bargain Outlet Holdings, Inc. (a) | &nbsp;&nbsp;53527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7053788 |
| **BUILDING PRODUCTS — 2.9%** | **BUILDING PRODUCTS — 2.9%** | **BUILDING PRODUCTS — 2.9%** |
| AAON, Inc. (b) | &nbsp;&nbsp;99637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7348229 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;50109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755520 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;63803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23824040 |
| Owens Corning | 125691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17285026 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Simpson Manufacturing Co., Inc. (b) | &nbsp;&nbsp;40767 | &nbsp;&nbsp;$6331523 |
| Trex Co., Inc. (a) | &nbsp;&nbsp;77614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64764987 |
| **CAPITAL MARKETS — 5.6%** | **CAPITAL MARKETS — 5.6%** | **CAPITAL MARKETS — 5.6%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;17286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401366 |
| Carlyle Group, Inc. (b) | 116496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5987894 |
| Evercore, Inc. Class A | &nbsp;&nbsp;53134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14347243 |
| Federated Hermes, Inc. | &nbsp;&nbsp;68385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030823 |
| Hamilton Lane, Inc. Class A (b) | &nbsp;&nbsp;64022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9098807 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;79437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14294688 |
| Interactive Brokers Group, Inc. Class A | 644585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35716455 |
| Janus Henderson Group PLC | &nbsp;&nbsp;74979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912184 |
| Jefferies Financial Group, Inc. | 127669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982218 |
| Morningstar, Inc. | &nbsp;&nbsp;39312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12341216 |
| SEI Investments Co. | &nbsp;&nbsp;85264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7661823 |
| Stifel Financial Corp. | 107719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11179078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126953795 |
| **CHEMICALS — 1.1%** | **CHEMICALS — 1.1%** | **CHEMICALS — 1.1%** |
| Axalta Coating Systems Ltd. (a) | 174481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180341 |
| Cabot Corp. | &nbsp;&nbsp;44707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353025 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379687 |
| RPM International, Inc. | 108162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11880514 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;23807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25363877 |
| **COMMERCIAL SERVICES & SUPPLIES — 3.0%** | **COMMERCIAL SERVICES & SUPPLIES — 3.0%** | **COMMERCIAL SERVICES & SUPPLIES — 3.0%** |
| Brink's Co. | &nbsp;&nbsp;31262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791384 |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;74464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17214587 |
| MSA Safety, Inc. | &nbsp;&nbsp;29071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870265 |
| RB Global, Inc. | 273830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29078008 |
| Tetra Tech, Inc. | 389338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67954838 |
| **COMMUNICATIONS EQUIPMENT — 0.7%** | **COMMUNICATIONS EQUIPMENT — 0.7%** | **COMMUNICATIONS EQUIPMENT — 0.7%** |
| Ciena Corp. (a) | 125960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10244327 |
| Lumentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;64578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16383112 |
| **CONSTRUCTION & ENGINEERING — 4.8%** | **CONSTRUCTION & ENGINEERING — 4.8%** | **CONSTRUCTION & ENGINEERING — 4.8%** |
| AECOM | 103547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11686314 |
| API Group Corp. (a) | 212501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10848176 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;52062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27916165 |
| EMCOR Group, Inc. | &nbsp;&nbsp;66107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35359973 |
| MasTec, Inc. (a) | &nbsp;&nbsp;90553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15432948 |
| Valmont Industries, Inc. | &nbsp;&nbsp;21668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108319695 |
| **CONSTRUCTION MATERIALS — 0.7%** | **CONSTRUCTION MATERIALS — 0.7%** | **CONSTRUCTION MATERIALS — 0.7%** |
| Eagle Materials, Inc. | &nbsp;&nbsp;49195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9942802 |
| Knife River Corp. (a) | &nbsp;&nbsp;83688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6832288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16775090 |
| **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;36509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4933826 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| SLM Corp. | 309858 | &nbsp;&nbsp;$10160244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15094070 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;91652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9882835 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;37869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19323414 |
| Maplebear, Inc. (a) | 111699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053263 |
| Sprouts Farmers Market, Inc. (a) | 144726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23827689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58087201 |
| **CONTAINERS & PACKAGING — 0.5%** | **CONTAINERS & PACKAGING — 0.5%** | **CONTAINERS & PACKAGING — 0.5%** |
| AptarGroup, Inc. | &nbsp;&nbsp;51711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8089152 |
| Graphic Packaging Holding Co. | 173904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753309 |
| **DIVERSIFIED CONSUMER SERVICES — 2.3%** | **DIVERSIFIED CONSUMER SERVICES — 2.3%** | **DIVERSIFIED CONSUMER SERVICES — 2.3%** |
| Duolingo, Inc. (a) | &nbsp;&nbsp;58020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23789361 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;41292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7804188 |
| H&R Block, Inc. | 197697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10851588 |
| Service Corp. International | 128278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10441829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52886966 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%** |
| Iridium Communications, Inc. (b) | &nbsp;&nbsp;78738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375525 |
| **ELECTRIC UTILITIES — 0.2%** | **ELECTRIC UTILITIES — 0.2%** | **ELECTRIC UTILITIES — 0.2%** |
| IDACORP, Inc. (b) | &nbsp;&nbsp;32909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799344 |
| **ELECTRICAL EQUIPMENT — 1.4%** | **ELECTRICAL EQUIPMENT — 1.4%** | **ELECTRICAL EQUIPMENT — 1.4%** |
| Acuity, Inc. | &nbsp;&nbsp;45257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13501973 |
| nVent Electric PLC | 243319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17823117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31325090 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.4%** |
| Belden, Inc. | &nbsp;&nbsp;58401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6762836 |
| Cognex Corp. | &nbsp;&nbsp;99786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165212 |
| Coherent Corp. (a) | 229777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20498406 |
| Crane NXT Co. (b) | &nbsp;&nbsp;29350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581965 |
| Fabrinet (a) | &nbsp;&nbsp;52986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15613914 |
| Novanta, Inc. (a) | &nbsp;&nbsp;32447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4183392 |
| Vontier Corp. | &nbsp;&nbsp;92332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55212776 |
| **ENERGY EQUIPMENT & SERVICES — 0.4%** | **ENERGY EQUIPMENT & SERVICES — 0.4%** | **ENERGY EQUIPMENT & SERVICES — 0.4%** |
| ChampionX Corp. | 113839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827761 |
| Valaris Ltd. (a) (b) | &nbsp;&nbsp;96686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071448 |
| Weatherford International PLC | &nbsp;&nbsp;51801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9505317 |
| **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** |
| Warner Music Group Corp. Class A | 104061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834622 |
| **FINANCIAL SERVICES — 2.4%** | **FINANCIAL SERVICES — 2.4%** | **FINANCIAL SERVICES — 2.4%** |
| Equitable Holdings, Inc. | 449317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25206684 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;35461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595036 |
| MGIC Investment Corp. | 168472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690260 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Shift4 Payments, Inc. Class A (a) (b) | &nbsp;&nbsp;99650 | &nbsp;&nbsp;$9876312 |
| Voya Financial, Inc. | &nbsp;&nbsp;73976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252296 |
| WEX, Inc. (a) | &nbsp;&nbsp;35409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53821816 |
| **FOOD PRODUCTS — 0.7%** | **FOOD PRODUCTS — 0.7%** | **FOOD PRODUCTS — 0.7%** |
| Ingredion, Inc. | &nbsp;&nbsp;40846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539534 |
| Lancaster Colony Corp. | &nbsp;&nbsp;14080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432602 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;59896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2694122 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;37386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14742454 |
| **GROUND TRANSPORTATION — 1.2%** | **GROUND TRANSPORTATION — 1.2%** | **GROUND TRANSPORTATION — 1.2%** |
| Ryder System, Inc. | &nbsp;&nbsp;32348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5143332 |
| Saia, Inc. (a) | &nbsp;&nbsp;39350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10781506 |
| XPO, Inc. (a) (b) | &nbsp;&nbsp;85206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10760666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26685504 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%** |
| Globus Medical, Inc. Class A (a) | 166821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9845775 |
| Haemonetics Corp. (a) | &nbsp;&nbsp;43298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230464 |
| Lantheus Holdings, Inc. (a) (b) | 102096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8357579 |
| LivaNova PLC (a) | &nbsp;&nbsp;33271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497860 |
| Masimo Corp. (a) | &nbsp;&nbsp;66466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11180911 |
| Penumbra, Inc. (a) | &nbsp;&nbsp;37140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9531238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43643827 |
| **HEALTH CARE PROVIDERS & SERVICES — 3.2%** | **HEALTH CARE PROVIDERS & SERVICES — 3.2%** | **HEALTH CARE PROVIDERS & SERVICES — 3.2%** |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840084 |
| Encompass Health Corp. | 105678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12959293 |
| Ensign Group, Inc. | &nbsp;&nbsp;84334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13009363 |
| HealthEquity, Inc. (a) | 127956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13404670 |
| Hims & Hers Health, Inc. (a) (b) | 289849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14448973 |
| Tenet Healthcare Corp. (a) | &nbsp;&nbsp;83751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14740176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73402559 |
| **HEALTH CARE REITs — 0.3%** | **HEALTH CARE REITs — 0.3%** | **HEALTH CARE REITs — 0.3%** |
| Omega Healthcare Investors, Inc. REIT | 171133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6272024 |
| **HEALTH CARE TECHNOLOGY — 0.5%** | **HEALTH CARE TECHNOLOGY — 0.5%** | **HEALTH CARE TECHNOLOGY — 0.5%** |
| Doximity, Inc. Class A (a) | 197176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12094776 |
| **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** |
| Park Hotels & Resorts, Inc. REIT (b) | 145578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489263 |
| **HOTELS, RESTAURANTS & LEISURE — 5.2%** | **HOTELS, RESTAURANTS & LEISURE — 5.2%** | **HOTELS, RESTAURANTS & LEISURE — 5.2%** |
| Boyd Gaming Corp. (b) | &nbsp;&nbsp;55033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305231 |
| Cava Group, Inc. (a) (b) | &nbsp;&nbsp;94705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977002 |
| Choice Hotels International, Inc. (b) | &nbsp;&nbsp;32702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149230 |
| Churchill Downs, Inc. | 106629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10769529 |
| Hilton Grand Vacations, Inc. (a) (b) | &nbsp;&nbsp;85834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564686 |
| Hyatt Hotels Corp. Class A (b) | &nbsp;&nbsp;61875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640844 |
| Light & Wonder, Inc. (a) (b) | 124583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11992359 |
| Planet Fitness, Inc. Class A (a) | 123885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13509659 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;98080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18381173 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Travel & Leisure Co. | &nbsp;&nbsp;98157 | &nbsp;&nbsp;$5065883 |
| Vail Resorts, Inc. (b) | &nbsp;&nbsp;29246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4595424 |
| Wendy's Co. (b) | 107933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232595 |
| Wingstop, Inc. | &nbsp;&nbsp;41224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13881770 |
| Wyndham Hotels & Resorts, Inc. | 113623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117292709 |
| **HOUSEHOLD DURABLES — 2.0%** | **HOUSEHOLD DURABLES — 2.0%** | **HOUSEHOLD DURABLES — 2.0%** |
| KB Home | &nbsp;&nbsp;55442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2936763 |
| Somnigroup International, Inc. (b) | 179937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12244713 |
| Toll Brothers, Inc. | 146927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16768778 |
| TopBuild Corp. (a) | &nbsp;&nbsp;41985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13592224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45542478 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%** |
| Ormat Technologies, Inc. (b) | &nbsp;&nbsp;38536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227775 |
| **INDUSTRIAL REITs — 0.5%** | **INDUSTRIAL REITs — 0.5%** | **INDUSTRIAL REITs — 0.5%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;36459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093028 |
| First Industrial Realty Trust, Inc. REIT | 105647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5084790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11177818 |
| **INSURANCE — 3.2%** | **INSURANCE — 3.2%** | **INSURANCE — 3.2%** |
| American Financial Group, Inc. | &nbsp;&nbsp;46724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5897036 |
| Kinsale Capital Group, Inc. (b) | &nbsp;&nbsp;32750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15847725 |
| Primerica, Inc. | &nbsp;&nbsp;48585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13296257 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;71933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17472526 |
| RLI Corp. | 123317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905954 |
| Ryan Specialty Holdings, Inc. | 158949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10806942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72226440 |
| **IT SERVICES — 1.5%** | **IT SERVICES — 1.5%** | **IT SERVICES — 1.5%** |
| Kyndryl Holdings, Inc. (a) | 192652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8083678 |
| Okta, Inc. (a) | 247112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24703787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32787465 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.1%** | **LEISURE EQUIPMENT & PRODUCTS — 0.1%** | **LEISURE EQUIPMENT & PRODUCTS — 0.1%** |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;51693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629363 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.4%** | **LIFE SCIENCES TOOLS & SERVICES — 1.4%** | **LIFE SCIENCES TOOLS & SERVICES — 1.4%** |
| Bruker Corp. | &nbsp;&nbsp;75675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117810 |
| Illumina, Inc. (a) | 121593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11601188 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;34831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10932058 |
| Repligen Corp. (a) | &nbsp;&nbsp;32575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4051679 |
| Sotera Health Co. (a) (b) | 104829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30868433 |
| **MACHINERY — 5.1%** | **MACHINERY — 5.1%** | **MACHINERY — 5.1%** |
| Chart Industries, Inc. (a) | &nbsp;&nbsp;66311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918106 |
| Crane Co. | &nbsp;&nbsp;38234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260254 |
| Donaldson Co., Inc. | 100666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981187 |
| Esab Corp. | &nbsp;&nbsp;84110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10139461 |
| Flowserve Corp. | 135281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081960 |
| Graco, Inc. | 120918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10395321 |
| ITT, Inc. | &nbsp;&nbsp;82511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12940200 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;46985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740930 |
| Mueller Industries, Inc. | 163489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12992471 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| RBC Bearings, Inc. (a) | &nbsp;&nbsp;46322 | &nbsp;&nbsp;$17824706 |
| Toro Co. | &nbsp;&nbsp;61984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381029 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;20720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115750466 |
| **MARINE — 0.4%** | **MARINE — 0.4%** | **MARINE — 0.4%** |
| Kirby Corp. (a) | &nbsp;&nbsp;82820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9392616 |
| **MEDIA — 0.4%** | **MEDIA — 0.4%** | **MEDIA — 0.4%** |
| EchoStar Corp. Class A (a) (b) | &nbsp;&nbsp;97736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707287 |
| New York Times Co. Class A | 129545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7251929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9959216 |
| **METALS & MINING — 1.2%** | **METALS & MINING — 1.2%** | **METALS & MINING — 1.2%** |
| Carpenter Technology Corp. | &nbsp;&nbsp;73565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331895 |
| Royal Gold, Inc. | &nbsp;&nbsp;43669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7766095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28097990 |
| **OFFICE REITs — 0.4%** | **OFFICE REITs — 0.4%** | **OFFICE REITs — 0.4%** |
| COPT Defense Properties REIT | &nbsp;&nbsp;87063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401197 |
| Vornado Realty Trust REIT | 180174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6889854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9291051 |
| **OIL, GAS & CONSUMABLE FUELS — 2.7%** | **OIL, GAS & CONSUMABLE FUELS — 2.7%** | **OIL, GAS & CONSUMABLE FUELS — 2.7%** |
| Antero Midstream Corp. | 247948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698615 |
| CNX Resources Corp. (a) (b) | 213911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7204522 |
| DT Midstream, Inc. | 150153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16503316 |
| Matador Resources Co. | 110101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254020 |
| Permian Resources Corp. | 942303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12834167 |
| Range Resources Corp. | 162455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6607045 |
| Viper Energy, Inc. | 193407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60476294 |
| **PAPER & FOREST PRODUCTS — 0.3%** | **PAPER & FOREST PRODUCTS — 0.3%** | **PAPER & FOREST PRODUCTS — 0.3%** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;91389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7858540 |
| **PERSONAL CARE PRODUCTS — 0.7%** | **PERSONAL CARE PRODUCTS — 0.7%** | **PERSONAL CARE PRODUCTS — 0.7%** |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;86370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003414 |
| elf Beauty, Inc. (a) (b) | &nbsp;&nbsp;83321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10368465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15371879 |
| **PROFESSIONAL SERVICES — 2.2%** | **PROFESSIONAL SERVICES — 2.2%** | **PROFESSIONAL SERVICES — 2.2%** |
| CACI International, Inc. Class A (a) (b) | &nbsp;&nbsp;19461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9277059 |
| ExlService Holdings, Inc. (a) | 240307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10523044 |
| Exponent, Inc. | &nbsp;&nbsp;44985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3360829 |
| Genpact Ltd. | 126018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5546052 |
| KBR, Inc. | &nbsp;&nbsp;80970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881702 |
| Parsons Corp. (a) (b) | &nbsp;&nbsp;69468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985718 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;63656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11533831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49108235 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;37140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9499669 |
| **RESIDENTIAL REITs — 0.8%** | **RESIDENTIAL REITs — 0.8%** | **RESIDENTIAL REITs — 0.8%** |
| American Homes 4 Rent Class A REIT | 178480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6437774 |
| Equity LifeStyle Properties, Inc. REIT | 141127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8703302 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Independence Realty Trust, Inc. REIT | 206992 | &nbsp;&nbsp;$3661688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18802764 |
| **RETAIL REITs — 0.6%** | **RETAIL REITs — 0.6%** | **RETAIL REITs — 0.6%** |
| Agree Realty Corp. REIT (b) | &nbsp;&nbsp;66520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4859951 |
| Brixmor Property Group, Inc. REIT | 244275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360921 |
| Kite Realty Group Trust REIT | 140556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14404466 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.7%** |
| Allegro MicroSystems, Inc. (a) | &nbsp;&nbsp;73870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525615 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;47916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995482 |
| Entegris, Inc. (b) | 116258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9376208 |
| Lattice Semiconductor Corp. (a) (b) | &nbsp;&nbsp;99577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878277 |
| MACOM Technology Solutions Holdings, Inc. (a) | &nbsp;&nbsp;87906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12596051 |
| MKS, Inc. (b) | &nbsp;&nbsp;40610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035010 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;40475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085142 |
| Power Integrations, Inc. | &nbsp;&nbsp;28499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593094 |
| Rambus, Inc. (a) | 158549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150307 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;20778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061846 |
| Universal Display Corp. | &nbsp;&nbsp;30091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61944888 |
| **SOFTWARE — 5.9%** | **SOFTWARE — 5.9%** | **SOFTWARE — 5.9%** |
| Appfolio, Inc. Class A (a) | &nbsp;&nbsp;34048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7840573 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;27468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763720 |
| Commvault Systems, Inc. (a) | &nbsp;&nbsp;65123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11352893 |
| Docusign, Inc. (a) | 299430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23322603 |
| Dropbox, Inc. Class A (a) | 176875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5058625 |
| Dynatrace, Inc. (a) | 443304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24474814 |
| Guidewire Software, Inc. (a) | 124044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29206160 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;89721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17717206 |
| Pegasystems, Inc. | 131788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7133684 |
| Qualys, Inc. (a) | &nbsp;&nbsp;31100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132313535 |
| **SPECIALIZED REITs — 1.3%** | **SPECIALIZED REITs — 1.3%** | **SPECIALIZED REITs — 1.3%** |
| CubeSmart REIT | 181633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7719403 |
| Gaming & Leisure Properties, Inc. REIT | 174640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8152195 |
| Lamar Advertising Co. Class A REIT | &nbsp;&nbsp;81798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9927005 |
| National Storage Affiliates Trust REIT | 104581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3345546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29144149 |
| **SPECIALTY RETAIL — 4.0%** | **SPECIALTY RETAIL — 4.0%** | **SPECIALTY RETAIL — 4.0%** |
| Abercrombie & Fitch Co. Class A (a) | &nbsp;&nbsp;70371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830237 |
| Bath & Body Works, Inc. | 160608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4811816 |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;93158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21672277 |
| Chewy, Inc. Class A (a) | 324395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13825715 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50026 | &nbsp;&nbsp;$9895643 |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764162 |
| GameStop Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;264749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457228 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10802574 |
| RH (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139215 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;187925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7116720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89315587 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.2%** |
| Pure Storage, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;459547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26460716 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** |
| Crocs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8382439 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.9%** | **TRADING COMPANIES & DISTRIBUTORS — 1.9%** | **TRADING COMPANIES & DISTRIBUTORS — 1.9%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13086470 |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;173430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10466500 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016652 |
| Watsco, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14107551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42677173 |
| **TOTAL COMMON STOCKS<br>(Cost $2,078,772,767)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;2260336315 |
| **SHORT-TERM INVESTMENTS — 1.8%** | **SHORT-TERM INVESTMENTS — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;1281264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281264 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 38650091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38650091 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $39,931,355)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $39,931,355)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39931355 |
| **TOTAL INVESTMENTS — 101.7%<br>(Cost $2,118,704,122)<br>** | **TOTAL INVESTMENTS — 101.7%<br>(Cost $2,118,704,122)<br>** | &nbsp;&nbsp;2300267670 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37965479) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $2262302191 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $2260336315 | $— | $— | $2260336315 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39931355 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39931355 |
| **TOTAL INVESTMENTS<br>**  | $2300267670 | $— | $— | $2300267670 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;858551 | $858809 | $6353899 | $7212708 | $86 | $(86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $16812 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;66170416 | &nbsp;&nbsp;&nbsp;&nbsp;64889152 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1281264 | &nbsp;&nbsp;&nbsp;1281264 | &nbsp;&nbsp;&nbsp;55940 |
| State Street Navigator Securities Lending Portfolio II<br>| 59754443 | &nbsp;&nbsp;59754443 | &nbsp;&nbsp;1821525268 | &nbsp;&nbsp;1842629620 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 38650091 | &nbsp;&nbsp;38650091 | &nbsp;&nbsp;250527 |
| Total<br>|  | $60613252 | $1894049583 | $1914731480 | $86 | $(86) |  | $39931355 | $323279 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **AEROSPACE & DEFENSE — 0.2%** | **AEROSPACE & DEFENSE — 0.2%** | **AEROSPACE & DEFENSE — 0.2%** |
| Hexcel Corp. | &nbsp;&nbsp;68825 | &nbsp;&nbsp;$3887924 |
| **AIR FREIGHT & LOGISTICS — 0.4%** | **AIR FREIGHT & LOGISTICS — 0.4%** | **AIR FREIGHT & LOGISTICS — 0.4%** |
| GXO Logistics, Inc. (a) (b) | 197148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601108 |
| **AUTO COMPONENTS — 1.5%** | **AUTO COMPONENTS — 1.5%** | **AUTO COMPONENTS — 1.5%** |
| Autoliv, Inc. | 122571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13715695 |
| Gentex Corp. | 227186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995820 |
| Goodyear Tire & Rubber Co. (a) (b) | 489321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5074259 |
| Lear Corp. (b) | &nbsp;&nbsp;92170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8754307 |
| Visteon Corp. (a) | &nbsp;&nbsp;46661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4353471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36893552 |
| **AUTOMOBILES — 0.5%** | **AUTOMOBILES — 0.5%** | **AUTOMOBILES — 0.5%** |
| Harley-Davidson, Inc. (b) | 187288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4419997 |
| Thor Industries, Inc. (b) | &nbsp;&nbsp;91696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8143522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12563519 |
| **BANKS — 9.4%** | **BANKS — 9.4%** | **BANKS — 9.4%** |
| Associated Banc-Corp. | 281651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6869468 |
| Bank OZK | 182093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8569297 |
| Cadence Bank | 321244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10273383 |
| Columbia Banking System, Inc. | 362331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8471299 |
| Comerica, Inc. | 226404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13504999 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;90110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5602139 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;33067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250432 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;97004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490204 |
| First Horizon Corp. | 873725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18522970 |
| Flagstar Financial, Inc. (b) | 522624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539814 |
| FNB Corp. | 620218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042779 |
| Glacier Bancorp, Inc. | 111503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4803549 |
| Hancock Whitney Corp. | 147608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8472699 |
| Home BancShares, Inc. | 196392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589316 |
| International Bancshares Corp. | &nbsp;&nbsp;26506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764239 |
| Old National Bancorp | 560935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11970353 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;47418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235421 |
| Prosperity Bancshares, Inc. | 164139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11529123 |
| SouthState Corp. | 169584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15606816 |
| Synovus Financial Corp. | 122237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6325765 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;79211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6289353 |
| UMB Financial Corp. | &nbsp;&nbsp;51369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401964 |
| United Bankshares, Inc. | 244262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898465 |
| Valley National Bancorp | 821156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7332923 |
| Webster Financial Corp. | 289833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15824882 |
| Wintrust Financial Corp. | &nbsp;&nbsp;55381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866136 |
| Zions Bancorp NA | 152649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7928589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223976377 |
| **BEVERAGES — 0.3%** | **BEVERAGES — 0.3%** | **BEVERAGES — 0.3%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;14140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698053 |
| Celsius Holdings, Inc. (a) | &nbsp;&nbsp;96956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195842 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BIOTECHNOLOGY — 0.9%** | **BIOTECHNOLOGY — 0.9%** | **BIOTECHNOLOGY — 0.9%** |
| BioMarin Pharmaceutical, Inc. (a) | 330293 | &nbsp;&nbsp;$18156206 |
| Cytokinetics, Inc. (a) | 102313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3380422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21536628 |
| **BROADLINE RETAIL — 0.5%** | **BROADLINE RETAIL — 0.5%** | **BROADLINE RETAIL — 0.5%** |
| Macy's, Inc. | 477112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5563126 |
| Ollie's Bargain Outlet Holdings, Inc. (a) (b) | &nbsp;&nbsp;43152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5686570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11249696 |
| **BUILDING PRODUCTS — 1.6%** | **BUILDING PRODUCTS — 1.6%** | **BUILDING PRODUCTS — 1.6%** |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;63284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7268800 |
| Fortune Brands Innovations, Inc. | 207248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10669127 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;24378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786147 |
| Trex Co., Inc. (a) (b) | &nbsp;&nbsp;93653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5092850 |
| UFP Industries, Inc. | 104037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10337117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37154041 |
| **CAPITAL MARKETS — 1.8%** | **CAPITAL MARKETS — 1.8%** | **CAPITAL MARKETS — 1.8%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;28739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654973 |
| Carlyle Group, Inc. (b) | 231262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11886867 |
| Federated Hermes, Inc. | &nbsp;&nbsp;50438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235412 |
| Janus Henderson Group PLC | 129533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031062 |
| Jefferies Financial Group, Inc. | 132068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222799 |
| SEI Investments Co. | &nbsp;&nbsp;63686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5722824 |
| Stifel Financial Corp. | &nbsp;&nbsp;51061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43053047 |
| **CHEMICALS — 1.8%** | **CHEMICALS — 1.8%** | **CHEMICALS — 1.8%** |
| Ashland, Inc. | &nbsp;&nbsp;78311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937477 |
| Avient Corp. | 156807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066434 |
| Axalta Coating Systems Ltd. (a) | 172238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5113746 |
| Cabot Corp. | &nbsp;&nbsp;40482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036150 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012190 |
| Olin Corp. | 197170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961145 |
| RPM International, Inc. | &nbsp;&nbsp;95120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10447981 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;46671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3078419 |
| Westlake Corp. | &nbsp;&nbsp;57104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43989449 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.4%** | **COMMERCIAL SERVICES & SUPPLIES — 0.4%** | **COMMERCIAL SERVICES & SUPPLIES — 0.4%** |
| Brink's Co. | &nbsp;&nbsp;35966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211404 |
| MSA Safety, Inc. | &nbsp;&nbsp;33946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5686974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8898378 |
| **COMMUNICATIONS EQUIPMENT — 0.5%** | **COMMUNICATIONS EQUIPMENT — 0.5%** | **COMMUNICATIONS EQUIPMENT — 0.5%** |
| Ciena Corp. (a) | &nbsp;&nbsp;97991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7969608 |
| Lumentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;43945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4177412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12147020 |
| **CONSTRUCTION & ENGINEERING — 1.6%** | **CONSTRUCTION & ENGINEERING — 1.6%** | **CONSTRUCTION & ENGINEERING — 1.6%** |
| AECOM | 107123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12089902 |
| API Group Corp. (a) | 172112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8786318 |
| Fluor Corp. (a) | 283709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14545760 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38440793 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CONSUMER FINANCE — 0.9%** | **CONSUMER FINANCE — 0.9%** | **CONSUMER FINANCE — 0.9%** |
| Ally Financial, Inc. | 476214 | &nbsp;&nbsp;$18548535 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;23778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21761894 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.2%** |
| Albertsons Cos., Inc. Class A | 694228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14932844 |
| BJ's Wholesale Club Holdings, Inc. (a) | 120596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13003867 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;19787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10096713 |
| Maplebear, Inc. (a) | 152914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917829 |
| Performance Food Group Co. (a) | 268852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23516484 |
| U.S. Foods Holding Corp. (a) | 398398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30680630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99148367 |
| **CONTAINERS & PACKAGING — 2.2%** | **CONTAINERS & PACKAGING — 2.2%** | **CONTAINERS & PACKAGING — 2.2%** |
| AptarGroup, Inc. | &nbsp;&nbsp;53513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8371039 |
| Crown Holdings, Inc. | 198201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20410739 |
| Graphic Packaging Holding Co. (b) | 317420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688040 |
| Greif, Inc. Class A | &nbsp;&nbsp;44668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902973 |
| Silgan Holdings, Inc. | 140206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7596361 |
| Sonoco Products Co. | 170088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53378185 |
| **DIVERSIFIED CONSUMER SERVICES — 0.6%** | **DIVERSIFIED CONSUMER SERVICES — 0.6%** | **DIVERSIFIED CONSUMER SERVICES — 0.6%** |
| Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;5813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500086 |
| Service Corp. International | &nbsp;&nbsp;95716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7791283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13291369 |
| **DIVERSIFIED REITs — 1.0%** | **DIVERSIFIED REITs — 1.0%** | **DIVERSIFIED REITs — 1.0%** |
| WP Carey, Inc. REIT | 377085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23522562 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** |
| Frontier Communications Parent, Inc. (a) | 383648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13964787 |
| Iridium Communications, Inc. (b) | &nbsp;&nbsp;94472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16815007 |
| **ELECTRIC UTILITIES — 1.9%** | **ELECTRIC UTILITIES — 1.9%** | **ELECTRIC UTILITIES — 1.9%** |
| ALLETE, Inc. | &nbsp;&nbsp;99841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6396813 |
| IDACORP, Inc. (b) | &nbsp;&nbsp;54627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6306687 |
| OGE Energy Corp. | 346838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15392671 |
| Portland General Electric Co. | 188770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7669725 |
| TXNM Energy, Inc. | 159694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8993966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44759862 |
| **ELECTRICAL EQUIPMENT — 1.8%** | **ELECTRICAL EQUIPMENT — 1.8%** | **ELECTRICAL EQUIPMENT — 1.8%** |
| EnerSys | &nbsp;&nbsp;68022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834247 |
| NEXTracker, Inc. Class A (a) | 247591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13461523 |
| Regal Rexnord Corp. | 114288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16567188 |
| Sensata Technologies Holding PLC (b) | 252234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7594766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43457724 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%** |
| Arrow Electronics, Inc. (a) | &nbsp;&nbsp;89371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11388546 |
| Avnet, Inc. | 144599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7675315 |
| Cognex Corp. | 172507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471922 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Crane NXT Co. (b) | &nbsp;&nbsp;50734 | &nbsp;&nbsp;$2734563 |
| Flex Ltd. (a) | 659738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32934121 |
| IPG Photonics Corp. (a) | &nbsp;&nbsp;45159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100165 |
| Littelfuse, Inc. | &nbsp;&nbsp;42640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9667767 |
| Novanta, Inc. (a) | &nbsp;&nbsp;24060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102056 |
| TD SYNNEX Corp. (b) | 128637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17456041 |
| Vontier Corp. | 146964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5422972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98953468 |
| **ENERGY EQUIPMENT & SERVICES — 0.7%** | **ENERGY EQUIPMENT & SERVICES — 0.7%** | **ENERGY EQUIPMENT & SERVICES — 0.7%** |
| ChampionX Corp. | 196755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887395 |
| NOV, Inc. | 647633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8050078 |
| Weatherford International PLC | &nbsp;&nbsp;64594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16187197 |
| **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** |
| Warner Music Group Corp. Class A | 129943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539647 |
| **FINANCIAL SERVICES — 1.4%** | **FINANCIAL SERVICES — 1.4%** | **FINANCIAL SERVICES — 1.4%** |
| Essent Group Ltd. | 174770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10613782 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;28504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889736 |
| MGIC Investment Corp. | 212935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5928111 |
| Voya Financial, Inc. | &nbsp;&nbsp;79190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5622490 |
| Western Union Co. (b) | 566070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766309 |
| WEX, Inc. (a) (b) | &nbsp;&nbsp;17643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32412008 |
| **FOOD PRODUCTS — 1.3%** | **FOOD PRODUCTS — 1.3%** | **FOOD PRODUCTS — 1.3%** |
| Darling Ingredients, Inc. (a) | 272534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10339940 |
| Flowers Foods, Inc. | 336321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374410 |
| Ingredion, Inc. | &nbsp;&nbsp;63184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8569014 |
| Lancaster Colony Corp. | &nbsp;&nbsp;16827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907201 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;34007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30898348 |
| **GAS UTILITIES — 2.4%** | **GAS UTILITIES — 2.4%** | **GAS UTILITIES — 2.4%** |
| National Fuel Gas Co. | 155669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13186721 |
| New Jersey Resources Corp. | 173005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7754084 |
| ONE Gas, Inc. | 103286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7422132 |
| Southwest Gas Holdings, Inc. | 104133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7746454 |
| Spire, Inc. | 101773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7428411 |
| UGI Corp. (b) | 369442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13455078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56992880 |
| **GROUND TRANSPORTATION — 1.8%** | **GROUND TRANSPORTATION — 1.8%** | **GROUND TRANSPORTATION — 1.8%** |
| Avis Budget Group, Inc. (a) (b) | &nbsp;&nbsp;28892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4884193 |
| Knight-Swift Transportation Holdings, Inc. | 279231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12350387 |
| Landstar System, Inc. | &nbsp;&nbsp;60225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8372479 |
| Ryder System, Inc. | &nbsp;&nbsp;33547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333973 |
| XPO, Inc. (a) (b) | 103559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13078466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44019498 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%** |
| Dentsply Sirona, Inc. | 341296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5419780 |
| Envista Holdings Corp. (a) (b) | 292344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5712402 |
| Haemonetics Corp. (a) | &nbsp;&nbsp;36139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696331 |
| LivaNova PLC (a) | &nbsp;&nbsp;55114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2481232 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Penumbra, Inc. (a) | &nbsp;&nbsp;23396 | &nbsp;&nbsp;$6004116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22313861 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.8%** | **HEALTH CARE PROVIDERS & SERVICES — 1.8%** | **HEALTH CARE PROVIDERS & SERVICES — 1.8%** |
| Acadia Healthcare Co., Inc. (a) | 157810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580709 |
| Amedisys, Inc. (a) | &nbsp;&nbsp;56492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558248 |
| Chemed Corp. | &nbsp;&nbsp;13607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6625656 |
| Encompass Health Corp. | &nbsp;&nbsp;50098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143518 |
| Option Care Health, Inc. (a) | 282271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9168162 |
| Tenet Healthcare Corp. (a) | &nbsp;&nbsp;62436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10988736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42065029 |
| **HEALTH CARE REITs — 1.2%** | **HEALTH CARE REITs — 1.2%** | **HEALTH CARE REITs — 1.2%** |
| Healthcare Realty Trust, Inc. REIT | 605636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9605387 |
| Omega Healthcare Investors, Inc. REIT | 299159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10964177 |
| Sabra Health Care REIT, Inc. (b) | 410164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7563424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28132988 |
| **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** |
| Park Hotels & Resorts, Inc. REIT (b) | 174640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786567 |
| **HOTELS, RESTAURANTS & LEISURE — 1.5%** | **HOTELS, RESTAURANTS & LEISURE — 1.5%** | **HOTELS, RESTAURANTS & LEISURE — 1.5%** |
| Aramark | 451420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900956 |
| Boyd Gaming Corp. (b) | &nbsp;&nbsp;40787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190767 |
| Cava Group, Inc. (a) (b) | &nbsp;&nbsp;30966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608266 |
| Marriott Vacations Worldwide Corp. (b) | &nbsp;&nbsp;54456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937713 |
| Vail Resorts, Inc. (b) | &nbsp;&nbsp;30312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4762925 |
| Wendy's Co. (b) | 151905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35135382 |
| **HOUSEHOLD DURABLES — 1.4%** | **HOUSEHOLD DURABLES — 1.4%** | **HOUSEHOLD DURABLES — 1.4%** |
| KB Home | &nbsp;&nbsp;58971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3123694 |
| Somnigroup International, Inc. (b) | 145888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9927678 |
| Taylor Morrison Home Corp. (a) | 172966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10623572 |
| Whirlpool Corp. (b) | &nbsp;&nbsp;95816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33392603 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** |
| Ormat Technologies, Inc. (b) | &nbsp;&nbsp;54242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4543310 |
| **INDUSTRIAL REITs — 1.6%** | **INDUSTRIAL REITs — 1.6%** | **INDUSTRIAL REITs — 1.6%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;47933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010563 |
| First Industrial Realty Trust, Inc. REIT | 105078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5057404 |
| Rexford Industrial Realty, Inc. REIT (b) | 406777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14469058 |
| STAG Industrial, Inc. REIT | 321540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11665471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39202496 |
| **INSURANCE — 6.0%** | **INSURANCE — 6.0%** | **INSURANCE — 6.0%** |
| American Financial Group, Inc. | &nbsp;&nbsp;69307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747236 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;99012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323875 |
| CNO Financial Group, Inc. | 170934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594634 |
| Fidelity National Financial, Inc. | 449309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25188263 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;177326 | &nbsp;&nbsp;$10886043 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10519540 |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;103734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694992 |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;391728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15058024 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;113836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22580509 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;104797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080660 |
| Unum Group | &nbsp;&nbsp;&nbsp;276291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22313261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142987037 |
| **INTERACTIVE MEDIA & SERVICES — 0.2%** | **INTERACTIVE MEDIA & SERVICES — 0.2%** | **INTERACTIVE MEDIA & SERVICES — 0.2%** |
| ZoomInfo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;445033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503734 |
| **IT SERVICES — 0.5%** | **IT SERVICES — 0.5%** | **IT SERVICES — 0.5%** |
| ASGN, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743252 |
| Kyndryl Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;176502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7406024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11149276 |
| **LEISURE EQUIPMENT & PRODUCTS — 1.0%** | **LEISURE EQUIPMENT & PRODUCTS — 1.0%** | **LEISURE EQUIPMENT & PRODUCTS — 1.0%** |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;113298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6258581 |
| Mattel, Inc. (a) | &nbsp;&nbsp;&nbsp;556412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10972445 |
| Polaris, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;90447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676671 |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23499240 |
| **LIFE SCIENCES TOOLS & SERVICES — 2.0%** | **LIFE SCIENCES TOOLS & SERVICES — 2.0%** | **LIFE SCIENCES TOOLS & SERVICES — 2.0%** |
| Avantor, Inc. (a) | 1173777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15799038 |
| Bio-Rad Laboratories, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;32088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7743476 |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;102304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214925 |
| Illumina, Inc. (a) | &nbsp;&nbsp;&nbsp;130971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12495943 |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;52283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502960 |
| Sotera Health Co. (a) (b) | &nbsp;&nbsp;&nbsp;141717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48332235 |
| **MACHINERY — 5.3%** | **MACHINERY — 5.3%** | **MACHINERY — 5.3%** |
| AGCO Corp. (b) | &nbsp;&nbsp;&nbsp;106625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10999435 |
| CNH Industrial NV | 1506342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19522192 |
| Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;39606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520783 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6148848 |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516559 |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;146840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12623835 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6133151 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8574963 |
| Middleby Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;92190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13275360 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;110900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12591586 |
| Terex Corp. (b) | &nbsp;&nbsp;&nbsp;112391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5247536 |
| Timken Co. (b) | &nbsp;&nbsp;&nbsp;109757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962870 |
| Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;99830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055985 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;23190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126875292 |
| **MEDIA — 0.8%** | **MEDIA — 0.8%** | **MEDIA — 0.8%** |
| EchoStar Corp. Class A (a) (b) | &nbsp;&nbsp;&nbsp;117245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247686 |
| New York Times Co. Class A | &nbsp;&nbsp;&nbsp;128667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202779 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8456736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18907201 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **METALS & MINING — 2.9%** | **METALS & MINING — 2.9%** | **METALS & MINING — 2.9%** |
| Alcoa Corp. | &nbsp;&nbsp;&nbsp;446051 | &nbsp;&nbsp;$13162965 |
| Cleveland-Cliffs, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;836080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354208 |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;194797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527521 |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28416425 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11090814 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68551933 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 1.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 1.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 1.3%** |
| Annaly Capital Management, Inc. REIT | 1042176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19613752 |
| Starwood Property Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;555630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11151494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30765246 |
| **MULTI-UTILITIES — 0.5%** | **MULTI-UTILITIES — 0.5%** | **MULTI-UTILITIES — 0.5%** |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;124988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7011827 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;105168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12406945 |
| **OFFICE REITs — 0.9%** | **OFFICE REITs — 0.9%** | **OFFICE REITs — 0.9%** |
| COPT Defense Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;92595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553770 |
| Cousins Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;289429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8691553 |
| Kilroy Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;183560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297944 |
| Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;77226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2953122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20496389 |
| **OIL, GAS & CONSUMABLE FUELS — 3.7%** | **OIL, GAS & CONSUMABLE FUELS — 3.7%** | **OIL, GAS & CONSUMABLE FUELS — 3.7%** |
| Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;287240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443198 |
| Antero Resources Corp. (a) | &nbsp;&nbsp;&nbsp;502747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20250649 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640643 |
| Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;145841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013544 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;275908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11334301 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;71770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424864 |
| Murphy Oil Corp. (b) | &nbsp;&nbsp;&nbsp;231420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206950 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;447484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17026766 |
| PBF Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;168364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3648448 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;222353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9043097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89032460 |
| **PERSONAL CARE PRODUCTS — 0.4%** | **PERSONAL CARE PRODUCTS — 0.4%** | **PERSONAL CARE PRODUCTS — 0.4%** |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;118256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850570 |
| Coty, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;627451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9768217 |
| **PHARMACEUTICALS — 0.7%** | **PHARMACEUTICALS — 0.7%** | **PHARMACEUTICALS — 0.7%** |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;106193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11269201 |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;237088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17604192 |
| **PROFESSIONAL SERVICES — 2.4%** | **PROFESSIONAL SERVICES — 2.4%** | **PROFESSIONAL SERVICES — 2.4%** |
| CACI International, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;15123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7209134 |
| Concentrix Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;78761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162913 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2599534 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;58040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9373460 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;129556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5701760 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681508 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| KBR, Inc. | 129741 | &nbsp;&nbsp;$6219784 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;79290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203316 |
| Maximus, Inc. | &nbsp;&nbsp;97137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819017 |
| Science Applications International Corp. (b) | &nbsp;&nbsp;81312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9156544 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58126970 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;38472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840368 |
| **RESIDENTIAL REITs — 1.1%** | **RESIDENTIAL REITs — 1.1%** | **RESIDENTIAL REITs — 1.1%** |
| American Homes 4 Rent Class A REIT | 339461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12244358 |
| Equity LifeStyle Properties, Inc. REIT | 164781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10162044 |
| Independence Realty Trust, Inc. REIT | 159920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25235387 |
| **RETAIL REITs — 1.4%** | **RETAIL REITs — 1.4%** | **RETAIL REITs — 1.4%** |
| Agree Realty Corp. REIT (b) | 111698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8160656 |
| Brixmor Property Group, Inc. REIT | 242822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6323085 |
| Kite Realty Group Trust REIT | 214593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4860532 |
| NNN REIT, Inc. | 323752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13979611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33323884 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%** |
| Allegro MicroSystems, Inc. (a) (b) | 138811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4745948 |
| Amkor Technology, Inc. | 194645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085599 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;35508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701887 |
| Entegris, Inc. (b) | 125240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10100606 |
| Lattice Semiconductor Corp. (a) | 120969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926271 |
| MKS, Inc. (b) | &nbsp;&nbsp;68270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783307 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;36835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717757 |
| Power Integrations, Inc. | &nbsp;&nbsp;63582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554234 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;32059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4724214 |
| Synaptics, Inc. (a) | &nbsp;&nbsp;65999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278055 |
| Universal Display Corp. | &nbsp;&nbsp;41162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57975760 |
| **SOFTWARE — 1.1%** | **SOFTWARE — 1.1%** | **SOFTWARE — 1.1%** |
| Bill Holdings, Inc. (a) | 163433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7560411 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;32870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110583 |
| Dolby Laboratories, Inc. Class A | 105890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7863391 |
| Dropbox, Inc. Class A (a) | 131050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748030 |
| Qualys, Inc. (a) | &nbsp;&nbsp;26153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25018894 |
| **SPECIALIZED REITs — 1.9%** | **SPECIALIZED REITs — 1.9%** | **SPECIALIZED REITs — 1.9%** |
| CubeSmart REIT | 180776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7682980 |
| EPR Properties REIT | 131100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637886 |
| Gaming & Leisure Properties, Inc. REIT | 269902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12599025 |
| Lamar Advertising Co. Class A REIT (b) | &nbsp;&nbsp;56117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810359 |
| PotlatchDeltic Corp. REIT | 122514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700862 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Rayonier, Inc. REIT | 240159 | &nbsp;&nbsp;$5326727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44757839 |
| **SPECIALTY RETAIL — 3.4%** | **SPECIALTY RETAIL — 3.4%** | **SPECIALTY RETAIL — 3.4%** |
| AutoNation, Inc. (a) | &nbsp;&nbsp;42935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8529038 |
| Bath & Body Works, Inc. | 178760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355650 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;38738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7662764 |
| Five Below, Inc. (a) | &nbsp;&nbsp;94867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12444653 |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;81665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6203273 |
| GameStop Corp. Class A (a) | 392817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9580807 |
| Gap, Inc. | 383063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8354604 |
| Lithia Motors, Inc. | &nbsp;&nbsp;44803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15135349 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;31770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458404 |
| RH (a) | &nbsp;&nbsp;13032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81187720 |
| **TEXTILES, APPAREL & LUXURY GOODS — 1.6%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.6%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.6%** |
| Capri Holdings Ltd. (a) (b) | 201980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575046 |
| Columbia Sportswear Co. (b) | &nbsp;&nbsp;52508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207189 |
| PVH Corp. | &nbsp;&nbsp;82233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641184 |
| Skechers USA, Inc. Class A (a) | 224425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14161217 |
| Under Armour, Inc. Class A (a) (b) | 323362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208562 |
| Under Armour, Inc. Class C (a) (b) | 219357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423627 |
| VF Corp. (b) | 571004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36926122 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.8%** | **TRADING COMPANIES & DISTRIBUTORS — 1.8%** | **TRADING COMPANIES & DISTRIBUTORS — 1.8%** |
| Core & Main, Inc. Class A (a) | 124045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7486116 |
| GATX Corp. | &nbsp;&nbsp;23214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564742 |
| MSC Industrial Direct Co., Inc. Class A (b) | &nbsp;&nbsp;76843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533192 |
| Watsco, Inc. (b) | &nbsp;&nbsp;22815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10075560 |
| WESCO International, Inc. | &nbsp;&nbsp;76552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14177430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41837040 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **WATER UTILITIES — 0.7%** | **WATER UTILITIES — 0.7%** | **WATER UTILITIES — 0.7%** |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;444280 | &nbsp;&nbsp;$16500559 |
| **TOTAL COMMON STOCKS<br>(Cost $2,470,225,063)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;2371907566 |
| **SHORT-TERM INVESTMENTS — 4.0%** | **SHORT-TERM INVESTMENTS — 4.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;3234089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234089 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 91953099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91953099 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $95,187,188)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $95,187,188)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95187188 |
| **TOTAL INVESTMENTS — 103.7%<br>(Cost $2,565,412,251)<br>** | **TOTAL INVESTMENTS — 103.7%<br>(Cost $2,565,412,251)<br>** | &nbsp;&nbsp;2467094754 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.7)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.7)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88447408) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $2378647346 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) 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 June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $2371907566 | $— | $— | $2371907566 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95187188 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95187188 |
| **TOTAL INVESTMENTS<br>**  | $2467094754 | $— | $— | $2467094754 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 400 MID CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $9605155 | $9605155 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $18963 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;128929364 | &nbsp;&nbsp;&nbsp;&nbsp;125695275 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3234089 | &nbsp;&nbsp;&nbsp;3234089 | &nbsp;&nbsp;106439 |
| State Street Navigator Securities Lending Portfolio II<br>| 39656620 | &nbsp;&nbsp;39656620 | &nbsp;&nbsp;1584422366 | &nbsp;&nbsp;1532125887 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 91953099 | &nbsp;&nbsp;91953099 | &nbsp;&nbsp;226075 |
| Total<br>|  | $39656620 | $1722956885 | $1667426317 | $— | $— |  | $95187188 | $351477 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 500 ESG ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AEROSPACE & DEFENSE — 0.8%** | **AEROSPACE & DEFENSE — 0.8%** | **AEROSPACE & DEFENSE — 0.8%** |
| General Electric Co. | &nbsp;&nbsp;33768 | &nbsp;&nbsp;$8691545 |
| **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** | **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** | **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359429 |
| **AIRLINES — 0.2%** | **AIRLINES — 0.2%** | **AIRLINES — 0.2%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp;20653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015714 |
| Southwest Airlines Co. | &nbsp;&nbsp;18068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586126 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;10366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427285 |
| **AUTO COMPONENTS — 0.0% <sup>\*</sup>** | **AUTO COMPONENTS — 0.0% <sup>\*</sup>** | **AUTO COMPONENTS — 0.0% <sup>\*</sup>** |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;6860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467989 |
| **AUTOMOBILES — 0.2%** | **AUTOMOBILES — 0.2%** | **AUTOMOBILES — 0.2%** |
| Ford Motor Co. | 123656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341668 |
| General Motors Co. | &nbsp;&nbsp;30455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840358 |
| **BANKS — 3.0%** | **BANKS — 3.0%** | **BANKS — 3.0%** |
| Bank of America Corp. | 207371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9812796 |
| Citigroup, Inc. | &nbsp;&nbsp;59112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031613 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;13739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614820 |
| Fifth Third Bancorp | &nbsp;&nbsp;21244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873766 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;45883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768999 |
| KeyCorp | &nbsp;&nbsp;31549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549584 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990125 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;12550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339571 |
| Regions Financial Corp. | &nbsp;&nbsp;28668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674271 |
| Truist Financial Corp. | &nbsp;&nbsp;41381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778969 |
| U.S. Bancorp | &nbsp;&nbsp;49379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234400 |
| Wells Fargo & Co. | 102988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8251399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33920313 |
| **BEVERAGES — 1.5%** | **BEVERAGES — 1.5%** | **BEVERAGES — 1.5%** |
| Coca-Cola Co. | 122612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674799 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795830 |
| Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;42850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416621 |
| Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;5443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261754 |
| PepsiCo, Inc. | &nbsp;&nbsp;43370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16875579 |
| **BIOTECHNOLOGY — 2.0%** | **BIOTECHNOLOGY — 2.0%** | **BIOTECHNOLOGY — 2.0%** |
| AbbVie, Inc. | &nbsp;&nbsp;55886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10373559 |
| Amgen, Inc. | &nbsp;&nbsp;16984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4742103 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584370 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;39380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366061 |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349081 |
| Moderna, Inc. (a) | &nbsp;&nbsp;10541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290826 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22450575 |
| **BROADLINE RETAIL — 0.1%** | **BROADLINE RETAIL — 0.1%** | **BROADLINE RETAIL — 0.1%** |
| eBay, Inc. | &nbsp;&nbsp;14560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084138 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BUILDING PRODUCTS — 0.7%** | **BUILDING PRODUCTS — 0.7%** | **BUILDING PRODUCTS — 0.7%** |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;2717 | &nbsp;&nbsp;$391574 |
| Carrier Global Corp. | &nbsp;&nbsp;25220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845852 |
| Johnson Controls International PLC | &nbsp;&nbsp;20846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201754 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562922 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428766 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;7041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8510672 |
| **CAPITAL MARKETS — 4.2%** | **CAPITAL MARKETS — 4.2%** | **CAPITAL MARKETS — 4.2%** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625208 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;22664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064917 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834944 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768660 |
| Charles Schwab Corp. | &nbsp;&nbsp;54100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4936084 |
| CME Group, Inc. | &nbsp;&nbsp;11392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139863 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548812 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228864 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6901978 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;18132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326678 |
| Invesco Ltd. | &nbsp;&nbsp;14249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224707 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256841 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2434718 |
| Morgan Stanley | &nbsp;&nbsp;39071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503541 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433199 |
| Nasdaq, Inc. | &nbsp;&nbsp;13119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173101 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785084 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888472 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259718 |
| State Street Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;8982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955146 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47960824 |
| **CHEMICALS — 1.5%** | **CHEMICALS — 1.5%** | **CHEMICALS — 1.5%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998677 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233759 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470488 |
| Dow, Inc. | &nbsp;&nbsp;22407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593338 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157137 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597520 |
| Linde PLC | &nbsp;&nbsp;14865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974361 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;8184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473526 |
| Mosaic Co. | &nbsp;&nbsp;10011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365201 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812289 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;7262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17169776 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.4%** | **COMMERCIAL SERVICES & SUPPLIES — 0.4%** | **COMMERCIAL SERVICES & SUPPLIES — 0.4%** |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576331 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789429 |
| Waste Management, Inc. | &nbsp;&nbsp;11598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019614 |
| **COMMUNICATIONS EQUIPMENT — 0.8%** | **COMMUNICATIONS EQUIPMENT — 0.8%** | **COMMUNICATIONS EQUIPMENT — 0.8%** |
| Cisco Systems, Inc. | 125932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8737162 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 500 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4648 | &nbsp;&nbsp;$1757316 |
| **CONSUMER FINANCE — 0.9%** | **CONSUMER FINANCE — 0.9%** | **CONSUMER FINANCE — 0.9%** |
| American Express Co. | &nbsp;&nbsp;17530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591719 |
| Capital One Financial Corp. | &nbsp;&nbsp;20229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303922 |
| Synchrony Financial | &nbsp;&nbsp;12035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10698857 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.7%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;14024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13882918 |
| Kroger Co. | &nbsp;&nbsp;19420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392997 |
| Target Corp. | &nbsp;&nbsp;14332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413852 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;22729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260929 |
| Walmart, Inc. | 136787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13375033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30325729 |
| **CONTAINERS & PACKAGING — 0.2%** | **CONTAINERS & PACKAGING — 0.2%** | **CONTAINERS & PACKAGING — 0.2%** |
| Amcor PLC | &nbsp;&nbsp;72097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662571 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430603 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492919 |
| Smurfit WestRock PLC | &nbsp;&nbsp;15650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261391 |
| **DISTRIBUTORS — 0.0% <sup>\*</sup>** | **DISTRIBUTORS — 0.0% <sup>\*</sup>** | **DISTRIBUTORS — 0.0% <sup>\*</sup>** |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304259 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** |
| AT&T, Inc. | 227755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6591230 |
| **ELECTRIC UTILITIES — 0.3%** | **ELECTRIC UTILITIES — 0.3%** | **ELECTRIC UTILITIES — 0.3%** |
| Entergy Corp. | &nbsp;&nbsp;14167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177561 |
| Eversource Energy | &nbsp;&nbsp;11609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738565 |
| Exelon Corp. | &nbsp;&nbsp;32001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305609 |
| **ELECTRICAL EQUIPMENT — 0.9%** | **ELECTRICAL EQUIPMENT — 0.9%** | **ELECTRICAL EQUIPMENT — 0.9%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314132 |
| Eaton Corp. PLC | &nbsp;&nbsp;12350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408826 |
| Emerson Electric Co. | &nbsp;&nbsp;17845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379274 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709000 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10002061 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** |
| Corning, Inc. | &nbsp;&nbsp;24442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285405 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747647 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896970 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27720 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;9342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533457 |
| **ENERGY EQUIPMENT & SERVICES — 0.3%** | **ENERGY EQUIPMENT & SERVICES — 0.3%** | **ENERGY EQUIPMENT & SERVICES — 0.3%** |
| Baker Hughes Co. | &nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203876 |
| Halliburton Co. | &nbsp;&nbsp;27252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555396 |
| Schlumberger NV | &nbsp;&nbsp;43068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214970 |
| **ENTERTAINMENT — 0.9%** | **ENTERTAINMENT — 0.9%** | **ENTERTAINMENT — 0.9%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157186 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;5320 | &nbsp;&nbsp;$1291962 |
| Walt Disney Co. | 56952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062617 |
| Warner Bros Discovery, Inc. (a) | 71262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10328428 |
| **FINANCIAL SERVICES — 3.8%** | **FINANCIAL SERVICES — 3.8%** | **FINANCIAL SERVICES — 3.8%** |
| Apollo Global Management, Inc. | 14276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025336 |
| Fidelity National Information Services, Inc. | 16645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355070 |
| Fiserv, Inc. (a) | 17529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3022175 |
| Global Payments, Inc. | &nbsp;&nbsp;7680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614707 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424120 |
| Mastercard, Inc. Class A | 25722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14454221 |
| PayPal Holdings, Inc. (a) | 30735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284225 |
| Visa, Inc. Class A | 54161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19229863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43409717 |
| **FOOD PRODUCTS — 0.8%** | **FOOD PRODUCTS — 0.8%** | **FOOD PRODUCTS — 0.8%** |
| Archer-Daniels-Midland Co. | 15313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808220 |
| Bunge Global SA | &nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337979 |
| Campbell's Co. | &nbsp;&nbsp;6177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189325 |
| Conagra Brands, Inc. | 15206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311267 |
| General Mills, Inc. | 17329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897815 |
| Hershey Co. | &nbsp;&nbsp;4661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773493 |
| Hormel Foods Corp. | &nbsp;&nbsp;9108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275517 |
| J.M. Smucker Co. | &nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333487 |
| Kellanova | &nbsp;&nbsp;8534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678709 |
| Kraft Heinz Co. | 27321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705428 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;4408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228555 |
| McCormick & Co., Inc. | &nbsp;&nbsp;7973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604513 |
| Mondelez International, Inc. Class A | 40970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8907325 |
| **GROUND TRANSPORTATION — 1.3%** | **GROUND TRANSPORTATION — 1.3%** | **GROUND TRANSPORTATION — 1.3%** |
| CSX Corp. | 59434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939332 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356702 |
| Norfolk Southern Corp. | &nbsp;&nbsp;7179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837609 |
| Uber Technologies, Inc. (a) | 66174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174034 |
| Union Pacific Corp. | 18915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14659640 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** |
| Abbott Laboratories | 55028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7484358 |
| Baxter International, Inc. | 16229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491414 |
| Becton Dickinson & Co. | &nbsp;&nbsp;9069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562135 |
| Boston Scientific Corp. (a) | 46832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030225 |
| Edwards Lifesciences Corp. (a) | 18581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453220 |
| GE HealthCare Technologies, Inc. | 14458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070904 |
| Medtronic PLC | 40619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540758 |
| ResMed, Inc. | &nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188864 |
| Stryker Corp. | 10837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26109321 |
| **HEALTH CARE PROVIDERS & SERVICES — 2.0%** | **HEALTH CARE PROVIDERS & SERVICES — 2.0%** | **HEALTH CARE PROVIDERS & SERVICES — 2.0%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;7520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263360 |
| Cencora, Inc. | &nbsp;&nbsp;5427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627286 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 500 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Centene Corp. (a) | 15732 | &nbsp;&nbsp;$853933 |
| Cigna Group | &nbsp;&nbsp;8489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806294 |
| CVS Health Corp. | 40054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762925 |
| DaVita, Inc. (a) | &nbsp;&nbsp;1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192165 |
| Elevance Health, Inc. | &nbsp;&nbsp;7138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776396 |
| Humana, Inc. | &nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925357 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;3540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635890 |
| UnitedHealth Group, Inc. | 28713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8957595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22801201 |
| **HEALTH CARE REITs — 0.4%** | **HEALTH CARE REITs — 0.4%** | **HEALTH CARE REITs — 0.4%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353563 |
| Healthpeak Properties, Inc. REIT | 22260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389772 |
| Ventas, Inc. REIT | 14278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901656 |
| Welltower, Inc. REIT | 19671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4669014 |
| **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** |
| Host Hotels & Resorts, Inc. REIT | 22269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342052 |
| **HOTELS, RESTAURANTS & LEISURE — 1.8%** | **HOTELS, RESTAURANTS & LEISURE — 1.8%** | **HOTELS, RESTAURANTS & LEISURE — 1.8%** |
| Booking Holdings, Inc. | &nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5974496 |
| Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;6523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185188 |
| Carnival Corp. (a) | 33204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933697 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;3710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808669 |
| Expedia Group, Inc. | &nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656165 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;7560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013530 |
| Las Vegas Sands Corp. | 10787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469342 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;7237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977221 |
| MGM Resorts International (a) | &nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225564 |
| Norwegian Cruise Line Holdings Ltd. (a) | 14126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286475 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;7859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460967 |
| Starbucks Corp. | 35959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294923 |
| Yum! Brands, Inc. | &nbsp;&nbsp;8781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20587406 |
| **HOUSEHOLD DURABLES — 0.2%** | **HOUSEHOLD DURABLES — 0.2%** | **HOUSEHOLD DURABLES — 0.2%** |
| DR Horton, Inc. | &nbsp;&nbsp;8736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126245 |
| PulteGroup, Inc. | &nbsp;&nbsp;6374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798447 |
| **HOUSEHOLD PRODUCTS — 0.4%** | **HOUSEHOLD PRODUCTS — 0.4%** | **HOUSEHOLD PRODUCTS — 0.4%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;7820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751580 |
| Clorox Co. | &nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469474 |
| Colgate-Palmolive Co. | 25676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333948 |
| Kimberly-Clark Corp. | 10466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904279 |
| **INDUSTRIAL REITs — 0.3%** | **INDUSTRIAL REITs — 0.3%** | **INDUSTRIAL REITs — 0.3%** |
| Prologis, Inc. REIT | 29347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084957 |
| **INSURANCE — 2.3%** | **INSURANCE — 2.3%** | **INSURANCE — 2.3%** |
| Aflac, Inc. | 15433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627564 |
| Allstate Corp. | &nbsp;&nbsp;8430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697043 |
| American International Group, Inc. | 18243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561418 |
| Aon PLC Class A | &nbsp;&nbsp;6847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442736 |
| Arch Capital Group Ltd. | 11852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079125 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;8092 | &nbsp;&nbsp;$2590411 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315589 |
| Chubb Ltd. | &nbsp;&nbsp;11771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410294 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462876 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135106 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;15560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3402039 |
| MetLife, Inc. | &nbsp;&nbsp;17831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433969 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520425 |
| Prudential Financial, Inc. | &nbsp;&nbsp;11212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204617 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906758 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25745637 |
| **INTERACTIVE MEDIA & SERVICES — 9.7%** | **INTERACTIVE MEDIA & SERVICES — 9.7%** | **INTERACTIVE MEDIA & SERVICES — 9.7%** |
| Alphabet, Inc. Class A | 184183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32458570 |
| Alphabet, Inc. Class C | 148579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26356429 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238470 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;68698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50705307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109758776 |
| **IT SERVICES — 0.6%** | **IT SERVICES — 0.6%** | **IT SERVICES — 0.6%** |
| Accenture PLC Class A | &nbsp;&nbsp;19850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932967 |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300501 |
| **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305984 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.1%** | **LIFE SCIENCES TOOLS & SERVICES — 1.1%** | **LIFE SCIENCES TOOLS & SERVICES — 1.1%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068108 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233057 |
| Danaher Corp. | &nbsp;&nbsp;20168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3983987 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815371 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765917 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356897 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;11912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829839 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12703787 |
| **MACHINERY — 1.9%** | **MACHINERY — 1.9%** | **MACHINERY — 1.9%** |
| Caterpillar, Inc. | &nbsp;&nbsp;14895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782388 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425608 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;7941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037919 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801265 |
| Fortive Corp. | &nbsp;&nbsp;10715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558573 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097174 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;12727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058632 |
| Otis Worldwide Corp. | &nbsp;&nbsp;12445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232304 |
| PACCAR, Inc. | &nbsp;&nbsp;16634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581228 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;5193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533113 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331975 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129234 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21563027 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 500 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MEDIA — 0.2%** | **MEDIA — 0.2%** | **MEDIA — 0.2%** |
| Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6738 | &nbsp;&nbsp;$377598 |
| Fox Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;4310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222525 |
| Interpublic Group of Cos., Inc. | &nbsp;&nbsp;11818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289305 |
| News Corp. Class A | &nbsp;&nbsp;12065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358572 |
| News Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120565 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444589 |
| Paramount Global Class B | &nbsp;&nbsp;28848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372139 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185293 |
| **METALS & MINING — 0.4%** | **METALS & MINING — 0.4%** | **METALS & MINING — 0.4%** |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;45524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973466 |
| Newmont Corp. | &nbsp;&nbsp;35243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026723 |
| **MULTI-UTILITIES — 0.4%** | **MULTI-UTILITIES — 0.4%** | **MULTI-UTILITIES — 0.4%** |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;20607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757101 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;11452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149208 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;15748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325667 |
| Sempra | &nbsp;&nbsp;20667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797915 |
| **OFFICE REITs — 0.0% <sup>\*</sup>** | **OFFICE REITs — 0.0% <sup>\*</sup>** | **OFFICE REITs — 0.0% <sup>\*</sup>** |
| BXP, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;4593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309890 |
| **OIL, GAS & CONSUMABLE FUELS — 3.3%** | **OIL, GAS & CONSUMABLE FUELS — 3.3%** | **OIL, GAS & CONSUMABLE FUELS — 3.3%** |
| APA Corp. | &nbsp;&nbsp;11430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209055 |
| ConocoPhillips | &nbsp;&nbsp;39964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586369 |
| Devon Energy Corp. | &nbsp;&nbsp;20309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646029 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813408 |
| EOG Resources, Inc. | &nbsp;&nbsp;17286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067578 |
| EQT Corp. | &nbsp;&nbsp;18910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102831 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799636 |
| Exxon Mobil Corp. | 136375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14701225 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221646 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;61206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799456 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608775 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;22471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944007 |
| ONEOK, Inc. | &nbsp;&nbsp;19725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610152 |
| Phillips 66 Co. | &nbsp;&nbsp;12885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537181 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194537 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327263 |
| Williams Cos., Inc. | &nbsp;&nbsp;38647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37596566 |
| **PERSONAL CARE PRODUCTS — 0.1%** | **PERSONAL CARE PRODUCTS — 0.1%** | **PERSONAL CARE PRODUCTS — 0.1%** |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600667 |
| **PHARMACEUTICALS — 2.7%** | **PHARMACEUTICALS — 2.7%** | **PHARMACEUTICALS — 2.7%** |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;64419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981955 |
| Eli Lilly & Co. | &nbsp;&nbsp;24933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19436021 |
| Merck & Co., Inc. | &nbsp;&nbsp;79485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6292033 |
| Viatris, Inc. | &nbsp;&nbsp;37418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334143 |
| Zoetis, Inc. | &nbsp;&nbsp;14077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31239460 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **PROFESSIONAL SERVICES — 0.2%** | **PROFESSIONAL SERVICES — 0.2%** | **PROFESSIONAL SERVICES — 0.2%** |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;$912578 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282932 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579816 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** |
| CBRE Group, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;9263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297931 |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;13327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369422 |
| **RESIDENTIAL REITs — 0.1%** | **RESIDENTIAL REITs — 0.1%** | **RESIDENTIAL REITs — 0.1%** |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;4528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921448 |
| Equity Residential REIT | &nbsp;&nbsp;10855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654052 |
| **RETAIL REITs — 0.1%** | **RETAIL REITs — 0.1%** | **RETAIL REITs — 0.1%** |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235955 |
| Kimco Realty Corp. REIT | &nbsp;&nbsp;21294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447600 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;5163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051315 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 13.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 13.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 13.7%** |
| Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;51290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7278051 |
| Applied Materials, Inc. | &nbsp;&nbsp;25691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703251 |
| Intel Corp. | 138046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092230 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721800 |
| Lam Research Corp. | &nbsp;&nbsp;40448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3937208 |
| Micron Technology, Inc. | &nbsp;&nbsp;35409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364159 |
| NVIDIA Corp. | 771934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121957853 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;13327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698468 |
| QUALCOMM, Inc. | &nbsp;&nbsp;34749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155287146 |
| **SOFTWARE — 13.1%** | **SOFTWARE — 13.1%** | **SOFTWARE — 13.1%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;13487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217851 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098575 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650706 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;20132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128355 |
| Gen Digital, Inc. | &nbsp;&nbsp;17304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508738 |
| Microsoft Corp. | 235210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116995806 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;20914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279841 |
| Salesforce, Inc. | &nbsp;&nbsp;30334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8271778 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6740092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148891742 |
| **SPECIALIZED REITs — 1.1%** | **SPECIALIZED REITs — 1.1%** | **SPECIALIZED REITs — 1.1%** |
| American Tower Corp. REIT | &nbsp;&nbsp;14860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284357 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;9987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741034 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491412 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;6745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994483 |
| Iron Mountain, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;9338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957799 |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;5008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469447 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;3424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804092 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 500 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Weyerhaeuser Co. REIT | &nbsp;&nbsp;22951 | &nbsp;&nbsp;$589611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12332235 |
| **SPECIALTY RETAIL — 2.4%** | **SPECIALTY RETAIL — 2.4%** | **SPECIALTY RETAIL — 2.4%** |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934072 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408620 |
| Home Depot, Inc. | &nbsp;&nbsp;31427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11522395 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;17673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921108 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;27060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438918 |
| TJX Cos., Inc. | &nbsp;&nbsp;35389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370188 |
| Tractor Supply Co. | &nbsp;&nbsp;16698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881153 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671790 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26787021 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 9.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 9.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 9.0%** |
| Apple, Inc. | 472785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97001298 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;9466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160532 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;41659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851927 |
| HP, Inc. | &nbsp;&nbsp;29610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724261 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687887 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;6738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972495 |
| Western Digital Corp. | &nbsp;&nbsp;11073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102106961 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495561 |
| NIKE, Inc. Class B | &nbsp;&nbsp;37330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651923 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358210 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085152 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.4%** | **TRADING COMPANIES & DISTRIBUTORS — 0.4%** | **TRADING COMPANIES & DISTRIBUTORS — 0.4%** |
| Fastenal Co. | &nbsp;&nbsp;36320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525440 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522621 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;$1389761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437822 |
| **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856918 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;15079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592723 |
| **TOTAL COMMON STOCKS<br>(Cost $1,015,425,068)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;1134278476 |
| **SHORT-TERM INVESTMENT — 0.0% <sup>\*</sup>** | **SHORT-TERM INVESTMENT — 0.0% <sup>\*</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d)<br>(Cost $717,840) | 717840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717840 |
| **TOTAL INVESTMENTS — 99.9%<br>(Cost $1,016,142,908)<br>** | **TOTAL INVESTMENTS — 99.9%<br>(Cost $1,016,142,908)<br>** | &nbsp;&nbsp;1134996316 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686978 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $1135683294 |

---

(a) Non-income producing security.

(b) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 ESG Index (long) | 3 | 09/19/2025 | $787185 | $810353 | $23168 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $1,269,441.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 500 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $1134278476 | $— | $— | $1134278476 |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717840 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717840 |
| **TOTAL INVESTMENTS<br>**  | $1134996316 | $— | $— | $1134996316 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $23168 | $— | $— | $23168 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $23168 | $— | $— | $23168 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;11598 | $858252 | $514906 | $768822 | $129094 | $221716 | &nbsp;&nbsp;&nbsp;8982 | $955146 | $40073 |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 598678 | &nbsp;&nbsp;&nbsp;&nbsp;598858 | &nbsp;&nbsp;&nbsp;3151484 | &nbsp;&nbsp;&nbsp;3750342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8203 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;25392259 | &nbsp;&nbsp;24674419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 717840 | &nbsp;&nbsp;&nbsp;&nbsp;717840 | &nbsp;&nbsp;&nbsp;61805 |
| Total<br>|  | $1457110 | $29058649 | $29193583 | $129109 | $221701 |  | $1672986 | $110081 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AEROSPACE & DEFENSE — 2.7%** | **AEROSPACE & DEFENSE — 2.7%** | **AEROSPACE & DEFENSE — 2.7%** |
| AeroVironment, Inc. (a) | 138854 | &nbsp;&nbsp;$39566447 |
| Kratos Defense & Security Solutions, Inc. (a) | 476908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22152377 |
| Moog, Inc. Class A | 139991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25334171 |
| Triumph Group, Inc. (a) | 226751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5838838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92891833 |
| **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** | **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** | **AIR FREIGHT & LOGISTICS — 0.0% <sup>\*</sup>** |
| Forward Air Corp. (a) (b) | &nbsp;&nbsp;39251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963220 |
| **AIRLINES — 0.6%** | **AIRLINES — 0.6%** | **AIRLINES — 0.6%** |
| SkyWest, Inc. (a) | 198930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20483822 |
| **AUTO COMPONENTS — 1.0%** | **AUTO COMPONENTS — 1.0%** | **AUTO COMPONENTS — 1.0%** |
| Dorman Products, Inc. (a) | 133837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16417785 |
| Patrick Industries, Inc. (b) | &nbsp;&nbsp;79353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321901 |
| Phinia, Inc. | 101334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508350 |
| XPEL, Inc. (a) (b) | 114272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4102365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32350401 |
| **BANKS — 6.6%** | **BANKS — 6.6%** | **BANKS — 6.6%** |
| Ameris Bancorp | 153106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9905958 |
| Axos Financial, Inc. (a) | 264706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20128244 |
| BancFirst Corp. | &nbsp;&nbsp;98672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12197833 |
| Bancorp, Inc. (a) | 230879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13153177 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;89223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6025229 |
| BankUnited, Inc. | 173246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6165825 |
| Banner Corp. | &nbsp;&nbsp;87166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5591699 |
| Cathay General Bancorp | 173276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7889256 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;84590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371058 |
| City Holding Co. | &nbsp;&nbsp;72100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8826482 |
| Community Financial System, Inc. | 167275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9512929 |
| CVB Financial Corp. | 262483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5194539 |
| FB Financial Corp. | &nbsp;&nbsp;76668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473060 |
| First BanCorp | 483838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10078346 |
| First Commonwealth Financial Corp. | 235732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3825930 |
| First Financial Bancorp | 222373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394769 |
| First Hawaiian, Inc. | 266501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651865 |
| Fulton Financial Corp. | 422328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618797 |
| Lakeland Financial Corp. | &nbsp;&nbsp;69433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266658 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;86168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240778 |
| NBT Bancorp, Inc. | 113890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4732130 |
| OFG Bancorp | 131026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5607913 |
| Park National Corp. | &nbsp;&nbsp;46998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7860885 |
| Pathward Financial, Inc. | 117006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9257515 |
| Preferred Bank | &nbsp;&nbsp;57114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942931 |
| S&T Bancorp, Inc. | 102237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3866603 |
| ServisFirst Bancshares, Inc. | 247647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19195119 |
| Tompkins Financial Corp. | &nbsp;&nbsp;25275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585501 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;67434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3716288 |
| Westamerica BanCorp | &nbsp;&nbsp;71135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445779 |
| WSFS Financial Corp. | 129135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7102425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222825521 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BEVERAGES — 0.1%** | **BEVERAGES — 0.1%** | **BEVERAGES — 0.1%** |
| National Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;61346 | &nbsp;&nbsp;$2652601 |
| **BIOTECHNOLOGY — 4.0%** | **BIOTECHNOLOGY — 4.0%** | **BIOTECHNOLOGY — 4.0%** |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;419463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9047817 |
| ADMA Biologics, Inc. (a) | 1180073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21489129 |
| Alkermes PLC (a) | &nbsp;&nbsp;&nbsp;523057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14964661 |
| Arcus Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;338603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2756228 |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;241502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815732 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;566781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12299148 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;&nbsp;226347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245362 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;125525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17254667 |
| Protagonist Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;306412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16935391 |
| TG Therapeutics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;670288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24123665 |
| Vericel Corp. (a) | &nbsp;&nbsp;&nbsp;246542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10490362 |
| Xencor, Inc. (a) | &nbsp;&nbsp;&nbsp;148139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136586535 |
| **BROADLINE RETAIL — 0.4%** | **BROADLINE RETAIL — 0.4%** | **BROADLINE RETAIL — 0.4%** |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;252527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12666754 |
| **BUILDING PRODUCTS — 3.4%** | **BUILDING PRODUCTS — 3.4%** | **BUILDING PRODUCTS — 3.4%** |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;106638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4329503 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;214703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34876355 |
| AZZ, Inc. (b) | &nbsp;&nbsp;&nbsp;148442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14024800 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23859954 |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;192928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13962199 |
| Zurn Elkay Water Solutions Corp. (b) | &nbsp;&nbsp;&nbsp;698618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25548460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116601271 |
| **CAPITAL MARKETS — 4.0%** | **CAPITAL MARKETS — 4.0%** | **CAPITAL MARKETS — 4.0%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;132746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677969 |
| Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;&nbsp;168490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7469162 |
| BGC Group, Inc. Class A | 1026171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497729 |
| Cohen & Steers, Inc. (b) | &nbsp;&nbsp;&nbsp;133069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10026749 |
| Donnelley Financial Solutions, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;52776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253640 |
| Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;187005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11654152 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;81199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22568450 |
| PJT Partners, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;120726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19920997 |
| StepStone Group, Inc. Class A | &nbsp;&nbsp;&nbsp;187221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10390766 |
| StoneX Group, Inc. (a) | &nbsp;&nbsp;&nbsp;112855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10285605 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;398285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17839185 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343325 |
| WisdomTree, Inc. (b) | &nbsp;&nbsp;&nbsp;576734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6638208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137565937 |
| **CHEMICALS — 2.1%** | **CHEMICALS — 2.1%** | **CHEMICALS — 2.1%** |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;160670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25578664 |
| Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;510204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11556120 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13298428 |
| Ingevity Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;93464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4027364 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5183308 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sensient Technologies Corp. | 111225 | &nbsp;&nbsp;$10957887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70601771 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.1%** | **COMMERCIAL SERVICES & SUPPLIES — 2.1%** | **COMMERCIAL SERVICES & SUPPLIES — 2.1%** |
| Brady Corp. Class A | 138968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9445655 |
| CoreCivic, Inc. (a) | 284897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6002780 |
| GEO Group, Inc. (a) (b) | 684932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16404121 |
| HNI Corp. | 119674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885567 |
| Interface, Inc. | 292017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111916 |
| Liquidity Services, Inc. (a) | 112265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648331 |
| OPENLANE, Inc. (a) (b) | 532592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13021874 |
| Pitney Bowes, Inc. | 360173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929488 |
| UniFirst Corp. | &nbsp;&nbsp;33502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6305747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69755479 |
| **COMMUNICATIONS EQUIPMENT — 0.7%** | **COMMUNICATIONS EQUIPMENT — 0.7%** | **COMMUNICATIONS EQUIPMENT — 0.7%** |
| Calix, Inc. (a) | 114104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069192 |
| Digi International, Inc. (a) | 108254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773734 |
| Extreme Networks, Inc. (a) | 319605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5736910 |
| Harmonic, Inc. (a) | 285140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700276 |
| Viavi Solutions, Inc. (a) | 480614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23119895 |
| **CONSTRUCTION & ENGINEERING — 3.9%** | **CONSTRUCTION & ENGINEERING — 3.9%** | **CONSTRUCTION & ENGINEERING — 3.9%** |
| Arcosa, Inc. (b) | 154411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13388978 |
| Dycom Industries, Inc. (a) | 142209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34754457 |
| Everus Construction Group, Inc. (a) (b) | 121036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7689417 |
| Granite Construction, Inc. (b) | 216680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20261747 |
| MYR Group, Inc. (a) | &nbsp;&nbsp;43732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7935171 |
| Sterling Infrastructure, Inc. (a) (b) | 150367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34694178 |
| WillScot Holdings Corp. (b) | 558922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15314463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134038411 |
| **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** |
| Enova International, Inc. (a) | 125351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13979143 |
| PROG Holdings, Inc. | 199482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19833940 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.3%** |
| Chefs' Warehouse, Inc. (a) (b) | 175587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11204207 |
| **CONTAINERS & PACKAGING — 0.3%** | **CONTAINERS & PACKAGING — 0.3%** | **CONTAINERS & PACKAGING — 0.3%** |
| Sealed Air Corp. | 279474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8672078 |
| **DIVERSIFIED CONSUMER SERVICES — 2.4%** | **DIVERSIFIED CONSUMER SERVICES — 2.4%** | **DIVERSIFIED CONSUMER SERVICES — 2.4%** |
| Adtalem Global Education, Inc. (a) | 177574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22592740 |
| Frontdoor, Inc. (a) | 363694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21436124 |
| Mister Car Wash, Inc. (a) (b) | 210760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1266668 |
| Perdoceo Education Corp. | 161385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275676 |
| Stride, Inc. (a) (b) | 211434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30698102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81269310 |
| **DIVERSIFIED REITs — 1.0%** | **DIVERSIFIED REITs — 1.0%** | **DIVERSIFIED REITs — 1.0%** |
| American Assets Trust, Inc. REIT | 141265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789984 |
| Armada Hoffler Properties, Inc. REIT | 257027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765775 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Essential Properties Realty Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;976277 | &nbsp;&nbsp;$31152999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35708758 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** |
| Cogent Communications Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;207682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10012349 |
| Lumen Technologies, Inc. (a) | 2585327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11323733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336082 |
| **ELECTRIC UTILITIES — 0.5%** | **ELECTRIC UTILITIES — 0.5%** | **ELECTRIC UTILITIES — 0.5%** |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;112409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941452 |
| Otter Tail Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;92362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7120187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17061639 |
| **ELECTRICAL EQUIPMENT — 0.4%** | **ELECTRICAL EQUIPMENT — 0.4%** | **ELECTRICAL EQUIPMENT — 0.4%** |
| Powell Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;46352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9754778 |
| Vicor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;64975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12702044 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.3%** |
| Advanced Energy Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;91580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12134350 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;288262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888923 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;145614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35668149 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;101624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946060 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;89601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817899 |
| ePlus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;61210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4413241 |
| Itron, Inc. (a) | &nbsp;&nbsp;&nbsp;225334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29660714 |
| OSI Systems, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;77467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17419230 |
| Plexus Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;90448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12238519 |
| Sanmina Corp. (a) | &nbsp;&nbsp;&nbsp;126887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12413355 |
| TTM Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;261263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10664756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147265196 |
| **ENERGY EQUIPMENT & SERVICES — 2.2%** | **ENERGY EQUIPMENT & SERVICES — 2.2%** | **ENERGY EQUIPMENT & SERVICES — 2.2%** |
| Archrock, Inc. | &nbsp;&nbsp;&nbsp;873958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21700377 |
| Atlas Energy Solutions, Inc. (b) | &nbsp;&nbsp;&nbsp;359151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4801849 |
| Cactus, Inc. Class A | &nbsp;&nbsp;&nbsp;338436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14796422 |
| Core Laboratories, Inc. (b) | &nbsp;&nbsp;&nbsp;111604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285678 |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;410679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562637 |
| Helmerich & Payne, Inc. (b) | &nbsp;&nbsp;&nbsp;283828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302833 |
| Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;443833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095203 |
| Oceaneering International, Inc. (a) | &nbsp;&nbsp;&nbsp;497220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10302398 |
| RPC, Inc. (b) | &nbsp;&nbsp;&nbsp;216511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024097 |
| Tidewater, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;224986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10378604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76250098 |
| **ENTERTAINMENT — 1.0%** | **ENTERTAINMENT — 1.0%** | **ENTERTAINMENT — 1.0%** |
| Cinemark Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;498989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15059488 |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17256972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32316460 |
| **FINANCIAL SERVICES — 1.7%** | **FINANCIAL SERVICES — 1.7%** | **FINANCIAL SERVICES — 1.7%** |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203846 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;203151 | &nbsp;&nbsp;$7323593 |
| HA Sustainable Infrastructure Capital, Inc. (b) | &nbsp;&nbsp;&nbsp;320404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8606051 |
| NCR Atleos Corp. (a) | &nbsp;&nbsp;&nbsp;160694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584600 |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;386384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16301541 |
| Payoneer Global, Inc. (a) | 1277559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8751279 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;298832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10763929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57534839 |
| **FOOD PRODUCTS — 1.6%** | **FOOD PRODUCTS — 1.6%** | **FOOD PRODUCTS — 1.6%** |
| Cal-Maine Foods, Inc. (b) | &nbsp;&nbsp;&nbsp;213877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21308565 |
| Freshpet, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;241643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16422058 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4729084 |
| Simply Good Foods Co. (a) (b) | &nbsp;&nbsp;&nbsp;210030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634848 |
| Tootsie Roll Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;48754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630821 |
| WK Kellogg Co. (b) | &nbsp;&nbsp;&nbsp;207239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54028766 |
| **GAS UTILITIES — 0.2%** | **GAS UTILITIES — 0.2%** | **GAS UTILITIES — 0.2%** |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;65758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7905427 |
| **GROUND TRANSPORTATION — 0.2%** | **GROUND TRANSPORTATION — 0.2%** | **GROUND TRANSPORTATION — 0.2%** |
| RXO, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;327931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155075 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%** |
| Artivion, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;190168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5914225 |
| Glaukos Corp. (a) | &nbsp;&nbsp;&nbsp;282482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29177566 |
| ICU Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;120720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15953148 |
| Inspire Medical Systems, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;145821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18923191 |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;172450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21206177 |
| LeMaitre Vascular, Inc. (b) | &nbsp;&nbsp;&nbsp;100747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8367038 |
| Merit Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;292126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27307938 |
| STAAR Surgical Co. (a) (b) | &nbsp;&nbsp;&nbsp;141544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375108 |
| Tandem Diabetes Care, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;326114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078765 |
| TransMedics Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;166695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22338797 |
| UFP Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;36142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8824431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166466384 |
| **HEALTH CARE PROVIDERS & SERVICES — 2.1%** | **HEALTH CARE PROVIDERS & SERVICES — 2.1%** | **HEALTH CARE PROVIDERS & SERVICES — 2.1%** |
| Addus HomeCare Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;55925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6442001 |
| Astrana Health, Inc. (a) | &nbsp;&nbsp;&nbsp;208203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180091 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;223643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600336 |
| CorVel Corp. (a) | &nbsp;&nbsp;&nbsp;134211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13794207 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264455 |
| NeoGenomics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;291085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127831 |
| OmniAb, Inc. (a) (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp;65116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Privia Health Group, Inc. (a) | &nbsp;&nbsp;&nbsp;356676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203548 |
| Progyny, Inc. (a) | &nbsp;&nbsp;&nbsp;186649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106278 |
| RadNet, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;326348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18572465 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70204162 |
| **HEALTH CARE REITs — 0.6%** | **HEALTH CARE REITs — 0.6%** | **HEALTH CARE REITs — 0.6%** |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;464261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14206387 |
| LTC Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;107207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710434 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Universal Health Realty Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;32193 | &nbsp;&nbsp;$1286754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19203575 |
| **HEALTH CARE TECHNOLOGY — 0.2%** | **HEALTH CARE TECHNOLOGY — 0.2%** | **HEALTH CARE TECHNOLOGY — 0.2%** |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903807 |
| Schrodinger, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;147989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977539 |
| Simulations Plus, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;45059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5667625 |
| **HOTEL & RESORT REITs — 1.8%** | **HOTEL & RESORT REITs — 1.8%** | **HOTEL & RESORT REITs — 1.8%** |
| Apple Hospitality REIT, Inc. (b) | &nbsp;&nbsp;&nbsp;535947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6254502 |
| DiamondRock Hospitality Co. REIT | 1024104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7844637 |
| Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;&nbsp;286462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861755 |
| Ryman Hospitality Properties, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;296031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29209379 |
| Summit Hotel Properties, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;256715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306679 |
| Sunstone Hotel Investors, Inc. REIT | &nbsp;&nbsp;&nbsp;982972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8532197 |
| Xenia Hotels & Resorts, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;487871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6132538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62141687 |
| **HOTELS, RESTAURANTS & LEISURE — 3.2%** | **HOTELS, RESTAURANTS & LEISURE — 3.2%** | **HOTELS, RESTAURANTS & LEISURE — 3.2%** |
| Brinker International, Inc. (a) | &nbsp;&nbsp;&nbsp;219610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39602271 |
| Cheesecake Factory, Inc. (b) | &nbsp;&nbsp;&nbsp;148614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312153 |
| Dave & Buster's Entertainment, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;136702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111996 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5378297 |
| Pursuit Attractions & Hospitality, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;106839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080168 |
| Sabre Corp. (a) (b) | 1932398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6106378 |
| Shake Shack, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;198840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27956904 |
| Six Flags Entertainment Corp. (a) (b) | &nbsp;&nbsp;&nbsp;466039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14181567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109729734 |
| **HOUSEHOLD DURABLES — 2.4%** | **HOUSEHOLD DURABLES — 2.4%** | **HOUSEHOLD DURABLES — 2.4%** |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;39554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17183444 |
| Champion Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;260150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16287991 |
| Dream Finders Homes, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;138093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470277 |
| Green Brick Partners, Inc. (a) | &nbsp;&nbsp;&nbsp;149850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9422568 |
| Installed Building Products, Inc. (b) | &nbsp;&nbsp;&nbsp;112633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20309983 |
| M/I Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;70149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7865106 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;228519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7301182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81840551 |
| **HOUSEHOLD PRODUCTS — 0.4%** | **HOUSEHOLD PRODUCTS — 0.4%** | **HOUSEHOLD PRODUCTS — 0.4%** |
| Energizer Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;138221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786536 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;40980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9347128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12133664 |
| **INDUSTRIAL REITs — 0.6%** | **INDUSTRIAL REITs — 0.6%** | **INDUSTRIAL REITs — 0.6%** |
| Innovative Industrial Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;94174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200288 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Terreno Realty Corp. REIT | 250222 | &nbsp;&nbsp;$14029948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19230236 |
| **INSURANCE — 2.1%** | **INSURANCE — 2.1%** | **INSURANCE — 2.1%** |
| AMERISAFE, Inc. | &nbsp;&nbsp;41763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826296 |
| Assured Guaranty Ltd. | 111746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9733077 |
| Employers Holdings, Inc. | &nbsp;&nbsp;61814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916385 |
| Goosehead Insurance, Inc. Class A (b) | 123873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13069840 |
| HCI Group, Inc. | &nbsp;&nbsp;46035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7006527 |
| Mercury General Corp. | 131395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8848139 |
| Palomar Holdings, Inc. (a) | 131738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20320586 |
| Trupanion, Inc. (a) (b) | 167518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9272121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72992971 |
| **INTERACTIVE MEDIA & SERVICES — 0.9%** | **INTERACTIVE MEDIA & SERVICES — 0.9%** | **INTERACTIVE MEDIA & SERVICES — 0.9%** |
| Cargurus, Inc. (a) | 418327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14001405 |
| Cars.com, Inc. (a) | 132085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565207 |
| QuinStreet, Inc. (a) | 283532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564865 |
| TripAdvisor, Inc. (a) (b) | 391069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103451 |
| Yelp, Inc. (a) | 173523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5946633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31181561 |
| **IT SERVICES — 0.3%** | **IT SERVICES — 0.3%** | **IT SERVICES — 0.3%** |
| DigitalOcean Holdings, Inc. (a) (b) | 310487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8867509 |
| Grid Dynamics Holdings, Inc. (a) | 204623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11230904 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.2%** | **LEISURE EQUIPMENT & PRODUCTS — 0.2%** | **LEISURE EQUIPMENT & PRODUCTS — 0.2%** |
| Acushnet Holdings Corp. (b) | &nbsp;&nbsp;73167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328021 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.3%** | **LIFE SCIENCES TOOLS & SERVICES — 0.3%** | **LIFE SCIENCES TOOLS & SERVICES — 0.3%** |
| Azenta, Inc. (a) (b) | 112494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462565 |
| BioLife Solutions, Inc. (a) (b) | 182364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928121 |
| Mesa Laboratories, Inc. (b) | &nbsp;&nbsp;18281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9113122 |
| **MACHINERY — 6.8%** | **MACHINERY — 6.8%** | **MACHINERY — 6.8%** |
| Alamo Group, Inc. | &nbsp;&nbsp;22628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941503 |
| Albany International Corp. Class A | &nbsp;&nbsp;74684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237589 |
| Enerpac Tool Group Corp. | 267487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10849273 |
| Enpro, Inc. (b) | &nbsp;&nbsp;64117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12281611 |
| ESCO Technologies, Inc. | 127361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24436755 |
| Federal Signal Corp. (b) | 301374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32072221 |
| Franklin Electric Co., Inc. | 117526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10546783 |
| Gates Industrial Corp. PLC (a) | 747672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17218886 |
| Greenbrier Cos., Inc. (b) | 155842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7176524 |
| JBT Marel Corp. | &nbsp;&nbsp;95275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11457772 |
| Kadant, Inc. (b) | &nbsp;&nbsp;57997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18411148 |
| Lindsay Corp. | &nbsp;&nbsp;24619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3551291 |
| Mueller Water Products, Inc. Class A | 774434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18617393 |
| SPX Technologies, Inc. (a) | 230163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38593732 |
| Standex International Corp. | &nbsp;&nbsp;39035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6108197 |
| Trinity Industries, Inc. | 403439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10896887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232397565 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MARINE — 0.3%** | **MARINE — 0.3%** | **MARINE — 0.3%** |
| Matson, Inc. | 103261 | &nbsp;&nbsp;$11498112 |
| **MEDIA — 0.4%** | **MEDIA — 0.4%** | **MEDIA — 0.4%** |
| DoubleVerify Holdings, Inc. (a) | 373394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5589708 |
| John Wiley & Sons, Inc. Class A | 118201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275311 |
| TechTarget, Inc. (a) | &nbsp;&nbsp;59586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462983 |
| Thryv Holdings, Inc. (a) (b) | &nbsp;&nbsp;75211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12242568 |
| **METALS & MINING — 0.9%** | **METALS & MINING — 0.9%** | **METALS & MINING — 0.9%** |
| Alpha Metallurgical Resources, Inc. (a) (b) | &nbsp;&nbsp;34684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3901256 |
| Century Aluminum Co. (a) | 261914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719690 |
| MP Materials Corp. (a) (b) | 263101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8753370 |
| Warrior Met Coal, Inc. (b) | 261268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29348229 |
| **MULTI-UTILITIES — 0.0% <sup>\*</sup>** | **MULTI-UTILITIES — 0.0% <sup>\*</sup>** | **MULTI-UTILITIES — 0.0% <sup>\*</sup>** |
| Unitil Corp. | &nbsp;&nbsp;31875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662281 |
| **OFFICE REITs — 1.0%** | **OFFICE REITs — 1.0%** | **OFFICE REITs — 1.0%** |
| Douglas Emmett, Inc. REIT (b) | 480068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7220223 |
| Highwoods Properties, Inc. REIT | 325893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10132013 |
| SL Green Realty Corp. REIT (b) | 245761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15212606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32564842 |
| **OIL, GAS & CONSUMABLE FUELS — 1.8%** | **OIL, GAS & CONSUMABLE FUELS — 1.8%** | **OIL, GAS & CONSUMABLE FUELS — 1.8%** |
| Comstock Resources, Inc. (a) (b) | 227970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307930 |
| International Seaways, Inc. (b) | 115576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216212 |
| Magnolia Oil & Gas Corp. Class A (b) | 591362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13293818 |
| Northern Oil & Gas, Inc. (b) | 485526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13764662 |
| SM Energy Co. (b) | 283969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7016874 |
| Core Natural Resources, Inc. | 247270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17244610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61844106 |
| **PAPER & FOREST PRODUCTS — 0.2%** | **PAPER & FOREST PRODUCTS — 0.2%** | **PAPER & FOREST PRODUCTS — 0.2%** |
| Sylvamo Corp. | 167624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397962 |
| **PERSONAL CARE PRODUCTS — 0.3%** | **PERSONAL CARE PRODUCTS — 0.3%** | **PERSONAL CARE PRODUCTS — 0.3%** |
| Interparfums, Inc. (b) | &nbsp;&nbsp;88461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11615814 |
| **PHARMACEUTICALS — 2.4%** | **PHARMACEUTICALS — 2.4%** | **PHARMACEUTICALS — 2.4%** |
| Amphastar Pharmaceuticals, Inc. (a) (b) | 114457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627933 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;84074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485828 |
| Collegium Pharmaceutical, Inc. (a) | 158879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698052 |
| Corcept Therapeutics, Inc. (a) (b) | 466537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34243816 |
| Harmony Biosciences Holdings, Inc. (a) | 191374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6047418 |
| Innoviva, Inc. (a) (b) | 150219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017900 |
| Ligand Pharmaceuticals, Inc. (a) (b) | &nbsp;&nbsp;52467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964449 |
| Phibro Animal Health Corp. Class A | 102453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616650 |
| Prestige Consumer Healthcare, Inc. (a) | 147151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11750007 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Supernus Pharmaceuticals, Inc. (a) | 141923 | &nbsp;&nbsp;$4473413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80925466 |
| **PROFESSIONAL SERVICES — 1.1%** | **PROFESSIONAL SERVICES — 1.1%** | **PROFESSIONAL SERVICES — 1.1%** |
| CSG Systems International, Inc. | &nbsp;&nbsp;70055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575292 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;55531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2541098 |
| Korn Ferry | 157193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11526963 |
| Verra Mobility Corp. (a) | 788026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20007980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38651333 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%** |
| Kennedy-Wilson Holdings, Inc. | 220364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498475 |
| St. Joe Co. | 187089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8924146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10422621 |
| **RESIDENTIAL REITs — 0.4%** | **RESIDENTIAL REITs — 0.4%** | **RESIDENTIAL REITs — 0.4%** |
| Centerspace REIT | &nbsp;&nbsp;46720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2812077 |
| Elme Communities REIT | 261607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4159551 |
| NexPoint Residential Trust, Inc. REIT | 108779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624516 |
| Veris Residential, Inc. REIT | 174411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13193124 |
| **RETAIL REITs — 1.9%** | **RETAIL REITs — 1.9%** | **RETAIL REITs — 1.9%** |
| Acadia Realty Trust REIT | 446671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8294681 |
| Curbline Properties Corp. REIT | 469180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10711380 |
| Getty Realty Corp. REIT (b) | 107152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961681 |
| Macerich Co. REIT | 824242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13336236 |
| Phillips Edison & Co., Inc. REIT | 271570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9513097 |
| Saul Centers, Inc. REIT | &nbsp;&nbsp;31081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061105 |
| Tanger, Inc. REIT | 376054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11499731 |
| Urban Edge Properties REIT | 373711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973447 |
| Whitestone REIT | 113869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65772443 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.3%** |
| Alpha & Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;57553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476810 |
| Axcelis Technologies, Inc. (a) (b) | &nbsp;&nbsp;93743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6532950 |
| CEVA, Inc. (a) | &nbsp;&nbsp;53512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176194 |
| FormFactor, Inc. (a) | 171417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5898459 |
| Impinj, Inc. (a) (b) | 116385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12926882 |
| PDF Solutions, Inc. (a) | 156341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3342571 |
| Photronics, Inc. (a) | 134129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525649 |
| Semtech Corp. (a) | 426994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19274509 |
| SiTime Corp. (a) | 103229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21996035 |
| SolarEdge Technologies, Inc. (a) (b) | &nbsp;&nbsp;87590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76936895 |
| **SOFTWARE — 6.6%** | **SOFTWARE — 6.6%** | **SOFTWARE — 6.6%** |
| A10 Networks, Inc. | 213805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137127 |
| ACI Worldwide, Inc. (a) | 518358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23797816 |
| Adeia, Inc. | 203701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880332 |
| Agilysys, Inc. (a) (b) | 110449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12661873 |
| Alarm.com Holdings, Inc. (a) | 145892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253110 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| BlackLine, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;255164 | &nbsp;&nbsp;$14447386 |
| Box, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;714924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24428953 |
| Cleanspark, Inc. (a) (b) | 1368858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15098504 |
| Clear Secure, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;456050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659948 |
| InterDigital, Inc. (b) | &nbsp;&nbsp;&nbsp;128250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28757498 |
| LiveRamp Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;170945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5648023 |
| MARA Holdings, Inc. (a) (b) | 1739543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27276034 |
| N-able, Inc. (a) | &nbsp;&nbsp;&nbsp;156560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268136 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;213466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13627669 |
| Sprinklr, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;212463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797437 |
| SPS Commerce, Inc. (a) | &nbsp;&nbsp;&nbsp;187517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25519189 |
| Teradata Corp. (a) | &nbsp;&nbsp;&nbsp;166797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225980276 |
| **SPECIALIZED REITs — 0.6%** | **SPECIALIZED REITs — 0.6%** | **SPECIALIZED REITs — 0.6%** |
| Four Corners Property Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;270367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7275576 |
| Outfront Media, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;685823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11192631 |
| Uniti Group, Inc. REIT (a) | &nbsp;&nbsp;&nbsp;578158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20965850 |
| **SPECIALTY RETAIL — 1.4%** | **SPECIALTY RETAIL — 1.4%** | **SPECIALTY RETAIL — 1.4%** |
| Boot Barn Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;151268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22992736 |
| Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3418030 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13420535 |
| Urban Outfitters, Inc. (a) | &nbsp;&nbsp;&nbsp;126860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9202424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49033725 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.9%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.9%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.9%** |
| Hanesbrands, Inc. (a) | &nbsp;&nbsp;&nbsp;935623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285153 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;247619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16335426 |
| Steven Madden Ltd. (b) | &nbsp;&nbsp;&nbsp;235217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640504 |
| Wolverine World Wide, Inc. (b) | &nbsp;&nbsp;&nbsp;274376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31221801 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.0%** | **TRADING COMPANIES & DISTRIBUTORS — 1.0%** | **TRADING COMPANIES & DISTRIBUTORS — 1.0%** |
| DNOW, Inc. (a) | &nbsp;&nbsp;&nbsp;297463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411376 |
| DXP Enterprises, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;63654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579273 |
| GMS, Inc. (a) | &nbsp;&nbsp;&nbsp;121962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13263368 |
| Rush Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;187498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9658022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32912039 |
| **WATER UTILITIES — 0.3%** | **WATER UTILITIES — 0.3%** | **WATER UTILITIES — 0.3%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;95221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7299642 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;43214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9640976 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.1%** |
| Gogo, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;127175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866929 |
| **TOTAL COMMON STOCKS<br>(Cost $2,961,278,952)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;3396906524 |
| **SHORT-TERM INVESTMENTS — 9.3%** | **SHORT-TERM INVESTMENTS — 9.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | &nbsp;&nbsp;&nbsp;943377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943377 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (f) (g) | 314598308 | &nbsp;&nbsp;$314598308 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $315,541,685)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $315,541,685)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;315541685 |
| **TOTAL INVESTMENTS — 109.2%<br>(Cost $3,276,820,637)<br>** | **TOTAL INVESTMENTS — 109.2%<br>(Cost $3,276,820,637)<br>** | &nbsp;&nbsp;3712448209 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (9.2)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (9.2)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(312015719) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $3400432490 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $3396906524 | $— | &nbsp;&nbsp;&nbsp;$0(a) | $3396906524 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;315541685 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;315541685 |
| **TOTAL INVESTMENTS<br>**  | $3712448209 | $— | $0 | $3712448209 |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;3987519 | $3988716 | $11198989 | $15187705 | $309 | $(309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $32324 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;106635473 | &nbsp;&nbsp;&nbsp;&nbsp;105692096 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;943377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943377 | &nbsp;&nbsp;135647 |
| State Street Navigator Securities Lending Portfolio II<br>| 183700828 | &nbsp;&nbsp;183700828 | &nbsp;&nbsp;2213282784 | &nbsp;&nbsp;2082385304 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 314598308 | &nbsp;&nbsp;314598308 | &nbsp;&nbsp;609693 |
| Total<br>|  | $187689544 | $2331117246 | $2203265105 | $309 | $(309) |  | $315541685 | $777664 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **AEROSPACE & DEFENSE — 1.5%** | **AEROSPACE & DEFENSE — 1.5%** | **AEROSPACE & DEFENSE — 1.5%** |
| AAR Corp. (a) | &nbsp;&nbsp;&nbsp;198932 | &nbsp;&nbsp;$13684532 |
| Kratos Defense & Security Solutions, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;392893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18249880 |
| Mercury Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;285176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15359580 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745427 |
| Triumph Group, Inc. (a) | &nbsp;&nbsp;&nbsp;176015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54571805 |
| **AIR FREIGHT & LOGISTICS — 0.4%** | **AIR FREIGHT & LOGISTICS — 0.4%** | **AIR FREIGHT & LOGISTICS — 0.4%** |
| Forward Air Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;73008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791616 |
| Hub Group, Inc. Class A | &nbsp;&nbsp;&nbsp;339838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11360785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13152401 |
| **AIRLINES — 0.4%** | **AIRLINES — 0.4%** | **AIRLINES — 0.4%** |
| Allegiant Travel Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;81028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4452488 |
| JetBlue Airways Corp. (a) (b) | 1750294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7403744 |
| Sun Country Airlines Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;213423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14363952 |
| **AUTO COMPONENTS — 3.0%** | **AUTO COMPONENTS — 3.0%** | **AUTO COMPONENTS — 3.0%** |
| Adient PLC (a) | &nbsp;&nbsp;&nbsp;469011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9126954 |
| American Axle & Manufacturing Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;642993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623411 |
| BorgWarner, Inc. | 1239153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41486842 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;739312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12679201 |
| Fox Factory Holding Corp. (a) | &nbsp;&nbsp;&nbsp;238018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6174187 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;172409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4877451 |
| LCI Industries (b) | &nbsp;&nbsp;&nbsp;141535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12906577 |
| Patrick Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;99724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9201534 |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;111149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945019 |
| Standard Motor Products, Inc. (b) | &nbsp;&nbsp;&nbsp;119210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107683307 |
| **AUTOMOBILES — 0.1%** | **AUTOMOBILES — 0.1%** | **AUTOMOBILES — 0.1%** |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;158198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4587742 |
| **BANKS — 11.5%** | **BANKS — 11.5%** | **BANKS — 11.5%** |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;188007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12164053 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;802051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25088155 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;730408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10262232 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;121976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8237039 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;231768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8248623 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6204011 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;260723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6528504 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;508519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364875 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;679231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4143309 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;195777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8913727 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725723 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;108587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175343 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;163516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9604930 |
| CVB Financial Corp. | &nbsp;&nbsp;&nbsp;435041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609461 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;225067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6063305 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Eagle Bancorp, Inc. | 165840 | &nbsp;&nbsp;$3230563 |
| FB Financial Corp. | 107082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850815 |
| First BanCorp | 348565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7260609 |
| First Bancorp/Southern Pines NC | 236096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10409473 |
| First Commonwealth Financial Corp. | 316336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5134133 |
| First Financial Bancorp | 282400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851024 |
| First Hawaiian, Inc. | 400807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10004143 |
| Fulton Financial Corp. | 542508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9786844 |
| Hanmi Financial Corp. | 170916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218207 |
| Heritage Financial Corp. | 194399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634472 |
| Hilltop Holdings, Inc. | 261788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7945266 |
| Hope Bancorp, Inc. | 721692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7743755 |
| Independent Bank Corp. | 239298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15048255 |
| Lakeland Financial Corp. | &nbsp;&nbsp;65293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4012255 |
| National Bank Holdings Corp. Class A | 119559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496614 |
| NBT Bancorp, Inc. | 166827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931662 |
| Northwest Bancshares, Inc. | 728094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9305041 |
| OFG Bancorp | 104808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485782 |
| Pacific Premier Bancorp, Inc. | 550697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11614200 |
| Park National Corp. | &nbsp;&nbsp;27576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4612362 |
| Provident Financial Services, Inc. | 732648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12843319 |
| Renasant Corp. | 522599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18776982 |
| S&T Bancorp, Inc. | 102809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888236 |
| Seacoast Banking Corp. of Florida | 484276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13375703 |
| Simmons First National Corp. Class A | 706451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13394311 |
| Southside Bancshares, Inc. (b) | 158107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653089 |
| Stellar Bancorp, Inc. | 255168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139601 |
| Tompkins Financial Corp. | &nbsp;&nbsp;40905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565971 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;51261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824994 |
| TrustCo Bank Corp. | 108588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629011 |
| Trustmark Corp. | 338953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12358226 |
| United Community Banks, Inc. | 683366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20357473 |
| Veritex Holdings, Inc. | 305905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7984121 |
| WaFd, Inc. | 457317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13390242 |
| Westamerica BanCorp | &nbsp;&nbsp;67225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256379 |
| WSFS Financial Corp. | 174895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9619225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419965648 |
| **BEVERAGES — 0.1%** | **BEVERAGES — 0.1%** | **BEVERAGES — 0.1%** |
| MGP Ingredients, Inc. | &nbsp;&nbsp;77682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328130 |
| National Beverage Corp. (a) | &nbsp;&nbsp;64077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5098819 |
| **BIOTECHNOLOGY — 0.9%** | **BIOTECHNOLOGY — 0.9%** | **BIOTECHNOLOGY — 0.9%** |
| ACADIA Pharmaceuticals, Inc. (a) | 219077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4725491 |
| Alkermes PLC (a) | 338751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9691666 |
| Arrowhead Pharmaceuticals, Inc. (a) | 426660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6741228 |
| Dynavax Technologies Corp. (a) | 375904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728968 |
| Myriad Genetics, Inc. (a) | 506022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686977 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Vir Biotechnology, Inc. (a) | 502550 | &nbsp;&nbsp;$2532852 |
| Xencor, Inc. (a) | 243161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911245 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32018427 |
| **BROADLINE RETAIL — 0.6%** | **BROADLINE RETAIL — 0.6%** | **BROADLINE RETAIL — 0.6%** |
| Etsy, Inc. (a) | 298522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14973863 |
| Kohl's Corp. | 616533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20202063 |
| **BUILDING PRODUCTS — 1.7%** | **BUILDING PRODUCTS — 1.7%** | **BUILDING PRODUCTS — 1.7%** |
| American Woodmark Corp. (a) | &nbsp;&nbsp;83746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4469524 |
| Gibraltar Industries, Inc. (a) | 164927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730693 |
| Hayward Holdings, Inc. (a) (b) | 811884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11203999 |
| Insteel Industries, Inc. | 110796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4122719 |
| Masterbrand, Inc. (a) (b) | 714475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7809212 |
| Quanex Building Products Corp. (b) | 262785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4966636 |
| Resideo Technologies, Inc. (a) | 843496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18607522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60910305 |
| **CAPITAL MARKETS — 1.7%** | **CAPITAL MARKETS — 1.7%** | **CAPITAL MARKETS — 1.7%** |
| Artisan Partners Asset Management, Inc. Class A | 204323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9057639 |
| BGC Group, Inc. Class A | 974240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9966475 |
| Donnelley Financial Solutions, Inc. (a) (b) | &nbsp;&nbsp;84142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187354 |
| Moelis & Co. Class A | 207360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12922675 |
| StepStone Group, Inc. Class A | 161035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8937443 |
| StoneX Group, Inc. (a) | 115620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10537607 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;22583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60705749 |
| **CHEMICALS — 4.4%** | **CHEMICALS — 4.4%** | **CHEMICALS — 4.4%** |
| AdvanSix, Inc. | 152982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633322 |
| Celanese Corp. | 616711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34122620 |
| Chemours Co. (b) | 852193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9757610 |
| Element Solutions, Inc. | 685586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15528523 |
| FMC Corp. (b) | 703715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29380101 |
| HB Fuller Co. | 304684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18326743 |
| Ingevity Corp. (a) (b) | 102018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395956 |
| Innospec, Inc. | &nbsp;&nbsp;69790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868641 |
| Koppers Holdings, Inc. | 114245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3672977 |
| Minerals Technologies, Inc. | 177474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9773493 |
| Quaker Chemical Corp. (b) | &nbsp;&nbsp;77026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622290 |
| Sensient Technologies Corp. (b) | 113697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11201428 |
| Stepan Co. | 118064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6443933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160727637 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.0%** | **COMMERCIAL SERVICES & SUPPLIES — 2.0%** | **COMMERCIAL SERVICES & SUPPLIES — 2.0%** |
| ABM Industries, Inc. | 349493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16499565 |
| Brady Corp. Class A | &nbsp;&nbsp;88988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048514 |
| CoreCivic, Inc. (a) | 284848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6001747 |
| Deluxe Corp. (b) | 246231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917535 |
| Enviri Corp. (a) (b) | 459395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987549 |
| Healthcare Services Group, Inc. (a) | 409316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6152019 |
| HNI Corp. | 128432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316286 |
| MillerKnoll, Inc. | 381578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7410245 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Pitney Bowes, Inc. | 476258 | &nbsp;&nbsp;$5195975 |
| UniFirst Corp. | &nbsp;&nbsp;46390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731526 |
| Vestis Corp. (b) | 640507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3670105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73931066 |
| **COMMUNICATIONS EQUIPMENT — 1.3%** | **COMMUNICATIONS EQUIPMENT — 1.3%** | **COMMUNICATIONS EQUIPMENT — 1.3%** |
| Calix, Inc. (a) | 197470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10503429 |
| Digi International, Inc. (a) | &nbsp;&nbsp;89456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118436 |
| Extreme Networks, Inc. (a) | 395172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7093337 |
| Harmonic, Inc. (a) | 316307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995427 |
| NetScout Systems, Inc. (a) | 398822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9894774 |
| Viasat, Inc. (a) (b) | 486364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100915 |
| Viavi Solutions, Inc. (a) | 726220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48019354 |
| **CONSTRUCTION & ENGINEERING — 1.0%** | **CONSTRUCTION & ENGINEERING — 1.0%** | **CONSTRUCTION & ENGINEERING — 1.0%** |
| Arcosa, Inc. | &nbsp;&nbsp;98108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506945 |
| Everus Construction Group, Inc. (a) (b) | 148208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9415654 |
| MYR Group, Inc. (a) | &nbsp;&nbsp;38095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912338 |
| WillScot Holdings Corp. (b) | 388011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10631501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35466438 |
| **CONSUMER FINANCE — 1.0%** | **CONSUMER FINANCE — 1.0%** | **CONSUMER FINANCE — 1.0%** |
| Bread Financial Holdings, Inc. | 265565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15169073 |
| Encore Capital Group, Inc. (a) | 129266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5003887 |
| EZCORP, Inc. Class A (a) (b) | 288807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008641 |
| Navient Corp. (b) | 413312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827699 |
| PRA Group, Inc. (a) | 225394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324562 |
| World Acceptance Corp. (a) | &nbsp;&nbsp;17804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36273658 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%** |
| Andersons, Inc. | 184009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6762331 |
| Grocery Outlet Holding Corp. (a) (b) | 558470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6936197 |
| PriceSmart, Inc. | 139724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14676609 |
| SpartanNash Co. | 186699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945656 |
| United Natural Foods, Inc. (a) | 342164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41296636 |
| **CONTAINERS & PACKAGING — 0.8%** | **CONTAINERS & PACKAGING — 0.8%** | **CONTAINERS & PACKAGING — 0.8%** |
| O-I Glass, Inc. (a) | 879808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12968370 |
| Sealed Air Corp. | 509963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15824152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28792522 |
| **DIVERSIFIED CONSUMER SERVICES — 0.6%** | **DIVERSIFIED CONSUMER SERVICES — 0.6%** | **DIVERSIFIED CONSUMER SERVICES — 0.6%** |
| Matthews International Corp. Class A (b) | 176998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232022 |
| Mister Car Wash, Inc. (a) (b) | 296646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782843 |
| Perdoceo Education Corp. | 161586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282246 |
| Strategic Education, Inc. | 136459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22913866 |
| **DIVERSIFIED REITs — 0.5%** | **DIVERSIFIED REITs — 0.5%** | **DIVERSIFIED REITs — 0.5%** |
| Alexander & Baldwin, Inc. REIT | 405050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222041 |
| American Assets Trust, Inc. REIT | 103912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052262 |
| Armada Hoffler Properties, Inc. REIT (b) | 171850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180610 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Global Net Lease, Inc. REIT | 1093663 | &nbsp;&nbsp;$8257156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18712069 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%** |
| Lumen Technologies, Inc. (a) | 2868169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12562580 |
| Shenandoah Telecommunications Co. (b) | &nbsp;&nbsp;&nbsp;263020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16155433 |
| **ELECTRIC UTILITIES — 0.5%** | **ELECTRIC UTILITIES — 0.5%** | **ELECTRIC UTILITIES — 0.5%** |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004625 |
| Otter Tail Corp. (b) | &nbsp;&nbsp;&nbsp;128962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16946305 |
| **ELECTRICAL EQUIPMENT — 0.4%** | **ELECTRICAL EQUIPMENT — 0.4%** | **ELECTRICAL EQUIPMENT — 0.4%** |
| Sunrun, Inc. (a) (b) | 1304003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10666744 |
| Vicor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;55141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13167940 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;107786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14281645 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;258426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382905 |
| Benchmark Electronics, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;90601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518037 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2903403 |
| ePlus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;79649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742693 |
| Insight Enterprises, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;154422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21323362 |
| Knowles Corp. (a) (b) | &nbsp;&nbsp;&nbsp;491451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659367 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525664 |
| Plexus Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;49510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6699198 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;640600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31062694 |
| Rogers Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;95047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508818 |
| Sanmina Corp. (a) | &nbsp;&nbsp;&nbsp;156103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15271556 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;&nbsp;119656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002817 |
| TTM Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;273102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11148024 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;632218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10039622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151069805 |
| **ENERGY EQUIPMENT & SERVICES — 1.0%** | **ENERGY EQUIPMENT & SERVICES — 1.0%** | **ENERGY EQUIPMENT & SERVICES — 1.0%** |
| Bristow Group, Inc. (a) | &nbsp;&nbsp;&nbsp;139942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4613888 |
| Core Laboratories, Inc. (b) | &nbsp;&nbsp;&nbsp;146250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684800 |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;349578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181367 |
| Helmerich & Payne, Inc. (b) | &nbsp;&nbsp;&nbsp;238193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611006 |
| Innovex International, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;225382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520467 |
| Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;408231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686492 |
| Patterson-UTI Energy, Inc. (b) | 1985736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775414 |
| ProPetro Holding Corp. (a) (b) | &nbsp;&nbsp;&nbsp;474717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834060 |
| RPC, Inc. (b) | &nbsp;&nbsp;&nbsp;237426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36030519 |
| **FINANCIAL SERVICES — 3.9%** | **FINANCIAL SERVICES — 3.9%** | **FINANCIAL SERVICES — 3.9%** |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;127577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4739486 |
| EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;127306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4589381 |
| HA Sustainable Infrastructure Capital, Inc. (b) | &nbsp;&nbsp;&nbsp;317397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8525284 |
| Jackson Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;402775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35762392 |
| Mr. Cooper Group, Inc. (a) | &nbsp;&nbsp;&nbsp;361043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53871226 |
| NCR Atleos Corp. (a) (b) | &nbsp;&nbsp;&nbsp;234790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6698559 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;414711 | &nbsp;&nbsp;$14937890 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;184082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12974099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142098317 |
| **FOOD PRODUCTS — 0.9%** | **FOOD PRODUCTS — 0.9%** | **FOOD PRODUCTS — 0.9%** |
| B&G Foods, Inc. (b) | &nbsp;&nbsp;&nbsp;474163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005709 |
| Fresh Del Monte Produce, Inc. (b) | &nbsp;&nbsp;&nbsp;191561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210408 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550236 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166743 |
| Simply Good Foods Co. (a) (b) | &nbsp;&nbsp;&nbsp;277315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760381 |
| Tootsie Roll Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;40848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366366 |
| TreeHouse Foods, Inc. (a) | &nbsp;&nbsp;&nbsp;256322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4977773 |
| WK Kellogg Co. (b) | &nbsp;&nbsp;&nbsp;151001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33444572 |
| **GAS UTILITIES — 1.0%** | **GAS UTILITIES — 1.0%** | **GAS UTILITIES — 1.0%** |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886562 |
| MDU Resources Group, Inc. (b) | 1148805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19150579 |
| Northwest Natural Holding Co. (b) | &nbsp;&nbsp;&nbsp;230722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9164278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35201419 |
| **GROUND TRANSPORTATION — 1.2%** | **GROUND TRANSPORTATION — 1.2%** | **GROUND TRANSPORTATION — 1.2%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;130888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10079685 |
| Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;258610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234390 |
| Hertz Global Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;684179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672943 |
| Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;328778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270826 |
| RXO, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;431337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6780618 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;&nbsp;261287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310081 |
| Werner Enterprises, Inc. (b) | &nbsp;&nbsp;&nbsp;345192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9444453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43792996 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** |
| Avanos Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;263923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230418 |
| CONMED Corp. (b) | &nbsp;&nbsp;&nbsp;173662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9044317 |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;319141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092476 |
| Enovis Corp. (a) | &nbsp;&nbsp;&nbsp;320433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10048779 |
| Integra LifeSciences Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;372272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567777 |
| Neogen Corp. (a) (b) | 1124473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374981 |
| Omnicell, Inc. (a) | &nbsp;&nbsp;&nbsp;267295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7858473 |
| QuidelOrtho Corp. (a) (b) | &nbsp;&nbsp;&nbsp;371537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10707696 |
| STAAR Surgical Co. (a) (b) | &nbsp;&nbsp;&nbsp;126920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129718 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;248981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29469391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85524026 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.9%** | **HEALTH CARE PROVIDERS & SERVICES — 1.9%** | **HEALTH CARE PROVIDERS & SERVICES — 1.9%** |
| AdaptHealth Corp. (a) (b) | &nbsp;&nbsp;&nbsp;606141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715910 |
| Addus HomeCare Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;39352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532957 |
| AMN Healthcare Services, Inc. (a) | &nbsp;&nbsp;&nbsp;218479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515961 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;366878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7546680 |
| National HealthCare Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;24195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589107 |
| NeoGenomics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;390802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2856763 |
| Owens & Minor, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;419114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813937 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Pediatrix Medical Group, Inc. (a) | &nbsp;&nbsp;&nbsp;468319 | &nbsp;&nbsp;$6720378 |
| Premier, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;469822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10303196 |
| Privia Health Group, Inc. (a) | &nbsp;&nbsp;&nbsp;185512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4266776 |
| Progyny, Inc. (a) | &nbsp;&nbsp;&nbsp;211682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657004 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;581618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8828961 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69803601 |
| **HEALTH CARE REITs — 1.0%** | **HEALTH CARE REITs — 1.0%** | **HEALTH CARE REITs — 1.0%** |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;549208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16805765 |
| LTC Properties, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;137077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744235 |
| Medical Properties Trust, Inc. REIT (b) | 3372718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14536414 |
| Universal Health Realty Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;38165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37611869 |
| **HEALTH CARE TECHNOLOGY — 0.3%** | **HEALTH CARE TECHNOLOGY — 0.3%** | **HEALTH CARE TECHNOLOGY — 0.3%** |
| Certara, Inc. (a) | &nbsp;&nbsp;&nbsp;625100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313670 |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671905 |
| Schrodinger, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;144194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2901183 |
| Simulations Plus, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;41463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12610287 |
| **HOTEL & RESORT REITs — 0.3%** | **HOTEL & RESORT REITs — 0.3%** | **HOTEL & RESORT REITs — 0.3%** |
| Apple Hospitality REIT, Inc. (b) | &nbsp;&nbsp;&nbsp;638662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7453186 |
| Pebblebrook Hotel Trust REIT (b) | &nbsp;&nbsp;&nbsp;338666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383273 |
| Summit Hotel Properties, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;331220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522369 |
| **HOTELS, RESTAURANTS & LEISURE — 1.4%** | **HOTELS, RESTAURANTS & LEISURE — 1.4%** | **HOTELS, RESTAURANTS & LEISURE — 1.4%** |
| BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;&nbsp;127255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675573 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;432019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3719684 |
| Cheesecake Factory, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;88983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575675 |
| Cracker Barrel Old Country Store, Inc. (b) | &nbsp;&nbsp;&nbsp;127144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765955 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;113074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327768 |
| Jack in the Box, Inc. (b) | &nbsp;&nbsp;&nbsp;114658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001929 |
| Papa John's International, Inc. (b) | &nbsp;&nbsp;&nbsp;183113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8961550 |
| Penn Entertainment, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;816714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14594679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51622813 |
| **HOUSEHOLD DURABLES — 2.8%** | **HOUSEHOLD DURABLES — 2.8%** | **HOUSEHOLD DURABLES — 2.8%** |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp;150095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8453350 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;129179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597635 |
| Helen of Troy Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;133471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787907 |
| La-Z-Boy, Inc. (b) | &nbsp;&nbsp;&nbsp;230583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8570770 |
| Leggett & Platt, Inc. (b) | &nbsp;&nbsp;&nbsp;771322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6880192 |
| LGI Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;116086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980751 |
| M/I Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;71744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043937 |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;404549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27092647 |
| Newell Brands, Inc. (b) | 2347881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12678558 |
| Sonos, Inc. (a) | &nbsp;&nbsp;&nbsp;685334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7408461 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;247792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7916954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100411162 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HOUSEHOLD PRODUCTS — 0.6%** | **HOUSEHOLD PRODUCTS — 0.6%** | **HOUSEHOLD PRODUCTS — 0.6%** |
| Central Garden & Pet Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;48139 | &nbsp;&nbsp;$1693530 |
| Central Garden & Pet Co. Class A (a) | &nbsp;&nbsp;&nbsp;281751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8815989 |
| Energizer Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;212815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290350 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;30106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21666747 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.6%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.6%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.6%** |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;197519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5976925 |
| Clearway Energy, Inc. Class C (b) | &nbsp;&nbsp;&nbsp;467349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14955168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20932093 |
| **INDUSTRIAL REITs — 0.9%** | **INDUSTRIAL REITs — 0.9%** | **INDUSTRIAL REITs — 0.9%** |
| Innovative Industrial Properties, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;51147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824337 |
| LXP Industrial Trust REIT | 1659371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13706404 |
| Terreno Realty Corp. REIT | &nbsp;&nbsp;&nbsp;296008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16597169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33127910 |
| **INSURANCE — 3.2%** | **INSURANCE — 3.2%** | **INSURANCE — 3.2%** |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;59783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614310 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;134269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11694830 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108832 |
| Genworth Financial, Inc. (a) | 2329639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18124591 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;228034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9798621 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;962273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33294646 |
| ProAssurance Corp. (a) | &nbsp;&nbsp;&nbsp;290248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6626362 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6721078 |
| SiriusPoint Ltd. (a) | &nbsp;&nbsp;&nbsp;525533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10715618 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;159561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10387421 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;121986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500998 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116587307 |
| **INTERACTIVE MEDIA & SERVICES — 1.1%** | **INTERACTIVE MEDIA & SERVICES — 1.1%** | **INTERACTIVE MEDIA & SERVICES — 1.1%** |
| Angi, Inc. (a) | &nbsp;&nbsp;&nbsp;245503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746376 |
| Cars.com, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;184905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2191124 |
| IAC, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;371859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13885215 |
| Shutterstock, Inc. (b) | &nbsp;&nbsp;&nbsp;144133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2732762 |
| TripAdvisor, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;217505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838440 |
| Yelp, Inc. (a) | &nbsp;&nbsp;&nbsp;159288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458800 |
| Ziff Davis, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;240346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7275273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38127990 |
| **IT SERVICES — 0.5%** | **IT SERVICES — 0.5%** | **IT SERVICES — 0.5%** |
| DXC Technology Co. (a) | 1017715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560863 |
| Grid Dynamics Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;126677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17023982 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.4%** | **LEISURE EQUIPMENT & PRODUCTS — 0.4%** | **LEISURE EQUIPMENT & PRODUCTS — 0.4%** |
| Acushnet Holdings Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;64273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680360 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333925 |
| Topgolf Callaway Brands Corp. (a) (b) | &nbsp;&nbsp;&nbsp;807500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14514660 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **LIFE SCIENCES TOOLS & SERVICES — 0.3%** | **LIFE SCIENCES TOOLS & SERVICES — 0.3%** | **LIFE SCIENCES TOOLS & SERVICES — 0.3%** |
| Azenta, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;129533 | &nbsp;&nbsp;$3987026 |
| Cytek Biosciences, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;549339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867753 |
| Fortrea Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;523710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587127 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9457692 |
| **MACHINERY — 3.2%** | **MACHINERY — 3.2%** | **MACHINERY — 3.2%** |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7248032 |
| Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;83783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875702 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;130502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440628 |
| Enpro, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;44727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8567457 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7713871 |
| Gates Industrial Corp. PLC (a) | &nbsp;&nbsp;&nbsp;439258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10116112 |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;396061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948944 |
| JBT Marel Corp. (b) | &nbsp;&nbsp;&nbsp;150786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18133524 |
| Kennametal, Inc. (b) | &nbsp;&nbsp;&nbsp;434628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9979059 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804679 |
| Proto Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;136257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5455730 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734552 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;105936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207921 |
| Titan International, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;263321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2704307 |
| Worthington Enterprises, Inc. (b) | &nbsp;&nbsp;&nbsp;174384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11097798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117028316 |
| **MARINE — 0.2%** | **MARINE — 0.2%** | **MARINE — 0.2%** |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467131 |
| **MEDIA — 0.9%** | **MEDIA — 0.9%** | **MEDIA — 0.9%** |
| Cable One, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;25787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502132 |
| DoubleVerify Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;338612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069022 |
| John Wiley & Sons, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;96232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294834 |
| Scholastic Corp. (b) | &nbsp;&nbsp;&nbsp;134208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815684 |
| TechTarget, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;81456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632913 |
| TEGNA, Inc. | &nbsp;&nbsp;&nbsp;902328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15123017 |
| Thryv Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;152174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33288038 |
| **METALS & MINING — 1.2%** | **METALS & MINING — 1.2%** | **METALS & MINING — 1.2%** |
| Alpha Metallurgical Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723816 |
| Kaiser Aluminum Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;91326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296948 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;118463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9402408 |
| Metallus, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;211047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252234 |
| MP Materials Corp. (a) (b) | &nbsp;&nbsp;&nbsp;379660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12631288 |
| SunCoke Energy, Inc. (b) | &nbsp;&nbsp;&nbsp;469843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035951 |
| Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;195033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45160480 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 2.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 2.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 2.3%** |
| Apollo Commercial Real Estate Finance, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;729532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7061870 |
| Arbor Realty Trust, Inc. REIT | 1083032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11588443 |
| ARMOUR Residential REIT, Inc. (b) | &nbsp;&nbsp;&nbsp;466404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7840251 |
| Blackstone Mortgage Trust, Inc. Class A REIT (b) | &nbsp;&nbsp;&nbsp;951110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18308868 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ellington Financial, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;539281 | &nbsp;&nbsp;$7005260 |
| Franklin BSP Realty Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;465115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972079 |
| KKR Real Estate Finance Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;318126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789965 |
| New York Mortgage Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;515379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453039 |
| PennyMac Mortgage Investment Trust REIT (b) | &nbsp;&nbsp;&nbsp;496541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385517 |
| Ready Capital Corp. REIT (b) | &nbsp;&nbsp;&nbsp;963232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209324 |
| Redwood Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;759688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4489756 |
| Two Harbors Investment Corp. REIT (b) | &nbsp;&nbsp;&nbsp;593687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84498381 |
| **MULTI-UTILITIES — 0.6%** | **MULTI-UTILITIES — 0.6%** | **MULTI-UTILITIES — 0.6%** |
| Avista Corp. | &nbsp;&nbsp;&nbsp;453674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17216928 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948457 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20165385 |
| **OFFICE REITs — 1.0%** | **OFFICE REITs — 1.0%** | **OFFICE REITs — 1.0%** |
| Brandywine Realty Trust REIT (b) | &nbsp;&nbsp;&nbsp;981420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210292 |
| Douglas Emmett, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;401342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6036184 |
| Easterly Government Properties, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;240704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343629 |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;239926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7459299 |
| JBG SMITH Properties REIT (b) | &nbsp;&nbsp;&nbsp;416787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7210415 |
| SL Green Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;121535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7523016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37782835 |
| **OIL, GAS & CONSUMABLE FUELS — 2.8%** | **OIL, GAS & CONSUMABLE FUELS — 2.8%** | **OIL, GAS & CONSUMABLE FUELS — 2.8%** |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;390900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17852403 |
| Comstock Resources, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;253670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7019049 |
| Crescent Energy Co. Class A (b) | 1040934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8952033 |
| CVR Energy, Inc. (b) | &nbsp;&nbsp;&nbsp;195051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5237119 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;207651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062531 |
| International Seaways, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;95407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3480447 |
| Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;375833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8448726 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;294306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807938 |
| Peabody Energy Corp. (b) | &nbsp;&nbsp;&nbsp;693872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9311762 |
| REX American Resources Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;83409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4062852 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;321640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7947725 |
| Talos Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;693706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5882627 |
| Vital Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;155152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496396 |
| World Kinect Corp. | &nbsp;&nbsp;&nbsp;316306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8967275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102528883 |
| **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** |
| Edgewell Personal Care Co. (b) | &nbsp;&nbsp;&nbsp;261235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6115511 |
| USANA Health Sciences, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;61650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7997686 |
| **PHARMACEUTICALS — 1.2%** | **PHARMACEUTICALS — 1.2%** | **PHARMACEUTICALS — 1.2%** |
| Amphastar Pharmaceuticals, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;77677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783464 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Innoviva, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;141851 | &nbsp;&nbsp;$2849786 |
| Ligand Pharmaceuticals, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;49576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5635800 |
| Organon & Co. (b) | 1476531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14292820 |
| Pacira BioSciences, Inc. (a) | &nbsp;&nbsp;&nbsp;262010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6262039 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;110398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8815280 |
| Supernus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;153536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44478644 |
| **PROFESSIONAL SERVICES — 1.8%** | **PROFESSIONAL SERVICES — 1.8%** | **PROFESSIONAL SERVICES — 1.8%** |
| Amentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;848328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20029024 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012673 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570843 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;112048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8216480 |
| NV5 Global, Inc. (a) | &nbsp;&nbsp;&nbsp;297191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6862140 |
| Robert Half, Inc. | &nbsp;&nbsp;&nbsp;565149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23199366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65890526 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%** |
| Cushman & Wakefield PLC (a) | 1319680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14608858 |
| eXp World Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;479205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4360765 |
| Kennedy-Wilson Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;408002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774414 |
| Marcus & Millichap, Inc. (b) | &nbsp;&nbsp;&nbsp;137869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4233957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25977994 |
| **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** |
| Centerspace REIT | &nbsp;&nbsp;&nbsp;&nbsp;43655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627595 |
| Elme Communities REIT | &nbsp;&nbsp;&nbsp;206246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279311 |
| Veris Residential, Inc. REIT | &nbsp;&nbsp;&nbsp;256455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9725521 |
| **RETAIL REITs — 1.3%** | **RETAIL REITs — 1.3%** | **RETAIL REITs — 1.3%** |
| Acadia Realty Trust REIT (b) | &nbsp;&nbsp;&nbsp;231650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301741 |
| Getty Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;164863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556813 |
| Macerich Co. REIT | &nbsp;&nbsp;&nbsp;490145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7930546 |
| Phillips Edison & Co., Inc. REIT | &nbsp;&nbsp;&nbsp;393956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800279 |
| Saul Centers, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;33961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159429 |
| SITE Centers Corp. REIT | &nbsp;&nbsp;&nbsp;269378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046665 |
| Tanger, Inc. REIT | &nbsp;&nbsp;&nbsp;213209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519931 |
| Urban Edge Properties REIT | &nbsp;&nbsp;&nbsp;286661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349094 |
| Whitestone REIT | &nbsp;&nbsp;&nbsp;133529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48330940 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.5%** |
| Alpha & Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902048 |
| Axcelis Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;75198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240549 |
| CEVA, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;73604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617816 |
| Cohu, Inc. (a) | &nbsp;&nbsp;&nbsp;264962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5097869 |
| Diodes, Inc. (a) | &nbsp;&nbsp;&nbsp;260920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800059 |
| FormFactor, Inc. (a) | &nbsp;&nbsp;&nbsp;238674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8212772 |
| Ichor Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;188321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698624 |
| Kulicke & Soffa Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;300382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10393217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| MaxLinear, Inc. (a) | 436729 | &nbsp;&nbsp;$6205919 |
| Penguin Solutions, Inc. (a) | 297313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5889771 |
| Photronics, Inc. (a) | 208794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3931591 |
| Qorvo, Inc. (a) | 526797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44730333 |
| SolarEdge Technologies, Inc. (a) (b) | 237476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4844510 |
| Ultra Clean Holdings, Inc. (a) | 250467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653040 |
| Veeco Instruments, Inc. (a) (b) | 342080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6951066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128169184 |
| **SOFTWARE — 1.2%** | **SOFTWARE — 1.2%** | **SOFTWARE — 1.2%** |
| A10 Networks, Inc. | 164508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3183230 |
| Adeia, Inc. | 383158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5417854 |
| Alarm.com Holdings, Inc. (a) | 113589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425730 |
| LiveRamp Holdings, Inc. (a) | 180126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5951363 |
| N-able, Inc. (a) | 236802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918096 |
| NCR Voyix Corp. (a) (b) | 785972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219451 |
| Sprinklr, Inc. Class A (a) | 411823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484023 |
| Teradata Corp. (a) | 354510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7909118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43508865 |
| **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** |
| Four Corners Property Trust, Inc. REIT (b) | 266087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7160401 |
| Millrose Properties, Inc. REIT | 676237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19279517 |
| Safehold, Inc. REIT (b) | 259472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037384 |
| Uniti Group, Inc. REIT (a) | 742468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33684764 |
| **SPECIALTY RETAIL — 5.0%** | **SPECIALTY RETAIL — 5.0%** | **SPECIALTY RETAIL — 5.0%** |
| Academy Sports & Outdoors, Inc. (b) | 373791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16749575 |
| Advance Auto Parts, Inc. (b) | 338866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15753880 |
| American Eagle Outfitters, Inc. (b) | 899643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8654566 |
| Asbury Automotive Group, Inc. (a) (b) | 110734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26414488 |
| Buckle, Inc. | &nbsp;&nbsp;87504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968306 |
| Caleres, Inc. (b) | 192843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356541 |
| Foot Locker, Inc. (a) (b) | 465599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11407176 |
| Group 1 Automotive, Inc. (b) | &nbsp;&nbsp;36284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15845586 |
| Guess?, Inc. (b) | 163220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973330 |
| MarineMax, Inc. (a) (b) | 107811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710369 |
| Monro, Inc. (b) | 161917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414182 |
| National Vision Holdings, Inc. (a) | 451697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10393548 |
| Sally Beauty Holdings, Inc. (a) (b) | 582692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395728 |
| Shoe Carnival, Inc. (b) | 105821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979911 |
| Signet Jewelers Ltd. (b) | 241248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19191278 |
| Sonic Automotive, Inc. Class A | &nbsp;&nbsp;81329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500627 |
| Upbound Group, Inc. | 290959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303071 |
| Urban Outfitters, Inc. (a) | 174195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12636105 |
| Victoria's Secret & Co. (a) (b) | 455534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8436490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180084757 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.1%** |
| Corsair Gaming, Inc. (a) | 269666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542950 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sandisk Corp. (a) | 761755 | &nbsp;&nbsp;$34545589 |
| Xerox Holdings Corp. (b) | 667614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40606865 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.7%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.7%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.7%** |
| Carter's, Inc. (b) | 208026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6267823 |
| G-III Apparel Group Ltd. (a) (b) | 220457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938237 |
| Hanesbrands, Inc. (a) | 924745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235332 |
| Oxford Industries, Inc. (b) | &nbsp;&nbsp;82130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305733 |
| Steven Madden Ltd. (b) | 140883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378374 |
| Wolverine World Wide, Inc. (b) | 153485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900508 |
| **TOBACCO — 0.2%** | **TOBACCO — 0.2%** | **TOBACCO — 0.2%** |
| Universal Corp. | 138646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8074743 |
| **TRADING COMPANIES & DISTRIBUTORS — 2.0%** | **TRADING COMPANIES & DISTRIBUTORS — 2.0%** | **TRADING COMPANIES & DISTRIBUTORS — 2.0%** |
| Air Lease Corp. (b) | 585849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34266308 |
| Boise Cascade Co. | 211594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18370591 |
| DNOW, Inc. (a) | 253125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3753844 |
| GMS, Inc. (a) | &nbsp;&nbsp;79323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8626376 |
| Rush Enterprises, Inc. Class A | 129352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6662922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71680041 |
| **WATER UTILITIES — 1.0%** | **WATER UTILITIES — 1.0%** | **WATER UTILITIES — 1.0%** |
| American States Water Co. | 107928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8273760 |
| California Water Service Group | 334450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15210786 |
| H2O America | 173945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9039922 |
| Middlesex Water Co. | &nbsp;&nbsp;51164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35296534 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.6%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.6%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.6%** |
| Gogo, Inc. (a) (b) | 191181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806537 |
| Telephone & Data Systems, Inc. | 558617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19875593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22682130 |
| **TOTAL COMMON STOCKS<br>(Cost $3,839,914,967)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;3627854429 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 8.9%** | **SHORT-TERM INVESTMENTS — 8.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;3043241 | &nbsp;&nbsp;$3043241 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 320824963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320824963 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $323,868,204)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $323,868,204)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;323868204 |
| **TOTAL INVESTMENTS — 108.6%<br>(Cost $4,163,783,171)<br>** | **TOTAL INVESTMENTS — 108.6%<br>(Cost $4,163,783,171)<br>** | &nbsp;&nbsp;3951722633 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (8.6)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (8.6)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(312683683) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $3639038950 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) 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 June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $3627854429 | $— | $— | $3627854429 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;323868204 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;323868204 |
| **TOTAL INVESTMENTS<br>**  | $3951722633 | $— | $— | $3951722633 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 600 SMALL CAP VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;3286169 | $3287155 | $15513506 | $18800661 | $198 | $(198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $26112 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;190558678 | &nbsp;&nbsp;&nbsp;&nbsp;187515437 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3043241 | &nbsp;&nbsp;&nbsp;&nbsp;3043241 | &nbsp;&nbsp;&nbsp;&nbsp;204705 |
| State Street Navigator Securities Lending Portfolio II<br>| 272620822 | &nbsp;&nbsp;272620822 | &nbsp;&nbsp;2420785705 | &nbsp;&nbsp;2372581564 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 320824963 | &nbsp;&nbsp;320824963 | &nbsp;&nbsp;1251593 |
| Total<br>|  | $275907977 | $2626857889 | $2578897662 | $198 | $(198) |  | $323868204 | $1482410 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AEROSPACE & DEFENSE — 2.3%** | **AEROSPACE & DEFENSE — 2.3%** | **AEROSPACE & DEFENSE — 2.3%** |
| AAR Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$1376 |
| AeroVironment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 |
| ATI, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309649 |
| Boeing Co. (a) | 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224826 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19016 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60092 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66790 |
| General Electric Co. | 3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818243 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841 |
| Howmet Aerospace, Inc. | 2052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381939 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
| Kratos Defense & Security Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39018 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55185 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113932 |
| Mercury Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13196 |
| Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9953 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114995 |
| RTX Corp. | 5708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833482 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208328 |
| Triumph Group, Inc. (a) | &nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8420 |
| Woodward, Inc. | &nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327837 |
| **AIR FREIGHT & LOGISTICS — 0.1%** | **AIR FREIGHT & LOGISTICS — 0.1%** | **AIR FREIGHT & LOGISTICS — 0.1%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54788 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31190 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32505 |
| Forward Air Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 |
| GXO Logistics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 |
| Hub Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 |
| United Parcel Service, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131831 |
| **AIRLINES — 0.2%** | **AIRLINES — 0.2%** | **AIRLINES — 0.2%** |
| Alaska Air Group, Inc. (a) | &nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13458 |
| Allegiant Travel Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| American Airlines Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12246 |
| JetBlue Airways Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 |
| SkyWest, Inc. (a) | &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11327 |
| Southwest Airlines Co. (b) | 2540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82398 |
| United Airlines Holdings, Inc. (a) | 1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233175 |
| **AUTO COMPONENTS — 0.0% <sup>\*</sup>** | **AUTO COMPONENTS — 0.0% <sup>\*</sup>** | **AUTO COMPONENTS — 0.0% <sup>\*</sup>** |
| Adient PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 |
| American Axle & Manufacturing Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;$4905 |
| Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14966 |
| Fox Factory Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037 |
| Goodyear Tire & Rubber Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 |
| Patrick Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9781 |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 |
| XPEL, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53679 |
| **AUTOMOBILES — 3.0%** | **AUTOMOBILES — 3.0%** | **AUTOMOBILES — 3.0%** |
| Ford Motor Co. | &nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17013 |
| General Motors Co. | &nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82722 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 |
| Tesla, Inc. (a) | 13433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267127 |
| Thor Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369346 |
| **BANKS — 4.5%** | **BANKS — 4.5%** | **BANKS — 4.5%** |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11452 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11317 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8258 |
| Axos Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14219 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7417 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9343 |
| Bank of America Corp. | 16130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763272 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11567 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12984 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11291 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261 |
| Citigroup, Inc. | &nbsp;&nbsp;5119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435729 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58399 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22281 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19804 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20392 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10293 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23266 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 |
| CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43017 |
| FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Fifth Third Bancorp | 1478 | &nbsp;&nbsp;$60790 |
| First BanCorp | &nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8270 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 |
| First Financial Bancorp | &nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10398 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942 |
| First Horizon Corp. | 2383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50520 |
| Flagstar Financial, Inc. | 1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15444 |
| FNB Corp. | &nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392 |
| Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14475 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13317 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 |
| Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12978 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2725 |
| Huntington Bancshares, Inc. | 3588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60135 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9370 |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8719 |
| JPMorgan Chase & Co. | 9722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818505 |
| KeyCorp | 2457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42801 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109022 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4551 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447 |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264 |
| Old National Bancorp | 1367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29172 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8865 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5459 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38533 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181946 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4933 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16296 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907 |
| Regions Financial Corp. | 2242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52732 |
| Renasant Corp. | &nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18757 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9177 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22823 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34207 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12783 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527 |
| Truist Financial Corp. | 3247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139589 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972 |
| Trustmark Corp. | &nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9151 |

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---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| U.S. Bancorp | &nbsp;&nbsp;3039 | &nbsp;&nbsp;$137515 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27867 |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12168 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728 |
| Valley National Bancorp | &nbsp;&nbsp;2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18173 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3967 |
| WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7964 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25607 |
| Wells Fargo & Co. | &nbsp;&nbsp;9697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776924 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38678 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22316 |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6490 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6563700 |
| **BEVERAGES — 0.7%** | **BEVERAGES — 0.7%** | **BEVERAGES — 0.7%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 |
| Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556 |
| Celsius Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 |
| Coca-Cola Co. | 10514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743866 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32379 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 |
| Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63806 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 |
| Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16158 |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85378 |
| National Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022016 |
| **BIOTECHNOLOGY — 2.1%** | **BIOTECHNOLOGY — 2.1%** | **BIOTECHNOLOGY — 2.1%** |
| AbbVie, Inc. | &nbsp;&nbsp;7539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399389 |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3063 |
| ADMA Biologics, Inc. (a) | &nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21761 |
| Alkermes PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21171 |
| Amgen, Inc. | &nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370233 |
| Arcus Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 |
| Exelixis, Inc. (a) | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62146 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;6313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699922 |
| Halozyme Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28299 |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21656 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8660 |
| Moderna, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 |
| Myriad Genetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 |
| Protagonist Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16415 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875 |
| Roivant Sciences Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077 |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

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| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TG Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;$24437 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55459 |
| Vericel Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2170 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341468 |
| Vir Biotechnology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Xencor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108737 |
| **BROADLINE RETAIL — 2.9%** | **BROADLINE RETAIL — 2.9%** | **BROADLINE RETAIL — 2.9%** |
| Amazon.com, Inc. (a) | 18362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028439 |
| eBay, Inc. | &nbsp;&nbsp;1972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146835 |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261 |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216674 |
| **BUILDING PRODUCTS — 0.5%** | **BUILDING PRODUCTS — 0.5%** | **BUILDING PRODUCTS — 0.5%** |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278 |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2065 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24068 |
| American Woodmark Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21280 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6721 |
| Carrier Global Corp. | &nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84388 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12907 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574 |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7237 |
| Hayward Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 |
| Johnson Controls International PLC | &nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226344 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49299 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19437 |
| Masterbrand, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 |
| Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401 |
| Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 |
| Resideo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165341 |
| Trex Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673880 |
| **CAPITAL MARKETS — 4.2%** | **CAPITAL MARKETS — 4.2%** | **CAPITAL MARKETS — 4.2%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326 |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9642 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139837 |
| Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5231 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;3447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314056 |

---

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| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| BGC Group, Inc. Class A | &nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;$9330 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536167 |
| Blackstone, Inc. | 1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298711 |
| Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12747 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79291 |
| Charles Schwab Corp. | 2878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262589 |
| CME Group, Inc. | 1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425833 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973 |
| Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21332 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37124 |
| Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14803 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145 |
| Goldman Sachs Group, Inc. | 1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816036 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27856 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34370 |
| Interactive Brokers Group, Inc. Class A | 2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115807 |
| Intercontinental Exchange, Inc. | 2613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479407 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14161 |
| Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13516 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31283 |
| KKR & Co., Inc. | 2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268055 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16527 |
| Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13087 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252300 |
| Morgan Stanley | 4983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701905 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15383 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121692 |
| Nasdaq, Inc. | 1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129301 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77088 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18622 |
| PJT Partners, Inc. Class A | &nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19306 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69937 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496180 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24711 |
| State Street Corp. (c) | &nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99641 |
| StepStone Group, Inc. Class A | &nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18038 |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28955 |
| StoneX Group, Inc. (a) | &nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15767 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8203 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18274 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 |
| WisdomTree, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6122096 |
| **CHEMICALS — 0.9%** | **CHEMICALS — 0.9%** | **CHEMICALS — 0.9%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220289 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 |
| Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 |
| Axalta Coating Systems Ltd. (a) | &nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14169 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;$22724 |
| Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 |
| Corteva, Inc. | 1691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126030 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40948 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149539 |
| Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079 |
| HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 |
| Ingevity Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12209 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 |
| Linde PLC | &nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372060 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 |
| Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672 |
| Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12740 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27240 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6010 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196745 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269355 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.6%** | **COMMERCIAL SERVICES & SUPPLIES — 0.6%** | **COMMERCIAL SERVICES & SUPPLIES — 0.6%** |
| ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901 |
| Brady Corp. Class A | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8496 |
| Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4464 |
| Cintas Corp. | 1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248277 |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16876 |
| Copart, Inc. (a) | 1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61436 |
| CoreCivic, Inc. (a) | &nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10240 |
| Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| Enviri Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| GEO Group, Inc. (a) | &nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17004 |
| Healthcare Services Group, Inc. (a) | &nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 |
| HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525 |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 |
| Liquidity Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 |
| MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3686 |
| OPENLANE, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8215 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94084 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175586 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43218 |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;$35837 |
| Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937657 |
| **COMMUNICATIONS EQUIPMENT — 1.3%** | **COMMUNICATIONS EQUIPMENT — 1.3%** | **COMMUNICATIONS EQUIPMENT — 1.3%** |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288310 |
| Calix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11063 |
| Ciena Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43430 |
| Cisco Systems, Inc. | 16994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179044 |
| Digi International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| Extreme Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5888 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86236 |
| Harmonic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22321 |
| Lumentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26046 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265310 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076 |
| Viasat, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| Viavi Solutions, Inc. (a) | &nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941840 |
| **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21556 |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26811 |
| Dycom Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13930 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35303 |
| Everus Construction Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| Fluor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19824 |
| MasTec, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44653 |
| MYR Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65408 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270854 |
| **CONSTRUCTION MATERIALS — 0.0% <sup>\*</sup>** | **CONSTRUCTION MATERIALS — 0.0% <sup>\*</sup>** | **CONSTRUCTION MATERIALS — 0.0% <sup>\*</sup>** |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 |
| Knife River Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11266 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13724 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49729 |
| **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** |
| Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9893 |
| American Express Co. | &nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436684 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12909 |
| Capital One Financial Corp. | &nbsp;&nbsp;2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437009 |
| Encore Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 |
| Enova International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14052 |
| EZCORP, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8919 |
| Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 |
| PRA Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 |
| PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 |
| SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27347 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Synchrony Financial | &nbsp;&nbsp;1061 | &nbsp;&nbsp;$70811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024306 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.0%** |
| Albertsons Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19273 |
| Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68256 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86236 |
| Chefs' Warehouse, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10082 |
| Costco Wholesale Corp. | &nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765063 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 |
| Grocery Outlet Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| Kroger Co. | &nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130907 |
| Maplebear, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18096 |
| Performance Food Group Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32101 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252 |
| SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| Sprouts Farmers Market, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81003 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52867 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5919 |
| U.S. Foods Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62147 |
| United Natural Foods, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3846 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 |
| Walmart, Inc. | 20711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374668 |
| **CONTAINERS & PACKAGING — 0.2%** | **CONTAINERS & PACKAGING — 0.2%** | **CONTAINERS & PACKAGING — 0.2%** |
| Amcor PLC | &nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46079 |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14705 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26569 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9292 |
| Greif, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 |
| International Paper Co. | &nbsp;&nbsp;2672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125130 |
| O-I Glass, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41459 |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526 |
| Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30464 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316967 |
| **DISTRIBUTORS — 0.0% <sup>\*</sup>** | **DISTRIBUTORS — 0.0% <sup>\*</sup>** | **DISTRIBUTORS — 0.0% <sup>\*</sup>** |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305 |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13731 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20699 |
| **DIVERSIFIED CONSUMER SERVICES — 0.2%** | **DIVERSIFIED CONSUMER SERVICES — 0.2%** | **DIVERSIFIED CONSUMER SERVICES — 0.2%** |
| Adtalem Global Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24174 |
| Duolingo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73394 |
| Frontdoor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13203 |
| Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15139 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23436 |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14875 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;$1243 |
| Mister Car Wash, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 |
| Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577 |
| Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25722 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |
| Stride, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228240 |
| **DIVERSIFIED REITs — 0.0% <sup>\*</sup>** | **DIVERSIFIED REITs — 0.0% <sup>\*</sup>** | **DIVERSIFIED REITs — 0.0% <sup>\*</sup>** |
| Alexander & Baldwin, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550 |
| American Assets Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 |
| Armada Hoffler Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 |
| Essential Properties Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22816 |
| Global Net Lease, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 |
| WP Carey, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64617 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%** |
| AT&T, Inc. | 36201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047657 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 |
| Frontier Communications Parent, Inc. (a) | &nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40914 |
| Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3439 |
| Lumen Technologies, Inc. (a) | &nbsp;&nbsp;5209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22815 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 |
| Verizon Communications, Inc. | 11482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615918 |
| **ELECTRIC UTILITIES — 1.7%** | **ELECTRIC UTILITIES — 1.7%** | **ELECTRIC UTILITIES — 1.7%** |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7048 |
| Alliant Energy Corp. | &nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66517 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;2287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237299 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196884 |
| Duke Energy Corp. | &nbsp;&nbsp;2722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321196 |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7740 |
| Entergy Corp. | &nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187436 |
| Evergy, Inc. | &nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72032 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39444 |
| Exelon Corp. | &nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153055 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34664 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15470 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8667 |
| NextEra Energy, Inc. | &nbsp;&nbsp;4005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278027 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134245 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40474 |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 |
| PG&E Corp. | &nbsp;&nbsp;3133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43674 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43572 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794 |
| PPL Corp. | &nbsp;&nbsp;3356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113735 |
| Southern Co. | &nbsp;&nbsp;3841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352719 |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19487 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Xcel Energy, Inc. | 2611 | &nbsp;&nbsp;$177809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557530 |
| **ELECTRICAL EQUIPMENT — 0.7%** | **ELECTRICAL EQUIPMENT — 0.7%** | **ELECTRICAL EQUIPMENT — 0.7%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15514 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48859 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54619 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107197 |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431 |
| GE Vernova, Inc. | 1379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729698 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5442 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13886 |
| NEXTracker, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9080 |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
| Powell Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5682 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33881 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |
| Sunrun, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 |
| Vicor Corp. (a) | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036003 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 |
| Amphenol Corp. Class A | 2359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232951 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 |
| Arrow Electronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10043 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14012 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3215 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 |
| Coherent Corp. (a) | &nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37647 |
| Corning, Inc. | 3503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184223 |
| Crane NXT Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3611 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
| ePlus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 |
| Fabrinet (a) | &nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23869 |
| Flex Ltd. (a) | &nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47224 |
| Insight Enterprises, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 |
| IPG Photonics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 |
| Itron, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13031 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58887 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40310 |
| Knowles Corp. (a) | &nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 |
| Novanta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 |
| OSI Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16864 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684 |
| Plexus Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11772 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465 |
| Rogers Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 |
| Sanmina Corp. (a) | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12718 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 |
| TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;$71685 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90166 |
| Trimble, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36318 |
| TTM Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15552 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968312 |
| **ENERGY EQUIPMENT & SERVICES — 0.2%** | **ENERGY EQUIPMENT & SERVICES — 0.2%** | **ENERGY EQUIPMENT & SERVICES — 0.2%** |
| Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20783 |
| Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 |
| Baker Hughes Co. | &nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172530 |
| Bristow Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 |
| Cactus, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880 |
| ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3751 |
| Core Laboratories, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 |
| Innovex International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3940 |
| Oceaneering International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 |
| Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 |
| ProPetro Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30758 |
| Tidewater, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 |
| Valaris Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 |
| Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249205 |
| **ENTERTAINMENT — 2.4%** | **ENTERTAINMENT — 2.4%** | **ENTERTAINMENT — 2.4%** |
| Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80329 |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113914 |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 |
| Netflix, Inc. (a) | &nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879130 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197194 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56586 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87303 |
| Warner Bros Discovery, Inc. (a) | 10726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122920 |
| Warner Music Group Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553733 |
| **FINANCIAL SERVICES — 5.9%** | **FINANCIAL SERVICES — 5.9%** | **FINANCIAL SERVICES — 5.9%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222594 |
| Berkshire Hathaway, Inc. Class B (a) | &nbsp;&nbsp;7840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808437 |
| Corpay, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57073 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83533 |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14089 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5981 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$1442 |
| Fidelity National Information Services, Inc. | 1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95250 |
| Fiserv, Inc. (a) | 2658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458266 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962 |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7172 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29007 |
| Jackson Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21398 |
| Mastercard, Inc. Class A | 2214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244135 |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17845 |
| Mr. Cooper Group, Inc. (a) | &nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46852 |
| NCR Atleos Corp. (a) | &nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8958 |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11223 |
| Payoneer Global, Inc. (a) | 1272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8713 |
| PayPal Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66888 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9221 |
| Shift4 Payments, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28048 |
| Visa, Inc. Class A | 6872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439904 |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7952 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 |
| Western Union Co. | &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 |
| WEX, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700842 |
| **FOOD PRODUCTS — 0.3%** | **FOOD PRODUCTS — 0.3%** | **FOOD PRODUCTS — 0.3%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9923 |
| B&G Foods, Inc. (b) | &nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 |
| Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17734 |
| Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5506 |
| Darling Ingredients, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11087 |
| Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15765 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23327 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
| J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17676 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 |
| Kellanova | 1293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102832 |
| Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9166 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37455 |
| Mondelez International, Inc. Class A | 1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79377 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8276 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9595 |
| Simply Good Foods Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 |
| TreeHouse Foods, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27299 |
| WK Kellogg Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399671 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **GAS UTILITIES — 0.2%** | **GAS UTILITIES — 0.2%** | **GAS UTILITIES — 0.2%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;$104949 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8536 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10702 |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36849 |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11115 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11066 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5282 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18174 |
| UGI Corp. | &nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242497 |
| **GROUND TRANSPORTATION — 0.5%** | **GROUND TRANSPORTATION — 0.5%** | **GROUND TRANSPORTATION — 0.5%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 |
| Avis Budget Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 |
| CSX Corp. | &nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25256 |
| Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 |
| Hertz Global Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 |
| Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97780 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19963 |
| RXO, Inc. (a) | &nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18285 |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3014 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 |
| Uber Technologies, Inc. (a) | 4069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379638 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198329 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 |
| XPO, Inc. (a) | &nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784248 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** |
| Abbott Laboratories | 6057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823813 |
| Align Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893 |
| Artivion, Inc. (a) | &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577 |
| Avanos Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57876 |
| Boston Scientific Corp. (a) | 6700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719647 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626 |
| Edwards Lifesciences Corp. (a) | &nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17988 |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Enovis Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
| Envista Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57182 |
| Glaukos Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8263 |
| Globus Medical, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32225 |
| Haemonetics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283 |
| Hologic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| ICU Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;$14801 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16627 |
| Inspire Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 |
| Insulet Corp. (a) | &nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105879 |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009 |
| Integra LifeSciences Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Intuitive Surgical, Inc. (a) | 1528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830331 |
| Lantheus Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24067 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9468 |
| LivaNova PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 |
| Masimo Corp. (a) | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21028 |
| Medtronic PLC | 3165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275893 |
| Merit Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26174 |
| Neogen Corp. (a) | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 |
| Omnicell, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
| Penumbra, Inc. (a) | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44910 |
| QuidelOrtho Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64242 |
| Solventum Corp. (a) | &nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25937 |
| STAAR Surgical Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52128 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299492 |
| Tandem Diabetes Care, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 |
| TransMedics Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 |
| UFP Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588570 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.4%** | **HEALTH CARE PROVIDERS & SERVICES — 1.4%** | **HEALTH CARE PROVIDERS & SERVICES — 1.4%** |
| Acadia Healthcare Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 |
| AdaptHealth Corp. (a) | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 |
| Addus HomeCare Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995 |
| Amedisys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 |
| AMN Healthcare Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 |
| Astrana Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 |
| Cardinal Health, Inc. | 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184464 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127436 |
| Centene Corp. (a) | &nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10422 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13634 |
| Cigna Group | &nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58843 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 |
| CorVel Corp. (a) | &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12231 |
| CVS Health Corp. | 1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124164 |
| DaVita, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13675 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34617 |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32988 |
| Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17586 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146344 |
| HealthEquity, Inc. (a) | &nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20009 |
| Henry Schein, Inc. (a) | &nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10592 |
| Hims & Hers Health, Inc. (a) | &nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49700 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11491 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53815 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298974 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;$14895 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 |
| NeoGenomics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 |
| Option Care Health, Inc. (a) | &nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13609 |
| Owens & Minor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| Pediatrix Medical Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 |
| Premier, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 |
| Privia Health Group, Inc. (a) | &nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6486 |
| Progyny, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59637 |
| RadNet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4858 |
| Tenet Healthcare Corp. (a) | &nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45408 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 |
| UnitedHealth Group, Inc. | 1998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623316 |
| Universal Health Services, Inc. Class B | &nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2034181 |
| **HEALTH CARE REITs — 0.5%** | **HEALTH CARE REITs — 0.5%** | **HEALTH CARE REITs — 0.5%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15545 |
| Healthcare Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15670 |
| Healthpeak Properties, Inc. REIT | 1724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30187 |
| LTC Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 |
| Medical Properties Trust, Inc. REIT | 2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9952 |
| Omega Healthcare Investors, Inc. REIT | 1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44163 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15176 |
| Universal Health Realty Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 |
| Ventas, Inc. REIT | 2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139877 |
| Welltower, Inc. REIT | 3139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756931 |
| **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** | **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** | **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** |
| Certara, Inc. (a) | &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 |
| Doximity, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37111 |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 |
| Schrodinger, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 |
| Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41643 |
| **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 |
| DiamondRock Hospitality Co. REIT | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
| Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 |
| Park Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 |
| Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Ryman Hospitality Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 |
| Summit Hotel Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 |
| Sunstone Hotel Investors, Inc. REIT | &nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 |
| Xenia Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16109 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HOTELS, RESTAURANTS & LEISURE — 2.3%** | **HOTELS, RESTAURANTS & LEISURE — 2.3%** | **HOTELS, RESTAURANTS & LEISURE — 2.3%** |
| Airbnb, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;$7411 |
| Aramark | &nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24452 |
| BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856807 |
| Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10170 |
| Brinker International, Inc. (a) | &nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40574 |
| Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
| Carnival Corp. (a) | 4588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129015 |
| Cava Group, Inc. (a) | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18699 |
| Cheesecake Factory, Inc. (b) | &nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14161 |
| Chipotle Mexican Grill, Inc. (a) | &nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939 |
| Choice Hotels International, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115742 |
| Dave & Buster's Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308 |
| DoorDash, Inc. Class A (a) | 1629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401565 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57857 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 |
| Hilton Grand Vacations, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157940 |
| Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 |
| Jack in the Box, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5874 |
| Light & Wonder, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7893 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89340 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 |
| McDonald's Corp. | 1769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516849 |
| MGM Resorts International (a) | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 |
| Norwegian Cruise Line Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10444 |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 |
| Penn Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| Planet Fitness, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46455 |
| Pursuit Attractions & Hospitality, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 |
| Royal Caribbean Cruises Ltd. | 1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375142 |
| Sabre Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |
| Shake Shack, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 |
| Six Flags Entertainment Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769 |
| Starbucks Corp. | 2509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229900 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21177 |
| Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7638 |
| Vail Resorts, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 |
| Wendy's Co. | &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17704 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4777 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3301084 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HOUSEHOLD DURABLES — 0.2%** | **HOUSEHOLD DURABLES — 0.2%** | **HOUSEHOLD DURABLES — 0.2%** |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;$14771 |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435 |
| Champion Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9266 |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25268 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150070 |
| Green Brick Partners, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 |
| Helen of Troy Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| Installed Building Products, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 |
| KB Home | &nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208 |
| LGI Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| M/I Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 |
| Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22157 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14026 |
| Somnigroup International, Inc. (b) | &nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38040 |
| Taylor Morrison Home Corp. (a) | &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12837 |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337 |
| TopBuild Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674 |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336169 |
| **HOUSEHOLD PRODUCTS — 0.6%** | **HOUSEHOLD PRODUCTS — 0.6%** | **HOUSEHOLD PRODUCTS — 0.6%** |
| Central Garden & Pet Co. Class A (a) | &nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28256 |
| Clorox Co. | &nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21252 |
| Colgate-Palmolive Co. | 1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105353 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71808 |
| Procter & Gamble Co. | 3958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630589 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862870 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%** |
| AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4721 |
| Clearway Energy, Inc. Class C | &nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9152 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10721 |
| Vistra Corp. | 1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358946 |
| **INDUSTRIAL CONGLOMERATES — 0.5%** | **INDUSTRIAL CONGLOMERATES — 0.5%** | **INDUSTRIAL CONGLOMERATES — 0.5%** |
| 3M Co. | 2721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414245 |
| Honeywell International, Inc. | 1416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744003 |
| **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21558 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;$17327 |
| Innovative Industrial Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 |
| LXP Industrial Trust REIT | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 |
| Prologis, Inc. REIT | 2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215181 |
| Rexford Industrial Realty, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166 |
| STAG Industrial, Inc. REIT | &nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9142 |
| Terreno Realty Corp. REIT | &nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283680 |
| **INSURANCE — 3.0%** | **INSURANCE — 3.0%** | **INSURANCE — 3.0%** |
| Aflac, Inc. | 2207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232750 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159639 |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17543 |
| American International Group, Inc. | 1419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121452 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 |
| Aon PLC Class A | 1039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370674 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57726 |
| Arthur J Gallagher & Co. | 1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391507 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24489 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7752 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8603 |
| Brown & Brown, Inc. | 1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148788 |
| Chubb Ltd. | 1114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322748 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87565 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19907 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19073 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21071 |
| Fidelity National Financial, Inc. | 1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66319 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20566 |
| Genworth Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52699 |
| Goosehead Insurance, Inc. Class A | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13083 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27859 |
| Hartford Insurance Group, Inc. | 1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128012 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6841 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45487 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26780 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44088 |
| Marsh & McLennan Cos., Inc. | 1466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320526 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502 |
| MetLife, Inc. | 1422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114357 |
| Old Republic International Corp. | 1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43130 |
| Palomar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16196 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41324 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37014 |
| ProAssurance Corp. (a) | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424 |
| Progressive Corp. | 2664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710915 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64142 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22018 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26476 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16972 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35083 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$794 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4332 |
| SiriusPoint Ltd. (a) | &nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197177 |
| Trupanion, Inc. (a) | &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8911 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636 |
| Unum Group | &nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67273 |
| W.R. Berkley Corp. | 1443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106017 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450491 |
| **INTERACTIVE MEDIA & SERVICES — 5.8%** | **INTERACTIVE MEDIA & SERVICES — 5.8%** | **INTERACTIVE MEDIA & SERVICES — 5.8%** |
| Alphabet, Inc. Class A | 3787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667383 |
| Alphabet, Inc. Class C | 3043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539798 |
| Cargurus, Inc. (a) | &nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7698 |
| Cars.com, Inc. (a) | &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 |
| IAC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11028 |
| Meta Platforms, Inc. Class A | 9845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7266496 |
| QuinStreet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 |
| Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 |
| TripAdvisor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 |
| Yelp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 |
| ZoomInfo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8501381 |
| **IT SERVICES — 1.5%** | **IT SERVICES — 1.5%** | **IT SERVICES — 1.5%** |
| Accenture PLC Class A | 1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315927 |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 |
| ASGN, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 |
| Cognizant Technology Solutions Corp. Class A | 1221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95275 |
| DigitalOcean Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 |
| DXC Technology Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44464 |
| GoDaddy, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123161 |
| Grid Dynamics Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 |
| International Business Machines Corp. | 4696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384287 |
| Kyndryl Holdings, Inc. (a) | 1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45485 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131261 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE EQUIPMENT & PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE EQUIPMENT & PRODUCTS — 0.0% <sup>\*</sup>** |
| Acushnet Holdings Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369 |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320 |
| Mattel, Inc. (a) | &nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11240 |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 |
| Topgolf Callaway Brands Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22234 |
| **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13952 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **LIFE SCIENCES TOOLS & SERVICES — 0.2%** | **LIFE SCIENCES TOOLS & SERVICES — 0.2%** | **LIFE SCIENCES TOOLS & SERVICES — 0.2%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;$13099 |
| Avantor, Inc. (a) | &nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 |
| Azenta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 |
| BioLife Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 |
| Bio-Rad Laboratories, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5309 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48990 |
| Fortrea Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| Illumina, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3625 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23494 |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10833 |
| Sotera Health Co. (a) | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60008 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56545 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248490 |
| **MACHINERY — 1.2%** | **MACHINERY — 1.2%** | **MACHINERY — 1.2%** |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 |
| Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213127 |
| Chart Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8068 |
| CNH Industrial NV | 1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25013 |
| Crane Co. | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23546 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98905 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350350 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29317 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7662 |
| Esab Corp. | &nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15189 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25327 |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11622 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20852 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4308 |
| Gates Industrial Corp. PLC (a) | &nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462 |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24587 |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94202 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13059 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18349 |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25134 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10793 |
| Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;$4768 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3462 |
| Middleby Corp. (a) | &nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14976 |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42040 |
| Mueller Water Products, Inc. Class A | &nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19088 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96842 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45249 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199064 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37368 |
| Proto Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
| RBC Bearings, Inc. (a) | &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51948 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57568 |
| SPX Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13414 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 |
| Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 |
| Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 |
| Titan International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4029 |
| Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10327 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78925 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782495 |
| **MARINE — 0.0% <sup>\*</sup>** | **MARINE — 0.0% <sup>\*</sup>** | **MARINE — 0.0% <sup>\*</sup>** |
| Kirby Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4083 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13325 |
| **MEDIA — 0.4%** | **MEDIA — 0.4%** | **MEDIA — 0.4%** |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 |
| Charter Communications, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190097 |
| Comcast Corp. Class A | 4408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157321 |
| DoubleVerify Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
| EchoStar Corp. Class A (a) | &nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15263 |
| Fox Corp. Class A | 1101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61700 |
| Fox Corp. Class B | &nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29894 |
| Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 |
| John Wiley & Sons, Inc. Class A | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4954 |
| New York Times Co. Class A | &nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22616 |
| News Corp. Class A | &nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27729 |
| News Corp. Class B | &nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7445 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12625 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9424 |
| Paramount Global Class B | 1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13661 |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 |
| TechTarget, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TEGNA, Inc. | &nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;$12285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570607 |
| **METALS & MINING — 0.3%** | **METALS & MINING — 0.3%** | **METALS & MINING — 0.3%** |
| Alcoa Corp. | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951 |
| Alpha Metallurgical Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66884 |
| Century Aluminum Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 |
| Cleveland-Cliffs, Inc. (a) | &nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8150 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 |
| Metallus, Inc. (a) | &nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 |
| MP Materials Corp. (a) (b) | &nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19264 |
| Newmont Corp. | 3030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176528 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534 |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24798 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53352 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16129 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383905 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%** |
| Annaly Capital Management, Inc. REIT | 1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32540 |
| Apollo Commercial Real Estate Finance, Inc. REIT | &nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3407 |
| Arbor Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 |
| Blackstone Mortgage Trust, Inc. Class A REIT | &nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10722 |
| Ellington Financial, Inc. REIT | &nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 |
| Franklin BSP Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 |
| KKR Real Estate Finance Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 |
| New York Mortgage Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 |
| PennyMac Mortgage Investment Trust REIT | &nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 |
| Ready Capital Corp. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 |
| Redwood Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 |
| Two Harbors Investment Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 |
| Starwood Property Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76525 |
| **MULTI-UTILITIES — 0.7%** | **MULTI-UTILITIES — 0.7%** | **MULTI-UTILITIES — 0.7%** |
| Ameren Corp. | 1228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117937 |
| Avista Corp. | &nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8197 |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9930 |
| CenterPoint Energy, Inc. | 2287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84024 |
| CMS Energy Corp. | 1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72605 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94831 |
| Dominion Energy, Inc. | 2062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116544 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;$96298 |
| NiSource, Inc. | 2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91088 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283 |
| Public Service Enterprise Group, Inc. | 1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114317 |
| Sempra | &nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68648 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 |
| WEC Energy Group, Inc. | 1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028949 |
| **OFFICE REITs — 0.1%** | **OFFICE REITs — 0.1%** | **OFFICE REITs — 0.1%** |
| Brandywine Realty Trust REIT | &nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 |
| BXP, Inc. REIT | &nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22333 |
| COPT Defense Properties REIT | &nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8632 |
| Cousins Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19730 |
| Douglas Emmett, Inc. REIT | &nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858 |
| Easterly Government Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9172 |
| JBG SMITH Properties REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 |
| Kilroy Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5181 |
| SL Green Realty Corp. REIT | &nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11885 |
| Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117198 |
| **OIL, GAS & CONSUMABLE FUELS — 2.0%** | **OIL, GAS & CONSUMABLE FUELS — 2.0%** | **OIL, GAS & CONSUMABLE FUELS — 2.0%** |
| Antero Midstream Corp. | 1522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28842 |
| Antero Resources Corp. (a) | &nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32184 |
| APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353 |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156 |
| Chevron Corp. | 2735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391625 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 |
| Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 |
| CNX Resources Corp. (a) | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23576 |
| Comstock Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13116 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46665 |
| Coterra Energy, Inc. | 1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36420 |
| Crescent Energy Co. Class A | &nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5513 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10168 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56384 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78584 |
| EQT Corp. | 2713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158222 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86419 |
| Exxon Mobil Corp. | 6142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662108 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54723 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
| Kinder Morgan, Inc. | 9790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287826 |
| Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21262 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 |
| Murphy Oil Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 |
| Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 |
| ONEOK, Inc. | 2177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177708 |
| Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;$159 |
| PBF Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579 |
| Permian Resources Corp. | &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378 |
| Phillips 66 Co. | &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19207 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21636 |
| REX American Resources Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| Talos Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| Targa Resources Corp. | 1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187658 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99301 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16534 |
| Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14985 |
| Vital Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Williams Cos., Inc. | 6174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387789 |
| World Kinect Corp. | &nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7456 |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2955211 |
| **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** | **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** | **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17370 |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20727 |
| **PERSONAL CARE PRODUCTS — 0.1%** | **PERSONAL CARE PRODUCTS — 0.1%** | **PERSONAL CARE PRODUCTS — 0.1%** |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33715 |
| Coty, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 |
| Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 |
| elf Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959 |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 |
| Kenvue, Inc. | 8217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171982 |
| USANA Health Sciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213722 |
| **PHARMACEUTICALS — 2.0%** | **PHARMACEUTICALS — 2.0%** | **PHARMACEUTICALS — 2.0%** |
| Amphastar Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 |
| Bristol-Myers Squibb Co. | 9751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451374 |
| Collegium Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538 |
| Corcept Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34571 |
| Eli Lilly & Co. | 1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032877 |
| Harmony Biosciences Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 |
| Innoviva, Inc. (a) | &nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4802 |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14326 |
| Johnson & Johnson | 6538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998680 |
| Ligand Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8412 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26835 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684 |
| Pacira BioSciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
| Pfizer, Inc. | 9568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231928 |
| Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187 |
| Supernus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;$99652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922978 |
| **PROFESSIONAL SERVICES — 0.8%** | **PROFESSIONAL SERVICES — 0.8%** | **PROFESSIONAL SERVICES — 0.8%** |
| Amentum Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 |
| Automatic Data Processing, Inc. | 1426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439778 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100128 |
| CACI International, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151 |
| Concentrix Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7249 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71067 |
| ExlService Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35645 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3661 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35780 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23135 |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7626 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24137 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949 |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 |
| NV5 Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 |
| Parsons Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| Paychex, Inc. | 1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199717 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27074 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22286 |
| Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176 |
| Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199672 |
| Verra Mobility Corp. (a) | &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236726 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** |
| CBRE Group, Inc. Class A (a) | 1420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198970 |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13186 |
| Cushman & Wakefield PLC (a) | &nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 |
| eXp World Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50133 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 |
| St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271037 |
| **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** |
| American Homes 4 Rent Class A REIT | &nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22255 |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71632 |
| Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33582 |
| Centerspace REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 |
| Elme Communities REIT | &nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4166 |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25963 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Equity Residential REIT | &nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;$58649 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64049 |
| Independence Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17212 |
| Invitation Homes, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31586 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74153 |
| NexPoint Residential Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 |
| UDR, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33522 |
| Veris Residential, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439856 |
| **RETAIL REITs — 0.3%** | **RETAIL REITs — 0.3%** | **RETAIL REITs — 0.3%** |
| Acadia Realty Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601 |
| Agree Realty Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35507 |
| Brixmor Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21483 |
| Curbline Properties Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461 |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744 |
| Getty Realty Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 |
| Kimco Realty Corp. REIT | &nbsp;&nbsp;1678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35272 |
| Kite Realty Group Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6999 |
| Macerich Co. REIT | &nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11035 |
| NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15761 |
| Phillips Edison & Co., Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10789 |
| Realty Income Corp. REIT | &nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111360 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40886 |
| Saul Centers, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| Simon Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147095 |
| SITE Centers Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 |
| Tanger, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9877 |
| Urban Edge Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5355 |
| Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479343 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.2%** |
| Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30792 |
| Allegro MicroSystems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| Alpha & Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168518 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19222 |
| Axcelis Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 |
| Broadcom, Inc. | 16448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533891 |
| CEVA, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12198 |
| Cohu, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 |
| Diodes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483 |
| FormFactor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| Ichor Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 |
| Impinj, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12499 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;$138840 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50325 |
| Lattice Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 |
| MACOM Technology Solutions Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10030 |
| MaxLinear, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17748 |
| MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14628 |
| NVIDIA Corp. | 78948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12472995 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6992 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 |
| PDF Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
| Penguin Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 |
| Photronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| Qorvo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114349 |
| Rambus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 |
| Semtech Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 |
| SiTime Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22373 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 |
| SolarEdge Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| Synaptics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 |
| Texas Instruments, Inc. | &nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269698 |
| Ultra Clean Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 |
| Veeco Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17943791 |
| **SOFTWARE — 6.3%** | **SOFTWARE — 6.3%** | **SOFTWARE — 6.3%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438 |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25985 |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65770 |
| Agilysys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 |
| Alarm.com Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35824 |
| Appfolio, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181099 |
| Bill Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 |
| BlackLine, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 |
| Box, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9568 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55159 |
| Cleanspark, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 |
| Clear Secure, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12381 |
| Commvault Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37655 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342256 |
| Docusign, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75553 |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Dropbox, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;$15244 |
| Dynatrace, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23575 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226667 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;3058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323292 |
| Gen Digital, Inc. | &nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68355 |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99360 |
| InterDigital, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29374 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257555 |
| LiveRamp Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937 |
| MARA Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3465 |
| Microsoft Corp. | &nbsp;&nbsp;6741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353041 |
| N-able, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 |
| NCR Voyix Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 |
| Oracle Corp. | &nbsp;&nbsp;4846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059481 |
| Palantir Technologies, Inc. Class A (a) | 10748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465167 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334177 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7928 |
| Qualys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149646 |
| Salesforce, Inc. | &nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305140 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523293 |
| SPS Commerce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10766 |
| Teradata Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84183 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9247228 |
| **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** |
| American Tower Corp. REIT | &nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362031 |
| Crown Castle, Inc. REIT | &nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110332 |
| CubeSmart REIT | &nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18742 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92918 |
| EPR Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20100 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191708 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77406 |
| Four Corners Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450 |
| Gaming & Leisure Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41592 |
| Iron Mountain, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66465 |
| Lamar Advertising Co. Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15291 |
| Millrose Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9351 |
| National Storage Affiliates Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221 |
| Outfront Media, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 |
| PotlatchDeltic Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6830 |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125877 |
| Rayonier, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 |
| Safehold, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69043 |
| Uniti Group, Inc. REIT (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| VICI Properties, Inc. REIT | &nbsp;&nbsp;2876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93758 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Weyerhaeuser Co. REIT | &nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;$21811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346028 |
| **SPECIALTY RETAIL — 1.8%** | **SPECIALTY RETAIL — 1.8%** | **SPECIALTY RETAIL — 1.8%** |
| Abercrombie & Fitch Co. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 |
| Advance Auto Parts, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 |
| Asbury Automotive Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101 |
| AutoNation, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8741 |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219022 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18662 |
| Boot Barn Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6536 |
| Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3220 |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60719 |
| Caleres, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 |
| CarMax, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22851 |
| Chewy, Inc. Class A (a) | &nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47223 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16220 |
| Five Below, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 |
| Foot Locker, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 |
| GameStop Corp. Class A (a) | &nbsp;&nbsp;2123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51780 |
| Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6914 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21399 |
| Guess?, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 |
| Home Depot, Inc. | &nbsp;&nbsp;2183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800375 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17905 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178827 |
| MarineMax, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15865 |
| National Vision Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349524 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 |
| RH (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49246 |
| Sally Beauty Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482 |
| Shoe Carnival, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 |
| Signet Jewelers Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 |
| Sonic Automotive, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156 |
| TJX Cos., Inc. | &nbsp;&nbsp;4486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553976 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40264 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13567 |
| Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 |
| Urban Outfitters, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16829 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 |
| Victoria's Secret & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4649 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604278 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.9%** |
| Apple, Inc. | 56081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11506139 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;$17464 |
| HP, Inc. | 1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32801 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8630 |
| Pure Storage, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6967 |
| Sandisk Corp. (a) | &nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22312 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43876 |
| Super Micro Computer, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3333 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 |
| Xerox Holdings Corp. (b) | &nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11650123 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.1%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.1%** |
| Capri Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 |
| Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| Crocs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081 |
| G-III Apparel Group Ltd. (a) | &nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 |
| Hanesbrands, Inc. (a) | 1627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5410 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851 |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14634 |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053 |
| PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49096 |
| Skechers USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218 |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| Tapestry, Inc. | 1047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91937 |
| Under Armour, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| Under Armour, Inc. Class C (a) | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| VF Corp. | &nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10657 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211061 |
| **TOBACCO — 1.3%** | **TOBACCO — 1.3%** | **TOBACCO — 1.3%** |
| Altria Group, Inc. | 8079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473672 |
| Philip Morris International, Inc. | 7846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428992 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906042 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.3%** | **TRADING COMPANIES & DISTRIBUTORS — 0.3%** | **TRADING COMPANIES & DISTRIBUTORS — 0.3%** |
| Air Lease Corp. | &nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28591 |
| Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4526 |
| DNOW, Inc. (a) | &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794 |
| DXP Enterprises, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 |
| Fastenal Co. | 2830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118860 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19195 |
| GMS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 |
| MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |
| Rush Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11384 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31643 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;$38863 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10001 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362607 |
| **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80823 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20724 |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104627 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.4%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.4%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.4%** |
| Gogo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
| Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16189 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590883 |
| **TOTAL COMMON STOCKS<br>(Cost $109,684,387)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;146601129 |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | &nbsp;&nbsp;30170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30170 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (c) (f) | 127829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127829 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $157,999)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $157,999)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157999 |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $109,842,386)<br>** | **TOTAL INVESTMENTS — 100.0%<br>(Cost $109,842,386)<br>** | &nbsp;&nbsp;&nbsp;146759128 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% <sup>\*</sup><br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% <sup>\*</sup><br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68518) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $146690610 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 MOMENTUM TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $146601129 | $— | $— | $146601129 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157999 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157999 |
| **TOTAL INVESTMENTS<br>**  | $146759128 | $— | $— | $146759128 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;351 | $25974 | $81819 | $24823 | $(177) | $16848 | &nbsp;&nbsp;&nbsp;&nbsp;937 | $99641 | $2022 |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 110094 | &nbsp;&nbsp;110127 | &nbsp;&nbsp;&nbsp;&nbsp;195698 | &nbsp;&nbsp;&nbsp;&nbsp;305825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;844 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;2008537 | &nbsp;&nbsp;1978367 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;30170 | &nbsp;&nbsp;&nbsp;30170 | &nbsp;&nbsp;4641 |
| State Street Navigator Securities Lending Portfolio II<br>| &nbsp;&nbsp;86288 | &nbsp;&nbsp;&nbsp;86288 | &nbsp;&nbsp;3293255 | &nbsp;&nbsp;3251714 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 127829 | &nbsp;&nbsp;127829 | &nbsp;&nbsp;&nbsp;&nbsp;400 |
| Total<br>|  | $222389 | $5579309 | $5560729 | $(169) | $16840 |  | $257640 | $7907 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 1.6%** | **AEROSPACE & DEFENSE — 1.6%** | **AEROSPACE & DEFENSE — 1.6%** |
| AAR Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;$32125 |
| AeroVironment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26785 |
| ATI, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85649 |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83622 |
| Boeing Co. (a) | &nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648076 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71022 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91847 |
| General Dynamics Corp. | &nbsp;&nbsp;2812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820148 |
| General Electric Co. | &nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834458 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27850 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110375 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203068 |
| Kratos Defense & Security Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38136 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523001 |
| Lockheed Martin Corp. | &nbsp;&nbsp;2756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276414 |
| Mercury Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37540 |
| Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50672 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7347 |
| Northrop Grumman Corp. | &nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601476 |
| RTX Corp. | 12839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874751 |
| Textron, Inc. | &nbsp;&nbsp;2407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193258 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121651 |
| Triumph Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25261 |
| Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857814 |
| **AIR FREIGHT & LOGISTICS — 1.0%** | **AIR FREIGHT & LOGISTICS — 1.0%** | **AIR FREIGHT & LOGISTICS — 1.0%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201111 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141213 |
| FedEx Corp. | &nbsp;&nbsp;4784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087451 |
| Forward Air Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18847 |
| GXO Logistics, Inc. (a) | &nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125500 |
| Hub Group, Inc. Class A | &nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86249 |
| United Parcel Service, Inc. Class B | 31482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838164 |
| **AIRLINES — 0.8%** | **AIRLINES — 0.8%** | **AIRLINES — 0.8%** |
| Alaska Air Group, Inc. (a) | &nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258682 |
| Allegiant Travel Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31651 |
| American Airlines Group, Inc. (a) | 27970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313823 |
| Delta Air Lines, Inc. | 28016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377827 |
| JetBlue Airways Corp. (a) (b) | 12196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51589 |
| SkyWest, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98542 |
| Southwest Airlines Co. (b) | 10491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340328 |
| Sun Country Airlines Holdings, Inc. (a) | &nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19705 |
| United Airlines Holdings, Inc. (a) | 13988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606012 |
| **AUTO COMPONENTS — 0.5%** | **AUTO COMPONENTS — 0.5%** | **AUTO COMPONENTS — 0.5%** |
| Adient PLC (a) | &nbsp;&nbsp;3669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71399 |
| American Axle & Manufacturing Holdings, Inc. (a) | &nbsp;&nbsp;5806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23688 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;9342 | &nbsp;&nbsp;$637311 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340064 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311398 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88888 |
| Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36678 |
| Fox Factory Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45966 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65816 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23792 |
| Goodyear Tire & Rubber Co. (a) | &nbsp;&nbsp;12324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127800 |
| LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98394 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215985 |
| Patrick Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67080 |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77235 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25221 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109907 |
| XPEL, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368094 |
| **AUTOMOBILES — 1.4%** | **AUTOMOBILES — 1.4%** | **AUTOMOBILES — 1.4%** |
| Ford Motor Co. | 167582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818264 |
| General Motors Co. | &nbsp;&nbsp;41252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030011 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115168 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712499 |
| Thor Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;2263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200977 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6912009 |
| **BANKS — 7.6%** | **BANKS — 7.6%** | **BANKS — 7.6%** |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90709 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86316 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53708 |
| Axos Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70793 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77668 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43020 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37657 |
| Bank of America Corp. | 142795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6757059 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47609 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;4489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211252 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107945 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47792 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20182 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37516 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126833 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30274 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69934 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16482 |
| Citigroup, Inc. | &nbsp;&nbsp;40755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469066 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;18599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832305 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26565 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208503 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169048 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84489 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53287 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109645 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29311 |
| CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61151 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23142 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

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| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;1347 | &nbsp;&nbsp;$26240 |
| East West Bancorp, Inc. | &nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249926 |
| FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36240 |
| Fifth Third Bancorp | 11923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490393 |
| First BanCorp | &nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61532 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23147 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38027 |
| First Financial Bancorp | &nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49976 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46774 |
| First Hawaiian, Inc. | &nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75479 |
| First Horizon Corp. | 11053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234324 |
| Flagstar Financial, Inc. | 13334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141340 |
| FNB Corp. | 15290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222928 |
| Fulton Financial Corp. | &nbsp;&nbsp;4237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76436 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72245 |
| Hancock Whitney Corp. | &nbsp;&nbsp;2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116350 |
| Hanmi Financial Corp. | &nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26630 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17713 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61246 |
| Home BancShares, Inc. | &nbsp;&nbsp;3261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92808 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;5202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55818 |
| Huntington Bancshares, Inc. | 31406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526365 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62005 |
| International Bancshares Corp. | &nbsp;&nbsp;1265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84198 |
| JPMorgan Chase & Co. | 24782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184550 |
| KeyCorp | 21513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374757 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17083 |
| M&T Bank Corp. | &nbsp;&nbsp;3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678577 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20648 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34528 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;5068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64769 |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39590 |
| Old National Bancorp | &nbsp;&nbsp;5651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120592 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;4099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86448 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36965 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36553 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120678 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;8550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593891 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22934 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144343 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49347 |
| Regions Financial Corp. | 19640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461933 |
| Renasant Corp. | &nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43655 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41413 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46567 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38135 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;5003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94857 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38318 |
| SouthState Corp. | &nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133075 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19866 |
| Synovus Financial Corp. | &nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156751 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65108 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17188 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13557 |

---

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| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Truist Financial Corp. | 55980 | &nbsp;&nbsp;$2406580 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22157 |
| Trustmark Corp. | &nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60341 |
| U.S. Bancorp | 33697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524789 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62675 |
| United Bankshares, Inc. | &nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112204 |
| United Community Banks, Inc. | &nbsp;&nbsp;2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76709 |
| Valley National Bancorp | 19173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171215 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30824 |
| WaFd, Inc. | &nbsp;&nbsp;1761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51562 |
| Webster Financial Corp. | &nbsp;&nbsp;3704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202238 |
| Wells Fargo & Co. | 43194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460703 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22525 |
| Western Alliance Bancorp | &nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112135 |
| Wintrust Financial Corp. | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146296 |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50875 |
| Zions Bancorp NA | &nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36363957 |
| **BEVERAGES — 1.0%** | **BEVERAGES — 1.0%** | **BEVERAGES — 1.0%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29957 |
| Brown-Forman Corp. Class B | &nbsp;&nbsp;7746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208445 |
| Celsius Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35767 |
| Coca-Cola Co. | 21842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545321 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68553 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280786 |
| Keurig Dr. Pepper, Inc. | 17776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587675 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17772 |
| Molson Coors Beverage Co. Class B | &nbsp;&nbsp;7319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351971 |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126909 |
| National Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43067 |
| PepsiCo, Inc. | 12110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895227 |
| **BIOTECHNOLOGY — 1.1%** | **BIOTECHNOLOGY — 1.1%** | **BIOTECHNOLOGY — 1.1%** |
| AbbVie, Inc. | &nbsp;&nbsp;5117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949817 |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18421 |
| ADMA Biologics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10052 |
| Alkermes PLC (a) | &nbsp;&nbsp;1192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34103 |
| Amgen, Inc. | &nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845448 |
| Arcus Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740 |
| Biogen, Inc. (a) | &nbsp;&nbsp;3166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397618 |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58873 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11588 |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6740 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136 |
| Exelixis, Inc. (a) | &nbsp;&nbsp;1551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68360 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;8693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963793 |
| GRAIL, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Halozyme Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30172 |
| Incyte Corp. (a) | &nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106372 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10035 |
| Moderna, Inc. (a) | 14407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397489 |
| Myriad Genetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96530 |

---

*See accompanying notes to financial statements.* 

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[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Protagonist Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;$16249 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614775 |
| Roivant Sciences Ltd. (a) | 17621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198589 |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6840 |
| TG Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135342 |
| Vericel Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471467 |
| Vir Biotechnology, Inc. (a) | &nbsp;&nbsp;3279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16526 |
| Xencor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500427 |
| **BROADLINE RETAIL — 3.5%** | **BROADLINE RETAIL — 3.5%** | **BROADLINE RETAIL — 3.5%** |
| Amazon.com, Inc. (a) | 73347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16091598 |
| eBay, Inc. | &nbsp;&nbsp;5312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395532 |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49809 |
| Kohl's Corp. | &nbsp;&nbsp;4438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37634 |
| Macy's, Inc. | 10958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127770 |
| Ollie's Bargain Outlet Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16726195 |
| **BUILDING PRODUCTS — 0.7%** | **BUILDING PRODUCTS — 0.7%** | **BUILDING PRODUCTS — 0.7%** |
| A.O. Smith Corp. | &nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85700 |
| AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14160 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56626 |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72636 |
| American Woodmark Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34477 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13195 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36874 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28627 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290208 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114634 |
| Carrier Global Corp. | &nbsp;&nbsp;5637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412572 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13768 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84427 |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31565 |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29744 |
| Hayward Holdings, Inc. (a) | &nbsp;&nbsp;1249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17236 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11833 |
| Johnson Controls International PLC | &nbsp;&nbsp;6286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663927 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87133 |
| Masco Corp. | &nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129879 |
| Masterbrand, Inc. (a) | &nbsp;&nbsp;5538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60530 |
| Owens Corning | &nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208755 |
| Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10773 |
| Resideo Technologies, Inc. (a) | &nbsp;&nbsp;6251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137897 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45351 |
| Trane Technologies PLC | &nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478964 |
| Trex Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26592 |
| UFP Industries, Inc. | &nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130062 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3364569 |
| **CAPITAL MARKETS — 3.4%** | **CAPITAL MARKETS — 3.4%** | **CAPITAL MARKETS — 3.4%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20122 |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125539 |

---

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| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;$450468 |
| Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67071 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;9445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860534 |
| BGC Group, Inc. Class A | &nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37237 |
| Blackrock, Inc. | &nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063940 |
| Blackstone, Inc. | &nbsp;&nbsp;3662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547762 |
| Carlyle Group, Inc. | &nbsp;&nbsp;4556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234178 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119637 |
| Charles Schwab Corp. | &nbsp;&nbsp;9616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877364 |
| CME Group, Inc. | &nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486745 |
| Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26222 |
| Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34216 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107468 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66197 |
| Federated Hermes, Inc. | &nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63200 |
| Franklin Resources, Inc. | 13191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314605 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882666 |
| Hamilton Lane, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30414 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62623 |
| Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;5743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318220 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523623 |
| Invesco Ltd. | 19051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300434 |
| Janus Henderson Group PLC | &nbsp;&nbsp;5308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206163 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;3807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208205 |
| KKR & Co., Inc. | &nbsp;&nbsp;3804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506046 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44891 |
| Moelis & Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29540 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178064 |
| Morgan Stanley | 16397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309681 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43950 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107274 |
| Nasdaq, Inc. | &nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258513 |
| Northern Trust Corp. | &nbsp;&nbsp;3572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452894 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32241 |
| PJT Partners, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41913 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250453 |
| S&P Global, Inc. | &nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684950 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88422 |
| State Street Corp. (c) | &nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542440 |
| StepStone Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17982 |
| Stifel Financial Corp. | &nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154736 |
| StoneX Group, Inc. (a) | &nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157672 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;4806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463779 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78159 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50611 |
| WisdomTree, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16539561 |
| **CHEMICALS — 1.7%** | **CHEMICALS — 1.7%** | **CHEMICALS — 1.7%** |
| AdvanSix, Inc. | &nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25199 |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;1549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436911 |
| Albemarle Corp. | &nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159056 |
| Ashland, Inc. | &nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51185 |
| Avient Corp. | &nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63812 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Axalta Coating Systems Ltd. (a) | &nbsp;&nbsp;2304 | &nbsp;&nbsp;$68406 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24358 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72150 |
| Celanese Corp. | &nbsp;&nbsp;4654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257506 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;3531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324852 |
| Chemours Co. | &nbsp;&nbsp;6361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72833 |
| Corteva, Inc. | &nbsp;&nbsp;6529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486606 |
| Dow, Inc. | 29938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792758 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377245 |
| Eastman Chemical Co. | &nbsp;&nbsp;2488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185754 |
| Ecolab, Inc. | &nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333028 |
| Element Solutions, Inc. | &nbsp;&nbsp;2473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56013 |
| FMC Corp. | &nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221526 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15347 |
| HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58285 |
| Ingevity Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25768 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24891 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;4524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332740 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27553 |
| Linde PLC | &nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114303 |
| LyondellBasell Industries NV Class A | 11023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637791 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29352 |
| Mosaic Co. | 13513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492954 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61487 |
| Olin Corp. | &nbsp;&nbsp;4925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98943 |
| PPG Industries, Inc. | &nbsp;&nbsp;2571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292451 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32910 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98966 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;1829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120641 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37241 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329282 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49340 |
| Westlake Corp. | &nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7990810 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.5%** | **COMMERCIAL SERVICES & SUPPLIES — 0.5%** | **COMMERCIAL SERVICES & SUPPLIES — 0.5%** |
| ABM Industries, Inc. | &nbsp;&nbsp;2508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118403 |
| Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26508 |
| Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40984 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179856 |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110735 |
| Copart, Inc. (a) | &nbsp;&nbsp;4296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210805 |
| CoreCivic, Inc. (a) | &nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30509 |
| Deluxe Corp. | &nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30515 |
| Enviri Corp. (a) | &nbsp;&nbsp;2662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 |
| GEO Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22776 |
| Healthcare Services Group, Inc. (a) | &nbsp;&nbsp;3461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52019 |
| HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41459 |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17811 |
| Liquidity Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7030 |
| MillerKnoll, Inc. | &nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56804 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37359 |
| OPENLANE, Inc. (a) | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34475 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30504 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97801 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Republic Services, Inc. | &nbsp;&nbsp;1419 | &nbsp;&nbsp;$349940 |
| Rollins, Inc. | &nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79101 |
| Tetra Tech, Inc. | &nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55738 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41220 |
| Veralto Corp. | &nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102969 |
| Vestis Corp. | &nbsp;&nbsp;4677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26799 |
| Waste Management, Inc. | &nbsp;&nbsp;1814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240306 |
| **COMMUNICATIONS EQUIPMENT — 0.8%** | **COMMUNICATIONS EQUIPMENT — 0.8%** | **COMMUNICATIONS EQUIPMENT — 0.8%** |
| Arista Networks, Inc. (a) | &nbsp;&nbsp;4266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436454 |
| Calix, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26169 |
| Ciena Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80598 |
| Cisco Systems, Inc. | 38232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652536 |
| Digi International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10737 |
| Extreme Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16496 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94771 |
| Harmonic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7084 |
| Juniper Networks, Inc. | &nbsp;&nbsp;3317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132448 |
| Lumentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46389 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166082 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;1264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31360 |
| Viasat, Inc. (a) | &nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43771 |
| Viavi Solutions, Inc. (a) | &nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762407 |
| **CONSTRUCTION & ENGINEERING — 0.3%** | **CONSTRUCTION & ENGINEERING — 0.3%** | **CONSTRUCTION & ENGINEERING — 0.3%** |
| AECOM | &nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166356 |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56101 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96518 |
| Dycom Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71362 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169560 |
| Everus Construction Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43010 |
| Fluor Corp. (a) | &nbsp;&nbsp;7292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373861 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52459 |
| MasTec, Inc. (a) | &nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179974 |
| MYR Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51532 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277889 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71845 |
| WillScot Holdings Corp. | &nbsp;&nbsp;2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1666582 |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47091 |
| Knife River Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43841 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236053 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499387 |
| **CONSUMER FINANCE — 1.4%** | **CONSUMER FINANCE — 1.4%** | **CONSUMER FINANCE — 1.4%** |
| Ally Financial, Inc. | 11692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455404 |
| American Express Co. | &nbsp;&nbsp;5285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685809 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113612 |
| Capital One Financial Corp. | 13938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965449 |
| Encore Capital Group, Inc. (a) | &nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41884 |
| Enova International, Inc. (a) | &nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120999 |
| EZCORP, Inc. Class A (a) | &nbsp;&nbsp;2147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69192 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Navient Corp. | &nbsp;&nbsp;3178 | &nbsp;&nbsp;$44810 |
| PRA Group, Inc. (a) | &nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24780 |
| PROG Holdings, Inc. | &nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50306 |
| SLM Corp. | &nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60727 |
| Synchrony Financial | 16530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103212 |
| World Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791082 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.8%** |
| Albertsons Cos., Inc. Class A | 17249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371026 |
| Andersons, Inc. | &nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52626 |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126161 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131650 |
| Chefs' Warehouse, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41349 |
| Costco Wholesale Corp. | &nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158069 |
| Dollar General Corp. | &nbsp;&nbsp;9360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070597 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433102 |
| Grocery Outlet Holding Corp. (a) | &nbsp;&nbsp;4137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51381 |
| Kroger Co. | 26284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885351 |
| Maplebear, Inc. (a) | &nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64784 |
| Performance Food Group Co. (a) | &nbsp;&nbsp;6649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581588 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61974 |
| SpartanNash Co. | &nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45828 |
| Sprouts Farmers Market, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126773 |
| Sysco Corp. | &nbsp;&nbsp;8664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656211 |
| Target Corp. | 19488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922491 |
| U.S. Foods Holding Corp. (a) | &nbsp;&nbsp;4977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383279 |
| United Natural Foods, Inc. (a) | &nbsp;&nbsp;2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59161 |
| Walgreens Boots Alliance, Inc. | 30503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350174 |
| Walmart, Inc. | 77114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18113782 |
| **CONTAINERS & PACKAGING — 0.5%** | **CONTAINERS & PACKAGING — 0.5%** | **CONTAINERS & PACKAGING — 0.5%** |
| Amcor PLC | 50655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465519 |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64606 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124759 |
| Ball Corp. | &nbsp;&nbsp;6045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339064 |
| Crown Holdings, Inc. | &nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157251 |
| Graphic Packaging Holding Co. | &nbsp;&nbsp;5311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111903 |
| Greif, Inc. Class A | &nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75973 |
| International Paper Co. | &nbsp;&nbsp;5843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273628 |
| O-I Glass, Inc. (a) | &nbsp;&nbsp;6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91314 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186566 |
| Sealed Air Corp. | &nbsp;&nbsp;3152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97807 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;1897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102779 |
| Smurfit WestRock PLC | &nbsp;&nbsp;5487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236764 |
| Sonoco Products Co. | &nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426422 |
| **DISTRIBUTORS — 0.1%** | **DISTRIBUTORS — 0.1%** | **DISTRIBUTORS — 0.1%** |
| Genuine Parts Co. | &nbsp;&nbsp;3003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364294 |
| LKQ Corp. | &nbsp;&nbsp;5622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208070 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649606 |
| **DIVERSIFIED CONSUMER SERVICES — 0.1%** | **DIVERSIFIED CONSUMER SERVICES — 0.1%** | **DIVERSIFIED CONSUMER SERVICES — 0.1%** |
| Adtalem Global Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41350 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Duolingo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;$21731 |
| Frontdoor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44205 |
| Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138141 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31374 |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64990 |
| Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31418 |
| Mister Car Wash, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22898 |
| Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32200 |
| Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81807 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36946 |
| Stride, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590036 |
| **DIVERSIFIED REITs — 0.1%** | **DIVERSIFIED REITs — 0.1%** | **DIVERSIFIED REITs — 0.1%** |
| Alexander & Baldwin, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21360 |
| American Assets Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;2008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39658 |
| Armada Hoffler Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327 |
| Essential Properties Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;1788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57055 |
| Global Net Lease, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;8532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64417 |
| WP Carey, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;4728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483750 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%** |
| AT&T, Inc. | 128494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718616 |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35531 |
| Frontier Communications Parent, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187205 |
| Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23804 |
| Lumen Technologies, Inc. (a) | &nbsp;&nbsp;41236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180614 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26678 |
| Verizon Communications, Inc. | 180896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7827370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11999818 |
| **ELECTRIC UTILITIES — 2.1%** | **ELECTRIC UTILITIES — 2.1%** | **ELECTRIC UTILITIES — 2.1%** |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84124 |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171856 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727773 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501246 |
| Duke Energy Corp. | &nbsp;&nbsp;10211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204898 |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;8369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431840 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415268 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280338 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;6627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421610 |
| Exelon Corp. | &nbsp;&nbsp;17789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772398 |
| FirstEnergy Corp. | &nbsp;&nbsp;11073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445799 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69847 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29627 |
| NextEra Energy, Inc. | &nbsp;&nbsp;18151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260042 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416705 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117563 |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57124 |
| PG&E Corp. | &nbsp;&nbsp;38836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541374 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180014 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Portland General Electric Co. | &nbsp;&nbsp;2355 | &nbsp;&nbsp;$95684 |
| PPL Corp. | &nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329241 |
| Southern Co. | 12162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116836 |
| TXNM Energy, Inc. | &nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67021 |
| Xcel Energy, Inc. | &nbsp;&nbsp;7552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10252519 |
| **ELECTRICAL EQUIPMENT — 0.7%** | **ELECTRICAL EQUIPMENT — 0.7%** | **ELECTRICAL EQUIPMENT — 0.7%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66231 |
| AMETEK, Inc. | &nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209009 |
| Eaton Corp. PLC | &nbsp;&nbsp;1967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702199 |
| Emerson Electric Co. | &nbsp;&nbsp;4977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663583 |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55493 |
| GE Vernova, Inc. | &nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713294 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79482 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122523 |
| NEXTracker, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43877 |
| nVent Electric PLC | &nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106725 |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17046 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125535 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222222 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;3232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97316 |
| Sunrun, Inc. (a) | &nbsp;&nbsp;9539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78029 |
| Vicor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313723 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30078 |
| Amphenol Corp. Class A | &nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493947 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344 |
| Arrow Electronics, Inc. (a) | &nbsp;&nbsp;2170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276523 |
| Avnet, Inc. | &nbsp;&nbsp;3643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193370 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15432 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54889 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;1478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57391 |
| CDW Corp. | &nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264313 |
| Cognex Corp. | &nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41458 |
| Coherent Corp. (a) | &nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96079 |
| Corning, Inc. | &nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357612 |
| Crane NXT Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29322 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9033 |
| ePlus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40809 |
| Fabrinet (a) | &nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65714 |
| Flex Ltd. (a) | &nbsp;&nbsp;8274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413038 |
| Insight Enterprises, Inc. (a) | &nbsp;&nbsp;1167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161145 |
| IPG Photonics Corp. (a) | &nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77437 |
| Itron, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42516 |
| Jabil, Inc. | &nbsp;&nbsp;2359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514498 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165990 |
| Knowles Corp. (a) | &nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53735 |
| Novanta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24755 |
| OSI Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24735 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39600 |
| Plexus Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48712 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38550 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Rogers Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;$29857 |
| Sanmina Corp. (a) | &nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115146 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42019 |
| TD SYNNEX Corp. | &nbsp;&nbsp;3206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435054 |
| TE Connectivity PLC | &nbsp;&nbsp;2638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444951 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161890 |
| Trimble, Inc. (a) | &nbsp;&nbsp;1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130382 |
| TTM Technologies, Inc. (a) | &nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96254 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;4777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75859 |
| Vontier Corp. | &nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53320 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5363108 |
| **ENERGY EQUIPMENT & SERVICES — 0.5%** | **ENERGY EQUIPMENT & SERVICES — 0.5%** | **ENERGY EQUIPMENT & SERVICES — 0.5%** |
| Archrock, Inc. | &nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30367 |
| Atlas Energy Solutions, Inc. (b) | &nbsp;&nbsp;3052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40805 |
| Baker Hughes Co. | 10986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421203 |
| Bristow Group, Inc. (a) | &nbsp;&nbsp;1045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34454 |
| Cactus, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27981 |
| ChampionX Corp. | &nbsp;&nbsp;2110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52412 |
| Core Laboratories, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 |
| Halliburton Co. | 18751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382145 |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;2694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16811 |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;3958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60003 |
| Innovex International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10106 |
| Liberty Energy, Inc. | &nbsp;&nbsp;6892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79120 |
| NOV, Inc. | 16199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201354 |
| Oceaneering International, Inc. (a) | &nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27143 |
| Patterson-UTI Energy, Inc. | 14956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88689 |
| ProPetro Holding Corp. (a) | &nbsp;&nbsp;3293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19659 |
| RPC, Inc. | &nbsp;&nbsp;4164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19696 |
| Schlumberger NV | 18434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623069 |
| Tidewater, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29477 |
| Valaris Ltd. (a) (b) | &nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59670 |
| Weatherford International PLC | &nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306308 |
| **ENTERTAINMENT — 1.2%** | **ENTERTAINMENT — 1.2%** | **ENTERTAINMENT — 1.2%** |
| Cinemark Holdings, Inc. | &nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42554 |
| Electronic Arts, Inc. | &nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291453 |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226012 |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19850 |
| Netflix, Inc. (a) | &nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727478 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126525 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106077 |
| Walt Disney Co. | 17222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135700 |
| Warner Bros Discovery, Inc. (a) | 96601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107047 |
| Warner Music Group Corp. Class A | &nbsp;&nbsp;6170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950767 |
| **FINANCIAL SERVICES — 3.6%** | **FINANCIAL SERVICES — 3.6%** | **FINANCIAL SERVICES — 3.6%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp;4258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604082 |
| Berkshire Hathaway, Inc. Class B (a) | 20526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970915 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Corpay, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;$132064 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;3441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193040 |
| Essent Group Ltd. | &nbsp;&nbsp;2267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137675 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66809 |
| EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20080 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;5883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478935 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;4392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757225 |
| Global Payments, Inc. | &nbsp;&nbsp;4389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351296 |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30970 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61078 |
| Jackson Financial, Inc. Class A | &nbsp;&nbsp;3147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279422 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682195 |
| MGIC Investment Corp. | &nbsp;&nbsp;5373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149584 |
| Mr. Cooper Group, Inc. (a) | &nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168906 |
| NCR Atleos Corp. (a) | &nbsp;&nbsp;2934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83707 |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49826 |
| Payoneer Global, Inc. (a) | &nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17440 |
| PayPal Holdings, Inc. (a) | 10977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815811 |
| Radian Group, Inc. | &nbsp;&nbsp;2927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105430 |
| Shift4 Payments, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38950 |
| Visa, Inc. Class A | &nbsp;&nbsp;4016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425881 |
| Voya Financial, Inc. | &nbsp;&nbsp;4088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290248 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39821 |
| Western Union Co. | 14016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118015 |
| WEX, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17127133 |
| **FOOD PRODUCTS — 1.6%** | **FOOD PRODUCTS — 1.6%** | **FOOD PRODUCTS — 1.6%** |
| Archer-Daniels-Midland Co. | 20359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074548 |
| B&G Foods, Inc. (b) | &nbsp;&nbsp;2806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11869 |
| Bunge Global SA | &nbsp;&nbsp;5672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455348 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88173 |
| Campbell's Co. | &nbsp;&nbsp;8374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256663 |
| Conagra Brands, Inc. | 10403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212949 |
| Darling Ingredients, Inc. (a) | &nbsp;&nbsp;6764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256626 |
| Flowers Foods, Inc. (b) | &nbsp;&nbsp;4231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67611 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45291 |
| Freshpet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16242 |
| General Mills, Inc. | &nbsp;&nbsp;9757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505510 |
| Hershey Co. | &nbsp;&nbsp;1946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322939 |
| Hormel Foods Corp. | 12385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374646 |
| Ingredion, Inc. | &nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157455 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21434 |
| J.M. Smucker Co. | &nbsp;&nbsp;1838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180492 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24664 |
| Kellanova | &nbsp;&nbsp;3536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281218 |
| Kraft Heinz Co. | 37108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958129 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97634 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33345 |
| McCormick & Co., Inc. | &nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133443 |
| Mondelez International, Inc. Class A | 14359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968371 |
| Pilgrim's Pride Corp. | &nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78445 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107831 |
| Simply Good Foods Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24861 |
| Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23081 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| TreeHouse Foods, Inc. (a) | &nbsp;&nbsp;1925 | &nbsp;&nbsp;$37383 |
| Tyson Foods, Inc. Class A | 12175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681069 |
| WK Kellogg Co. (b) | &nbsp;&nbsp;2658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539639 |
| **GAS UTILITIES — 0.3%** | **GAS UTILITIES — 0.3%** | **GAS UTILITIES — 0.3%** |
| Atmos Energy Corp. | &nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216525 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28492 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;8675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144612 |
| National Fuel Gas Co. | &nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101144 |
| New Jersey Resources Corp. | &nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64899 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34199 |
| ONE Gas, Inc. | &nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88029 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190438 |
| Spire, Inc. | &nbsp;&nbsp;1436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104814 |
| UGI Corp. | &nbsp;&nbsp;9141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306067 |
| **GROUND TRANSPORTATION — 0.9%** | **GROUND TRANSPORTATION — 0.9%** | **GROUND TRANSPORTATION — 0.9%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76317 |
| Avis Budget Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117490 |
| CSX Corp. | 17017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555265 |
| Heartland Express, Inc. | &nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10308 |
| Hertz Global Holdings, Inc. (a) (b) | &nbsp;&nbsp;5913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40386 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202620 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;3497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154672 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47545 |
| Marten Transport Ltd. | &nbsp;&nbsp;2462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31981 |
| Norfolk Southern Corp. | &nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553151 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152237 |
| RXO, Inc. (a) | &nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26284 |
| Ryder System, Inc. | &nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290493 |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51784 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48276 |
| Uber Technologies, Inc. (a) | 10241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955485 |
| Union Pacific Corp. | &nbsp;&nbsp;4215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969787 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;2636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72121 |
| XPO, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459002 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%** |
| Abbott Laboratories | &nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682770 |
| Align Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127230 |
| Artivion, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878 |
| Avanos Medical, Inc. (a) | &nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15557 |
| Baxter International, Inc. | &nbsp;&nbsp;9036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273610 |
| Becton Dickinson & Co. | &nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344845 |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;4454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478404 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11562 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80482 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;8456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134281 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140362 |
| Edwards Lifesciences Corp. (a) | &nbsp;&nbsp;3322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259814 |
| Embecta Corp. | &nbsp;&nbsp;2474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23973 |
| Enovis Corp. (a) | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38573 |
| Envista Holdings Corp. (a) | &nbsp;&nbsp;3722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72728 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;3192 | &nbsp;&nbsp;$236431 |
| Glaukos Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991 |
| Globus Medical, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37950 |
| Haemonetics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22308 |
| Hologic, Inc. (a) | &nbsp;&nbsp;2490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162248 |
| ICU Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45328 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133012 |
| Inspire Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11030 |
| Insulet Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60008 |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39105 |
| Integra LifeSciences Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12135 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452661 |
| Lantheus Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16699 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5066 |
| LivaNova PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13326 |
| Masimo Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43064 |
| Medtronic PLC | 14229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240342 |
| Merit Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28044 |
| Neogen Corp. (a) | &nbsp;&nbsp;4264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20382 |
| Omnicell, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23491 |
| Penumbra, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21044 |
| QuidelOrtho Corp. (a) | &nbsp;&nbsp;2671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76978 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186018 |
| Solventum Corp. (a) | &nbsp;&nbsp;2986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226458 |
| STAAR Surgical Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120110 |
| Stryker Corp. | &nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562586 |
| Tandem Diabetes Care, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3653 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71726 |
| TransMedics Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10453 |
| UFP Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10499 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751652 |
| **HEALTH CARE PROVIDERS & SERVICES — 5.2%** | **HEALTH CARE PROVIDERS & SERVICES — 5.2%** | **HEALTH CARE PROVIDERS & SERVICES — 5.2%** |
| Acadia Healthcare Co., Inc. (a) | &nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45516 |
| AdaptHealth Corp. (a) | &nbsp;&nbsp;4243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40012 |
| Addus HomeCare Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20849 |
| Amedisys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31780 |
| AMN Healthcare Services, Inc. (a) | &nbsp;&nbsp;1626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33609 |
| Astrana Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18312 |
| Cardinal Health, Inc. | 10273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725864 |
| Cencora, Inc. | &nbsp;&nbsp;7402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2219490 |
| Centene Corp. (a) | 21351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158932 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23373 |
| Cigna Group | 11462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3789108 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;4597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94560 |
| CorVel Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20145 |
| CVS Health Corp. | 54278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744096 |
| DaVita, Inc. (a) | &nbsp;&nbsp;1837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261681 |
| Elevance Health, Inc. | &nbsp;&nbsp;4924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915239 |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86454 |
| Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54917 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184928 |
| HealthEquity, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49656 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Henry Schein, Inc. (a) | &nbsp;&nbsp;2209 | &nbsp;&nbsp;$161367 |
| Hims & Hers Health, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28614 |
| Humana, Inc. | &nbsp;&nbsp;5137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255894 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287711 |
| McKesson Corp. | &nbsp;&nbsp;2709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985101 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292836 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25468 |
| NeoGenomics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5570 |
| OmniAb, Inc. (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Option Care Health, Inc. (a) | &nbsp;&nbsp;1579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51286 |
| Owens & Minor, Inc. (a) | &nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29975 |
| Pediatrix Medical Group, Inc. (a) | &nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26146 |
| Premier, Inc. Class A | &nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85286 |
| Privia Health Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13731 |
| Progyny, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221304 |
| RadNet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19919 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;4446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67490 |
| Tenet Healthcare Corp. (a) | &nbsp;&nbsp;4042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711392 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6412 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;8718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719755 |
| Universal Health Services, Inc. Class B | &nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24749565 |
| **HEALTH CARE REITs — 0.3%** | **HEALTH CARE REITs — 0.3%** | **HEALTH CARE REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241422 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33385 |
| Healthcare Realty Trust, Inc. REIT | &nbsp;&nbsp;7659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121472 |
| Healthpeak Properties, Inc. REIT | &nbsp;&nbsp;9206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161197 |
| LTC Properties, Inc. REIT | &nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34818 |
| Medical Properties Trust, Inc. REIT (b) | 26031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112194 |
| Omega Healthcare Investors, Inc. REIT | &nbsp;&nbsp;3710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135971 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;5343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98525 |
| Universal Health Realty Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16987 |
| Ventas, Inc. REIT | &nbsp;&nbsp;2467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155791 |
| Welltower, Inc. REIT | &nbsp;&nbsp;2987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570953 |
| **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** | **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** | **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** |
| Certara, Inc. (a) | &nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16895 |
| Doximity, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34105 |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10874 |
| Schrodinger, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473 |
| Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68935 |
| **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp;9385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109523 |
| DiamondRock Hospitality Co. REIT | &nbsp;&nbsp;5117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39196 |
| Host Hotels & Resorts, Inc. REIT | 15106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232028 |
| Park Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;8412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86055 |
| Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;5038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50329 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ryman Hospitality Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;$51999 |
| Summit Hotel Properties, Inc. REIT | &nbsp;&nbsp;4285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21811 |
| Sunstone Hotel Investors, Inc. REIT | &nbsp;&nbsp;2997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26014 |
| Xenia Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647299 |
| **HOTELS, RESTAURANTS & LEISURE — 1.6%** | **HOTELS, RESTAURANTS & LEISURE — 1.6%** | **HOTELS, RESTAURANTS & LEISURE — 1.6%** |
| Airbnb, Inc. Class A (a) | &nbsp;&nbsp;3017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399270 |
| Aramark | &nbsp;&nbsp;4695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196580 |
| BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10927 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19028 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445771 |
| Boyd Gaming Corp. | &nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112260 |
| Brinker International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40033 |
| Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;9035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256504 |
| Carnival Corp. (a) | 13783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387578 |
| Cava Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16341 |
| Cheesecake Factory, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51005 |
| Chipotle Mexican Grill, Inc. (a) | &nbsp;&nbsp;5591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313935 |
| Choice Hotels International, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25503 |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45450 |
| Cracker Barrel Old Country Store, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55522 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241947 |
| Dave & Buster's Entertainment, Inc. (a) | &nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39315 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77954 |
| DoorDash, Inc. Class A (a) | &nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252426 |
| Expedia Group, Inc. | &nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229573 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25928 |
| Hilton Grand Vacations, Inc. (a) (b) | &nbsp;&nbsp;2644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109805 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93485 |
| Hyatt Hotels Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129176 |
| Jack in the Box, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13951 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;6191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269370 |
| Light & Wonder, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89907 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308181 |
| Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98342 |
| McDonald's Corp. | &nbsp;&nbsp;3562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040709 |
| MGM Resorts International (a) | &nbsp;&nbsp;8875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305211 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15818 |
| Norwegian Cruise Line Holdings Ltd. (a) | &nbsp;&nbsp;6213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126000 |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34601 |
| Penn Entertainment, Inc. (a) | &nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106505 |
| Planet Fitness, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24863 |
| Pursuit Attractions & Hospitality, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8534 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385788 |
| Sabre Corp. (a) | &nbsp;&nbsp;5073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16031 |
| Shake Shack, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31213 |
| Six Flags Entertainment Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24922 |
| Starbucks Corp. | &nbsp;&nbsp;6410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587348 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75339 |
| Travel & Leisure Co. | &nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82473 |
| Vail Resorts, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77465 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Wendy's Co. | &nbsp;&nbsp;3701 | &nbsp;&nbsp;$42265 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9429 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18353 |
| Wynn Resorts Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91516 |
| Yum! Brands, Inc. | &nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7660975 |
| **HOUSEHOLD DURABLES — 1.0%** | **HOUSEHOLD DURABLES — 1.0%** | **HOUSEHOLD DURABLES — 1.0%** |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29107 |
| Century Communities, Inc. | &nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65500 |
| Champion Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31430 |
| DR Horton, Inc. | &nbsp;&nbsp;6132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790537 |
| Dream Finders Homes, Inc. Class A (a) (b) | &nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29377 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18075 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179708 |
| Green Brick Partners, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46908 |
| Helen of Troy Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27614 |
| Installed Building Products, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46342 |
| KB Home | &nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156473 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;1151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42783 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;5318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47437 |
| Lennar Corp. Class A | &nbsp;&nbsp;9935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098910 |
| LGI Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45647 |
| M/I Homes, Inc. (a) | &nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130171 |
| Meritage Homes Corp. | &nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104473 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233793 |
| Newell Brands, Inc. | 16771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90563 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184642 |
| PulteGroup, Inc. | &nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377547 |
| Somnigroup International, Inc. (b) | &nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71725 |
| Sonos, Inc. (a) | &nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10994 |
| Taylor Morrison Home Corp. (a) | &nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270617 |
| Toll Brothers, Inc. | &nbsp;&nbsp;2162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246749 |
| TopBuild Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104244 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127193 |
| Whirlpool Corp. | &nbsp;&nbsp;2351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4846997 |
| **HOUSEHOLD PRODUCTS — 0.4%** | **HOUSEHOLD PRODUCTS — 0.4%** | **HOUSEHOLD PRODUCTS — 0.4%** |
| Central Garden & Pet Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10343 |
| Central Garden & Pet Co. Class A (a) | &nbsp;&nbsp;2154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67399 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;1288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123790 |
| Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107943 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213070 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28688 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377735 |
| Procter & Gamble Co. | &nbsp;&nbsp;6786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081145 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020833 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%** |
| AES Corp. | 30238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318104 |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18398 |
| Clearway Energy, Inc. Class C | &nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46976 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;$43722 |
| Vistra Corp. | &nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799703 |
| **INDUSTRIAL CONGLOMERATES — 0.3%** | **INDUSTRIAL CONGLOMERATES — 0.3%** | **INDUSTRIAL CONGLOMERATES — 0.3%** |
| 3M Co. | &nbsp;&nbsp;4789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729077 |
| Honeywell International, Inc. | &nbsp;&nbsp;3671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583980 |
| **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44120 |
| First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62136 |
| Innovative Industrial Properties, Inc. REIT | &nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66650 |
| LXP Industrial Trust REIT | &nbsp;&nbsp;3791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31314 |
| Prologis, Inc. REIT | &nbsp;&nbsp;6464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679496 |
| Rexford Industrial Realty, Inc. REIT | &nbsp;&nbsp;2994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106496 |
| STAG Industrial, Inc. REIT | &nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79961 |
| Terreno Realty Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109310 |
| **INSURANCE — 3.9%** | **INSURANCE — 3.9%** | **INSURANCE — 3.9%** |
| Aflac, Inc. | &nbsp;&nbsp;6511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686650 |
| Allstate Corp. | &nbsp;&nbsp;4693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944748 |
| American Financial Group, Inc. | &nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196509 |
| American International Group, Inc. | 12559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074925 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13031 |
| Aon PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234748 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;6641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604663 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188231 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182678 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89800 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;2554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137329 |
| Brown & Brown, Inc. | &nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129163 |
| Chubb Ltd. | &nbsp;&nbsp;4908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421946 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;2767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412062 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;2198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84799 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28261 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65890 |
| Everest Group Ltd. | &nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619886 |
| Fidelity National Financial, Inc. | 11054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619687 |
| First American Financial Corp. | &nbsp;&nbsp;2409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147888 |
| Genworth Financial, Inc. (a) | 17440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135683 |
| Globe Life, Inc. | &nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136595 |
| Goosehead Insurance, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3798 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110246 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;5155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654015 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25570 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45849 |
| Kemper Corp. | &nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67509 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42099 |
| Lincoln National Corp. | &nbsp;&nbsp;7245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250677 |
| Loews Corp. | &nbsp;&nbsp;7513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688642 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;2412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527360 |
| Mercury General Corp. | &nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70572 |
| MetLife, Inc. | 24195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945762 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Old Republic International Corp. | &nbsp;&nbsp;4955 | &nbsp;&nbsp;$190470 |
| Palomar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29924 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83469 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;8952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711057 |
| ProAssurance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15456 |
| Progressive Corp. | &nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453128 |
| Prudential Financial, Inc. | 15189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631906 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;2799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555210 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257717 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57198 |
| Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30052 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23420 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92975 |
| SiriusPoint Ltd. (a) | &nbsp;&nbsp;3789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77258 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31378 |
| Travelers Cos., Inc. | &nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073638 |
| Trupanion, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12454 |
| United Fire Group, Inc. | &nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29762 |
| Unum Group | &nbsp;&nbsp;3547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286456 |
| W.R. Berkley Corp. | &nbsp;&nbsp;3991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293219 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18695058 |
| **INTERACTIVE MEDIA & SERVICES — 3.4%** | **INTERACTIVE MEDIA & SERVICES — 3.4%** | **INTERACTIVE MEDIA & SERVICES — 3.4%** |
| Alphabet, Inc. Class A | 16997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995381 |
| Alphabet, Inc. Class C | 36522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6478638 |
| Cargurus, Inc. (a) | &nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34307 |
| Cars.com, Inc. (a) | &nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12075 |
| IAC, Inc. (a) | &nbsp;&nbsp;3011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112431 |
| Match Group, Inc. | &nbsp;&nbsp;1969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60822 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;9047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6677500 |
| QuinStreet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181 |
| Shutterstock, Inc. | &nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19358 |
| TripAdvisor, Inc. (a) | &nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18270 |
| Yelp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28581 |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54940 |
| ZoomInfo Technologies, Inc. (a) | &nbsp;&nbsp;3566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16535572 |
| **IT SERVICES — 0.9%** | **IT SERVICES — 0.9%** | **IT SERVICES — 0.9%** |
| Accenture PLC Class A | &nbsp;&nbsp;3526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053886 |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133279 |
| ASGN, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47783 |
| Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;5489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428307 |
| DigitalOcean Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12767 |
| DXC Technology Co. (a) | &nbsp;&nbsp;7301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111632 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88587 |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154412 |
| GoDaddy, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126942 |
| Grid Dynamics Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973 |
| International Business Machines Corp. | &nbsp;&nbsp;6538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927272 |
| Kyndryl Holdings, Inc. (a) | &nbsp;&nbsp;4125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173085 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378600 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **LEISURE EQUIPMENT & PRODUCTS — 0.1%** | **LEISURE EQUIPMENT & PRODUCTS — 0.1%** | **LEISURE EQUIPMENT & PRODUCTS — 0.1%** |
| Acushnet Holdings Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;$42745 |
| Brunswick Corp. | &nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154893 |
| Mattel, Inc. (a) | &nbsp;&nbsp;4436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87478 |
| Polaris, Inc. (b) | &nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90690 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10375 |
| Topgolf Callaway Brands Corp. (a) | &nbsp;&nbsp;6019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48453 |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464389 |
| **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** |
| Hasbro, Inc. | &nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141882 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.6%** | **LIFE SCIENCES TOOLS & SERVICES — 0.6%** | **LIFE SCIENCES TOOLS & SERVICES — 0.6%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167928 |
| Avantor, Inc. (a) | &nbsp;&nbsp;8960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120602 |
| Azenta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30411 |
| BioLife Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 |
| Bio-Rad Laboratories, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196917 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33854 |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40294 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85576 |
| Cytek Biosciences, Inc. (a) | &nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879 |
| Danaher Corp. | &nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711539 |
| Fortrea Holdings, Inc. (a) | &nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18831 |
| Illumina, Inc. (a) | &nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104856 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232760 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45824 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4711 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115122 |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26493 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87241 |
| Sotera Health Co. (a) | &nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14956 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773212 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100873 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996272 |
| **MACHINERY — 2.1%** | **MACHINERY — 2.1%** | **MACHINERY — 2.1%** |
| AGCO Corp. | &nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272342 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31010 |
| Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20618 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12215 |
| Caterpillar, Inc. | &nbsp;&nbsp;4550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766356 |
| Chart Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66683 |
| CNH Industrial NV | 37185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481918 |
| Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88299 |
| Cummins, Inc. | &nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499110 |
| Deere & Co. | &nbsp;&nbsp;2417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229020 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57699 |
| Dover Corp. | &nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238932 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41375 |
| Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38214 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24559 |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32352 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1320 | &nbsp;&nbsp;$69102 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124330 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27640 |
| Gates Industrial Corp. PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;4022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92627 |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71871 |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58898 |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60110 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92525 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459143 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164364 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74024 |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27780 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17460 |
| Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75493 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57842 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12983 |
| Middleby Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85248 |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79708 |
| Mueller Water Products, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29088 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82318 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160091 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195466 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882252 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447719 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101325 |
| Proto Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13053 |
| RBC Bearings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69649 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145010 |
| SPX Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28506 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225337 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12009 |
| Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131666 |
| Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;1384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100409 |
| Titan International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27688 |
| Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63117 |
| Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47916 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44260 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203907 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88460 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9911947 |
| **MARINE — 0.0% <sup>\*</sup>** | **MARINE — 0.0% <sup>\*</sup>** | **MARINE — 0.0% <sup>\*</sup>** |
| Kirby Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88119 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168180 |
| **MEDIA — 2.0%** | **MEDIA — 2.0%** | **MEDIA — 2.0%** |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26483 |
| Charter Communications, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;4098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675303 |
| Comcast Corp. Class A | 159797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703155 |
| DoubleVerify Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23293 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| EchoStar Corp. Class A (a) | &nbsp;&nbsp;5758 | &nbsp;&nbsp;$159497 |
| Fox Corp. Class A | &nbsp;&nbsp;3849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215698 |
| Fox Corp. Class B | &nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120349 |
| Interpublic Group of Cos., Inc. | &nbsp;&nbsp;8044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196917 |
| John Wiley & Sons, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39765 |
| New York Times Co. Class A | &nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70423 |
| News Corp. Class A | &nbsp;&nbsp;4986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148184 |
| News Corp. Class B | &nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51568 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214631 |
| Omnicom Group, Inc. | &nbsp;&nbsp;3479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250279 |
| Paramount Global Class B | 25579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329969 |
| Scholastic Corp. | &nbsp;&nbsp;1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21295 |
| TechTarget, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 |
| TEGNA, Inc. | &nbsp;&nbsp;6683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112007 |
| Thryv Holdings, Inc. (a) | &nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381459 |
| **METALS & MINING — 0.9%** | **METALS & MINING — 0.9%** | **METALS & MINING — 0.9%** |
| Alcoa Corp. | &nbsp;&nbsp;3404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100452 |
| Alpha Metallurgical Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52528 |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57487 |
| Century Aluminum Co. (a) | &nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39860 |
| Cleveland-Cliffs, Inc. (a) | 20595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156522 |
| Commercial Metals Co. | &nbsp;&nbsp;4829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236186 |
| Freeport-McMoRan, Inc. | 15948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691346 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54412 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15557 |
| Metallus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13946 |
| MP Materials Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22890 |
| Newmont Corp. | 12637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736232 |
| Nucor Corp. | &nbsp;&nbsp;9987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293716 |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301344 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58687 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391199 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31439 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;2233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102338 |
| Worthington Steel, Inc. | &nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4395845 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.2%** |
| Annaly Capital Management, Inc. REIT | 12493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235118 |
| Apollo Commercial Real Estate Finance, Inc. REIT | &nbsp;&nbsp;5216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50491 |
| Arbor Realty Trust, Inc. REIT | &nbsp;&nbsp;7526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80528 |
| ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;3106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52212 |
| Blackstone Mortgage Trust, Inc. Class A REIT | &nbsp;&nbsp;6907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132960 |
| Ellington Financial, Inc. REIT (b) | &nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16264 |
| Franklin BSP Realty Trust, Inc. REIT | &nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15693 |
| KKR Real Estate Finance Trust, Inc. REIT | &nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17461 |
| New York Mortgage Trust, Inc. REIT | &nbsp;&nbsp;4206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28180 |
| PennyMac Mortgage Investment Trust REIT | &nbsp;&nbsp;4188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53858 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ready Capital Corp. REIT (b) | &nbsp;&nbsp;7111 | &nbsp;&nbsp;$31075 |
| Redwood Trust, Inc. REIT | &nbsp;&nbsp;5441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32156 |
| Two Harbors Investment Corp. REIT | &nbsp;&nbsp;4429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47700 |
| Starwood Property Trust, Inc. REIT (b) | 13629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067230 |
| **MULTI-UTILITIES — 1.0%** | **MULTI-UTILITIES — 1.0%** | **MULTI-UTILITIES — 1.0%** |
| Ameren Corp. | &nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287640 |
| Avista Corp. | &nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67589 |
| Black Hills Corp. | &nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86675 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265704 |
| CMS Energy Corp. | &nbsp;&nbsp;3312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229455 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;4782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479874 |
| Dominion Energy, Inc. | 15229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860743 |
| DTE Energy Co. | &nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361351 |
| NiSource, Inc. | &nbsp;&nbsp;5216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210413 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73769 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;5527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465263 |
| Sempra | 11646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882417 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17783 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;3524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655877 |
| **OFFICE REITs — 0.2%** | **OFFICE REITs — 0.2%** | **OFFICE REITs — 0.2%** |
| Brandywine Realty Trust REIT | &nbsp;&nbsp;8446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36233 |
| BXP, Inc. REIT | &nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224270 |
| COPT Defense Properties REIT | &nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41232 |
| Cousins Properties, Inc. REIT | &nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90030 |
| Douglas Emmett, Inc. REIT | &nbsp;&nbsp;3623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54490 |
| Easterly Government Properties, Inc. REIT | &nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36941 |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72160 |
| JBG SMITH Properties REIT (b) | &nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60117 |
| Kilroy Realty Corp. REIT (b) | &nbsp;&nbsp;4305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147705 |
| SL Green Realty Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58372 |
| Vornado Realty Trust REIT | &nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905219 |
| **OIL, GAS & CONSUMABLE FUELS — 7.0%** | **OIL, GAS & CONSUMABLE FUELS — 7.0%** | **OIL, GAS & CONSUMABLE FUELS — 7.0%** |
| Antero Midstream Corp. | &nbsp;&nbsp;7237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137141 |
| Antero Resources Corp. (a) | &nbsp;&nbsp;3844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154836 |
| APA Corp. | 15735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287793 |
| California Resources Corp. | &nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138380 |
| Chevron Corp. | 35393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067924 |
| Chord Energy Corp. | &nbsp;&nbsp;2596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251423 |
| Civitas Resources, Inc. | &nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102292 |
| CNX Resources Corp. (a) | &nbsp;&nbsp;3217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108349 |
| Comstock Resources, Inc. (a) | &nbsp;&nbsp;4015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111095 |
| ConocoPhillips | 27568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473952 |
| Coterra Energy, Inc. | 16633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422146 |
| Crescent Energy Co. Class A | &nbsp;&nbsp;7777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66882 |
| CVR Energy, Inc. | &nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34475 |
| Devon Energy Corp. | 27941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888803 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;7950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092330 |
| Dorian LPG Ltd. | &nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34547 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| DT Midstream, Inc. | &nbsp;&nbsp;1130 | &nbsp;&nbsp;$124198 |
| EOG Resources, Inc. | &nbsp;&nbsp;9746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165719 |
| EQT Corp. | &nbsp;&nbsp;5265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307055 |
| Expand Energy Corp. | &nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323456 |
| Exxon Mobil Corp. | 76965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8296827 |
| Hess Corp. | &nbsp;&nbsp;2638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365469 |
| HF Sinclair Corp. | &nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274456 |
| International Seaways, Inc. | &nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62636 |
| Kinder Morgan, Inc. | 34216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005950 |
| Magnolia Oil & Gas Corp. Class A | &nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76140 |
| Marathon Petroleum Corp. | 13182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189662 |
| Matador Resources Co. | &nbsp;&nbsp;4938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235641 |
| Murphy Oil Corp. (b) | &nbsp;&nbsp;5807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130658 |
| Northern Oil & Gas, Inc. (b) | &nbsp;&nbsp;4178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118446 |
| Occidental Petroleum Corp. | 30403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277230 |
| ONEOK, Inc. | &nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352805 |
| Ovintiv, Inc. | 11069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421176 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63831 |
| PBF Energy, Inc. Class A | &nbsp;&nbsp;3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86268 |
| Peabody Energy Corp. | &nbsp;&nbsp;5278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70831 |
| Permian Resources Corp. | 13812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188119 |
| Phillips 66 Co. | 17573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096459 |
| Range Resources Corp. | &nbsp;&nbsp;2681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109036 |
| REX American Resources Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32246 |
| SM Energy Co. | &nbsp;&nbsp;4873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120412 |
| Talos Energy, Inc. (a) | &nbsp;&nbsp;5761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48853 |
| Targa Resources Corp. | &nbsp;&nbsp;1685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293325 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27466 |
| Valero Energy Corp. | 13466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810100 |
| Viper Energy, Inc. | &nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55632 |
| Vital Energy, Inc. (a) (b) | &nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18648 |
| Williams Cos., Inc. | &nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533885 |
| World Kinect Corp. | &nbsp;&nbsp;2424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68720 |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33786698 |
| **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** | **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** | **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70426 |
| Sylvamo Corp. | &nbsp;&nbsp;1453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143221 |
| **PERSONAL CARE PRODUCTS — 0.3%** | **PERSONAL CARE PRODUCTS — 0.3%** | **PERSONAL CARE PRODUCTS — 0.3%** |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19059 |
| Coty, Inc. Class A (a) | 15584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72465 |
| Edgewell Personal Care Co. | &nbsp;&nbsp;2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47967 |
| elf Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34719 |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;5055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408444 |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24424 |
| Kenvue, Inc. | 41415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866816 |
| USANA Health Sciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482870 |
| **PHARMACEUTICALS — 2.5%** | **PHARMACEUTICALS — 2.5%** | **PHARMACEUTICALS — 2.5%** |
| Amphastar Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18529 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7112 |
| Bristol-Myers Squibb Co. | 22513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042127 |
| Collegium Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Corcept Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;$16148 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920625 |
| Harmony Biosciences Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17601 |
| Innoviva, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24188 |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99222 |
| Johnson & Johnson | &nbsp;&nbsp;21354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261823 |
| Ligand Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12505 |
| Merck & Co., Inc. | &nbsp;&nbsp;28076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222496 |
| Organon & Co. | &nbsp;&nbsp;10216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98891 |
| Pacira BioSciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19455 |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154976 |
| Pfizer, Inc. | 123894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003191 |
| Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23599 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40404 |
| Supernus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20551 |
| Viatris, Inc. | &nbsp;&nbsp;50775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453421 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753877 |
| **PROFESSIONAL SERVICES — 0.7%** | **PROFESSIONAL SERVICES — 0.7%** | **PROFESSIONAL SERVICES — 0.7%** |
| Amentum Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146099 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615258 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138527 |
| CACI International, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143487 |
| Concentrix Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100583 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19658 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43093 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132797 |
| ExlService Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39718 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13672 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41021 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62582 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26266 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45872 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177983 |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70903 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51771 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229856 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79184 |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85925 |
| NV5 Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17110 |
| Parsons Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142679 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359577 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53685 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34064 |
| Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89202 |
| Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96845 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68218 |
| Verra Mobility Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3145718 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** |
| CBRE Group, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394017 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;1741 | &nbsp;&nbsp;$139976 |
| Cushman & Wakefield PLC (a) | &nbsp;&nbsp;9665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106992 |
| eXp World Holdings, Inc. (b) | &nbsp;&nbsp;3055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27800 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261919 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;4737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32212 |
| Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18487 |
| St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996095 |
| **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** |
| American Homes 4 Rent Class A REIT | &nbsp;&nbsp;3519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126930 |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254986 |
| Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106379 |
| Centerspace REIT | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17696 |
| Elme Communities REIT | &nbsp;&nbsp;1727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27459 |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64507 |
| Equity Residential REIT | &nbsp;&nbsp;4496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303435 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127813 |
| Independence Realty Trust, Inc. REIT | &nbsp;&nbsp;2089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36955 |
| Invitation Homes, Inc. REIT | &nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165181 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178056 |
| NexPoint Residential Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13261 |
| UDR, Inc. REIT | &nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125348 |
| Veris Residential, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558757 |
| **RETAIL REITs — 0.4%** | **RETAIL REITs — 0.4%** | **RETAIL REITs — 0.4%** |
| Acadia Realty Trust REIT | &nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33593 |
| Agree Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69188 |
| Brixmor Property Group, Inc. REIT | &nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88536 |
| Curbline Properties Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6233 |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55569 |
| Getty Realty Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25539 |
| Kimco Realty Corp. REIT | &nbsp;&nbsp;7537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158428 |
| Kite Realty Group Trust REIT | &nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65685 |
| Macerich Co. REIT | &nbsp;&nbsp;2757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44608 |
| NNN REIT, Inc. | &nbsp;&nbsp;2666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115118 |
| Phillips Edison & Co., Inc. REIT | &nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42351 |
| Realty Income Corp. REIT | 11987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690571 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;2169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154498 |
| Saul Centers, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18777 |
| Simon Property Group, Inc. REIT | &nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278115 |
| SITE Centers Corp. REIT | &nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22699 |
| Tanger, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28501 |
| Urban Edge Properties REIT | &nbsp;&nbsp;1728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32244 |
| Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939863 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.0%** |
| Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;8058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143430 |
| Allegro MicroSystems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13129 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Alpha & Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;1226 | &nbsp;&nbsp;$31459 |
| Amkor Technology, Inc. | &nbsp;&nbsp;4640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97394 |
| Analog Devices, Inc. | &nbsp;&nbsp;2822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671692 |
| Applied Materials, Inc. | &nbsp;&nbsp;4579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838277 |
| Axcelis Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49062 |
| Broadcom, Inc. | 11135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069363 |
| CEVA, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6572 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54630 |
| Cohu, Inc. (a) | &nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19375 |
| Diodes, Inc. (a) | &nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52943 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29619 |
| Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60649 |
| First Solar, Inc. (a) | &nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197158 |
| FormFactor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20199 |
| Ichor Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 |
| Impinj, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7664 |
| Intel Corp. | 95056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129254 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363670 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32801 |
| Lam Research Corp. | &nbsp;&nbsp;6391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622100 |
| Lattice Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27777 |
| MACOM Technology Solutions Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46283 |
| MaxLinear, Inc. (a) | &nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14409 |
| Microchip Technology, Inc. | &nbsp;&nbsp;5969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420038 |
| Micron Technology, Inc. | 10740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323705 |
| MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88530 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109707 |
| NVIDIA Corp. | 19689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110665 |
| NXP Semiconductors NV | &nbsp;&nbsp;2425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529838 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;7461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391031 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27958 |
| PDF Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677 |
| Penguin Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14025 |
| Photronics, Inc. (a) | &nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22295 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522 |
| Qorvo, Inc. (a) | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104439 |
| QUALCOMM, Inc. | 10534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677645 |
| Rambus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25864 |
| Semtech Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26317 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33598 |
| SiTime Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14276 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;3272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243829 |
| SolarEdge Technologies, Inc. (a) (b) | &nbsp;&nbsp;2466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50306 |
| Synaptics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22752 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42083 |
| Texas Instruments, Inc. | &nbsp;&nbsp;5139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066959 |
| Ultra Clean Holdings, Inc. (a) | &nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43334 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25177 |
| Veeco Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19043101 |
| **SOFTWARE — 4.0%** | **SOFTWARE — 4.0%** | **SOFTWARE — 4.0%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26949 |
| Adeia, Inc. | &nbsp;&nbsp;1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28124 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Adobe, Inc. (a) | &nbsp;&nbsp;2169 | &nbsp;&nbsp;$839143 |
| Agilysys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 |
| Alarm.com Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14538 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151727 |
| Appfolio, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20955 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202459 |
| Bill Holdings, Inc. (a) | &nbsp;&nbsp;1039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48064 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12649 |
| BlackLine, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10928 |
| Box, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19409 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198757 |
| Cleanspark, Inc. (a) (b) | &nbsp;&nbsp;2653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29263 |
| Clear Secure, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14685 |
| Commvault Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29636 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182333 |
| Docusign, Inc. (a) | &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78279 |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59631 |
| Dropbox, Inc. Class A (a) | &nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63778 |
| Dynatrace, Inc. (a) | &nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73208 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63979 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203511 |
| Gen Digital, Inc. | &nbsp;&nbsp;4784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140650 |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27548 |
| InterDigital, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30047 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335530 |
| LiveRamp Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21443 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37124 |
| MARA Holdings, Inc. (a) | &nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46962 |
| Microsoft Corp. | 20284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10089464 |
| N-able, Inc. (a) | &nbsp;&nbsp;3002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24316 |
| NCR Voyix Corp. (a) | &nbsp;&nbsp;5382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63131 |
| Oracle Corp. | 11441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501346 |
| Palantir Technologies, Inc. Class A (a) | &nbsp;&nbsp;3169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431998 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315350 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18769 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100991 |
| Qualys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30860 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297024 |
| Salesforce, Inc. | &nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086670 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497591 |
| Sprinklr, Inc. Class A (a) | &nbsp;&nbsp;1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12462 |
| SPS Commerce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21910 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330166 |
| Teradata Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20592 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77662 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19194307 |
| **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** |
| American Tower Corp. REIT | &nbsp;&nbsp;2321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512987 |
| Crown Castle, Inc. REIT | &nbsp;&nbsp;4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495056 |
| CubeSmart REIT | &nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106675 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;1783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310830 |
| EPR Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48705 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380235 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;2018 | &nbsp;&nbsp;$297534 |
| Four Corners Property Trust, Inc. REIT | &nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30893 |
| Gaming & Leisure Properties, Inc. REIT | &nbsp;&nbsp;3604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168235 |
| Iron Mountain, Inc. REIT | &nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150060 |
| Lamar Advertising Co. Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115777 |
| Millrose Properties, Inc. REIT | &nbsp;&nbsp;2593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73926 |
| National Storage Affiliates Trust REIT | &nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48433 |
| Outfront Media, Inc. REIT | &nbsp;&nbsp;2832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46218 |
| PotlatchDeltic Corp. REIT | &nbsp;&nbsp;1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59320 |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229455 |
| Rayonier, Inc. REIT | &nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37262 |
| Safehold, Inc. REIT | &nbsp;&nbsp;1780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27697 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123526 |
| Uniti Group, Inc. REIT (a) | &nbsp;&nbsp;4186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18084 |
| VICI Properties, Inc. REIT | 18664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608446 |
| Weyerhaeuser Co. REIT | &nbsp;&nbsp;9572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135259 |
| **SPECIALTY RETAIL — 2.2%** | **SPECIALTY RETAIL — 2.2%** | **SPECIALTY RETAIL — 2.2%** |
| Abercrombie & Fitch Co. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55261 |
| Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132369 |
| Advance Auto Parts, Inc. (b) | &nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109530 |
| American Eagle Outfitters, Inc. | &nbsp;&nbsp;7438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71554 |
| Asbury Automotive Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192263 |
| AutoNation, Inc. (a) | &nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216926 |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311827 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;4682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140273 |
| Best Buy Co., Inc. | &nbsp;&nbsp;8273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555366 |
| Boot Barn Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38608 |
| Buckle, Inc. | &nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57640 |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107247 |
| Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9299 |
| CarMax, Inc. (a) | &nbsp;&nbsp;3319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223070 |
| Chewy, Inc. Class A (a) | &nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167710 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247460 |
| Five Below, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95106 |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56818 |
| Foot Locker, Inc. (a) | &nbsp;&nbsp;3481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85285 |
| GameStop Corp. Class A (a) | &nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48609 |
| Gap, Inc. | &nbsp;&nbsp;9027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196879 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240191 |
| Guess?, Inc. (b) | &nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14375 |
| Home Depot, Inc. | &nbsp;&nbsp;6992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563547 |
| Lithia Motors, Inc. | &nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384439 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;5385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194770 |
| MarineMax, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14883 |
| Monro, Inc. | &nbsp;&nbsp;1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17981 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128549 |
| National Vision Holdings, Inc. (a) | &nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76945 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388190 |
| Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132981 |
| RH (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31943 |
| Ross Stores, Inc. | &nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293179 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sally Beauty Holdings, Inc. (a) | &nbsp;&nbsp;4132 | &nbsp;&nbsp;$38262 |
| Shoe Carnival, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17569 |
| Signet Jewelers Ltd. (b) | &nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146770 |
| Sonic Automotive, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46919 |
| TJX Cos., Inc. | &nbsp;&nbsp;5588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690062 |
| Tractor Supply Co. | &nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162162 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240459 |
| Upbound Group, Inc. | &nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50024 |
| Urban Outfitters, Inc. (a) | &nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165754 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46277 |
| Victoria's Secret & Co. (a) (b) | &nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56949 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10401635 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.6%** |
| Apple, Inc. | 35295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7241475 |
| Corsair Gaming, Inc. (a) | &nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581 |
| Dell Technologies, Inc. Class C | 12854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575900 |
| Hewlett Packard Enterprise Co. | 55864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142419 |
| HP, Inc. | 39891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975734 |
| NetApp, Inc. | &nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206707 |
| Pure Storage, Inc. Class A (a) | &nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87407 |
| Sandisk Corp. (a) | &nbsp;&nbsp;5709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258903 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294289 |
| Super Micro Computer, Inc. (a) (b) | &nbsp;&nbsp;4795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235003 |
| Western Digital Corp. | &nbsp;&nbsp;4572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292562 |
| Xerox Holdings Corp. (b) | &nbsp;&nbsp;4536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12343885 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.5%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.5%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.5%** |
| Capri Holdings Ltd. (a) | &nbsp;&nbsp;5014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88748 |
| Carter's, Inc. | &nbsp;&nbsp;1531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46129 |
| Columbia Sportswear Co. | &nbsp;&nbsp;1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82886 |
| Crocs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100571 |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87713 |
| G-III Apparel Group Ltd. (a) | &nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40477 |
| Hanesbrands, Inc. (a) | &nbsp;&nbsp;7633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34959 |
| Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52314 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185312 |
| NIKE, Inc. Class B | 10427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740734 |
| Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25518 |
| PVH Corp. | &nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141247 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143723 |
| Skechers USA, Inc. Class A (a) | &nbsp;&nbsp;2838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179078 |
| Steven Madden Ltd. | &nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37313 |
| Tapestry, Inc. | &nbsp;&nbsp;1823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160078 |
| Under Armour, Inc. Class A (a) | &nbsp;&nbsp;7538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51485 |
| Under Armour, Inc. Class C (a) | &nbsp;&nbsp;5226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33917 |
| VF Corp. | 14102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165698 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2429829 |
| **TOBACCO — 0.6%** | **TOBACCO — 0.6%** | **TOBACCO — 0.6%** |
| Altria Group, Inc. | 22308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307918 |
| Philip Morris International, Inc. | &nbsp;&nbsp;8855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612761 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;$58997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979676 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.5%** | **TRADING COMPANIES & DISTRIBUTORS — 0.5%** | **TRADING COMPANIES & DISTRIBUTORS — 0.5%** |
| Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257999 |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63226 |
| Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142298 |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101509 |
| DNOW, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32062 |
| DXP Enterprises, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25944 |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;5615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235830 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74323 |
| GMS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90698 |
| MSC Industrial Direct Co., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82214 |
| Rush Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136811 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462588 |
| Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107314 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350769 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399719 |
| **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22538 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188355 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35520 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122116 |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23075 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401465 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.5%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.5%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.5%** |
| Gogo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8206 |
| Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141395 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185295 |
| **TOTAL COMMON STOCKS<br>(Cost $422,547,150)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;479633285 |
| **WARRANTS — 0.0% <sup>\*</sup>** |  |  |
| **ENERGY EQUIPMENT & SERVICES — 0.0% <sup>\*</sup>** |  |  |
| Nabors Industries Ltd. (expiring 06/11/26) (a)<br>(Cost $0)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (e) (f) | 266668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266668 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P 1500 VALUE TILT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (c) (g) | 1991352 | &nbsp;&nbsp;$1991352 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,258,020)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $2,258,020)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258020 |
| **TOTAL INVESTMENTS — 100.3%<br>(Cost $424,805,170)<br>** | **TOTAL INVESTMENTS — 100.3%<br>(Cost $424,805,170)<br>** | &nbsp;&nbsp;&nbsp;481891346 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(1615243) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $480276103 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at June 30, 2025.

(g) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $479633285 | $— | &nbsp;&nbsp;&nbsp;$0(a) | $479633285 |
| Warrants<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258020 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258020 |
| **TOTAL INVESTMENTS<br>**  | $481891346 | $— | $0 | $481891346 |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;5778 | $427572 | $186485 | $229264 | $(1779) | $159426 | &nbsp;&nbsp;&nbsp;&nbsp;5101 | $542440 | $17656 |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;674640 | &nbsp;&nbsp;&nbsp;&nbsp;674843 | &nbsp;&nbsp;&nbsp;1543483 | &nbsp;&nbsp;&nbsp;2218326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4144 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13617514 | &nbsp;&nbsp;13350846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;266668 | &nbsp;&nbsp;&nbsp;&nbsp;266668 | &nbsp;&nbsp;22594 |
| State Street Navigator Securities Lending Portfolio II<br>| 1228745 | &nbsp;&nbsp;1228745 | &nbsp;&nbsp;27326337 | &nbsp;&nbsp;26563730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1991352 | &nbsp;&nbsp;1991352 | &nbsp;&nbsp;&nbsp;6354 |
| Total<br>|  | $2331160 | $42673819 | $42362166 | $(1720) | $159367 |  | $2800460 | $50748 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO CLEAN POWER ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AUTOMOBILES — 2.1%** | **AUTOMOBILES — 2.1%** | **AUTOMOBILES — 2.1%** |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7955 | &nbsp;&nbsp;$2526985 |
| **BUILDING PRODUCTS — 2.1%** | **BUILDING PRODUCTS — 2.1%** | **BUILDING PRODUCTS — 2.1%** |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;44152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604968 |
| **CONSTRUCTION & ENGINEERING — 7.1%** | **CONSTRUCTION & ENGINEERING — 7.1%** | **CONSTRUCTION & ENGINEERING — 7.1%** |
| Ameresco, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;173770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639566 |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456347 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8728721 |
| **DIVERSIFIED CONSUMER SERVICES — 2.2%** | **DIVERSIFIED CONSUMER SERVICES — 2.2%** | **DIVERSIFIED CONSUMER SERVICES — 2.2%** |
| ADT, Inc. | &nbsp;&nbsp;&nbsp;317572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689835 |
| **ELECTRIC UTILITIES — 14.7%** | **ELECTRIC UTILITIES — 14.7%** | **ELECTRIC UTILITIES — 14.7%** |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497709 |
| Centrais Eletricas Brasileiras SA ADR | &nbsp;&nbsp;&nbsp;382737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843736 |
| Cia Energetica de Minas Gerais ADR | 1173500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300060 |
| Cia Paranaense de Energia - Copel ADR | &nbsp;&nbsp;&nbsp;&nbsp;60901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556026 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927344 |
| Enel Chile SA ADR | &nbsp;&nbsp;&nbsp;276426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003426 |
| Genie Energy Ltd. Class B | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478464 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;48654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3377561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17984326 |
| **ELECTRICAL EQUIPMENT — 31.7%** | **ELECTRICAL EQUIPMENT — 31.7%** | **ELECTRICAL EQUIPMENT — 31.7%** |
| American Superconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;87994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228500 |
| Array Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;457415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698748 |
| Ballard Power Systems, Inc. (a) (b) | 1921368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054975 |
| Bloom Energy Corp. Class A (a) (b) | &nbsp;&nbsp;&nbsp;157742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3773189 |
| Eos Energy Enterprises, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;886325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4537984 |
| Fluence Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;527026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3536344 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3893486 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927105 |
| NEXTracker, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;59198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218595 |
| Shoals Technologies Group, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;698195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967329 |
| Sunrun, Inc. (a) | &nbsp;&nbsp;&nbsp;409505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3349751 |
| T1 Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;403200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38681942 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.2%** |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712119 |
| **ENERGY EQUIPMENT & SERVICES — 2.2%** | **ENERGY EQUIPMENT & SERVICES — 2.2%** | **ENERGY EQUIPMENT & SERVICES — 2.2%** |
| Tenaris SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2692800 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 10.0%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 10.0%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 10.0%** |
| AES Corp. | &nbsp;&nbsp;&nbsp;310309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264451 |
| Ormat Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731675 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| ReNew Energy Global PLC Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;218183 | &nbsp;&nbsp;$1507644 |
| TransAlta Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;339415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3662288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12166058 |
| **MACHINERY — 3.0%** | **MACHINERY — 3.0%** | **MACHINERY — 3.0%** |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635720 |
| Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610330 |
| **MULTI-UTILITIES — 2.9%** | **MULTI-UTILITIES — 2.9%** | **MULTI-UTILITIES — 2.9%** |
| Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555915 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 19.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 19.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 19.7%** |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759414 |
| Canadian Solar, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;323678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573405 |
| Daqo New Energy Corp. ADR (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;244239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705106 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119147 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500178 |
| JinkoSolar Holding Co. Ltd. ADR (b) | &nbsp;&nbsp;&nbsp;&nbsp;184364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912204 |
| SolarEdge Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;171001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24057874 |
| **TOTAL COMMON STOCKS<br>(Cost $156,608,352)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;122011873 |
| **SHORT-TERM INVESTMENTS — 9.2%** | **SHORT-TERM INVESTMENTS — 9.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48841 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 11143238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143238 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $11,192,079)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $11,192,079)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;11192079 |
| **TOTAL INVESTMENTS — 109.1%<br>(Cost $167,800,431)<br>** | **TOTAL INVESTMENTS — 109.1%<br>(Cost $167,800,431)<br>** | &nbsp;&nbsp;&nbsp;133203952 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (9.1)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (9.1)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(11061528) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $122142424 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

ADR American Depositary Receipt

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO CLEAN POWER ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $122011873 | $— | $— | $122011873 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;11192079 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11192079 |
| **TOTAL INVESTMENTS<br>**  | $133203952 | $— | $— | $133203952 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;108981 | $109013 | $1006270 | $1115283 | $7 | $(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $2379 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12749429 | &nbsp;&nbsp;&nbsp;12700588 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;48841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48841 | &nbsp;&nbsp;&nbsp;13886 |
| State Street Navigator Securities Lending Portfolio II<br>| 15807447 | &nbsp;&nbsp;15807447 | &nbsp;&nbsp;122072449 | &nbsp;&nbsp;126736658 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 11143238 | &nbsp;&nbsp;11143238 | &nbsp;&nbsp;289209 |
| Total<br>|  | $15916460 | $135828148 | $140552529 | $7 | $(7) |  | $11192079 | $305474 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO FINAL FRONTIERS ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 52.1%** | **AEROSPACE & DEFENSE — 52.1%** | **AEROSPACE & DEFENSE — 52.1%** |
| Boeing Co. (a) | &nbsp;&nbsp;3905 | &nbsp;&nbsp;$818215 |
| BWX Technologies, Inc. | &nbsp;&nbsp;3822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550597 |
| Ducommun, Inc. (a) | &nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274745 |
| Elbit Systems Ltd. | &nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542996 |
| General Dynamics Corp. | &nbsp;&nbsp;1882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548904 |
| HEICO Corp. | &nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907248 |
| Hexcel Corp. | 14829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837690 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554151 |
| Intuitive Machines, Inc. (a) | 74489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809695 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849846 |
| Lockheed Martin Corp. | &nbsp;&nbsp;1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847546 |
| Moog, Inc. Class A | &nbsp;&nbsp;4680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846940 |
| Northrop Grumman Corp. | &nbsp;&nbsp;1711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855466 |
| Rocket Lab Corp. (a) (b) | 30547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092666 |
| RTX Corp. | &nbsp;&nbsp;5894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860642 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11749339 |
| **COMMUNICATIONS EQUIPMENT — 3.1%** | **COMMUNICATIONS EQUIPMENT — 3.1%** | **COMMUNICATIONS EQUIPMENT — 3.1%** |
| Viasat, Inc. (a) | 47269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690127 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.9%** |
| Iridium Communications, Inc. | 29050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876439 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 11.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 11.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 11.3%** |
| Amphenol Corp. Class A | &nbsp;&nbsp;5577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550729 |
| Coherent Corp. (a) | &nbsp;&nbsp;6368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568089 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859144 |
| TTM Technologies, Inc. (a) | 14189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557157 |
| **ENERGY EQUIPMENT & SERVICES — 6.2%** | **ENERGY EQUIPMENT & SERVICES — 6.2%** | **ENERGY EQUIPMENT & SERVICES — 6.2%** |
| Forum Energy Technologies, Inc. (a) | &nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66120 |
| Oceaneering International, Inc. (a) | 39516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818771 |
| TechnipFMC PLC | 15145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406485 |
| **INDUSTRIAL CONGLOMERATES — 3.8%** | **INDUSTRIAL CONGLOMERATES — 3.8%** | **INDUSTRIAL CONGLOMERATES — 3.8%** |
| Honeywell International, Inc. | &nbsp;&nbsp;3701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861889 |
| **MACHINERY — 6.2%** | **MACHINERY — 6.2%** | **MACHINERY — 6.2%** |
| ESCO Technologies, Inc. | &nbsp;&nbsp;4481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859769 |
| Standex International Corp. | &nbsp;&nbsp;3362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385855 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **PROFESSIONAL SERVICES — 10.8%** | **PROFESSIONAL SERVICES — 10.8%** | **PROFESSIONAL SERVICES — 10.8%** |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9736 | &nbsp;&nbsp;$466744 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561152 |
| Parsons Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534471 |
| Planet Labs PBC (a) | 143059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435027 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.4%** |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531261 |
| **TOTAL COMMON STOCKS<br>(Cost $16,505,112)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22493579 |
| **SHORT-TERM INVESTMENTS — 2.5%** | **SHORT-TERM INVESTMENTS — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;49919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49919 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 508189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508189 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $558,108)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $558,108)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558108 |
| **TOTAL INVESTMENTS — 102.3%<br>(Cost $17,063,220)<br>** | **TOTAL INVESTMENTS — 102.3%<br>(Cost $17,063,220)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;23051687 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512715) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $22538972 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO FINAL FRONTIERS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $22493579 | $— | $— | $22493579 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558108 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558108 |
| **TOTAL INVESTMENTS<br>**  | $23051687 | $— | $— | $23051687 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 31281 | $31290 | $19049 | $50339 | $2 | $(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $333 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411607 | &nbsp;&nbsp;&nbsp;&nbsp;361688 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;49919 | &nbsp;&nbsp;&nbsp;49919 | &nbsp;&nbsp;&nbsp;&nbsp;811 |
| State Street Navigator Securities Lending Portfolio II<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14859548 | &nbsp;&nbsp;14351359 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 508189 | &nbsp;&nbsp;508189 | &nbsp;&nbsp;2116 |
| Total<br>|  | $31290 | $15290204 | $14763386 | $2 | $(2) |  | $558108 | $3260 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO FUTURE SECURITY ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
| **AEROSPACE & DEFENSE — 27.9%** | **AEROSPACE & DEFENSE — 27.9%** | **AEROSPACE & DEFENSE — 27.9%** |
| AeroVironment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5501 | &nbsp;&nbsp;$1567510 |
| Boeing Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021040 |
| Ducommun, Inc. (a) | &nbsp;&nbsp;10910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901493 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085542 |
| Embraer SA ADR (b) | &nbsp;&nbsp;16559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942373 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837064 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126352 |
| Hexcel Corp. | &nbsp;&nbsp;18501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045121 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845593 |
| Kratos Defense & Security Solutions, Inc. (a) | &nbsp;&nbsp;25691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193347 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060050 |
| Leonardo DRS, Inc. | &nbsp;&nbsp;17739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824509 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052254 |
| Mercury Systems, Inc. (a) | &nbsp;&nbsp;15153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816141 |
| Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056865 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062458 |
| Rocket Lab Corp. (a) (b) | &nbsp;&nbsp;37938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357042 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068574 |
| Textron, Inc. | &nbsp;&nbsp;10311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827870 |
| V2X, Inc. (a) | &nbsp;&nbsp;17656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20548397 |
| **COMMUNICATIONS EQUIPMENT — 7.9%** | **COMMUNICATIONS EQUIPMENT — 7.9%** | **COMMUNICATIONS EQUIPMENT — 7.9%** |
| Cisco Systems, Inc. | &nbsp;&nbsp;16168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121736 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042481 |
| Juniper Networks, Inc. | &nbsp;&nbsp;29046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159807 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;43887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088836 |
| Viasat, Inc. (a) | &nbsp;&nbsp;94556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793378 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.5%** |
| Iridium Communications, Inc. (b) | &nbsp;&nbsp;36245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093512 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 12.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 12.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 12.8%** |
| 908 Devices, Inc. (a) | 108777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775580 |
| Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840165 |
| Coherent Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866675 |
| MicroVision, Inc. (a) (b) | 700789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798900 |
| Mirion Technologies, Inc. (a) | &nbsp;&nbsp;39242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844880 |
| OSI Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980839 |
| Red Cat Holdings, Inc. (a) (b) | 123695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900500 |
| Sanmina Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882524 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071753 |
| TTM Technologies, Inc. (a) | &nbsp;&nbsp;21648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883671 |
| Vuzix Corp. (a) | 209201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9456354 |
| **ENERGY EQUIPMENT & SERVICES — 1.4%** | **ENERGY EQUIPMENT & SERVICES — 1.4%** | **ENERGY EQUIPMENT & SERVICES — 1.4%** |
| Oceaneering International, Inc. (a) | &nbsp;&nbsp;49302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021537 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.0%** |
| Varex Imaging Corp. (a) | &nbsp;&nbsp;89791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778488 |
| **INTERACTIVE MEDIA & SERVICES — 1.3%** | **INTERACTIVE MEDIA & SERVICES — 1.3%** | **INTERACTIVE MEDIA & SERVICES — 1.3%** |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;30815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932770 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **IT SERVICES — 4.4%** | **IT SERVICES — 4.4%** | **IT SERVICES — 4.4%** |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;13337 | &nbsp;&nbsp;$1063759 |
| Cloudflare, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;5802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136206 |
| Okta, Inc. (a) | &nbsp;&nbsp;10382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237853 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.5%** | **LIFE SCIENCES TOOLS & SERVICES — 1.5%** | **LIFE SCIENCES TOOLS & SERVICES — 1.5%** |
| Bruker Corp. | &nbsp;&nbsp;26253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081624 |
| **MACHINERY — 2.5%** | **MACHINERY — 2.5%** | **MACHINERY — 2.5%** |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072553 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878821 |
| **PROFESSIONAL SERVICES — 6.7%** | **PROFESSIONAL SERVICES — 6.7%** | **PROFESSIONAL SERVICES — 6.7%** |
| CACI International, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;1796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856153 |
| KBR, Inc. | &nbsp;&nbsp;14854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712101 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127195 |
| Parsons Corp. (a) | &nbsp;&nbsp;14963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073895 |
| Planet Labs PBC (a) | 192034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940751 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.2%** |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136780 |
| Kopin Corp. (a) | 325500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634795 |
| **SOFTWARE — 28.9%** | **SOFTWARE — 28.9%** | **SOFTWARE — 28.9%** |
| A10 Networks, Inc. | &nbsp;&nbsp;58092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124080 |
| BlackBerry Ltd. (a) (b) | 250659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148018 |
| Check Point Software Technologies Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036114 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112842 |
| CyberArk Software Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072536 |
| Datadog, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;8749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175253 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;10222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080670 |
| Gen Digital, Inc. | &nbsp;&nbsp;35419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041319 |
| Gorilla Technology Group, Inc. (a) (b) | &nbsp;&nbsp;48929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973198 |
| N-able, Inc. (a) | 127944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036346 |
| OneSpan, Inc. | &nbsp;&nbsp;63196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054741 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092573 |
| Qualys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063953 |
| Radware Ltd. (a) | &nbsp;&nbsp;25654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755254 |
| Rapid7, Inc. (a) | &nbsp;&nbsp;43430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004536 |
| Rubrik, Inc. Class A (a) | &nbsp;&nbsp;11734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051249 |
| SentinelOne, Inc. Class A (a) | &nbsp;&nbsp;58059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061319 |
| SoundThinking, Inc. (a) | &nbsp;&nbsp;11054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144310 |
| Tenable Holdings, Inc. (a) | &nbsp;&nbsp;33051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116463 |
| Varonis Systems, Inc. (a) | &nbsp;&nbsp;20759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053519 |
| Zscaler, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21289862 |
| **TOTAL COMMON STOCKS<br>(Cost $66,497,315)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73688142 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO FUTURE SECURITY ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 5.6%** | **SHORT-TERM INVESTMENTS — 5.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;24111 | &nbsp;&nbsp;$24111 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 4099311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099311 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $4,123,422)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $4,123,422)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123422 |
| **TOTAL INVESTMENTS — 105.6%<br>(Cost $70,620,737)<br>** | **TOTAL INVESTMENTS — 105.6%<br>(Cost $70,620,737)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;77811564 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (5.6)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (5.6)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4113351) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $73698213 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

ADR American Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $73688142 | $— | $— | $73688142 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;4123422 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4123422 |
| **TOTAL INVESTMENTS<br>**  | $77811564 | $— | $— | $77811564 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;47060 | $47074 | $37831 | $84905 | $3 | $(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $542 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;623043 | &nbsp;&nbsp;&nbsp;&nbsp;598932 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24111 | &nbsp;&nbsp;&nbsp;2166 |
| State Street Navigator Securities Lending Portfolio II<br>| 1256763 | &nbsp;&nbsp;1256763 | &nbsp;&nbsp;66403811 | &nbsp;&nbsp;63561263 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 4099311 | &nbsp;&nbsp;4099311 | &nbsp;&nbsp;96594 |
| Total<br>|  | $1303837 | $67064685 | $64245100 | $3 | $(3) |  | $4123422 | $99302 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AUTO COMPONENTS — 1.9%** | **AUTO COMPONENTS — 1.9%** | **AUTO COMPONENTS — 1.9%** |
| Gentex Corp. | &nbsp;&nbsp;7380 | &nbsp;&nbsp;$162286 |
| **BUILDING PRODUCTS — 8.4%** | **BUILDING PRODUCTS — 8.4%** | **BUILDING PRODUCTS — 8.4%** |
| Carrier Global Corp. | &nbsp;&nbsp;2245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164312 |
| Johnson Controls International PLC | &nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274084 |
| Resideo Technologies, Inc. (a) | 12650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717455 |
| **COMMERCIAL SERVICES & SUPPLIES — 6.4%** | **COMMERCIAL SERVICES & SUPPLIES — 6.4%** | **COMMERCIAL SERVICES & SUPPLIES — 6.4%** |
| Tetra Tech, Inc. | &nbsp;&nbsp;7516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270275 |
| Veralto Corp. | &nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545566 |
| **DIVERSIFIED CONSUMER SERVICES — 3.3%** | **DIVERSIFIED CONSUMER SERVICES — 3.3%** | **DIVERSIFIED CONSUMER SERVICES — 3.3%** |
| ADT, Inc. | 32578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275936 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.9%** |
| BCE, Inc. (b) | &nbsp;&nbsp;7249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160710 |
| **ELECTRIC UTILITIES — 2.1%** | **ELECTRIC UTILITIES — 2.1%** | **ELECTRIC UTILITIES — 2.1%** |
| NRG Energy, Inc. | &nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175353 |
| **ELECTRICAL EQUIPMENT — 16.1%** | **ELECTRICAL EQUIPMENT — 16.1%** | **ELECTRICAL EQUIPMENT — 16.1%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176916 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162864 |
| Bloom Energy Corp. Class A (a) | 11886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284313 |
| Fluence Energy, Inc. (a) (b) | 32943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221047 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295442 |
| Shoals Technologies Group, Inc. Class A (a) | 52611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364179 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 11.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 11.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 11.0%** |
| Arlo Technologies, Inc. (a) | 12807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217207 |
| Badger Meter, Inc. | &nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267485 |
| Itron, Inc. (a) | &nbsp;&nbsp;2184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287480 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937806 |
| **ENERGY EQUIPMENT & SERVICES — 2.9%** | **ENERGY EQUIPMENT & SERVICES — 2.9%** | **ENERGY EQUIPMENT & SERVICES — 2.9%** |
| Select Water Solutions, Inc. | 28857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249325 |
| **ENTERTAINMENT — 2.1%** | **ENTERTAINMENT — 2.1%** | **ENTERTAINMENT — 2.1%** |
| Roku, Inc. (a) | &nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177714 |
| **INDUSTRIAL CONGLOMERATES — 2.0%** | **INDUSTRIAL CONGLOMERATES — 2.0%** | **INDUSTRIAL CONGLOMERATES — 2.0%** |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167907 |
| **INTERACTIVE MEDIA & SERVICES — 1.9%** | **INTERACTIVE MEDIA & SERVICES — 1.9%** | **INTERACTIVE MEDIA & SERVICES — 1.9%** |
| Baidu, Inc. ADR (a) (b) | &nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159428 |
| **MACHINERY — 13.6%** | **MACHINERY — 13.6%** | **MACHINERY — 13.6%** |
| Chart Industries, Inc. (a) | &nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183091 |
| Energy Recovery, Inc. (a) | 12297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157156 |
| Mueller Water Products, Inc. Class A | 11112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267132 |
| Pentair PLC | &nbsp;&nbsp;2699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277079 |
| Xylem, Inc. | &nbsp;&nbsp;2108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157149 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **OIL, GAS & CONSUMABLE FUELS — 5.6%** | **OIL, GAS & CONSUMABLE FUELS — 5.6%** | **OIL, GAS & CONSUMABLE FUELS — 5.6%** |
| BP PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;$158090 |
| Shell PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161309 |
| Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476240 |
| **PROFESSIONAL SERVICES — 3.9%** | **PROFESSIONAL SERVICES — 3.9%** | **PROFESSIONAL SERVICES — 3.9%** |
| NV5 Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163662 |
| Parsons Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331245 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%** |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164724 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453992 |
| **SOFTWARE — 5.7%** | **SOFTWARE — 5.7%** | **SOFTWARE — 5.7%** |
| Alarm.com Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258299 |
| Rekor Systems, Inc. (a) | &nbsp;&nbsp;57366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66544 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486959 |
| **SPECIALTY RETAIL — 2.7%** | **SPECIALTY RETAIL — 2.7%** | **SPECIALTY RETAIL — 2.7%** |
| EVgo, Inc. (a) | &nbsp;&nbsp;62568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228373 |
| **TRADING COMPANIES & DISTRIBUTORS — 2.0%** | **TRADING COMPANIES & DISTRIBUTORS — 2.0%** | **TRADING COMPANIES & DISTRIBUTORS — 2.0%** |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171032 |
| **WATER UTILITIES — 1.0%** | **WATER UTILITIES — 1.0%** | **WATER UTILITIES — 1.0%** |
| Consolidated Water Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85857 |
| **TOTAL COMMON STOCKS<br>(Cost $8,496,145)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8484512 |
| **SHORT-TERM INVESTMENTS — 4.9%** | **SHORT-TERM INVESTMENTS — 4.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;10676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10676 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 404731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404731 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $415,407)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $415,407)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415407 |
| **TOTAL INVESTMENTS — 104.7%<br>(Cost $8,911,552)<br>** | **TOTAL INVESTMENTS — 104.7%<br>(Cost $8,911,552)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;8899919 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (4.7)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (4.7)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399547) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $8500372 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

ADR American Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $8484512 | $— | $— | $8484512 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;415407 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;415407 |
| **TOTAL INVESTMENTS<br>**  | $8899919 | $— | $— | $8899919 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;6236 | $6238 | $29585 | $35823 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $181 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;346785 | &nbsp;&nbsp;&nbsp;&nbsp;336109 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;10676 | &nbsp;&nbsp;&nbsp;10676 | &nbsp;&nbsp;&nbsp;&nbsp;679 |
| State Street Navigator Securities Lending Portfolio II<br>| 833420 | &nbsp;&nbsp;833420 | &nbsp;&nbsp;10652524 | &nbsp;&nbsp;11081213 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 404731 | &nbsp;&nbsp;404731 | &nbsp;&nbsp;27865 |
| Total<br>|  | $839658 | $11028894 | $11453145 | $— | $— |  | $415407 | $28725 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 9.1%** | **AEROSPACE & DEFENSE — 9.1%** | **AEROSPACE & DEFENSE — 9.1%** |
| AeroVironment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50888 | &nbsp;&nbsp;$14500536 |
| ATI, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6764048 |
| Boeing Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;39921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364647 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748873 |
| EHang Holdings Ltd. ADR (a) (b) | &nbsp;&nbsp;&nbsp;946699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16434695 |
| Elbit Systems Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23642351 |
| Embraer SA ADR (b) | &nbsp;&nbsp;&nbsp;260979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14852315 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7102213 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9589408 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619018 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783920 |
| Intuitive Machines, Inc. (a) | &nbsp;&nbsp;&nbsp;501408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450305 |
| Kratos Defense & Security Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;346975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16116989 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5012786 |
| Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;147878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6873369 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12876681 |
| Mercury Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;70767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3811511 |
| Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;25778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4665045 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11895524 |
| Rocket Lab Corp. (a) | &nbsp;&nbsp;&nbsp;193386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917417 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4854581 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5738647 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438167 |
| V2X, Inc. (a) | &nbsp;&nbsp;&nbsp;134174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6514148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207567194 |
| **AUTO COMPONENTS — 2.3%** | **AUTO COMPONENTS — 2.3%** | **AUTO COMPONENTS — 2.3%** |
| American Axle & Manufacturing Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;625718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2552929 |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;50200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424644 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896656 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;171154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935291 |
| ECARX Holdings, Inc. Class A (a) (b) | 1858628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810187 |
| Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;244365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568276 |
| Gentex Corp. (b) | &nbsp;&nbsp;&nbsp;205789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4525300 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;100214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835054 |
| Hesai Group ADR (a) | &nbsp;&nbsp;&nbsp;250958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5508528 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963427 |
| Luminar Technologies, Inc. (a) | 1259587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3615015 |
| Magna International, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;52144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013280 |
| Mobileye Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;298909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5374384 |
| Modine Manufacturing Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;19453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916121 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;80157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7478648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53417740 |
| **AUTOMOBILES — 3.1%** | **AUTOMOBILES — 3.1%** | **AUTOMOBILES — 3.1%** |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;174373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891947 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;58330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870419 |
| Honda Motor Co. Ltd. ADR (b) | &nbsp;&nbsp;&nbsp;&nbsp;91967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651408 |
| Li Auto, Inc. ADR (a) (b) | &nbsp;&nbsp;&nbsp;212152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751441 |
| Lucid Group, Inc. (a) (b) | 2630161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5549640 |
| NIO, Inc. ADR (a) (b) | 1755432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021132 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Niu Technologies ADR (a) | 3249901 | &nbsp;&nbsp;$10919667 |
| Rivian Automotive, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;465334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393689 |
| Stellantis NV (b) | &nbsp;&nbsp;&nbsp;191760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923353 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;35121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11156537 |
| Toyota Motor Corp. ADR (b) | &nbsp;&nbsp;&nbsp;&nbsp;27395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719063 |
| XPeng, Inc. ADR (a) | &nbsp;&nbsp;&nbsp;350913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274324 |
| ZEEKR Intelligent Technology Holding Ltd. ADR (a) (b) | &nbsp;&nbsp;&nbsp;227748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5807574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71930194 |
| **BANKS — 1.1%** | **BANKS — 1.1%** | **BANKS — 1.1%** |
| Banco Santander SA ADR (b) | &nbsp;&nbsp;&nbsp;502985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174776 |
| Futu Holdings Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;39433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4873524 |
| ING Groep NV ADR (b) | &nbsp;&nbsp;&nbsp;229350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015884 |
| Inter & Co., Inc. Class A | &nbsp;&nbsp;&nbsp;684797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088042 |
| Shinhan Financial Group Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;31996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445579 |
| Toronto-Dominion Bank (b) | &nbsp;&nbsp;&nbsp;&nbsp;74004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5435594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26033399 |
| **BIOTECHNOLOGY — 1.4%** | **BIOTECHNOLOGY — 1.4%** | **BIOTECHNOLOGY — 1.4%** |
| Alnylam Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733376 |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607763 |
| Avidity Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560616 |
| Beam Therapeutics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;32155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546957 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602706 |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437836 |
| BioNTech SE ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621146 |
| CareDx, Inc. (a) | &nbsp;&nbsp;&nbsp;119726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339446 |
| CRISPR Therapeutics AG (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;14503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705426 |
| Grifols SA ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;98525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890666 |
| Ideaya Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456828 |
| Intellia Therapeutics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;54729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513358 |
| Ionis Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505175 |
| Iovance Biotherapeutics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;263635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453452 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613484 |
| Legend Biotech Corp. ADR (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;18028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639814 |
| MannKind Corp. (a) | 1275261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769476 |
| Merus NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;15047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791472 |
| Moderna, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606787 |
| Natera, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612995 |
| Novavax, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;86874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547306 |
| Recursion Pharmaceuticals, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;79994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404770 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385875 |
| REGENXBIO, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;64203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527107 |
| Rocket Pharmaceuticals, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;77938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190948 |
| Roivant Sciences Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;42082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474264 |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273326 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Taysha Gene Therapies, Inc. (a) (b) | 223311 | &nbsp;&nbsp;$515848 |
| TG Therapeutics, Inc. (a) | &nbsp;&nbsp;12161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437674 |
| Twist Bioscience Corp. (a) | 148525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464235 |
| Ultragenyx Pharmaceutical, Inc. (a) | &nbsp;&nbsp;15663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569507 |
| uniQure NV (a) | &nbsp;&nbsp;37583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523907 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626396 |
| Vir Biotechnology, Inc. (a) | 128213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646194 |
| Xencor, Inc. (a) | &nbsp;&nbsp;66569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32119368 |
| **BROADLINE RETAIL — 0.8%** | **BROADLINE RETAIL — 0.8%** | **BROADLINE RETAIL — 0.8%** |
| Alibaba Group Holding Ltd. ADR | &nbsp;&nbsp;71403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8097814 |
| Jumia Technologies AG ADR (a) | 622791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2503620 |
| MercadoLibre, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7383505 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17984939 |
| **BUILDING PRODUCTS — 1.0%** | **BUILDING PRODUCTS — 1.0%** | **BUILDING PRODUCTS — 1.0%** |
| Carrier Global Corp. | &nbsp;&nbsp;63807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670034 |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;40519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390621 |
| Johnson Controls International PLC | &nbsp;&nbsp;76408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8070213 |
| Resideo Technologies, Inc. (a) | 358713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7913209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23044077 |
| **CAPITAL MARKETS — 1.2%** | **CAPITAL MARKETS — 1.2%** | **CAPITAL MARKETS — 1.2%** |
| Charles Schwab Corp. | &nbsp;&nbsp;54691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990007 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;46637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16345802 |
| Robinhood Markets, Inc. Class A (a) | &nbsp;&nbsp;66417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6218624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27554433 |
| **CHEMICALS — 1.7%** | **CHEMICALS — 1.7%** | **CHEMICALS — 1.7%** |
| Aspen Aerogels, Inc. (a) (b) | 415256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458316 |
| Cabot Corp. | &nbsp;&nbsp;61964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4647300 |
| Corteva, Inc. | &nbsp;&nbsp;10417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776379 |
| FMC Corp. | 169435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7073911 |
| Ginkgo Bioworks Holdings, Inc. (a) (b) | &nbsp;&nbsp;57318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644827 |
| Huntsman Corp. | 232123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418722 |
| Mosaic Co. | 130396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4756846 |
| Nutrien Ltd. (b) | 124469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7249075 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;65727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335353 |
| Sociedad Quimica y Minera de Chile SA ADR (a) (b) | 116171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38458080 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.6%** | **COMMERCIAL SERVICES & SUPPLIES — 0.6%** | **COMMERCIAL SERVICES & SUPPLIES — 0.6%** |
| Deluxe Corp. | 116336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850906 |
| MSA Safety, Inc. | &nbsp;&nbsp;36631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136791 |
| Tetra Tech, Inc. | &nbsp;&nbsp;69230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489511 |
| Veralto Corp. | &nbsp;&nbsp;23350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12834391 |
| **COMMUNICATIONS EQUIPMENT — 1.5%** | **COMMUNICATIONS EQUIPMENT — 1.5%** | **COMMUNICATIONS EQUIPMENT — 1.5%** |
| Cisco Systems, Inc. | 146655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10174924 |
| F5, Inc. (a) | &nbsp;&nbsp;12975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818802 |
| Juniper Networks, Inc. | &nbsp;&nbsp;97580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896369 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Lumentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;41160 | &nbsp;&nbsp;$3912670 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;161634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010139 |
| Viasat, Inc. (a) | &nbsp;&nbsp;&nbsp;564870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34060006 |
| **CONSTRUCTION & ENGINEERING — 0.8%** | **CONSTRUCTION & ENGINEERING — 0.8%** | **CONSTRUCTION & ENGINEERING — 0.8%** |
| Ameresco, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;528757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8031819 |
| Arcosa, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;38265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317958 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7007212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18356989 |
| **CONSTRUCTION MATERIALS — 0.3%** | **CONSTRUCTION MATERIALS — 0.3%** | **CONSTRUCTION MATERIALS — 0.3%** |
| Cemex SAB de CV ADR (b) | &nbsp;&nbsp;&nbsp;880260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100202 |
| **CONSUMER FINANCE — 2.3%** | **CONSUMER FINANCE — 2.3%** | **CONSUMER FINANCE — 2.3%** |
| Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;128114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4990040 |
| FinVolution Group ADR (b) | &nbsp;&nbsp;&nbsp;916916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8692364 |
| Green Dot Corp. Class A (a) | &nbsp;&nbsp;&nbsp;170487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837850 |
| Kaspi.KZ JSC ADR | &nbsp;&nbsp;&nbsp;&nbsp;14393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221822 |
| LendingClub Corp. (a) (b) | &nbsp;&nbsp;&nbsp;741657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8922134 |
| LexinFintech Holdings Ltd. ADR (b) | &nbsp;&nbsp;&nbsp;932972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726728 |
| Lufax Holding Ltd. ADR (a) | 1595157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450488 |
| SoFi Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;411168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7487369 |
| Upstart Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;146691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9487974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53816769 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.2%** |
| Andersons, Inc. | &nbsp;&nbsp;&nbsp;125030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594853 |
| **CONTAINERS & PACKAGING — 0.1%** | **CONTAINERS & PACKAGING — 0.1%** | **CONTAINERS & PACKAGING — 0.1%** |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584380 |
| **DIVERSIFIED CONSUMER SERVICES — 0.4%** | **DIVERSIFIED CONSUMER SERVICES — 0.4%** | **DIVERSIFIED CONSUMER SERVICES — 0.4%** |
| ADT, Inc. | 1152838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9764538 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%** |
| BCE, Inc. (b) | &nbsp;&nbsp;&nbsp;207836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607724 |
| IDT Corp. Class B | &nbsp;&nbsp;&nbsp;&nbsp;83440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700621 |
| Iridium Communications, Inc. (b) | &nbsp;&nbsp;&nbsp;271661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8196013 |
| TELUS Corp. | &nbsp;&nbsp;&nbsp;160406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21080478 |
| **ELECTRIC UTILITIES — 2.2%** | **ELECTRIC UTILITIES — 2.2%** | **ELECTRIC UTILITIES — 2.2%** |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;136645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8754845 |
| Centrais Eletricas Brasileiras SA ADR (b) | 1190326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8844122 |
| Cia Energetica de Minas Gerais ADR | 3626444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7107830 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10314764 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;116084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8058551 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6436047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49516159 |
| **ELECTRICAL EQUIPMENT — 3.1%** | **ELECTRICAL EQUIPMENT — 3.1%** | **ELECTRICAL EQUIPMENT — 3.1%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120410 |
| American Superconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;96657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546345 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542503 |
| Array Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;383243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261134 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ballard Power Systems, Inc. (a) (b) | 3637600 | &nbsp;&nbsp;$5783784 |
| Bloom Energy Corp. Class A (a) (b) | &nbsp;&nbsp;&nbsp;258046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6172460 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;41106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5480663 |
| Eos Energy Enterprises, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;579084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964910 |
| Fluence Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;758347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5088508 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010428 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11789047 |
| NEXTracker, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;55327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008129 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336475 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;77143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322776 |
| Shoals Technologies Group, Inc. Class A (a) (b) | 1106073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700810 |
| Sunrun, Inc. (a) | &nbsp;&nbsp;&nbsp;258165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72240172 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 8.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 8.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 8.3%** |
| 908 Devices, Inc. (a) (b) | 1698698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12111717 |
| Aeva Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;383167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14479881 |
| Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;36037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558654 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;564700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9577312 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408104 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;164813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5227868 |
| Coherent Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;93156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8310447 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701128 |
| IPG Photonics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858400 |
| Itron, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548357 |
| MicroVision, Inc. (a) (b) | 7789024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879487 |
| Mirion Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;381210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8207451 |
| Novanta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830567 |
| OSI Systems, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;60206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13537921 |
| Ouster, Inc. (a) | &nbsp;&nbsp;&nbsp;670581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16261589 |
| Powerfleet, Inc. NJ (a) (b) | 1188536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5122590 |
| Red Cat Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;806264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5869602 |
| Sanmina Corp. (a) | &nbsp;&nbsp;&nbsp;114621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11213372 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;&nbsp;100378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4196804 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;29329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946922 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;41661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21343347 |
| Trimble, Inc. (a) | &nbsp;&nbsp;&nbsp;153117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11633830 |
| TTM Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;95436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895698 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;178520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6587388 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;21259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6555425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190863861 |
| **ENERGY EQUIPMENT & SERVICES — 0.8%** | **ENERGY EQUIPMENT & SERVICES — 0.8%** | **ENERGY EQUIPMENT & SERVICES — 0.8%** |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;&nbsp;115818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722704 |
| Oceaneering International, Inc. (a) | &nbsp;&nbsp;&nbsp;422917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8762840 |
| Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;258894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2236844 |
| TechnipFMC PLC | &nbsp;&nbsp;&nbsp;106985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684564 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Tenaris SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;69379 | &nbsp;&nbsp;$2594775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18001727 |
| **ENTERTAINMENT — 2.1%** | **ENTERTAINMENT — 2.1%** | **ENTERTAINMENT — 2.1%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7408802 |
| iQIYI, Inc. ADR (a) (b) | 2609716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619197 |
| NetEase, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;63720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8575438 |
| ROBLOX Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;95108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10005362 |
| Roku, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;68334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6005875 |
| Sea Ltd. ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328142 |
| Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;471110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9181934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47124750 |
| **FINANCIAL SERVICES — 2.2%** | **FINANCIAL SERVICES — 2.2%** | **FINANCIAL SERVICES — 2.2%** |
| Block, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2155623 |
| Dlocal Ltd. | &nbsp;&nbsp;&nbsp;169263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919442 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650973 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898924 |
| Flywire Corp. (a) | &nbsp;&nbsp;&nbsp;157942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847921 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1804182 |
| Marqeta, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;353788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2062584 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;10552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929591 |
| Pagseguro Digital Ltd. Class A | &nbsp;&nbsp;&nbsp;204923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975458 |
| Paymentus Holdings, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;51763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695238 |
| Payoneer Global, Inc. (a) | &nbsp;&nbsp;&nbsp;175650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203203 |
| PayPal Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821583 |
| Paysafe Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;789225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9960020 |
| Repay Holdings Corp. (a) (b) | &nbsp;&nbsp;&nbsp;395411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905881 |
| Rocket Cos., Inc. Class A (b) | &nbsp;&nbsp;&nbsp;593703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8418709 |
| Shift4 Payments, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;20786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060100 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50114861 |
| **FOOD PRODUCTS — 0.7%** | **FOOD PRODUCTS — 0.7%** | **FOOD PRODUCTS — 0.7%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;87827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4635509 |
| Beyond Meat, Inc. (a) (b) | 2175376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7592062 |
| Darling Ingredients, Inc. (a) | &nbsp;&nbsp;&nbsp;129966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17158481 |
| **GROUND TRANSPORTATION — 2.2%** | **GROUND TRANSPORTATION — 2.2%** | **GROUND TRANSPORTATION — 2.2%** |
| Avis Budget Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;103445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17487377 |
| Grab Holdings Ltd. Class A (a) | 1603119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8063689 |
| Lyft, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;842989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13285507 |
| Uber Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;125924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11748709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50585282 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 4.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 4.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 4.8%** |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;42607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5794978 |
| Alphatec Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;69660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773226 |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;58433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276288 |
| Butterfly Network, Inc. (a) (b) | 1802994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605988 |
| CONMED Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;14158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737349 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;373243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5927099 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;&nbsp;134178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11712398 |
| Globus Medical, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;22463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325766 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Inspire Medical Systems, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;72016 | &nbsp;&nbsp;$9345516 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6134555 |
| iRhythm Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;104992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16164568 |
| Koninklijke Philips NV NY Reg Shrs (b) | &nbsp;&nbsp;&nbsp;102211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451020 |
| Masimo Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;97086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16331807 |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;102392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925511 |
| Omnicell, Inc. (a) | &nbsp;&nbsp;&nbsp;200050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5881470 |
| PROCEPT BioRobotics Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;22406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290586 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4390644 |
| Smith & Nephew PLC ADR (b) | &nbsp;&nbsp;&nbsp;&nbsp;27863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853444 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459083 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110180478 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.6%** | **HEALTH CARE PROVIDERS & SERVICES — 1.6%** | **HEALTH CARE PROVIDERS & SERVICES — 1.6%** |
| Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601334 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;109870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260026 |
| CorVel Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339992 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649177 |
| HealthEquity, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;46411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862016 |
| Hims & Hers Health, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;69596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469361 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885931 |
| OmniAb, Inc. (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Pediatrix Medical Group, Inc. (a) | &nbsp;&nbsp;&nbsp;164792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364765 |
| Premier, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;110957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433287 |
| Privia Health Group, Inc. (a) | &nbsp;&nbsp;&nbsp;174893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022539 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484822 |
| Talkspace, Inc. (a) (b) | 1489348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140387 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36895528 |
| **HEALTH CARE TECHNOLOGY — 0.9%** | **HEALTH CARE TECHNOLOGY — 0.9%** | **HEALTH CARE TECHNOLOGY — 0.9%** |
| Doximity, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;42984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636639 |
| Evolent Health, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;246850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779531 |
| GoodRx Holdings, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;944840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705303 |
| LifeMD, Inc. (a) | &nbsp;&nbsp;&nbsp;393728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5362575 |
| Teladoc Health, Inc. (a) | &nbsp;&nbsp;&nbsp;550846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4797869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20281917 |
| **HOUSEHOLD DURABLES — 0.8%** | **HOUSEHOLD DURABLES — 0.8%** | **HOUSEHOLD DURABLES — 0.8%** |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11640523 |
| Sony Group Corp. ADR (b) | &nbsp;&nbsp;&nbsp;226982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5908342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17548865 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.3%** |
| AES Corp. | &nbsp;&nbsp;&nbsp;698085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343854 |
| Ormat Technologies, Inc. (b) | &nbsp;&nbsp;&nbsp;156608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13117486 |
| TransAlta Corp. (b) | &nbsp;&nbsp;&nbsp;909413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9812567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30273907 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INDUSTRIAL CONGLOMERATES — 0.4%** | **INDUSTRIAL CONGLOMERATES — 0.4%** | **INDUSTRIAL CONGLOMERATES — 0.4%** |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41864 | &nbsp;&nbsp;$9749288 |
| **INSURANCE — 0.5%** | **INSURANCE — 0.5%** | **INSURANCE — 0.5%** |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049660 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4921432 |
| Sun Life Financial, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;39509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12596465 |
| **INTERACTIVE MEDIA & SERVICES — 6.0%** | **INTERACTIVE MEDIA & SERVICES — 6.0%** | **INTERACTIVE MEDIA & SERVICES — 6.0%** |
| Alphabet, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;58837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10437095 |
| Baidu, Inc. ADR (a) (b) | &nbsp;&nbsp;&nbsp;143404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12298327 |
| Bilibili, Inc. ADR (a) (b) | &nbsp;&nbsp;&nbsp;366168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7854304 |
| Bumble, Inc. Class A (a) (b) | 1844726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156744 |
| Grindr, Inc. (a) | &nbsp;&nbsp;&nbsp;323649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7346832 |
| Hello Group, Inc. ADR | &nbsp;&nbsp;&nbsp;909800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7678712 |
| JOYY, Inc. ADR | &nbsp;&nbsp;&nbsp;167079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505992 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;231444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7149305 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;23660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17463209 |
| Rumble, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;974625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8752133 |
| Snap, Inc. Class A (a) (b) | 1808284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15713988 |
| Trump Media & Technology Group Corp. (a) | &nbsp;&nbsp;&nbsp;318212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740545 |
| Vimeo, Inc. (a) (b) | 1556165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6286907 |
| Weibo Corp. ADR | &nbsp;&nbsp;&nbsp;819253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807481 |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;&nbsp;107488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253662 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138445236 |
| **IT SERVICES — 1.0%** | **IT SERVICES — 1.0%** | **IT SERVICES — 1.0%** |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;41807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334526 |
| Cloudflare, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;27019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291131 |
| Kingsoft Cloud Holdings Ltd. ADR (a) (b) | &nbsp;&nbsp;&nbsp;156319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957114 |
| Okta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;31024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3101469 |
| Shopify, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;16637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919078 |
| Twilio, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;51283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6377554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21980872 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.4%** | **LIFE SCIENCES TOOLS & SERVICES — 1.4%** | **LIFE SCIENCES TOOLS & SERVICES — 1.4%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830200 |
| Azenta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444617 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628205 |
| Bruker Corp. | &nbsp;&nbsp;&nbsp;392082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16153778 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252228 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279559 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812906 |
| Revvity, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827246 |
| Stevanato Group SpA (b) | &nbsp;&nbsp;&nbsp;237832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810236 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32962747 |
| **MACHINERY — 4.5%** | **MACHINERY — 4.5%** | **MACHINERY — 4.5%** |
| 3D Systems Corp. (a) (b) | 7169485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11041007 |
| AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907594 |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636162 |
| Blue Bird Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;45868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979663 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Chart Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10432 | &nbsp;&nbsp;$1717629 |
| CNH Industrial NV | &nbsp;&nbsp;&nbsp;315540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089398 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392942 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;15346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7803288 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142944 |
| Energy Recovery, Inc. (a) | &nbsp;&nbsp;&nbsp;144214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843055 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021430 |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3507031 |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370844 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833012 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7738003 |
| Microvast Holdings, Inc. (a) (b) | 1181897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290286 |
| Mueller Water Products, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;93881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256899 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4530710 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105940 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1972115 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;23760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439202 |
| Proto Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;241701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9677708 |
| REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047893 |
| Richtech Robotics, Inc. Class B (a) | &nbsp;&nbsp;&nbsp;690455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346387 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3029453 |
| Symbotic, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;50044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944209 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102982547 |
| **METALS & MINING — 1.0%** | **METALS & MINING — 1.0%** | **METALS & MINING — 1.0%** |
| ArcelorMittal SA NY Reg Shrs (b) | &nbsp;&nbsp;&nbsp;&nbsp;61313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936265 |
| Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11833486 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6440659 |
| POSCO Holdings, Inc. ADR (b) | &nbsp;&nbsp;&nbsp;&nbsp;59515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23096292 |
| **MULTI-UTILITIES — 0.4%** | **MULTI-UTILITIES — 0.4%** | **MULTI-UTILITIES — 0.4%** |
| Avista Corp. | &nbsp;&nbsp;&nbsp;231085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8769676 |
| **OIL, GAS & CONSUMABLE FUELS — 0.5%** | **OIL, GAS & CONSUMABLE FUELS — 0.5%** | **OIL, GAS & CONSUMABLE FUELS — 0.5%** |
| BP PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;49282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475010 |
| Eni SpA ADR (b) | &nbsp;&nbsp;&nbsp;204439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6627912 |
| Shell PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;21010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479314 |
| Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11062822 |
| **PHARMACEUTICALS — 0.7%** | **PHARMACEUTICALS — 0.7%** | **PHARMACEUTICALS — 0.7%** |
| AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466379 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437209 |
| Dr. Reddy's Laboratories Ltd. ADR (b) | &nbsp;&nbsp;&nbsp;160033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405296 |
| Liquidia Corp. (a) (b) | &nbsp;&nbsp;&nbsp;301557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3757400 |
| Novartis AG ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535590 |
| WaVe Life Sciences Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535477 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7204422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15341773 |
| **PROFESSIONAL SERVICES — 2.5%** | **PROFESSIONAL SERVICES — 2.5%** | **PROFESSIONAL SERVICES — 2.5%** |
| CACI International, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;13261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6321519 |
| ExlService Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;52294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289954 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54165 | &nbsp;&nbsp;$2596670 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;109025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17199784 |
| NV5 Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;76265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760959 |
| Parsons Corp. (a) | &nbsp;&nbsp;&nbsp;298419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21417531 |
| Planet Labs PBC (a) | &nbsp;&nbsp;&nbsp;899958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57076161 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.7%** |
| Allegro MicroSystems, Inc. (a) | &nbsp;&nbsp;&nbsp;200491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854787 |
| Ambarella, Inc. (a) | &nbsp;&nbsp;&nbsp;264742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17490180 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312286 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5705560 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580200 |
| Canadian Solar, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;303688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352716 |
| Daqo New Energy Corp. ADR (a) (b) | &nbsp;&nbsp;&nbsp;222544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375993 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;103031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085179 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222236 |
| Himax Technologies, Inc. ADR (b) | 1196008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10680351 |
| indie Semiconductor, Inc. Class A (a) (b) | 1702688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6061569 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;143686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218566 |
| JinkoSolar Holding Co. Ltd. ADR (b) | &nbsp;&nbsp;&nbsp;169894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605151 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9219852 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624463 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10697819 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;20033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377010 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;214076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11219723 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442239 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;56767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365185 |
| SolarEdge Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;251962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5140025 |
| STMicroelectronics NV NY Reg Shrs | &nbsp;&nbsp;&nbsp;161185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901636 |
| Synaptics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;63180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095328 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417049 |
| Tower Semiconductor Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411862 |
| Ultra Clean Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;35652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804666 |
| Veeco Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;213487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152599687 |
| **SOFTWARE — 12.2%** | **SOFTWARE — 12.2%** | **SOFTWARE — 12.2%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;202528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3918917 |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783558 |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777109 |
| Agilysys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385768 |
| Alarm.com Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;127979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7239772 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;30357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10661985 |
| Asana, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;403960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453460 |
| Atlassian Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;26741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430830 |
| Aurora Innovation, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;622742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263168 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5221208 |
| Bill Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273584 |
| Bit Digital, Inc. (a) (b) | 1412269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3092869 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Bitdeer Technologies Group Class A (a) (b) | &nbsp;&nbsp;&nbsp;237159 | &nbsp;&nbsp;$2722585 |
| Bitfarms Ltd. (a) (b) | 3649546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066348 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;76925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939354 |
| BlackBerry Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;922332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224281 |
| Box, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;181422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6199190 |
| Check Point Software Technologies Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656599 |
| Cipher Mining, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;804408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3845070 |
| Cleanspark, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;354782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3913245 |
| Core Scientific, Inc. (a) | &nbsp;&nbsp;&nbsp;318394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434986 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244080 |
| CyberArk Software Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892214 |
| Datadog, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;33751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4533772 |
| Dropbox, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;184548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5278073 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;33157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505358 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;123899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642631 |
| Gorilla Technology Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;196583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3910036 |
| Hive Digital Technologies Ltd. (a) (b) | 1720414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096745 |
| Hut 8 Corp. (a) | &nbsp;&nbsp;&nbsp;194773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3622778 |
| I3 Verticals, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;49844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369713 |
| IREN Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;378294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511744 |
| Lightspeed Commerce, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;102315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198109 |
| MARA Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;212128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326167 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10410791 |
| Monday.com Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5992731 |
| N-able, Inc. (a) | &nbsp;&nbsp;&nbsp;474609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844333 |
| Nebius Group NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;82450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4561958 |
| OneSpan, Inc. | &nbsp;&nbsp;&nbsp;219174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658014 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841093 |
| Pony AI, Inc. ADR (a) (b) | &nbsp;&nbsp;&nbsp;453796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5990107 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786861 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;124757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21500621 |
| Q2 Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;105817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9903413 |
| Qualys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005789 |
| Rapid7, Inc. (a) | &nbsp;&nbsp;&nbsp;138136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195086 |
| RingCentral, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;197479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5598530 |
| Riot Platforms, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;340546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848170 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449977 |
| Rubrik, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;50459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520622 |
| Samsara, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;164143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529608 |
| SentinelOne, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;182700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339756 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941245 |
| Tenable Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;116870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947869 |
| Unity Software, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;399673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9672087 |
| Varonis Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772653 |
| Weave Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;128789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071524 |
| Workiva, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347725 |
| Zoom Communications, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;70531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500007 |
| Zscaler, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280262292 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALTY RETAIL — 0.1%** | **SPECIALTY RETAIL — 0.1%** | **SPECIALTY RETAIL — 0.1%** |
| EVgo, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566416 | &nbsp;&nbsp;$2067418 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4%** |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12727516 |
| CompoSecure, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449001 |
| Eastman Kodak Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329831 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5324282 |
| Xerox Holdings Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;1357195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7152418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31983048 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.3%** | **TRADING COMPANIES & DISTRIBUTORS — 0.3%** | **TRADING COMPANIES & DISTRIBUTORS — 0.3%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4560437 |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6229778 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.4%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.4%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.4%** |
| SK Telecom Co. Ltd. ADR (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919298 |
| Turkcell Iletisim Hizmetleri AS ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4268069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8187367 |
| **TOTAL COMMON STOCKS<br>(Cost $2,034,494,654)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;2287481487 |
| **SHORT-TERM INVESTMENTS — 10.1%** | **SHORT-TERM INVESTMENTS — 10.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;2522191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522191 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (f) (g) | 229135396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229135396 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $231,657,587)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $231,657,587)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;231657587 |
| **TOTAL INVESTMENTS — 109.9%<br>(Cost $2,266,152,241)<br>** | **TOTAL INVESTMENTS — 109.9%<br>(Cost $2,266,152,241)<br>** | &nbsp;&nbsp;2519139074 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (9.9)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (9.9)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(226989211) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $2292149863 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(f) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

ADR American Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $2287481487 | $— | &nbsp;&nbsp;&nbsp;$0(a) | $2287481487 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;231657587 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;231657587 |
| **TOTAL INVESTMENTS<br>**  | $2519139074 | $— | $0 | $2519139074 |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;3052375 | $3053291 | $3898196 | $6951487 | $231 | $(231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $22792 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;56317737 | &nbsp;&nbsp;&nbsp;53795546 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2522191 | &nbsp;&nbsp;&nbsp;&nbsp;2522191 | &nbsp;&nbsp;&nbsp;&nbsp;90783 |
| State Street Navigator Securities Lending Portfolio II<br>| 118034139 | &nbsp;&nbsp;118034139 | &nbsp;&nbsp;936230151 | &nbsp;&nbsp;825128894 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 229135396 | &nbsp;&nbsp;229135396 | &nbsp;&nbsp;4216443 |
| Total<br>|  | $121087430 | $996446084 | $885875927 | $231 | $(231) |  | $231657587 | $4330018 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO SMART MOBILITY ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 5.8%** | **AEROSPACE & DEFENSE — 5.8%** | **AEROSPACE & DEFENSE — 5.8%** |
| EHang Holdings Ltd. ADR (a) (b) | &nbsp;&nbsp;18495 | &nbsp;&nbsp;$321073 |
| Embraer SA ADR | &nbsp;&nbsp;&nbsp;&nbsp;4348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247445 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225664 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221902 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217425 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233509 |
| **AIRLINES — 0.5%** | **AIRLINES — 0.5%** | **AIRLINES — 0.5%** |
| Blade Air Mobility, Inc. (a) | &nbsp;&nbsp;24483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98667 |
| **AUTO COMPONENTS — 18.1%** | **AUTO COMPONENTS — 18.1%** | **AUTO COMPONENTS — 18.1%** |
| American Axle & Manufacturing Holdings, Inc. (a) | &nbsp;&nbsp;70592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288015 |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200430 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317859 |
| Dana, Inc. | &nbsp;&nbsp;18056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309661 |
| ECARX Holdings, Inc. Class A (a) (b) | 127565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261508 |
| Garrett Motion, Inc. | &nbsp;&nbsp;31289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328847 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;11363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321459 |
| Hesai Group ADR (a) | &nbsp;&nbsp;15509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340423 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210096 |
| Magna International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209035 |
| Mobileye Global, Inc. Class A (a) (b) | &nbsp;&nbsp;19547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351455 |
| Modine Manufacturing Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217587 |
| Solid Power, Inc. (a) (b) | &nbsp;&nbsp;77162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168985 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852936 |
| **AUTOMOBILES — 18.5%** | **AUTOMOBILES — 18.5%** | **AUTOMOBILES — 18.5%** |
| Ford Motor Co. | &nbsp;&nbsp;19507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211651 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;6412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315534 |
| Honda Motor Co. Ltd. ADR (b) | &nbsp;&nbsp;10973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316352 |
| Li Auto, Inc. ADR (a) (b) | &nbsp;&nbsp;10877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294875 |
| Lucid Group, Inc. (a) (b) | 146680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309495 |
| NIO, Inc. ADR (a) (b) | &nbsp;&nbsp;85504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293279 |
| Niu Technologies ADR (a) | &nbsp;&nbsp;79436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266905 |
| Polestar Automotive Holding U.K. PLC Class A ADR (a) (b) | 219924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235319 |
| Rivian Automotive, Inc. Class A (a) | &nbsp;&nbsp;22519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309411 |
| Stellantis NV (b) | &nbsp;&nbsp;19998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200580 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311307 |
| Toyota Motor Corp. ADR (b) | &nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194481 |
| Vinfast Auto Ltd. (a) (b) | &nbsp;&nbsp;24794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88514 |
| XPeng, Inc. ADR (a) | &nbsp;&nbsp;15653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279876 |
| ZEEKR Intelligent Technology Holding Ltd. ADR (a) | &nbsp;&nbsp;12062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935160 |
| **CHEMICALS — 1.4%** | **CHEMICALS — 1.4%** | **CHEMICALS — 1.4%** |
| Aspen Aerogels, Inc. (a) | &nbsp;&nbsp;49198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291252 |
| **COMMUNICATIONS EQUIPMENT — 2.2%** | **COMMUNICATIONS EQUIPMENT — 2.2%** | **COMMUNICATIONS EQUIPMENT — 2.2%** |
| Ituran Location & Control Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221342 |
| Lumentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240027 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461369 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%** |
| Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7228 | &nbsp;&nbsp;$218069 |
| **ELECTRICAL EQUIPMENT — 2.4%** | **ELECTRICAL EQUIPMENT — 2.4%** | **ELECTRICAL EQUIPMENT — 2.4%** |
| Ballard Power Systems, Inc. (a) (b) | 190348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302654 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;7248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520891 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 9.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 9.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 9.8%** |
| Aeva Technologies, Inc. (a) | &nbsp;&nbsp;13699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517722 |
| MicroVision, Inc. (a) (b) | 249952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284945 |
| Ouster, Inc. (a) | &nbsp;&nbsp;15705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380846 |
| Powerfleet, Inc. NJ (a) | &nbsp;&nbsp;43780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188692 |
| Red Cat Holdings, Inc. (a) (b) | &nbsp;&nbsp;37937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276181 |
| Trimble, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217835 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075075 |
| **GROUND TRANSPORTATION — 6.2%** | **GROUND TRANSPORTATION — 6.2%** | **GROUND TRANSPORTATION — 6.2%** |
| Avis Budget Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426006 |
| Grab Holdings Ltd. Class A (a) | &nbsp;&nbsp;43591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219262 |
| Lyft, Inc. Class A (a) | &nbsp;&nbsp;20551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323884 |
| Uber Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313709 |
| **INTERACTIVE MEDIA & SERVICES — 1.0%** | **INTERACTIVE MEDIA & SERVICES — 1.0%** | **INTERACTIVE MEDIA & SERVICES — 1.0%** |
| Baidu, Inc. ADR (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203680 |
| **MACHINERY — 9.0%** | **MACHINERY — 9.0%** | **MACHINERY — 9.0%** |
| Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296939 |
| Blue Bird Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218087 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323570 |
| Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166002 |
| Microvast Holdings, Inc. (a) | &nbsp;&nbsp;75777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275070 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213115 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210558 |
| REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922731 |
| **METALS & MINING — 1.0%** | **METALS & MINING — 1.0%** | **METALS & MINING — 1.0%** |
| ArcelorMittal SA NY Reg Shrs | &nbsp;&nbsp;&nbsp;&nbsp;6769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213765 |
| **OIL, GAS & CONSUMABLE FUELS — 1.0%** | **OIL, GAS & CONSUMABLE FUELS — 1.0%** | **OIL, GAS & CONSUMABLE FUELS — 1.0%** |
| Eni SpA ADR (b) | &nbsp;&nbsp;&nbsp;&nbsp;6551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212383 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 15.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 15.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 15.3%** |
| Allegro MicroSystems, Inc. (a) | &nbsp;&nbsp;10644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363918 |
| Ambarella, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390576 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180566 |
| indie Semiconductor, Inc. Class A (a) (b) | &nbsp;&nbsp;98999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352437 |
| Intel Corp. | &nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225232 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353740 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209095 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323632 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319316 |
| SolarEdge Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;9898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201919 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P KENSHO SMART MOBILITY ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| STMicroelectronics NV NY Reg Shrs | &nbsp;&nbsp;&nbsp;&nbsp;10698 | &nbsp;&nbsp;$325326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245757 |
| **SOFTWARE — 6.6%** | **SOFTWARE — 6.6%** | **SOFTWARE — 6.6%** |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324176 |
| Aurora Innovation, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;54386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284983 |
| Karooooo Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50449 |
| Nebius Group NV (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225580 |
| Pony AI, Inc. ADR (a) | &nbsp;&nbsp;&nbsp;&nbsp;25279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333683 |
| Samsara, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412600 |
| **TOTAL COMMON STOCKS<br>(Cost $29,658,336)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21211553 |
| **SHORT-TERM INVESTMENTS — 8.9%** | **SHORT-TERM INVESTMENTS — 8.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;39615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39615 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 1857187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857187 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $1,896,802)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $1,896,802)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896802 |
| **TOTAL INVESTMENTS — 108.7%<br>(Cost $31,555,138)<br>** | **TOTAL INVESTMENTS — 108.7%<br>(Cost $31,555,138)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;23108355 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (8.7)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (8.7)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(1850318) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $21258037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

ADR American Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $21211553 | $— | $— | $21211553 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;1896802 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1896802 |
| **TOTAL INVESTMENTS<br>**  | $23108355 | $— | $— | $23108355 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;29310 | $29319 | $312792 | $342111 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $435 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1348680 | &nbsp;&nbsp;&nbsp;1309065 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39615 | &nbsp;&nbsp;&nbsp;&nbsp;39615 | &nbsp;&nbsp;&nbsp;&nbsp;1945 |
| State Street Navigator Securities Lending Portfolio II<br>| 4321780 | &nbsp;&nbsp;4321780 | &nbsp;&nbsp;20869102 | &nbsp;&nbsp;23333695 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 1857187 | &nbsp;&nbsp;1857187 | &nbsp;&nbsp;165968 |
| Total<br>|  | $4351099 | $22530574 | $24984871 | $— | $— |  | $1896802 | $168348 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P SMALLCAP 600 ESG ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AEROSPACE & DEFENSE — 0.2%** | **AEROSPACE & DEFENSE — 0.2%** | **AEROSPACE & DEFENSE — 0.2%** |
| Triumph Group, Inc. (a) | &nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;$15373 |
| **AIR FREIGHT & LOGISTICS — 0.1%** | **AIR FREIGHT & LOGISTICS — 0.1%** | **AIR FREIGHT & LOGISTICS — 0.1%** |
| Forward Air Corp. (a) | &nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 |
| **AIRLINES — 0.7%** | **AIRLINES — 0.7%** | **AIRLINES — 0.7%** |
| Allegiant Travel Co. (a) | &nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6209 |
| JetBlue Airways Corp. (a) | 2344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9915 |
| SkyWest, Inc. (a) | &nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48251 |
| **AUTO COMPONENTS — 2.0%** | **AUTO COMPONENTS — 2.0%** | **AUTO COMPONENTS — 2.0%** |
| Adient PLC (a) | &nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12610 |
| American Axle & Manufacturing Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 |
| BorgWarner, Inc. | 1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57083 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17081 |
| Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25761 |
| Fox Factory Holding Corp. (a) | &nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8379 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6761 |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13436 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149701 |
| **BANKS — 9.5%** | **BANKS — 9.5%** | **BANKS — 9.5%** |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32350 |
| Atlantic Union Bankshares Corp. | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34408 |
| Banc of California, Inc. | 1001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14064 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19161 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20395 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20664 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20535 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8839 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24495 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5858 |
| City Holding Co. | &nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13589 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23089 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13158 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8190 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558 |
| FB Financial Corp. | &nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12231 |
| First BanCorp | 1231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25642 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14065 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13439 |
| First Financial Bancorp | &nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17880 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24361 |
| Fulton Financial Corp. | 1406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25364 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10774 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10483 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20626 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11095 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16786 |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14595 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15691 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;$14637 |
| Provident Financial Services, Inc. | 1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17670 |
| Renasant Corp. | &nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25618 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11119 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18064 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18410 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6022 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9369 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4879 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28360 |
| WaFd, Inc. | &nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697653 |
| **BEVERAGES — 0.0% <sup>\*</sup>** | **BEVERAGES — 0.0% <sup>\*</sup>** | **BEVERAGES — 0.0% <sup>\*</sup>** |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3237 |
| **BIOTECHNOLOGY — 2.3%** | **BIOTECHNOLOGY — 2.3%** | **BIOTECHNOLOGY — 2.3%** |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20535 |
| ADMA Biologics, Inc. (a) | 1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33724 |
| Alkermes PLC (a) | 1275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36478 |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15358 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19269 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8561 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27217 |
| Myriad Genetics, Inc. (a) | &nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728 |
| Vir Biotechnology, Inc. (a) | &nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168463 |
| **BROADLINE RETAIL — 0.6%** | **BROADLINE RETAIL — 0.6%** | **BROADLINE RETAIL — 0.6%** |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40228 |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47521 |
| **BUILDING PRODUCTS — 3.5%** | **BUILDING PRODUCTS — 3.5%** | **BUILDING PRODUCTS — 3.5%** |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6861 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54580 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21825 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37288 |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13334 |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21928 |
| Hayward Holdings, Inc. (a) | 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15152 |
| Masterbrand, Inc. (a) | &nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10744 |
| Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6861 |
| Resideo Technologies, Inc. (a) | 1158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25546 |
| Zurn Elkay Water Solutions Corp. | 1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253761 |
| **CAPITAL MARKETS — 2.7%** | **CAPITAL MARKETS — 2.7%** | **CAPITAL MARKETS — 2.7%** |
| Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24027 |
| BGC Group, Inc. Class A | 2941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30087 |
| Donnelley Financial Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12084 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35576 |
| StepStone Group, Inc. Class A | &nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28305 |
| StoneX Group, Inc. (a) | &nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30805 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27859 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P SMALLCAP 600 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| WisdomTree, Inc. | &nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;$10152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198895 |
| **CHEMICALS — 3.4%** | **CHEMICALS — 3.4%** | **CHEMICALS — 3.4%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4869 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39959 |
| Element Solutions, Inc. | 1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38958 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40205 |
| HB Fuller Co. | &nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25443 |
| Ingevity Corp. (a) | &nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12108 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16314 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5015 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13492 |
| Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11754 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32118 |
| Stepan Co. | &nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249186 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.1%** | **COMMERCIAL SERVICES & SUPPLIES — 2.1%** | **COMMERCIAL SERVICES & SUPPLIES — 2.1%** |
| ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22708 |
| Brady Corp. Class A | &nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22770 |
| Deluxe Corp. | &nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457 |
| Enviri Corp. (a) | &nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5373 |
| GEO Group, Inc. (a) | 1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25698 |
| HNI Corp. | &nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17607 |
| Interface, Inc. | &nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9439 |
| MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10215 |
| Pitney Bowes, Inc. | 1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13332 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154244 |
| **COMMUNICATIONS EQUIPMENT — 1.1%** | **COMMUNICATIONS EQUIPMENT — 1.1%** | **COMMUNICATIONS EQUIPMENT — 1.1%** |
| Calix, Inc. (a) | &nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23616 |
| Extreme Networks, Inc. (a) | 1024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18381 |
| Harmonic, Inc. (a) | &nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8012 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13720 |
| Viavi Solutions, Inc. (a) | 1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80999 |
| **CONSTRUCTION & ENGINEERING — 1.2%** | **CONSTRUCTION & ENGINEERING — 1.2%** | **CONSTRUCTION & ENGINEERING — 1.2%** |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32603 |
| Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31793 |
| MYR Group, Inc. (a) | &nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86170 |
| **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20563 |
| Encore Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7123 |
| PRA Group, Inc. (a) | &nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4469 |
| PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41077 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%** |
| Andersons, Inc. | &nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9114 |
| Chefs' Warehouse, Inc. (a) | &nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17356 |
| Grocery Outlet Holding Corp. (a) | &nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9327 |
| SpartanNash Co. | &nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6914 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| United Natural Foods, Inc. (a) | &nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;$10816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53527 |
| **CONTAINERS & PACKAGING — 0.7%** | **CONTAINERS & PACKAGING — 0.7%** | **CONTAINERS & PACKAGING — 0.7%** |
| O-I Glass, Inc. (a) | 1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17541 |
| Sealed Air Corp. | 1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52977 |
| **DIVERSIFIED CONSUMER SERVICES — 1.4%** | **DIVERSIFIED CONSUMER SERVICES — 1.4%** | **DIVERSIFIED CONSUMER SERVICES — 1.4%** |
| Adtalem Global Education, Inc. (a) | &nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35116 |
| Frontdoor, Inc. (a) | &nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33360 |
| Matthews International Corp. Class A | &nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5715 |
| Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105670 |
| **DIVERSIFIED REITs — 1.0%** | **DIVERSIFIED REITs — 1.0%** | **DIVERSIFIED REITs — 1.0%** |
| Alexander & Baldwin, Inc. REIT | &nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10003 |
| American Assets Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7169 |
| Armada Hoffler Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218 |
| Essential Properties Realty Trust, Inc. REIT | 1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70212 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%** |
| Lumen Technologies, Inc. (a) | 7960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34865 |
| Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700 |
| **ELECTRIC UTILITIES — 0.3%** | **ELECTRIC UTILITIES — 0.3%** | **ELECTRIC UTILITIES — 0.3%** |
| Otter Tail Corp. | &nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24977 |
| **ELECTRICAL EQUIPMENT — 0.4%** | **ELECTRICAL EQUIPMENT — 0.4%** | **ELECTRICAL EQUIPMENT — 0.4%** |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15573 |
| Sunrun, Inc. (a) | 1731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29733 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.5%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38557 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13619 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55849 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10795 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928 |
| Insight Enterprises, Inc. (a) | &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29136 |
| Itron, Inc. (a) | &nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46334 |
| Knowles Corp. (a) | &nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11911 |
| OSI Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27208 |
| Plexus Corp. (a) | &nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28280 |
| Rogers Corp. (a) | &nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9039 |
| Sanmina Corp. (a) | &nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40306 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327401 |
| **ENERGY EQUIPMENT & SERVICES — 1.3%** | **ENERGY EQUIPMENT & SERVICES — 1.3%** | **ENERGY EQUIPMENT & SERVICES — 1.3%** |
| Archrock, Inc. | 1371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34042 |
| Bristow Group, Inc. (a) | &nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6264 |
| Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170 |
| Helix Energy Solutions Group, Inc. (a) | 1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6883 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P SMALLCAP 600 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;$11628 |
| Patterson-UTI Energy, Inc. | 2715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100 |
| ProPetro Holding Corp. (a) | &nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659 |
| Tidewater, Inc. (a) | &nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98938 |
| **FINANCIAL SERVICES — 3.7%** | **FINANCIAL SERVICES — 3.7%** | **FINANCIAL SERVICES — 3.7%** |
| EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17737 |
| HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25248 |
| Jackson Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48923 |
| Mr. Cooper Group, Inc. (a) | &nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74008 |
| NCR Atleos Corp. (a) | &nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15977 |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25525 |
| Payoneer Global, Inc. (a) | 1982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13577 |
| Radian Group, Inc. | 1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37137 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275540 |
| **FOOD PRODUCTS — 1.4%** | **FOOD PRODUCTS — 1.4%** | **FOOD PRODUCTS — 1.4%** |
| B&G Foods, Inc. | &nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33276 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8397 |
| Freshpet, Inc. (a) | &nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25825 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427 |
| Simply Good Foods Co. (a) | &nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22429 |
| TreeHouse Foods, Inc. (a) | &nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103720 |
| **GAS UTILITIES — 0.5%** | **GAS UTILITIES — 0.5%** | **GAS UTILITIES — 0.5%** |
| MDU Resources Group, Inc. | 1574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26239 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38552 |
| **GROUND TRANSPORTATION — 0.6%** | **GROUND TRANSPORTATION — 0.6%** | **GROUND TRANSPORTATION — 0.6%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13862 |
| Hertz Global Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6468 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8790 |
| Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42171 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 4.9%** |
| Artivion, Inc. (a) | &nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9081 |
| Avanos Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333 |
| CONMED Corp. | &nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12395 |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 |
| Enovis Corp. (a) | &nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13767 |
| Glaukos Corp. (a) | &nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45758 |
| ICU Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24976 |
| Inspire Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29717 |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33325 |
| Integra LifeSciences Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295 |
| Merit Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42720 |
| Omnicell, Inc. (a) | &nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10496 |
| QuidelOrtho Corp. (a) | &nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14669 |
| STAAR Surgical Co. (a) | &nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 |
| Tandem Diabetes Care, Inc. (a) | &nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9451 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40242 |
| TransMedics Group, Inc. (a) | &nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35245 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| UFP Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;$13917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357131 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.0%** | **HEALTH CARE PROVIDERS & SERVICES — 1.0%** | **HEALTH CARE PROVIDERS & SERVICES — 1.0%** |
| Addus HomeCare Corp. (a) | &nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15896 |
| AMN Healthcare Services, Inc. (a) | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6077 |
| OmniAb, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Owens & Minor, Inc. (a) | &nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196 |
| Pediatrix Medical Group, Inc. (a) | &nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9385 |
| Premier, Inc. Class A | &nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13882 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12235 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71742 |
| **HEALTH CARE REITs — 0.9%** | **HEALTH CARE REITs — 0.9%** | **HEALTH CARE REITs — 0.9%** |
| CareTrust REIT, Inc. | 1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45349 |
| Medical Properties Trust, Inc. REIT | 4635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65326 |
| **HEALTH CARE TECHNOLOGY — 0.3%** | **HEALTH CARE TECHNOLOGY — 0.3%** | **HEALTH CARE TECHNOLOGY — 0.3%** |
| Certara, Inc. (a) | &nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9875 |
| Schrodinger, Inc. (a) | &nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8611 |
| Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20650 |
| **HOTEL & RESORT REITs — 1.4%** | **HOTEL & RESORT REITs — 1.4%** | **HOTEL & RESORT REITs — 1.4%** |
| Apple Hospitality REIT, Inc. | 1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20096 |
| DiamondRock Hospitality Co. REIT | 1602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12271 |
| Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9221 |
| Ryman Hospitality Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45783 |
| Summit Hotel Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260 |
| Xenia Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100996 |
| **HOTELS, RESTAURANTS & LEISURE — 2.7%** | **HOTELS, RESTAURANTS & LEISURE — 2.7%** | **HOTELS, RESTAURANTS & LEISURE — 2.7%** |
| BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7805 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 |
| Brinker International, Inc. (a) | &nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62034 |
| Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22056 |
| Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10567 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679 |
| Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12382 |
| Penn Entertainment, Inc. (a) | 1125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20104 |
| Sabre Corp. (a) | 2978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9410 |
| Shake Shack, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200016 |
| **HOUSEHOLD DURABLES — 2.9%** | **HOUSEHOLD DURABLES — 2.9%** | **HOUSEHOLD DURABLES — 2.9%** |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26935 |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11883 |
| Champion Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25420 |
| Helen of Troy Ltd. (a) | &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995 |
| Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31736 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11932 |
| Leggett & Platt, Inc. | 1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9259 |
| M/I Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22985 |
| Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36900 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P SMALLCAP 600 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sonos, Inc. (a) | &nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;$9945 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214515 |
| **HOUSEHOLD PRODUCTS — 0.7%** | **HOUSEHOLD PRODUCTS — 0.7%** | **HOUSEHOLD PRODUCTS — 0.7%** |
| Central Garden & Pet Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970 |
| Central Garden & Pet Co. Class A (a) | &nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12203 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10221 |
| WD-40 Co. | &nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48572 |
| **INDUSTRIAL REITs — 0.9%** | **INDUSTRIAL REITs — 0.9%** | **INDUSTRIAL REITs — 0.9%** |
| LXP Industrial Trust REIT | 2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18858 |
| Terreno Realty Corp. REIT | &nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63770 |
| **INSURANCE — 2.8%** | **INSURANCE — 2.8%** | **INSURANCE — 2.8%** |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31008 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8492 |
| Genworth Financial, Inc. (a) | 3224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25083 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13450 |
| Lincoln National Corp. | 1315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45499 |
| Palomar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31776 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9209 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13931 |
| Trupanion, Inc. (a) | &nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14280 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203877 |
| **INTERACTIVE MEDIA & SERVICES — 1.2%** | **INTERACTIVE MEDIA & SERVICES — 1.2%** | **INTERACTIVE MEDIA & SERVICES — 1.2%** |
| Cargurus, Inc. (a) | &nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21789 |
| Cars.com, Inc. (a) | &nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5451 |
| IAC, Inc. (a) | &nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18745 |
| QuinStreet, Inc. (a) | &nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004 |
| TripAdvisor, Inc. (a) | &nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12019 |
| Yelp, Inc. (a) | &nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16792 |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91789 |
| **IT SERVICES — 0.3%** | **IT SERVICES — 0.3%** | **IT SERVICES — 0.3%** |
| DXC Technology Co. (a) | 1398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21375 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.3%** | **LEISURE EQUIPMENT & PRODUCTS — 0.3%** | **LEISURE EQUIPMENT & PRODUCTS — 0.3%** |
| Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14928 |
| Topgolf Callaway Brands Corp. (a) | 1092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23719 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.2%** | **LIFE SCIENCES TOOLS & SERVICES — 0.2%** | **LIFE SCIENCES TOOLS & SERVICES — 0.2%** |
| Azenta, Inc. (a) | &nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10896 |
| Fortrea Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18371 |
| **MACHINERY — 6.0%** | **MACHINERY — 6.0%** | **MACHINERY — 6.0%** |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17470 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7296 |
| Enpro, Inc. | &nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31223 |
| Federal Signal Corp. | &nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50337 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;$27371 |
| Gates Industrial Corp. PLC (a) | 1778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40947 |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11190 |
| Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10898 |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42813 |
| Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28888 |
| Kennametal, Inc. | &nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13707 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12261 |
| Mueller Water Products, Inc. Class A | 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29088 |
| SPX Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60532 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14396 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11235 |
| Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17097 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442023 |
| **MARINE — 0.4%** | **MARINE — 0.4%** | **MARINE — 0.4%** |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27949 |
| **MEDIA — 0.9%** | **MEDIA — 0.9%** | **MEDIA — 0.9%** |
| Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4617 |
| DoubleVerify Holdings, Inc. (a) | 1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15584 |
| John Wiley & Sons, Inc. Class A | &nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14103 |
| Scholastic Corp. | &nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028 |
| TEGNA, Inc. | 1243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20833 |
| Thryv Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62959 |
| **METALS & MINING — 0.5%** | **METALS & MINING — 0.5%** | **METALS & MINING — 0.5%** |
| Century Aluminum Co. (a) | &nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7244 |
| Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12699 |
| Metallus, Inc. (a) | &nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39905 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.7%** |
| Blackstone Mortgage Trust, Inc. Class A REIT | 1298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24986 |
| Franklin BSP Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6863 |
| PennyMac Mortgage Investment Trust REIT | &nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8629 |
| Redwood Trust, Inc. REIT | 1022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 |
| Two Harbors Investment Corp. REIT | &nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8627 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55145 |
| **MULTI-UTILITIES — 0.1%** | **MULTI-UTILITIES — 0.1%** | **MULTI-UTILITIES — 0.1%** |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467 |
| **OFFICE REITs — 1.4%** | **OFFICE REITs — 1.4%** | **OFFICE REITs — 1.4%** |
| Brandywine Realty Trust REIT | 1332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714 |
| Douglas Emmett, Inc. REIT | 1292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19432 |
| Easterly Government Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7459 |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25867 |
| JBG SMITH Properties REIT | &nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9826 |
| SL Green Realty Corp. REIT | &nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102529 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P SMALLCAP 600 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **OIL, GAS & CONSUMABLE FUELS — 2.1%** | **OIL, GAS & CONSUMABLE FUELS — 2.1%** | **OIL, GAS & CONSUMABLE FUELS — 2.1%** |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;$24525 |
| Comstock Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19369 |
| Crescent Energy Co. Class A | 1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12135 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851 |
| Magnolia Oil & Gas Corp. Class A | 1442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32416 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10559 |
| SM Energy Co. | &nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21794 |
| Talos Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8132 |
| Vital Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 |
| World Kinect Corp. | &nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151318 |
| **PAPER & FOREST PRODUCTS — 0.2%** | **PAPER & FOREST PRODUCTS — 0.2%** | **PAPER & FOREST PRODUCTS — 0.2%** |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13277 |
| **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** |
| Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8732 |
| USANA Health Sciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11296 |
| **PHARMACEUTICALS — 1.7%** | **PHARMACEUTICALS — 1.7%** | **PHARMACEUTICALS — 1.7%** |
| Amphastar Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352 |
| Harmony Biosciences Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9290 |
| Innoviva, Inc. (a) | &nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518 |
| Ligand Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17052 |
| Organon & Co. | 1989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19254 |
| Pacira BioSciences, Inc. (a) | &nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8508 |
| Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30663 |
| Supernus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125707 |
| **PROFESSIONAL SERVICES — 1.5%** | **PROFESSIONAL SERVICES — 1.5%** | **PROFESSIONAL SERVICES — 1.5%** |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13976 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184 |
| Korn Ferry | &nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29185 |
| Robert Half, Inc. | &nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31814 |
| Verra Mobility Corp. (a) | 1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113313 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** |
| Cushman & Wakefield PLC (a) | 1771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19605 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25807 |
| **RESIDENTIAL REITs — 0.4%** | **RESIDENTIAL REITs — 0.4%** | **RESIDENTIAL REITs — 0.4%** |
| Centerspace REIT | &nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7644 |
| Elme Communities REIT | &nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10812 |
| Veris Residential, Inc. REIT | &nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27718 |
| **RETAIL REITs — 1.5%** | **RETAIL REITs — 1.5%** | **RETAIL REITs — 1.5%** |
| Acadia Realty Trust REIT | 1026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19053 |
| Getty Realty Corp. REIT | &nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10807 |
| Phillips Edison & Co., Inc. REIT | &nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33839 |
| SITE Centers Corp. REIT | &nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105 |
| Tanger, Inc. REIT | &nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26819 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Urban Edge Properties REIT | &nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;$18082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112705 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.0%** |
| Axcelis Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17492 |
| Cohu, Inc. (a) | &nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6926 |
| Diodes, Inc. (a) | &nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18882 |
| Ichor Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 |
| Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14290 |
| MaxLinear, Inc. (a) | &nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8441 |
| Penguin Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8162 |
| Qorvo, Inc. (a) | &nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61305 |
| Semtech Corp. (a) | &nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29928 |
| SiTime Corp. (a) | &nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34306 |
| SolarEdge Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9119 |
| Veeco Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223566 |
| **SOFTWARE — 4.1%** | **SOFTWARE — 4.1%** | **SOFTWARE — 4.1%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11010 |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37187 |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11906 |
| Agilysys, Inc. (a) | &nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19947 |
| BlackLine, Inc. (a) | &nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22705 |
| Box, Inc. Class A (a) | 1124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38407 |
| InterDigital, Inc. | &nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44846 |
| LiveRamp Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16751 |
| N-able, Inc. (a) | &nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 |
| NCR Voyix Corp. (a) | 1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12434 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21323 |
| Sprinklr, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7293 |
| SPS Commerce, Inc. (a) | &nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40010 |
| Teradata Corp. (a) | &nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304712 |
| **SPECIALIZED REITs — 0.2%** | **SPECIALIZED REITs — 0.2%** | **SPECIALIZED REITs — 0.2%** |
| Safehold, Inc. REIT | &nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5508 |
| Uniti Group, Inc. REIT (a) | 1885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13651 |
| **SPECIALTY RETAIL — 3.2%** | **SPECIALTY RETAIL — 3.2%** | **SPECIALTY RETAIL — 3.2%** |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21292 |
| American Eagle Outfitters, Inc. | 1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11794 |
| Asbury Automotive Group, Inc. (a) | &nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36258 |
| Boot Barn Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35720 |
| Caleres, Inc. | &nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177 |
| Foot Locker, Inc. (a) | &nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15607 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42798 |
| Guess?, Inc. | &nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551 |
| Monro, Inc. | &nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459 |
| National Vision Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13990 |
| Signet Jewelers Ltd. | &nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26172 |
| Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9864 |
| Victoria's Secret & Co. (a) | &nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233924 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P SMALLCAP 600 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%** |
| Corsair Gaming, Inc. (a) | &nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;$3272 |
| Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7973 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.6%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.6%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.6%** |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8376 |
| Hanesbrands, Inc. (a) | 2726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12485 |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13357 |
| Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45392 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.9%** | **TRADING COMPANIES & DISTRIBUTORS — 1.9%** | **TRADING COMPANIES & DISTRIBUTORS — 1.9%** |
| Air Lease Corp. | &nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46792 |
| Boise Cascade Co. | &nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25178 |
| DNOW, Inc. (a) | &nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12086 |
| GMS, Inc. (a) | &nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31864 |
| Rush Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140233 |
| **WATER UTILITIES — 0.8%** | **WATER UTILITIES — 0.8%** | **WATER UTILITIES — 0.8%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22998 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20875 |
| H2O America | &nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56606 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.5%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.5%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.5%** |
| Gogo, Inc. (a) | &nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694 |
| Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33984 |
| **TOTAL COMMON STOCKS<br>(Cost $7,042,110)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7341485 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENT — 0.0% <sup>\*</sup>** | **SHORT-TERM INVESTMENT — 0.0% <sup>\*</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d)<br>(Cost $2,251) | 2251 | &nbsp;&nbsp;$2251 |
| **TOTAL INVESTMENTS — 99.9%<br>(Cost $7,044,361)<br>** | **TOTAL INVESTMENTS — 99.9%<br>(Cost $7,044,361)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;7343736 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8985 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $7352721 |

---

(a) Non-income producing security.

(b) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $7341485 | $— | &nbsp;&nbsp;&nbsp;$0(a) | $7341485 |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 |
| **TOTAL INVESTMENTS<br>**  | $7343736 | $— | $0 | $7343736 |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR S&P SMALLCAP 600 ESG ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 6618 | $6620 | $38538 | $45159 | $1 | $— | &nbsp;&nbsp;&nbsp;&nbsp;— | $— | $108 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;257661 | &nbsp;&nbsp;255410 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 2251 | &nbsp;&nbsp;2251 | &nbsp;&nbsp;405 |
| Total<br>|  | $6620 | $296199 | $300569 | $1 | $— |  | $2251 | $513 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 3.0%** | **AEROSPACE & DEFENSE — 3.0%** | **AEROSPACE & DEFENSE — 3.0%** |
| General Dynamics Corp. | &nbsp;&nbsp;34460 | &nbsp;&nbsp;$10050603 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;28658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188573 |
| Lockheed Martin Corp. | &nbsp;&nbsp;16063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7439418 |
| Northrop Grumman Corp. | &nbsp;&nbsp;16712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8355666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33034260 |
| **AIR FREIGHT & LOGISTICS — 1.0%** | **AIR FREIGHT & LOGISTICS — 1.0%** | **AIR FREIGHT & LOGISTICS — 1.0%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;47921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4598020 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;49780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5687365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10285385 |
| **AUTO COMPONENTS — 0.2%** | **AUTO COMPONENTS — 0.2%** | **AUTO COMPONENTS — 0.2%** |
| Gentex Corp. | &nbsp;&nbsp;91987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022794 |
| **BANKS — 0.3%** | **BANKS — 0.3%** | **BANKS — 0.3%** |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;52672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274618 |
| **BEVERAGES — 1.1%** | **BEVERAGES — 1.1%** | **BEVERAGES — 1.1%** |
| PepsiCo, Inc. | &nbsp;&nbsp;91332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12059477 |
| **CAPITAL MARKETS — 4.8%** | **CAPITAL MARKETS — 4.8%** | **CAPITAL MARKETS — 4.8%** |
| CME Group, Inc. | &nbsp;&nbsp;43503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11990297 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;15453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911818 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;28480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5124976 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;45205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8293761 |
| Nasdaq, Inc. | 107886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9647166 |
| S&P Global, Inc. | &nbsp;&nbsp;13606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7174308 |
| SEI Investments Co. | &nbsp;&nbsp;38753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52624671 |
| **CHEMICALS — 2.8%** | **CHEMICALS — 2.8%** | **CHEMICALS — 2.8%** |
| Corteva, Inc. | 185348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13813986 |
| Linde PLC | &nbsp;&nbsp;31561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14807790 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30819402 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.6%** | **COMMERCIAL SERVICES & SUPPLIES — 2.6%** | **COMMERCIAL SERVICES & SUPPLIES — 2.6%** |
| MSA Safety, Inc. | &nbsp;&nbsp;14917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499045 |
| Republic Services, Inc. | &nbsp;&nbsp;41301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10185240 |
| Rollins, Inc. | 117973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6656037 |
| Waste Management, Inc. | &nbsp;&nbsp;40825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9341576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28681898 |
| **COMMUNICATIONS EQUIPMENT — 1.8%** | **COMMUNICATIONS EQUIPMENT — 1.8%** | **COMMUNICATIONS EQUIPMENT — 1.8%** |
| Cisco Systems, Inc. | 107110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431292 |
| Juniper Networks, Inc. | 133582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333929 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;16526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6948522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19713743 |
| **CONSTRUCTION MATERIALS — 1.2%** | **CONSTRUCTION MATERIALS — 1.2%** | **CONSTRUCTION MATERIALS — 1.2%** |
| Vulcan Materials Co. | &nbsp;&nbsp;51784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13506303 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp;15039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673951 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8307576 |
| Walmart, Inc. | 123309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12057154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28038681 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CONTAINERS & PACKAGING — 2.4%** | **CONTAINERS & PACKAGING — 2.4%** | **CONTAINERS & PACKAGING — 2.4%** |
| Amcor PLC | 584777 | &nbsp;&nbsp;$5374101 |
| AptarGroup, Inc. | &nbsp;&nbsp;26795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4191542 |
| Avery Dennison Corp. | &nbsp;&nbsp;31569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539412 |
| Graphic Packaging Holding Co. | 120237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533394 |
| Packaging Corp. of America | &nbsp;&nbsp;36000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784200 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;35461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26343926 |
| **DIVERSIFIED CONSUMER SERVICES — 0.4%** | **DIVERSIFIED CONSUMER SERVICES — 0.4%** | **DIVERSIFIED CONSUMER SERVICES — 0.4%** |
| Service Corp. International | &nbsp;&nbsp;56810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624334 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4%** |
| AT&T, Inc. | 217746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6301569 |
| Verizon Communications, Inc. | 202871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8778228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15079797 |
| **ELECTRIC UTILITIES — 2.7%** | **ELECTRIC UTILITIES — 2.7%** | **ELECTRIC UTILITIES — 2.7%** |
| Duke Energy Corp. | &nbsp;&nbsp;87492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10324056 |
| Southern Co. | 103396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9494855 |
| Xcel Energy, Inc. | 143489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9771601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29590512 |
| **ELECTRICAL EQUIPMENT — 0.7%** | **ELECTRICAL EQUIPMENT — 0.7%** | **ELECTRICAL EQUIPMENT — 0.7%** |
| AMETEK, Inc. | &nbsp;&nbsp;38702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003514 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.6%** |
| Amphenol Corp. Class A | &nbsp;&nbsp;96560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535300 |
| CDW Corp. | &nbsp;&nbsp;29546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276620 |
| Corning, Inc. | 115110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6053635 |
| Ralliant Corp. (a) | &nbsp;&nbsp;24880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206447 |
| TE Connectivity PLC | &nbsp;&nbsp;35861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6048675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28120677 |
| **ENTERTAINMENT — 0.7%** | **ENTERTAINMENT — 0.7%** | **ENTERTAINMENT — 0.7%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;45844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321287 |
| **FINANCIAL SERVICES — 2.1%** | **FINANCIAL SERVICES — 2.1%** | **FINANCIAL SERVICES — 2.1%** |
| Berkshire Hathaway, Inc. Class B (a) | &nbsp;&nbsp;21053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10226916 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;29442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304565 |
| Visa, Inc. Class A | &nbsp;&nbsp;21101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7491910 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23023391 |
| **GAS UTILITIES — 0.3%** | **GAS UTILITIES — 0.3%** | **GAS UTILITIES — 0.3%** |
| National Fuel Gas Co. | &nbsp;&nbsp;36234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069382 |
| **GROUND TRANSPORTATION — 0.7%** | **GROUND TRANSPORTATION — 0.7%** | **GROUND TRANSPORTATION — 0.7%** |
| Landstar System, Inc. | &nbsp;&nbsp;14241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979784 |
| Union Pacific Corp. | &nbsp;&nbsp;25383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7819904 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%** |
| Abbott Laboratories | &nbsp;&nbsp;63485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8634595 |
| Becton Dickinson & Co. | &nbsp;&nbsp;45842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7896285 |
| Boston Scientific Corp. (a) | &nbsp;&nbsp;86274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9266690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25797570 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.6%** | **HEALTH CARE PROVIDERS & SERVICES — 1.6%** | **HEALTH CARE PROVIDERS & SERVICES — 1.6%** |
| Cencora, Inc. | &nbsp;&nbsp;32724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9812291 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5813 | &nbsp;&nbsp;$2830524 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;16649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5193989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17836804 |
| **HOTELS, RESTAURANTS & LEISURE — 1.9%** | **HOTELS, RESTAURANTS & LEISURE — 1.9%** | **HOTELS, RESTAURANTS & LEISURE — 1.9%** |
| McDonald's Corp. | &nbsp;&nbsp;35429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10351291 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;26839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5029897 |
| Yum! Brands, Inc. | &nbsp;&nbsp;35984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5332109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20713297 |
| **HOUSEHOLD DURABLES — 0.5%** | **HOUSEHOLD DURABLES — 0.5%** | **HOUSEHOLD DURABLES — 0.5%** |
| Garmin Ltd. | &nbsp;&nbsp;27960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835811 |
| **HOUSEHOLD PRODUCTS — 2.1%** | **HOUSEHOLD PRODUCTS — 2.1%** | **HOUSEHOLD PRODUCTS — 2.1%** |
| Colgate-Palmolive Co. | 138136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12556562 |
| Procter & Gamble Co. | &nbsp;&nbsp;64424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10264032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22820594 |
| **INDUSTRIAL CONGLOMERATES — 0.6%** | **INDUSTRIAL CONGLOMERATES — 0.6%** | **INDUSTRIAL CONGLOMERATES — 0.6%** |
| Honeywell International, Inc. | &nbsp;&nbsp;29764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931440 |
| **INDUSTRIAL REITs — 0.8%** | **INDUSTRIAL REITs — 0.8%** | **INDUSTRIAL REITs — 0.8%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;20957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502334 |
| First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp;54757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635455 |
| STAG Industrial, Inc. REIT | &nbsp;&nbsp;77155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2799183 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8936972 |
| **INSURANCE — 10.0%** | **INSURANCE — 10.0%** | **INSURANCE — 10.0%** |
| Allstate Corp. | &nbsp;&nbsp;40296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8111988 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;25048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8018366 |
| Assurant, Inc. | &nbsp;&nbsp;20500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048545 |
| Brown & Brown, Inc. | &nbsp;&nbsp;64336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7132932 |
| Chubb Ltd. | &nbsp;&nbsp;26766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7754646 |
| CNA Financial Corp. | 109480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094104 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;14479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459548 |
| Loews Corp. | &nbsp;&nbsp;71137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6520417 |
| Markel Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8209150 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;40916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8945874 |
| Old Republic International Corp. | &nbsp;&nbsp;92725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564349 |
| Progressive Corp. | &nbsp;&nbsp;32731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8734595 |
| RLI Corp. | &nbsp;&nbsp;33081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389110 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;24431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116946 |
| Travelers Cos., Inc. | &nbsp;&nbsp;36588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788753 |
| W.R. Berkley Corp. | 117551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8636472 |
| Willis Towers Watson PLC | &nbsp;&nbsp;25360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7772840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109298635 |
| **INTERACTIVE MEDIA & SERVICES — 0.4%** | **INTERACTIVE MEDIA & SERVICES — 0.4%** | **INTERACTIVE MEDIA & SERVICES — 0.4%** |
| Alphabet, Inc. Class A | &nbsp;&nbsp;26884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737767 |
| **IT SERVICES — 3.1%** | **IT SERVICES — 3.1%** | **IT SERVICES — 3.1%** |
| Accenture PLC Class A | &nbsp;&nbsp;16221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4848295 |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;59825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771642 |
| Amdocs Ltd. | &nbsp;&nbsp;45283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131621 |
| Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;58224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4543219 |
| International Business Machines Corp. | &nbsp;&nbsp;25954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650720 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| VeriSign, Inc. | &nbsp;&nbsp;25419 | &nbsp;&nbsp;$7341007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33286504 |
| **LEISURE PRODUCTS — 0.4%** | **LEISURE PRODUCTS — 0.4%** | **LEISURE PRODUCTS — 0.4%** |
| Hasbro, Inc. | &nbsp;&nbsp;53227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929217 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.4%** | **LIFE SCIENCES TOOLS & SERVICES — 0.4%** | **LIFE SCIENCES TOOLS & SERVICES — 0.4%** |
| Qiagen NV (a) (b) | &nbsp;&nbsp;87693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214526 |
| **MACHINERY — 5.3%** | **MACHINERY — 5.3%** | **MACHINERY — 5.3%** |
| Cummins, Inc. | &nbsp;&nbsp;17296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664440 |
| Donaldson Co., Inc. | &nbsp;&nbsp;48290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348912 |
| Dover Corp. | &nbsp;&nbsp;34215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269215 |
| Fortive Corp. | &nbsp;&nbsp;74641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891035 |
| Graco, Inc. | &nbsp;&nbsp;68189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5862208 |
| IDEX Corp. | &nbsp;&nbsp;30704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5390701 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;26029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435670 |
| Nordson Corp. | &nbsp;&nbsp;21001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501984 |
| Otis Worldwide Corp. | &nbsp;&nbsp;78185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741879 |
| PACCAR, Inc. | &nbsp;&nbsp;58286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540667 |
| Toro Co. | &nbsp;&nbsp;40430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57504304 |
| **MEDIA — 1.0%** | **MEDIA — 1.0%** | **MEDIA — 1.0%** |
| Comcast Corp. Class A | 131613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697268 |
| Fox Corp. Class A | 101969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10411611 |
| **MULTI-UTILITIES — 4.9%** | **MULTI-UTILITIES — 4.9%** | **MULTI-UTILITIES — 4.9%** |
| Ameren Corp. | &nbsp;&nbsp;92981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8929895 |
| CMS Energy Corp. | 120577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8353574 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;94480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9481068 |
| DTE Energy Co. | &nbsp;&nbsp;77613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10280618 |
| NiSource, Inc. | 190246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7674524 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;87680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53855935 |
| **OFFICE REITs — 0.2%** | **OFFICE REITs — 0.2%** | **OFFICE REITs — 0.2%** |
| COPT Defense Properties REIT | &nbsp;&nbsp;91202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515351 |
| **OIL, GAS & CONSUMABLE FUELS — 3.2%** | **OIL, GAS & CONSUMABLE FUELS — 3.2%** | **OIL, GAS & CONSUMABLE FUELS — 3.2%** |
| Cheniere Energy, Inc. | &nbsp;&nbsp;21402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5211815 |
| DT Midstream, Inc. | &nbsp;&nbsp;41058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512685 |
| Expand Energy Corp. | &nbsp;&nbsp;59522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6960503 |
| Exxon Mobil Corp. | &nbsp;&nbsp;40585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375063 |
| Kinder Morgan, Inc. | 266084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7822870 |
| Williams Cos., Inc. | 102877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6461704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35344640 |
| **PHARMACEUTICALS — 2.3%** | **PHARMACEUTICALS — 2.3%** | **PHARMACEUTICALS — 2.3%** |
| Bristol-Myers Squibb Co. | 133110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161662 |
| Johnson & Johnson | &nbsp;&nbsp;78663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12015773 |
| Merck & Co., Inc. | &nbsp;&nbsp;91331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7229762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25407197 |
| **PROFESSIONAL SERVICES — 4.4%** | **PROFESSIONAL SERVICES — 4.4%** | **PROFESSIONAL SERVICES — 4.4%** |
| Amentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70712 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;25577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7887947 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;50624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5271477 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;28713 | &nbsp;&nbsp;$6978120 |
| CACI International, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;8978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279813 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;14379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322209 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;49209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6468523 |
| Paychex, Inc. | &nbsp;&nbsp;47345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6886804 |
| Science Applications International Corp. | &nbsp;&nbsp;19692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217516 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;19567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6095120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48478241 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;57118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592287 |
| **RESIDENTIAL REITs — 5.5%** | **RESIDENTIAL REITs — 5.5%** | **RESIDENTIAL REITs — 5.5%** |
| American Homes 4 Rent Class A REIT | 138578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998508 |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;43532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8858762 |
| Camden Property Trust REIT | &nbsp;&nbsp;42593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4799805 |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;79104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878344 |
| Equity Residential REIT | 137483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9278728 |
| Invitation Homes, Inc. REIT | 247926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8131973 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;48307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7149919 |
| Sun Communities, Inc. REIT | &nbsp;&nbsp;51127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467054 |
| UDR, Inc. REIT | 133859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60028556 |
| **RETAIL REITs — 1.1%** | **RETAIL REITs — 1.1%** | **RETAIL REITs — 1.1%** |
| Agree Realty Corp. REIT (b) | &nbsp;&nbsp;42803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127187 |
| Realty Income Corp. REIT | 153300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8831613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11958800 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.2%** |
| Analog Devices, Inc. | &nbsp;&nbsp;23001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474698 |
| Texas Instruments, Inc. | &nbsp;&nbsp;37510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7787826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13262524 |
| **SOFTWARE — 4.1%** | **SOFTWARE — 4.1%** | **SOFTWARE — 4.1%** |
| ANSYS, Inc. (a) | &nbsp;&nbsp;16298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5724184 |
| Check Point Software Technologies Ltd. (a) | &nbsp;&nbsp;28134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6224647 |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;38637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869184 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6661774 |
| Microsoft Corp. | &nbsp;&nbsp;20954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10422729 |
| Roper Technologies, Inc. | &nbsp;&nbsp;12181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6904678 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;10240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44877878 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALIZED REITs — 2.4%** | **SPECIALIZED REITs — 2.4%** | **SPECIALIZED REITs — 2.4%** |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;11336 | &nbsp;&nbsp;$9017448 |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;27977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8209011 |
| VICI Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;259466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8458592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25685051 |
| **SPECIALTY RETAIL — 3.6%** | **SPECIALTY RETAIL — 3.6%** | **SPECIALTY RETAIL — 3.6%** |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837928 |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5871373 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389920 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3041237 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;69723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6284134 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833442 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;110372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5824330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39082364 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.6%** | **TRADING COMPANIES & DISTRIBUTORS — 0.6%** | **TRADING COMPANIES & DISTRIBUTORS — 0.6%** |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;155612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6535704 |
| **TOTAL COMMON STOCKS<br>(Cost $1,005,994,495)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;1089937536 |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | 1350568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350568 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 4392179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392179 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $5,742,747)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $5,742,747)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742747 |
| **TOTAL INVESTMENTS — 100.3%<br>(Cost $1,011,737,242)<br>** | **TOTAL INVESTMENTS — 100.3%<br>(Cost $1,011,737,242)<br>** | &nbsp;&nbsp;1095680283 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3205673) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $1092474610 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $1089937536 | $— | $— | $1089937536 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742747 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742747 |
| **TOTAL INVESTMENTS<br>**  | $1095680283 | $— | $— | $1095680283 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 1857526 | $1858084 | $2540666 | $4398750 | $12 | $(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $10277 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;27292344 | &nbsp;&nbsp;25941776 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 1350568 | &nbsp;&nbsp;1350568 | &nbsp;&nbsp;52952 |
| State Street Navigator Securities Lending Portfolio II<br>| 1657465 | &nbsp;&nbsp;1657465 | &nbsp;&nbsp;69152191 | &nbsp;&nbsp;66417477 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 4392179 | &nbsp;&nbsp;4392179 | &nbsp;&nbsp;&nbsp;3090 |
| Total<br>|  | $3515549 | $98985201 | $96758003 | $12 | $(12) |  | $5742747 | $66319 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 0.9%** | **AEROSPACE & DEFENSE — 0.9%** | **AEROSPACE & DEFENSE — 0.9%** |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8823 | &nbsp;&nbsp;$864301 |
| Park Aerospace Corp. | &nbsp;&nbsp;28342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418611 |
| V2X, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689130 |
| **AIR FREIGHT & LOGISTICS — 0.4%** | **AIR FREIGHT & LOGISTICS — 0.4%** | **AIR FREIGHT & LOGISTICS — 0.4%** |
| Hub Group, Inc. Class A | &nbsp;&nbsp;14132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472433 |
| Radiant Logistics, Inc. (a) | &nbsp;&nbsp;58634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828927 |
| **AUTO COMPONENTS — 0.9%** | **AUTO COMPONENTS — 0.9%** | **AUTO COMPONENTS — 0.9%** |
| Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475714 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257779 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;24399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749537 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779631 |
| **BANKS — 23.2%** | **BANKS — 23.2%** | **BANKS — 23.2%** |
| 1st Source Corp. | &nbsp;&nbsp;10680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662908 |
| ACNB Corp. (b) | &nbsp;&nbsp;12497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535372 |
| Arrow Financial Corp. (b) | &nbsp;&nbsp;19465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514265 |
| Associated Banc-Corp. | &nbsp;&nbsp;23741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579043 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541332 |
| Bank First Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083557 |
| Bar Harbor Bankshares | &nbsp;&nbsp;20021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599829 |
| Blue Foundry Bancorp (a) (b) | &nbsp;&nbsp;32703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312968 |
| Bridgewater Bancshares, Inc. (a) | &nbsp;&nbsp;34714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552300 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558296 |
| Camden National Corp. | &nbsp;&nbsp;15643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634793 |
| Capital Bancorp, Inc. (b) | &nbsp;&nbsp;18634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625730 |
| Capital City Bank Group, Inc. | &nbsp;&nbsp;18515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728565 |
| Capitol Federal Financial, Inc. | 107564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656140 |
| Chemung Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282192 |
| Citizens & Northern Corp. | &nbsp;&nbsp;24023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454996 |
| Citizens Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429126 |
| City Holding Co. | &nbsp;&nbsp;10284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258967 |
| Civista Bancshares, Inc. | &nbsp;&nbsp;24342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564734 |
| CNB Financial Corp. | &nbsp;&nbsp;26897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614865 |
| Colony Bankcorp, Inc. | &nbsp;&nbsp;25282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416395 |
| Community Financial System, Inc. | &nbsp;&nbsp;11264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640584 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;16774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887680 |
| Eastern Bankshares, Inc. | &nbsp;&nbsp;33097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505391 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480527 |
| Farmers & Merchants Bancorp, Inc. | &nbsp;&nbsp;20519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518720 |
| Farmers National Banc Corp. | &nbsp;&nbsp;44454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613021 |
| First Bancorp, Inc. | &nbsp;&nbsp;15905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404146 |
| First Busey Corp. | &nbsp;&nbsp;28965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662864 |
| First Community Bankshares, Inc. | &nbsp;&nbsp;15277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598400 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;15737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566217 |
| First Financial Corp. | &nbsp;&nbsp;16128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873976 |
| First Mid Bancshares, Inc. | &nbsp;&nbsp;17107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641341 |
| Five Star Bancorp | &nbsp;&nbsp;18673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532927 |
| FNB Corp. | &nbsp;&nbsp;37816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551357 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| FS Bancorp, Inc. | 10763 | &nbsp;&nbsp;$423847 |
| Fulton Financial Corp. | 29471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531657 |
| German American Bancorp, Inc. | 20161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776400 |
| Great Southern Bancorp, Inc. | 14072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827152 |
| Guaranty Bancshares, Inc. | 13283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563731 |
| HarborOne Bancorp, Inc. | 51211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598145 |
| Hilltop Holdings, Inc. | 16787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509485 |
| Home Bancorp, Inc. | 11369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588687 |
| HomeTrust Bancshares, Inc. | 14724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550825 |
| International Bancshares Corp. | &nbsp;&nbsp;9412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626463 |
| Lakeland Financial Corp. | &nbsp;&nbsp;8827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542419 |
| LCNB Corp. | 21561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313281 |
| LINKBANCORP, Inc. (b) | 39340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287575 |
| Metrocity Bankshares, Inc. | 21150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604467 |
| Mid Penn Bancorp, Inc. (b) | 20812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586898 |
| National Bank Holdings Corp. Class A | 15731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591643 |
| NBT Bancorp, Inc. | 13909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577919 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;5034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621598 |
| Northeast Community Bancorp, Inc. | 19852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461460 |
| Northwest Bancshares, Inc. | 59539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760908 |
| Norwood Financial Corp. (b) | 13516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348442 |
| Oak Valley Bancorp | 11081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301846 |
| Origin Bancorp, Inc. | 14902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532598 |
| Orrstown Financial Services, Inc. | 16155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514214 |
| Park National Corp. | &nbsp;&nbsp;4091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684261 |
| Parke Bancorp, Inc. | 15727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320359 |
| PCB Bancorp | 18350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384983 |
| Penns Woods Bancorp, Inc. | 11680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354605 |
| Peoples Bancorp, Inc. | 21909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669101 |
| Peoples Financial Services Corp. | 14899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735564 |
| Ponce Financial Group, Inc. (a) | 31387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434396 |
| QCR Holdings, Inc. | &nbsp;&nbsp;6782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460498 |
| Simmons First National Corp. Class A | 24190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458642 |
| SmartFinancial, Inc. | 19147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646786 |
| South Plains Financial, Inc. | 15069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543087 |
| Southern States Bancshares, Inc. | 12291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447024 |
| Southside Bancshares, Inc. | 22135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651433 |
| Timberland Bancorp, Inc. | 12048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375898 |
| Tompkins Financial Corp. | &nbsp;&nbsp;8392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526430 |
| Towne Bank | 16987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580616 |
| TrustCo Bank Corp. | 21014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702288 |
| Trustmark Corp. | 15477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564291 |
| Univest Financial Corp. | 17767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533721 |
| WaFd, Inc. | 16743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490235 |
| WesBanco, Inc. | 17499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553493 |
| West BanCorp, Inc. | 24012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471356 |
| Westamerica BanCorp | 13897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46387453 |
| **BIOTECHNOLOGY — 0.9%** | **BIOTECHNOLOGY — 0.9%** | **BIOTECHNOLOGY — 0.9%** |
| ACADIA Pharmaceuticals, Inc. (a) | 11052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238392 |
| Agios Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;5772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191977 |
| Amicus Therapeutics, Inc. (a) | 21438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122840 |
| Anika Therapeutics, Inc. (a) (b) | 20064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212277 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;9627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208906 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ironwood Pharmaceuticals, Inc. (a) (b) | 145894 | &nbsp;&nbsp;$104635 |
| PTC Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188620 |
| Ultragenyx Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191908 |
| Vanda Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;55691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262861 |
| Xencor, Inc. (a) | &nbsp;&nbsp;19894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878783 |
| **BUILDING PRODUCTS — 0.6%** | **BUILDING PRODUCTS — 0.6%** | **BUILDING PRODUCTS — 0.6%** |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298410 |
| AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433758 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237849 |
| **CAPITAL MARKETS — 1.9%** | **CAPITAL MARKETS — 1.9%** | **CAPITAL MARKETS — 1.9%** |
| Diamond Hill Investment Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616841 |
| Federated Hermes, Inc. | &nbsp;&nbsp;12666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561357 |
| GCM Grosvenor, Inc. Class A (b) | &nbsp;&nbsp;38361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443453 |
| Innventure, Inc. (a) (b) | &nbsp;&nbsp;42328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203175 |
| Patria Investments Ltd. Class A (b) | &nbsp;&nbsp;58202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818320 |
| Silvercrest Asset Management Group, Inc. Class A | &nbsp;&nbsp;21385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339166 |
| Vinci Partners Investments Ltd. Class A | &nbsp;&nbsp;51308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496148 |
| WisdomTree, Inc. (b) | &nbsp;&nbsp;31767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844098 |
| **CHEMICALS — 2.1%** | **CHEMICALS — 2.1%** | **CHEMICALS — 2.1%** |
| Ashland, Inc. | &nbsp;&nbsp;11467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576561 |
| HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;7042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423576 |
| Huntsman Corp. | &nbsp;&nbsp;28833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300440 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426757 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393695 |
| Sensient Technologies Corp. | &nbsp;&nbsp;14004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379674 |
| Stepan Co. | &nbsp;&nbsp;13107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715380 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216083 |
| **COMMERCIAL SERVICES & SUPPLIES — 1.4%** | **COMMERCIAL SERVICES & SUPPLIES — 1.4%** | **COMMERCIAL SERVICES & SUPPLIES — 1.4%** |
| ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363942 |
| Brady Corp. Class A | &nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696693 |
| Ennis, Inc. | &nbsp;&nbsp;39980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725237 |
| HNI Corp. | &nbsp;&nbsp;11020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541964 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819278 |
| **COMMUNICATIONS EQUIPMENT — 0.9%** | **COMMUNICATIONS EQUIPMENT — 0.9%** | **COMMUNICATIONS EQUIPMENT — 0.9%** |
| Ituran Location & Control Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352598 |
| NETGEAR, Inc. (a) | &nbsp;&nbsp;15079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438347 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;28620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710062 |
| Viavi Solutions, Inc. (a) | &nbsp;&nbsp;37377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877393 |
| **CONSTRUCTION & ENGINEERING — 1.4%** | **CONSTRUCTION & ENGINEERING — 1.4%** | **CONSTRUCTION & ENGINEERING — 1.4%** |
| Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655788 |
| Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955560 |
| Construction Partners, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;5894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626414 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Granite Construction, Inc. | &nbsp;&nbsp;4934 | &nbsp;&nbsp;$461379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699141 |
| **CONSUMER FINANCE — 0.5%** | **CONSUMER FINANCE — 0.5%** | **CONSUMER FINANCE — 0.5%** |
| Nelnet, Inc. Class A | &nbsp;&nbsp;7457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903192 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%** |
| Andersons, Inc. | &nbsp;&nbsp;8339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306458 |
| Ingles Markets, Inc. Class A | &nbsp;&nbsp;9070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574857 |
| PriceSmart, Inc. | &nbsp;&nbsp;6519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684756 |
| Village Super Market, Inc. Class A | 17952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257223 |
| **CONTAINERS & PACKAGING — 1.6%** | **CONTAINERS & PACKAGING — 1.6%** | **CONTAINERS & PACKAGING — 1.6%** |
| Greif, Inc. Class A | 10943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711186 |
| Sealed Air Corp. | 13469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417943 |
| Sonoco Products Co. | 25858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126374 |
| TriMas Corp. (b) | 32850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195342 |
| **DISTRIBUTORS — 0.2%** | **DISTRIBUTORS — 0.2%** | **DISTRIBUTORS — 0.2%** |
| Weyco Group, Inc. | &nbsp;&nbsp;9925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329113 |
| **DIVERSIFIED CONSUMER SERVICES — 2.0%** | **DIVERSIFIED CONSUMER SERVICES — 2.0%** | **DIVERSIFIED CONSUMER SERVICES — 2.0%** |
| Adtalem Global Education, Inc. (a) | &nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334106 |
| Carriage Services, Inc. | &nbsp;&nbsp;7177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328276 |
| Frontdoor, Inc. (a) | &nbsp;&nbsp;8376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493681 |
| Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551617 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;3037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573993 |
| Laureate Education, Inc. (a) | 20612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481909 |
| Matthews International Corp. Class A (b) | 15641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373976 |
| Perdoceo Education Corp. | 12569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410881 |
| Strategic Education, Inc. | &nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3963022 |
| **DIVERSIFIED REITs — 1.4%** | **DIVERSIFIED REITs — 1.4%** | **DIVERSIFIED REITs — 1.4%** |
| Alpine Income Property Trust, Inc. REIT | 22061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324517 |
| Armada Hoffler Properties, Inc. REIT | 57151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392628 |
| Broadstone Net Lease, Inc. REIT | 46342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743789 |
| CTO Realty Growth, Inc. REIT (b) | 44469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767535 |
| Gladstone Commercial Corp. REIT | 39904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800293 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%** |
| Cogent Communications Holdings, Inc. | &nbsp;&nbsp;6016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290031 |
| Iridium Communications, Inc. (b) | 10982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331327 |
| Liberty Global Ltd. Class A (a) | 32366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323984 |
| Liberty Latin America Ltd. Class C (a) | 41967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206377 |
| **ELECTRIC UTILITIES — 0.7%** | **ELECTRIC UTILITIES — 0.7%** | **ELECTRIC UTILITIES — 0.7%** |
| TXNM Energy, Inc. | 25834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454971 |
| **ELECTRICAL EQUIPMENT — 0.5%** | **ELECTRICAL EQUIPMENT — 0.5%** | **ELECTRICAL EQUIPMENT — 0.5%** |
| EnerSys | &nbsp;&nbsp;5442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466760 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sensata Technologies Holding PLC | 15059 | &nbsp;&nbsp;$453427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920187 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.4%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;3188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422410 |
| Avnet, Inc. | 10702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568062 |
| Belden, Inc. | &nbsp;&nbsp;4017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465169 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;9131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354557 |
| Crane NXT Co. (b) | &nbsp;&nbsp;8051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433949 |
| CTS Corp. | &nbsp;&nbsp;9632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410420 |
| ePlus, Inc. (a) | &nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370954 |
| Insight Enterprises, Inc. (a) | &nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287217 |
| IPG Photonics Corp. (a) | &nbsp;&nbsp;5474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375790 |
| Knowles Corp. (a) | 25466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448711 |
| Novanta, Inc. (a) | &nbsp;&nbsp;2994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386016 |
| OSI Systems, Inc. (a) | &nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572044 |
| Plexus Corp. (a) | &nbsp;&nbsp;4540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614307 |
| Sanmina Corp. (a) | &nbsp;&nbsp;6141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600774 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;8367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349824 |
| TTM Technologies, Inc. (a) | 17289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705737 |
| Vishay Intertechnology, Inc. | 26779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425250 |
| Vishay Precision Group, Inc. (a) (b) | 19991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561747 |
| Vontier Corp. | 14304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8880756 |
| **ENERGY EQUIPMENT & SERVICES — 0.7%** | **ENERGY EQUIPMENT & SERVICES — 0.7%** | **ENERGY EQUIPMENT & SERVICES — 0.7%** |
| Archrock, Inc. | &nbsp;&nbsp;9672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240156 |
| Innovex International, Inc. (a) | 12095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188924 |
| Noble Corp. PLC | 10856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288227 |
| Ranger Energy Services, Inc. Class A | 14824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176998 |
| Seadrill Ltd. (a) (b) | &nbsp;&nbsp;7708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202335 |
| Valaris Ltd. (a) (b) | &nbsp;&nbsp;5356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322181 |
| **ENTERTAINMENT — 0.3%** | **ENTERTAINMENT — 0.3%** | **ENTERTAINMENT — 0.3%** |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580254 |
| **FINANCIAL SERVICES — 2.5%** | **FINANCIAL SERVICES — 2.5%** | **FINANCIAL SERVICES — 2.5%** |
| Alerus Financial Corp. | 28641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619791 |
| Banco Latinoamericano de Comercio Exterior SA | 14110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568633 |
| Cannae Holdings, Inc. (b) | 30958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645474 |
| Cass Information Systems, Inc. | 16114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700153 |
| EVERTEC, Inc. | 14131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509423 |
| Federal Agricultural Mortgage Corp. Class C | &nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516202 |
| Radian Group, Inc. | 14786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532592 |
| Waterstone Financial, Inc. | 25826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356657 |
| Western Union Co. | 65385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999467 |
| **FOOD PRODUCTS — 2.3%** | **FOOD PRODUCTS — 2.3%** | **FOOD PRODUCTS — 2.3%** |
| Alico, Inc. (b) | &nbsp;&nbsp;8709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284610 |
| Cal-Maine Foods, Inc. | &nbsp;&nbsp;6684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665927 |
| Flowers Foods, Inc. (b) | 78978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262068 |
| Fresh Del Monte Produce, Inc. | 17690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573510 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| J&J Snack Foods Corp. | &nbsp;&nbsp;5138 | &nbsp;&nbsp;$582701 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;9852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623041 |
| Nomad Foods Ltd. | 30677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513059 |
| **GAS UTILITIES — 1.0%** | **GAS UTILITIES — 1.0%** | **GAS UTILITIES — 1.0%** |
| New Jersey Resources Corp. | 21625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969232 |
| Spire, Inc. | 13832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978830 |
| **GROUND TRANSPORTATION — 1.2%** | **GROUND TRANSPORTATION — 1.2%** | **GROUND TRANSPORTATION — 1.2%** |
| Heartland Express, Inc. | 66844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577532 |
| Marten Transport Ltd. | 48573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630963 |
| Schneider National, Inc. Class B | 24970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603026 |
| Werner Enterprises, Inc. (b) | 23176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445616 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.7%** |
| Artivion, Inc. (a) | &nbsp;&nbsp;8289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257788 |
| AtriCure, Inc. (a) | &nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220411 |
| Avanos Medical, Inc. (a) | 24124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295278 |
| CONMED Corp. (b) | &nbsp;&nbsp;4721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245870 |
| Dentsply Sirona, Inc. | 28430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451468 |
| Electromed, Inc. (a) (b) | &nbsp;&nbsp;8653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190279 |
| Enovis Corp. (a) | &nbsp;&nbsp;7242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227109 |
| Envista Holdings Corp. (a) | 19394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378959 |
| Haemonetics Corp. (a) | &nbsp;&nbsp;3930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293217 |
| ICU Medical, Inc. (a) | &nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377553 |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;3364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413671 |
| Integra LifeSciences Holdings Corp. (a) | 14238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174700 |
| iRadimed Corp. | &nbsp;&nbsp;6673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398979 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;5148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427541 |
| LivaNova PLC (a) | &nbsp;&nbsp;8927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401894 |
| Neogen Corp. (a) | 22136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105810 |
| Orthofix Medical, Inc. (a) | 15098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168343 |
| OrthoPediatrics Corp. (a) | 11359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243991 |
| Varex Imaging Corp. (a) | 21198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456648 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.8%** | **HEALTH CARE PROVIDERS & SERVICES — 1.8%** | **HEALTH CARE PROVIDERS & SERVICES — 1.8%** |
| Acadia Healthcare Co., Inc. (a) | &nbsp;&nbsp;7211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163618 |
| Addus HomeCare Corp. (a) | &nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513171 |
| Amedisys, Inc. (a) | &nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365814 |
| National HealthCare Corp. | &nbsp;&nbsp;7053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754742 |
| National Research Corp. | 24088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404678 |
| Premier, Inc. Class A | 36508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800620 |
| RadNet, Inc. (a) | &nbsp;&nbsp;3937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224055 |
| Select Medical Holdings Corp. | 13433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203913 |
| U.S. Physical Therapy, Inc. | &nbsp;&nbsp;3305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689062 |
| **HEALTH CARE REITs — 2.2%** | **HEALTH CARE REITs — 2.2%** | **HEALTH CARE REITs — 2.2%** |
| CareTrust REIT, Inc. | 22738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695783 |
| Community Healthcare Trust, Inc. REIT | 43936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730656 |
| Global Medical REIT, Inc. | 58019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402072 |
| LTC Properties, Inc. REIT | 20443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707532 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| National Health Investors, Inc. REIT | &nbsp;&nbsp;7470 | &nbsp;&nbsp;$523796 |
| Sila Realty Trust, Inc. REIT | 31680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749865 |
| Universal Health Realty Income Trust REIT | 16872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4484078 |
| **HEALTH CARE TECHNOLOGY — 0.4%** | **HEALTH CARE TECHNOLOGY — 0.4%** | **HEALTH CARE TECHNOLOGY — 0.4%** |
| HealthStream, Inc. | 23431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648336 |
| TruBridge, Inc. (a) (b) | &nbsp;&nbsp;9418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868905 |
| **HOTEL & RESORT REITs — 0.2%** | **HOTEL & RESORT REITs — 0.2%** | **HOTEL & RESORT REITs — 0.2%** |
| Apple Hospitality REIT, Inc. | 38672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451302 |
| **HOTELS, RESTAURANTS & LEISURE — 1.1%** | **HOTELS, RESTAURANTS & LEISURE — 1.1%** | **HOTELS, RESTAURANTS & LEISURE — 1.1%** |
| Arcos Dorados Holdings, Inc. Class A (b) | 37608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296727 |
| First Watch Restaurant Group, Inc. (a) (b) | 18547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297494 |
| Nathan's Famous, Inc. | &nbsp;&nbsp;4666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515966 |
| Papa John's International, Inc. | &nbsp;&nbsp;6660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325941 |
| Travel & Leisure Co. | &nbsp;&nbsp;5175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267082 |
| Wendy's Co. (b) | 41058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172092 |
| **HOUSEHOLD DURABLES — 0.8%** | **HOUSEHOLD DURABLES — 0.8%** | **HOUSEHOLD DURABLES — 0.8%** |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245018 |
| Ethan Allen Interiors, Inc. | 13025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362746 |
| Helen of Troy Ltd. (a) | &nbsp;&nbsp;4938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140140 |
| La-Z-Boy, Inc. | &nbsp;&nbsp;8510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316317 |
| Leggett & Platt, Inc. | 36488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325473 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;7628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633409 |
| **HOUSEHOLD PRODUCTS — 0.6%** | **HOUSEHOLD PRODUCTS — 0.6%** | **HOUSEHOLD PRODUCTS — 0.6%** |
| Central Garden & Pet Co. (a) (b) | 13634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479644 |
| Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;4148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219844 |
| WD-40 Co. | &nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154984 |
| **INDUSTRIAL REITs — 0.3%** | **INDUSTRIAL REITs — 0.3%** | **INDUSTRIAL REITs — 0.3%** |
| LXP Industrial Trust REIT | 78670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649814 |
| **INSURANCE — 3.4%** | **INSURANCE — 3.4%** | **INSURANCE — 3.4%** |
| AMERISAFE, Inc. | 18037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788758 |
| CNO Financial Group, Inc. | 13883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535606 |
| Employers Holdings, Inc. | 13694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646083 |
| Enstar Group Ltd. (a) | &nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801210 |
| Greenlight Capital Re Ltd. Class A (a) | 43177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620453 |
| Horace Mann Educators Corp. | 25845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110560 |
| Safety Insurance Group, Inc. | 16391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301281 |
| White Mountains Insurance Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6710790 |
| **INTERACTIVE MEDIA & SERVICES — 0.4%** | **INTERACTIVE MEDIA & SERVICES — 0.4%** | **INTERACTIVE MEDIA & SERVICES — 0.4%** |
| Angi, Inc. (a) | &nbsp;&nbsp;3218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49106 |
| IAC, Inc. (a) | &nbsp;&nbsp;6264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233898 |
| Ziff Davis, Inc. (a) | &nbsp;&nbsp;7344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222303 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| ZipRecruiter, Inc. Class A (a) (b) | 55610 | &nbsp;&nbsp;$278606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783913 |
| **IT SERVICES — 0.3%** | **IT SERVICES — 0.3%** | **IT SERVICES — 0.3%** |
| ASGN, Inc. (a) | &nbsp;&nbsp;4801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239714 |
| Hackett Group, Inc. | 15657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637715 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.6%** | **LEISURE EQUIPMENT & PRODUCTS — 0.6%** | **LEISURE EQUIPMENT & PRODUCTS — 0.6%** |
| Escalade, Inc. (b) | 16875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235913 |
| Johnson Outdoors, Inc. Class A (b) | 14287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432467 |
| Sturm Ruger & Co., Inc. | 12743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457474 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125854 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.1%** | **LIFE SCIENCES TOOLS & SERVICES — 0.1%** | **LIFE SCIENCES TOOLS & SERVICES — 0.1%** |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203233 |
| **MACHINERY — 3.9%** | **MACHINERY — 3.9%** | **MACHINERY — 3.9%** |
| Alamo Group, Inc. | &nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623038 |
| Albany International Corp. Class A | &nbsp;&nbsp;4657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326595 |
| Douglas Dynamics, Inc. | 16921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498662 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;8392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340380 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;2824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541841 |
| Federal Signal Corp. | &nbsp;&nbsp;6544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696412 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;8052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722586 |
| Gates Industrial Corp. PLC (a) | 22293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513408 |
| Gorman-Rupp Co. | 16597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609442 |
| Kadant, Inc. (b) | &nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378718 |
| Lindsay Corp. | &nbsp;&nbsp;4718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680571 |
| Miller Industries, Inc. | &nbsp;&nbsp;9206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409299 |
| Mueller Water Products, Inc. Class A | 17001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408704 |
| Standex International Corp. | &nbsp;&nbsp;2592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405596 |
| Tennant Co. | &nbsp;&nbsp;7616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7745340 |
| **MEDIA — 0.7%** | **MEDIA — 0.7%** | **MEDIA — 0.7%** |
| Cable One, Inc. | &nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170713 |
| John Wiley & Sons, Inc. Class A | &nbsp;&nbsp;8807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393057 |
| Scholastic Corp. | 13394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281006 |
| TEGNA, Inc. | 31825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378163 |
| **METALS & MINING — 0.8%** | **METALS & MINING — 0.8%** | **METALS & MINING — 0.8%** |
| MAC Copper Ltd. (a) | 66783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807406 |
| Materion Corp. | &nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286526 |
| SunCoke Energy, Inc. | 26453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227231 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;4744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1538581 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.6%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.6%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.6%** |
| Chicago Atlantic Real Estate Finance, Inc. REIT (b) | 29322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409335 |
| Franklin BSP Realty Trust, Inc. REIT | 40302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430829 |
| KKR Real Estate Finance Trust, Inc. REIT | 46851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251047 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MULTI-UTILITIES — 1.1%** | **MULTI-UTILITIES — 1.1%** | **MULTI-UTILITIES — 1.1%** |
| Black Hills Corp. | 18194 | &nbsp;&nbsp;$1020683 |
| Northwestern Energy Group, Inc. | 22316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165494 |
| **OFFICE REITs — 1.6%** | **OFFICE REITs — 1.6%** | **OFFICE REITs — 1.6%** |
| Cousins Properties, Inc. REIT | 18162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545405 |
| Easterly Government Properties, Inc. REIT | 33954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753779 |
| Highwoods Properties, Inc. REIT | 17707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550510 |
| JBG SMITH Properties REIT (b) | 38933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673541 |
| Postal Realty Trust, Inc. Class A REIT | 44064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172298 |
| **OIL, GAS & CONSUMABLE FUELS — 1.4%** | **OIL, GAS & CONSUMABLE FUELS — 1.4%** | **OIL, GAS & CONSUMABLE FUELS — 1.4%** |
| California Resources Corp. | &nbsp;&nbsp;5057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230953 |
| Crescent Energy Co. Class A | 22082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189905 |
| Delek U.S. Holdings, Inc. | 13569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287392 |
| Gulfport Energy Corp. (a) | &nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444787 |
| Permian Basin Royalty Trust (b) | 18646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232329 |
| Sabine Royalty Trust (b) | &nbsp;&nbsp;7229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482030 |
| Sable Offshore Corp. (a) | 17447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383485 |
| SFL Corp. Ltd. (b) | 52401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436500 |
| Sitio Royalties Corp. Class A | &nbsp;&nbsp;8490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843427 |
| **PERSONAL CARE PRODUCTS — 0.3%** | **PERSONAL CARE PRODUCTS — 0.3%** | **PERSONAL CARE PRODUCTS — 0.3%** |
| Nature's Sunshine Products, Inc. (a) | 18825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278422 |
| USANA Health Sciences, Inc. (a) | &nbsp;&nbsp;9879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301606 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580028 |
| **PHARMACEUTICALS — 2.2%** | **PHARMACEUTICALS — 2.2%** | **PHARMACEUTICALS — 2.2%** |
| Amphastar Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;9751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223883 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;5360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349740 |
| Collegium Pharmaceutical, Inc. (a) | &nbsp;&nbsp;9347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276391 |
| Harmony Biosciences Holdings, Inc. (a) | &nbsp;&nbsp;6819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215480 |
| Innoviva, Inc. (a) | 29708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596834 |
| Oculis Holding AG (a) (b) | 12781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248079 |
| Organon & Co. (b) | 16067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155529 |
| Pacira BioSciences, Inc. (a) | 10729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256423 |
| Perrigo Co. PLC | 14613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390459 |
| Phibro Animal Health Corp. Class A | 14734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376306 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;8534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681440 |
| Supernus Pharmaceuticals, Inc. (a) | 11847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373418 |
| Theravance Biopharma, Inc. (a) (b) | 27397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446171 |
| **PROFESSIONAL SERVICES — 4.0%** | **PROFESSIONAL SERVICES — 4.0%** | **PROFESSIONAL SERVICES — 4.0%** |
| Alight, Inc. Class A | 86869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491678 |
| Asure Software, Inc. (a) | 28908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282142 |
| Barrett Business Services, Inc. | 11178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466011 |
| CBIZ, Inc. (a) (b) | 10138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726996 |
| CRA International, Inc. | &nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401534 |
| CSG Systems International, Inc. | 10082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658455 |
| Dun & Bradstreet Holdings, Inc. | 51118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464663 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Exponent, Inc. | &nbsp;&nbsp;6947 | &nbsp;&nbsp;$519010 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;9760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446618 |
| Huron Consulting Group, Inc. (a) | &nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392539 |
| IBEX Holdings Ltd. (a) | 11978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348560 |
| ICF International, Inc. | &nbsp;&nbsp;6494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550107 |
| Kforce, Inc. | 11091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456173 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;5832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235613 |
| Maximus, Inc. | 13406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941101 |
| Resources Connection, Inc. | 52473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281780 |
| TriNet Group, Inc. | &nbsp;&nbsp;4804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8014344 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%** |
| FRP Holdings, Inc. (a) | 20190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542909 |
| Tejon Ranch Co. (a) (b) | 40446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228873 |
| **RESIDENTIAL REITs — 0.6%** | **RESIDENTIAL REITs — 0.6%** | **RESIDENTIAL REITs — 0.6%** |
| Centerspace REIT | &nbsp;&nbsp;9541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574273 |
| Elme Communities REIT | 40614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220035 |
| **RETAIL REITs — 1.9%** | **RETAIL REITs — 1.9%** | **RETAIL REITs — 1.9%** |
| Getty Realty Corp. REIT (b) | 30717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849018 |
| NETSTREIT Corp. | 58906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997278 |
| Phillips Edison & Co., Inc. REIT | 40489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418330 |
| Saul Centers, Inc. REIT | 16567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830223 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%** |
| Diodes, Inc. (a) | &nbsp;&nbsp;6410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339025 |
| NVE Corp. | &nbsp;&nbsp;5405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397862 |
| Power Integrations, Inc. | &nbsp;&nbsp;6588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368269 |
| Tower Semiconductor Ltd. (a) | 10151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440046 |
| Veeco Instruments, Inc. (a) | 14939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848762 |
| **SOFTWARE — 2.9%** | **SOFTWARE — 2.9%** | **SOFTWARE — 2.9%** |
| A10 Networks, Inc. | 15159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293327 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;6375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409339 |
| BlackLine, Inc. (a) | &nbsp;&nbsp;6907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391074 |
| Box, Inc. Class A (a) | 11457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391486 |
| Daily Journal Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346667 |
| Helport AI Ltd. (a) | 59915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287592 |
| nCino, Inc. (a) (b) | 11821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330633 |
| ON24, Inc. (a) (b) | 56499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306790 |
| Ooma, Inc. (a) | 20343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262425 |
| Progress Software Corp. | 11198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714880 |
| Qualys, Inc. (a) | &nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336459 |
| Radware Ltd. (a) | 16908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497771 |
| Sapiens International Corp. NV | 12049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352433 |
| SPS Commerce, Inc. (a) | &nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388809 |
| Tenable Holdings, Inc. (a) | &nbsp;&nbsp;8877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299865 |
| Workiva, Inc. (a) | &nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844813 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALIZED REITs — 1.2%** | **SPECIALIZED REITs — 1.2%** | **SPECIALIZED REITs — 1.2%** |
| Farmland Partners, Inc. REIT (b) | 57470 | &nbsp;&nbsp;$661480 |
| Four Corners Property Trust, Inc. REIT | 23405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629829 |
| PotlatchDeltic Corp. REIT | 12538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481083 |
| Rayonier, Inc. REIT | 26752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365751 |
| **SPECIALTY RETAIL — 1.1%** | **SPECIALTY RETAIL — 1.1%** | **SPECIALTY RETAIL — 1.1%** |
| Academy Sports & Outdoors, Inc. (b) | &nbsp;&nbsp;5302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237583 |
| Buckle, Inc. | &nbsp;&nbsp;6596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299129 |
| Five Below, Inc. (a) | &nbsp;&nbsp;3306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433681 |
| Monro, Inc. | 19790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295069 |
| Valvoline, Inc. (a) | 11376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430809 |
| Winmark Corp. | &nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2243050 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** |
| Carter's, Inc. | &nbsp;&nbsp;9898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298227 |
| Oxford Industries, Inc. | &nbsp;&nbsp;3885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156371 |
| Steven Madden Ltd. | 13719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783580 |
| **TOBACCO — 0.3%** | **TOBACCO — 0.3%** | **TOBACCO — 0.3%** |
| Universal Corp. | 10441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608084 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.2%** | **TRADING COMPANIES & DISTRIBUTORS — 1.2%** | **TRADING COMPANIES & DISTRIBUTORS — 1.2%** |
| McGrath RentCorp | &nbsp;&nbsp;7491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868656 |
| MSC Industrial Direct Co., Inc. Class A (b) | &nbsp;&nbsp;8634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734063 |
| Rush Enterprises, Inc. Class A | &nbsp;&nbsp;8054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414862 |
| Transcat, Inc. (a) (b) | &nbsp;&nbsp;4990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2446521 |
| **WATER UTILITIES — 1.3%** | **WATER UTILITIES — 1.3%** | **WATER UTILITIES — 1.3%** |
| American States Water Co. | 15470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185930 |
| Artesian Resources Corp. Class A | 15131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507796 |
| H2O America | 18480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654132 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** |
| Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29589 | &nbsp;&nbsp;$523133 |
| **TOTAL COMMON STOCKS<br>(Cost $195,855,392)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;199761298 |
| **SHORT-TERM INVESTMENTS — 2.5%** | **SHORT-TERM INVESTMENTS — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;307620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307620 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 4691488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691488 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $4,999,108)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $4,999,108)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999108 |
| **TOTAL INVESTMENTS — 102.3%<br>(Cost $200,854,500)<br>** | **TOTAL INVESTMENTS — 102.3%<br>(Cost $200,854,500)<br>** | &nbsp;&nbsp;&nbsp;204760406 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.3)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(4610978) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $200149428 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) 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 June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $199761298 | $— | $— | $199761298 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999108 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999108 |
| **TOTAL INVESTMENTS<br>**  | $204760406 | $— | $— | $204760406 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $2589908 | $2589908 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $2626 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15912076 | &nbsp;&nbsp;15604456 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;307620 | &nbsp;&nbsp;&nbsp;&nbsp;307620 | &nbsp;&nbsp;&nbsp;17851 |
| State Street Navigator Securities Lending Portfolio II<br>| 1985283 | &nbsp;&nbsp;1985283 | &nbsp;&nbsp;&nbsp;84314016 | &nbsp;&nbsp;81607811 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 4691488 | &nbsp;&nbsp;4691488 | &nbsp;&nbsp;120852 |
| Total<br>|  | $1985283 | $102816000 | $99802175 | $— | $— |  | $4999108 | $141329 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR MSCI USA Climate Paris Aligned ETF** | **SPDR Russell 1000 Low Volatility Focus ETF** | **SPDR Russell 1000 Momentum Focus ETF** | **SPDR Russell 1000 Yield Focus ETF** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2619268 | $586620601 | $92357761 | $838174837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;2622975 | &nbsp;&nbsp;&nbsp;590389147 | &nbsp;&nbsp;&nbsp;&nbsp;92928000 | &nbsp;&nbsp;&nbsp;&nbsp;841379665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68986 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — affiliated issuers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2624589 | &nbsp;&nbsp;&nbsp;591542223 | &nbsp;&nbsp;&nbsp;&nbsp;93100770 | &nbsp;&nbsp;&nbsp;&nbsp;844732848 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849891 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $2624343 | $587508893 | $92568422 | $840591747 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $4196320 | $651464127 | $188156082 | $967071846 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;(1571977) | &nbsp;&nbsp;&nbsp;&nbsp;(63955234) | &nbsp;&nbsp;&nbsp;&nbsp;(95587660) | &nbsp;&nbsp;&nbsp;(126480099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $2624343 | $587508893 | $92568422 | $840591747 |
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $32.80 | $129.12 | $123.42 | $108.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7770000 |
| **COST OF INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2496885 | $532766643 | $77612382 | $827679184 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3768546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $2500592 | $536535189 | $78173521 | $830884012 |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $— | $3241939 | $368127 | $3707620 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SPDR S&P 400 Mid Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 500 ESG ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** |
| &nbsp;&nbsp;&nbsp;$2260336315 | &nbsp;&nbsp;&nbsp;&nbsp;$2371907566 | &nbsp;&nbsp;$1133323330 | &nbsp;&nbsp;$3396906524 | &nbsp;&nbsp;$3627854429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39931355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95187188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315541685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323868204 |
| &nbsp;&nbsp;2300267670 | &nbsp;&nbsp;&nbsp;&nbsp;2467094754 | &nbsp;&nbsp;&nbsp;&nbsp;1134996316 | &nbsp;&nbsp;&nbsp;&nbsp;3712448209 | &nbsp;&nbsp;&nbsp;&nbsp;3951722633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33973774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2638004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5708470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;2301227606 | &nbsp;&nbsp;&nbsp;&nbsp;2470891513 | &nbsp;&nbsp;&nbsp;&nbsp;1135774523 | &nbsp;&nbsp;&nbsp;&nbsp;3715442077 | &nbsp;&nbsp;&nbsp;&nbsp;3991530788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38650091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91953099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314598308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320824963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31064295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38925415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92244167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315009587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352491838 |
| $2262302191 | &nbsp;&nbsp;$2378647346 | &nbsp;&nbsp;$1135683294 | &nbsp;&nbsp;$3400432490 | &nbsp;&nbsp;$3639038950 |
| $2789538934 | &nbsp;&nbsp;$3210696035 | &nbsp;&nbsp;$1067895737 | &nbsp;&nbsp;$3671514572 | &nbsp;&nbsp;$5476243389 |
| &nbsp;&nbsp;&nbsp;&nbsp;(527236743) | &nbsp;&nbsp;&nbsp;&nbsp;(832048689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67787557 | &nbsp;&nbsp;&nbsp;&nbsp;(271082082) | &nbsp;&nbsp;&nbsp;&nbsp;(1837204439) |
| $2262302191 | &nbsp;&nbsp;$2378647346 | &nbsp;&nbsp;$1135683294 | &nbsp;&nbsp;$3400432490 | &nbsp;&nbsp;$3639038950 |
| $86.84 | &nbsp;&nbsp;$79.42 | &nbsp;&nbsp;$58.54 | &nbsp;&nbsp;$88.67 | &nbsp;&nbsp;$79.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38350028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45602102 |
| &nbsp;&nbsp;&nbsp;$2078772767 | &nbsp;&nbsp;&nbsp;&nbsp;$2470225063 | &nbsp;&nbsp;$1014675453 | &nbsp;&nbsp;$2961278952 | &nbsp;&nbsp;$3839914967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39931355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95187188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315541685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323868204 |
| $2118704122 | &nbsp;&nbsp;$2565412251 | &nbsp;&nbsp;$1016142908 | &nbsp;&nbsp;$3276820637 | &nbsp;&nbsp;$4163783171 |
| $130786816 | &nbsp;&nbsp;$205094699 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$541624715 | &nbsp;&nbsp;$556357056 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (continued)

#### June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR S&P 1500 Momentum Tilt ETF** | **SPDR S&P 1500 Value Tilt ETF** | **SPDR S&P Kensho Clean Power ETF** | **SPDR S&P Kensho Final Frontiers ETF** |
| **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$146501488 | $479090886 | $122011873 | $22493579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11192079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;146759128 | &nbsp;&nbsp;&nbsp;481891346 | &nbsp;&nbsp;&nbsp;&nbsp;133203952 | &nbsp;&nbsp;&nbsp;23051687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;146833399 | &nbsp;&nbsp;&nbsp;482314886 | &nbsp;&nbsp;&nbsp;&nbsp;133329920 | &nbsp;&nbsp;&nbsp;23055084 |
| **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11143238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11187496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $146690610 | $480276103 | $122142424 | $22538972 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $130406210 | $437520143 | $355013280 | $19953255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16284400 | &nbsp;&nbsp;&nbsp;&nbsp;42755960 | &nbsp;&nbsp;&nbsp;(232870856) | &nbsp;&nbsp;&nbsp;&nbsp;2585717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $146690610 | $480276103 | $122142424 | $22538972 |
| **NET ASSET VALUE PER SHARE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $266.71 | $192.11 | $59.44 | $64.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 |
| **COST OF INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$109601734 | $422140353 | $156608352 | $16505112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11192079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $109842386 | $424805170 | $167800431 | $17063220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $246812 | $3089194 | $25445447 | $501460 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR S&P Kensho Future Security ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** | &nbsp;&nbsp;**SPDR S&P Kensho New Economies Composite ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Smart Mobility ETF** | &nbsp;&nbsp;**SPDR S&P SmallCap 600 ESG ETF** | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** |
| &nbsp;&nbsp;&nbsp;$73688142 | &nbsp;&nbsp;&nbsp;&nbsp;$8484512 | &nbsp;&nbsp;$2287481487 | &nbsp;&nbsp;$21211553 | &nbsp;&nbsp;$7341485 | &nbsp;&nbsp;$1089937536 |
| &nbsp;&nbsp;&nbsp;&nbsp;4123422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231657587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742747 |
| &nbsp;&nbsp;77811564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8899919 | &nbsp;&nbsp;&nbsp;&nbsp;2519139074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23108355 | &nbsp;&nbsp;&nbsp;&nbsp;7343736 | &nbsp;&nbsp;&nbsp;&nbsp;1095680283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;77824633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8908197 | &nbsp;&nbsp;&nbsp;&nbsp;2522905972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23122852 | &nbsp;&nbsp;&nbsp;&nbsp;7353520 | &nbsp;&nbsp;&nbsp;&nbsp;1097032620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229135396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 |
| &nbsp;&nbsp;&nbsp;&nbsp;4126420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230756109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558010 |
| $73698213 | &nbsp;&nbsp;$8500372 | &nbsp;&nbsp;$2292149863 | &nbsp;&nbsp;$21258037 | &nbsp;&nbsp;$7352721 | &nbsp;&nbsp;$1092474610 |
| $74417140 | &nbsp;&nbsp;$25421447 | &nbsp;&nbsp;$3172654758 | &nbsp;&nbsp;$133538260 | &nbsp;&nbsp;$8004189 | &nbsp;&nbsp;$1091125238 |
| &nbsp;&nbsp;&nbsp;&nbsp;(718927) | &nbsp;&nbsp;&nbsp;&nbsp;(16921075) | &nbsp;&nbsp;&nbsp;&nbsp;(880504895) | &nbsp;&nbsp;&nbsp;&nbsp;(112280223) | &nbsp;&nbsp;&nbsp;&nbsp;(651468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349372 |
| $73698213 | &nbsp;&nbsp;$8500372 | &nbsp;&nbsp;$2292149863 | &nbsp;&nbsp;$21258037 | &nbsp;&nbsp;$7352721 | &nbsp;&nbsp;$1092474610 |
| $75.98 | &nbsp;&nbsp;$35.42 | &nbsp;&nbsp;$54.43 | &nbsp;&nbsp;$30.37 | &nbsp;&nbsp;$29.41 | &nbsp;&nbsp;$174.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6260000 |
| &nbsp;&nbsp;&nbsp;$66497315 | &nbsp;&nbsp;&nbsp;&nbsp;$8496145 | &nbsp;&nbsp;$2034494654 | &nbsp;&nbsp;$29658336 | &nbsp;&nbsp;$7042110 | &nbsp;&nbsp;$1005994495 |
| &nbsp;&nbsp;&nbsp;&nbsp;4123422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231657587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5742747 |
| $70620737 | &nbsp;&nbsp;$8911552 | &nbsp;&nbsp;$2266152241 | &nbsp;&nbsp;$31555138 | &nbsp;&nbsp;$7044361 | &nbsp;&nbsp;$1011737242 |
| $— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16031 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| $4632263 | &nbsp;&nbsp;$484973 | &nbsp;&nbsp;$299337424 | &nbsp;&nbsp;$3202582 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$10792489 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (continued)

#### June 30, 2025

------

---

| | |
|:---|:---|
|  | **SPDR SSGA US Small Cap Low Volatility Index ETF** |
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$199761298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;204760406 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;205661117 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800762 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $200149428 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $256386420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(56236992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $200149428 |
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $125.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$195855392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4999108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $200854500 |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $15152497 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF OPERATIONS

#### For the Year Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR MSCI USA Climate Paris Aligned ETF** | **SPDR Russell 1000 Low Volatility Focus ETF** | **SPDR Russell 1000 Momentum Focus ETF** | **SPDR Russell 1000 Yield Focus ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | $2319 | $374 | $5030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23605 | &nbsp;&nbsp;&nbsp;&nbsp;12462924 | &nbsp;&nbsp;&nbsp;&nbsp;1551148 | &nbsp;&nbsp;&nbsp;&nbsp;28463667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — non-cash transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8006) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;23950 | &nbsp;&nbsp;&nbsp;&nbsp;12610321 | &nbsp;&nbsp;&nbsp;&nbsp;1561950 | &nbsp;&nbsp;&nbsp;&nbsp;28688008 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665409 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $21335 | $11340395 | $1355491 | $27022599 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25308) | &nbsp;&nbsp;&nbsp;(14620696) | &nbsp;&nbsp;&nbsp;&nbsp;2486763 | &nbsp;&nbsp;&nbsp;(32705545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95405 | &nbsp;&nbsp;&nbsp;&nbsp;69430419 | &nbsp;&nbsp;&nbsp;18662775 | &nbsp;&nbsp;&nbsp;&nbsp;77879414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;70098 | &nbsp;&nbsp;&nbsp;&nbsp;54846367 | &nbsp;&nbsp;&nbsp;21168766 | &nbsp;&nbsp;&nbsp;&nbsp;45314740 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524374 | &nbsp;&nbsp;&nbsp;&nbsp;(7536977) | &nbsp;&nbsp;&nbsp;(12553086) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;61620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545186 | &nbsp;&nbsp;&nbsp;&nbsp;(7525936) | &nbsp;&nbsp;&nbsp;(12494616) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;131718 | &nbsp;&nbsp;&nbsp;&nbsp;59391553 | &nbsp;&nbsp;&nbsp;13642830 | &nbsp;&nbsp;&nbsp;&nbsp;32820124 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $153053 | $70731948 | $14998321 | $59842723 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SPDR S&P 400 Mid Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 500 ESG ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** |
| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$2237 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24612566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55754685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20293732 | &nbsp;&nbsp;&nbsp;&nbsp;37183269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71024803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23368) |
| &nbsp;&nbsp;&nbsp;&nbsp;25008825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56251204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20406050 | &nbsp;&nbsp;&nbsp;&nbsp;43442556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79275306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5818425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4036897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5251265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5854958 |
| $21082627 | &nbsp;&nbsp;$52214307 | &nbsp;&nbsp;$18880958 | &nbsp;&nbsp;$38191291 | &nbsp;&nbsp;$73420348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114945009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96746141) | &nbsp;&nbsp;&nbsp;&nbsp;(35898039) | &nbsp;&nbsp;&nbsp;&nbsp;51871272 | &nbsp;&nbsp;&nbsp;&nbsp;(232439319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122300134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418232805 | &nbsp;&nbsp;&nbsp;&nbsp;261126909 | &nbsp;&nbsp;&nbsp;&nbsp;88276487 | &nbsp;&nbsp;&nbsp;&nbsp;427803516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7355211 | &nbsp;&nbsp;&nbsp;&nbsp;321486664 | &nbsp;&nbsp;&nbsp;&nbsp;225268721 | &nbsp;&nbsp;&nbsp;&nbsp;140148068 | &nbsp;&nbsp;&nbsp;&nbsp;195364395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126389611) | &nbsp;&nbsp;&nbsp;&nbsp;(128818356) | &nbsp;&nbsp;&nbsp;&nbsp;(66633972) | &nbsp;&nbsp;&nbsp;&nbsp;(137270601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053592 | &nbsp;&nbsp;&nbsp;&nbsp;(126389611) | &nbsp;&nbsp;&nbsp;&nbsp;(128571592) | &nbsp;&nbsp;&nbsp;&nbsp;(66634281) | &nbsp;&nbsp;&nbsp;&nbsp;(137270799) |
| &nbsp;&nbsp;&nbsp;&nbsp;16408803 | &nbsp;&nbsp;&nbsp;&nbsp;195097053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96697129 | &nbsp;&nbsp;&nbsp;&nbsp;73513787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58093596 |
| $37491430 | &nbsp;&nbsp;$247311360 | &nbsp;&nbsp;$115578087 | &nbsp;&nbsp;$111705078 | &nbsp;&nbsp;$131513944 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF OPERATIONS (continued)

#### For the Year Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR S&P 1500 Momentum Tilt ETF** | **SPDR S&P 1500 Value Tilt ETF** | **SPDR S&P Kensho Clean Power ETF** | **SPDR S&P Kensho Final Frontiers ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1450561 | $8930086 | $1483818 | $182685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1458223 | &nbsp;&nbsp;&nbsp;&nbsp;8981882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186312 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84226 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $1298190 | $8489927 | $1311121 | $102086 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5150217) | &nbsp;&nbsp;&nbsp;&nbsp;(1771087) | &nbsp;&nbsp;&nbsp;(66766644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1604) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12565994 | &nbsp;&nbsp;&nbsp;18133912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6585628 | &nbsp;&nbsp;&nbsp;3275200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7415608 | &nbsp;&nbsp;&nbsp;16361105 | &nbsp;&nbsp;&nbsp;(60181429) | &nbsp;&nbsp;&nbsp;3177568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3761587 | &nbsp;&nbsp;&nbsp;27774564 | &nbsp;&nbsp;&nbsp;&nbsp;56437443 | &nbsp;&nbsp;&nbsp;3606398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;3778427 | &nbsp;&nbsp;&nbsp;27933931 | &nbsp;&nbsp;&nbsp;&nbsp;56437538 | &nbsp;&nbsp;&nbsp;3606396 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;11194035 | &nbsp;&nbsp;&nbsp;44295036 | &nbsp;&nbsp;&nbsp;&nbsp;(3743891) | &nbsp;&nbsp;&nbsp;6783964 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $12492225 | $52784963 | $(2432770) | $6886050 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR S&P Kensho Future Security ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** | &nbsp;&nbsp;**SPDR S&P Kensho New Economies Composite ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Smart Mobility ETF** | &nbsp;&nbsp;**SPDR S&P SmallCap 600 ESG ETF** | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** |
| &nbsp;&nbsp;&nbsp;$372411 | &nbsp;&nbsp;&nbsp;&nbsp;$82379 | &nbsp;&nbsp;$19183633 | &nbsp;&nbsp;$240296 | &nbsp;&nbsp;$113399 | &nbsp;&nbsp;$18302015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23416482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768245 | &nbsp;&nbsp;&nbsp;&nbsp;113784 | &nbsp;&nbsp;&nbsp;&nbsp;18372286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4146367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046816 |
| $153505 | &nbsp;&nbsp;$64617 | &nbsp;&nbsp;$19251264 | &nbsp;&nbsp;$640887 | &nbsp;&nbsp;$105556 | &nbsp;&nbsp;$17325470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2345721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5195197) | &nbsp;&nbsp;&nbsp;&nbsp;(167274514) | &nbsp;&nbsp;&nbsp;&nbsp;(12081250) | &nbsp;&nbsp;&nbsp;&nbsp;(588448) | &nbsp;&nbsp;&nbsp;&nbsp;(11748942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16065839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540320 | &nbsp;&nbsp;&nbsp;&nbsp;389461353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118179 | &nbsp;&nbsp;&nbsp;&nbsp;618616 | &nbsp;&nbsp;&nbsp;&nbsp;85440527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;13720121 | &nbsp;&nbsp;&nbsp;&nbsp;(4654837) | &nbsp;&nbsp;&nbsp;&nbsp;222183315 | &nbsp;&nbsp;&nbsp;&nbsp;(10963071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30169 | &nbsp;&nbsp;&nbsp;&nbsp;73691597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383679 | &nbsp;&nbsp;&nbsp;&nbsp;145578750 | &nbsp;&nbsp;&nbsp;&nbsp;12776438 | &nbsp;&nbsp;&nbsp;&nbsp;219693 | &nbsp;&nbsp;&nbsp;&nbsp;38298651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;3830684 | &nbsp;&nbsp;&nbsp;&nbsp;5383643 | &nbsp;&nbsp;&nbsp;&nbsp;145579123 | &nbsp;&nbsp;&nbsp;&nbsp;12776438 | &nbsp;&nbsp;&nbsp;&nbsp;219693 | &nbsp;&nbsp;&nbsp;&nbsp;38298639 |
| &nbsp;&nbsp;17550805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728806 | &nbsp;&nbsp;&nbsp;&nbsp;367762438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813367 | &nbsp;&nbsp;&nbsp;&nbsp;249862 | &nbsp;&nbsp;&nbsp;&nbsp;111990236 |
| $17704310 | &nbsp;&nbsp;$793423 | &nbsp;&nbsp;$387013702 | &nbsp;&nbsp;$2454254 | &nbsp;&nbsp;$355418 | &nbsp;&nbsp;$129315706 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF OPERATIONS (continued)

#### For the Year Ended June 30, 2025

------

---

| | |
|:---|:---|
|  | **SPDR SSGA US Small Cap Low Volatility Index ETF** |
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5624784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120852 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5643) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;5768447 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238887 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $5529560 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9539327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20907205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;11367878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11298272 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;22666150 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $28195710 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR MSCI USA Climate Paris Aligned ETF** | **SPDR MSCI USA Climate Paris Aligned ETF** | **SPDR Russell 1000 Low Volatility Focus ETF** | **SPDR Russell 1000 Low Volatility Focus ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$21335 | $753892 | $11340395 | $10668205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16058369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54846367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48057288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3927591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711223 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12884670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70731948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62436716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27074) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149892) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818255) | &nbsp;&nbsp;&nbsp;&nbsp;(11789931) | &nbsp;&nbsp;&nbsp;&nbsp;(11077139) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188587 | &nbsp;&nbsp;&nbsp;&nbsp;156466309 | &nbsp;&nbsp;&nbsp;&nbsp;258776143 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1043848) | &nbsp;&nbsp;&nbsp;(114400899) | &nbsp;&nbsp;&nbsp;(259430888) | &nbsp;&nbsp;&nbsp;(225274044) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149892 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177385 | &nbsp;&nbsp;&nbsp;(112185238) | &nbsp;&nbsp;&nbsp;(102889538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33651991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185370 | &nbsp;&nbsp;&nbsp;(100145897) | &nbsp;&nbsp;&nbsp;&nbsp;(44022562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84861676 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;2438973 | &nbsp;&nbsp;&nbsp;&nbsp;102584870 | &nbsp;&nbsp;&nbsp;&nbsp;631531455 | &nbsp;&nbsp;&nbsp;&nbsp;546669779 |
| **NET ASSETS AT END OF PERIOD<br>**  | $2624343 | $2438973 | $587508893 | $631531455 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4080000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2020000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1910000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR Russell 1000 Momentum Focus ETF** | **SPDR Russell 1000 Momentum Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Yield Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Yield Focus ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Growth ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$1355491 | &nbsp;&nbsp;&nbsp;&nbsp;$1881487 | &nbsp;&nbsp;$27022599 | &nbsp;&nbsp;$26376749 | &nbsp;&nbsp;$21082627 | &nbsp;&nbsp;$23461785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21168766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14977379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45314740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43726606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7355211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279943460 |
| &nbsp;&nbsp;&nbsp;&nbsp;(7525936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3213465 | &nbsp;&nbsp;&nbsp;&nbsp;(12494616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22793573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9053592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103737266 |
| &nbsp;&nbsp;&nbsp;&nbsp;14998321 | &nbsp;&nbsp;&nbsp;&nbsp;20072331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59842723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92896928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37491430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407142511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(799830) |
| &nbsp;&nbsp;&nbsp;&nbsp;(1404592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2028167) | &nbsp;&nbsp;&nbsp;&nbsp;(26273241) | &nbsp;&nbsp;&nbsp;&nbsp;(25771600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22550206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25105656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128448 | &nbsp;&nbsp;&nbsp;&nbsp;389996480 | &nbsp;&nbsp;&nbsp;&nbsp;292391638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546005946 | &nbsp;&nbsp;&nbsp;&nbsp;1299912993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69000951) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31226184) | &nbsp;&nbsp;&nbsp;&nbsp;(368277746) | &nbsp;&nbsp;&nbsp;&nbsp;(333386795) | &nbsp;&nbsp;&nbsp;&nbsp;(750501964) | &nbsp;&nbsp;&nbsp;&nbsp;(1079325774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(781981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799830 |
| &nbsp;&nbsp;&nbsp;(66941788) | &nbsp;&nbsp;&nbsp;&nbsp;(29159621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21828206 | &nbsp;&nbsp;&nbsp;&nbsp;(41033577) | &nbsp;&nbsp;&nbsp;&nbsp;(205277999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221387049 |
| &nbsp;&nbsp;&nbsp;(53183325) | &nbsp;&nbsp;&nbsp;&nbsp;(11053572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55288216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26130171 | &nbsp;&nbsp;&nbsp;&nbsp;(189554794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602624074 |
| &nbsp;&nbsp;145751747 | &nbsp;&nbsp;&nbsp;&nbsp;156805319 | &nbsp;&nbsp;&nbsp;&nbsp;785303531 | &nbsp;&nbsp;&nbsp;&nbsp;759173360 | &nbsp;&nbsp;&nbsp;&nbsp;2451856985 | &nbsp;&nbsp;&nbsp;&nbsp;1849232911 |
| $92568422 | &nbsp;&nbsp;$145751747 | &nbsp;&nbsp;$840591747 | &nbsp;&nbsp;$785303531 | &nbsp;&nbsp;$2262302191 | &nbsp;&nbsp;$2451856985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16350000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(590000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3420000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3270000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(570000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350000 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR S&P 400 Mid Cap Value ETF** | **SPDR S&P 400 Mid Cap Value ETF** | **SPDR S&P 500 ESG ETF** | **SPDR S&P 500 ESG ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$52214307 | $44464643 | $18880958 | $14798028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321486664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45069060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225268721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52990233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126389611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83984854 | &nbsp;&nbsp;&nbsp;&nbsp;(128571592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183620018 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247311360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173518557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115578087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251408279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2338652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1333445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49303555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42103288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18691744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15041149) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160097282 | &nbsp;&nbsp;&nbsp;&nbsp;1379215237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668390130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397159867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2398391719) | &nbsp;&nbsp;&nbsp;(1316190156) | &nbsp;&nbsp;&nbsp;&nbsp;(914044235) | &nbsp;&nbsp;&nbsp;&nbsp;(235967462) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218063) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235955785) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64358526 | &nbsp;&nbsp;&nbsp;&nbsp;(245506744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160974342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40286632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194440350 | &nbsp;&nbsp;&nbsp;&nbsp;(148767762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397559535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;2418933978 | &nbsp;&nbsp;&nbsp;&nbsp;2224493628 | &nbsp;&nbsp;&nbsp;1284451056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886891521 |
| **NET ASSETS AT END OF PERIOD<br>**  | $2378647346 | $2418933978 | $1135683294 | $1284451056 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12075000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16875000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4875000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR S&P 600 Small Cap Growth ETF** | **SPDR S&P 600 Small Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Momentum Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Momentum Tilt ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$38191291 | &nbsp;&nbsp;&nbsp;&nbsp;$34924069 | &nbsp;&nbsp;$73420348 | &nbsp;&nbsp;$80452449 | &nbsp;&nbsp;$1298190 | &nbsp;&nbsp;$882202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140148068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115726202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195364395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86629003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7415608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5313747 |
| &nbsp;&nbsp;&nbsp;&nbsp;(66634281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221653885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137270799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5240293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20117256 |
| &nbsp;&nbsp;&nbsp;&nbsp;111705078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372304156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131513944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161841159 | &nbsp;&nbsp;&nbsp;&nbsp;12492225 | &nbsp;&nbsp;&nbsp;&nbsp;26313205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4922) |
| &nbsp;&nbsp;&nbsp;&nbsp;(43845204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34338059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88961643) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90691924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1338990) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(858890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510153487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664751347 | &nbsp;&nbsp;&nbsp;&nbsp;1610610147 | &nbsp;&nbsp;&nbsp;&nbsp;1423021889 | &nbsp;&nbsp;&nbsp;&nbsp;66558368 | &nbsp;&nbsp;&nbsp;&nbsp;20164268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404524845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306216196) | &nbsp;&nbsp;&nbsp;&nbsp;(1660796998) | &nbsp;&nbsp;&nbsp;&nbsp;(1671940023) | &nbsp;&nbsp;&nbsp;&nbsp;(37821415) | &nbsp;&nbsp;&nbsp;&nbsp;(22242283) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35051) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922 |
| &nbsp;&nbsp;&nbsp;&nbsp;105227829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358301834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49892339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248599255) | &nbsp;&nbsp;&nbsp;&nbsp;28701902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2073093) |
| &nbsp;&nbsp;&nbsp;&nbsp;173488516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696501248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7634550) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(177768899) | &nbsp;&nbsp;&nbsp;&nbsp;39890188 | &nbsp;&nbsp;&nbsp;&nbsp;23376300 |
| &nbsp;&nbsp;3226943974 | &nbsp;&nbsp;&nbsp;&nbsp;2530442726 | &nbsp;&nbsp;&nbsp;&nbsp;3646673500 | &nbsp;&nbsp;&nbsp;&nbsp;3824442399 | &nbsp;&nbsp;&nbsp;&nbsp;106800422 | &nbsp;&nbsp;&nbsp;&nbsp;83424122 |
| $3400432490 | &nbsp;&nbsp;$3226943974 | &nbsp;&nbsp;$3639038950 | &nbsp;&nbsp;$3646673500 | &nbsp;&nbsp;$146690610 | &nbsp;&nbsp;$106800422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3750000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19350000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20750000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3050000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10000) |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR S&P 1500 Value Tilt ETF** | **SPDR S&P 1500 Value Tilt ETF** | **SPDR S&P Kensho Clean Power ETF** | **SPDR S&P Kensho Clean Power ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$8489927 | $6279924 | $1311121 | $2923835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16361105 | &nbsp;&nbsp;&nbsp;&nbsp;10456171 | &nbsp;&nbsp;&nbsp;&nbsp;(60181429) | &nbsp;&nbsp;&nbsp;&nbsp;(38634417) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;27933931 | &nbsp;&nbsp;&nbsp;&nbsp;33982017 | &nbsp;&nbsp;&nbsp;&nbsp;56437538 | &nbsp;&nbsp;&nbsp;&nbsp;(53716315) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;52784963 | &nbsp;&nbsp;&nbsp;&nbsp;50718112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2432770) | &nbsp;&nbsp;&nbsp;&nbsp;(89426897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191391) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8591316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6381059) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1592496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3354549) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144579103 | &nbsp;&nbsp;&nbsp;127827618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9747707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14539698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61410614) | &nbsp;&nbsp;&nbsp;&nbsp;(50607212) | &nbsp;&nbsp;&nbsp;&nbsp;(62526274) | &nbsp;&nbsp;&nbsp;&nbsp;(82026092) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191391 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;83048681 | &nbsp;&nbsp;&nbsp;&nbsp;77079479 | &nbsp;&nbsp;&nbsp;&nbsp;(52740857) | &nbsp;&nbsp;&nbsp;&nbsp;(67295003) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;127362136 | &nbsp;&nbsp;&nbsp;121557459 | &nbsp;&nbsp;&nbsp;&nbsp;(56803833) | &nbsp;&nbsp;&nbsp;(160267840) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;352913967 | &nbsp;&nbsp;&nbsp;231356508 | &nbsp;&nbsp;&nbsp;178946257 | &nbsp;&nbsp;&nbsp;&nbsp;339214097 |
| **NET ASSETS AT END OF PERIOD<br>**  | $480276103 | $352913967 | $122142424 | $178946257 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(330000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1080000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(910000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1040000) |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR S&P Kensho Final Frontiers ETF** | **SPDR S&P Kensho Final Frontiers ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Future Security ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Future Security ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$102086 | &nbsp;&nbsp;&nbsp;&nbsp;$109454 | &nbsp;&nbsp;$153505 | &nbsp;&nbsp;$70088 | &nbsp;&nbsp;$64617 | &nbsp;&nbsp;$204062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587750) | &nbsp;&nbsp;&nbsp;&nbsp;13720121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4418924 | &nbsp;&nbsp;&nbsp;&nbsp;(4654837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(341706) |
| &nbsp;&nbsp;&nbsp;&nbsp;3606396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377893 | &nbsp;&nbsp;&nbsp;&nbsp;5383643 | &nbsp;&nbsp;&nbsp;&nbsp;(1475257) |
| &nbsp;&nbsp;&nbsp;&nbsp;6886050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399328 | &nbsp;&nbsp;&nbsp;&nbsp;17704310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793423 | &nbsp;&nbsp;&nbsp;&nbsp;(1612901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6370) |
| &nbsp;&nbsp;&nbsp;&nbsp;(121960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5939804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45345413 | &nbsp;&nbsp;&nbsp;&nbsp;30988694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5355354) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3016301) | &nbsp;&nbsp;&nbsp;&nbsp;(46917770) | &nbsp;&nbsp;&nbsp;&nbsp;(11787807) | &nbsp;&nbsp;&nbsp;&nbsp;(5530877) | &nbsp;&nbsp;&nbsp;&nbsp;(9954715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583836 | &nbsp;&nbsp;&nbsp;&nbsp;(3011558) | &nbsp;&nbsp;&nbsp;&nbsp;(1569842) | &nbsp;&nbsp;&nbsp;&nbsp;19204981 | &nbsp;&nbsp;&nbsp;&nbsp;(5533092) | &nbsp;&nbsp;&nbsp;&nbsp;(8234413) |
| &nbsp;&nbsp;&nbsp;&nbsp;7348540 | &nbsp;&nbsp;&nbsp;&nbsp;(2733014) | &nbsp;&nbsp;&nbsp;&nbsp;15987841 | &nbsp;&nbsp;&nbsp;&nbsp;24991793 | &nbsp;&nbsp;&nbsp;&nbsp;(4811976) | &nbsp;&nbsp;&nbsp;&nbsp;(10053681) |
| &nbsp;&nbsp;15190432 | &nbsp;&nbsp;&nbsp;&nbsp;17923446 | &nbsp;&nbsp;&nbsp;&nbsp;57710372 | &nbsp;&nbsp;&nbsp;&nbsp;32718579 | &nbsp;&nbsp;&nbsp;&nbsp;13312348 | &nbsp;&nbsp;&nbsp;&nbsp;23366029 |
| $22538972 | &nbsp;&nbsp;$15190432 | &nbsp;&nbsp;$73698213 | &nbsp;&nbsp;$57710372 | &nbsp;&nbsp;$8500372 | &nbsp;&nbsp;$13312348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250000) |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR S&P Kensho New Economies Composite ETF** | **SPDR S&P Kensho New Economies Composite ETF** | **SPDR S&P Kensho Smart Mobility ETF** | **SPDR S&P Kensho Smart Mobility ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$19251264 | $18890376 | $640887 | $1156948 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222183315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48461140) | &nbsp;&nbsp;&nbsp;(10963071) | &nbsp;&nbsp;&nbsp;(15523230) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145579123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117700545 | &nbsp;&nbsp;&nbsp;&nbsp;12776438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8239117 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387013702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88129781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454254 | &nbsp;&nbsp;&nbsp;&nbsp;(6127165) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(521093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28650) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21708860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24011717) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715913) | &nbsp;&nbsp;&nbsp;&nbsp;(1314818) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936588728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171758851 | &nbsp;&nbsp;&nbsp;&nbsp;15552236 | &nbsp;&nbsp;&nbsp;&nbsp;55041465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(893487287) | &nbsp;&nbsp;&nbsp;&nbsp;(162184038) | &nbsp;&nbsp;&nbsp;(40248032) | &nbsp;&nbsp;&nbsp;(57220608) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28650 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43622534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9661668 | &nbsp;&nbsp;&nbsp;(25155821) | &nbsp;&nbsp;&nbsp;&nbsp;(2150493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408406283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73692877 | &nbsp;&nbsp;&nbsp;(22957455) | &nbsp;&nbsp;&nbsp;&nbsp;(9621126) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;1883743580 | &nbsp;&nbsp;&nbsp;1810050703 | &nbsp;&nbsp;&nbsp;&nbsp;44215492 | &nbsp;&nbsp;&nbsp;&nbsp;53836618 |
| **NET ASSETS AT END OF PERIOD<br>**  | $2292149863 | $1883743580 | $21258037 | $44215492 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1960000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17350000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3610000) | &nbsp;&nbsp;&nbsp;&nbsp;(1390000) | &nbsp;&nbsp;&nbsp;&nbsp;(1980000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(890000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20000) |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR S&P SmallCap 600 ESG ETF** | **SPDR S&P SmallCap 600 ESG ETF** | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Small Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Small Cap Low Volatility Index ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$105556 | &nbsp;&nbsp;&nbsp;&nbsp;$69652 | &nbsp;&nbsp;$17325470 | &nbsp;&nbsp;$15142309 | &nbsp;&nbsp;$5529560 | &nbsp;&nbsp;$4224855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73691597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45812819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11367878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38298639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15815888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11298272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9745301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129315706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76771016 | &nbsp;&nbsp;&nbsp;&nbsp;28195710 | &nbsp;&nbsp;&nbsp;&nbsp;15808604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1727248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296452 |
| &nbsp;&nbsp;&nbsp;&nbsp;(128186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17718170) | &nbsp;&nbsp;&nbsp;&nbsp;(16227652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5752092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5000516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5644914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15214115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699583946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88966271 | &nbsp;&nbsp;&nbsp;&nbsp;99628014 | &nbsp;&nbsp;&nbsp;&nbsp;10837886 |
| &nbsp;&nbsp;&nbsp;&nbsp;(3592564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14904895) | &nbsp;&nbsp;&nbsp;&nbsp;(414084084) | &nbsp;&nbsp;&nbsp;&nbsp;(271853982) | &nbsp;&nbsp;&nbsp;&nbsp;(93649633) | &nbsp;&nbsp;&nbsp;&nbsp;(40883052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1727248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1119921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296452) |
| &nbsp;&nbsp;&nbsp;2055904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287227110 | &nbsp;&nbsp;&nbsp;&nbsp;(184007632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6062701 | &nbsp;&nbsp;&nbsp;&nbsp;(30341618) |
| &nbsp;&nbsp;&nbsp;2279582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397097398 | &nbsp;&nbsp;&nbsp;&nbsp;(122344347) | &nbsp;&nbsp;&nbsp;&nbsp;28421999 | &nbsp;&nbsp;&nbsp;&nbsp;(19237078) |
| &nbsp;&nbsp;&nbsp;5073139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3974024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695377212 | &nbsp;&nbsp;&nbsp;&nbsp;817721559 | &nbsp;&nbsp;&nbsp;&nbsp;171727429 | &nbsp;&nbsp;&nbsp;&nbsp;190964507 |
| $7352721 | &nbsp;&nbsp;$5073139 | &nbsp;&nbsp;$1092474610 | &nbsp;&nbsp;$695377212 | &nbsp;&nbsp;$200149428 | &nbsp;&nbsp;$171727429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2430000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1880000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(760000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1270000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290000) |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR MSCI USA Climate Paris Aligned ETF** | &nbsp;&nbsp;**SPDR MSCI USA Climate Paris Aligned ETF** | &nbsp;&nbsp;**SPDR MSCI USA Climate Paris Aligned ETF** | &nbsp;&nbsp;**SPDR MSCI USA Climate Paris Aligned ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**For the<br> Period<br> 4/22/22\*-<br> 6/30/22** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$30.49 | &nbsp;&nbsp;$25.14 | &nbsp;&nbsp;$21.20 | &nbsp;&nbsp;$25.00 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.83) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.76) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) |
| Contribution from affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1.80) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$32.80 | &nbsp;&nbsp;$30.49 | &nbsp;&nbsp;$25.14 | &nbsp;&nbsp;$21.20 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;13.56% | &nbsp;&nbsp;&nbsp;22.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.67)% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$2624 | &nbsp;&nbsp;$2439 | &nbsp;&nbsp;$102585 | &nbsp;&nbsp;$131437 |
| **Ratios to average net assets:** |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6%(g) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Russell 1000 Low Volatility Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Low Volatility Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Low Volatility Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Low Volatility Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Low Volatility Focus ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$118.26 | &nbsp;&nbsp;$108.47 | &nbsp;&nbsp;$98.00 | &nbsp;&nbsp;$103.93 | &nbsp;&nbsp;$73.50 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.62 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.11 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.66) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$129.12 | &nbsp;&nbsp;$118.26 | &nbsp;&nbsp;$108.47 | &nbsp;&nbsp;$98.00 | &nbsp;&nbsp;$103.93 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.20)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.00% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$587509 | &nbsp;&nbsp;$631531 | &nbsp;&nbsp;$546670 | &nbsp;&nbsp;$540953 | &nbsp;&nbsp;$544605 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Russell 1000 Momentum Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Momentum Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Momentum Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Momentum Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Momentum Focus ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$110.42 | &nbsp;&nbsp;$98.00 | &nbsp;&nbsp;$85.87 | &nbsp;&nbsp;$98.81 | &nbsp;&nbsp;$68.38 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.58 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.64 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$123.42 | &nbsp;&nbsp;$110.42 | &nbsp;&nbsp;$98.00 | &nbsp;&nbsp;$85.87 | &nbsp;&nbsp;$98.81 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;13.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.38% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$92568 | &nbsp;&nbsp;$145752 | &nbsp;&nbsp;$156805 | &nbsp;&nbsp;$267926 | &nbsp;&nbsp;$312235 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Russell 1000 Yield Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Yield Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Yield Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Yield Focus ETF** | &nbsp;&nbsp;**SPDR Russell 1000 Yield Focus ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$103.88 | &nbsp;&nbsp;$95.25 | &nbsp;&nbsp;$89.12 | &nbsp;&nbsp;$94.82 | &nbsp;&nbsp;$58.69 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.29 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.38 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.31) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$108.18 | &nbsp;&nbsp;$103.88 | &nbsp;&nbsp;$95.25 | &nbsp;&nbsp;$89.12 | &nbsp;&nbsp;$94.82 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.30% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$840592 | &nbsp;&nbsp;$785304 | &nbsp;&nbsp;$759173 | &nbsp;&nbsp;$779832 | &nbsp;&nbsp;$655207 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Growth ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$84.11 | &nbsp;&nbsp;$71.68 | &nbsp;&nbsp;$60.97 | &nbsp;&nbsp;$77.52 | &nbsp;&nbsp;$53.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.79 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.22 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$86.84 | &nbsp;&nbsp;$84.11 | &nbsp;&nbsp;$71.68 | &nbsp;&nbsp;$60.97 | &nbsp;&nbsp;$77.52 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20.61)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$2262302 | &nbsp;&nbsp;$2451857 | &nbsp;&nbsp;$1849233 | &nbsp;&nbsp;$1289549 | &nbsp;&nbsp;$1682086 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 400 Mid Cap Value ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$72.97 | &nbsp;&nbsp;$68.76 | &nbsp;&nbsp;$60.51 | &nbsp;&nbsp;$67.55 | &nbsp;&nbsp;$42.66 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.71 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.75 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$79.42 | &nbsp;&nbsp;$72.97 | &nbsp;&nbsp;$68.76 | &nbsp;&nbsp;$60.51 | &nbsp;&nbsp;$67.55 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.78)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.10% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$2378647 | &nbsp;&nbsp;$2418934 | &nbsp;&nbsp;$2224494 | &nbsp;&nbsp;$1431126 | &nbsp;&nbsp;$1526568 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P 500 ESG ETF** | &nbsp;&nbsp;**SPDR S&P 500 ESG ETF** | &nbsp;&nbsp;**SPDR S&P 500 ESG ETF** | &nbsp;&nbsp;**SPDR S&P 500 ESG ETF** | &nbsp;&nbsp;**SPDR S&P 500 ESG ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**For the<br> Period<br> 7/28/20\*-<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$53.08 | &nbsp;&nbsp;$43.05 | &nbsp;&nbsp;$36.21 | &nbsp;&nbsp;$40.12 | &nbsp;&nbsp;$30.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.76 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.48) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$58.54 | &nbsp;&nbsp;$53.08 | &nbsp;&nbsp;$43.05 | &nbsp;&nbsp;$36.21 | &nbsp;&nbsp;$40.12 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.48)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.47% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$1135683 | &nbsp;&nbsp;$1284451 | &nbsp;&nbsp;$886892 | &nbsp;&nbsp;$434577 | &nbsp;&nbsp;$235700 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10%(d) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39%(d) |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16%(f) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Growth ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Growth ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$85.82 | &nbsp;&nbsp;$76.91 | &nbsp;&nbsp;$70.53 | &nbsp;&nbsp;$88.70 | &nbsp;&nbsp;$56.77 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.91 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.43 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$88.67 | &nbsp;&nbsp;$85.82 | &nbsp;&nbsp;$76.91 | &nbsp;&nbsp;$70.53 | &nbsp;&nbsp;$88.70 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.23% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$3400432 | &nbsp;&nbsp;$3226944 | &nbsp;&nbsp;$2530443 | &nbsp;&nbsp;$2038288 | &nbsp;&nbsp;$2306075 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** | &nbsp;&nbsp;**SPDR S&P 600 Small Cap Value ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$78.42 | &nbsp;&nbsp;$77.18 | &nbsp;&nbsp;$72.36 | &nbsp;&nbsp;$85.72 | &nbsp;&nbsp;$49.15 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.50 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.57 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$79.80 | &nbsp;&nbsp;$78.42 | &nbsp;&nbsp;$77.18 | &nbsp;&nbsp;$72.36 | &nbsp;&nbsp;$85.72 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.93% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$3639039 | &nbsp;&nbsp;$3646674 | &nbsp;&nbsp;$3824442 | &nbsp;&nbsp;$3835224 | &nbsp;&nbsp;$4127553 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P 1500 Momentum Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Momentum Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Momentum Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Momentum Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Momentum Tilt ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$242.73 | &nbsp;&nbsp;$185.39 | &nbsp;&nbsp;$160.63 | &nbsp;&nbsp;$181.66 | &nbsp;&nbsp;$134.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.30 | &nbsp;&nbsp;&nbsp;&nbsp;24.60 | &nbsp;&nbsp;&nbsp;&nbsp;(21.01) | &nbsp;&nbsp;&nbsp;&nbsp;47.49 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.31 | &nbsp;&nbsp;&nbsp;&nbsp;27.53 | &nbsp;&nbsp;&nbsp;&nbsp;(18.68) | &nbsp;&nbsp;&nbsp;&nbsp;49.10 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Contribution from affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.59) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$266.71 | &nbsp;&nbsp;$242.73 | &nbsp;&nbsp;$185.39 | &nbsp;&nbsp;$160.63 | &nbsp;&nbsp;$181.66 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.16% | &nbsp;&nbsp;&nbsp;&nbsp;17.46%(d) | &nbsp;&nbsp;&nbsp;&nbsp;(10.45)% | &nbsp;&nbsp;&nbsp;&nbsp;36.74% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$146691 | &nbsp;&nbsp;$106800 | &nbsp;&nbsp;$83424 | &nbsp;&nbsp;$72286 | &nbsp;&nbsp;$86289 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) If an affiliate had not made a contribution during the period ended June 30, 2023, the total return would have been 17.32%.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P 1500 Value Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Value Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Value Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Value Tilt ETF** | &nbsp;&nbsp;**SPDR S&P 1500 Value Tilt ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$172.15 | &nbsp;&nbsp;$148.31 | &nbsp;&nbsp;$133.90 | &nbsp;&nbsp;$146.31 | &nbsp;&nbsp;$97.54 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.10 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.66 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.47) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$192.11 | &nbsp;&nbsp;$172.15 | &nbsp;&nbsp;$148.31 | &nbsp;&nbsp;$133.90 | &nbsp;&nbsp;$146.31 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.02% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$480276 | &nbsp;&nbsp;$352914 | &nbsp;&nbsp;$231357 | &nbsp;&nbsp;$203533 | &nbsp;&nbsp;$215082 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Kensho Clean Power ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Clean Power ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Clean Power ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Clean Power ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Clean Power ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$60.35 | &nbsp;&nbsp;$84.70 | &nbsp;&nbsp;$78.18 | &nbsp;&nbsp;$105.73 | &nbsp;&nbsp;$49.44 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.34 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.54 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$59.44 | &nbsp;&nbsp;$60.35 | &nbsp;&nbsp;$84.70 | &nbsp;&nbsp;$78.18 | &nbsp;&nbsp;$105.73 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25.03)% | &nbsp;&nbsp;&nbsp;&nbsp;115.51% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$122142 | &nbsp;&nbsp;$178946 | &nbsp;&nbsp;$339214 | &nbsp;&nbsp;$266970 | &nbsp;&nbsp;$402315 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Kensho Final Frontiers ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Final Frontiers ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Final Frontiers ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Final Frontiers ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Final Frontiers ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$44.68 | &nbsp;&nbsp;$43.72 | &nbsp;&nbsp;$35.32 | &nbsp;&nbsp;$42.47 | &nbsp;&nbsp;$30.36 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.14) | &nbsp;&nbsp;&nbsp;&nbsp;12.32 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.96) | &nbsp;&nbsp;&nbsp;&nbsp;12.80 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$64.40 | &nbsp;&nbsp;$44.68 | &nbsp;&nbsp;$43.72 | &nbsp;&nbsp;$35.32 | &nbsp;&nbsp;$42.47 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;45.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93% | &nbsp;&nbsp;&nbsp;&nbsp;24.43% | &nbsp;&nbsp;&nbsp;&nbsp;(16.42)% | &nbsp;&nbsp;&nbsp;&nbsp;42.54% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$22539 | &nbsp;&nbsp;$15190 | &nbsp;&nbsp;$17923 | &nbsp;&nbsp;$17309 | &nbsp;&nbsp;$22509 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Kensho Future Security ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Future Security ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Future Security ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Future Security ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Future Security ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$56.58 | &nbsp;&nbsp;$48.83 | &nbsp;&nbsp;$43.97 | &nbsp;&nbsp;$51.75 | &nbsp;&nbsp;$36.60 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.76) | &nbsp;&nbsp;&nbsp;&nbsp;15.15 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.53) | &nbsp;&nbsp;&nbsp;&nbsp;15.34 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$75.98 | &nbsp;&nbsp;$56.58 | &nbsp;&nbsp;$48.83 | &nbsp;&nbsp;$43.97 | &nbsp;&nbsp;$51.75 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;34.54% | &nbsp;&nbsp;&nbsp;&nbsp;16.07% | &nbsp;&nbsp;&nbsp;&nbsp;11.16% | &nbsp;&nbsp;&nbsp;&nbsp;(14.66)% | &nbsp;&nbsp;&nbsp;&nbsp;42.50% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$73698 | &nbsp;&nbsp;$57710 | &nbsp;&nbsp;$32719 | &nbsp;&nbsp;$28580 | &nbsp;&nbsp;$27429 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Intelligent Structures ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$33.28 | &nbsp;&nbsp;$35.95 | &nbsp;&nbsp;$32.12 | &nbsp;&nbsp;$47.76 | &nbsp;&nbsp;$29.91 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;(15.59) | &nbsp;&nbsp;&nbsp;&nbsp;17.65 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;(15.22) | &nbsp;&nbsp;&nbsp;&nbsp;18.21 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$35.42 | &nbsp;&nbsp;$33.28 | &nbsp;&nbsp;$35.95 | &nbsp;&nbsp;$32.12 | &nbsp;&nbsp;$47.76 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;7.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.39)% | &nbsp;&nbsp;&nbsp;&nbsp;13.75% | &nbsp;&nbsp;&nbsp;&nbsp;(32.02)% | &nbsp;&nbsp;&nbsp;&nbsp;61.22% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$8500 | &nbsp;&nbsp;$13312 | &nbsp;&nbsp;$23366 | &nbsp;&nbsp;$31157 | &nbsp;&nbsp;$53013 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Kensho New Economies Composite ETF** | &nbsp;&nbsp;**SPDR S&P Kensho New Economies Composite ETF** | &nbsp;&nbsp;**SPDR S&P Kensho New Economies Composite ETF** | &nbsp;&nbsp;**SPDR S&P Kensho New Economies Composite ETF** | &nbsp;&nbsp;**SPDR S&P Kensho New Economies Composite ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$46.06 | &nbsp;&nbsp;$44.58 | &nbsp;&nbsp;$40.57 | &nbsp;&nbsp;$66.83 | &nbsp;&nbsp;$37.27 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.61 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.18 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$54.43 | &nbsp;&nbsp;$46.06 | &nbsp;&nbsp;$44.58 | &nbsp;&nbsp;$40.57 | &nbsp;&nbsp;$66.83 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.27% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$2292150 | &nbsp;&nbsp;$1883744 | &nbsp;&nbsp;$1810051 | &nbsp;&nbsp;$1537096 | &nbsp;&nbsp;$2131029 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Kensho Smart Mobility ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Smart Mobility ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Smart Mobility ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Smart Mobility ETF** | &nbsp;&nbsp;**SPDR S&P Kensho Smart Mobility ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$27.81 | &nbsp;&nbsp;$33.44 | &nbsp;&nbsp;$34.44 | &nbsp;&nbsp;$62.05 | &nbsp;&nbsp;$31.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(27.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.70 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;(27.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.58 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$30.37 | &nbsp;&nbsp;$27.81 | &nbsp;&nbsp;$33.44 | &nbsp;&nbsp;$34.44 | &nbsp;&nbsp;$62.05 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;11.91% | &nbsp;&nbsp;&nbsp;&nbsp;(14.40)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;(43.90)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.17% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$21258 | &nbsp;&nbsp;$44215 | &nbsp;&nbsp;$53837 | &nbsp;&nbsp;$77138 | &nbsp;&nbsp;$233305 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P SmallCap 600 ESG ETF** | &nbsp;&nbsp;**SPDR S&P SmallCap 600 ESG ETF** | &nbsp;&nbsp;**SPDR S&P SmallCap 600 ESG ETF** | &nbsp;&nbsp;**SPDR S&P SmallCap 600 ESG ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**For the<br> Period<br> 1/11/22\*-<br> 6/30/22** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$28.99 | &nbsp;&nbsp;$26.49 | &nbsp;&nbsp;$24.65 | &nbsp;&nbsp;$30.00 |
| **Income (loss) from investment operations:** |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;(5.37) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;(5.20) |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$29.41 | &nbsp;&nbsp;$28.99 | &nbsp;&nbsp;$26.49 | &nbsp;&nbsp;$24.65 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;3.36% | &nbsp;&nbsp;&nbsp;&nbsp;11.29% | &nbsp;&nbsp;&nbsp;&nbsp;9.39% | &nbsp;&nbsp;&nbsp;(16.81)% |
| **Ratios and Supplemental Data:** |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$7353 | &nbsp;&nbsp;$5073 | &nbsp;&nbsp;$3974 | &nbsp;&nbsp;$2465 |
| **Ratios to average net assets:** |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12%(d) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55% | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;1.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%(d) |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31%(f) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Large Cap Low Volatility Index ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$152.83 | &nbsp;&nbsp;$140.50 | &nbsp;&nbsp;$130.93 | &nbsp;&nbsp;$133.08 | &nbsp;&nbsp;$102.17 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.82 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.81 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.75) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$174.52 | &nbsp;&nbsp;$152.83 | &nbsp;&nbsp;$140.50 | &nbsp;&nbsp;$130.93 | &nbsp;&nbsp;$133.08 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.27% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$1092475 | &nbsp;&nbsp;$695377 | &nbsp;&nbsp;$817722 | &nbsp;&nbsp;$557743 | &nbsp;&nbsp;$573565 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA US Small Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Small Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Small Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Small Cap Low Volatility Index ETF** | &nbsp;&nbsp;**SPDR SSGA US Small Cap Low Volatility Index ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$110.08 | &nbsp;&nbsp;$103.22 | &nbsp;&nbsp;$104.54 | &nbsp;&nbsp;$112.64 | &nbsp;&nbsp;$76.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.73 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.79 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$125.09 | &nbsp;&nbsp;$110.08 | &nbsp;&nbsp;$103.22 | &nbsp;&nbsp;$104.54 | &nbsp;&nbsp;$112.64 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.07)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.11% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$200149 | &nbsp;&nbsp;$171727 | &nbsp;&nbsp;$190965 | &nbsp;&nbsp;$186085 | &nbsp;&nbsp;$220778 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### June 30, 2025

------

1.&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025, the Trust consists of eighty-five (85) 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 MSCI USA Climate Paris Aligned ETF |
| SPDR Russell 1000 Low Volatility Focus ETF |
| SPDR Russell 1000 Momentum Focus ETF |
| SPDR Russell 1000 Yield Focus ETF |
| SPDR S&P 400 Mid Cap Growth ETF |
| SPDR S&P 400 Mid Cap Value ETF |
| SPDR S&P 500 ESG ETF |
| SPDR S&P 600 Small Cap Growth ETF |
| SPDR S&P 600 Small Cap Value ETF |
| SPDR S&P 1500 Momentum Tilt ETF |

---

---

| |
|:---|
| SPDR S&P 1500 Value Tilt ETF |
| SPDR S&P Kensho Clean Power ETF |
| SPDR S&P Kensho Final Frontiers ETF |
| SPDR S&P Kensho Future Security ETF |
| SPDR S&P Kensho Intelligent Structures ETF |
| SPDR S&P Kensho New Economies Composite ETF |
| SPDR S&P Kensho Smart Mobility ETF |
| SPDR S&P SmallCap 600 ESG ETF |
| SPDR SSGA US Large Cap Low Volatility Index ETF |
| SPDR SSGA US Small Cap Low Volatility Index ETF |

---

Each Fund is classified as a diversified investment company under the 1940 Act, except the SPDR S&P 1500 Momentum Tilt ETF, SPDR S&P SmallCap 600 ESG ETF and SPDR MSCI USA Climate Paris Aligned ETF are classified as a non-diversified investment company.

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

2.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

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

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

#### Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board. The Committee provides oversight of the valuation of

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

The value of each Fund's investments, according to the fair value hierarchy as of June 30, 2025, is disclosed in each Fund's respective Schedule of Investments.

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

#### 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. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Fund's may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Certain Funds invest in real estate investment trusts ("REITs"). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") estimates of such re-designations for which actual information has not yet been reported.

#### 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 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 June 30, 2025, 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.&nbsp;&nbsp;&nbsp;&nbsp;

#### 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 (the "Internal Revenue Code"), as amended. 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.

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

4.&nbsp;&nbsp;&nbsp;&nbsp;Derivative Financial Instruments

#### Futures Contracts
The Funds may enter into futures contracts to meet the Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by the Funds equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the year ended June 30, 2025, the following Funds entered into futures contracts for the strategies listed below:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Strategies** |
| SPDR Russell 1000 Low Volatility Focus ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR Russell 1000 Momentum Focus ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR Russell 1000 Yield Focus ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR S&P 500 ESG ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |

---

The following tables summarize the value of the Funds' derivative instruments as of June 30, 2025, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Russell 1000 Low Volatility Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$25862 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$25862 |
| **SPDR Russell 1000 Momentum Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5172 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5172 |
| **SPDR Russell 1000 Yield Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;68986 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;68986 |
| **SPDR S&P 500 ESG ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;23175 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;23175 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Russell 1000 Low Volatility Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$36619 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$36619 |
| **SPDR Russell 1000 Momentum Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10513 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10513 |
| **SPDR Russell 1000 Yield Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;140871 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;140871 |
| **SPDR S&P 500 ESG ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(89258) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(89258) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Russell 1000 Low Volatility Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20837 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$20837 |
| **SPDR Russell 1000 Momentum Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3903 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3903 |
| **SPDR Russell 1000 Yield Focus ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;58470 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;58470 |
| **SPDR S&P 500 ESG ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25063 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25063 |

---

5.&nbsp;&nbsp;&nbsp;&nbsp;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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR MSCI USA Climate Paris Aligned ETF<br>| &nbsp;&nbsp;0.10% |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| &nbsp;&nbsp;0.20 |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;0.20 |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;0.20 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;0.15 |
| SPDR S&P 400 Mid Cap Value ETF<br>| &nbsp;&nbsp;0.15 |
| SPDR S&P 500 ESG ETF<br>| &nbsp;&nbsp;0.10 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;0.15 |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;0.15 |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;0.12 |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;0.12 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;0.45 |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;0.45 |
| SPDR S&P Kensho Future Security ETF<br>| &nbsp;&nbsp;0.45 |
| SPDR S&P Kensho Intelligent Structures ETF<br>| &nbsp;&nbsp;0.45 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;0.20% |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;0.45 |
| SPDR S&P SmallCap 600 ESG ETF<br>| &nbsp;&nbsp;0.12 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;0.12 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;0.12 |

---

From time to time, the Adviser may waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2025. 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, 2025 except with the approval of the Board.

The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust's Trustees, who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees") (including any Trustees' counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.

#### Administrator, Custodian, Sub-Administrator and Transfer Agent
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.

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.

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 10 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 year ended June 30, 2025, are disclosed in the Schedules of Investments.

#### Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

6.&nbsp;&nbsp;&nbsp;&nbsp;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.

7.&nbsp;&nbsp;&nbsp;&nbsp;Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| SPDR MSCI USA Climate Paris Aligned ETF<br>| $346512 | $456779 |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;158985026 | &nbsp;&nbsp;&nbsp;&nbsp;158154660 |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43563026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43071435 |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;260657085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240789113 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;1056081725 | &nbsp;&nbsp;&nbsp;1056967156 |
| SPDR S&P 400 Mid Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;994416324 | &nbsp;&nbsp;&nbsp;&nbsp;983964060 |
| SPDR S&P 500 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;199004366 | &nbsp;&nbsp;&nbsp;&nbsp;200555408 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;1729958237 | &nbsp;&nbsp;&nbsp;1725639686 |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;1734541925 | &nbsp;&nbsp;&nbsp;1734146726 |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76969034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77018456 |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71690393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67805610 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62845437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62625388 |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884862 |
| SPDR S&P Kensho Future Security ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16177117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15914884 |
| SPDR S&P Kensho Intelligent Structures ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554301 |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;945952651 | &nbsp;&nbsp;&nbsp;&nbsp;938501972 |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9182924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9185857 |
| SPDR S&P SmallCap 600 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096990 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;150792538 | &nbsp;&nbsp;&nbsp;&nbsp;140339477 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;100083047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93957442 |

---

For the year ended June 30, 2025, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind<br> Contributions** | **In-kind<br> Redemptions** | **In-kind Net<br> Realized<br> Gains/(Losses)** |
| SPDR MSCI USA Climate Paris Aligned ETF<br>| $1211431 | $1040750 | $95405 |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;157126879 | &nbsp;&nbsp;&nbsp;&nbsp;260209847 | &nbsp;&nbsp;&nbsp;&nbsp;69430419 |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69253363 | &nbsp;&nbsp;&nbsp;&nbsp;18667195 |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;371778066 | &nbsp;&nbsp;&nbsp;&nbsp;366718975 | &nbsp;&nbsp;&nbsp;&nbsp;77879414 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;530059389 | &nbsp;&nbsp;&nbsp;&nbsp;734384884 | &nbsp;&nbsp;&nbsp;122300134 |
| SPDR S&P 400 Mid Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;2133008079 | &nbsp;&nbsp;&nbsp;2376063297 | &nbsp;&nbsp;&nbsp;418232805 |
| SPDR S&P 500 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;666857970 | &nbsp;&nbsp;&nbsp;&nbsp;910887516 | &nbsp;&nbsp;&nbsp;261267667 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;501206883 | &nbsp;&nbsp;&nbsp;&nbsp;395624410 | &nbsp;&nbsp;&nbsp;&nbsp;88276487 |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;1605570515 | &nbsp;&nbsp;&nbsp;1658437272 | &nbsp;&nbsp;&nbsp;427803516 |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66375547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37544408 | &nbsp;&nbsp;&nbsp;&nbsp;12567429 |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;140365861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61192146 | &nbsp;&nbsp;&nbsp;&nbsp;18152115 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9202720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61877153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6585628 |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5937918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275200 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind<br> Contributions** | **In-kind<br> Redemptions** | **In-kind Net<br> Realized<br> Gains/(Losses)** |
| SPDR S&P Kensho Future Security ETF<br>| $45363753 | $47156458 | $16065839 |
| SPDR S&P Kensho Intelligent Structures ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540320 |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;930958776 | &nbsp;&nbsp;&nbsp;&nbsp;897439285 | &nbsp;&nbsp;&nbsp;389461353 |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15549103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40220431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118179 |
| SPDR S&P SmallCap 600 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5631349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618616 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;660094162 | &nbsp;&nbsp;&nbsp;&nbsp;384970481 | &nbsp;&nbsp;&nbsp;&nbsp;85440527 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94570867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93195997 | &nbsp;&nbsp;&nbsp;&nbsp;20907205 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Transactions

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

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Other Capital" on the Statements of Changes in Net Assets.

9.&nbsp;&nbsp;&nbsp;&nbsp;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. The Funds 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. 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.

Certain capital accounts in the financial statements have been adjusted for permanent book tax differences. These adjustments have no impact on NAV or results of operations. Temporary book tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, in kind transactions, real estate investment trusts, passive foreign investment companies, foreign currency, royalty trusts, futures contracts mark to market, wash sale loss deferrals, and distributions in excess of current earnings.

The tax character of distributions paid during the year ended June 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR MSCI USA Climate Paris Aligned ETF<br>| $143658 | $— | $143658 |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| &nbsp;&nbsp;&nbsp;11789931 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11789931 |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;1404592 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1404592 |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;&nbsp;26273241 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;26273241 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;22550206 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;22550206 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR S&P 400 Mid Cap Value ETF<br>| $49303555 | $— | $49303555 |
| SPDR S&P 500 ESG ETF<br>| &nbsp;&nbsp;&nbsp;18691744 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;18691744 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;43845204 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;43845204 |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;88961643 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;88961643 |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;1338990 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1338990 |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;8591316 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8591316 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;1592496 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1592496 |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121960 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121960 |
| SPDR S&P Kensho Future Security ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144112 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144112 |
| SPDR S&P Kensho Intelligent Structures ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74522 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74522 |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;&nbsp;21708860 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;21708860 |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715913 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715913 |
| SPDR S&P SmallCap 600 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128186 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128186 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;17718170 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17718170 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;5752092 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5752092 |

---

The tax character of distributions paid during the year ended June 30, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR MSCI USA Climate Paris Aligned ETF <br>| $818255 | $— | $818255 |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| &nbsp;&nbsp;&nbsp;11077139 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11077139 |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;2028167 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2028167 |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;&nbsp;25771600 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25771600 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;25105656 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;25105656 |
| SPDR S&P 400 Mid Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;42103288 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;42103288 |
| SPDR S&P 500 ESG ETF<br>| &nbsp;&nbsp;&nbsp;15041149 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15041149 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;34338059 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;34338059 |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;90691924 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;90691924 |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858890 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858890 |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;6381059 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6381059 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;3354549 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3354549 |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116041 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116041 |
| SPDR S&P Kensho Future Security ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75999 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75999 |
| SPDR S&P Kensho Intelligent Structures ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199997 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199997 |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;&nbsp;24011717 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;24011717 |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;1314818 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1314818 |
| SPDR S&P SmallCap 600 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74260 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74260 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;16227652 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16227652 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;5000516 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5000516 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

At June 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Capital Loss<br> Carryforwards** | **Undistributed<br> Long-Term<br> Capital Gains** | **Net Unrealized<br> Gains (Losses)** | **Total** |
| SPDR MSCI USA Climate Paris Aligned ETF | $— | $(1690956) | $— | $118979 | $(1571977) |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117118334) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53090187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63955234) |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;309420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110583063) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14685983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95587660) |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;&nbsp;2667146 | &nbsp;&nbsp;&nbsp;&nbsp;(138186628) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9039383 | &nbsp;&nbsp;&nbsp;&nbsp;(126480099) |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(706897107) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;179660364 | &nbsp;&nbsp;&nbsp;&nbsp;(527236743) |
| SPDR S&P 400 Mid Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;6126704 | &nbsp;&nbsp;&nbsp;&nbsp;(735993499) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(102181894) | &nbsp;&nbsp;&nbsp;&nbsp;(832048689) |
| SPDR S&P 500 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;189214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51157431) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;118755774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67787557 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(702878517) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;431796435 | &nbsp;&nbsp;&nbsp;&nbsp;(271082082) |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1620666003) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(216538436) | &nbsp;&nbsp;&nbsp;(1837204439) |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20610792) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36867555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16284400 |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14106891) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56862851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42755960 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(196786828) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(36084028) | &nbsp;&nbsp;&nbsp;&nbsp;(232870856) |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3384961) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585717 |
| SPDR S&P Kensho Future Security ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7754836) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(718927) |
| SPDR S&P Kensho Intelligent Structures ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16918316) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16921075) |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;&nbsp;5096238 | &nbsp;&nbsp;&nbsp;(1128319748) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;242718615 | &nbsp;&nbsp;&nbsp;&nbsp;(880504895) |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;178358 | &nbsp;&nbsp;&nbsp;&nbsp;(103748157) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8710424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112280223) |
| SPDR S&P SmallCap 600 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(936622) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651468) |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82543252) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83892624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349372 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60258434) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56236992) |

---

As of June 30, 2025, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-Expiring<br> Short Term** | **Non-Expiring<br> Long Term** |
| SPDR MSCI USA Climate Paris Aligned ETF <br>| $152581 | $1538375 |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;43729256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73389078 |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;75638476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34944587 |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;22725984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115460644 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;368737449 | &nbsp;&nbsp;&nbsp;&nbsp;338159658 |
| SPDR S&P 400 Mid Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;272275943 | &nbsp;&nbsp;&nbsp;&nbsp;463717556 |
| SPDR S&P 500 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;24193332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26964099 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;527506128 | &nbsp;&nbsp;&nbsp;&nbsp;175372389 |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;535951422 | &nbsp;&nbsp;&nbsp;1084714581 |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;20610792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10563548 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;74301207 | &nbsp;&nbsp;&nbsp;&nbsp;122485621 |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682024 |
| SPDR S&P Kensho Future Security ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4186845 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Non-Expiring<br> Short Term** | **Non-Expiring<br> Long Term** |
| SPDR S&P Kensho Intelligent Structures ETF<br>| $7037966 | $9880350 |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;&nbsp;683781553 | &nbsp;&nbsp;&nbsp;&nbsp;444538195 |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;47580960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56167197 |
| SPDR S&P SmallCap 600 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643307 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;50890941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31652311 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;19988778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40269656 |

---

As of June 30, 2025, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SPDR MSCI USA Climate Paris Aligned ETF<br>| $2503996 | $270634 | $151655 | $118979 |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;537324806 | &nbsp;&nbsp;&nbsp;&nbsp;71353250 | &nbsp;&nbsp;&nbsp;&nbsp;18263063 | &nbsp;&nbsp;&nbsp;&nbsp;53090187 |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78247187 | &nbsp;&nbsp;&nbsp;&nbsp;16605011 | &nbsp;&nbsp;&nbsp;&nbsp;1919028 | &nbsp;&nbsp;&nbsp;&nbsp;14685983 |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;832409248 | &nbsp;&nbsp;&nbsp;&nbsp;56964811 | &nbsp;&nbsp;&nbsp;&nbsp;47925428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9039383 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;2120607306 | &nbsp;&nbsp;324930936 | &nbsp;&nbsp;145270572 | &nbsp;&nbsp;&nbsp;179660364 |
| SPDR S&P 400 Mid Cap Value ETF<br>| &nbsp;&nbsp;2569276648 | &nbsp;&nbsp;156091613 | &nbsp;&nbsp;258273507 | &nbsp;&nbsp;(102181894) |
| SPDR S&P 500 ESG ETF<br>| &nbsp;&nbsp;1016263710 | &nbsp;&nbsp;165669444 | &nbsp;&nbsp;&nbsp;&nbsp;46913670 | &nbsp;&nbsp;&nbsp;118755774 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;3280651774 | &nbsp;&nbsp;702283810 | &nbsp;&nbsp;270487375 | &nbsp;&nbsp;&nbsp;431796435 |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;4168261069 | &nbsp;&nbsp;346818887 | &nbsp;&nbsp;563357323 | &nbsp;&nbsp;(216538436) |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;109891573 | &nbsp;&nbsp;&nbsp;&nbsp;39720395 | &nbsp;&nbsp;&nbsp;&nbsp;2852840 | &nbsp;&nbsp;&nbsp;&nbsp;36867555 |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;425028495 | &nbsp;&nbsp;&nbsp;&nbsp;83094552 | &nbsp;&nbsp;&nbsp;&nbsp;26231701 | &nbsp;&nbsp;&nbsp;&nbsp;56862851 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;169288043 | &nbsp;&nbsp;&nbsp;&nbsp;19845941 | &nbsp;&nbsp;&nbsp;&nbsp;55930032 | &nbsp;&nbsp;&nbsp;&nbsp;(36084091) |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17081009 | &nbsp;&nbsp;&nbsp;&nbsp;6265805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5970678 |
| SPDR S&P Kensho Future Security ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70796773 | &nbsp;&nbsp;&nbsp;&nbsp;11607957 | &nbsp;&nbsp;&nbsp;&nbsp;4593166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014791 |
| SPDR S&P Kensho Intelligent Structures ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8926910 | &nbsp;&nbsp;&nbsp;&nbsp;1308511 | &nbsp;&nbsp;&nbsp;&nbsp;1335502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26991) |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;2276420308 | &nbsp;&nbsp;383287449 | &nbsp;&nbsp;140568683 | &nbsp;&nbsp;&nbsp;242718766 |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31818826 | &nbsp;&nbsp;&nbsp;&nbsp;1946793 | &nbsp;&nbsp;&nbsp;&nbsp;10657264 | &nbsp;&nbsp;&nbsp;&nbsp;(8710471) |
| SPDR S&P SmallCap 600 ESG ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7058582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285154 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;1011787659 | &nbsp;&nbsp;112061751 | &nbsp;&nbsp;&nbsp;&nbsp;28169127 | &nbsp;&nbsp;&nbsp;&nbsp;83892624 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;200738964 | &nbsp;&nbsp;&nbsp;&nbsp;16291046 | &nbsp;&nbsp;&nbsp;&nbsp;12269604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4021442 |

---

10.&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of June 30, 2025, 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

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash<br> Collateral<br> Received** | **Non-Cash<br> Collateral<br> Received\*** | **Total<br> Collateral<br> Received** |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| $3241939 | $3080540 | $237632 | $3318172 |
| SPDR Russell 1000 Momentum Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374894 |
| SPDR Russell 1000 Yield Focus ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3707620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3751565 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;130786816 | &nbsp;&nbsp;&nbsp;&nbsp;38650091 | &nbsp;&nbsp;&nbsp;&nbsp;95000162 | &nbsp;&nbsp;&nbsp;133650253 |
| SPDR S&P 400 Mid Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;205094699 | &nbsp;&nbsp;&nbsp;&nbsp;91953099 | &nbsp;&nbsp;&nbsp;118099125 | &nbsp;&nbsp;&nbsp;210052224 |
| SPDR S&P 600 Small Cap Growth ETF<br>| &nbsp;&nbsp;&nbsp;541624715 | &nbsp;&nbsp;&nbsp;314598308 | &nbsp;&nbsp;&nbsp;239634257 | &nbsp;&nbsp;&nbsp;554232565 |
| SPDR S&P 600 Small Cap Value ETF<br>| &nbsp;&nbsp;&nbsp;556357056 | &nbsp;&nbsp;&nbsp;320824963 | &nbsp;&nbsp;&nbsp;256823064 | &nbsp;&nbsp;&nbsp;577648027 |
| SPDR S&P 1500 Momentum Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252769 |
| SPDR S&P 1500 Value Tilt ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176490 |
| SPDR S&P Kensho Clean Power ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;25445447 | &nbsp;&nbsp;&nbsp;&nbsp;11143238 | &nbsp;&nbsp;&nbsp;&nbsp;14491129 | &nbsp;&nbsp;&nbsp;&nbsp;25634367 |
| SPDR S&P Kensho Final Frontiers ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508189 |
| SPDR S&P Kensho Future Security ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4632263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814024 |
| SPDR S&P Kensho Intelligent Structures ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482803 |
| SPDR S&P Kensho New Economies Composite ETF<br>| &nbsp;&nbsp;&nbsp;299337424 | &nbsp;&nbsp;&nbsp;229135396 | &nbsp;&nbsp;&nbsp;&nbsp;78709352 | &nbsp;&nbsp;&nbsp;307844748 |
| SPDR S&P Kensho Smart Mobility ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337605 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;10792489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6463817 | &nbsp;&nbsp;&nbsp;&nbsp;10855996 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;15152497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691488 | &nbsp;&nbsp;&nbsp;&nbsp;10837809 | &nbsp;&nbsp;&nbsp;&nbsp;15529297 |

---

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** |
| **Fund** | **Securities<br> Lending<br> Transactions** | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total<br> Borrowings** | **Gross Amount<br> of Recognized<br> Liabilities for<br> Securities Lending Transactions** |
| SPDR Russell 1000 Low Volatility Focus ETF<br>| Common Stocks | $3080540 | $— | $— | $— | $3080540 | $3080540 |
| SPDR Russell 1000 Momentum Focus ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254914 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254914 |
| SPDR Russell 1000 Yield Focus ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849891 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2849891 |
| SPDR S&P 400 Mid Cap Growth ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;38650091 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;38650091 | &nbsp;&nbsp;&nbsp;&nbsp;38650091 |
| SPDR S&P 400 Mid Cap Value ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;91953099 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;91953099 | &nbsp;&nbsp;&nbsp;&nbsp;91953099 |
| SPDR S&P 600 Small Cap Growth ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;314598308 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;314598308 | &nbsp;&nbsp;&nbsp;314598308 |
| SPDR S&P 600 Small Cap Value ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;320824963 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;320824963 | &nbsp;&nbsp;&nbsp;320824963 |
| SPDR S&P 1500 Momentum Tilt ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127829 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127829 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** |
| **Fund** | **Securities<br> Lending<br> Transactions** | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total<br> Borrowings** | **Gross Amount<br> of Recognized<br> Liabilities for<br> Securities Lending Transactions** |
| SPDR S&P 1500 Value Tilt ETF<br>| Common Stocks | $1991352 | $— | $— | $— | $1991352 | $1991352 |
| SPDR S&P Kensho Clean Power ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;11143238 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11143238 | &nbsp;&nbsp;&nbsp;&nbsp;11143238 |
| SPDR S&P Kensho Final Frontiers ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508189 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508189 |
| SPDR S&P Kensho Future Security ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099311 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099311 |
| SPDR S&P Kensho Intelligent Structures ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404731 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404731 |
| SPDR S&P Kensho New Economies Composite ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;229135396 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;229135396 | &nbsp;&nbsp;&nbsp;229135396 |
| SPDR S&P Kensho Smart Mobility ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857187 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857187 |
| SPDR SSGA US Large Cap Low Volatility Index ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392179 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392179 |
| SPDR SSGA US Small Cap Low Volatility Index ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691488 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691488 |

---

11.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.

#### Credit Risk
A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions default.

#### Market Risk
Each Fund's investments are subject to changes in general economic conditions, and 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, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.

#### Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund's Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.

12.&nbsp;&nbsp;&nbsp;&nbsp;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.

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of SPDR MSCI USA Climate Paris Aligned ETF, SPDR Russell 1000 Low Volatility Focus ETF, SPDR Russell 1000 Momentum Focus ETF, SPDR Russell 1000 Yield Focus ETF, SPDR S&P 400 Mid Cap Growth ETF, SPDR S&P 400 Mid Cap Value ETF, SPDR S&P 500 ESG ETF, SPDR S&P 600 Small Cap Growth ETF, SPDR S&P 600 Small Cap Value ETF, SPDR S&P 1500 Momentum Tilt ETF, SPDR S&P 1500 Value Tilt ETF, SPDR S&P Kensho Clean Power ETF, SPDR S&P Kensho Final Frontiers ETF, SPDR S&P Kensho Future Security ETF, SPDR S&P Kensho Intelligent Structures ETF, SPDR S&P Kensho New Economies Composite ETF, SPDR S&P Kensho Smart Mobility ETF, SPDR S&P SmallCap 600 ESG ETF, SPDR SSGA US Large Cap Low Volatility Index ETF and SPDR SSGA US Small Cap Low Volatility Index ETF and the Board of Trustees of SPDR<sup>®</sup> Series Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SPDR MSCI USA Climate Paris Aligned ETF, SPDR Russell 1000 Low Volatility Focus ETF, SPDR Russell 1000 Momentum Focus ETF, SPDR Russell 1000 Yield Focus ETF, SPDR S&P 400 Mid Cap Growth ETF, SPDR S&P 400 Mid Cap Value ETF, SPDR S&P 500 ESG ETF, SPDR S&P 600 Small Cap Growth ETF, SPDR S&P 600 Small Cap Value ETF, SPDR S&P 1500 Momentum Tilt ETF, SPDR S&P 1500 Value Tilt ETF, SPDR S&P Kensho Clean Power ETF, SPDR S&P Kensho Final Frontiers ETF, SPDR S&P Kensho Future Security ETF, SPDR S&P Kensho Intelligent Structures ETF, SPDR S&P Kensho New Economies Composite ETF, SPDR S&P Kensho Smart Mobility ETF, SPDR S&P SmallCap 600 ESG ETF, SPDR SSGA US Large Cap Low Volatility Index ETF and SPDR SSGA US Small Cap Low Volatility Index ETF (collectively, the "Funds") (twenty of the funds constituting SPDR<sup>®</sup> Series Trust (the "Trust")), including the schedules of investments, as of June 30, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twenty of the funds constituting SPDR<sup>®</sup> Series Trust) at June 30, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual fund constituting the SPDR<sup>®</sup> Series Trust | &nbsp;&nbsp;Statement of operations | &nbsp;&nbsp;Statement of changes in net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;SPDR Russell 1000 Low Volatility Focus ETF<br>SPDR Russell 1000 Momentum Focus ETF<br>SPDR Russell 1000 Yield Focus ETF<br>SPDR S&P 400 Mid Cap Growth ETF<br>SPDR S&P 400 Mid Cap Value ETF<br>SPDR S&P 600 Small Cap Growth ETF<br>SPDR S&P 600 Small Cap Value ETF<br>SPDR S&P 1500 Momentum Tilt ETF<br>SPDR S&P 1500 Value Tilt ETF<br>SPDR S&P Kensho Future Security ETF<br>SPDR S&P Kensho Intelligent Structures ETF<br>SPDR S&P Kensho Smart Mobility ETF<br>SPDR SSGA US Large Cap Low Volatility Index ETF<br>SPDR SSGA US Small Cap Low Volatility Index ETF<br>SPDR S&P Kensho Clean Power ETF<br>SPDR S&P Kensho Final Frontiers ETF<br>SPDR S&P Kensho New Economies Composite ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the five years in the period ended June 30, 2025 |
| &nbsp;&nbsp;SPDR MSCI USA Climate Paris Aligned ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the three years in the period ended June 30, 2025 and the period from April 22, 2022 (commencement of operations) through June 30, 2022 |
| &nbsp;&nbsp;SPDR S&P 500 ESG ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the four years in the period ended June 30, 2025 and the period from July 28, 2020 (commencement of operations) through June 30, 2021 |

---

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual fund constituting the SPDR<sup>®</sup> Series Trust | &nbsp;&nbsp;Statement of operations | &nbsp;&nbsp;Statement of changes in net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;SPDR S&P SmallCap 600 ESG ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the three years in the period ended June 30, 2025 and the period from January 11, 2022 (commencement of operations) through June 30, 2022 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g941109imgf749ef5c2.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

August 29, 2025

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[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### OTHER INFORMATION

#### June 30, 2025 (Unaudited)

------

#### Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2025.

#### Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

#### Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

#### Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2025 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

#### June 30, 2025 (Unaudited)

------

#### Board Considerations Regarding Renewal of Investment Advisory Agreements
At a meeting held on May 14-15, 2025, the Board of Trustees of SPDR Series Trust (the "Board") evaluated a proposal to approve for an additional one year period the Investment Advisory Agreement (the "Advisory Agreement" or the "Agreement") between the SPDR Series Trust (the "Trust" or "SST") and SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM") with respect to the series of SST (collectively, the "SPDR ETFs"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.

To evaluate the Advisory Agreement, the Board requested and SSGA FM, the Trust's adviser and administrator, and State Street Bank and Trust Company, the Trust's sub-administrator, transfer agent and custodian ("State Street") provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. The Board submitted additional questions and met with representatives of the Adviser and affiliated service providers both on April 17th and again on May 13th to discuss matters related to the Board's evaluation of the Advisory Agreement and provide the Trustees an opportunity to ask additional questions. In deciding whether to approve the Advisory Agreement, the Board considered various factors, including the nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, the proposed cost of those services in relation to the services provided and in relation to fees charged to comparable funds, other benefits to the Adviser of its relationship with the SPDR ETFs, and extent to which economies of scale would be shared as the SPDR ETFs grow.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Advisory Agreement and the Adviser's responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF's investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management, oversight of sub-advisers and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF's compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates which make up State Street Investment Management (formerly known as "State Street Global Advisors"), through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser's experience in managing equity exchange-traded funds with index-based investment objectives.

#### Investment Performance
The Board then reviewed the SPDR ETFs' performance, noting that the analysis of investment performance, in absolute terms, was more complex for the actively managed funds. The Board focused on the extent to which each index-based SPDR ETF achieved its objective as a passively managed index fund and reviewed information regarding such SPDR ETF's index tracking. To the extent such tracking was not consistent with management's expectations, the Trustees sought additional information about steps being taken to address the positive or negative tracking differences.

#### Profits Realized by Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on each SPDR ETF's historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss with representatives of the Adviser and State Street Investment Management, methodologies used in computing costs that formed the bases of profitability calculations.

------

[**Table of Contents**](#JOB_SPDR__a2b7027b-c7df-4764-adab-d819f2ff28dc_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

#### June 30, 2025 (Unaudited)

------

#### Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF's unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes with respect to each series of SST. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. (Broadridge) and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF's fee and fees paid by similar funds, which may include characteristics of a Fund's investment strategy that differ from such other similar funds. In their assessment of the reasonableness of the fee, the Trustees noted that the fees for many services to the Funds are paid from the unitary fee.

#### Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust.

#### Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF's assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser's assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees initially, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

#### Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Advisory Agreement for each SPDR ETF. In approving the continuance of the Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Advisory Agreement are fair and reasonable and that the continuance of the Advisory Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly for those SPDR ETFs measured against an index, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser's unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust's relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board's conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust. The Independent Trustees were advised by their independent counsel throughout the process.

------

## Annual Financial Statements and Other Information
June 30, 2025

## SPDR<sup>®</sup> Series Trust - Equity Funds

---

| |
|:---|
| SPDR Dow Jones REIT ETF |
| SPDR Portfolio S&P 400 Mid Cap ETF |
| SPDR Portfolio S&P 500 ETF |
| SPDR Portfolio S&P 500 Growth ETF |
| SPDR Portfolio S&P 500 High Dividend ETF |
| SPDR Portfolio S&P 500 Value ETF |
| SPDR Portfolio S&P 600 Small Cap ETF |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF |
| SPDR Portfolio S&P Sector Neutral Dividend ETF |
| SPDR S&P Aerospace & Defense ETF |
| SPDR S&P Bank ETF |
| SPDR S&P Biotech ETF |
| SPDR S&P Dividend ETF |
| SPDR S&P Homebuilders ETF |
| SPDR S&P Oil & Gas Exploration & Production ETF |
| SPDR S&P Regional Banking 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 *www.ssga.com*. Please read the prospectus carefully before you invest.**![](g941109imgffa0a4f91.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedules of Investments (N-CSR Item 6)](#xx_b0f46287-51c4-4e25-93bc-64475bad649b_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR Dow Jones REIT ETF](#xx_b0f46287-51c4-4e25-93bc-64475bad649b_1)**[(](#xx_b0f46287-51c4-4e25-93bc-64475bad649b_1)**[RWR](#xx_b0f46287-51c4-4e25-93bc-64475bad649b_1)**[)](#xx_b0f46287-51c4-4e25-93bc-64475bad649b_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR Portfolio S&P 400 Mid Cap ETF](#xx_9fe5340b-fbff-42f8-9fbe-04928d5983a8_1)**[(](#xx_9fe5340b-fbff-42f8-9fbe-04928d5983a8_1)**[SPMD](#xx_9fe5340b-fbff-42f8-9fbe-04928d5983a8_1)**[)](#xx_9fe5340b-fbff-42f8-9fbe-04928d5983a8_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;[SPDR Portfolio S&P 500 ETF](#xx_25b51ef2-ceee-43dd-85f8-bb17222ba53f_1)**[(](#xx_25b51ef2-ceee-43dd-85f8-bb17222ba53f_1)**[SPLG](#xx_25b51ef2-ceee-43dd-85f8-bb17222ba53f_1)**[)](#xx_25b51ef2-ceee-43dd-85f8-bb17222ba53f_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;[SPDR Portfolio S&P 500 Growth ETF](#xx_e978fe9f-fa91-4aaa-a114-3cd0e5bc0c1b_1)**[(](#xx_e978fe9f-fa91-4aaa-a114-3cd0e5bc0c1b_1)**[SPYG](#xx_e978fe9f-fa91-4aaa-a114-3cd0e5bc0c1b_1)**[)](#xx_e978fe9f-fa91-4aaa-a114-3cd0e5bc0c1b_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;[SPDR Portfolio S&P 500 High Dividend ETF](#xx_b4427554-a4d9-434c-9286-b83e1a5b288b_1)**[(](#xx_b4427554-a4d9-434c-9286-b83e1a5b288b_1)**[SPYD](#xx_b4427554-a4d9-434c-9286-b83e1a5b288b_1)**[)](#xx_b4427554-a4d9-434c-9286-b83e1a5b288b_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;[SPDR Portfolio S&P 500 Value ETF](#xx_1f2e95cc-9d52-4309-b437-33be0c008a38_1)**[(](#xx_1f2e95cc-9d52-4309-b437-33be0c008a38_1)**[SPYV](#xx_1f2e95cc-9d52-4309-b437-33be0c008a38_1)**[)](#xx_1f2e95cc-9d52-4309-b437-33be0c008a38_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;[SPDR Portfolio S&P 600 Small Cap ETF](#xx_14cb344e-f1e5-4f6e-80ec-2dc05332615d_1)**[(](#xx_14cb344e-f1e5-4f6e-80ec-2dc05332615d_1)**[SPSM](#xx_14cb344e-f1e5-4f6e-80ec-2dc05332615d_1)**[)](#xx_14cb344e-f1e5-4f6e-80ec-2dc05332615d_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;[SPDR Portfolio S&P 1500 Composite Stock Market ETF](#xx_62884099-cd4b-4e3b-9a64-23449fd6da8c_1)**[(](#xx_62884099-cd4b-4e3b-9a64-23449fd6da8c_1)**[SPTM](#xx_62884099-cd4b-4e3b-9a64-23449fd6da8c_1)**[)](#xx_62884099-cd4b-4e3b-9a64-23449fd6da8c_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;[SPDR Portfolio S&P Sector Neutral Dividend ETF](#xx_c9e956fc-ea79-4170-b400-c939bd112199_1)**[(](#xx_c9e956fc-ea79-4170-b400-c939bd112199_1)**[SPDG](#xx_c9e956fc-ea79-4170-b400-c939bd112199_1)**[)](#xx_c9e956fc-ea79-4170-b400-c939bd112199_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Aerospace & Defense ETF](#xx_7b5fc4b5-73ba-4bf9-a573-dd4e77b63d15_1)**[(](#xx_7b5fc4b5-73ba-4bf9-a573-dd4e77b63d15_1)**[XAR](#xx_7b5fc4b5-73ba-4bf9-a573-dd4e77b63d15_1)**[)](#xx_7b5fc4b5-73ba-4bf9-a573-dd4e77b63d15_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Bank ETF](#xx_01ca7f10-0620-4bf9-96a5-0a32c21020a5_1)**[(](#xx_01ca7f10-0620-4bf9-96a5-0a32c21020a5_1)**[KBE](#xx_01ca7f10-0620-4bf9-96a5-0a32c21020a5_1)**[)](#xx_01ca7f10-0620-4bf9-96a5-0a32c21020a5_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Biotech ETF](#xx_d733def5-232c-4235-8a03-79899975806a_1)**[(](#xx_d733def5-232c-4235-8a03-79899975806a_1)**[XBI](#xx_d733def5-232c-4235-8a03-79899975806a_1)**[)](#xx_d733def5-232c-4235-8a03-79899975806a_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Dividend ETF](#xx_874e1903-475d-4f55-bdd5-257e76cffcab_1)**[(](#xx_874e1903-475d-4f55-bdd5-257e76cffcab_1)**[SDY](#xx_874e1903-475d-4f55-bdd5-257e76cffcab_1)**[)](#xx_874e1903-475d-4f55-bdd5-257e76cffcab_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Homebuilders ETF](#xx_c359f5a8-6693-4d3d-8790-568a0321446a_1)**[(](#xx_c359f5a8-6693-4d3d-8790-568a0321446a_1)**[XHB](#xx_c359f5a8-6693-4d3d-8790-568a0321446a_1)**[)](#xx_c359f5a8-6693-4d3d-8790-568a0321446a_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Oil & Gas Exploration & Production ETF](#xx_aa3ba72e-9ca0-4d24-a373-27985a8a54e3_1)**[(](#xx_aa3ba72e-9ca0-4d24-a373-27985a8a54e3_1)**[XOP](#xx_aa3ba72e-9ca0-4d24-a373-27985a8a54e3_1)**[)](#xx_aa3ba72e-9ca0-4d24-a373-27985a8a54e3_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;[SPDR S&P Regional Banking ETF](#xx_04af3b8b-eb3f-43e4-a837-d5838df6d0f7_1)**[(](#xx_04af3b8b-eb3f-43e4-a837-d5838df6d0f7_1)**[KRE](#xx_04af3b8b-eb3f-43e4-a837-d5838df6d0f7_1)**[)](#xx_04af3b8b-eb3f-43e4-a837-d5838df6d0f7_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| **[Financial Statements (N-CSR Item 7)](#xx_d2f12e26-10d6-4801-8169-ee02f9924c09_2)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| **[Financial Highlights (N-CSR Item 7)](#xx_f2a99ff1-ac4e-4257-8e39-798bccc26ee3_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;102 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_8506aeb9-36e7-4972-b21e-60876b405b91_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;118 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_3c31ac3c-f033-4aaf-ab57-6d7471e29da4_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;131 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_722f7840-77c9-46f8-8bf2-783330cb04cc_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;133 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_f6d83146-79d4-4281-aaa8-a10da779b4ae_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;134 |

---

#### Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable

#### Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) - Not Applicable
**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10) - Please see Statement of Operations in the Financial Statements under Item 7 above**

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR DOW JONES REIT ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** | **COMMON STOCKS — 99.1%** |
| **DIVERSIFIED REITs — 2.9%** | **DIVERSIFIED REITs — 2.9%** | **DIVERSIFIED REITs — 2.9%** |
| Alexander & Baldwin, Inc. REIT | &nbsp;&nbsp;&nbsp;154455 | &nbsp;&nbsp;$2753933 |
| American Assets Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;100306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1981043 |
| Broadstone Net Lease, Inc. REIT | &nbsp;&nbsp;&nbsp;401641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446338 |
| Essential Properties Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;419557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13388064 |
| Gladstone Commercial Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;98276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408295 |
| Global Net Lease, Inc. REIT | &nbsp;&nbsp;&nbsp;407203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074383 |
| WP Carey, Inc. REIT | &nbsp;&nbsp;&nbsp;465142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29015558 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58067614 |
| **HEALTH CARE REITs — 18.6%** | **HEALTH CARE REITs — 18.6%** | **HEALTH CARE REITs — 18.6%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;&nbsp;327110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23757999 |
| American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;338780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12446777 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;407248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12461789 |
| Community Healthcare Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;53396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887975 |
| Diversified Healthcare Trust REIT (a) | &nbsp;&nbsp;&nbsp;461214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651146 |
| Global Medical REIT, Inc. (a) | &nbsp;&nbsp;&nbsp;133551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925508 |
| Healthcare Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;746544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11840188 |
| Healthpeak Properties, Inc. REIT | 1475888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25842799 |
| Medical Properties Trust, Inc. REIT (a) | 1276322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500948 |
| National Health Investors, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;99147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952188 |
| Omega Healthcare Investors, Inc. REIT | &nbsp;&nbsp;&nbsp;614732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22529928 |
| Sila Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;117177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773580 |
| Universal Health Realty Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;27055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081388 |
| Ventas, Inc. REIT | &nbsp;&nbsp;&nbsp;957029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60436381 |
| Welltower, Inc. REIT | 1197142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184036640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373125234 |
| **HOTEL & RESORT REITs — 3.1%** | **HOTEL & RESORT REITs — 3.1%** | **HOTEL & RESORT REITs — 3.1%** |
| Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;470073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5485752 |
| Chatham Lodging Trust REIT | &nbsp;&nbsp;&nbsp;104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724880 |
| DiamondRock Hospitality Co. REIT | &nbsp;&nbsp;&nbsp;438304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3357409 |
| Host Hotels & Resorts, Inc. REIT | 1473696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22635970 |
| Park Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;424633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343995 |
| Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;&nbsp;252141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518889 |
| RLJ Lodging Trust REIT | &nbsp;&nbsp;&nbsp;318231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316722 |
| Ryman Hospitality Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;127416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12572137 |
| Service Properties Trust REIT (a) | &nbsp;&nbsp;&nbsp;354026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846122 |
| Summit Hotel Properties, Inc. REIT (a) | &nbsp;&nbsp;&nbsp;232172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181755 |
| Sunstone Hotel Investors, Inc. REIT | &nbsp;&nbsp;&nbsp;422431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3666701 |
| Xenia Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;209666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62285834 |
| **INDUSTRIAL REITs — 14.2%** | **INDUSTRIAL REITs — 14.2%** | **INDUSTRIAL REITs — 14.2%** |
| Americold Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;556494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9254495 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;111409 | &nbsp;&nbsp;$18618672 |
| First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;281223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13535263 |
| Innovative Industrial Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;59476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284265 |
| LXP Industrial Trust REIT | &nbsp;&nbsp;&nbsp;628262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189444 |
| Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352011 |
| Prologis, Inc. REIT | 1788151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187970433 |
| Rexford Industrial Realty, Inc. REIT | &nbsp;&nbsp;&nbsp;501575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17841023 |
| STAG Industrial, Inc. REIT | &nbsp;&nbsp;&nbsp;396435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14382662 |
| Terreno Realty Corp. REIT | &nbsp;&nbsp;&nbsp;219515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12308206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283736474 |
| **OFFICE REITs — 4.9%** | **OFFICE REITs — 4.9%** | **OFFICE REITs — 4.9%** |
| Brandywine Realty Trust REIT | &nbsp;&nbsp;&nbsp;367437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576305 |
| BXP, Inc. REIT | &nbsp;&nbsp;&nbsp;309439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20877849 |
| COPT Defense Properties REIT | &nbsp;&nbsp;&nbsp;239302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6599949 |
| Cousins Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;356748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10713142 |
| Douglas Emmett, Inc. REIT | &nbsp;&nbsp;&nbsp;355666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349217 |
| Easterly Government Properties, Inc. REIT (a) | &nbsp;&nbsp;&nbsp;&nbsp;89596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989031 |
| Empire State Realty Trust, Inc. Class A REIT | &nbsp;&nbsp;&nbsp;291796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360630 |
| Equity Commonwealth REIT (a) (b) (c) | &nbsp;&nbsp;&nbsp;207801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;229046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7121040 |
| Hudson Pacific Properties, Inc. REIT (a) (c) | &nbsp;&nbsp;&nbsp;718421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968474 |
| JBG SMITH Properties REIT | &nbsp;&nbsp;&nbsp;155211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685150 |
| Kilroy Realty Corp. REIT | &nbsp;&nbsp;&nbsp;226102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7757560 |
| NET Lease Office Properties REIT (a) (c) | &nbsp;&nbsp;&nbsp;&nbsp;31463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024121 |
| Paramount Group, Inc. REIT (c) | &nbsp;&nbsp;&nbsp;391241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386570 |
| Piedmont Realty Trust, Inc. REIT (a) | &nbsp;&nbsp;&nbsp;264266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926499 |
| SL Green Realty Corp. REIT | &nbsp;&nbsp;&nbsp;150825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9336067 |
| Vornado Realty Trust REIT (a) | &nbsp;&nbsp;&nbsp;354782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13566864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97238468 |
| **RESIDENTIAL REITs — 19.1%** | **RESIDENTIAL REITs — 19.1%** | **RESIDENTIAL REITs — 19.1%** |
| American Homes 4 Rent Class A REIT | &nbsp;&nbsp;&nbsp;675130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24351939 |
| Apartment Investment & Management Co. Class A REIT | &nbsp;&nbsp;&nbsp;276925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395401 |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;301556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61366646 |
| Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;226940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25573869 |
| Centerspace REIT | &nbsp;&nbsp;&nbsp;&nbsp;35595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142463 |
| Elme Communities REIT | &nbsp;&nbsp;&nbsp;187242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977148 |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;406151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25047332 |
| Equity Residential REIT | &nbsp;&nbsp;&nbsp;725017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48931397 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;136733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38750132 |
| Independence Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;495813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8770932 |
| Invitation Homes, Inc. REIT | 1208408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39635783 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR DOW JONES REIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;248636 | &nbsp;&nbsp;$36800614 |
| NexPoint Residential Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;46757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557943 |
| Sun Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;254901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32242428 |
| UDR, Inc. REIT | &nbsp;&nbsp;&nbsp;640475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26150594 |
| UMH Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;166055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788064 |
| Veris Residential, Inc. REIT | &nbsp;&nbsp;&nbsp;172307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382048336 |
| **RETAIL REITs — 18.0%** | **RETAIL REITs — 18.0%** | **RETAIL REITs — 18.0%** |
| Acadia Realty Trust REIT | &nbsp;&nbsp;&nbsp;278226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166657 |
| Agree Realty Corp. REIT | &nbsp;&nbsp;&nbsp;233262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17042122 |
| Brixmor Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;650130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16929385 |
| Curbline Properties Corp. REIT | &nbsp;&nbsp;&nbsp;201188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593122 |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;164919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15665656 |
| Getty Realty Corp. REIT | &nbsp;&nbsp;&nbsp;108329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994214 |
| Kimco Realty Corp. REIT | 1437072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30207253 |
| Kite Realty Group Trust REIT | &nbsp;&nbsp;&nbsp;466979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10577074 |
| Macerich Co. REIT | &nbsp;&nbsp;&nbsp;536717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8684081 |
| NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;173576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938642 |
| NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;399280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17240910 |
| Phillips Edison & Co., Inc. REIT | &nbsp;&nbsp;&nbsp;266342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9329960 |
| Realty Income Corp. REIT | 1568313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90350512 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;&nbsp;347046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24720087 |
| Simon Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;567204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91183715 |
| SITE Centers Corp. REIT | &nbsp;&nbsp;&nbsp;100226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133556 |
| Tanger, Inc. REIT (a) | &nbsp;&nbsp;&nbsp;240375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350667 |
| Urban Edge Properties REIT | &nbsp;&nbsp;&nbsp;267177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361093136 |
| **SPECIALIZED REITs — 18.3%** | **SPECIALIZED REITs — 18.3%** | **SPECIALIZED REITs — 18.3%** |
| CubeSmart REIT | &nbsp;&nbsp;&nbsp;484293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20582452 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;515109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89798952 |
| EPR Properties REIT | &nbsp;&nbsp;&nbsp;161628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9416447 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;101362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80630430 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;450115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66364956 |
| Four Corners Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;213453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5744020 |
| National Storage Affiliates Trust REIT | &nbsp;&nbsp;&nbsp;149423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4780042 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;301816 | &nbsp;&nbsp;$88558851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365876150 |
| **TOTAL COMMON STOCKS<br>(Cost $2,343,477,603)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;1983471246 |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | 9535100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9535100 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (f) (g) | 4630940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630940 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $14,166,040)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $14,166,040)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14166040 |
| **TOTAL INVESTMENTS — 99.8%<br>(Cost $2,357,643,643)<br>** | **TOTAL INVESTMENTS — 99.8%<br>(Cost $2,357,643,643)<br>** | &nbsp;&nbsp;1997637286 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936383 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $2001573669 |

---

(a) All or a portion of the shares of the security are on loan at June 30, 2025.

(b) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.

(c) Non-income producing security.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| Dow Jones US Real Estate Index (long) | 499 | 09/19/2025 | $18125562 | $18106801 | $(18761) |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $19,160,192.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR DOW JONES REIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $1983471246 | $— | &nbsp;&nbsp;&nbsp;$0(a) | $1983471246 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14166040 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14166040 |
| **TOTAL INVESTMENTS<br>**  | $1997637286 | $— | $0 | $1997637286 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation<br>| $(18761) | $— | $— | $(18761) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $(18761) | $— | $— | $(18761) |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 10547402 | $10550566 | $24878866 | $35429432 | $332 | $(332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $223849 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;122276348 | &nbsp;&nbsp;112741248 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 9535100 | &nbsp;&nbsp;&nbsp;9535100 | &nbsp;&nbsp;627987 |
| State Street Navigator Securities Lending Portfolio II<br>| &nbsp;&nbsp;3521807 | &nbsp;&nbsp;&nbsp;3521807 | &nbsp;&nbsp;317779195 | &nbsp;&nbsp;316670062 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 4630940 | &nbsp;&nbsp;&nbsp;4630940 | &nbsp;&nbsp;&nbsp;25531 |
| Total<br>|  | $14072373 | $464934409 | $464840742 | $332 | $(332) |  | $14166040 | $877367 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 400 MID CAP ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 2.2%** | **AEROSPACE & DEFENSE — 2.2%** | **AEROSPACE & DEFENSE — 2.2%** |
| ATI, Inc. (a) | &nbsp;&nbsp;&nbsp;639018 | &nbsp;&nbsp;$55172814 |
| BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;413497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59568378 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;170717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83403790 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;363747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20548068 |
| Woodward, Inc. | &nbsp;&nbsp;&nbsp;269542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66062049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284755099 |
| **AIR FREIGHT & LOGISTICS — 0.2%** | **AIR FREIGHT & LOGISTICS — 0.2%** | **AIR FREIGHT & LOGISTICS — 0.2%** |
| GXO Logistics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;518300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25241210 |
| **AIRLINES — 0.5%** | **AIRLINES — 0.5%** | **AIRLINES — 0.5%** |
| Alaska Air Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;549892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27208656 |
| American Airlines Group, Inc. (a) (b) | 2987477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33519492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60728148 |
| **AUTO COMPONENTS — 0.8%** | **AUTO COMPONENTS — 0.8%** | **AUTO COMPONENTS — 0.8%** |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;321810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36010539 |
| Gentex Corp. | 1017867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22382895 |
| Goodyear Tire & Rubber Co. (a) (b) | 1287158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13347829 |
| Lear Corp. (b) | &nbsp;&nbsp;&nbsp;242481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23030845 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;123237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11498012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106270120 |
| **AUTOMOBILES — 0.3%** | **AUTOMOBILES — 0.3%** | **AUTOMOBILES — 0.3%** |
| Harley-Davidson, Inc. (b) | &nbsp;&nbsp;&nbsp;495281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11688632 |
| Thor Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;240603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21367952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33056584 |
| **BANKS — 6.6%** | **BANKS — 6.6%** | **BANKS — 6.6%** |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;740579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18062722 |
| Bank OZK | &nbsp;&nbsp;&nbsp;477016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22448373 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;844252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26999179 |
| Columbia Banking System, Inc. (b) | &nbsp;&nbsp;&nbsp;947374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22149604 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;594244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35446655 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;549396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34155949 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;290469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37336885 |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;624185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63030201 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;581449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20920535 |
| First Horizon Corp. | 2297672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48710646 |
| Flagstar Financial, Inc. (b) | 1368933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14510690 |
| FNB Corp. | 1625860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23705039 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;536252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23101736 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;389030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22330322 |
| Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;830814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23644967 |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;241647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16084024 |
| Old National Bancorp | 1474618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31468348 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;348235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38448626 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;430808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30259954 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;445952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41040963 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;629707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32587337 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;207849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16503211 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;323276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33995704 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;641147 | &nbsp;&nbsp;$23356985 |
| Valley National Bancorp | 2147106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19173657 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;762039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41607329 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;493225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38461686 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;303196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37590240 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;668627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34728486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871860053 |
| **BEVERAGES — 0.5%** | **BEVERAGES — 0.5%** | **BEVERAGES — 0.5%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;37302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7117595 |
| Celsius Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;711983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33028891 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;265230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29612929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69759415 |
| **BIOTECHNOLOGY — 2.2%** | **BIOTECHNOLOGY — 2.2%** | **BIOTECHNOLOGY — 2.2%** |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;868703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47752604 |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;&nbsp;540996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17874508 |
| Exelixis, Inc. (a) | 1235323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54446861 |
| Halozyme Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;558163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29035639 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;448307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56347707 |
| Roivant Sciences Ltd. (a) (b) | 1903352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21450777 |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;445182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612612 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;&nbsp;204321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58711640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293232348 |
| **BROADLINE RETAIL — 0.4%** | **BROADLINE RETAIL — 0.4%** | **BROADLINE RETAIL — 0.4%** |
| Macy's, Inc. | 1254123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14623074 |
| Ollie's Bargain Outlet Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;277049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36509517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51132591 |
| **BUILDING PRODUCTS — 2.2%** | **BUILDING PRODUCTS — 2.2%** | **BUILDING PRODUCTS — 2.2%** |
| AAON, Inc. (b) | &nbsp;&nbsp;&nbsp;305034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22496257 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;319234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36667217 |
| Carlisle Cos., Inc. (b) | &nbsp;&nbsp;&nbsp;195469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72988125 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;544747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28043576 |
| Owens Corning | &nbsp;&nbsp;&nbsp;385277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52983293 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;189385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29413384 |
| Trex Co., Inc. (a) (b) | &nbsp;&nbsp;&nbsp;484455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26344663 |
| UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;273247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27149822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296086337 |
| **CAPITAL MARKETS — 3.8%** | **CAPITAL MARKETS — 3.8%** | **CAPITAL MARKETS — 3.8%** |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;128793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25342599 |
| Carlyle Group, Inc. (b) | &nbsp;&nbsp;&nbsp;965165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49609481 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;162874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43979237 |
| Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;341823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15149595 |
| Hamilton Lane, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;195964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27850404 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;243408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43801270 |
| Interactive Brokers Group, Inc. Class A | 1968745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109088160 |
| Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;570216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22147189 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;736242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40265075 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;120574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37851796 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;428552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38509683 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 400 MID CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;465335 | &nbsp;&nbsp;$48292466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501886955 |
| **CHEMICALS — 1.5%** | **CHEMICALS — 1.5%** | **CHEMICALS — 1.5%** |
| Ashland, Inc. | &nbsp;&nbsp;&nbsp;207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10407960 |
| Avient Corp. | &nbsp;&nbsp;&nbsp;412696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13334208 |
| Axalta Coating Systems Ltd. (a) | &nbsp;&nbsp;&nbsp;986433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29287196 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;243006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18225450 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23606686 |
| Olin Corp. (b) | &nbsp;&nbsp;&nbsp;522426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10495538 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;581111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63829232 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;194638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12838323 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;151088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11472112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193496705 |
| **COMMERCIAL SERVICES & SUPPLIES — 1.8%** | **COMMERCIAL SERVICES & SUPPLIES — 1.8%** | **COMMERCIAL SERVICES & SUPPLIES — 1.8%** |
| Brink's Co. | &nbsp;&nbsp;&nbsp;190244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16986887 |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;&nbsp;228120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52736781 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;177520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29739926 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;838884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89081092 |
| Tetra Tech, Inc. | 1193612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42922287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231466973 |
| **COMMUNICATIONS EQUIPMENT — 0.6%** | **COMMUNICATIONS EQUIPMENT — 0.6%** | **COMMUNICATIONS EQUIPMENT — 0.6%** |
| Ciena Corp. (a) | &nbsp;&nbsp;&nbsp;642720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52272418 |
| Lumentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;314374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29884392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82156810 |
| **CONSTRUCTION & ENGINEERING — 3.3%** | **CONSTRUCTION & ENGINEERING — 3.3%** | **CONSTRUCTION & ENGINEERING — 3.3%** |
| AECOM | &nbsp;&nbsp;&nbsp;599756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67688462 |
| API Group Corp. (a) | 1098731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56090218 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;159435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85490641 |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;202751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108449482 |
| Fluor Corp. (a) | &nbsp;&nbsp;&nbsp;745906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38242601 |
| MasTec, Inc. (a) | &nbsp;&nbsp;&nbsp;277434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47283077 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29594426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432838907 |
| **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;150515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30420587 |
| Knife River Corp. (a) (b) | &nbsp;&nbsp;&nbsp;255977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20897962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51318549 |
| **CONSUMER FINANCE — 0.8%** | **CONSUMER FINANCE — 0.8%** | **CONSUMER FINANCE — 0.8%** |
| Ally Financial, Inc. | 1252309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48777435 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;174735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23613688 |
| SLM Corp. (b) | &nbsp;&nbsp;&nbsp;951321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31193816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103584939 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.3%** |
| Albertsons Cos., Inc. Class A | 1825027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39256331 |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;597025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64377206 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;168153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85803431 |
| Maplebear, Inc. (a) | &nbsp;&nbsp;&nbsp;744098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33662993 |
| Performance Food Group Co. (a) | &nbsp;&nbsp;&nbsp;706087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61761430 |
| Sprouts Farmers Market, Inc. (a) | &nbsp;&nbsp;&nbsp;443287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72982772 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| U.S. Foods Holding Corp. (a) | 1047966 | &nbsp;&nbsp;$80703862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438548025 |
| **CONTAINERS & PACKAGING — 1.3%** | **CONTAINERS & PACKAGING — 1.3%** | **CONTAINERS & PACKAGING — 1.3%** |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;299124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46791967 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;521226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53675854 |
| Graphic Packaging Holding Co. (b) | 1366891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28800393 |
| Greif, Inc. Class A | &nbsp;&nbsp;&nbsp;116623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7579329 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;366945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19881080 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;444255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19351748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176080371 |
| **DIVERSIFIED CONSUMER SERVICES — 1.5%** | **DIVERSIFIED CONSUMER SERVICES — 1.5%** | **DIVERSIFIED CONSUMER SERVICES — 1.5%** |
| Duolingo, Inc. (a) | &nbsp;&nbsp;&nbsp;177856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72924517 |
| Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;15377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14549256 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;&nbsp;126703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23946867 |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;605273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33223435 |
| Service Corp. International | &nbsp;&nbsp;&nbsp;644855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52491197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197135272 |
| **DIVERSIFIED REITs — 0.5%** | **DIVERSIFIED REITs — 0.5%** | **DIVERSIFIED REITs — 0.5%** |
| WP Carey, Inc. REIT | &nbsp;&nbsp;&nbsp;991934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61876843 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%** |
| Frontier Communications Parent, Inc. (a) | 1008876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36723087 |
| Iridium Communications, Inc. (b) | &nbsp;&nbsp;&nbsp;491548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14830003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51553090 |
| **ELECTRIC UTILITIES — 1.0%** | **ELECTRIC UTILITIES — 1.0%** | **ELECTRIC UTILITIES — 1.0%** |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;261555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16757829 |
| IDACORP, Inc. (b) | &nbsp;&nbsp;&nbsp;244708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28251539 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;908771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40331257 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;494339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20084993 |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;419742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23639869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129065487 |
| **ELECTRICAL EQUIPMENT — 1.6%** | **ELECTRICAL EQUIPMENT — 1.6%** | **ELECTRICAL EQUIPMENT — 1.6%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;138680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41373791 |
| EnerSys | &nbsp;&nbsp;&nbsp;178135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15278639 |
| NEXTracker, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;649778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35328430 |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;745342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54596302 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;299490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43414070 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;662677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19953204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209944436 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.3%** |
| Arrow Electronics, Inc. (a) | &nbsp;&nbsp;&nbsp;234702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29908076 |
| Avnet, Inc. | &nbsp;&nbsp;&nbsp;379844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20162119 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;178917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20718589 |
| Cognex Corp. | &nbsp;&nbsp;&nbsp;760083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24109833 |
| Coherent Corp. (a) | &nbsp;&nbsp;&nbsp;704110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62813653 |
| Crane NXT Co. (b) | &nbsp;&nbsp;&nbsp;222074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11969789 |
| Fabrinet (a) (b) | &nbsp;&nbsp;&nbsp;162138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47778826 |
| Flex Ltd. (a) | 1735386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86630469 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 400 MID CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| IPG Photonics Corp. (a) (b) | &nbsp;&nbsp;&nbsp;119558 | &nbsp;&nbsp;$8207657 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;112165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25431170 |
| Novanta, Inc. (a) | &nbsp;&nbsp;&nbsp;162441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20943518 |
| TD SYNNEX Corp. (b) | &nbsp;&nbsp;&nbsp;338338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45912466 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;672250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24806025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429392190 |
| **ENERGY EQUIPMENT & SERVICES — 0.5%** | **ENERGY EQUIPMENT & SERVICES — 0.5%** | **ENERGY EQUIPMENT & SERVICES — 0.5%** |
| ChampionX Corp. | &nbsp;&nbsp;&nbsp;862622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21427530 |
| NOV, Inc. | 1702020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21156109 |
| Valaris Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;295438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12440894 |
| Weatherford International PLC | &nbsp;&nbsp;&nbsp;329048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16554405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71578938 |
| **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** | **ENTERTAINMENT — 0.1%** |
| Warner Music Group Corp. Class A | &nbsp;&nbsp;&nbsp;660830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18001009 |
| **FINANCIAL SERVICES — 1.9%** | **FINANCIAL SERVICES — 1.9%** | **FINANCIAL SERVICES — 1.9%** |
| Equitable Holdings, Inc. | 1376589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77226643 |
| Essent Group Ltd. | &nbsp;&nbsp;&nbsp;459341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27895779 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;184139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18668012 |
| MGIC Investment Corp. | 1075550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29943312 |
| Shift4 Payments, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;305630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30290989 |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;435063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30889473 |
| Western Union Co. | 1495921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12595655 |
| WEX, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;155124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22786164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250296027 |
| **FOOD PRODUCTS — 1.0%** | **FOOD PRODUCTS — 1.0%** | **FOOD PRODUCTS — 1.0%** |
| Darling Ingredients, Inc. (a) | &nbsp;&nbsp;&nbsp;715585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27149295 |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;884725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14137905 |
| Ingredion, Inc. | &nbsp;&nbsp;&nbsp;291650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39553573 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;87174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15061052 |
| Pilgrim's Pride Corp. (b) | &nbsp;&nbsp;&nbsp;182025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8187485 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;204435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22289548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126378858 |
| **GAS UTILITIES — 1.1%** | **GAS UTILITIES — 1.1%** | **GAS UTILITIES — 1.1%** |
| National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;409477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34686797 |
| New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;453457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20323943 |
| ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;271476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19508265 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;272414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20264877 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;267331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19512490 |
| UGI Corp. (b) | &nbsp;&nbsp;&nbsp;971378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35377587 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149673959 |
| **GROUND TRANSPORTATION — 1.5%** | **GROUND TRANSPORTATION — 1.5%** | **GROUND TRANSPORTATION — 1.5%** |
| Avis Budget Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;76197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12881103 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;732023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32377377 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;158216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21995189 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;187280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29777520 |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;120272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32953325 |
| XPO, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;533641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67393522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197378036 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.5%** |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;897918 | &nbsp;&nbsp;$14258938 |
| Envista Holdings Corp. (a) (b) | &nbsp;&nbsp;&nbsp;767038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14987922 |
| Globus Medical, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;511057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30162584 |
| Haemonetics Corp. (a) (b) | &nbsp;&nbsp;&nbsp;226935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16931620 |
| Lantheus Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;314401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25736866 |
| LivaNova PLC (a) | &nbsp;&nbsp;&nbsp;245230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11040255 |
| Masimo Corp. (a) (b) | &nbsp;&nbsp;&nbsp;203848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34291311 |
| Penumbra, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;175415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45016751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192426247 |
| **HEALTH CARE PROVIDERS & SERVICES — 2.5%** | **HEALTH CARE PROVIDERS & SERVICES — 2.5%** | **HEALTH CARE PROVIDERS & SERVICES — 2.5%** |
| Acadia Healthcare Co., Inc. (a) (b) | &nbsp;&nbsp;&nbsp;419401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9516209 |
| Amedisys, Inc. (a) | &nbsp;&nbsp;&nbsp;147969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14558670 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32272746 |
| Encompass Health Corp. | &nbsp;&nbsp;&nbsp;456585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55991018 |
| Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;257809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39769616 |
| HealthEquity, Inc. (a) | &nbsp;&nbsp;&nbsp;391892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41054606 |
| Hims & Hers Health, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;888123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44272932 |
| Option Care Health, Inc. (a) | &nbsp;&nbsp;&nbsp;741743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24091813 |
| Tenet Healthcare Corp. (a) | &nbsp;&nbsp;&nbsp;420759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74053584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335581194 |
| **HEALTH CARE REITs — 0.7%** | **HEALTH CARE REITs — 0.7%** | **HEALTH CARE REITs — 0.7%** |
| Healthcare Realty Trust, Inc. REIT | 1591027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25233688 |
| Omega Healthcare Investors, Inc. REIT | 1310910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48044852 |
| Sabra Health Care REIT, Inc. | 1077814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19874890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93153430 |
| **HEALTH CARE TECHNOLOGY — 0.3%** | **HEALTH CARE TECHNOLOGY — 0.3%** | **HEALTH CARE TECHNOLOGY — 0.3%** |
| Doximity, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;603731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37032860 |
| **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** |
| Park Hotels & Resorts, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;905481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9263071 |
| **HOTELS, RESTAURANTS & LEISURE — 3.4%** | **HOTELS, RESTAURANTS & LEISURE — 3.4%** | **HOTELS, RESTAURANTS & LEISURE — 3.4%** |
| Aramark | 1187137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49705426 |
| Boyd Gaming Corp. (b) | &nbsp;&nbsp;&nbsp;276554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21634819 |
| Cava Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;371991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31332802 |
| Choice Hotels International, Inc. (b) | &nbsp;&nbsp;&nbsp;100915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12804095 |
| Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;327215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33048715 |
| Hilton Grand Vacations, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;261596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10864082 |
| Hyatt Hotels Corp. Class A (b) | &nbsp;&nbsp;&nbsp;189992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26532383 |
| Light & Wonder, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;382226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36793075 |
| Marriott Vacations Worldwide Corp. (b) | &nbsp;&nbsp;&nbsp;145018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10486252 |
| Planet Fitness, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;379432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41377060 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;300443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56306023 |
| Travel & Leisure Co. (b) | &nbsp;&nbsp;&nbsp;300850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15526868 |
| Vail Resorts, Inc. (b) | &nbsp;&nbsp;&nbsp;169272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26597709 |
| Wendy's Co. (b) | &nbsp;&nbsp;&nbsp;730673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8344286 |
| Wingstop, Inc. (b) | &nbsp;&nbsp;&nbsp;126393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42561579 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 400 MID CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;348677 | &nbsp;&nbsp;$28316059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452231233 |
| **HOUSEHOLD DURABLES — 1.7%** | **HOUSEHOLD DURABLES — 1.7%** | **HOUSEHOLD DURABLES — 1.7%** |
| KB Home | &nbsp;&nbsp;&nbsp;324941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17212125 |
| Somnigroup International, Inc. (b) | &nbsp;&nbsp;&nbsp;935404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63654242 |
| Taylor Morrison Home Corp. (a) | &nbsp;&nbsp;&nbsp;454656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27924972 |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;449996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51358043 |
| TopBuild Corp. (a) | &nbsp;&nbsp;&nbsp;128739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41677964 |
| Whirlpool Corp. (b) | &nbsp;&nbsp;&nbsp;251904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25548104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227375450 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** |
| Ormat Technologies, Inc. (b) | &nbsp;&nbsp;&nbsp;259840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21764198 |
| **INDUSTRIAL REITs — 1.0%** | **INDUSTRIAL REITs — 1.0%** | **INDUSTRIAL REITs — 1.0%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;237548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39699022 |
| First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;598674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28814180 |
| Rexford Industrial Realty, Inc. REIT (b) | 1069615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38046205 |
| STAG Industrial, Inc. REIT | &nbsp;&nbsp;&nbsp;843564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30604502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137163909 |
| **INSURANCE — 4.5%** | **INSURANCE — 4.5%** | **INSURANCE — 4.5%** |
| American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;325019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41020648 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;260064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13983641 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;449103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17326394 |
| Fidelity National Financial, Inc. | 1181872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66255744 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;465728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28591042 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;162965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27682864 |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;271342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17512413 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;100089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48433067 |
| Old Republic International Corp. | 1030056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39595353 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;148855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40737148 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;299366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59382240 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;220360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53525444 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;377093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27233656 |
| Ryan Specialty Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;487633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33154168 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;274943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23823811 |
| Unum Group | &nbsp;&nbsp;&nbsp;726645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58683850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596941483 |
| **INTERACTIVE MEDIA & SERVICES — 0.1%** | **INTERACTIVE MEDIA & SERVICES — 0.1%** | **INTERACTIVE MEDIA & SERVICES — 0.1%** |
| ZoomInfo Technologies, Inc. (a) | 1177032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11911564 |
| **IT SERVICES — 1.0%** | **IT SERVICES — 1.0%** | **IT SERVICES — 1.0%** |
| ASGN, Inc. (a) | &nbsp;&nbsp;&nbsp;199564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9964231 |
| Kyndryl Holdings, Inc. (a) | 1052241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44152032 |
| Okta, Inc. (a) | &nbsp;&nbsp;&nbsp;757202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75697484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129813747 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.5%** | **LEISURE EQUIPMENT & PRODUCTS — 0.5%** | **LEISURE EQUIPMENT & PRODUCTS — 0.5%** |
| Brunswick Corp. | &nbsp;&nbsp;&nbsp;298060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16464834 |
| Mattel, Inc. (a) | 1462686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28844168 |
| Polaris, Inc. (b) | &nbsp;&nbsp;&nbsp;236687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9621327 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;374759 | &nbsp;&nbsp;$11812404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66742733 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.7%** | **LIFE SCIENCES TOOLS & SERVICES — 1.7%** | **LIFE SCIENCES TOOLS & SERVICES — 1.7%** |
| Avantor, Inc. (a) | 3079214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41446220 |
| Bio-Rad Laboratories, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;84238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20328314 |
| Bruker Corp. (b) | &nbsp;&nbsp;&nbsp;500267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20611000 |
| Illumina, Inc. (a) | &nbsp;&nbsp;&nbsp;715950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68308790 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;106760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33507694 |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;235653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29310520 |
| Sotera Health Co. (a) (b) | &nbsp;&nbsp;&nbsp;692883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7704859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221217397 |
| **MACHINERY — 5.2%** | **MACHINERY — 5.2%** | **MACHINERY — 5.2%** |
| AGCO Corp. (b) | &nbsp;&nbsp;&nbsp;280133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28898520 |
| Chart Industries, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;203552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33514837 |
| CNH Industrial NV (b) | 3953878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51242259 |
| Crane Co. | &nbsp;&nbsp;&nbsp;221398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42041266 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;540076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37454271 |
| Esab Corp. | &nbsp;&nbsp;&nbsp;258126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31117089 |
| Flowserve Corp. | &nbsp;&nbsp;&nbsp;594019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31096895 |
| Graco, Inc. | &nbsp;&nbsp;&nbsp;757076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65085824 |
| ITT, Inc. | &nbsp;&nbsp;&nbsp;356512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55911777 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;252876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52426252 |
| Middleby Corp. (a) (b) | &nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34848000 |
| Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;501211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831238 |
| Oshkosh Corp. | &nbsp;&nbsp;&nbsp;291593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33107469 |
| RBC Bearings, Inc. (a) | &nbsp;&nbsp;&nbsp;141977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54632750 |
| Terex Corp. (b) | &nbsp;&nbsp;&nbsp;296660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13851056 |
| Timken Co. (b) | &nbsp;&nbsp;&nbsp;288480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20929224 |
| Toro Co. | &nbsp;&nbsp;&nbsp;451965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31944886 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;123789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30438477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688372090 |
| **MARINE — 0.2%** | **MARINE — 0.2%** | **MARINE — 0.2%** |
| Kirby Corp. (a) | &nbsp;&nbsp;&nbsp;254108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28818388 |
| **MEDIA — 0.6%** | **MEDIA — 0.6%** | **MEDIA — 0.6%** |
| EchoStar Corp. Class A (a) (b) | &nbsp;&nbsp;&nbsp;607824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16836725 |
| New York Times Co. Class A | &nbsp;&nbsp;&nbsp;734291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41105610 |
| Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;128378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22202975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80145310 |
| **METALS & MINING — 2.0%** | **METALS & MINING — 2.0%** | **METALS & MINING — 2.0%** |
| Alcoa Corp. | 1168227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34474379 |
| Carpenter Technology Corp. (b) | &nbsp;&nbsp;&nbsp;225287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62264821 |
| Cleveland-Cliffs, Inc. (a) (b) | 2188199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16630312 |
| Commercial Metals Co. | &nbsp;&nbsp;&nbsp;511254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25005433 |
| Reliance, Inc. | &nbsp;&nbsp;&nbsp;238209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74773805 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;298151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53023174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266171924 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.6%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.6%** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.6%** |
| Annaly Capital Management, Inc. REIT | 2740961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51584886 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 400 MID CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Starwood Property Trust, Inc. REIT (b) | 1460792 | &nbsp;&nbsp;$29318095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80902981 |
| **MULTI-UTILITIES — 0.2%** | **MULTI-UTILITIES — 0.2%** | **MULTI-UTILITIES — 0.2%** |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;328461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18426662 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;276996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14209895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32636557 |
| **OFFICE REITs — 0.6%** | **OFFICE REITs — 0.6%** | **OFFICE REITs — 0.6%** |
| COPT Defense Properties REIT | &nbsp;&nbsp;&nbsp;508003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14010723 |
| Cousins Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;758037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22763851 |
| Kilroy Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;480271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16478098 |
| Vornado Realty Trust REIT | &nbsp;&nbsp;&nbsp;756458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28926954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82179626 |
| **OIL, GAS & CONSUMABLE FUELS — 3.2%** | **OIL, GAS & CONSUMABLE FUELS — 3.2%** | **OIL, GAS & CONSUMABLE FUELS — 3.2%** |
| Antero Midstream Corp. | 1514838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28706180 |
| Antero Resources Corp. (a) | 1322826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53283431 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;261621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25337994 |
| Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;385835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10618179 |
| CNX Resources Corp. (a) (b) | &nbsp;&nbsp;&nbsp;655560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22079261 |
| DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;460191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50579593 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;723069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29703675 |
| Matador Resources Co. | &nbsp;&nbsp;&nbsp;527453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25170057 |
| Murphy Oil Corp. (b) | &nbsp;&nbsp;&nbsp;607676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13672710 |
| Ovintiv, Inc. | 1177227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44793487 |
| PBF Energy, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;442545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9589950 |
| Permian Resources Corp. (b) | 2892630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39397621 |
| Range Resources Corp. | 1082498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44025194 |
| Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;593755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22639878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419597210 |
| **PAPER & FOREST PRODUCTS — 0.2%** | **PAPER & FOREST PRODUCTS — 0.2%** | **PAPER & FOREST PRODUCTS — 0.2%** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;280403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24111854 |
| **PERSONAL CARE PRODUCTS — 0.6%** | **PERSONAL CARE PRODUCTS — 0.6%** | **PERSONAL CARE PRODUCTS — 0.6%** |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;575284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33326202 |
| Coty, Inc. Class A (a) (b) | 1653172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7687250 |
| elf Beauty, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;254846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31713036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72726488 |
| **PHARMACEUTICALS — 0.4%** | **PHARMACEUTICALS — 0.4%** | **PHARMACEUTICALS — 0.4%** |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;279200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29628704 |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;622749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16639853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46268557 |
| **PROFESSIONAL SERVICES — 2.3%** | **PROFESSIONAL SERVICES — 2.3%** | **PROFESSIONAL SERVICES — 2.3%** |
| CACI International, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;99626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47491714 |
| Concentrix Corp. (b) | &nbsp;&nbsp;&nbsp;209164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11055363 |
| ExlService Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;736973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32272048 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;229437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17141238 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;&nbsp;152530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24633595 |
| Genpact Ltd. | &nbsp;&nbsp;&nbsp;726632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31979074 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;159711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601825 |
| KBR, Inc. | &nbsp;&nbsp;&nbsp;587672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28172996 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;211881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8559992 |
| Maximus, Inc. | &nbsp;&nbsp;&nbsp;255722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17951685 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Parsons Corp. (a) (b) | &nbsp;&nbsp;&nbsp;211079 | &nbsp;&nbsp;$15149140 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;&nbsp;195133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35356148 |
| Science Applications International Corp. (b) | &nbsp;&nbsp;&nbsp;213655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24059690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303424508 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%** |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;&nbsp;214531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54872739 |
| **RESIDENTIAL REITs — 0.9%** | **RESIDENTIAL REITs — 0.9%** | **RESIDENTIAL REITs — 0.9%** |
| American Homes 4 Rent Class A REIT | 1439542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51924280 |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;866067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53410352 |
| Independence Realty Trust, Inc. REIT (b) | 1057201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18701886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124036518 |
| **RETAIL REITs — 1.0%** | **RETAIL REITs — 1.0%** | **RETAIL REITs — 1.0%** |
| Agree Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;497419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36341432 |
| Brixmor Property Group, Inc. REIT | 1383450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36025038 |
| Kite Realty Group Trust REIT | &nbsp;&nbsp;&nbsp;993123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22494236 |
| NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;848132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36622340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131483046 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%** |
| Allegro MicroSystems, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;590521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20189913 |
| Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;512232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10751750 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;&nbsp;240318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25054353 |
| Entegris, Inc. (b) | &nbsp;&nbsp;&nbsp;685832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55312351 |
| Lattice Semiconductor Corp. (a) (b) | &nbsp;&nbsp;&nbsp;623886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30564175 |
| MACOM Technology Solutions Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;268961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38539422 |
| MKS, Inc. (b) | &nbsp;&nbsp;&nbsp;304280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30233261 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;&nbsp;221260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22331772 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;254574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14230686 |
| Rambus, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;486544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31148547 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;146604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21603565 |
| Synaptics, Inc. (a) | &nbsp;&nbsp;&nbsp;174279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11296765 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;199541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30821103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342077663 |
| **SOFTWARE — 3.6%** | **SOFTWARE — 3.6%** | **SOFTWARE — 3.6%** |
| Appfolio, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;104275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24012447 |
| Bill Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;429372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19862749 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;&nbsp;171766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11029095 |
| Commvault Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;199870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34843337 |
| Docusign, Inc. (a) | &nbsp;&nbsp;&nbsp;917293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71447952 |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;&nbsp;276693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20547222 |
| Dropbox, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;888806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25419851 |
| Dynatrace, Inc. (a) | 1358092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74980259 |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;379952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89459698 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;&nbsp;275010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54306225 |
| Pegasystems, Inc. (b) | &nbsp;&nbsp;&nbsp;403574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21845461 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 400 MID CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Qualys, Inc. (a) | &nbsp;&nbsp;&nbsp;164340 | &nbsp;&nbsp;$23479256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471233552 |
| **SPECIALIZED REITs — 1.6%** | **SPECIALIZED REITs — 1.6%** | **SPECIALIZED REITs — 1.6%** |
| CubeSmart REIT | 1032589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43885033 |
| EPR Properties REIT (b) | &nbsp;&nbsp;&nbsp;342155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19933950 |
| Gaming & Leisure Properties, Inc. REIT | 1244949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58114219 |
| Lamar Advertising Co. Class A REIT (b) | &nbsp;&nbsp;&nbsp;397671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48261353 |
| National Storage Affiliates Trust REIT | &nbsp;&nbsp;&nbsp;316687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10130817 |
| PotlatchDeltic Corp. REIT | &nbsp;&nbsp;&nbsp;323810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12424590 |
| Rayonier, Inc. REIT | &nbsp;&nbsp;&nbsp;634719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14078067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206828029 |
| **SPECIALTY RETAIL — 3.7%** | **SPECIALTY RETAIL — 3.7%** | **SPECIALTY RETAIL — 3.7%** |
| Abercrombie & Fitch Co. Class A (a) | &nbsp;&nbsp;&nbsp;215812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17880024 |
| AutoNation, Inc. (a) | &nbsp;&nbsp;&nbsp;112705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22388848 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;964881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28907835 |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;&nbsp;285338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66381032 |
| Chewy, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;993332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42335810 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;255870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50613645 |
| Five Below, Inc. (a) | &nbsp;&nbsp;&nbsp;248646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32617382 |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;487451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37026778 |
| GameStop Corp. Class A (a) (b) | 1843840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44971258 |
| Gap, Inc. | 1005971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21940227 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;117905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39830667 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33141182 |
| Penske Automotive Group, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;84393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14499561 |
| RH (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;68052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12862509 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;&nbsp;574626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21761087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487157845 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%** |
| Pure Storage, Inc. Class A (a) | 1407807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81061527 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.9%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.9%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.9%** |
| Capri Holdings Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;532334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9422312 |
| Columbia Sportswear Co. (b) | &nbsp;&nbsp;&nbsp;138881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8482851 |
| Crocs, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;253409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25665264 |
| PVH Corp. (b) | &nbsp;&nbsp;&nbsp;217405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14913983 |
| Skechers USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;590194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37241241 |
| Under Armour, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;851719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5817241 |
| Under Armour, Inc. Class C (a) (b) | &nbsp;&nbsp;&nbsp;580274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3765978 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| VF Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;1496138 | &nbsp;&nbsp;$17579622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122888492 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.8%** | **TRADING COMPANIES & DISTRIBUTORS — 1.8%** | **TRADING COMPANIES & DISTRIBUTORS — 1.8%** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40098090 |
| Core & Main, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51728278 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24830959 |
| MSC Industrial Direct Co., Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17164943 |
| Watsco, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69791858 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37186679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240800807 |
| **WATER UTILITIES — 0.3%** | **WATER UTILITIES — 0.3%** | **WATER UTILITIES — 0.3%** |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1168289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43390253 |
| **TOTAL COMMON STOCKS<br>(Cost $11,607,994,322)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;13159578764 |
| **SHORT-TERM INVESTMENTS — 3.7%** | **SHORT-TERM INVESTMENTS — 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;7277222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277222 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 477291052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477291052 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $484,568,274)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $484,568,274)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484568274 |
| **TOTAL INVESTMENTS — 103.5%<br>(Cost $12,092,562,596)<br>** | **TOTAL INVESTMENTS — 103.5%<br>(Cost $12,092,562,596)<br>** | &nbsp;&nbsp;13644147038 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.5)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.5)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(464360460) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $13179786578 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 400 MID CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P MidCap 400 Index (long) | 18 | 09/19/2025 | $5455844 | $5625900 | $170056 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $2,130,482.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $13159578764 | $— | $— | $13159578764 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484568274 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484568274 |
| **TOTAL INVESTMENTS<br>**  | $13644147038 | $— | $— | $13644147038 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $170056 | $— | $— | $170056 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $170056 | $— | $— | $170056 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $32020852 | $32020852 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $68926 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;389936962 | &nbsp;&nbsp;&nbsp;&nbsp;382659740 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;7277222 | &nbsp;&nbsp;&nbsp;&nbsp;7277222 | &nbsp;&nbsp;&nbsp;&nbsp;324250 |
| State Street Navigator Securities Lending Portfolio II<br>| 380676390 | &nbsp;&nbsp;380676390 | &nbsp;&nbsp;5218372362 | &nbsp;&nbsp;5121757700 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 477291052 | &nbsp;&nbsp;477291052 | &nbsp;&nbsp;&nbsp;&nbsp;970752 |
| Total<br>|  | $380676390 | $5640330176 | $5536438292 | $— | $— |  | $484568274 | $1363928 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 2.2%** | **AEROSPACE & DEFENSE — 2.2%** | **AEROSPACE & DEFENSE — 2.2%** |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;&nbsp;102419 | &nbsp;&nbsp;$84796787 |
| Boeing Co. (a) | 1044510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218856180 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;349065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101808298 |
| General Electric Co. | 1477038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380174811 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104046670 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13286095 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;260014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65221912 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;288823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133765484 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;187640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93816247 |
| RTX Corp. | 1850477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270206652 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;253231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20331917 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118060969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1604372022 |
| **AIR FREIGHT & LOGISTICS — 0.3%** | **AIR FREIGHT & LOGISTICS — 0.3%** | **AIR FREIGHT & LOGISTICS — 0.3%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;163747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15711525 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;189559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21657116 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;305076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69346825 |
| United Parcel Service, Inc. Class B | 1020584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103017749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209733215 |
| **AIRLINES — 0.1%** | **AIRLINES — 0.1%** | **AIRLINES — 0.1%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;906433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44578375 |
| Southwest Airlines Co. (b) | &nbsp;&nbsp;&nbsp;782907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25397503 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;454651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36203859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106179737 |
| **AUTO COMPONENTS — 0.0% <sup>\*</sup>** | **AUTO COMPONENTS — 0.0% <sup>\*</sup>** | **AUTO COMPONENTS — 0.0% <sup>\*</sup>** |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;300608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20507478 |
| **AUTOMOBILES — 1.9%** | **AUTOMOBILES — 1.9%** | **AUTOMOBILES — 1.9%** |
| Ford Motor Co. | 5413054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58731636 |
| General Motors Co. | 1335929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65741066 |
| Tesla, Inc. (a) | 3881731 | &nbsp;&nbsp;&nbsp;&nbsp;1233070669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1357543371 |
| **BANKS — 3.6%** | **BANKS — 3.6%** | **BANKS — 3.6%** |
| Bank of America Corp. | 9077258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429535849 |
| Citigroup, Inc. | 2590213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220478931 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;602278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26951940 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;925279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38056725 |
| Huntington Bancshares, Inc. | 2011522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33713109 |
| JPMorgan Chase & Co. | 3849478 | &nbsp;&nbsp;&nbsp;&nbsp;1116002167 |
| KeyCorp | 1372682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23912120 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;223197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43297986 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;546574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101892325 |
| Regions Financial Corp. | 1253935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29492551 |
| Truist Financial Corp. | 1814292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77996413 |
| U.S. Bancorp | 2155195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97522574 |
| Wells Fargo & Co. | 4507719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361158446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2600011136 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **BEVERAGES — 1.1%** | **BEVERAGES — 1.1%** | **BEVERAGES — 1.1%** |
| Brown-Forman Corp. Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;251972 | &nbsp;&nbsp;$6780566 |
| Coca-Cola Co. | &nbsp;&nbsp;5367855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379775741 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;215047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34983846 |
| Keurig Dr. Pepper, Inc. | &nbsp;&nbsp;1873512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61938307 |
| Molson Coors Beverage Co. Class B (b) | &nbsp;&nbsp;&nbsp;&nbsp;237784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11435033 |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;967233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60587475 |
| PepsiCo, Inc. | &nbsp;&nbsp;1901973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251136515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806637483 |
| **BIOTECHNOLOGY — 1.6%** | **BIOTECHNOLOGY — 1.6%** | **BIOTECHNOLOGY — 1.6%** |
| AbbVie, Inc. | &nbsp;&nbsp;2448072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454411125 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;746088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208315230 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;200909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25232161 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;1723640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191099967 |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;220650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15026265 |
| Moderna, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;465245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12836110 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75178425 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;355031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158059801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1140159084 |
| **BROADLINE RETAIL — 4.0%** | **BROADLINE RETAIL — 4.0%** | **BROADLINE RETAIL — 4.0%** |
| Amazon.com, Inc. (a) | 13091199 | &nbsp;&nbsp;&nbsp;&nbsp;2872078149 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;639631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47626924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2919705073 |
| **BUILDING PRODUCTS — 0.6%** | **BUILDING PRODUCTS — 0.6%** | **BUILDING PRODUCTS — 0.6%** |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;163872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10745087 |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;120645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17387358 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;149942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17496732 |
| Carrier Global Corp. | &nbsp;&nbsp;1101728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80635472 |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;913100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96441622 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25133708 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;293625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18897705 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;309759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135491684 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402229368 |
| **CAPITAL MARKETS — 3.4%** | **CAPITAL MARKETS — 3.4%** | **CAPITAL MARKETS — 3.4%** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;131992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70448090 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;991583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90343127 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211994667 |
| Blackstone, Inc. | &nbsp;&nbsp;1011022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151228671 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;144168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33621419 |
| Charles Schwab Corp. | &nbsp;&nbsp;2366221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215894004 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;497850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137217417 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;293466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102856898 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23788140 |
| Franklin Resources, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;425405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10145909 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;424934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300747038 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;793422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145569134 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;625162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858805 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;940323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125091169 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11807539 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;214381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107531366 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley | 1711721 | &nbsp;&nbsp;$241113020 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;107083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61759049 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;571849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51134738 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;270702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34322307 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;251725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38607063 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;435290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229524064 |
| State Street Corp. (c) | &nbsp;&nbsp;&nbsp;397795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42301520 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;307071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29632352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2476537506 |
| **CHEMICALS — 1.2%** | **CHEMICALS — 1.2%** | **CHEMICALS — 1.2%** |
| Air Products & Chemicals, Inc. (b) | &nbsp;&nbsp;&nbsp;307007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86594394 |
| Albemarle Corp. (b) | &nbsp;&nbsp;&nbsp;161924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10147777 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;224583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20661636 |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;945546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70471543 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;972234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25744756 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;578012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39645843 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;158805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11856381 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;351397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94680408 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;352863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25953074 |
| Linde PLC | &nbsp;&nbsp;&nbsp;652631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306201413 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;356914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20651044 |
| Mosaic Co. | &nbsp;&nbsp;&nbsp;440356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16064187 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;314687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35795646 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;319868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109829877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874297979 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.6%** | **COMMERCIAL SERVICES & SUPPLIES — 0.6%** | **COMMERCIAL SERVICES & SUPPLIES — 0.6%** |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;474513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105754712 |
| Copart, Inc. (a) | 1218452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59789440 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;279972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69043895 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;385582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21754537 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;341039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34427887 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;509076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116486770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407257241 |
| **COMMUNICATIONS EQUIPMENT — 0.9%** | **COMMUNICATIONS EQUIPMENT — 0.9%** | **COMMUNICATIONS EQUIPMENT — 0.9%** |
| Arista Networks, Inc. (a) | 1424209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145710823 |
| Cisco Systems, Inc. | 5515545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382668512 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;79705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23458775 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;456575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18231040 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;230863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97068657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667137807 |
| **CONSTRUCTION & ENGINEERING — 0.1%** | **CONSTRUCTION & ENGINEERING — 0.1%** | **CONSTRUCTION & ENGINEERING — 0.1%** |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;206578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78103010 |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;84331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46294346 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;181725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47397514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93691860 |
| **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** |
| American Express Co. | &nbsp;&nbsp;&nbsp;765673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244234374 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;886907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188698333 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;522555 | &nbsp;&nbsp;$34875321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467808028 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.0%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;614846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608660649 |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;302485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34598234 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;273896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27126660 |
| Kroger Co. | &nbsp;&nbsp;&nbsp;852135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61123644 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;675324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51149040 |
| Target Corp. | &nbsp;&nbsp;&nbsp;632861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62431738 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;997349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11449566 |
| Walmart, Inc. | 5986274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585337872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1441877403 |
| **CONTAINERS & PACKAGING — 0.2%** | **CONTAINERS & PACKAGING — 0.2%** | **CONTAINERS & PACKAGING — 0.2%** |
| Amcor PLC | 3150955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28957276 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;111718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19603157 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;386753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21692976 |
| International Paper Co. (b) | &nbsp;&nbsp;&nbsp;727408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34064517 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;122220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23032359 |
| Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;681427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29403575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156753860 |
| **DISTRIBUTORS — 0.1%** | **DISTRIBUTORS — 0.1%** | **DISTRIBUTORS — 0.1%** |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;193192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23436122 |
| LKQ Corp. (b) | &nbsp;&nbsp;&nbsp;358611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13272193 |
| Pool Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;53463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15583395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52291710 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** |
| AT&T, Inc. | 9969433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288515391 |
| Verizon Communications, Inc. | 5841469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252760364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541275755 |
| **ELECTRIC UTILITIES — 1.5%** | **ELECTRIC UTILITIES — 1.5%** | **ELECTRIC UTILITIES — 1.5%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;353623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21383583 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;736815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76451924 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;435839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140671396 |
| Duke Energy Corp. | 1080677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127519886 |
| Edison International | &nbsp;&nbsp;&nbsp;536055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27660438 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;619868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51523428 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;318937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21984327 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;503747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32048384 |
| Exelon Corp. | 1390475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60374424 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;709078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28547480 |
| NextEra Energy, Inc. | 2853973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198122806 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;270713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43471094 |
| PG&E Corp. | 3026527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42189786 |
| Pinnacle West Capital Corp. (b) | &nbsp;&nbsp;&nbsp;169487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15164002 |
| PPL Corp. | 1019139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34538621 |
| Southern Co. | 1526060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140138090 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;794210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54085701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1115875370 |
| **ELECTRICAL EQUIPMENT — 0.9%** | **ELECTRICAL EQUIPMENT — 0.9%** | **ELECTRICAL EQUIPMENT — 0.9%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;318877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57703982 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;541327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193248326 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;777539 | &nbsp;&nbsp;$103669275 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;377849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199938798 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;82337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11791482 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30557236 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;156844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52098871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649007970 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%** |
| Amphenol Corp. Class A | 1672339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165143476 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;183178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32713759 |
| Corning, Inc. | 1063574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55933357 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;147593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32190033 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;239629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39265608 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395824 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;413070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69672517 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;66010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33817583 |
| Trimble, Inc. (a) | &nbsp;&nbsp;&nbsp;338420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25713152 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;71525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22055449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476900758 |
| **ENERGY EQUIPMENT & SERVICES — 0.2%** | **ENERGY EQUIPMENT & SERVICES — 0.2%** | **ENERGY EQUIPMENT & SERVICES — 0.2%** |
| Baker Hughes Co. | 1365824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52365692 |
| Halliburton Co. | 1196146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24377456 |
| Schlumberger NV | 1888143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63819233 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140562381 |
| **ENTERTAINMENT — 1.8%** | **ENTERTAINMENT — 1.8%** | **ENTERTAINMENT — 1.8%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;316454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50537704 |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;215997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32676026 |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;589334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789194839 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;234078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56845842 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;93243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16965564 |
| Walt Disney Co. | 2487867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308520387 |
| Warner Bros Discovery, Inc. (a) | 3089482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35405464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1290145826 |
| **FINANCIAL SERVICES — 4.3%** | **FINANCIAL SERVICES — 4.3%** | **FINANCIAL SERVICES — 4.3%** |
| Apollo Global Management, Inc. (b) | &nbsp;&nbsp;&nbsp;625143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88689037 |
| Berkshire Hathaway, Inc. Class B (a) | 2540161 | &nbsp;&nbsp;&nbsp;&nbsp;1233934009 |
| Corpay, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;96640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32067085 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;733276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59695999 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;&nbsp;767893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132392432 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;341888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27364716 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;100385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18086365 |
| Mastercard, Inc. Class A | 1124241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631755988 |
| PayPal Holdings, Inc. (a) | 1346996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100108743 |
| Visa, Inc. Class A | 2369688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841357724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3165452098 |
| **FOOD PRODUCTS — 0.6%** | **FOOD PRODUCTS — 0.6%** | **FOOD PRODUCTS — 0.6%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;660647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34868949 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Bunge Global SA | &nbsp;&nbsp;&nbsp;183601 | &nbsp;&nbsp;$14739488 |
| Campbell's Co. (b) | &nbsp;&nbsp;&nbsp;274873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8424857 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;662312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13557527 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;760973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39426011 |
| Hershey Co. (b) | &nbsp;&nbsp;&nbsp;203794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33819614 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;400495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12114974 |
| J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;146438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14380211 |
| Kellanova | &nbsp;&nbsp;&nbsp;371345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29533068 |
| Kraft Heinz Co. | 1200624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000112 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;196260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10176081 |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;346126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26243273 |
| Mondelez International, Inc. Class A | 1800177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121403937 |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;&nbsp;396652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22188713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411876815 |
| **GAS UTILITIES — 0.1%** | **GAS UTILITIES — 0.1%** | **GAS UTILITIES — 0.1%** |
| Atmos Energy Corp. (b) | &nbsp;&nbsp;&nbsp;218780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33716186 |
| **GROUND TRANSPORTATION — 0.9%** | **GROUND TRANSPORTATION — 0.9%** | **GROUND TRANSPORTATION — 0.9%** |
| CSX Corp. | 2600363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84849845 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;108777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15620377 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;313190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80167244 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;259358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42093804 |
| Uber Technologies, Inc. (a) | 2897404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270327793 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;827074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190293186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683352249 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** |
| Abbott Laboratories | 2410154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327805046 |
| Align Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;96891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18344373 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;704341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21327445 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;396662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68325030 |
| Boston Scientific Corp. (a) | 2049135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220097590 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;276503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19675953 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;&nbsp;543472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47439671 |
| Edwards Lifesciences Corp. (a) | &nbsp;&nbsp;&nbsp;814963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63738256 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;631540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46778168 |
| Hologic, Inc. (a) | &nbsp;&nbsp;&nbsp;310864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20255898 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;111222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59652808 |
| Insulet Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;97174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30530127 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;496498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269801978 |
| Medtronic PLC | 1781613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155303205 |
| ResMed, Inc. (b) | &nbsp;&nbsp;&nbsp;202268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52185144 |
| Solventum Corp. (a) | &nbsp;&nbsp;&nbsp;190856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14474519 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;136239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32727333 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;477177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188785537 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;275027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25085213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1682333294 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.8%** | **HEALTH CARE PROVIDERS & SERVICES — 1.8%** | **HEALTH CARE PROVIDERS & SERVICES — 1.8%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;333868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56089824 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;238693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71572096 |
| Centene Corp. (a) | &nbsp;&nbsp;&nbsp;685205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37192927 |
| Cigna Group | &nbsp;&nbsp;&nbsp;370057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122333443 |
| CVS Health Corp. | 1755092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121066246 |
| DaVita, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;57668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8214807 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;313204 | &nbsp;&nbsp;$121823828 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;240083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91975797 |
| Henry Schein, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;173781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12694702 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;165977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40578057 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;115584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30341956 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;173139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126872796 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;75171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22393441 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;153985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27660326 |
| UnitedHealth Group, Inc. | 1256668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392042716 |
| Universal Health Services, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;80379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14560656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1297413618 |
| **HEALTH CARE REITs — 0.3%** | **HEALTH CARE REITs — 0.3%** | **HEALTH CARE REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;&nbsp;213303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15492197 |
| Healthpeak Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;961253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16831540 |
| Ventas, Inc. REIT | &nbsp;&nbsp;&nbsp;628406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39683839 |
| Welltower, Inc. REIT | &nbsp;&nbsp;&nbsp;862770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132633632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204641208 |
| **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** |
| Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;969314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14888663 |
| **HOTELS, RESTAURANTS & LEISURE — 2.1%** | **HOTELS, RESTAURANTS & LEISURE — 2.1%** | **HOTELS, RESTAURANTS & LEISURE — 2.1%** |
| Airbnb, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;598037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79144217 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260782105 |
| Caesars Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;293886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8343424 |
| Carnival Corp. (a) | 1445553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40648950 |
| Chipotle Mexican Grill, Inc. (a) | 1870509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105029080 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;161515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35205425 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21427832 |
| DoorDash, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;474895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117066366 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;170798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28810207 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;328792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87570461 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;474657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20652326 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;315788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86276439 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;989963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289237490 |
| MGM Resorts International (a) | &nbsp;&nbsp;&nbsp;278768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9586832 |
| Norwegian Cruise Line Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;606613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12302112 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;345845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108297903 |
| Starbucks Corp. | 1579436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144723721 |
| Wynn Resorts Ltd. (b) | &nbsp;&nbsp;&nbsp;123220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11542017 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;384355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56953724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1523600631 |
| **HOUSEHOLD DURABLES — 0.3%** | **HOUSEHOLD DURABLES — 0.3%** | **HOUSEHOLD DURABLES — 0.3%** |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;383897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49492001 |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;213022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44461952 |
| Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;321769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35590869 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7843290 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29852838 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;279710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29498217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196739167 |
| **HOUSEHOLD PRODUCTS — 1.0%** | **HOUSEHOLD PRODUCTS — 1.0%** | **HOUSEHOLD PRODUCTS — 1.0%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;338895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32571198 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Clorox Co. | &nbsp;&nbsp;&nbsp;171166 | &nbsp;&nbsp;$20551902 |
| Colgate-Palmolive Co. | 1119233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101738280 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;457972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59041750 |
| Procter & Gamble Co. | 3252185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518138114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732041244 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%** |
| AES Corp. | &nbsp;&nbsp;&nbsp;985729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10369869 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;470110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91112019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101481888 |
| **INDUSTRIAL CONGLOMERATES — 0.4%** | **INDUSTRIAL CONGLOMERATES — 0.4%** | **INDUSTRIAL CONGLOMERATES — 0.4%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;743393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113174150 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;890335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207341215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320515365 |
| **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** |
| Prologis, Inc. REIT | 1288265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135422417 |
| **INSURANCE — 2.1%** | **INSURANCE — 2.1%** | **INSURANCE — 2.1%** |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;672646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70937247 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;365800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73639198 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;798825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68371432 |
| Aon PLC Class A | &nbsp;&nbsp;&nbsp;298470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106482157 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;518412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47201413 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;355092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113672051 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14196964 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;387470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42958799 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;516423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149618072 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;217232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32350189 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12156030 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20182672 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;117052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14548393 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;396356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50285686 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;243771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22344050 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;682542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149230983 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;780277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62749876 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;285982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22715550 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;813019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216962250 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;488805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52517209 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;313618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83905360 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;416924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30631406 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;137902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42266963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1499923950 |
| **INTERACTIVE MEDIA & SERVICES — 6.6%** | **INTERACTIVE MEDIA & SERVICES — 6.6%** | **INTERACTIVE MEDIA & SERVICES — 6.6%** |
| Alphabet, Inc. Class A | 8064284 | &nbsp;&nbsp;&nbsp;&nbsp;1421168769 |
| Alphabet, Inc. Class C | 6504740 | &nbsp;&nbsp;&nbsp;&nbsp;1153875829 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;343572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10612939 |
| Meta Platforms, Inc. Class A | 3008167 | &nbsp;&nbsp;&nbsp;&nbsp;2220297981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4805955518 |
| **IT SERVICES — 1.1%** | **IT SERVICES — 1.1%** | **IT SERVICES — 1.1%** |
| Accenture PLC Class A | &nbsp;&nbsp;&nbsp;867261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259215640 |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;205940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16425774 |
| Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;683497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53333271 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;78297 | &nbsp;&nbsp;$13844476 |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;105909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42810536 |
| GoDaddy, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;195331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35171300 |
| International Business Machines Corp. | 1287258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379457913 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;113368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32740679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832999589 |
| **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;181761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13417597 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.8%** | **LIFE SCIENCES TOOLS & SERVICES — 0.8%** | **LIFE SCIENCES TOOLS & SERVICES — 0.8%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;394662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46574063 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;218540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11243883 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;71235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10808487 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;883744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174574790 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;225528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35540957 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33755579 |
| Revvity, Inc. (b) | &nbsp;&nbsp;&nbsp;166295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16084052 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;522438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211827711 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;81498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28446062 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;100186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21920697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590776281 |
| **MACHINERY — 1.5%** | **MACHINERY — 1.5%** | **MACHINERY — 1.5%** |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;651431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252892029 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;189941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62205678 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;349592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177764036 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;188057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34457684 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;472089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24610000 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;104237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300890 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;368337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91071323 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;555972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46245751 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16246459 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;545974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54062346 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;723836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68807850 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;177788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124179584 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;228203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23427320 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22531922 |
| Stanley Black & Decker, Inc. (b) | &nbsp;&nbsp;&nbsp;213071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14435560 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;236441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49498923 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;335676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43423047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1124160402 |
| **MEDIA — 0.5%** | **MEDIA — 0.5%** | **MEDIA — 0.5%** |
| Charter Communications, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;132313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54090878 |
| Comcast Corp. Class A | 5164434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184318649 |
| Fox Corp. Class A | &nbsp;&nbsp;&nbsp;299588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16788912 |
| Fox Corp. Class B | &nbsp;&nbsp;&nbsp;182394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9417002 |
| Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;519230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12710750 |
| News Corp. Class A | &nbsp;&nbsp;&nbsp;521961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15512681 |
| News Corp. Class B (b) | &nbsp;&nbsp;&nbsp;156721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5377097 |
| Omnicom Group, Inc. (b) | &nbsp;&nbsp;&nbsp;270963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19493078 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Paramount Global Class B (b) | &nbsp;&nbsp;&nbsp;820723 | &nbsp;&nbsp;$10587327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328296374 |
| **METALS & MINING — 0.3%** | **METALS & MINING — 0.3%** | **METALS & MINING — 0.3%** |
| Freeport-McMoRan, Inc. | 1981861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85913674 |
| Newmont Corp. | 1542771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89881839 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;323371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41889479 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;188572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24139102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241824094 |
| **MULTI-UTILITIES — 0.6%** | **MULTI-UTILITIES — 0.6%** | **MULTI-UTILITIES — 0.6%** |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;372223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35748297 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;900495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33084186 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;414982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28749953 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;502852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50461198 |
| Dominion Energy, Inc. | 1185234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66989426 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;285628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37834285 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;646550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26081827 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;698772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58822627 |
| Sempra | &nbsp;&nbsp;&nbsp;905256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68591247 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;438571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45699098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452062144 |
| **OFFICE REITs — 0.0% <sup>\*</sup>** | **OFFICE REITs — 0.0% <sup>\*</sup>** | **OFFICE REITs — 0.0% <sup>\*</sup>** |
| BXP, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;200771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13546019 |
| **OIL, GAS & CONSUMABLE FUELS — 2.8%** | **OIL, GAS & CONSUMABLE FUELS — 2.8%** | **OIL, GAS & CONSUMABLE FUELS — 2.8%** |
| APA Corp. | &nbsp;&nbsp;&nbsp;514119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9403236 |
| Chevron Corp. | 2249696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322133970 |
| ConocoPhillips | 1748616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156920800 |
| Coterra Energy, Inc. | 1058405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26862319 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;877988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27928798 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;258075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35459505 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;756293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90460206 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;822678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47978581 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;300581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35149942 |
| Exxon Mobil Corp. | 5970269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643594998 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;381632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52871297 |
| Kinder Morgan, Inc. | 2664860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78346884 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;425692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70711698 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;982433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41272010 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;869711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70994509 |
| Phillips 66 Co. | &nbsp;&nbsp;&nbsp;562302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67082629 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;301138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52422103 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27473535 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;437116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58757133 |
| Williams Cos., Inc. | 1700601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106814749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2022638902 |
| **PERSONAL CARE PRODUCTS — 0.1%** | **PERSONAL CARE PRODUCTS — 0.1%** | **PERSONAL CARE PRODUCTS — 0.1%** |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;321725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25995380 |
| Kenvue, Inc. | 2652053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55507469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81502849 |
| **PHARMACEUTICALS — 2.8%** | **PHARMACEUTICALS — 2.8%** | **PHARMACEUTICALS — 2.8%** |
| Bristol-Myers Squibb Co. | 2821289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130597468 |
| Eli Lilly & Co. | 1089461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849267533 |
| Johnson & Johnson | 3334094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509282859 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Merck & Co., Inc. | 3478476 | &nbsp;&nbsp;$275356160 |
| Pfizer, Inc. | 7881850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191056044 |
| Viatris, Inc. | 1652182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14753985 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;617984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96374605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2066688654 |
| **PROFESSIONAL SERVICES — 0.6%** | **PROFESSIONAL SERVICES — 0.6%** | **PROFESSIONAL SERVICES — 0.6%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;561818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173264671 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;161665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39289445 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;&nbsp;217408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12042229 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;172199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44663255 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;168139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22101872 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;180953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28547145 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;442512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64367796 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15902502 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;195343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60849344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461028259 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** |
| CBRE Group, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;407251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57064010 |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;&nbsp;581993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46792237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103856247 |
| **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;196386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39964551 |
| Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;146779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16540526 |
| Equity Residential REIT | &nbsp;&nbsp;&nbsp;474183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32002611 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;87966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24929564 |
| Invitation Homes, Inc. REIT | &nbsp;&nbsp;&nbsp;787339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25824719 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;161244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23865724 |
| UDR, Inc. REIT | &nbsp;&nbsp;&nbsp;416349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16999530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180127225 |
| **RETAIL REITs — 0.3%** | **RETAIL REITs — 0.3%** | **RETAIL REITs — 0.3%** |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;104801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955047 |
| Kimco Realty Corp. REIT | &nbsp;&nbsp;&nbsp;935456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19663285 |
| Realty Income Corp. REIT | 1262926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72757167 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;&nbsp;224627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000181 |
| Simon Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;422767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67964023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186339703 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.7%** |
| Advanced Micro Devices, Inc. (a) | 2246204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318736348 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;687239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163576627 |
| Applied Materials, Inc. | 1127173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206351561 |
| Broadcom, Inc. | 6513318 | &nbsp;&nbsp;&nbsp;&nbsp;1795396107 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;181702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7204484 |
| First Solar, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;147216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24370137 |
| Intel Corp. | 6044221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135390550 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;183382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164262593 |
| Lam Research Corp. | 1772668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172551503 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;741090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52150503 |
| Micron Technology, Inc. | 1548097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190802955 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65920 | &nbsp;&nbsp;$48212570 |
| NVIDIA Corp. | 33789514 | &nbsp;&nbsp;&nbsp;&nbsp;5338405317 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;351695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76841841 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;581779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30491037 |
| QUALCOMM, Inc. | &nbsp;&nbsp;1520285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242120589 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;206206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15366471 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20123467 |
| Texas Instruments, Inc. | &nbsp;&nbsp;1258796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261351225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9263705885 |
| **SOFTWARE — 11.4%** | **SOFTWARE — 11.4%** | **SOFTWARE — 11.4%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;590448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228432522 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;121856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42798264 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;296918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91916905 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;378232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116552191 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;344957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175690050 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61861822 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;878267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92850387 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;751686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22099568 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305275937 |
| Microsoft Corp. | 10297975 | &nbsp;&nbsp;&nbsp;&nbsp;5122315745 |
| Oracle Corp. | &nbsp;&nbsp;2253003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492574046 |
| Palantir Technologies, Inc. Class A (a) | &nbsp;&nbsp;2946247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401632391 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;919262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188117776 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;165666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28550878 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84816269 |
| Salesforce, Inc. | &nbsp;&nbsp;1328852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362364652 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;286707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294757733 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;213498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109456155 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35188611 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;300166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72039840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;8329291742 |
| **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** |
| American Tower Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;649247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143496572 |
| Crown Castle, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;600419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61681044 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;442146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77079312 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;135738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107975507 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;293825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43321558 |
| Iron Mountain, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;405726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41615316 |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;217670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63868731 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;148275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34820901 |
| VICI Properties, Inc. REIT | &nbsp;&nbsp;1452451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47349902 |
| Weyerhaeuser Co. REIT | &nbsp;&nbsp;1003675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25784411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646993254 |
| **SPECIALTY RETAIL — 1.7%** | **SPECIALTY RETAIL — 1.7%** | **SPECIALTY RETAIL — 1.7%** |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86008657 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;266475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17888467 |
| CarMax, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;214723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14431533 |
| Home Depot, Inc. | &nbsp;&nbsp;1376874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504817083 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;774731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171889567 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;1184579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106766105 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;455887 | &nbsp;&nbsp;$58162064 |
| TJX Cos., Inc. | &nbsp;&nbsp;1544482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190728082 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;737764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38931806 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28952912 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;171152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27961102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1246537378 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.2%** |
| Apple, Inc. | 20693921 | &nbsp;&nbsp;&nbsp;&nbsp;4245771772 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;415584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50950599 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;1815283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37122537 |
| HP, Inc. | &nbsp;&nbsp;1293716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31644293 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;281667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30011619 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;293286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42329968 |
| Super Micro Computer, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;715674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35075183 |
| Western Digital Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;480988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30778422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4503684393 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.3%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.3%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.3%** |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;208985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21540084 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;155135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36856973 |
| NIKE, Inc. Class B | &nbsp;&nbsp;1630160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115806566 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15301533 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;284215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24956919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214462075 |
| **TOBACCO — 0.7%** | **TOBACCO — 0.7%** | **TOBACCO — 0.7%** |
| Altria Group, Inc. | &nbsp;&nbsp;2340624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137230785 |
| Philip Morris International, Inc. | &nbsp;&nbsp;2156997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392853864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530084649 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.3%** | **TRADING COMPANIES & DISTRIBUTORS — 0.3%** | **TRADING COMPANIES & DISTRIBUTORS — 0.3%** |
| Fastenal Co. | &nbsp;&nbsp;1582411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66461262 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68065170 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63474404 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000836 |
| **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;267836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37258666 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662191 | &nbsp;&nbsp;$157773628 |
| **TOTAL COMMON STOCKS<br>(Cost $61,561,654,482)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;72733013587 |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | &nbsp;&nbsp;87668852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87668852 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (c) (f) | 160350431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160350431 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $248,019,283)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $248,019,283)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248019283 |
| **TOTAL INVESTMENTS — 100.2%<br>(Cost $61,809,673,765)<br>** | **TOTAL INVESTMENTS — 100.2%<br>(Cost $61,809,673,765)<br>** | &nbsp;&nbsp;72981032870 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(123952416) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $72857080454 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Index (long) | 372 | 09/19/2025 | $112949015 | $116319750 | $3370735 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $78,072,092.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $72733013587 | $— | $— | $72733013587 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248019283 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248019283 |
| **TOTAL INVESTMENTS<br>**  | $72981032870 | $— | $— | $72981032870 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $3370735 | $— | $— | $3370735 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $3370735 | $— | $— | $3370735 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;260821 | $19300754 | $18734553 | $6305145 | $1098554 | $9472804 | &nbsp;&nbsp;&nbsp;&nbsp;397795 | $42301520 | $906134 |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 104217233 | &nbsp;&nbsp;104248498 | &nbsp;&nbsp;&nbsp;&nbsp;88186162 | &nbsp;&nbsp;&nbsp;&nbsp;192434661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;807735 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1705827117 | &nbsp;&nbsp;1618158265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;87668852 | &nbsp;&nbsp;&nbsp;87668852 | &nbsp;&nbsp;1978049 |
| State Street Navigator Securities Lending Portfolio II<br>| 150685702 | &nbsp;&nbsp;150685702 | &nbsp;&nbsp;2927308760 | &nbsp;&nbsp;2917644031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 160350431 | &nbsp;&nbsp;160350431 | &nbsp;&nbsp;&nbsp;&nbsp;266782 |
| Total<br>|  | $274234954 | $4740056592 | $4734542102 | $1107376 | $9463983 |  | $290320803 | $3958700 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 GROWTH ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
| **AEROSPACE & DEFENSE — 1.6%** | **AEROSPACE & DEFENSE — 1.6%** | **AEROSPACE & DEFENSE — 1.6%** |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;99698 | &nbsp;&nbsp;$82543962 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;589309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151682243 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;545362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101508229 |
| RTX Corp. | 1026376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149871424 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114846336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600452194 |
| **AIRLINES — 0.2%** | **AIRLINES — 0.2%** | **AIRLINES — 0.2%** |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;880085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43282580 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;441834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35183242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78465822 |
| **AUTOMOBILES — 3.2%** | **AUTOMOBILES — 3.2%** | **AUTOMOBILES — 3.2%** |
| Tesla, Inc. (a) | 3777032 | &nbsp;&nbsp;&nbsp;&nbsp;1199811985 |
| **BANKS — 1.6%** | **BANKS — 1.6%** | **BANKS — 1.6%** |
| JPMorgan Chase & Co. | 2135145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618999887 |
| **BEVERAGES — 0.1%** | **BEVERAGES — 0.1%** | **BEVERAGES — 0.1%** |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;413774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25918803 |
| **BIOTECHNOLOGY — 1.1%** | **BIOTECHNOLOGY — 1.1%** | **BIOTECHNOLOGY — 1.1%** |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;998089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185265280 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;310966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86824817 |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;129278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8803832 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;345766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153935023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434828952 |
| **BROADLINE RETAIL — 4.4%** | **BROADLINE RETAIL — 4.4%** | **BROADLINE RETAIL — 4.4%** |
| Amazon.com, Inc. (a) | 7384156 | &nbsp;&nbsp;&nbsp;&nbsp;1620009985 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;416307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30998219 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1651008204 |
| **BUILDING PRODUCTS — 0.6%** | **BUILDING PRODUCTS — 0.6%** | **BUILDING PRODUCTS — 0.6%** |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;62144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8956193 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;77115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998549 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;520775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38115522 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24565054 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;116851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520530 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;300457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131422897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219578745 |
| **CAPITAL MARKETS — 1.8%** | **CAPITAL MARKETS — 1.8%** | **CAPITAL MARKETS — 1.8%** |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;128245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68448204 |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;520708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47441706 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;138370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48497301 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10316513 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;402360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73820989 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;399964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53207211 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;108264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54304140 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;749714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105604714 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;104527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60284902 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;228764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20456077 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;153695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23572202 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;199289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105083097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671037056 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CHEMICALS — 0.3%** | **CHEMICALS — 0.3%** | **CHEMICALS — 0.3%** |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;165905 | &nbsp;&nbsp;$44701443 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;177750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61032240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105733683 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.8%** | **COMMERCIAL SERVICES & SUPPLIES — 0.8%** | **COMMERCIAL SERVICES & SUPPLIES — 0.8%** |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;461747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102909554 |
| Copart, Inc. (a) | 1180623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57933171 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;273262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67389142 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;219696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12395248 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;159997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16151697 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;260707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59654976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316433788 |
| **COMMUNICATIONS EQUIPMENT — 0.7%** | **COMMUNICATIONS EQUIPMENT — 0.7%** | **COMMUNICATIONS EQUIPMENT — 0.7%** |
| Arista Networks, Inc. (a) | 1390535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142265636 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;35618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10483090 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;224918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94569022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247317748 |
| **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** | **CONSTRUCTION & ENGINEERING — 0.2%** |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;198750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75143400 |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23355503 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;110032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28698546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52054049 |
| **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** |
| American Express Co. | &nbsp;&nbsp;&nbsp;745655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237849032 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;512411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34198310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272047342 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%** |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;598011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591995010 |
| Walmart, Inc. | 3901722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381510377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973505387 |
| **CONTAINERS & PACKAGING — 0.0% <sup>\*</sup>** | **CONTAINERS & PACKAGING — 0.0% <sup>\*</sup>** | **CONTAINERS & PACKAGING — 0.0% <sup>\*</sup>** |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;60188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11342429 |
| **ELECTRIC UTILITIES — 0.9%** | **ELECTRIC UTILITIES — 0.9%** | **ELECTRIC UTILITIES — 0.9%** |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;421127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135922951 |
| NextEra Energy, Inc. | 1854767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128757925 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;263520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42316042 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;517287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17530856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324527774 |
| **ELECTRICAL EQUIPMENT — 1.4%** | **ELECTRICAL EQUIPMENT — 1.4%** | **ELECTRICAL EQUIPMENT — 1.4%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;145874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26397359 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;527405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188278311 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;516330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68842279 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;367872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194659469 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;49677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7114243 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29427982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514719643 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%** |
| Amphenol Corp. Class A | 1630406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161002592 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Trimble, Inc. (a) | &nbsp;&nbsp;&nbsp;144805 | &nbsp;&nbsp;$11002284 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;31302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9652285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181657161 |
| **ENTERTAINMENT — 2.2%** | **ENTERTAINMENT — 2.2%** | **ENTERTAINMENT — 2.2%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;122789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19609403 |
| Live Nation Entertainment, Inc. (a) | &nbsp;&nbsp;&nbsp;210797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31889370 |
| Netflix, Inc. (a) | &nbsp;&nbsp;&nbsp;573609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768137020 |
| TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16252866 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835888659 |
| **FINANCIAL SERVICES — 6.2%** | **FINANCIAL SERVICES — 6.2%** | **FINANCIAL SERVICES — 6.2%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;608543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86333995 |
| Berkshire Hathaway, Inc. Class B (a) | 1211110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588320905 |
| Corpay, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;93712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31095516 |
| Fiserv, Inc. (a) | &nbsp;&nbsp;&nbsp;747318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128845096 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7089870 |
| Mastercard, Inc. Class A | 1093316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614377993 |
| PayPal Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;878295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65274884 |
| Visa, Inc. Class A | 2306214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818821281 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2340159540 |
| **GROUND TRANSPORTATION — 0.8%** | **GROUND TRANSPORTATION — 0.8%** | **GROUND TRANSPORTATION — 0.8%** |
| CSX Corp. | 1164773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38006543 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;116570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18919311 |
| Uber Technologies, Inc. (a) | 2818609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262976220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319902074 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%** |
| Boston Scientific Corp. (a) | 1994077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214183811 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;&nbsp;226351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19758179 |
| Insulet Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;94267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29616806 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;483106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262524631 |
| ResMed, Inc. (b) | &nbsp;&nbsp;&nbsp;197326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50910108 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;245070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96957044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673950579 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.2%** | **HEALTH CARE PROVIDERS & SERVICES — 0.2%** | **HEALTH CARE PROVIDERS & SERVICES — 0.2%** |
| DaVita, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;55696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7933895 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;137738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52767428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60701323 |
| **HEALTH CARE REITs — 0.2%** | **HEALTH CARE REITs — 0.2%** | **HEALTH CARE REITs — 0.2%** |
| Welltower, Inc. REIT | &nbsp;&nbsp;&nbsp;452173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69512555 |
| **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** |
| Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;593687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9119032 |
| **HOTELS, RESTAURANTS & LEISURE — 2.6%** | **HOTELS, RESTAURANTS & LEISURE — 2.6%** | **HOTELS, RESTAURANTS & LEISURE — 2.6%** |
| Airbnb, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;582728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77118224 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254031851 |
| Carnival Corp. (a) | 1409587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39637587 |
| Chipotle Mexican Grill, Inc. (a) | 1815029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101913878 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14864246 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700635 |
| DoorDash, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;462128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113919173 |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;165604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27934083 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;320379 | &nbsp;&nbsp;$85329743 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;461515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20080518 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;306231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83665372 |
| Norwegian Cruise Line Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;592882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12023647 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;&nbsp;336723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105441440 |
| Wynn Resorts Ltd. (b) | &nbsp;&nbsp;&nbsp;120257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11264473 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;153550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22753039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978677909 |
| **HOUSEHOLD DURABLES — 0.2%** | **HOUSEHOLD DURABLES — 0.2%** | **HOUSEHOLD DURABLES — 0.2%** |
| Garmin Ltd. | &nbsp;&nbsp;&nbsp;206342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43067702 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18242580 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;271842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28668458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89978740 |
| **HOUSEHOLD PRODUCTS — 0.1%** | **HOUSEHOLD PRODUCTS — 0.1%** | **HOUSEHOLD PRODUCTS — 0.1%** |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;479855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43618820 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%** |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;458169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88797734 |
| **INSURANCE — 1.5%** | **INSURANCE — 1.5%** | **INSURANCE — 1.5%** |
| Aon PLC Class A | &nbsp;&nbsp;&nbsp;148275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52898589 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;&nbsp;503701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45861976 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;154088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49326651 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;377604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41864955 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;111671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16630045 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11644515 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;212553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26966599 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;291053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63635828 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;788469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210410837 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;221833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16298071 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;64308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19710402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555248468 |
| **INTERACTIVE MEDIA & SERVICES — 12.3%** | **INTERACTIVE MEDIA & SERVICES — 12.3%** | **INTERACTIVE MEDIA & SERVICES — 12.3%** |
| Alphabet, Inc. Class A | 7842036 | &nbsp;&nbsp;&nbsp;&nbsp;1382002004 |
| Alphabet, Inc. Class C | 6327951 | &nbsp;&nbsp;&nbsp;&nbsp;1122515228 |
| Meta Platforms, Inc. Class A | 2925784 | &nbsp;&nbsp;&nbsp;&nbsp;2159491913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4664009145 |
| **IT SERVICES — 1.2%** | **IT SERVICES — 1.2%** | **IT SERVICES — 1.2%** |
| Gartner, Inc. (a) | &nbsp;&nbsp;&nbsp;103181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41707824 |
| GoDaddy, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;189916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34196275 |
| International Business Machines Corp. | 1252704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369272085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445176184 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.1%** | **LIFE SCIENCES TOOLS & SERVICES — 0.1%** | **LIFE SCIENCES TOOLS & SERVICES — 0.1%** |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13476388 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;36891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12876434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26352822 |
| **MACHINERY — 1.8%** | **MACHINERY — 1.8%** | **MACHINERY — 1.8%** |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;633935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246099906 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;185057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60606167 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;150073 | &nbsp;&nbsp;$76310620 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15171994 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;147263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36410777 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;541114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45009863 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;387475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36833374 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120305171 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;144738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14858803 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;229515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48048965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699655640 |
| **MULTI-UTILITIES — 0.1%** | **MULTI-UTILITIES — 0.1%** | **MULTI-UTILITIES — 0.1%** |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26488921 |
| **OIL, GAS & CONSUMABLE FUELS — 0.6%** | **OIL, GAS & CONSUMABLE FUELS — 0.6%** | **OIL, GAS & CONSUMABLE FUELS — 0.6%** |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;371327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51443642 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;466757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38101374 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;292937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50994473 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26764697 |
| Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;853770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53625294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220929480 |
| **PHARMACEUTICALS — 2.2%** | **PHARMACEUTICALS — 2.2%** | **PHARMACEUTICALS — 2.2%** |
| Eli Lilly & Co. | &nbsp;&nbsp;1059899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826223067 |
| **PROFESSIONAL SERVICES — 0.6%** | **PROFESSIONAL SERVICES — 0.6%** | **PROFESSIONAL SERVICES — 0.6%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;312150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96267060 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16862879 |
| Dayforce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;214179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11863375 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14474795 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29455214 |
| Paycom Software, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15197658 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26107438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210228419 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** |
| CBRE Group, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;398029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55771823 |
| **RESIDENTIAL REITs — 0.1%** | **RESIDENTIAL REITs — 0.1%** | **RESIDENTIAL REITs — 0.1%** |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17161969 |
| Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8260064 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11772153 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9557598 |
| UDR, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;182162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7437674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54189458 |
| **RETAIL REITs — 0.2%** | **RETAIL REITs — 0.2%** | **RETAIL REITs — 0.2%** |
| Simon Property Group, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;412958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66387128 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 19.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 19.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 19.2%** |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;459590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84137141 |
| Broadcom, Inc. | &nbsp;&nbsp;6335577 | &nbsp;&nbsp;&nbsp;&nbsp;1746401800 |
| First Solar, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12674239 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159573394 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47089901 |
| NVIDIA Corp. | 32861156 | &nbsp;&nbsp;&nbsp;&nbsp;5191734037 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;136475 | &nbsp;&nbsp;$29818423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7271428935 |
| **SOFTWARE — 14.0%** | **SOFTWARE — 14.0%** | **SOFTWARE — 14.0%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;241264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93340216 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;51963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18250445 |
| Autodesk, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;289376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89582128 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;203207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62618237 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;335706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170978423 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;32847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60043002 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;856501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90549286 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;423704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12456898 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;376875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296838056 |
| Microsoft Corp. | 5208296 | &nbsp;&nbsp;&nbsp;&nbsp;2590658513 |
| Oracle Corp. | 2192228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479286808 |
| Palantir Technologies, Inc. Class A (a) | 2866988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390827804 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;891173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182369643 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;76194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13131274 |
| Salesforce, Inc. | 1293239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352653343 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;279002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286836376 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;108216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55480179 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;57395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34026052 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;135474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32513760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5312440443 |
| **SPECIALIZED REITs — 0.5%** | **SPECIALIZED REITs — 0.5%** | **SPECIALIZED REITs — 0.5%** |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;61596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48997770 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;128077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18883673 |
| Iron Mountain, Inc. REIT | &nbsp;&nbsp;&nbsp;394660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40480276 |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;212268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62283677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170645396 |
| **SPECIALTY RETAIL — 1.5%** | **SPECIALTY RETAIL — 1.5%** | **SPECIALTY RETAIL — 1.5%** |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83903822 |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;588286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215689179 |
| O'Reilly Automotive, Inc. (a) | 1152204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103848147 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;887416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109587002 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;387533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20450116 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;165389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27019601 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560497867 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.2%** |
| Apple, Inc. | 9257549 | &nbsp;&nbsp;&nbsp;&nbsp;1899371328 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;189795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23268867 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;128283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13668554 |
| Super Micro Computer, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;691797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33904971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1970213720 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.2%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.2%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.2%** |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;203981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21024322 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;69332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16471896 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14719236 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;278053 | &nbsp;&nbsp;$24415834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76631288 |
| **TOBACCO — 0.7%** | **TOBACCO — 0.7%** | **TOBACCO — 0.7%** |
| Altria Group, Inc. | &nbsp;&nbsp;1049752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61546960 |
| Philip Morris International, Inc. | &nbsp;&nbsp;1132920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206338719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267885679 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.4%** | **TRADING COMPANIES & DISTRIBUTORS — 0.4%** | **TRADING COMPANIES & DISTRIBUTORS — 0.4%** |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;878031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36877302 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66240435 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61281578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164399315 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;342160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81523042 |
| **TOTAL COMMON STOCKS<br>(Cost $27,385,599,426)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;37811217257 |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;8208705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208705 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 48674899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48674899 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $56,883,604)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $56,883,604)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56883604 |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $27,442,483,030)<br>** | **TOTAL INVESTMENTS — 100.1%<br>(Cost $27,442,483,030)<br>** | &nbsp;&nbsp;37868100861 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42640561) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $37825460300 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $37811217257 | $— | $— | $37811217257 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56883604 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56883604 |
| **TOTAL INVESTMENTS<br>**  | $37868100861 | $— | $— | $37868100861 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 GROWTH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;9740165 | $9743087 | $24815022 | $34558110 | $403 | $(402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $93845 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;305737573 | &nbsp;&nbsp;&nbsp;&nbsp;297528868 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;8208705 | &nbsp;&nbsp;&nbsp;8208705 | &nbsp;&nbsp;614591 |
| State Street Navigator Securities Lending Portfolio II<br>| 15106095 | &nbsp;&nbsp;15106095 | &nbsp;&nbsp;1519991325 | &nbsp;&nbsp;1486422521 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 48674899 | &nbsp;&nbsp;48674899 | &nbsp;&nbsp;&nbsp;70816 |
| Total<br>|  | $24849182 | $1850543920 | $1818509499 | $403 | $(402) |  | $56883604 | $779252 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.4%** |  |  |
| **AIR FREIGHT & LOGISTICS — 1.0%** |  |  |
| United Parcel Service, Inc. Class B<br>| &nbsp;&nbsp;&nbsp;&nbsp;685065 | &nbsp;&nbsp;$69150461 |
| **AUTOMOBILES — 1.4%** |  |  |
| Ford Motor Co.<br>| &nbsp;&nbsp;8988499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97525214 |
| **BANKS — 8.8%** |  |  |
| Citizens Financial Group, Inc.<br>| &nbsp;&nbsp;1919947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85917628 |
| Fifth Third Bancorp<br>| &nbsp;&nbsp;2062471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84829432 |
| Huntington Bancshares, Inc.<br>| &nbsp;&nbsp;5280927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88508337 |
| KeyCorp<br>| &nbsp;&nbsp;5137582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89496678 |
| Regions Financial Corp.<br>| &nbsp;&nbsp;3712028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87306899 |
| Truist Financial Corp.<br>| &nbsp;&nbsp;1938755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83347077 |
| U.S. Bancorp<br>| &nbsp;&nbsp;1851115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83762954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603169005 |
| **BIOTECHNOLOGY — 1.5%** |  |  |
| AbbVie, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;534945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99296491 |
| **CAPITAL MARKETS — 3.9%** |  |  |
| Franklin Resources, Inc. (a)<br>| &nbsp;&nbsp;4527911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107990677 |
| Invesco Ltd.<br>| &nbsp;&nbsp;5168688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81510210 |
| T. Rowe Price Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;797875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76994938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266495825 |
| **CHEMICALS — 1.9%** |  |  |
| Dow, Inc. (a)<br>| &nbsp;&nbsp;2203098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58338035 |
| LyondellBasell Industries NV Class A (a)<br>| &nbsp;&nbsp;1178040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68161394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126499429 |
| **CONTAINERS & PACKAGING — 2.3%** |  |  |
| Amcor PLC<br>| &nbsp;&nbsp;9306410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85525908 |
| International Paper Co.<br>| &nbsp;&nbsp;1516507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71018023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156543931 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 3.2%** |  |  |
| AT&T, Inc.<br>| &nbsp;&nbsp;4003882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115872345 |
| Verizon Communications, Inc.<br>| &nbsp;&nbsp;2300554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99544972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215417317 |
| **ELECTRIC UTILITIES — 12.6%** |  |  |
| American Electric Power Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;926495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96133121 |
| Duke Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;827996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97703528 |
| Edison International<br>| &nbsp;&nbsp;1542873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79612247 |
| Evergy, Inc.<br>| &nbsp;&nbsp;1432055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98711551 |
| Eversource Energy<br>| &nbsp;&nbsp;1615153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102756034 |
| Exelon Corp.<br>| &nbsp;&nbsp;2309918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100296640 |
| FirstEnergy Corp.<br>| &nbsp;&nbsp;2323520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93544915 |
| Pinnacle West Capital Corp.<br>| &nbsp;&nbsp;1062568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95067959 |
| Southern Co.<br>| &nbsp;&nbsp;1089654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100062927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863888922 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **FOOD PRODUCTS — 8.4%** |  |  |
| Archer-Daniels-Midland Co. (a)<br>| &nbsp;&nbsp;1798234 | &nbsp;&nbsp;$94910791 |
| Campbell's Co.<br>| &nbsp;&nbsp;2337574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71646643 |
| Conagra Brands, Inc.<br>| &nbsp;&nbsp;3534444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72350069 |
| General Mills, Inc.<br>| &nbsp;&nbsp;1509050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78183880 |
| Hormel Foods Corp.<br>| &nbsp;&nbsp;2941336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88975414 |
| J.M. Smucker Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;878432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86262022 |
| Kraft Heinz Co.<br>| &nbsp;&nbsp;3098996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80016077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572344896 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.7%** |  |  |
| CVS Health Corp.<br>| &nbsp;&nbsp;1667604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115031324 |
| **HEALTH CARE REITs — 2.1%** |  |  |
| Alexandria Real Estate Equities, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;896780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65133132 |
| Healthpeak Properties, Inc. REIT<br>| &nbsp;&nbsp;4374575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76598808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141731940 |
| **HOTEL & RESORT REITs — 1.2%** |  |  |
| Host Hotels & Resorts, Inc. REIT<br>| &nbsp;&nbsp;5362118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82362132 |
| **HOUSEHOLD PRODUCTS — 1.3%** |  |  |
| Kimberly-Clark Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;709459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91463454 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 1.2%** |  |  |
| AES Corp.<br>| &nbsp;&nbsp;7829562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82366992 |
| **INSURANCE — 2.5%** |  |  |
| Principal Financial Group, Inc.<br>| &nbsp;&nbsp;1109944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88162852 |
| Prudential Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;774300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83190792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171353644 |
| **LEISURE PRODUCTS — 1.7%** |  |  |
| Hasbro, Inc.<br>| &nbsp;&nbsp;1584255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116949704 |
| **MACHINERY — 1.0%** |  |  |
| Stanley Black & Decker, Inc. (a)<br>| &nbsp;&nbsp;1033715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70034191 |
| **MEDIA — 1.1%** |  |  |
| Interpublic Group of Cos., Inc.<br>| &nbsp;&nbsp;3192787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78159426 |
| **MULTI-UTILITIES — 4.3%** |  |  |
| Consolidated Edison, Inc.<br>| &nbsp;&nbsp;1004030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100754410 |
| Dominion Energy, Inc.<br>| &nbsp;&nbsp;1700881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96133794 |
| WEC Energy Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;928109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96708958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293597162 |
| **OFFICE REITs — 1.2%** |  |  |
| BXP, Inc. REIT<br>| &nbsp;&nbsp;1236548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83429894 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **OIL, GAS & CONSUMABLE FUELS — 7.3%** |  |  |
| APA Corp.<br>| &nbsp;&nbsp;3908002 | &nbsp;&nbsp;$71477357 |
| Chevron Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;583581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83562963 |
| Kinder Morgan, Inc.<br>| &nbsp;&nbsp;3000753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88222138 |
| ONEOK, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;871808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71165687 |
| Phillips 66 Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;745322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88916915 |
| Williams Cos., Inc.<br>| &nbsp;&nbsp;1526978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95909488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499254548 |
| **PERSONAL CARE PRODUCTS — 1.3%** |  |  |
| Kenvue, Inc.<br>| &nbsp;&nbsp;4384039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91757936 |
| **PHARMACEUTICALS — 3.3%** |  |  |
| Bristol-Myers Squibb Co.<br>| &nbsp;&nbsp;1527160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70692237 |
| Pfizer, Inc.<br>| &nbsp;&nbsp;3492401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84655800 |
| Viatris, Inc.<br>| &nbsp;&nbsp;8136398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72658034 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228006071 |
| **RESIDENTIAL REITs — 6.7%** |  |  |
| Camden Property Trust REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;822154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92648534 |
| Equity Residential REIT<br>| &nbsp;&nbsp;1334900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90092401 |
| Essex Property Trust, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;327286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92752852 |
| Mid-America Apartment Communities, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;613879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90860231 |
| UDR, Inc. REIT<br>| &nbsp;&nbsp;2241826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91533756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457887774 |
| **RETAIL REITs — 6.4%** |  |  |
| Federal Realty Investment Trust REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;852588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80987334 |
| Kimco Realty Corp. REIT<br>| &nbsp;&nbsp;3962993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83302113 |
| Realty Income Corp. REIT<br>| &nbsp;&nbsp;1673977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96437815 |
| Regency Centers Corp. REIT<br>| &nbsp;&nbsp;1269459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90423565 |
| Simon Property Group, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;522881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84058349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435209176 |
| **SPECIALIZED REITs — 5.6%** |  |  |
| Crown Castle, Inc. REIT<br>| &nbsp;&nbsp;1027984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105604796 |
| Extra Space Storage, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;597424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88084195 |
| Public Storage REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;311803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91489236 |
| VICI Properties, Inc. REIT<br>| &nbsp;&nbsp;3073140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100184364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385362591 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALTY RETAIL — 1.1%** |  |  |
| Best Buy Co., Inc.<br>| &nbsp;&nbsp;1075504 | &nbsp;&nbsp;$72198583 |
| **TOBACCO — 3.4%** |  |  |
| Altria Group, Inc.<br>| &nbsp;&nbsp;1747672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102466010 |
| Philip Morris International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;714741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130175778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232641788 |
| **TOTAL COMMON STOCKS<br>(Cost $7,055,739,692)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;6799129821 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (b) (c) | 20221705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20221705 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (d) (e) | 74063324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74063324 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $94,285,029)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94285029 |
| **TOTAL INVESTMENTS — 100.8%<br>(Cost $7,150,024,721)<br>** | **TOTAL INVESTMENTS — 100.8%<br>(Cost $7,150,024,721)<br>** | &nbsp;&nbsp;&nbsp;6893414850 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%<br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53480455) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $6839934395 |

---

(a) All or a portion of the shares of the security are on loan at June 30, 2025.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at June 30, 2025.

(d) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Index (long) | 100 | 09/19/2025 | $30371914 | $31268750 | $896836 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $40,087,363.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $6799129821 | $— | $— | $6799129821 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94285029 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94285029 |
| **TOTAL INVESTMENTS<br>**  | $6893414850 | $— | $— | $6893414850 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $896836 | $— | $— | $896836 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $896836 | $— | $— | $896836 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 45229163 | $45242732 | $63346332 | $108589064 | $466 | $(466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $456805 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;542924271 | &nbsp;&nbsp;&nbsp;&nbsp;522702566 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 20221705 | &nbsp;&nbsp;20221705 | &nbsp;&nbsp;1135641 |
| State Street Navigator Securities Lending Portfolio II<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1162957714 | &nbsp;&nbsp;1088894390 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 74063324 | &nbsp;&nbsp;74063324 | &nbsp;&nbsp;&nbsp;&nbsp;31078 |
| Total<br>|  | $45242732 | $1769228317 | $1720186020 | $466 | $(466) |  | $94285029 | $1623524 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 VALUE ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
| **AEROSPACE & DEFENSE — 2.9%** | **AEROSPACE & DEFENSE — 2.9%** | **AEROSPACE & DEFENSE — 2.9%** |
| Boeing Co. (a) | &nbsp;&nbsp;&nbsp;818811 | &nbsp;&nbsp;$171565469 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;273568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79788843 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;683262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175864806 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10288852 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;204104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51197447 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;227112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105184652 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;147560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73777049 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;620988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90676668 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;197718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15874778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774218564 |
| **AIR FREIGHT & LOGISTICS — 0.6%** | **AIR FREIGHT & LOGISTICS — 0.6%** | **AIR FREIGHT & LOGISTICS — 0.6%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;129276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12404032 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;148717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16990917 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;240218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54603954 |
| United Parcel Service, Inc. Class B | &nbsp;&nbsp;&nbsp;792881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80033408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164032311 |
| **AIRLINES — 0.1%** | **AIRLINES — 0.1%** | **AIRLINES — 0.1%** |
| Southwest Airlines Co. (b) | &nbsp;&nbsp;&nbsp;618885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20076629 |
| **AUTO COMPONENTS — 0.1%** | **AUTO COMPONENTS — 0.1%** | **AUTO COMPONENTS — 0.1%** |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;236470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16131983 |
| **AUTOMOBILES — 0.4%** | **AUTOMOBILES — 0.4%** | **AUTOMOBILES — 0.4%** |
| Ford Motor Co. | 4219139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45777658 |
| General Motors Co. | 1044124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51381342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97159000 |
| **BANKS — 5.8%** | **BANKS — 5.8%** | **BANKS — 5.8%** |
| Bank of America Corp. | 7116094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336733568 |
| Citigroup, Inc. | 2028297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172648641 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;473492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21188767 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;727455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29920224 |
| Huntington Bancshares, Inc. | 1576299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26418771 |
| JPMorgan Chase & Co. | 1297742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376228383 |
| KeyCorp | 1081352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18837152 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;174327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33817695 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;429219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80015006 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;986004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23190814 |
| Truist Financial Corp. | 1426545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61327170 |
| U.S. Bancorp | 1691253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76529198 |
| Wells Fargo & Co. | 3533959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283140795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1539996184 |
| **BEVERAGES — 2.3%** | **BEVERAGES — 2.3%** | **BEVERAGES — 2.3%** |
| Brown-Forman Corp. Class B | &nbsp;&nbsp;&nbsp;196775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295215 |
| Coca-Cola Co. | 4206578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297615394 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;&nbsp;168452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27403771 |
| Keurig Dr. Pepper, Inc. | 1472188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48670535 |
| Molson Coors Beverage Co. Class B | &nbsp;&nbsp;&nbsp;186235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8956041 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;426359 | &nbsp;&nbsp;$26707128 |
| PepsiCo, Inc. | 1487216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196372001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611020085 |
| **BIOTECHNOLOGY — 2.0%** | **BIOTECHNOLOGY — 2.0%** | **BIOTECHNOLOGY — 2.0%** |
| AbbVie, Inc. | 1110331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206099640 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;332006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92699395 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;158988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19967303 |
| Gilead Sciences, Inc. | 1351309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149819629 |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;69301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719398 |
| Moderna, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;366257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10105031 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;112777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59207925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542618321 |
| **BROADLINE RETAIL — 3.6%** | **BROADLINE RETAIL — 3.6%** | **BROADLINE RETAIL — 3.6%** |
| Amazon.com, Inc. (a) | 4309521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945465812 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;165221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12302356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957768168 |
| **BUILDING PRODUCTS — 0.5%** | **BUILDING PRODUCTS — 0.5%** | **BUILDING PRODUCTS — 0.5%** |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;129048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8461677 |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;43978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338109 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;59826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981096 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;450243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32953285 |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;715699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75592129 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;135229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8703339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139029635 |
| **CAPITAL MARKETS — 5.3%** | **CAPITAL MARKETS — 5.3%** | **CAPITAL MARKETS — 5.3%** |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;358249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32640066 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;157894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165670279 |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;793577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118703248 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;113493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26467703 |
| Charles Schwab Corp. | 1854768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169229032 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;390750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107698515 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;116028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40666654 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10159071 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;334263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7972173 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;333217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235834332 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;299531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54954953 |
| Invesco Ltd. | &nbsp;&nbsp;&nbsp;486239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7667989 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;409733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54506781 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9106688 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40395049 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;737896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103940031 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;264876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23685212 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;212294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26916756 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11688634 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;181019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95449508 |
| State Street Corp. (c) | &nbsp;&nbsp;&nbsp;313158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33301222 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;242298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23381757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1400035653 |
| **CHEMICALS — 2.3%** | **CHEMICALS — 2.3%** | **CHEMICALS — 2.3%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;241197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68032026 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;127440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7986665 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;175961 | &nbsp;&nbsp;$16188412 |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;743092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55382647 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;763841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226510 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;453020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31072642 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;125170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9345192 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;139306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37534608 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;277265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20392841 |
| Linde PLC | &nbsp;&nbsp;&nbsp;511197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239843408 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;&nbsp;281234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16272199 |
| Mosaic Co. | &nbsp;&nbsp;&nbsp;343700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12538176 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;246527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28042446 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;108205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37153269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600011041 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.2%** | **COMMERCIAL SERVICES & SUPPLIES — 0.2%** | **COMMERCIAL SERVICES & SUPPLIES — 0.2%** |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;127883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7215159 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;139294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14061729 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;186471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42668294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63945182 |
| **COMMUNICATIONS EQUIPMENT — 1.2%** | **COMMUNICATIONS EQUIPMENT — 1.2%** | **COMMUNICATIONS EQUIPMENT — 1.2%** |
| Cisco Systems, Inc. | 4318686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299630435 |
| F5, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;33723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9925353 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;360488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14394286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323950074 |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17448144 |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;54324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14168786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31616930 |
| **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;694606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147784373 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.3%** |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;239268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27367474 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;&nbsp;214532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21247249 |
| Kroger Co. | &nbsp;&nbsp;&nbsp;665292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47721395 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;530193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40156818 |
| Target Corp. | &nbsp;&nbsp;&nbsp;496667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48996199 |
| Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;776589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8915242 |
| Walmart, Inc. | 1548320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151394730 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345799107 |
| **CONTAINERS & PACKAGING — 0.4%** | **CONTAINERS & PACKAGING — 0.4%** | **CONTAINERS & PACKAGING — 0.4%** |
| Amcor PLC | 2482028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22809837 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;84910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14899158 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;301283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16898964 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;572317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26801605 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;48382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9117588 |
| Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;536094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23132456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113659608 |
| **DISTRIBUTORS — 0.2%** | **DISTRIBUTORS — 0.2%** | **DISTRIBUTORS — 0.2%** |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;151352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18360511 |
| LKQ Corp. (b) | &nbsp;&nbsp;&nbsp;281391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10414281 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Pool Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;41430 | &nbsp;&nbsp;$12076016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40850808 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%** |
| AT&T, Inc. | 7814084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226139591 |
| Verizon Communications, Inc. | 4578412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198107887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424247478 |
| **ELECTRIC UTILITIES — 2.3%** | **ELECTRIC UTILITIES — 2.3%** | **ELECTRIC UTILITIES — 2.3%** |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;279111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16877842 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;578014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59974733 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;841346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99278828 |
| Edison International | &nbsp;&nbsp;&nbsp;421229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21735416 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;484682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40286768 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;250389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17259314 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;399042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25387052 |
| Exelon Corp. | 1089606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47310692 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;557782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22456303 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;735645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51068476 |
| PG&E Corp. | 2381057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33191935 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;129651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11599875 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;385869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13077100 |
| Southern Co. | 1187949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109089357 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;622388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42384623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610978314 |
| **ELECTRICAL EQUIPMENT — 0.4%** | **ELECTRICAL EQUIPMENT — 0.4%** | **ELECTRICAL EQUIPMENT — 0.4%** |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;132952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24058994 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;195461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26060815 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466255 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;122702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40757923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94343987 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%** |
| CDW Corp. | &nbsp;&nbsp;&nbsp;144451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25797504 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;835531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43940575 |
| Jabil, Inc. | &nbsp;&nbsp;&nbsp;116581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25426316 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;187376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30703431 |
| Ralliant Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242547 |
| TE Connectivity PLC | &nbsp;&nbsp;&nbsp;323414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54550240 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25904955 |
| Trimble, Inc. (a) | &nbsp;&nbsp;&nbsp;150014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11398064 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;30673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9458326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227421958 |
| **ENERGY EQUIPMENT & SERVICES — 0.4%** | **ENERGY EQUIPMENT & SERVICES — 0.4%** | **ENERGY EQUIPMENT & SERVICES — 0.4%** |
| Baker Hughes Co. | 1074717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41204650 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;940252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19162336 |
| Schlumberger NV | 1477125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49926825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110293811 |
| **ENTERTAINMENT — 1.3%** | **ENTERTAINMENT — 1.3%** | **ENTERTAINMENT — 1.3%** |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;148685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23744994 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;&nbsp;183989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44681729 |
| Walt Disney Co. | 1952265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242100383 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Warner Bros Discovery, Inc. (a) | 2421810 | &nbsp;&nbsp;$27753942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338281048 |
| **FINANCIAL SERVICES — 2.2%** | **FINANCIAL SERVICES — 2.2%** | **FINANCIAL SERVICES — 2.2%** |
| Berkshire Hathaway, Inc. Class B (a) | 1015594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493345098 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;570566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46449778 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;268931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21525237 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568885 |
| PayPal Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;348532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25902898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595791896 |
| **FOOD PRODUCTS — 1.2%** | **FOOD PRODUCTS — 1.2%** | **FOOD PRODUCTS — 1.2%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;520598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27477162 |
| Bunge Global SA | &nbsp;&nbsp;&nbsp;144808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11625186 |
| Campbell's Co. | &nbsp;&nbsp;&nbsp;212523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6513830 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;519760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10639487 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;597343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30948341 |
| Hershey Co. | &nbsp;&nbsp;&nbsp;160363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26612240 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;314405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9510751 |
| J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;115693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11361053 |
| Kellanova | &nbsp;&nbsp;&nbsp;292398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23254413 |
| Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;946929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24449707 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;154132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991744 |
| McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;274087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20781276 |
| Mondelez International, Inc. Class A | 1402176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94562750 |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;&nbsp;311355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17417199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323145139 |
| **GAS UTILITIES — 0.1%** | **GAS UTILITIES — 0.1%** | **GAS UTILITIES — 0.1%** |
| Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;172295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26552383 |
| **GROUND TRANSPORTATION — 1.0%** | **GROUND TRANSPORTATION — 1.0%** | **GROUND TRANSPORTATION — 1.0%** |
| CSX Corp. | 1101645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35946676 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12411779 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;245447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62827068 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;110456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17927009 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;648848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149286948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278399480 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%** |
| Abbott Laboratories | 1889397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256976886 |
| Align Technology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14011556 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;555853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16831229 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;311271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53616430 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;216515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15407207 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;&nbsp;242449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21163373 |
| Edwards Lifesciences Corp. (a) | &nbsp;&nbsp;&nbsp;639300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49999653 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;495595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36708722 |
| Hologic, Inc. (a) | &nbsp;&nbsp;&nbsp;243571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15871086 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;87332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46839645 |
| Medtronic PLC | 1390331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121195153 |
| Solventum Corp. (a) | &nbsp;&nbsp;&nbsp;149667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11350745 |
| STERIS PLC | &nbsp;&nbsp;&nbsp;106485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25579827 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;174963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69220612 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;215873 | &nbsp;&nbsp;$19689776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774461900 |
| **HEALTH CARE PROVIDERS & SERVICES — 3.6%** | **HEALTH CARE PROVIDERS & SERVICES — 3.6%** | **HEALTH CARE PROVIDERS & SERVICES — 3.6%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;259190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43543920 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;187044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56085143 |
| Centene Corp. (a) | &nbsp;&nbsp;&nbsp;538263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29216916 |
| Cigna Group | &nbsp;&nbsp;&nbsp;290104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95902580 |
| CVS Health Corp. | 1366915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94289797 |
| Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;245369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95438726 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;77119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29544289 |
| Henry Schein, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;134695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9839470 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;130978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32021501 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23764768 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;135851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99548896 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;58857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17533500 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;120803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21699843 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;985137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307333190 |
| Universal Health Services, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;63917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11578565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967341104 |
| **HEALTH CARE REITs — 0.4%** | **HEALTH CARE REITs — 0.4%** | **HEALTH CARE REITs — 0.4%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;&nbsp;166683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12106186 |
| Healthpeak Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;761702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13337402 |
| Ventas, Inc. REIT | &nbsp;&nbsp;&nbsp;490080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30948552 |
| Welltower, Inc. REIT | &nbsp;&nbsp;&nbsp;310330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47707031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104099171 |
| **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** | **HOTEL & RESORT REITs — 0.0% <sup>\*</sup>** |
| Host Hotels & Resorts, Inc. REIT | &nbsp;&nbsp;&nbsp;280064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301783 |
| **HOTELS, RESTAURANTS & LEISURE — 1.5%** | **HOTELS, RESTAURANTS & LEISURE — 1.5%** | **HOTELS, RESTAURANTS & LEISURE — 1.5%** |
| Caesars Entertainment, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;230087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6532170 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;72364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15773181 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821278 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;777121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227051442 |
| MGM Resorts International (a) | &nbsp;&nbsp;&nbsp;224635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7725198 |
| Starbucks Corp. | 1231638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112854990 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;179112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26540816 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406299075 |
| **HOUSEHOLD DURABLES — 0.3%** | **HOUSEHOLD DURABLES — 0.3%** | **HOUSEHOLD DURABLES — 0.3%** |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;300225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38705007 |
| Lennar Corp. Class A | &nbsp;&nbsp;&nbsp;253480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28037423 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;56930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968541 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81411279 |
| **HOUSEHOLD PRODUCTS — 2.0%** | **HOUSEHOLD PRODUCTS — 2.0%** | **HOUSEHOLD PRODUCTS — 2.0%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;266884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25650221 |
| Clorox Co. | &nbsp;&nbsp;&nbsp;134214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16115075 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;492606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44777886 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;359560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46354475 |
| Procter & Gamble Co. | 2546084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405642103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538539760 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% <sup>\*</sup>** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% <sup>\*</sup>** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% <sup>\*</sup>** |
| AES Corp. | &nbsp;&nbsp;&nbsp;769276 | &nbsp;&nbsp;$8092784 |
| **INDUSTRIAL CONGLOMERATES — 0.9%** | **INDUSTRIAL CONGLOMERATES — 0.9%** | **INDUSTRIAL CONGLOMERATES — 0.9%** |
| 3M Co. | &nbsp;&nbsp;&nbsp;584442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88975450 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;697940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162536267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251511717 |
| **INDUSTRIAL REITs — 0.4%** | **INDUSTRIAL REITs — 0.4%** | **INDUSTRIAL REITs — 0.4%** |
| Prologis, Inc. REIT | 1004931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105638347 |
| **INSURANCE — 2.7%** | **INSURANCE — 2.7%** | **INSURANCE — 2.7%** |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;528420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55727173 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;287243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57824888 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;625891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53570011 |
| Aon PLC Class A | &nbsp;&nbsp;&nbsp;114829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40966394 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;151644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48544277 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11001970 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;404068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117066581 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11850756 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;46751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15888327 |
| Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11290504 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;140169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17783241 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;191800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17580388 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;298115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65179864 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;612382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49247761 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;228597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18157460 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;383684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41223009 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;245773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65754108 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;146326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10750571 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;56235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17236028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726643311 |
| **INTERACTIVE MEDIA & SERVICES — 0.0% <sup>\*</sup>** | **INTERACTIVE MEDIA & SERVICES — 0.0% <sup>\*</sup>** | **INTERACTIVE MEDIA & SERVICES — 0.0% <sup>\*</sup>** |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;271783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395377 |
| **IT SERVICES — 1.1%** | **IT SERVICES — 1.1%** | **IT SERVICES — 1.1%** |
| Accenture PLC Class A | &nbsp;&nbsp;&nbsp;678263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202726028 |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;162500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12961000 |
| Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;537379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41931683 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;61330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10844371 |
| VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;88400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25529920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293993002 |
| **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;141865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10472474 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.7%** | **LIFE SCIENCES TOOLS & SERVICES — 1.7%** | **LIFE SCIENCES TOOLS & SERVICES — 1.7%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;309205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36489282 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;171921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845335 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;55038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8350916 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;691707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136639801 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;178474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28125718 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15701307 |
| Revvity, Inc. | &nbsp;&nbsp;&nbsp;131668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12734929 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;409953 | &nbsp;&nbsp;$166219543 |
| Waters Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12085859 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17179301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442371991 |
| **MACHINERY — 1.2%** | **MACHINERY — 1.2%** | **MACHINERY — 1.2%** |
| Deere & Co. | &nbsp;&nbsp;&nbsp;153764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78187456 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15055643 |
| Fortive Corp. | &nbsp;&nbsp;&nbsp;370506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19314478 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14472762 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;170803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42231042 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;58893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12624892 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;430411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42619297 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;255842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24320341 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;62457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6411836 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17752197 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;166866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11305171 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;263273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34056995 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318352110 |
| **MEDIA — 1.0%** | **MEDIA — 1.0%** | **MEDIA — 1.0%** |
| Charter Communications, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;104596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42759891 |
| Comcast Corp. Class A | 4044450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144346420 |
| Fox Corp. Class A | &nbsp;&nbsp;&nbsp;235771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13212607 |
| Fox Corp. Class B | &nbsp;&nbsp;&nbsp;142672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7366155 |
| Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;403143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9868941 |
| News Corp. Class A | &nbsp;&nbsp;&nbsp;409985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12184754 |
| News Corp. Class B (b) | &nbsp;&nbsp;&nbsp;121158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156931 |
| Omnicom Group, Inc. (b) | &nbsp;&nbsp;&nbsp;213271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342716 |
| Paramount Global Class B | &nbsp;&nbsp;&nbsp;626541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257320794 |
| **METALS & MINING — 0.7%** | **METALS & MINING — 0.7%** | **METALS & MINING — 0.7%** |
| Freeport-McMoRan, Inc. | 1557857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67533101 |
| Newmont Corp. | 1208701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70418920 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;250585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32460781 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;149929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19192411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189605213 |
| **MULTI-UTILITIES — 1.3%** | **MULTI-UTILITIES — 1.3%** | **MULTI-UTILITIES — 1.3%** |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;292998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28139528 |
| CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;707222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25983336 |
| CMS Energy Corp. | &nbsp;&nbsp;&nbsp;324893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22508587 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;391245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39261436 |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;926087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52342437 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;224554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29744423 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;509994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20573158 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;286381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24107553 |
| Sempra | &nbsp;&nbsp;&nbsp;708212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53661223 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;344826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35930869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332252550 |
| **OFFICE REITs — 0.0% <sup>\*</sup>** | **OFFICE REITs — 0.0% <sup>\*</sup>** | **OFFICE REITs — 0.0% <sup>\*</sup>** |
| BXP, Inc. REIT | &nbsp;&nbsp;&nbsp;157637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10635768 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **OIL, GAS & CONSUMABLE FUELS — 5.3%** | **OIL, GAS & CONSUMABLE FUELS — 5.3%** | **OIL, GAS & CONSUMABLE FUELS — 5.3%** |
| APA Corp. | &nbsp;&nbsp;&nbsp;400464 | &nbsp;&nbsp;$7324487 |
| Chevron Corp. | 1763809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252559811 |
| ConocoPhillips | 1370948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123028873 |
| Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;828842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21036010 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;697306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22181304 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;202695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27850293 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;592723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70895598 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;646660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37713211 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;235179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27501832 |
| Exxon Mobil Corp. | 4680517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504559733 |
| Kinder Morgan, Inc. | 2095555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61609317 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;333633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55419778 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;769447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32324468 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;296031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24165010 |
| Phillips 66 Co. | &nbsp;&nbsp;&nbsp;442459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52785359 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;340126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45719737 |
| Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;634158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39831464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1406506285 |
| **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** | **PERSONAL CARE PRODUCTS — 0.2%** |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;254162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20536290 |
| Kenvue, Inc. | 2078168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43496056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64032346 |
| **PHARMACEUTICALS — 3.6%** | **PHARMACEUTICALS — 3.6%** | **PHARMACEUTICALS — 3.6%** |
| Bristol-Myers Squibb Co. | 2200208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101847628 |
| Johnson & Johnson | 2610933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398820016 |
| Merck & Co., Inc. | 2726904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215861721 |
| Pfizer, Inc. | 6174066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149659360 |
| Viatris, Inc. | 1291534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11533398 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;485479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75710450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953432573 |
| **PROFESSIONAL SERVICES — 0.7%** | **PROFESSIONAL SERVICES — 0.7%** | **PROFESSIONAL SERVICES — 0.7%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;190030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58605252 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17323665 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;134735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34946217 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;130484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17152122 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10749135 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;184015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26766822 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;85960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26776540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192319753 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%** |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;&nbsp;457406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36775442 |
| **RESIDENTIAL REITs — 0.4%** | **RESIDENTIAL REITs — 0.4%** | **RESIDENTIAL REITs — 0.4%** |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;86549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17612721 |
| Camden Property Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;56811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6402032 |
| Equity Residential REIT | &nbsp;&nbsp;&nbsp;371865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25097169 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;36421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10321711 |
| Invitation Homes, Inc. REIT | &nbsp;&nbsp;&nbsp;619584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20322355 |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;74972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11096606 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| UDR, Inc. REIT | &nbsp;&nbsp;&nbsp;178891 | &nbsp;&nbsp;$7304120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98156714 |
| **RETAIL REITs — 0.4%** | **RETAIL REITs — 0.4%** | **RETAIL REITs — 0.4%** |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;83622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7943254 |
| Kimco Realty Corp. REIT | &nbsp;&nbsp;&nbsp;737642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15505235 |
| Realty Income Corp. REIT | &nbsp;&nbsp;&nbsp;980680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56496975 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;&nbsp;177723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12659209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92604673 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.3%** |
| Advanced Micro Devices, Inc. (a) | 1757215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249348808 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;537912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128033814 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;511028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93553896 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;&nbsp;143136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5675342 |
| First Solar, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;54206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973261 |
| Intel Corp. | 4736937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106107389 |
| Lam Research Corp. | 1391818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135479564 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;582879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41017195 |
| Micron Technology, Inc. | 1213631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149580021 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;165708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36205541 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;456450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23922545 |
| QUALCOMM, Inc. | 1191528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189762749 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;163046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12150188 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;176538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15874297 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;987109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204943571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1400628181 |
| **SOFTWARE — 8.5%** | **SOFTWARE — 8.5%** | **SOFTWARE — 8.5%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;268454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103859483 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;53045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18630465 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;133752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41215679 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;246178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7237633 |
| Microsoft Corp. | 3874298 | &nbsp;&nbsp;&nbsp;&nbsp;1927114568 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;69005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11892322 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;116381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65969406 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;80556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41299450 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;123067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29536080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2246755086 |
| **SPECIALIZED REITs — 1.4%** | **SPECIALIZED REITs — 1.4%** | **SPECIALIZED REITs — 1.4%** |
| American Tower Corp. REIT | &nbsp;&nbsp;&nbsp;506657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111981330 |
| Crown Castle, Inc. REIT | &nbsp;&nbsp;&nbsp;471083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48394357 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;343037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59801640 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;55951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44507342 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;126314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18623736 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;&nbsp;116879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27447864 |
| VICI Properties, Inc. REIT | 1145908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37356601 |
| Weyerhaeuser Co. REIT | &nbsp;&nbsp;&nbsp;788449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20255255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368368125 |
| **SPECIALTY RETAIL — 2.0%** | **SPECIALTY RETAIL — 2.0%** | **SPECIALTY RETAIL — 2.0%** |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;211480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14196652 |
| CarMax, Inc. (a) | &nbsp;&nbsp;&nbsp;167556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11261439 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;603268 | &nbsp;&nbsp;$221182180 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;607831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134859464 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;357619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45625032 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;499638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61700297 |
| Tractor Supply Co. (b) | &nbsp;&nbsp;&nbsp;265982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14035870 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;49027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22935811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525796745 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.3%** |
| Apple, Inc. | 8758703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797023094 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;172438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21140899 |
| Hewlett Packard Enterprise Co. | 1425749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29156567 |
| HP, Inc. | 1017997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24900207 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;117674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12538165 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;229384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33106993 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;377466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24154049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942019974 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;65500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15561490 |
| NIKE, Inc. Class B | 1280660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90978086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106539576 |
| **TOBACCO — 0.8%** | **TOBACCO — 0.8%** | **TOBACCO — 0.8%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;992115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58167702 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;775567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141254018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199421720 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.1%** | **TRADING COMPANIES & DISTRIBUTORS — 0.1%** | **TRADING COMPANIES & DISTRIBUTORS — 0.1%** |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;536562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22535604 |
| **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;211493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29420791 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;244311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58209539 |
| **TOTAL COMMON STOCKS<br>(Cost $25,187,887,182)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;26534421787 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | 16769323 | &nbsp;&nbsp;$16769323 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (c) (f) | 75661969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75661969 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $92,431,292)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $92,431,292)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92431292 |
| **TOTAL INVESTMENTS — 100.2%<br>(Cost $25,280,318,474)<br>** | **TOTAL INVESTMENTS — 100.2%<br>(Cost $25,280,318,474)<br>** | &nbsp;&nbsp;26626853079 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47782599) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $26579070480 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $26534421787 | $— | $— | $26534421787 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92431292 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92431292 |
| **TOTAL INVESTMENTS<br>**  | $26626853079 | $— | $— | $26626853079 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 500 VALUE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;331581 | $24536994 | $15416692 | $17943293 | $1899191 | $9391638 | &nbsp;&nbsp;&nbsp;&nbsp;313158 | $33301222 | $956910 |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 20686220 | &nbsp;&nbsp;&nbsp;20692426 | &nbsp;&nbsp;&nbsp;&nbsp;88844655 | &nbsp;&nbsp;&nbsp;&nbsp;109537081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;165562 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1511031838 | &nbsp;&nbsp;1494262515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16769323 | &nbsp;&nbsp;&nbsp;16769323 | &nbsp;&nbsp;1066802 |
| State Street Navigator Securities Lending Portfolio II<br>| 57581983 | &nbsp;&nbsp;&nbsp;57581983 | &nbsp;&nbsp;1163452140 | &nbsp;&nbsp;1145372154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 75661969 | &nbsp;&nbsp;&nbsp;75661969 | &nbsp;&nbsp;&nbsp;&nbsp;83523 |
| Total<br>|  | $102811403 | $2778745325 | $2767115043 | $1899847 | $9390982 |  | $125732514 | $2272797 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** |  |  |
| **AEROSPACE & DEFENSE — 2.1%** |  |  |
| AAR Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;300633 | &nbsp;&nbsp;$20680544 |
| AeroVironment, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;238851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68060592 |
| Kratos Defense & Security Solutions, Inc. (a) (b)<br>| &nbsp;&nbsp;1411039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65542762 |
| Mercury Systems, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;432233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23280069 |
| Moog, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;239812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43398778 |
| National Presto Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393800 |
| Triumph Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;659328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16977696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242334241 |
| **AIR FREIGHT & LOGISTICS — 0.2%** |  |  |
| Forward Air Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;176475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330697 |
| Hub Group, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;517514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17300493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21631190 |
| **AIRLINES — 0.5%** |  |  |
| Allegiant Travel Co. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;123067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6762532 |
| JetBlue Airways Corp. (a) (b)<br>| &nbsp;&nbsp;2608732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11034936 |
| SkyWest, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;342833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35301514 |
| Sun Country Airlines Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;343832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4040026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57139008 |
| **AUTO COMPONENTS — 1.9%** |  |  |
| Adient PLC (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;713941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13893292 |
| American Axle & Manufacturing Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;996093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064059 |
| BorgWarner, Inc.<br>| &nbsp;&nbsp;1862796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62366410 |
| Dana, Inc.<br>| &nbsp;&nbsp;1098973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18847387 |
| Dorman Products, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;229570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28161352 |
| Fox Factory Holding Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;354383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9192695 |
| Gentherm, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;259877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7351920 |
| LCI Industries<br>| &nbsp;&nbsp;&nbsp;&nbsp;213584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19476725 |
| Patrick Industries, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;283059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26117854 |
| Phinia, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;338432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15056840 |
| Standard Motor Products, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;177632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456855 |
| XPEL, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;192434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6908381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216893770 |
| **AUTOMOBILES — 0.1%** |  |  |
| Winnebago Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;241407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000803 |
| **BANKS — 9.0%** |  |  |
| Ameris Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;546706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35371878 |
| Atlantic Union Bankshares Corp.<br>| &nbsp;&nbsp;1205407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37705131 |
| Axos Financial, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;455886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34665571 |
| Banc of California, Inc.<br>| &nbsp;&nbsp;1088469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15292989 |
| BancFirst Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;169842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20995868 |
| Bancorp, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;397357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22637428 |
| Bank of Hawaii Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;338754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22876058 |
| BankUnited, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;636983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22670225 |
| Banner Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;293577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18832965 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Berkshire Hills Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;387879 | &nbsp;&nbsp;$9712490 |
| Brookline Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;764890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069589 |
| Capitol Federal Financial, Inc.<br>| &nbsp;&nbsp;1027505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6267780 |
| Cathay General Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;596674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27166567 |
| Central Pacific Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;226891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6359755 |
| City Holding Co. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;123159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15077125 |
| Community Financial System, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;448884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25528033 |
| Customers Bancorp, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;248119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14574510 |
| CVB Financial Corp.<br>| &nbsp;&nbsp;1096324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21696252 |
| Dime Community Bancshares, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;333081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973202 |
| Eagle Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;255296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973166 |
| FB Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;291257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13193942 |
| First BanCorp<br>| &nbsp;&nbsp;1365668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28446864 |
| First Bancorp/Southern Pines NC<br>| &nbsp;&nbsp;&nbsp;&nbsp;352081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15523251 |
| First Commonwealth Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;889212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14431911 |
| First Financial Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;813656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19739295 |
| First Hawaiian, Inc.<br>| &nbsp;&nbsp;1064510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26570170 |
| Fulton Financial Corp.<br>| &nbsp;&nbsp;1539536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27773229 |
| Hanmi Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;259358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400955 |
| Heritage Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;292120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6964141 |
| Hilltop Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;387045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11746816 |
| Hope Bancorp, Inc.<br>| &nbsp;&nbsp;1081499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11604484 |
| Independent Bank Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;362117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22771728 |
| Lakeland Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;215991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13272647 |
| National Bank Holdings Corp. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;321723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12100002 |
| NBT Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;445432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18507700 |
| Northwest Bancshares, Inc.<br>| &nbsp;&nbsp;1079693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13798477 |
| OFG Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;381886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16344721 |
| Pacific Premier Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;821602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17327586 |
| Park National Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;123911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20725354 |
| Pathward Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;199174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15758647 |
| Preferred Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8483747 |
| Provident Financial Services, Inc.<br>| &nbsp;&nbsp;1111727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19488574 |
| Renasant Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;780520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28044084 |
| S&T Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;328475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12422924 |
| Seacoast Banking Corp. of Florida<br>| &nbsp;&nbsp;&nbsp;&nbsp;722508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19955671 |
| ServisFirst Bancshares, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;425651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32992209 |
| Simmons First National Corp. Class A<br>| &nbsp;&nbsp;1065834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20208213 |
| Southside Bancshares, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;239075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035977 |
| Stellar Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;389137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10888053 |
| Tompkins Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;108571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6810659 |
| Triumph Financial, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;187005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10305846 |
| TrustCo Bank Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;161266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5389510 |
| Trustmark Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;511635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18654212 |
| United Community Banks, Inc.<br>| &nbsp;&nbsp;1034228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30809652 |
| Veritex Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;462951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12083021 |
| WaFd, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;681946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19967379 |
| Westamerica BanCorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;222358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10771022 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| WSFS Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;483171 | &nbsp;&nbsp;$26574405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1013333660 |
| **BEVERAGES — 0.1%** |  |  |
| MGP Ingredients, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;113659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3406360 |
| National Beverage Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;201586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8716579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12122939 |
| **BIOTECHNOLOGY — 2.5%** |  |  |
| ACADIA Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;1048971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22626304 |
| ADMA Biologics, Inc. (a)<br>| &nbsp;&nbsp;2022068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36821858 |
| Alkermes PLC (a)<br>| &nbsp;&nbsp;1395484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39924797 |
| Arcus Biosciences, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;568109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624407 |
| Arrowhead Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;1073961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16968584 |
| Catalyst Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;975631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21171193 |
| Dynavax Technologies Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;948440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9408525 |
| Krystal Biotech, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;216565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29769025 |
| Myriad Genetics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;770709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092465 |
| Protagonist Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;527540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29157136 |
| TG Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;1147637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41303456 |
| Tobira Therapeutics, Inc. CVR (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3352 |
| Vericel Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;420562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17894913 |
| Vir Biotechnology, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;808049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072567 |
| Xencor, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;592085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282492370 |
| **BROADLINE RETAIL — 0.5%** |  |  |
| Etsy, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;883840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44333414 |
| Kohl's Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;946187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52357080 |
| **BUILDING PRODUCTS — 2.6%** |  |  |
| American Woodmark Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;127938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6828051 |
| Apogee Enterprises, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;181695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376817 |
| Armstrong World Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;368122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59797738 |
| AZZ, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;254632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24057631 |
| CSW Industrials, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;142231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40796118 |
| Gibraltar Industries, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;250712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14792008 |
| Griffon Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;330474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23916403 |
| Hayward Holdings, Inc. (a)<br>| &nbsp;&nbsp;1211097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16713138 |
| Insteel Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;164033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6103668 |
| Masterbrand, Inc. (a) (b)<br>| &nbsp;&nbsp;1082353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11830118 |
| Quanex Building Products Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;399924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558564 |
| Resideo Technologies, Inc. (a)<br>| &nbsp;&nbsp;1252495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27630040 |
| Zurn Elkay Water Solutions Corp.<br>| &nbsp;&nbsp;1197738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43801279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291201573 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **CAPITAL MARKETS — 2.9%** |  |  |
| Acadian Asset Management, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;226165 | &nbsp;&nbsp;$7970055 |
| Artisan Partners Asset Management, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;597152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26471748 |
| BGC Group, Inc. Class A<br>| &nbsp;&nbsp;3204479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32781820 |
| Cohen & Steers, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;228237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17197658 |
| Donnelley Financial Solutions, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;216122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13323921 |
| Moelis & Co. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;627728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39120009 |
| Piper Sandler Cos.<br>| &nbsp;&nbsp;&nbsp;&nbsp;139068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38652560 |
| PJT Partners, Inc. Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;207991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34320595 |
| StepStone Group, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;558938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31021059 |
| StoneX Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;370586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33775208 |
| Virtu Financial, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;684046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30638420 |
| Virtus Investment Partners, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947795 |
| WisdomTree, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;970733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11173137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326393985 |
| **CHEMICALS — 3.2%** |  |  |
| AdvanSix, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;225235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5349331 |
| Balchem Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;276386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44000651 |
| Celanese Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;927459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51316306 |
| Chemours Co. (b)<br>| &nbsp;&nbsp;1272837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14573984 |
| Element Solutions, Inc.<br>| &nbsp;&nbsp;1890760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42825714 |
| FMC Corp.<br>| &nbsp;&nbsp;1058673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44199598 |
| Hawkins, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;160245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22770815 |
| HB Fuller Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;458996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27608609 |
| Ingevity Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;309381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13331227 |
| Innospec, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;212560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17874170 |
| Koppers Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;171824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5524142 |
| Minerals Technologies, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;267538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14733318 |
| Quaker Chemical Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;116649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13057689 |
| Sensient Technologies Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;359739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35441486 |
| Stepan Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;179853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362423417 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.0%** |  |  |
| ABM Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;530179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25029751 |
| Brady Corp. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;370646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25192809 |
| CoreCivic, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;923529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19458756 |
| Deluxe Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;374857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5963975 |
| Enviri Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;675145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860259 |
| GEO Group, Inc. (a) (b)<br>| &nbsp;&nbsp;1179510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28249264 |
| Healthcare Services Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;614995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9243375 |
| HNI Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;396030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19476755 |
| Interface, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;495945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10380129 |
| Liquidity Services, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;192211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4534257 |
| MillerKnoll, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;579965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11262920 |
| OPENLANE, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;910293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22256664 |
| Pitney Bowes, Inc.<br>| &nbsp;&nbsp;1345523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14679656 |
| UniFirst Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;127072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23917492 |
| Vestis Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;974958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5586509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231092571 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMUNICATIONS EQUIPMENT — 1.0%** |  |  |
| Calix, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;490918 | &nbsp;&nbsp;$26111928 |
| Digi International, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;313097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10914561 |
| Extreme Networks, Inc. (a)<br>| &nbsp;&nbsp;1130810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20298040 |
| Harmonic, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;953792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9032410 |
| NetScout Systems, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;601244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14916864 |
| Viasat, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;723160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10558136 |
| Viavi Solutions, Inc. (a)<br>| &nbsp;&nbsp;1892865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19061151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110893090 |
| **CONSTRUCTION & ENGINEERING — 2.5%** |  |  |
| Arcosa, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;413608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35863950 |
| Dycom Industries, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;243996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59630183 |
| Everus Construction Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;434246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27587648 |
| Granite Construction, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;371705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34758135 |
| MYR Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;132112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23971722 |
| Sterling Infrastructure, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;257840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59491423 |
| WillScot Holdings Corp.<br>| &nbsp;&nbsp;1545705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42352317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283655378 |
| **CONSUMER FINANCE — 0.8%** |  |  |
| Bread Financial Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;396036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22621576 |
| Encore Capital Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;196660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7612709 |
| Enova International, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;215818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24068023 |
| EZCORP, Inc. Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;440384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112530 |
| Navient Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;614005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8657470 |
| PRA Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;334816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938536 |
| PROG Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;340482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9993147 |
| World Acceptance Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88317256 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%** |  |  |
| Andersons, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;273389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047046 |
| Chefs' Warehouse, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;300260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19159591 |
| Grocery Outlet Holding Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;826387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10263726 |
| PriceSmart, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;211399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22205351 |
| SpartanNash Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;291126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7711928 |
| United Natural Foods, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;510085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11890081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81277723 |
| **CONTAINERS & PACKAGING — 0.5%** |  |  |
| O-I Glass, Inc. (a)<br>| &nbsp;&nbsp;1312147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19341047 |
| Sealed Air Corp.<br>| &nbsp;&nbsp;1246395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38675637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58016684 |
| **DIVERSIFIED CONSUMER SERVICES — 1.5%** |  |  |
| Adtalem Global Education, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;304047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38683900 |
| Frontdoor, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;622559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36693627 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Matthews International Corp. Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;259316 | &nbsp;&nbsp;$6200245 |
| Mister Car Wash, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;793478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768803 |
| Perdoceo Education Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;525752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17186833 |
| Strategic Education, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;202275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17219671 |
| Stride, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;363811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52821719 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173574798 |
| **Diversified REITs — 0.8%** |  |  |
| Alexander & Baldwin, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;618008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11019083 |
| American Assets Trust, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;401352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926702 |
| Armada Hoffler Properties, Inc. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;689549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737201 |
| Essential Properties Realty Trust, Inc. REIT (b)<br>| &nbsp;&nbsp;1674324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53427679 |
| Global Net Lease, Inc. REIT<br>| &nbsp;&nbsp;1628904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12298225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89408890 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%** |  |  |
| Cogent Communications Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;359831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17347453 |
| Lumen Technologies, Inc. (a)<br>| &nbsp;&nbsp;8679740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38017261 |
| Shenandoah Telecommunications Co. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;387593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5294520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60659234 |
| **ELECTRIC UTILITIES — 0.5%** |  |  |
| MGE Energy, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;310065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27422148 |
| Otter Tail Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;356576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27488444 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54910592 |
| **ELECTRICAL EQUIPMENT — 0.4%** |  |  |
| Powell Industries, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16862938 |
| Sunrun, Inc. (a)<br>| &nbsp;&nbsp;1920280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15707890 |
| Vicor Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;196040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8892374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41463202 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%** |  |  |
| Advanced Energy Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;319137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42285653 |
| Arlo Technologies, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;879225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14911656 |
| Badger Meter, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;249739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61173568 |
| Benchmark Electronics, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;306440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11899065 |
| CTS Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;256254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918983 |
| ePlus, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;224313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16172967 |
| Insight Enterprises, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;233799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32284135 |
| Itron, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;386420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50864465 |
| Knowles Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;732686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12909927 |
| OSI Systems, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;132222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29731439 |
| PC Connection, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;100485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609903 |
| Plexus Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;230533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31193420 |
| Ralliant Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;959900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46545551 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Rogers Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;144511 | &nbsp;&nbsp;$9896113 |
| Sanmina Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;453086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44325403 |
| ScanSource, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;175032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7318088 |
| TTM Technologies, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;861020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35146837 |
| Vishay Intertechnology, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;956953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15196414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479383587 |
| **ENERGY EQUIPMENT & SERVICES — 1.6%** |  |  |
| Archrock, Inc.<br>| &nbsp;&nbsp;1498277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37202218 |
| Atlas Energy Solutions, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;611203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171784 |
| Bristow Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;211594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6976254 |
| Cactus, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;582708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25475994 |
| Core Laboratories, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;395533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556540 |
| Helix Energy Solutions Group, Inc. (a)<br>| &nbsp;&nbsp;1216335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7589930 |
| Helmerich & Payne, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;846837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12838049 |
| Innovex International, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;331510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178186 |
| Liberty Energy, Inc.<br>| &nbsp;&nbsp;1379613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15837957 |
| Oceaneering International, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;850883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17630296 |
| Patterson-UTI Energy, Inc.<br>| &nbsp;&nbsp;2996850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17771321 |
| ProPetro Holding Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;690886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124589 |
| RPC, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;722463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3417250 |
| Tidewater, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;387151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17859276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184629644 |
| **ENTERTAINMENT — 0.5%** |  |  |
| Cinemark Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;859209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25930928 |
| Madison Square Garden Sports Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;141998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29670482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55601410 |
| **FINANCIAL SERVICES — 2.7%** |  |  |
| Enact Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;240448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8932643 |
| EVERTEC, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;541944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19537081 |
| HA Sustainable Infrastructure Capital, Inc. (b)<br>| &nbsp;&nbsp;1018551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27358280 |
| Jackson Financial, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;605556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53767317 |
| Mr. Cooper Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;542567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80956422 |
| NCR Atleos Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;617425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17615135 |
| NMI Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;661579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27912018 |
| Payoneer Global, Inc. (a)<br>| &nbsp;&nbsp;2187009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14981012 |
| Radian Group, Inc.<br>| &nbsp;&nbsp;1136851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40949373 |
| Walker & Dunlop, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;273345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19265356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311274637 |
| **FOOD PRODUCTS — 1.3%** |  |  |
| B&G Foods, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;667676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824269 |
| Cal-Maine Foods, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;365698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36434492 |
| Fresh Del Monte Produce, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;285336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9250593 |
| Freshpet, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;415260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28221070 |
| J&J Snack Foods Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;131577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14922147 |
| John B Sanfilippo & Son, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4955170 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Simply Good Foods Co. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;783661 | &nbsp;&nbsp;$24755851 |
| Tootsie Roll Industries, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;139113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653330 |
| TreeHouse Foods, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;384362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464310 |
| WK Kellogg Co. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;563989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8989985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142471217 |
| **GAS UTILITIES — 0.6%** |  |  |
| Chesapeake Utilities Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;198476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23860785 |
| MDU Resources Group, Inc.<br>| &nbsp;&nbsp;1730516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28847701 |
| Northwest Natural Holding Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;341676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13571371 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66279857 |
| **GROUND TRANSPORTATION — 0.7%** |  |  |
| ArcBest Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;193668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14914373 |
| Heartland Express, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;356015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075970 |
| Hertz Global Holdings, Inc. (a) (b)<br>| &nbsp;&nbsp;1041950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7116519 |
| Marten Transport Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;486584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320726 |
| RXO, Inc. (a) (b)<br>| &nbsp;&nbsp;1204934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18941562 |
| Schneider National, Inc. Class B<br>| &nbsp;&nbsp;&nbsp;&nbsp;399662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9651837 |
| Werner Enterprises, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;526654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14409253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74430240 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 3.7%** |  |  |
| Artivion, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;319845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9947180 |
| Avanos Medical, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;388099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750332 |
| CONMED Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;263038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13699019 |
| Embecta Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;504413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887762 |
| Enovis Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;488525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15320144 |
| Glaukos Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;484338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50027272 |
| ICU Medical, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;209507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27686350 |
| Inspire Medical Systems, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;251069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32581224 |
| Integer Holdings Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;297043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36527378 |
| Integra LifeSciences Holdings Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;564896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6931274 |
| LeMaitre Vascular, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;174204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14467642 |
| Merit Medical Systems, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;500922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46826189 |
| Neogen Corp. (a) (b)<br>| &nbsp;&nbsp;1681112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8035715 |
| Omnicell, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;394319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11592979 |
| QuidelOrtho Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;561643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16186551 |
| STAAR Surgical Co. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;418557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7023386 |
| Tandem Diabetes Care, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;558910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10418082 |
| Teleflex, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;374499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44325702 |
| TransMedics Group, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;285936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38318283 |
| UFP Technologies, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15142315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414694779 |
| **HEALTH CARE PROVIDERS & SERVICES — 2.0%** |  |  |
| AdaptHealth Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;903384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518911 |
| Addus HomeCare Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;152676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17586748 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| AMN Healthcare Services, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;323586 | &nbsp;&nbsp;$6688523 |
| Astrana Health, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;353701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800081 |
| Concentra Group Holdings Parent, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;922248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18970641 |
| CorVel Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;231993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23844241 |
| National HealthCare Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;105929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11335462 |
| NeoGenomics, Inc. (a)<br>| &nbsp;&nbsp;1092108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7983310 |
| OmniAb, Inc. (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Owens & Minor, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;616803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5612907 |
| Pediatrix Medical Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;719057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10318468 |
| Premier, Inc. Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;700214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15355693 |
| Privia Health Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;879421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226683 |
| Progyny, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;630749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13876478 |
| RadNet, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;562037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31985526 |
| Select Medical Holdings Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;889747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13506359 |
| U.S. Physical Therapy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;130539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10208150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224818181 |
| **HEALTH CARE REITs — 0.8%** |  |  |
| CareTrust REIT, Inc.<br>| &nbsp;&nbsp;1624768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49717901 |
| LTC Properties, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;385343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13336721 |
| Medical Properties Trust, Inc. REIT (b)<br>| &nbsp;&nbsp;5085560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21918763 |
| Universal Health Realty Income Trust REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;107413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4293298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89266683 |
| **HEALTH CARE TECHNOLOGY — 0.2%** |  |  |
| Certara, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;931199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10895028 |
| HealthStream, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;204039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5645759 |
| Schrodinger, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;471522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9487023 |
| Simulations Plus, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;137372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28424951 |
| **HOTEL & RESORT REITs — 1.1%** |  |  |
| Apple Hospitality REIT, Inc.<br>| &nbsp;&nbsp;1872781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21855354 |
| DiamondRock Hospitality Co. REIT<br>| &nbsp;&nbsp;1738134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13314106 |
| Pebblebrook Hotel Trust REIT<br>| &nbsp;&nbsp;1018333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10173147 |
| Ryman Hospitality Properties, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;508629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50186423 |
| Summit Hotel Properties, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;912586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645063 |
| Sunstone Hotel Investors, Inc. REIT<br>| &nbsp;&nbsp;1681166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14592521 |
| Xenia Hotels & Resorts, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;838403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10538726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125305340 |
| **HOTELS, RESTAURANTS & LEISURE — 2.3%** |  |  |
| BJ's Restaurants, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;186386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8312816 |
| Bloomin' Brands, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;631602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438093 |
| Brinker International, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;376838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67955197 |
| Cheesecake Factory, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;387728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24295037 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Cracker Barrel Old Country Store, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;188817 | &nbsp;&nbsp;$11532942 |
| Dave & Buster's Entertainment, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;234552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7055324 |
| Golden Entertainment, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;166324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894915 |
| Jack in the Box, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;159878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791470 |
| Monarch Casino & Resort, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;107861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9323505 |
| Papa John's International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;277819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13596462 |
| Penn Entertainment, Inc. (a) (b)<br>| &nbsp;&nbsp;1237990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22122881 |
| Pursuit Attractions & Hospitality, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;180068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5191361 |
| Sabre Corp. (a) (b)<br>| &nbsp;&nbsp;3283346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10375373 |
| Shake Shack, Inc. Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;340870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47926322 |
| Six Flags Entertainment Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;798480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24297746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265109444 |
| **HOUSEHOLD DURABLES — 2.6%** |  |  |
| Cavco Industries, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29466518 |
| Century Communities, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;227125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12791680 |
| Champion Homes, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;446259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27940276 |
| Dream Finders Homes, Inc. Class A (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;231593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819932 |
| Ethan Allen Interiors, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;190056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5293060 |
| Green Brick Partners, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;256307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16116584 |
| Helen of Troy Ltd. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;194407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5517271 |
| Installed Building Products, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;193959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34974687 |
| La-Z-Boy, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;353178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13127626 |
| Leggett & Platt, Inc. (b)<br>| &nbsp;&nbsp;1143064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10196131 |
| LGI Homes, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;176104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9072878 |
| M/I Homes, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;227937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25556296 |
| Meritage Homes Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;607869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40708987 |
| Newell Brands, Inc. (b)<br>| &nbsp;&nbsp;3545220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19144188 |
| Sonos, Inc. (a)<br>| &nbsp;&nbsp;1013523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10956184 |
| Tri Pointe Homes, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;771550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24651022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291333320 |
| **HOUSEHOLD PRODUCTS — 0.5%** |  |  |
| Central Garden & Pet Co. Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;417275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13056535 |
| Central Garden & Pet Co. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2465731 |
| Energizer Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;559528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11280084 |
| WD-40 Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;114501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26116533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52918883 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.3%** |  |  |
| Clearway Energy, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;297909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9014726 |
| Clearway Energy, Inc. Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;705749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22583968 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31598694 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INDUSTRIAL REITs — 0.7%** |  |  |
| Innovative Industrial Properties, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;236667 | &nbsp;&nbsp;$13068752 |
| LXP Industrial Trust REIT<br>| &nbsp;&nbsp;2520149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20816431 |
| Terreno Realty Corp. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;875824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49107451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82992634 |
| **INSURANCE — 2.7%** |  |  |
| AMERISAFE, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;161798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7075427 |
| Assured Guaranty Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;392650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34199815 |
| Employers Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;202811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9568623 |
| Genworth Financial, Inc. (a)<br>| &nbsp;&nbsp;3527602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27444744 |
| Goosehead Insurance, Inc. Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;213176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22492200 |
| HCI Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12039172 |
| Horace Mann Educators Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;347005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14910805 |
| Lincoln National Corp.<br>| &nbsp;&nbsp;1447141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50071079 |
| Mercury General Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;226318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15240254 |
| Palomar Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;226998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35014441 |
| ProAssurance Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;435203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9935684 |
| Safety Insurance Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;126201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10019097 |
| SiriusPoint Ltd. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;785308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16012430 |
| Stewart Information Services Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;236516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15397192 |
| Trupanion, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;284610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15753164 |
| United Fire Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;180519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300355022 |
| **INTERACTIVE MEDIA & SERVICES — 1.0%** |  |  |
| Angi, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;354783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413988 |
| Cargurus, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;720098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24101680 |
| Cars.com, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;486174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5761162 |
| IAC, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;554428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20702341 |
| QuinStreet, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;478738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707682 |
| Shutterstock, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;211421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008542 |
| TripAdvisor, Inc. (a)<br>| &nbsp;&nbsp;1003781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13099342 |
| Yelp, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;543051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18610358 |
| Ziff Davis, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;355269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10753993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110159088 |
| **IT SERVICES — 0.4%** |  |  |
| DigitalOcean Holdings, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;531058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15167016 |
| DXC Technology Co. (a)<br>| &nbsp;&nbsp;1543240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23596140 |
| Grid Dynamics Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;524461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6057525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44820681 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.3%** |  |  |
| Acushnet Holdings Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;224889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16376417 |
| Sturm Ruger & Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;138940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987946 |
| Topgolf Callaway Brands Corp. (a) (b)<br>| &nbsp;&nbsp;1203029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684383 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31048746 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **LIFE SCIENCES TOOLS & SERVICES — 0.3%** |  |  |
| Azenta, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;389086 | &nbsp;&nbsp;$11976067 |
| BioLife Solutions, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;307081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6614525 |
| Cytek Biosciences, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;908339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088352 |
| Fortrea Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;785394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879846 |
| Mesa Laboratories, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29898752 |
| **MACHINERY — 5.1%** |  |  |
| Alamo Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19288195 |
| Albany International Corp. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;256887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18015485 |
| Astec Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;196949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8210804 |
| Enerpac Tool Group Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;457561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18558674 |
| Enpro, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;178996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34286684 |
| ESCO Technologies, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;218885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41997465 |
| Federal Signal Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;516816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54999559 |
| Franklin Electric Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;332145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29806692 |
| Gates Industrial Corp. PLC (a)<br>| &nbsp;&nbsp;1944640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44785059 |
| Greenbrier Cos., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;267047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12297514 |
| Hillenbrand, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;599621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12034393 |
| JBT Marel Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;392049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47147813 |
| Kadant, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31649448 |
| Kennametal, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;644480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14797261 |
| Lindsay Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13336922 |
| Mueller Water Products, Inc. Class A<br>| &nbsp;&nbsp;1327157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31904854 |
| Proto Labs, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;200279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8019171 |
| SPX Technologies, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;396347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66459465 |
| Standex International Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;101325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15855336 |
| Tennant Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;157550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12206974 |
| Titan International, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;423710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351502 |
| Trinity Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;690416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18648136 |
| Worthington Enterprises, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;264004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16801215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575458621 |
| **MARINE — 0.3%** |  |  |
| Matson, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;277930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30947506 |
| **MEDIA — 0.6%** |  |  |
| Cable One, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5323073 |
| DoubleVerify Holdings, Inc. (a)<br>| &nbsp;&nbsp;1147034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17171099 |
| John Wiley & Sons, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;349192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15584439 |
| Scholastic Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;197064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134403 |
| TechTarget, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;228969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1779089 |
| TEGNA, Inc.<br>| &nbsp;&nbsp;1360524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22802382 |
| Thryv Holdings, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;346676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71010065 |
| **METALS & MINING — 1.0%** |  |  |
| Alpha Metallurgical Resources, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10460865 |
| Century Aluminum Co. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;441859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962299 |
| Ferroglobe PLC (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Kaiser Aluminum Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;135549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10830365 |
| Materion Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;176811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14033489 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Metallus, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;315208 | &nbsp;&nbsp;$4857355 |
| MP Materials Corp. (a) (b)<br>| &nbsp;&nbsp;1029470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34250467 |
| SunCoke Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;714432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136971 |
| Warrior Met Coal, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;447627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20514745 |
| Worthington Steel, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;295349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8810261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117856817 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 1.1%** |  |  |
| Apollo Commercial Real Estate Finance, Inc. REIT<br>| &nbsp;&nbsp;1087023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10522383 |
| Arbor Realty Trust, Inc. REIT<br>| &nbsp;&nbsp;1607129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17196280 |
| ARMOUR Residential REIT, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;694635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11676814 |
| Blackstone Mortgage Trust, Inc. Class A REIT (b)<br>| &nbsp;&nbsp;1440017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27720327 |
| Ellington Financial, Inc. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;802840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10428892 |
| Franklin BSP Realty Trust, Inc. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;692551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7403370 |
| KKR Real Estate Finance Trust, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;489658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294301 |
| New York Mortgage Trust, Inc. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;768197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5146920 |
| PennyMac Mortgage Investment Trust REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;739039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9504042 |
| Ready Capital Corp. REIT (b)<br>| &nbsp;&nbsp;1431764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256809 |
| Redwood Trust, Inc. REIT (b)<br>| &nbsp;&nbsp;1121675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6629099 |
| Two Harbors Investment Corp. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;882407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9503523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126282760 |
| **MULTI-UTILITIES — 0.3%** |  |  |
| Avista Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;685674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26021328 |
| Unitil Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;138078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33222096 |
| **OFFICE REITs — 1.0%** |  |  |
| Brandywine Realty Trust REIT (b)<br>| &nbsp;&nbsp;1466404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6290873 |
| Douglas Emmett, Inc. REIT (b)<br>| &nbsp;&nbsp;1426996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21462020 |
| Easterly Government Properties, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;349096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749931 |
| Highwoods Properties, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;917416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28522464 |
| JBG SMITH Properties REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;620717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10738404 |
| SL Green Realty Corp. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;600882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37194596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111958288 |
| **OIL, GAS & CONSUMABLE FUELS — 2.3%** |  |  |
| California Resources Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;591973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27035407 |
| Comstock Resources, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;771581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21349646 |
| Core Natural Resources, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;425859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29699407 |
| Crescent Energy Co. Class A (b)<br>| &nbsp;&nbsp;1558045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13399187 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| CVR Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;290177 | &nbsp;&nbsp;$7791252 |
| Dorian LPG Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;306436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7470910 |
| International Seaways, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;343350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12525408 |
| Magnolia Oil & Gas Corp. Class A<br>| &nbsp;&nbsp;1581645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35555380 |
| Northern Oil & Gas, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;836109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23703690 |
| Par Pacific Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;438378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11630168 |
| Peabody Energy Corp. (b)<br>| &nbsp;&nbsp;1034545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13883594 |
| REX American Resources Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;123925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6036387 |
| SM Energy Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;969012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23944287 |
| Talos Energy, Inc. (a) (b)<br>| &nbsp;&nbsp;1056188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8956474 |
| Vital Energy, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;236193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800345 |
| World Kinect Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;481368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13646783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260428325 |
| **PAPER & FOREST PRODUCTS — 0.1%** |  |  |
| Sylvamo Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;290545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14556305 |
| **PERSONAL CARE PRODUCTS — 0.3%** |  |  |
| Edgewell Personal Care Co. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;396709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9286958 |
| Interparfums, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;152756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20058390 |
| USANA Health Sciences, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32088072 |
| **PHARMACEUTICALS — 1.8%** |  |  |
| Amphastar Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;312005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7163635 |
| ANI Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;141151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9210103 |
| Collegium Pharmaceutical, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;274126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8105906 |
| Corcept Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;800123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58729028 |
| Harmony Biosciences Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;325120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10273792 |
| Innoviva, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;473800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9518642 |
| Ligand Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;164162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18661936 |
| Organon & Co. (b)<br>| &nbsp;&nbsp;2203441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21329309 |
| Pacira BioSciences, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;392730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9386247 |
| Phibro Animal Health Corp. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;177295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4528114 |
| Prestige Consumer Healthcare, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;418636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33428084 |
| Supernus Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;470288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14823478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205158274 |
| **PROFESSIONAL SERVICES — 1.5%** |  |  |
| Amentum Holdings, Inc. (a) (b)<br>| &nbsp;&nbsp;1277722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30167016 |
| CSG Systems International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;235045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350789 |
| Heidrick & Struggles International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;176203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8063049 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Korn Ferry<br>| &nbsp;&nbsp;&nbsp;&nbsp;437513 | &nbsp;&nbsp;$32082828 |
| NV5 Global, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;442539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10218226 |
| Robert Half, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;850713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34921769 |
| Verra Mobility Corp. (a)<br>| &nbsp;&nbsp;1357236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34460222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165263899 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.5%** |  |  |
| Cushman & Wakefield PLC (a)<br>| &nbsp;&nbsp;1955426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21646566 |
| eXp World Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;717468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6528959 |
| Kennedy-Wilson Holdings, Inc.<br>| &nbsp;&nbsp;1004904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6833347 |
| Marcus & Millichap, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;204425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6277892 |
| St. Joe Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;323299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15421362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56708126 |
| **RESIDENTIAL REITs — 0.3%** |  |  |
| Centerspace REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;142410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8571658 |
| Elme Communities REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;749354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11914729 |
| NexPoint Residential Trust, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;187768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256430 |
| Veris Residential, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;687416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10235624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36978441 |
| **RETAIL REITs — 1.6%** |  |  |
| Acadia Realty Trust REIT<br>| &nbsp;&nbsp;1114265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20691901 |
| Curbline Properties Corp. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;805401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18387305 |
| Getty Realty Corp. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;430917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11910546 |
| Macerich Co. REIT<br>| &nbsp;&nbsp;2150921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34801901 |
| Phillips Edison & Co., Inc. REIT<br>| &nbsp;&nbsp;1062493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37219130 |
| Saul Centers, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;101635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469819 |
| SITE Centers Corp. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;405693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4588388 |
| Tanger, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;963310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29458020 |
| Urban Edge Properties REIT<br>| &nbsp;&nbsp;1068956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19946719 |
| Whitestone REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;376567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185173285 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.9%** |  |  |
| Alpha & Omega Semiconductor Ltd. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;208184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342001 |
| Axcelis Technologies, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;271839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18944460 |
| CEVA, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;199477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4384504 |
| Cohu, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;395867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7616481 |
| Diodes, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;394656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20873356 |
| FormFactor, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;652452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22450873 |
| Ichor Holdings Ltd. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;287737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651155 |
| Impinj, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;196910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21870794 |
| Kulicke & Soffa Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;446113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15435510 |
| MaxLinear, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;652573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9273062 |
| PDF Solutions, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;261987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5601282 |
| Penguin Solutions, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;444957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8814598 |
| Photronics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;538979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10148975 |
| Qorvo, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;791910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67241078 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Semtech Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;734538 | &nbsp;&nbsp;$33157045 |
| SiTime Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;176733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37658268 |
| SolarEdge Technologies, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;492730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10051692 |
| Ultra Clean Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;383174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8648237 |
| Veeco Instruments, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;497138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10101844 |
| Wolfspeed, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323265714 |
| **SOFTWARE — 4.0%** |  |  |
| A10 Networks, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;608739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11779100 |
| ACI Worldwide, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;888943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40811373 |
| Adeia, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;913853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12921881 |
| Agilysys, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;191108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21908621 |
| Alarm.com Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;421252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23830226 |
| BlackLine, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;437969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24797805 |
| Box, Inc. Class A (a)<br>| &nbsp;&nbsp;1229344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42006684 |
| Cleanspark, Inc. (a) (b)<br>| &nbsp;&nbsp;2368217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26121434 |
| Clear Secure, Inc. Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;784957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21790406 |
| InterDigital, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;219662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49254810 |
| LiveRamp Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;560023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18503160 |
| MARA Holdings, Inc. (a) (b)<br>| &nbsp;&nbsp;2982598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46767137 |
| N-able, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;615901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988798 |
| NCR Voyix Corp. (a) (b)<br>| &nbsp;&nbsp;1171067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13736616 |
| Progress Software Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;364197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23250336 |
| Sprinklr, Inc. Class A (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;963213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8148782 |
| SPS Commerce, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;321863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43802336 |
| Teradata Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;815323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18189856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452609361 |
| **SPECIALIZED REITs — 0.8%** |  |  |
| Four Corners Property Trust, Inc. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;852063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22929015 |
| Millrose Properties, Inc. REIT<br>| &nbsp;&nbsp;1016813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28989339 |
| Outfront Media, Inc. REIT (b)<br>| &nbsp;&nbsp;1179100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19242912 |
| Safehold, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;392313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6104390 |
| Uniti Group, Inc. REIT (a)<br>| &nbsp;&nbsp;2076802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86237441 |
| **SPECIALTY RETAIL — 3.1%** |  |  |
| Academy Sports & Outdoors, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;566159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25369585 |
| Advance Auto Parts, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;505575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23504182 |
| American Eagle Outfitters, Inc. (b)<br>| &nbsp;&nbsp;1340222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12892936 |
| Asbury Automotive Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;166606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39742195 |
| Boot Barn Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;259293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39412536 |
| Buckle, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;254493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11541257 |
| Caleres, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;285038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3483164 |
| Foot Locker, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;702485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17210882 |
| Group 1 Automotive, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;107406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46905274 |
| Guess?, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;235151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842976 |
| MarineMax, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;159769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016593 |
| Monro, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;250250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731227 |
| National Vision Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;669497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15405126 |
| Sally Beauty Holdings, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;863883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7999557 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Shoe Carnival, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;156295 | &nbsp;&nbsp;$2924279 |
| Signet Jewelers Ltd. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;365147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29047444 |
| Sonic Automotive, Inc. Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;124259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932022 |
| Upbound Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;434646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10909615 |
| Urban Outfitters, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;479696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34797148 |
| Victoria's Secret & Co. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;669498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12399103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354067101 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%** |  |  |
| Corsair Gaming, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;396091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735138 |
| Sandisk Corp. (a)<br>| &nbsp;&nbsp;1145500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51948425 |
| Xerox Holdings Corp. (b)<br>| &nbsp;&nbsp;1012462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5335675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61019238 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.8%** |  |  |
| Carter's, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;306817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9244396 |
| G-III Apparel Group Ltd. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;327506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7336134 |
| Hanesbrands, Inc. (a)<br>| &nbsp;&nbsp;3008021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13776736 |
| Kontoor Brands, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;423013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27906168 |
| Oxford Industries, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;118338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4763104 |
| Steven Madden Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;614799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14742880 |
| Wolverine World Wide, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;680907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90080217 |
| **TOBACCO — 0.1%** |  |  |
| Universal Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;209759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12216364 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.5%** |  |  |
| Air Lease Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;881024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51531094 |
| Boise Cascade Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;320324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27810530 |
| DNOW, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;899668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13342076 |
| DXP Enterprises, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;108084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9473563 |
| GMS, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;326761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35535259 |
| Rush Enterprises, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;520856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26829292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164521814 |
| **WATER UTILITIES — 0.6%** |  |  |
| American States Water Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;327697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25121252 |
| California Water Service Group<br>| &nbsp;&nbsp;&nbsp;&nbsp;504300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22935564 |
| H2O America<br>| &nbsp;&nbsp;&nbsp;&nbsp;260676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13547332 |
| Middlesex Water Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;151800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69828672 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.3%** |  |  |
| Gogo, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;501203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357660 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Telephone & Data Systems, Inc.<br>| &nbsp;&nbsp;834841 | &nbsp;&nbsp;$29703643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37061303 |
| **TOTAL COMMON STOCKS<br>(Cost $10,716,070,349)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;11269407349 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 6.9%** | **SHORT-TERM INVESTMENTS — 6.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | &nbsp;&nbsp;13332714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13332714 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (f) (g) | 770712279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770712279 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $784,044,993)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784044993 |
| **TOTAL INVESTMENTS — 106.6%<br>(Cost $11,500,115,342)<br>** | **TOTAL INVESTMENTS — 106.6%<br>(Cost $11,500,115,342)<br>** | &nbsp;&nbsp;12053452342 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (6.6)%<br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (6.6)%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(751058730) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $11302393612 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 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**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 600 SMALL CAP ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini Russell 2000 Index (long) | 157 | 09/19/2025 | $16940369 | $17204845 | $264476 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $17,426,239.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $11269403997 | $3352 | &nbsp;&nbsp;&nbsp;$0(a) | $11269407349 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784044993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784044993 |
| **TOTAL INVESTMENTS<br>**  | $12053448990 | $3352 | $0 | $12053452342 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $264476 | $— | $— | $264476 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $264476 | $— | $— | $264476 |

---

(a) The Fund held Level 3 securities that were valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;6698607 | $6700617 | $43868139 | $50568756 | $337 | $(337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $70799 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;508771932 | &nbsp;&nbsp;&nbsp;&nbsp;495439218 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;13332714 | &nbsp;&nbsp;&nbsp;13332714 | &nbsp;&nbsp;&nbsp;&nbsp;714161 |
| State Street Navigator Securities Lending Portfolio II<br>| 751498526 | &nbsp;&nbsp;751498526 | &nbsp;&nbsp;4165220936 | &nbsp;&nbsp;4146007183 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 770712279 | &nbsp;&nbsp;770712279 | &nbsp;&nbsp;2905775 |
| Total<br>|  | $758199143 | $4717861007 | $4692015157 | $337 | $(337) |  | $784044993 | $3690735 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **AEROSPACE & DEFENSE — 2.2%** | **AEROSPACE & DEFENSE — 2.2%** | **AEROSPACE & DEFENSE — 2.2%** |
| AAR Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6368 | &nbsp;&nbsp;$438055 |
| AeroVironment, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160886 |
| ATI, Inc. (a) | &nbsp;&nbsp;24469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112653 |
| Axon Enterprise, Inc. (a) | &nbsp;&nbsp;13268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10985108 |
| Boeing Co. (a) | 135694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28431964 |
| BWX Technologies, Inc. | &nbsp;&nbsp;17174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474086 |
| Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534171 |
| General Dynamics Corp. | &nbsp;&nbsp;47316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800185 |
| General Electric Co. | 197255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50771464 |
| Hexcel Corp. | &nbsp;&nbsp;16045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906382 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;73634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13705496 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925643 |
| Kratos Defense & Security Solutions, Inc. (a) (b) | &nbsp;&nbsp;35280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638756 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;35519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909586 |
| Lockheed Martin Corp. | &nbsp;&nbsp;39028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18075428 |
| Mercury Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536661 |
| Moog, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002574 |
| National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10580 |
| Northrop Grumman Corp. | &nbsp;&nbsp;25047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12522999 |
| RTX Corp. | 248626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36304369 |
| Textron, Inc. | &nbsp;&nbsp;36888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961738 |
| TransDigm Group, Inc. | &nbsp;&nbsp;10483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15940869 |
| Triumph Group, Inc. (a) | &nbsp;&nbsp;12646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325635 |
| Woodward, Inc. | &nbsp;&nbsp;10912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231149710 |
| **AIR FREIGHT & LOGISTICS — 0.3%** | **AIR FREIGHT & LOGISTICS — 0.3%** | **AIR FREIGHT & LOGISTICS — 0.3%** |
| CH Robinson Worldwide, Inc. | &nbsp;&nbsp;21926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103800 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;27579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3150901 |
| FedEx Corp. | &nbsp;&nbsp;41103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9343123 |
| Forward Air Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;5233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128418 |
| GXO Logistics, Inc. (a) (b) | &nbsp;&nbsp;22263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084208 |
| Hub Group, Inc. Class A | &nbsp;&nbsp;12336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412392 |
| United Parcel Service, Inc. Class B | 135565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13683931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29906773 |
| **AIRLINES — 0.2%** | **AIRLINES — 0.2%** | **AIRLINES — 0.2%** |
| Alaska Air Group, Inc. (a) (b) | &nbsp;&nbsp;23468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161197 |
| Allegiant Travel Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;2584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141991 |
| American Airlines Group, Inc. (a) (b) | 116668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309015 |
| Delta Air Lines, Inc. | 119201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5862305 |
| JetBlue Airways Corp. (a) (b) | &nbsp;&nbsp;57036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241262 |
| SkyWest, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959577 |
| Southwest Airlines Co. (b) | 108934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533819 |
| Sun Country Airlines Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18471 |
| United Airlines Holdings, Inc. (a) | &nbsp;&nbsp;57419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17799912 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **AUTO COMPONENTS — 0.1%** | **AUTO COMPONENTS — 0.1%** | **AUTO COMPONENTS — 0.1%** |
| Adient PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;16752 | &nbsp;&nbsp;$325994 |
| American Axle & Manufacturing Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;18211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74301 |
| Aptiv PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;40180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741080 |
| Autoliv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627026 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;44906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503453 |
| Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483321 |
| Dorman Products, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682781 |
| Fox Factory Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184252 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;45734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005691 |
| Gentherm, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169712 |
| Goodyear Tire & Rubber Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;52685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546343 |
| LCI Industries (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465981 |
| Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009637 |
| Patrick Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492630 |
| Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399075 |
| Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90685 |
| Visteon Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503913 |
| XPEL, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12392035 |
| **AUTOMOBILES — 1.7%** | **AUTOMOBILES — 1.7%** | **AUTOMOBILES — 1.7%** |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;729649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7916692 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;179169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8816906 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556559 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;517844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164498325 |
| Thor Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;10227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908260 |
| Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182874889 |
| **BANKS — 3.9%** | **BANKS — 3.9%** | **BANKS — 3.9%** |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;10585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684849 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725432 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455280 |
| Axos Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788383 |
| Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350576 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400776 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556483 |
| Bank of America Corp. | 1218501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57659467 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531866 |
| Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;22278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048403 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592751 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379511 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211262 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169169 |
| Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;32727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046609 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148822 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;14015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638103 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174066 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;347612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29588733 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3887522 |
| City Holding Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383297 |
| Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854633 |
| Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550542 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494629 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Community Financial System, Inc. | &nbsp;&nbsp;10027 | &nbsp;&nbsp;$570235 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;10950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407513 |
| Customers Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368359 |
| CVB Financial Corp. | &nbsp;&nbsp;23454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464155 |
| Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168860 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124127 |
| East West Bancorp, Inc. | &nbsp;&nbsp;26654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691521 |
| FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181789 |
| Fifth Third Bancorp | 127311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236301 |
| First BanCorp | &nbsp;&nbsp;39520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823202 |
| First Bancorp/Southern Pines NC | &nbsp;&nbsp;&nbsp;&nbsp;2568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113223 |
| First Commonwealth Financial Corp. | &nbsp;&nbsp;19085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309750 |
| First Financial Bancorp | &nbsp;&nbsp;16728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405821 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;26015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936020 |
| First Hawaiian, Inc. | &nbsp;&nbsp;24730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617261 |
| First Horizon Corp. | &nbsp;&nbsp;92367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958180 |
| Flagstar Financial, Inc. | &nbsp;&nbsp;43727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463506 |
| FNB Corp. | &nbsp;&nbsp;62757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914997 |
| Fulton Financial Corp. | &nbsp;&nbsp;31584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569775 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;17487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753340 |
| Hancock Whitney Corp. | &nbsp;&nbsp;17150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984410 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154744 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146950 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;10927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331634 |
| Home BancShares, Inc. | &nbsp;&nbsp;30530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868884 |
| Hope Bancorp, Inc. | &nbsp;&nbsp;24866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266812 |
| Huntington Bancshares, Inc. | 273237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4579452 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452898 |
| International Bancshares Corp. | &nbsp;&nbsp;10455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695885 |
| JPMorgan Chase & Co. | 514128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149050848 |
| KeyCorp | 180368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142011 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301965 |
| M&T Bank Corp. | &nbsp;&nbsp;31042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021838 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255710 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382925 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;21269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271818 |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;8851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378823 |
| Old National Bancorp | &nbsp;&nbsp;54306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158890 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;18220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384260 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458627 |
| Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500355 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;13875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531939 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;74594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13905813 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;2692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232979 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;17099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201034 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;14389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252239 |
| Regions Financial Corp. | 180023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234141 |
| Renasant Corp. | &nbsp;&nbsp;10922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392427 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275632 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;9051 | &nbsp;&nbsp;$249989 |
| ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681933 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;21771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412778 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180700 |
| SouthState Corp. | &nbsp;&nbsp;18129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668412 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140376 |
| Synovus Financial Corp. | &nbsp;&nbsp;27975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447706 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739055 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151430 |
| Triumph Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200711 |
| Truist Financial Corp. | 251100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10794789 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117572 |
| Trustmark Corp. | &nbsp;&nbsp;12289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448057 |
| U.S. Bancorp | 291714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13200058 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742009 |
| United Bankshares, Inc. | &nbsp;&nbsp;21734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791770 |
| United Community Banks, Inc. | &nbsp;&nbsp;15821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471308 |
| Valley National Bancorp | &nbsp;&nbsp;75211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671634 |
| Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195045 |
| WaFd, Inc. | &nbsp;&nbsp;14328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419524 |
| Webster Financial Corp. | &nbsp;&nbsp;34098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861751 |
| Wells Fargo & Co. | 604694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48448083 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;4272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206936 |
| Western Alliance Bancorp | &nbsp;&nbsp;18195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418846 |
| Wintrust Financial Corp. | &nbsp;&nbsp;10464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297327 |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538230 |
| Zions Bancorp NA | &nbsp;&nbsp;29853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405261636 |
| **BEVERAGES — 1.1%** | **BEVERAGES — 1.1%** | **BEVERAGES — 1.1%** |
| Boston Beer Co., Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385055 |
| Brown-Forman Corp. Class B | &nbsp;&nbsp;34321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923578 |
| Celsius Holdings, Inc. (a) | &nbsp;&nbsp;27833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291173 |
| Coca-Cola Co. | 716724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50708223 |
| Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882928 |
| Constellation Brands, Inc. Class A | &nbsp;&nbsp;30131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901711 |
| Keurig Dr. Pepper, Inc. | 251251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8306358 |
| MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90599 |
| Molson Coors Beverage Co. Class B | &nbsp;&nbsp;35599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711956 |
| Monster Beverage Corp. (a) | 125937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7888694 |
| National Beverage Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227096 |
| PepsiCo, Inc. | 253626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33488777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110806148 |
| **BIOTECHNOLOGY — 1.6%** | **BIOTECHNOLOGY — 1.6%** | **BIOTECHNOLOGY — 1.6%** |
| AbbVie, Inc. | 326659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60634444 |
| ACADIA Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;22764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491019 |
| ADMA Biologics, Inc. (a) | &nbsp;&nbsp;31780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578714 |
| Alkermes PLC (a) | &nbsp;&nbsp;31159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891459 |
| Amgen, Inc. | 100391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28030171 |
| Arcus Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73464 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Arrowhead Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18648 | &nbsp;&nbsp;$294638 |
| Biogen, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427728 |
| BioMarin Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;35538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1953524 |
| Catalyst Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394181 |
| Cytokinetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;20783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686670 |
| Dynavax Technologies Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212298 |
| Exelixis, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;58319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570410 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;228137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25293549 |
| Halozyme Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260184 |
| Incyte Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;34403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342844 |
| Krystal Biotech, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653210 |
| Moderna, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;62037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711601 |
| Myriad Genetics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81631 |
| Neurocrine Biosciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224336 |
| Protagonist Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607749 |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10040625 |
| Roivant Sciences Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;64409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725889 |
| Sarepta Therapeutics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299079 |
| TG Therapeutics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;15765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567382 |
| United Therapeutics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407993 |
| Vericel Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376610 |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;47054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20948441 |
| Vir Biotechnology, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;14173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71432 |
| Xencor, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85627 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169936902 |
| **BROADLINE RETAIL — 3.7%** | **BROADLINE RETAIL — 3.7%** | **BROADLINE RETAIL — 3.7%** |
| Amazon.com, Inc. (a) | 1749794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383887306 |
| eBay, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;87147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6488966 |
| Etsy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140989 |
| Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175137 |
| Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666252 |
| Ollie's Bargain Outlet Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;10324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393719147 |
| **BUILDING PRODUCTS — 0.7%** | **BUILDING PRODUCTS — 0.7%** | **BUILDING PRODUCTS — 0.7%** |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500963 |
| AAON, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;10909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804539 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393252 |
| Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;16998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449752 |
| American Woodmark Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163899 |
| Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229958 |
| Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349389 |
| AZZ, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553653 |
| Builders FirstSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680603 |
| Carlisle Cos., Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393459 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;145671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10661660 |
| CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684090 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207669 |
| Gibraltar Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353056 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9090 | &nbsp;&nbsp;$657843 |
| Hayward Holdings, Inc. (a) | &nbsp;&nbsp;23593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325583 |
| Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117732 |
| Johnson Controls International PLC | 119279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12598248 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573005 |
| Masco Corp. | &nbsp;&nbsp;41961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700610 |
| Masterbrand, Inc. (a) (b) | &nbsp;&nbsp;25684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280726 |
| Owens Corning | &nbsp;&nbsp;16812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311986 |
| Quanex Building Products Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;6355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120110 |
| Resideo Technologies, Inc. (a) | &nbsp;&nbsp;27704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611150 |
| Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231919 |
| Trane Technologies PLC | &nbsp;&nbsp;40804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17848078 |
| Trex Co., Inc. (a) (b) | &nbsp;&nbsp;21662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177980 |
| UFP Industries, Inc. | &nbsp;&nbsp;11544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147012 |
| Zurn Elkay Water Solutions Corp. (b) | &nbsp;&nbsp;20145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72864627 |
| **CAPITAL MARKETS — 3.4%** | **CAPITAL MARKETS — 3.4%** | **CAPITAL MARKETS — 3.4%** |
| Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186702 |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227845 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;17722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9458763 |
| Artisan Partners Asset Management, Inc. Class A | &nbsp;&nbsp;12945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573852 |
| Bank of New York Mellon Corp. | 133692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12180678 |
| BGC Group, Inc. Class A | &nbsp;&nbsp;72189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738494 |
| Blackrock, Inc. | &nbsp;&nbsp;26297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27592127 |
| Blackstone, Inc. | 133194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19923159 |
| Carlyle Group, Inc. (b) | &nbsp;&nbsp;40346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073784 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;20368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750021 |
| Charles Schwab Corp. | 315781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28811858 |
| CME Group, Inc. | &nbsp;&nbsp;67135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18503749 |
| Cohen & Steers, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369215 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;38868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13622845 |
| Donnelley Financial Solutions, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;5925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365276 |
| Evercore, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847477 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219521 |
| Federated Hermes, Inc. | &nbsp;&nbsp;17404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771345 |
| Franklin Resources, Inc. | &nbsp;&nbsp;52546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253222 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;57244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40514441 |
| Hamilton Lane, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;6455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917385 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745155 |
| Interactive Brokers Group, Inc. Class A | &nbsp;&nbsp;80168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442109 |
| Intercontinental Exchange, Inc. | 107206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19669085 |
| Invesco Ltd. | &nbsp;&nbsp;73105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152866 |
| Janus Henderson Group PLC | &nbsp;&nbsp;27905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083830 |
| Jefferies Financial Group, Inc. | &nbsp;&nbsp;31465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720821 |
| KKR & Co., Inc. | 124530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16566226 |
| MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647133 |
| Moelis & Co. Class A | &nbsp;&nbsp;12545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781804 |
| Moody's Corp. | &nbsp;&nbsp;28087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14088158 |
| Morgan Stanley | 228998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32256658 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574673 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| MSCI, Inc. | &nbsp;&nbsp;14733 | &nbsp;&nbsp;$8497110 |
| Nasdaq, Inc. | &nbsp;&nbsp;77374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6918783 |
| Northern Trust Corp. | &nbsp;&nbsp;38771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915775 |
| Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757942 |
| PJT Partners, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;4254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701953 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;34773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333135 |
| S&P Global, Inc. | &nbsp;&nbsp;57774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30463653 |
| SEI Investments Co. | &nbsp;&nbsp;18683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678854 |
| State Street Corp. (c) | &nbsp;&nbsp;52298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5561369 |
| StepStone Group, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541847 |
| Stifel Financial Corp. | &nbsp;&nbsp;19545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028380 |
| StoneX Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651651 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;42129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065449 |
| Virtu Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321189 |
| Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154190 |
| WisdomTree, Inc. (b) | &nbsp;&nbsp;22158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358476596 |
| **CHEMICALS — 1.3%** | **CHEMICALS — 1.3%** | **CHEMICALS — 1.3%** |
| AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145421 |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;41504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11706618 |
| Albemarle Corp. | &nbsp;&nbsp;22317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398606 |
| Ashland, Inc. | &nbsp;&nbsp;10145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510091 |
| Avient Corp. | &nbsp;&nbsp;15272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493438 |
| Axalta Coating Systems Ltd. (a) | &nbsp;&nbsp;41615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235549 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948832 |
| Cabot Corp. | &nbsp;&nbsp;10795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809625 |
| Celanese Corp. | &nbsp;&nbsp;18922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046954 |
| CF Industries Holdings, Inc. | &nbsp;&nbsp;35934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305928 |
| Chemours Co. (b) | &nbsp;&nbsp;30061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344199 |
| Corteva, Inc. | 131540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9803676 |
| Dow, Inc. | 131647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3486013 |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;80271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5505788 |
| Eastman Chemical Co. | &nbsp;&nbsp;22258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661782 |
| Ecolab, Inc. | &nbsp;&nbsp;46782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12604942 |
| Element Solutions, Inc. | &nbsp;&nbsp;41270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934766 |
| FMC Corp. | &nbsp;&nbsp;23876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996823 |
| Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572663 |
| HB Fuller Co. | &nbsp;&nbsp;10116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608477 |
| Ingevity Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;7435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320374 |
| Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414227 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;46286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404335 |
| Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104230 |
| Linde PLC | &nbsp;&nbsp;86727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40690574 |
| LyondellBasell Industries NV Class A | &nbsp;&nbsp;47908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2771957 |
| Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340883 |
| Mosaic Co. | &nbsp;&nbsp;64176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341141 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917462 |
| Olin Corp. | &nbsp;&nbsp;22845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458956 |
| PPG Industries, Inc. | &nbsp;&nbsp;44038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009323 |
| Quaker Chemical Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;2584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289253 |
| RPM International, Inc. | &nbsp;&nbsp;24775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721286 |
| Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;7836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516863 |
| Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806386 |
| Sherwin-Williams Co. | &nbsp;&nbsp;42105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14457173 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;3246 | &nbsp;&nbsp;$177167 |
| Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134342114 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.7%** | **COMMERCIAL SERVICES & SUPPLIES — 0.7%** | **COMMERCIAL SERVICES & SUPPLIES — 0.7%** |
| ABM Industries, Inc. | &nbsp;&nbsp;12140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573130 |
| Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623353 |
| Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;9265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827272 |
| Cintas Corp. | &nbsp;&nbsp;65038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14495019 |
| Clean Harbors, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125238 |
| Copart, Inc. (a) | 162882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7992620 |
| CoreCivic, Inc. (a) | &nbsp;&nbsp;25448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536189 |
| Deluxe Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150016 |
| Enviri Corp. (a) (b) | &nbsp;&nbsp;15612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135512 |
| GEO Group, Inc. (a) | &nbsp;&nbsp;25995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622580 |
| Healthcare Services Group, Inc. (a) | &nbsp;&nbsp;13905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208992 |
| HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405833 |
| Interface, Inc. (b) | &nbsp;&nbsp;12413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259804 |
| Liquidity Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115284 |
| MillerKnoll, Inc. | &nbsp;&nbsp;12252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237934 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090453 |
| OPENLANE, Inc. (a) (b) | &nbsp;&nbsp;23466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573744 |
| Pitney Bowes, Inc. | &nbsp;&nbsp;31926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348313 |
| RB Global, Inc. | &nbsp;&nbsp;34312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643591 |
| Republic Services, Inc. | &nbsp;&nbsp;36512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9004224 |
| Rollins, Inc. | &nbsp;&nbsp;52755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976437 |
| Tetra Tech, Inc. | &nbsp;&nbsp;52239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1878515 |
| UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535674 |
| Veralto Corp. | &nbsp;&nbsp;41396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4178926 |
| Vestis Corp. | &nbsp;&nbsp;24525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140528 |
| Waste Management, Inc. | &nbsp;&nbsp;68899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15765469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69444650 |
| **COMMUNICATIONS EQUIPMENT — 0.9%** | **COMMUNICATIONS EQUIPMENT — 0.9%** | **COMMUNICATIONS EQUIPMENT — 0.9%** |
| Arista Networks, Inc. (a) | 187892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19223231 |
| Calix, Inc. (a) | &nbsp;&nbsp;10468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556793 |
| Ciena Corp. (a) | &nbsp;&nbsp;28775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340271 |
| Cisco Systems, Inc. | 732373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50812039 |
| Digi International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201316 |
| Extreme Networks, Inc. (a) | &nbsp;&nbsp;24108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432739 |
| F5, Inc. (a) | &nbsp;&nbsp;11566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3404105 |
| Harmonic, Inc. (a) | &nbsp;&nbsp;24009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227365 |
| Juniper Networks, Inc. | &nbsp;&nbsp;61503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455815 |
| Lumentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;14151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345194 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;31348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13180580 |
| NetScout Systems, Inc. (a) | &nbsp;&nbsp;13429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333173 |
| Viasat, Inc. (a) (b) | &nbsp;&nbsp;11507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168002 |
| Viavi Solutions, Inc. (a) | &nbsp;&nbsp;43140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95115043 |
| **CONSTRUCTION & ENGINEERING — 0.3%** | **CONSTRUCTION & ENGINEERING — 0.3%** | **CONSTRUCTION & ENGINEERING — 0.3%** |
| AECOM | &nbsp;&nbsp;25904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923525 |
| API Group Corp. (a) | &nbsp;&nbsp;45108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302763 |
| Arcosa, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;8854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767730 |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373833 |
| Dycom Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450699 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8805 | &nbsp;&nbsp;$4709707 |
| Everus Construction Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605886 |
| Fluor Corp. (a) | &nbsp;&nbsp;31770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628848 |
| Granite Construction, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890215 |
| MasTec, Inc. (a) | &nbsp;&nbsp;10874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853256 |
| MYR Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549068 |
| Quanta Services, Inc. | &nbsp;&nbsp;26646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10074320 |
| Sterling Infrastructure, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;5716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318853 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971219 |
| WillScot Holdings Corp. (b) | &nbsp;&nbsp;34196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34356892 |
| **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** | **CONSTRUCTION MATERIALS — 0.1%** |
| Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297344 |
| Knife River Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793868 |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;11575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354212 |
| Vulcan Materials Co. | &nbsp;&nbsp;24133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6294369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14739793 |
| **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** |
| Ally Financial, Inc. | &nbsp;&nbsp;50844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1980374 |
| American Express Co. | 103534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33025275 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458102 |
| Capital One Financial Corp. | 119195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25359928 |
| Encore Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232957 |
| Enova International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578789 |
| EZCORP, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;9984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138578 |
| FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059362 |
| Navient Corp. (b) | &nbsp;&nbsp;11526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162517 |
| PRA Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127558 |
| PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135832 |
| SLM Corp. | &nbsp;&nbsp;42125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381279 |
| Synchrony Financial | &nbsp;&nbsp;78007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5206187 |
| World Acceptance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69925665 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.0%** |
| Albertsons Cos., Inc. Class A | &nbsp;&nbsp;74703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606861 |
| Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222264 |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;24374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628248 |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260625 |
| Chefs' Warehouse, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;4149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264748 |
| Costco Wholesale Corp. | &nbsp;&nbsp;81990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81165181 |
| Dollar General Corp. | &nbsp;&nbsp;41113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4702505 |
| Dollar Tree, Inc. (a) | &nbsp;&nbsp;39989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960511 |
| Grocery Outlet Holding Corp. (a) (b) | &nbsp;&nbsp;14193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176277 |
| Kroger Co. | 109694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7868351 |
| Maplebear, Inc. (a) | &nbsp;&nbsp;30036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358829 |
| Performance Food Group Co. (a) | &nbsp;&nbsp;29016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2538029 |
| PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415748 |
| SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;6378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168953 |
| Sprouts Farmers Market, Inc. (a) | &nbsp;&nbsp;17186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2829503 |
| Sysco Corp. | &nbsp;&nbsp;94823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7181894 |
| Target Corp. | &nbsp;&nbsp;85863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8470385 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| U.S. Foods Holding Corp. (a) | &nbsp;&nbsp;39283 | &nbsp;&nbsp;$3025184 |
| United Natural Foods, Inc. (a) | &nbsp;&nbsp;10444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243450 |
| Walgreens Boots Alliance, Inc. | 134139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539916 |
| Walmart, Inc. | 803134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78530442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212157904 |
| **CONTAINERS & PACKAGING — 0.3%** | **CONTAINERS & PACKAGING — 0.3%** | **CONTAINERS & PACKAGING — 0.3%** |
| Amcor PLC | 433809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986705 |
| AptarGroup, Inc. | &nbsp;&nbsp;11927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865741 |
| Avery Dennison Corp. | &nbsp;&nbsp;15287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682410 |
| Ball Corp. | &nbsp;&nbsp;60361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3385648 |
| Crown Holdings, Inc. | &nbsp;&nbsp;22632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330643 |
| Graphic Packaging Holding Co. (b) | &nbsp;&nbsp;57985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221744 |
| Greif, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217457 |
| International Paper Co. | &nbsp;&nbsp;97299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556512 |
| O-I Glass, Inc. (a) | &nbsp;&nbsp;28895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425912 |
| Packaging Corp. of America | &nbsp;&nbsp;17586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314082 |
| Sealed Air Corp. | &nbsp;&nbsp;28954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898443 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;15079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816980 |
| Smurfit WestRock PLC | &nbsp;&nbsp;91931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966823 |
| Sonoco Products Co. | &nbsp;&nbsp;19147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30503143 |
| **DISTRIBUTORS — 0.1%** | **DISTRIBUTORS — 0.1%** | **DISTRIBUTORS — 0.1%** |
| Genuine Parts Co. | &nbsp;&nbsp;26604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227331 |
| LKQ Corp. | &nbsp;&nbsp;51925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1921744 |
| Pool Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;7324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7283875 |
| **DIVERSIFIED CONSUMER SERVICES — 0.1%** | **DIVERSIFIED CONSUMER SERVICES — 0.1%** | **DIVERSIFIED CONSUMER SERVICES — 0.1%** |
| Adtalem Global Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153594 |
| Duolingo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729913 |
| Frontdoor, Inc. (a) | &nbsp;&nbsp;15338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904022 |
| Graham Holdings Co. Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554456 |
| Grand Canyon Education, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061046 |
| H&R Block, Inc. | &nbsp;&nbsp;26758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468747 |
| Matthews International Corp. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149150 |
| Mister Car Wash, Inc. (a) (b) | &nbsp;&nbsp;15098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90739 |
| Perdoceo Education Corp. | &nbsp;&nbsp;13186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431050 |
| Service Corp. International | &nbsp;&nbsp;27720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256408 |
| Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402069 |
| Stride, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;7721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12322206 |
| **DIVERSIFIED REITs — 0.0% <sup>\*</sup>** | **DIVERSIFIED REITs — 0.0% <sup>\*</sup>** | **DIVERSIFIED REITs — 0.0% <sup>\*</sup>** |
| Alexander & Baldwin, Inc. REIT | &nbsp;&nbsp;12745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227243 |
| American Assets Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;9376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185176 |
| Armada Hoffler Properties, Inc. REIT | &nbsp;&nbsp;10506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72176 |
| Essential Properties Realty Trust, Inc. REIT (b) | &nbsp;&nbsp;21986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701573 |
| Global Net Lease, Inc. REIT | &nbsp;&nbsp;19388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146380 |
| WP Carey, Inc. REIT | &nbsp;&nbsp;40177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838789 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%** |
| AT&T, Inc. | 1330425 | &nbsp;&nbsp;$38502500 |
| Cogent Communications Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392285 |
| Frontier Communications Parent, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;41920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525888 |
| Iridium Communications, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;24216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730597 |
| Lumen Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;185788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813751 |
| Shenandoah Telecommunications Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125494 |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;785682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33996460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76086975 |
| **ELECTRIC UTILITIES — 1.5%** | **ELECTRIC UTILITIES — 1.5%** | **ELECTRIC UTILITIES — 1.5%** |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645057 |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842937 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10054551 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18415717 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;144390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17038020 |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;70425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3633930 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;76006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6317619 |
| Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951996 |
| Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;63613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047059 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;183068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7948813 |
| FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886982 |
| IDACORP, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075994 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592017 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;383764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26640897 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5694327 |
| OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684665 |
| Otter Tail Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611632 |
| PG&E Corp. | &nbsp;&nbsp;&nbsp;393265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482114 |
| Pinnacle West Capital Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;21825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952683 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;17183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698145 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;141802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805670 |
| Southern Co. | &nbsp;&nbsp;&nbsp;204385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18768675 |
| TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883435 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;103710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153735586 |
| **ELECTRICAL EQUIPMENT — 0.9%** | **ELECTRICAL EQUIPMENT — 0.9%** | **ELECTRICAL EQUIPMENT — 0.9%** |
| Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725599 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7727897 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;72615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25922829 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;107062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14274576 |
| EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700741 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26821026 |
| Generac Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670974 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210707 |
| NEXTracker, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;23159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259155 |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;30339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222332 |
| Powell Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432685 |
| Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877812 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7239645 |
| Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;28480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857533 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sunrun, Inc. (a) (b) | &nbsp;&nbsp;40197 | &nbsp;&nbsp;$328811 |
| Vicor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97439338 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%** |
| Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924188 |
| Amphenol Corp. Class A | 223688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22089190 |
| Arlo Technologies, Inc. (a) | &nbsp;&nbsp;14661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248651 |
| Arrow Electronics, Inc. (a) | &nbsp;&nbsp;10422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328076 |
| Avnet, Inc. | &nbsp;&nbsp;18261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969294 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372945 |
| Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886565 |
| Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250492 |
| CDW Corp. | &nbsp;&nbsp;25126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487252 |
| Cognex Corp. | &nbsp;&nbsp;33102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049995 |
| Coherent Corp. (a) | &nbsp;&nbsp;22913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044069 |
| Corning, Inc. | 142652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502069 |
| Crane NXT Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;9115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491299 |
| CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258387 |
| ePlus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417892 |
| Fabrinet (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891256 |
| Flex Ltd. (a) | &nbsp;&nbsp;73550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3671616 |
| Insight Enterprises, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;5263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726741 |
| IPG Photonics Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432495 |
| Itron, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014604 |
| Jabil, Inc. | &nbsp;&nbsp;19491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250987 |
| Keysight Technologies, Inc. (a) | &nbsp;&nbsp;33211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5441955 |
| Knowles Corp. (a) (b) | &nbsp;&nbsp;17574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309654 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115738 |
| Novanta, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829278 |
| OSI Systems, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686722 |
| PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160306 |
| Plexus Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756112 |
| Ralliant Corp. (a) | &nbsp;&nbsp;21279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031835 |
| Rogers Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216123 |
| Sanmina Corp. (a) | &nbsp;&nbsp;12515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224342 |
| ScanSource, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251654 |
| TD SYNNEX Corp. (b) | &nbsp;&nbsp;14479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964800 |
| TE Connectivity PLC | &nbsp;&nbsp;54082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122011 |
| Teledyne Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400743 |
| Trimble, Inc. (a) | &nbsp;&nbsp;47283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3592562 |
| TTM Technologies, Inc. (a) | &nbsp;&nbsp;19310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788234 |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;25030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397476 |
| Vontier Corp. | &nbsp;&nbsp;27050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998145 |
| Zebra Technologies Corp. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;9911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3056156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92651909 |
| **ENERGY EQUIPMENT & SERVICES — 0.3%** | **ENERGY EQUIPMENT & SERVICES — 0.3%** | **ENERGY EQUIPMENT & SERVICES — 0.3%** |
| Archrock, Inc. | &nbsp;&nbsp;19704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489250 |
| Atlas Energy Solutions, Inc. (b) | &nbsp;&nbsp;11306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151161 |
| Baker Hughes Co. | 188988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245800 |
| Bristow Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168642 |
| Cactus, Inc. Class A | &nbsp;&nbsp;12198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533297 |
| ChampionX Corp. | &nbsp;&nbsp;36774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913466 |
| Core Laboratories, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;8476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97643 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Halliburton Co. | 165364 | &nbsp;&nbsp;$3370118 |
| Helix Energy Solutions Group, Inc. (a) | &nbsp;&nbsp;26644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166259 |
| Helmerich & Payne, Inc. (b) | &nbsp;&nbsp;21054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319179 |
| Innovex International, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97266 |
| Liberty Energy, Inc. | &nbsp;&nbsp;29165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334814 |
| NOV, Inc. | &nbsp;&nbsp;73739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916576 |
| Oceaneering International, Inc. (a) | &nbsp;&nbsp;19365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401243 |
| Patterson-UTI Energy, Inc. (b) | &nbsp;&nbsp;59794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354578 |
| ProPetro Holding Corp. (a) (b) | &nbsp;&nbsp;15894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94887 |
| RPC, Inc. (b) | &nbsp;&nbsp;13688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64744 |
| Schlumberger NV | 266189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8997188 |
| Tidewater, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;8978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414155 |
| Valaris Ltd. (a) (b) | &nbsp;&nbsp;11372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478875 |
| Weatherford International PLC | &nbsp;&nbsp;13590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26292854 |
| **ENTERTAINMENT — 1.7%** | **ENTERTAINMENT — 1.7%** | **ENTERTAINMENT — 1.7%** |
| Cinemark Holdings, Inc. (b) | &nbsp;&nbsp;21326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643619 |
| Electronic Arts, Inc. | &nbsp;&nbsp;46172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373668 |
| Live Nation Entertainment, Inc. (a) (b) | &nbsp;&nbsp;27006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085468 |
| Madison Square Garden Sports Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687655 |
| Netflix, Inc. (a) | &nbsp;&nbsp;79272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106155513 |
| Take-Two Interactive Software, Inc. (a) | &nbsp;&nbsp;30004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7286471 |
| TKO Group Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;9091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1654108 |
| Walt Disney Co. | 334206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41444886 |
| Warner Bros Discovery, Inc. (a) (b) | 409305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690635 |
| Warner Music Group Corp. Class A | &nbsp;&nbsp;26392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174740941 |
| **FINANCIAL SERVICES — 4.2%** | **FINANCIAL SERVICES — 4.2%** | **FINANCIAL SERVICES — 4.2%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp;82893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11760030 |
| Berkshire Hathaway, Inc. Class B (a) | 338429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164398655 |
| Corpay, Inc. (a) | &nbsp;&nbsp;13890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4608980 |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201576 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;59350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329535 |
| Essent Group Ltd. | &nbsp;&nbsp;19436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180348 |
| Euronet Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965442 |
| EVERTEC, Inc. | &nbsp;&nbsp;11326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408302 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;99057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8064230 |
| Fiserv, Inc. (a) | 105894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18257185 |
| Global Payments, Inc. | &nbsp;&nbsp;48511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882820 |
| HA Sustainable Infrastructure Capital, Inc. (b) | &nbsp;&nbsp;20232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543432 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;14349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585259 |
| Jackson Financial, Inc. Class A | &nbsp;&nbsp;11426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014515 |
| Mastercard, Inc. Class A | 150158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84379786 |
| MGIC Investment Corp. | &nbsp;&nbsp;51514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434150 |
| Mr. Cooper Group, Inc. (a) | &nbsp;&nbsp;13420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002398 |
| NCR Atleos Corp. (a) | &nbsp;&nbsp;12470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355769 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;11798 | &nbsp;&nbsp;$497758 |
| Payoneer Global, Inc. (a) | &nbsp;&nbsp;38529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263924 |
| PayPal Holdings, Inc. (a) | 187236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13915379 |
| Radian Group, Inc. | &nbsp;&nbsp;29585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065652 |
| Shift4 Payments, Inc. Class A (a) (b) | &nbsp;&nbsp;12147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203889 |
| Visa, Inc. Class A | 317915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112875721 |
| Voya Financial, Inc. | &nbsp;&nbsp;20291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440661 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390600 |
| Western Union Co. (b) | &nbsp;&nbsp;75409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634944 |
| WEX, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442876455 |
| **FOOD PRODUCTS — 0.6%** | **FOOD PRODUCTS — 0.6%** | **FOOD PRODUCTS — 0.6%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;85150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494217 |
| B&G Foods, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;8718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36877 |
| Bunge Global SA | &nbsp;&nbsp;27974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2245753 |
| Cal-Maine Foods, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;6944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691831 |
| Campbell's Co. (b) | &nbsp;&nbsp;39656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215456 |
| Conagra Brands, Inc. | &nbsp;&nbsp;90549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853538 |
| Darling Ingredients, Inc. (a) | &nbsp;&nbsp;30726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165744 |
| Flowers Foods, Inc. | &nbsp;&nbsp;34064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544343 |
| Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202171 |
| Freshpet, Inc. (a) (b) | &nbsp;&nbsp;11774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800161 |
| General Mills, Inc. | &nbsp;&nbsp;97801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067070 |
| Hershey Co. | &nbsp;&nbsp;27682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4593828 |
| Hormel Foods Corp. | &nbsp;&nbsp;53430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616257 |
| Ingredion, Inc. | &nbsp;&nbsp;12386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679789 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322651 |
| J.M. Smucker Co. | &nbsp;&nbsp;19810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945342 |
| John B Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69438 |
| Kellanova | &nbsp;&nbsp;48231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3835811 |
| Kraft Heinz Co. | 151390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3908890 |
| Lamb Weston Holdings, Inc. | &nbsp;&nbsp;27798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441326 |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516582 |
| McCormick & Co., Inc. | &nbsp;&nbsp;46754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544888 |
| Mondelez International, Inc. Class A | 235374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15873623 |
| Pilgrim's Pride Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;9304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418494 |
| Post Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030334 |
| Simply Good Foods Co. (a) (b) | &nbsp;&nbsp;16052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507083 |
| Tootsie Roll Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;3618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121022 |
| TreeHouse Foods, Inc. (a) | &nbsp;&nbsp;10437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202687 |
| Tyson Foods, Inc. Class A | &nbsp;&nbsp;54648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057009 |
| WK Kellogg Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63025838 |
| **GAS UTILITIES — 0.1%** | **GAS UTILITIES — 0.1%** | **GAS UTILITIES — 0.1%** |
| Atmos Energy Corp. | &nbsp;&nbsp;27903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300131 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378092 |
| MDU Resources Group, Inc. | &nbsp;&nbsp;38401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640145 |
| National Fuel Gas Co. | &nbsp;&nbsp;16579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404407 |
| New Jersey Resources Corp. | &nbsp;&nbsp;16959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760102 |
| Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;6296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250077 |
| ONE Gas, Inc. | &nbsp;&nbsp;10170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730816 |
| Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738990 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719536 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| UGI Corp. (b) | &nbsp;&nbsp;38932 | &nbsp;&nbsp;$1417904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340200 |
| **GROUND TRANSPORTATION — 1.0%** | **GROUND TRANSPORTATION — 1.0%** | **GROUND TRANSPORTATION — 1.0%** |
| ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413390 |
| Avis Budget Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;3551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600296 |
| CSX Corp. | 348656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11376645 |
| Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81475 |
| Hertz Global Holdings, Inc. (a) (b) | &nbsp;&nbsp;29647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202489 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;15807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269885 |
| Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;32352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430929 |
| Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977033 |
| Marten Transport Ltd. | &nbsp;&nbsp;10498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136369 |
| Norfolk Southern Corp. | &nbsp;&nbsp;42490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10876165 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;33729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5474217 |
| RXO, Inc. (a) | &nbsp;&nbsp;18748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294719 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324629 |
| Saia, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404473 |
| Schneider National, Inc. Class B | &nbsp;&nbsp;&nbsp;&nbsp;6977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168494 |
| Uber Technologies, Inc. (a) | 385332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35951476 |
| Union Pacific Corp. | 111466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25646097 |
| Werner Enterprises, Inc. (b) | &nbsp;&nbsp;10408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284763 |
| XPO, Inc. (a) (b) | &nbsp;&nbsp;21863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2761078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101674622 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%** |
| Abbott Laboratories | 319699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43482261 |
| Align Technology, Inc. (a) | &nbsp;&nbsp;13604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575645 |
| Artivion, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210205 |
| Avanos Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110613 |
| Baxter International, Inc. | &nbsp;&nbsp;95210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2882959 |
| Becton Dickinson & Co. | &nbsp;&nbsp;53845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9274801 |
| Boston Scientific Corp. (a) | 274515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29485656 |
| CONMED Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285607 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;35987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2560835 |
| Dentsply Sirona, Inc. | &nbsp;&nbsp;40831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648396 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;72487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327390 |
| Edwards Lifesciences Corp. (a) | 113257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8857830 |
| Embecta Corp. | &nbsp;&nbsp;10772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104381 |
| Enovis Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222687 |
| Envista Holdings Corp. (a) (b) | &nbsp;&nbsp;30103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588213 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;88167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530530 |
| Glaukos Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833034 |
| Globus Medical, Inc. Class A (a) | &nbsp;&nbsp;20602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215930 |
| Haemonetics Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683950 |
| Hologic, Inc. (a) | &nbsp;&nbsp;47202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075682 |
| ICU Medical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437284 |
| IDEXX Laboratories, Inc. (a) | &nbsp;&nbsp;15496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311125 |
| Inspire Medical Systems, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;4670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606026 |
| Insulet Corp. (a) | &nbsp;&nbsp;13250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4162885 |
| Integer Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737574 |
| Integra LifeSciences Holdings Corp. (a) (b) | &nbsp;&nbsp;13364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163976 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;66223 | &nbsp;&nbsp;$35986241 |
| Lantheus Holdings, Inc. (a) (b) | &nbsp;&nbsp;12564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028489 |
| LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256043 |
| LivaNova PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;9865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444122 |
| Masimo Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;8705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464355 |
| Medtronic PLC | 236135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20583888 |
| Merit Medical Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887780 |
| Neogen Corp. (a) (b) | &nbsp;&nbsp;33417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159733 |
| Omnicell, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209916 |
| Penumbra, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715058 |
| QuidelOrtho Corp. (a) (b) | &nbsp;&nbsp;11292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325436 |
| ResMed, Inc. | &nbsp;&nbsp;27291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7041078 |
| Solventum Corp. (a) | &nbsp;&nbsp;26091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978742 |
| STAAR Surgical Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143066 |
| STERIS PLC | &nbsp;&nbsp;18615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471695 |
| Stryker Corp. | &nbsp;&nbsp;63372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25071864 |
| Tandem Diabetes Care, Inc. (a) | &nbsp;&nbsp;11572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215702 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020382 |
| TransMedics Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827378 |
| UFP Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268576 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;38677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242002748 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.8%** | **HEALTH CARE PROVIDERS & SERVICES — 1.8%** | **HEALTH CARE PROVIDERS & SERVICES — 1.8%** |
| Acadia Healthcare Co., Inc. (a) (b) | &nbsp;&nbsp;16861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382576 |
| AdaptHealth Corp. (a) | &nbsp;&nbsp;18017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169900 |
| Addus HomeCare Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;2829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325872 |
| Amedisys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552361 |
| AMN Healthcare Services, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165153 |
| Astrana Health, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102381 |
| Cardinal Health, Inc. | &nbsp;&nbsp;46018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7731024 |
| Cencora, Inc. | &nbsp;&nbsp;31354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9401497 |
| Centene Corp. (a) | &nbsp;&nbsp;90338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4903547 |
| Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385803 |
| Cigna Group | &nbsp;&nbsp;51365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16980242 |
| Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;16495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339302 |
| CorVel Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408139 |
| CVS Health Corp. | 229546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15834083 |
| DaVita, Inc. (a) | &nbsp;&nbsp;10063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433474 |
| Elevance Health, Inc. | &nbsp;&nbsp;42550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16550248 |
| Encompass Health Corp. | &nbsp;&nbsp;19095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341620 |
| Ensign Group, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;9907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528254 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;31439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12044281 |
| HealthEquity, Inc. (a) | &nbsp;&nbsp;14293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497335 |
| Henry Schein, Inc. (a) (b) | &nbsp;&nbsp;25839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887539 |
| Hims & Hers Health, Inc. (a) (b) | &nbsp;&nbsp;35279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758658 |
| Humana, Inc. | &nbsp;&nbsp;23019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627685 |
| Labcorp Holdings, Inc. | &nbsp;&nbsp;16022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205935 |
| McKesson Corp. | &nbsp;&nbsp;23103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16929416 |
| Molina Healthcare, Inc. (a) | &nbsp;&nbsp;11182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331118 |
| National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274909 |
| NeoGenomics, Inc. (a) | &nbsp;&nbsp;23116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168978 |
| OmniAb, Inc. (a) (b) (d) | &nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Option Care Health, Inc. (a) | &nbsp;&nbsp;33572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090419 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Owens & Minor, Inc. (a) | &nbsp;&nbsp;13988 | &nbsp;&nbsp;$127291 |
| Pediatrix Medical Group, Inc. (a) | &nbsp;&nbsp;16398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235311 |
| Premier, Inc. Class A (b) | &nbsp;&nbsp;22039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483315 |
| Privia Health Group, Inc. (a) | &nbsp;&nbsp;17726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407698 |
| Progyny, Inc. (a) | &nbsp;&nbsp;15496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340912 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;21004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772949 |
| RadNet, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;7738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440370 |
| Select Medical Holdings Corp. | &nbsp;&nbsp;20179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306317 |
| Tenet Healthcare Corp. (a) | &nbsp;&nbsp;19744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474944 |
| U.S. Physical Therapy, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;2673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209029 |
| UnitedHealth Group, Inc. | 169716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52946301 |
| Universal Health Services, Inc. Class B | &nbsp;&nbsp;10316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868743 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193964929 |
| **HEALTH CARE REITs — 0.3%** | **HEALTH CARE REITs — 0.3%** | **HEALTH CARE REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. REIT | &nbsp;&nbsp;29168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118472 |
| CareTrust REIT, Inc. | &nbsp;&nbsp;19333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591590 |
| Healthcare Realty Trust, Inc. REIT | &nbsp;&nbsp;62693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994311 |
| Healthpeak Properties, Inc. REIT | 124447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179067 |
| LTC Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;7715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267016 |
| Medical Properties Trust, Inc. REIT (b) | 103967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448098 |
| Omega Healthcare Investors, Inc. REIT | &nbsp;&nbsp;43963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611244 |
| Sabra Health Care REIT, Inc. | &nbsp;&nbsp;40652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749623 |
| Universal Health Realty Income Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;1963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78461 |
| Ventas, Inc. REIT | &nbsp;&nbsp;72022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4548189 |
| Welltower, Inc. REIT | 112881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17353196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30939267 |
| **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** | **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** | **HEALTH CARE TECHNOLOGY — 0.0% <sup>\*</sup>** |
| Certara, Inc. (a) | &nbsp;&nbsp;19876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232549 |
| Doximity, Inc. Class A (a) | &nbsp;&nbsp;22490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379537 |
| HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169617 |
| Schrodinger, Inc. (a) (b) | &nbsp;&nbsp;10316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207558 |
| Simulations Plus, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032572 |
| **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** | **HOTEL & RESORT REITs — 0.1%** |
| Apple Hospitality REIT, Inc. (b) | &nbsp;&nbsp;40038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467243 |
| DiamondRock Hospitality Co. REIT | &nbsp;&nbsp;41603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318679 |
| Host Hotels & Resorts, Inc. REIT | 131802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024479 |
| Park Hotels & Resorts, Inc. REIT (b) | &nbsp;&nbsp;44281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452995 |
| Pebblebrook Hotel Trust REIT | &nbsp;&nbsp;24198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241738 |
| Ryman Hospitality Properties, Inc. REIT (b) | &nbsp;&nbsp;11132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098394 |
| Summit Hotel Properties, Inc. REIT (b) | &nbsp;&nbsp;20072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102166 |
| Sunstone Hotel Investors, Inc. REIT | &nbsp;&nbsp;39923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346532 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Xenia Hotels & Resorts, Inc. REIT (b) | &nbsp;&nbsp;21798 | &nbsp;&nbsp;$274001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5326227 |
| **HOTELS, RESTAURANTS & LEISURE — 2.2%** | **HOTELS, RESTAURANTS & LEISURE — 2.2%** | **HOTELS, RESTAURANTS & LEISURE — 2.2%** |
| Airbnb, Inc. Class A (a) | &nbsp;&nbsp;80102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10600699 |
| Aramark (b) | &nbsp;&nbsp;49180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059167 |
| BJ's Restaurants, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247173 |
| Bloomin' Brands, Inc. | &nbsp;&nbsp;15937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137218 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35325942 |
| Boyd Gaming Corp. (b) | &nbsp;&nbsp;14720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151546 |
| Brinker International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356983 |
| Caesars Entertainment, Inc. (a) (b) | &nbsp;&nbsp;38737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099743 |
| Carnival Corp. (a) | 189908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5340213 |
| Cava Group, Inc. (a) (b) | &nbsp;&nbsp;14975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261344 |
| Cheesecake Factory, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;7961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498836 |
| Chipotle Mexican Grill, Inc. (a) | 256331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14392986 |
| Choice Hotels International, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;5439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690100 |
| Churchill Downs, Inc. | &nbsp;&nbsp;12981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311081 |
| Cracker Barrel Old Country Store, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;4437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271012 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;22459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895388 |
| Dave & Buster's Entertainment, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198197 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042001 |
| DoorDash, Inc. Class A (a) | &nbsp;&nbsp;62870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15498084 |
| Expedia Group, Inc. | &nbsp;&nbsp;24100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065188 |
| Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104123 |
| Hilton Grand Vacations, Inc. (a) (b) | &nbsp;&nbsp;14655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608622 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;44707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11907262 |
| Hyatt Hotels Corp. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;8590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199594 |
| Jack in the Box, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;3927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68565 |
| Las Vegas Sands Corp. | &nbsp;&nbsp;68755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2991530 |
| Light & Wonder, Inc. (a) (b) | &nbsp;&nbsp;17011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637479 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;42322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11562794 |
| Marriott Vacations Worldwide Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486068 |
| McDonald's Corp. | 132333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38663733 |
| MGM Resorts International (a) (b) | &nbsp;&nbsp;50526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737589 |
| Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241859 |
| Norwegian Cruise Line Holdings Ltd. (a) | &nbsp;&nbsp;79946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621305 |
| Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332645 |
| Penn Entertainment, Inc. (a) (b) | &nbsp;&nbsp;28009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500521 |
| Planet Fitness, Inc. Class A (a) | &nbsp;&nbsp;16174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763775 |
| Pursuit Attractions & Hospitality, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;3252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93755 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp;42802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13403018 |
| Sabre Corp. (a) (b) | &nbsp;&nbsp;56608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178881 |
| Shake Shack, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;6634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932740 |
| Six Flags Entertainment Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;8819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268362 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Starbucks Corp. | 207925 | &nbsp;&nbsp;$19052168 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;12346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313764 |
| Travel & Leisure Co. (b) | &nbsp;&nbsp;16319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842224 |
| Vail Resorts, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;7189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129608 |
| Wendy's Co. (b) | &nbsp;&nbsp;33312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380423 |
| Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907969 |
| Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;15450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254694 |
| Wynn Resorts Ltd. (b) | &nbsp;&nbsp;18546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737204 |
| Yum! Brands, Inc. | &nbsp;&nbsp;52099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7720030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230085205 |
| **HOUSEHOLD DURABLES — 0.4%** | **HOUSEHOLD DURABLES — 0.4%** | **HOUSEHOLD DURABLES — 0.4%** |
| Cavco Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843663 |
| Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230405 |
| Champion Homes, Inc. (a) | &nbsp;&nbsp;12415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777303 |
| DR Horton, Inc. | &nbsp;&nbsp;53263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6866666 |
| Dream Finders Homes, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7941 |
| Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150279 |
| Garmin Ltd. | &nbsp;&nbsp;27920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827462 |
| Green Brick Partners, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302830 |
| Helen of Troy Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144284 |
| Installed Building Products, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;4314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777901 |
| KB Home | &nbsp;&nbsp;16496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873793 |
| La-Z-Boy, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;8724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324271 |
| Leggett & Platt, Inc. (b) | &nbsp;&nbsp;24863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221778 |
| Lennar Corp. Class A | &nbsp;&nbsp;41200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4557132 |
| LGI Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156260 |
| M/I Homes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472249 |
| Meritage Homes Corp. | &nbsp;&nbsp;13293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890232 |
| Mohawk Industries, Inc. (a) | &nbsp;&nbsp;10995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152716 |
| Newell Brands, Inc. (b) | &nbsp;&nbsp;71979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388687 |
| NVR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907014 |
| PulteGroup, Inc. | &nbsp;&nbsp;40148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234008 |
| Somnigroup International, Inc. (b) | &nbsp;&nbsp;35018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382975 |
| Sonos, Inc. (a) | &nbsp;&nbsp;23919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258564 |
| Taylor Morrison Home Corp. (a) | &nbsp;&nbsp;20082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233436 |
| Toll Brothers, Inc. | &nbsp;&nbsp;21314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432567 |
| TopBuild Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959275 |
| Tri Pointe Homes, Inc. (a) | &nbsp;&nbsp;17990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574781 |
| Whirlpool Corp. (b) | &nbsp;&nbsp;10356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42998778 |
| **HOUSEHOLD PRODUCTS — 0.9%** | **HOUSEHOLD PRODUCTS — 0.9%** | **HOUSEHOLD PRODUCTS — 0.9%** |
| Central Garden & Pet Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;2605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91644 |
| Central Garden & Pet Co. Class A (a) | &nbsp;&nbsp;10185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318689 |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;45829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404625 |
| Clorox Co. | &nbsp;&nbsp;23112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775058 |
| Colgate-Palmolive Co. | 149465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13586368 |
| Energizer Holdings, Inc. (b) | &nbsp;&nbsp;10969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221135 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;63452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8180232 |
| Procter & Gamble Co. | 432037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68832135 |
| WD-40 Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99022079 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%** |
| AES Corp. | 125970 | &nbsp;&nbsp;$1325204 |
| Clearway Energy, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193845 |
| Clearway Energy, Inc. Class C | &nbsp;&nbsp;15437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493984 |
| Ormat Technologies, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;8860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742114 |
| Vistra Corp. | &nbsp;&nbsp;64543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12509079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15264226 |
| **INDUSTRIAL CONGLOMERATES — 0.4%** | **INDUSTRIAL CONGLOMERATES — 0.4%** | **INDUSTRIAL CONGLOMERATES — 0.4%** |
| 3M Co. | &nbsp;&nbsp;99427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15136767 |
| Honeywell International, Inc. | 119738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27884585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43021352 |
| **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** | **INDUSTRIAL REITs — 0.2%** |
| EastGroup Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;7808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304873 |
| First Industrial Realty Trust, Inc. REIT | &nbsp;&nbsp;24780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192661 |
| Innovative Industrial Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254840 |
| LXP Industrial Trust REIT | &nbsp;&nbsp;50085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413702 |
| Prologis, Inc. REIT | 171768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18056252 |
| Rexford Industrial Realty, Inc. REIT (b) | &nbsp;&nbsp;39008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387515 |
| STAG Industrial, Inc. REIT | &nbsp;&nbsp;33792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225974 |
| Terreno Realty Corp. REIT | &nbsp;&nbsp;18535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24875075 |
| **INSURANCE — 2.2%** | **INSURANCE — 2.2%** | **INSURANCE — 2.2%** |
| Aflac, Inc. | &nbsp;&nbsp;91832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9684603 |
| Allstate Corp. | &nbsp;&nbsp;49093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9882912 |
| American Financial Group, Inc. | &nbsp;&nbsp;12969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636817 |
| American International Group, Inc. | 106886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9148373 |
| AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139324 |
| Aon PLC Class A | &nbsp;&nbsp;40599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14484099 |
| Arch Capital Group Ltd. | &nbsp;&nbsp;69500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6327975 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp;46295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14819955 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925133 |
| Assured Guaranty Ltd. | &nbsp;&nbsp;10072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877271 |
| Brighthouse Financial, Inc. (a) | &nbsp;&nbsp;10084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542217 |
| Brown & Brown, Inc. | &nbsp;&nbsp;43191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788586 |
| Chubb Ltd. | &nbsp;&nbsp;69146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20032979 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;28513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246156 |
| CNO Financial Group, Inc. | &nbsp;&nbsp;24910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961028 |
| Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295347 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693029 |
| Everest Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691272 |
| Fidelity National Financial, Inc. | &nbsp;&nbsp;48386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712519 |
| First American Financial Corp. | &nbsp;&nbsp;19856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218960 |
| Genworth Financial, Inc. (a) | &nbsp;&nbsp;87678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682135 |
| Globe Life, Inc. | &nbsp;&nbsp;16085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999205 |
| Goosehead Insurance, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;4634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488933 |
| Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130994 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;51201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6495871 |
| HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188880 |
| Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313939 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10693 | &nbsp;&nbsp;$690126 |
| Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912857 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140416 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166120 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;89763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19625782 |
| Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348552 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;106349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8552587 |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416091 |
| Palomar Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613144 |
| Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758330 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3299681 |
| ProAssurance Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265855 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;109386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29190748 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7292812 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442605 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322124 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132554 |
| Ryan Specialty Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;19161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302756 |
| Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244045 |
| Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907312 |
| SiriusPoint Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327402 |
| Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274396 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11456598 |
| Trupanion, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315274 |
| United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93045 |
| Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;34043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749313 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356624 |
| Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;19360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5933840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232539501 |
| **INTERACTIVE MEDIA & SERVICES — 6.1%** | **INTERACTIVE MEDIA & SERVICES — 6.1%** | **INTERACTIVE MEDIA & SERVICES — 6.1%** |
| Alphabet, Inc. Class A | 1076830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189769751 |
| Alphabet, Inc. Class C | &nbsp;&nbsp;&nbsp;868579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154077229 |
| Angi, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105874 |
| Cargurus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546665 |
| Cars.com, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140541 |
| IAC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492179 |
| Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589630 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;401999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296711442 |
| QuinStreet, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145029 |
| Shutterstock, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82343 |
| TripAdvisor, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;18687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243865 |
| Yelp, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376593 |
| Ziff Davis, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235501 |
| ZoomInfo Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;51316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519318 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645035960 |
| **IT SERVICES — 1.1%** | **IT SERVICES — 1.1%** | **IT SERVICES — 1.1%** |
| Accenture PLC Class A | &nbsp;&nbsp;&nbsp;115275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34454545 |
| Akamai Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250269 |
| ASGN, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465198 |
| Cognizant Technology Solutions Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;94569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379219 |
| DigitalOcean Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275061 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| DXC Technology Co. (a) | &nbsp;&nbsp;36057 | &nbsp;&nbsp;$551312 |
| EPAM Systems, Inc. (a) | &nbsp;&nbsp;10660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884901 |
| Gartner, Inc. (a) | &nbsp;&nbsp;14649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5921419 |
| GoDaddy, Inc. Class A (a) | &nbsp;&nbsp;27311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917619 |
| Grid Dynamics Holdings, Inc. (a) | &nbsp;&nbsp;11444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132178 |
| International Business Machines Corp. | 170935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50388219 |
| Kyndryl Holdings, Inc. (a) | &nbsp;&nbsp;34515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448249 |
| Okta, Inc. (a) | &nbsp;&nbsp;30242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023293 |
| VeriSign, Inc. | &nbsp;&nbsp;14093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070058 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117161540 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE EQUIPMENT & PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE EQUIPMENT & PRODUCTS — 0.0% <sup>\*</sup>** |
| Acushnet Holdings Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;5090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370654 |
| Brunswick Corp. | &nbsp;&nbsp;12819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708121 |
| Mattel, Inc. (a) | &nbsp;&nbsp;65867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298897 |
| Polaris, Inc. (b) | &nbsp;&nbsp;10846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440890 |
| Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113300 |
| Topgolf Callaway Brands Corp. (a) (b) | &nbsp;&nbsp;19813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159495 |
| YETI Holdings, Inc. (a) | &nbsp;&nbsp;14778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557160 |
| **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** | **LEISURE PRODUCTS — 0.0% <sup>\*</sup>** |
| Hasbro, Inc. | &nbsp;&nbsp;24571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813831 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.9%** | **LIFE SCIENCES TOOLS & SERVICES — 0.9%** | **LIFE SCIENCES TOOLS & SERVICES — 0.9%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;54678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6452551 |
| Avantor, Inc. (a) | 127120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1711035 |
| Azenta, Inc. (a) (b) | &nbsp;&nbsp;11041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339842 |
| BioLife Solutions, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;5782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124544 |
| Bio-Rad Laboratories, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;3507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846309 |
| Bio-Techne Corp. | &nbsp;&nbsp;29681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527088 |
| Bruker Corp. | &nbsp;&nbsp;18984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782141 |
| Charles River Laboratories International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409875 |
| Cytek Biosciences, Inc. (a) (b) | &nbsp;&nbsp;15505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52717 |
| Danaher Corp. | 118717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23451356 |
| Fortrea Holdings, Inc. (a) | &nbsp;&nbsp;17823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88046 |
| Illumina, Inc. (a) (b) | &nbsp;&nbsp;29736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837112 |
| IQVIA Holdings, Inc. (a) | &nbsp;&nbsp;31105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4901837 |
| Medpace Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418961 |
| Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53705 |
| Mettler-Toledo International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567311 |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099644 |
| Revvity, Inc. (b) | &nbsp;&nbsp;23873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308997 |
| Sotera Health Co. (a) (b) | &nbsp;&nbsp;19235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213893 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;70609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28629125 |
| Waters Corp. (a) | &nbsp;&nbsp;11057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3859335 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;13849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89705585 |
| **MACHINERY — 1.8%** | **MACHINERY — 1.8%** | **MACHINERY — 1.8%** |
| AGCO Corp. (b) | &nbsp;&nbsp;11482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184483 |
| Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461874 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Albany International Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5842 | &nbsp;&nbsp;$409699 |
| Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167219 |
| Caterpillar, Inc. | &nbsp;&nbsp;86472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33569295 |
| Chart Industries, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125712 |
| CNH Industrial NV | 146330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896437 |
| Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;9115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730847 |
| Cummins, Inc. | &nbsp;&nbsp;24847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8137392 |
| Deere & Co. | &nbsp;&nbsp;46323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23554782 |
| Donaldson Co., Inc. | &nbsp;&nbsp;23481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628407 |
| Dover Corp. | &nbsp;&nbsp;26767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904517 |
| Enerpac Tool Group Corp. | &nbsp;&nbsp;11916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483313 |
| Enpro, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;3596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688814 |
| Esab Corp. | &nbsp;&nbsp;10677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287112 |
| ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983526 |
| Federal Signal Corp. (b) | &nbsp;&nbsp;11433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216700 |
| Flowserve Corp. | &nbsp;&nbsp;25365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327858 |
| Fortive Corp. | &nbsp;&nbsp;63838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327875 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688306 |
| Gates Industrial Corp. PLC (a) | &nbsp;&nbsp;35295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812844 |
| Graco, Inc. | &nbsp;&nbsp;31428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701865 |
| Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279616 |
| Hillenbrand, Inc. | &nbsp;&nbsp;14144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283870 |
| IDEX Corp. | &nbsp;&nbsp;14265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504506 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;49063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12130827 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;75861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6310118 |
| ITT, Inc. | &nbsp;&nbsp;16301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2556486 |
| JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032432 |
| Kadant, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;2192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695850 |
| Kennametal, Inc. | &nbsp;&nbsp;15615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358520 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;11222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326545 |
| Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328024 |
| Middleby Corp. (a) (b) | &nbsp;&nbsp;10812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556928 |
| Mueller Industries, Inc. | &nbsp;&nbsp;21399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700579 |
| Mueller Water Products, Inc. Class A | &nbsp;&nbsp;38180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917847 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2085606 |
| Oshkosh Corp. | &nbsp;&nbsp;12674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439006 |
| Otis Worldwide Corp. | &nbsp;&nbsp;76165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7541858 |
| PACCAR, Inc. | &nbsp;&nbsp;96937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9214831 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;23378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16328832 |
| Pentair PLC | &nbsp;&nbsp;31312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214490 |
| Proto Labs, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208769 |
| RBC Bearings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122557 |
| Snap-on, Inc. | &nbsp;&nbsp;10277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197997 |
| SPX Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;8538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431652 |
| Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446750 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;29361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989208 |
| Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;3146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243752 |
| Terex Corp. (b) | &nbsp;&nbsp;13587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634377 |
| Timken Co. (b) | &nbsp;&nbsp;12711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922183 |
| Titan International, Inc. (a) (b) | &nbsp;&nbsp;11481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117910 |
| Toro Co. | &nbsp;&nbsp;20093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420173 |
| Trinity Industries, Inc. | &nbsp;&nbsp;15552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420060 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325839 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;33396 | &nbsp;&nbsp;$6991453 |
| Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415951 |
| Xylem, Inc. | &nbsp;&nbsp;45139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5839181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192823460 |
| **MARINE — 0.0% <sup>\*</sup>** | **MARINE — 0.0% <sup>\*</sup>** | **MARINE — 0.0% <sup>\*</sup>** |
| Kirby Corp. (a) | &nbsp;&nbsp;10452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185361 |
| Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905684 |
| **MEDIA — 0.5%** | **MEDIA — 0.5%** | **MEDIA — 0.5%** |
| Cable One, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105389 |
| Charter Communications, Inc. Class A (a) (b) | &nbsp;&nbsp;18698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643929 |
| Comcast Corp. Class A | 702121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25058698 |
| DoubleVerify Holdings, Inc. (a) | &nbsp;&nbsp;23746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355478 |
| EchoStar Corp. Class A (a) (b) | &nbsp;&nbsp;17109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473919 |
| Fox Corp. Class A | &nbsp;&nbsp;35853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009202 |
| Fox Corp. Class B | &nbsp;&nbsp;28055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448480 |
| Interpublic Group of Cos., Inc. | &nbsp;&nbsp;73357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795779 |
| John Wiley & Sons, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371322 |
| New York Times Co. Class A | &nbsp;&nbsp;27613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545776 |
| News Corp. Class A | &nbsp;&nbsp;73468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183469 |
| News Corp. Class B (b) | &nbsp;&nbsp;22664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777602 |
| Nexstar Media Group, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;6002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038046 |
| Omnicom Group, Inc. (b) | &nbsp;&nbsp;36949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658111 |
| Paramount Global Class B | &nbsp;&nbsp;89446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153853 |
| Scholastic Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;6216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130412 |
| TechTarget, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;4863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37786 |
| TEGNA, Inc. | &nbsp;&nbsp;40612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680657 |
| Thryv Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;3677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49512620 |
| **METALS & MINING — 0.4%** | **METALS & MINING — 0.4%** | **METALS & MINING — 0.4%** |
| Alcoa Corp. | &nbsp;&nbsp;33113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977165 |
| Alpha Metallurgical Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;2323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261291 |
| Carpenter Technology Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;9318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2575309 |
| Century Aluminum Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169442 |
| Cleveland-Cliffs, Inc. (a) (b) | &nbsp;&nbsp;92642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704079 |
| Commercial Metals Co. | &nbsp;&nbsp;22596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105170 |
| Ferroglobe PLC (a) (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Freeport-McMoRan, Inc. | 271140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753919 |
| Kaiser Aluminum Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;3156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252164 |
| Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254778 |
| Metallus, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;4514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69561 |
| MP Materials Corp. (a) (b) | &nbsp;&nbsp;15542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517082 |
| Newmont Corp. | 216016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12585092 |
| Nucor Corp. | &nbsp;&nbsp;41559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5383553 |
| Reliance, Inc. | &nbsp;&nbsp;10794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388237 |
| Royal Gold, Inc. | &nbsp;&nbsp;11982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130879 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;28791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3685536 |
| SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67500 |
| Warrior Met Coal, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;7315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335247 |
| Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46411092 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.0% <sup>\*</sup>** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.0% <sup>\*</sup>** | **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.0% <sup>\*</sup>** |
| Annaly Capital Management, Inc. REIT | &nbsp;&nbsp;89525 | &nbsp;&nbsp;$1684861 |
| Apollo Commercial Real Estate Finance, Inc. REIT | &nbsp;&nbsp;23130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223899 |
| Arbor Realty Trust, Inc. REIT | &nbsp;&nbsp;34206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366004 |
| ARMOUR Residential REIT, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57490 |
| Blackstone Mortgage Trust, Inc. Class A REIT (b) | &nbsp;&nbsp;32367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623065 |
| Ellington Financial, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;9487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123236 |
| Franklin BSP Realty Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;8308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88813 |
| KKR Real Estate Finance Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;7931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69555 |
| New York Mortgage Trust, Inc. REIT (b) | &nbsp;&nbsp;15916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106637 |
| PennyMac Mortgage Investment Trust REIT (b) | &nbsp;&nbsp;18669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240083 |
| Ready Capital Corp. REIT (b) | &nbsp;&nbsp;14852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64903 |
| Redwood Trust, Inc. REIT | &nbsp;&nbsp;22029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130191 |
| Two Harbors Investment Corp. REIT (b) | &nbsp;&nbsp;14173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152643 |
| Starwood Property Trust, Inc. REIT (b) | &nbsp;&nbsp;58456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5104592 |
| **MULTI-UTILITIES — 0.6%** | **MULTI-UTILITIES — 0.6%** | **MULTI-UTILITIES — 0.6%** |
| Ameren Corp. | &nbsp;&nbsp;47022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515993 |
| Avista Corp. | &nbsp;&nbsp;13336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506101 |
| Black Hills Corp. | &nbsp;&nbsp;11813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662709 |
| CenterPoint Energy, Inc. | 121977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481435 |
| CMS Energy Corp. | &nbsp;&nbsp;53657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717357 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;64651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487728 |
| Dominion Energy, Inc. | 153184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8657960 |
| DTE Energy Co. | &nbsp;&nbsp;38761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5134282 |
| NiSource, Inc. | &nbsp;&nbsp;74192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992905 |
| Northwestern Energy Group, Inc. | &nbsp;&nbsp;10154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520900 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;94092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920665 |
| Sempra | 118848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9005113 |
| Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144090 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;58723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6118937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60866175 |
| **OFFICE REITs — 0.1%** | **OFFICE REITs — 0.1%** | **OFFICE REITs — 0.1%** |
| Brandywine Realty Trust REIT (b) | &nbsp;&nbsp;32613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139910 |
| BXP, Inc. REIT (b) | &nbsp;&nbsp;26651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798143 |
| COPT Defense Properties REIT | &nbsp;&nbsp;22111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609821 |
| Cousins Properties, Inc. REIT | &nbsp;&nbsp;28276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849128 |
| Douglas Emmett, Inc. REIT (b) | &nbsp;&nbsp;31064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467203 |
| Easterly Government Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109735 |
| Highwoods Properties, Inc. REIT | &nbsp;&nbsp;19844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616950 |
| JBG SMITH Properties REIT (b) | &nbsp;&nbsp;20151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348612 |
| Kilroy Realty Corp. REIT (b) | &nbsp;&nbsp;19041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653297 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| SL Green Realty Corp. REIT (b) | &nbsp;&nbsp;13064 | &nbsp;&nbsp;$808662 |
| Vornado Realty Trust REIT | &nbsp;&nbsp;30369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562771 |
| **OIL, GAS & CONSUMABLE FUELS — 2.8%** | **OIL, GAS & CONSUMABLE FUELS — 2.8%** | **OIL, GAS & CONSUMABLE FUELS — 2.8%** |
| Antero Midstream Corp. | &nbsp;&nbsp;56713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074711 |
| Antero Resources Corp. (a) | &nbsp;&nbsp;53087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138344 |
| APA Corp. | &nbsp;&nbsp;66208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210944 |
| California Resources Corp. | &nbsp;&nbsp;12172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555895 |
| Chevron Corp. | 299297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42856337 |
| Chord Energy Corp. | &nbsp;&nbsp;11535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117165 |
| Civitas Resources, Inc. | &nbsp;&nbsp;15889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437265 |
| CNX Resources Corp. (a) | &nbsp;&nbsp;29572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995985 |
| Comstock Resources, Inc. (a) (b) | &nbsp;&nbsp;17124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473821 |
| ConocoPhillips | 233546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20958418 |
| Coterra Energy, Inc. | 141682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3595889 |
| Crescent Energy Co. Class A | &nbsp;&nbsp;28742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247181 |
| CVR Energy, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;5536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148642 |
| Devon Energy Corp. | 120119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820985 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;32580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476492 |
| Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153765 |
| DT Midstream, Inc. | &nbsp;&nbsp;17782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954420 |
| EOG Resources, Inc. | 102562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12267441 |
| EQT Corp. | 104093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6070704 |
| Expand Energy Corp. | &nbsp;&nbsp;36647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285500 |
| Exxon Mobil Corp. | 796496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85862269 |
| Hess Corp. | &nbsp;&nbsp;50430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6986572 |
| HF Sinclair Corp. | &nbsp;&nbsp;28417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167370 |
| International Seaways, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;7473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272615 |
| Kinder Morgan, Inc. | 363260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10679844 |
| Magnolia Oil & Gas Corp. Class A (b) | &nbsp;&nbsp;34727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780663 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;55376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9198507 |
| Matador Resources Co. | &nbsp;&nbsp;20462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976447 |
| Murphy Oil Corp. (b) | &nbsp;&nbsp;27702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623295 |
| Northern Oil & Gas, Inc. (b) | &nbsp;&nbsp;13563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384511 |
| Occidental Petroleum Corp. | 124468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228901 |
| ONEOK, Inc. | 109411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8931220 |
| Ovintiv, Inc. | &nbsp;&nbsp;47596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811028 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261533 |
| PBF Energy, Inc. Class A | &nbsp;&nbsp;21263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460769 |
| Peabody Energy Corp. | &nbsp;&nbsp;20680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277526 |
| Permian Resources Corp. | &nbsp;&nbsp;74170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010195 |
| Phillips 66 Co. | &nbsp;&nbsp;75971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9063340 |
| Range Resources Corp. | &nbsp;&nbsp;49378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2008203 |
| REX American Resources Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46859 |
| SM Energy Co. | &nbsp;&nbsp;22364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552614 |
| Talos Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;7119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60369 |
| Targa Resources Corp. | &nbsp;&nbsp;39092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6805135 |
| Texas Pacific Land Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;3426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619192 |
| Valero Energy Corp. | &nbsp;&nbsp;57773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765847 |
| Viper Energy, Inc. | &nbsp;&nbsp;12227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466216 |
| Vital Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;2573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41400 |
| Williams Cos., Inc. | 226549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14229543 |
| World Kinect Corp. | &nbsp;&nbsp;11696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331582 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10659 | &nbsp;&nbsp;$743359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289486828 |
| **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** | **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** | **PAPER & FOREST PRODUCTS — 0.0% <sup>\*</sup>** |
| Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047186 |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318386 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365572 |
| **PERSONAL CARE PRODUCTS — 0.1%** | **PERSONAL CARE PRODUCTS — 0.1%** | **PERSONAL CARE PRODUCTS — 0.1%** |
| BellRing Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430871 |
| Coty, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;56626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263311 |
| Edgewell Personal Care Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;10179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238290 |
| elf Beauty, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;10378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291438 |
| Estee Lauder Cos., Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;42661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447009 |
| Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411526 |
| Kenvue, Inc. | &nbsp;&nbsp;&nbsp;358335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7499952 |
| USANA Health Sciences, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14657195 |
| **PHARMACEUTICALS — 2.7%** | **PHARMACEUTICALS — 2.7%** | **PHARMACEUTICALS — 2.7%** |
| Amphastar Pharmaceuticals, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154521 |
| ANI Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71645 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;380338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17605846 |
| Collegium Pharmaceutical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55414 |
| Corcept Therapeutics, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;19040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397536 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;145374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113323394 |
| Harmony Biosciences Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147730 |
| Innoviva, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230894 |
| Jazz Pharmaceuticals PLC (a) | &nbsp;&nbsp;&nbsp;&nbsp;10756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141427 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;445491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68048750 |
| Ligand Pharmaceuticals, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333082 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;466863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36956875 |
| Organon & Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;47271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457583 |
| Pacira BioSciences, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199685 |
| Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;25928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692796 |
| Pfizer, Inc. | 1059245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25676099 |
| Phibro Animal Health Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82341 |
| Prestige Consumer Healthcare, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761689 |
| Spectrum Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Supernus Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;10118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318919 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;224803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007491 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;82901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12928411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282592130 |
| **PROFESSIONAL SERVICES — 0.7%** | **PROFESSIONAL SERVICES — 0.7%** | **PROFESSIONAL SERVICES — 0.7%** |
| Amentum Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;27970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660372 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;74842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23081273 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296839 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| CACI International, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;3996 | &nbsp;&nbsp;$1904893 |
| Concentrix Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;8053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425641 |
| CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410147 |
| Dayforce, Inc. (a) (b) | &nbsp;&nbsp;29057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609467 |
| Equifax, Inc. | &nbsp;&nbsp;22558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850868 |
| ExlService Holdings, Inc. (a) | &nbsp;&nbsp;31241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368043 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699659 |
| FTI Consulting, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;6016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971584 |
| Genpact Ltd. | &nbsp;&nbsp;32163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415494 |
| Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154120 |
| Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382243 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;24436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212112 |
| KBR, Inc. | &nbsp;&nbsp;26472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269068 |
| Korn Ferry | &nbsp;&nbsp;10148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744153 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;25325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3995272 |
| ManpowerGroup, Inc. | &nbsp;&nbsp;10574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427190 |
| Maximus, Inc. | &nbsp;&nbsp;11691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820708 |
| NV5 Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214206 |
| Parsons Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456098 |
| Paychex, Inc. | &nbsp;&nbsp;59589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8667816 |
| Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053906 |
| Paylocity Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331565 |
| Robert Half, Inc. | &nbsp;&nbsp;21156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868454 |
| Science Applications International Corp. (b) | &nbsp;&nbsp;10443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175986 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;26761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8336052 |
| Verra Mobility Corp. (a) | &nbsp;&nbsp;26827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78484367 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%** |
| CBRE Group, Inc. Class A (a) | &nbsp;&nbsp;52758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392451 |
| CoStar Group, Inc. (a) | &nbsp;&nbsp;76871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180428 |
| Cushman & Wakefield PLC (a) | &nbsp;&nbsp;31531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349048 |
| eXp World Holdings, Inc. (b) | &nbsp;&nbsp;14025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127628 |
| Jones Lang LaSalle, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393589 |
| Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;22144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150579 |
| Marcus & Millichap, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;4767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146395 |
| St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;6012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17026890 |
| **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** | **RESIDENTIAL REITs — 0.3%** |
| American Homes 4 Rent Class A REIT | &nbsp;&nbsp;59688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152946 |
| AvalonBay Communities, Inc. REIT | &nbsp;&nbsp;25841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5258643 |
| Camden Property Trust REIT | &nbsp;&nbsp;19202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163873 |
| Centerspace REIT | &nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88359 |
| Elme Communities REIT | &nbsp;&nbsp;16678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265180 |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;33248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050404 |
| Equity Residential REIT | &nbsp;&nbsp;64167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4330631 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;11832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3353189 |
| Independence Realty Trust, Inc. REIT (b) | &nbsp;&nbsp;44937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794936 |
| Invitation Homes, Inc. REIT | 107525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526820 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Mid-America Apartment Communities, Inc. REIT | &nbsp;&nbsp;21693 | &nbsp;&nbsp;$3210781 |
| NexPoint Residential Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;3549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118253 |
| UDR, Inc. REIT | &nbsp;&nbsp;56040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288113 |
| Veris Residential, Inc. REIT | &nbsp;&nbsp;17909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266665 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29868793 |
| **RETAIL REITs — 0.3%** | **RETAIL REITs — 0.3%** | **RETAIL REITs — 0.3%** |
| Acadia Realty Trust REIT | &nbsp;&nbsp;17019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316043 |
| Agree Realty Corp. REIT (b) | &nbsp;&nbsp;18967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385729 |
| Brixmor Property Group, Inc. REIT | &nbsp;&nbsp;56245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464620 |
| Curbline Properties Corp. REIT | &nbsp;&nbsp;15052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343637 |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;13640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295664 |
| Getty Realty Corp. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;7153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197709 |
| Kimco Realty Corp. REIT | 126044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649445 |
| Kite Realty Group Trust REIT | &nbsp;&nbsp;41470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939296 |
| Macerich Co. REIT | &nbsp;&nbsp;40505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655371 |
| NNN REIT, Inc. | &nbsp;&nbsp;33263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436296 |
| Phillips Edison & Co., Inc. REIT | &nbsp;&nbsp;22232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778787 |
| Realty Income Corp. REIT | 153775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8858978 |
| Regency Centers Corp. REIT | &nbsp;&nbsp;31254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226222 |
| Saul Centers, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;3221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109965 |
| Simon Property Group, Inc. REIT | &nbsp;&nbsp;55487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8920090 |
| SITE Centers Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;7526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85119 |
| Tanger, Inc. REIT | &nbsp;&nbsp;19479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595668 |
| Urban Edge Properties REIT | &nbsp;&nbsp;21984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410221 |
| Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;8005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32768762 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 12.0%** |
| Advanced Micro Devices, Inc. (a) | 297318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42189424 |
| Allegro MicroSystems, Inc. (a) (b) | &nbsp;&nbsp;13325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455582 |
| Alpha & Omega Semiconductor Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106977 |
| Amkor Technology, Inc. | &nbsp;&nbsp;19853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416714 |
| Analog Devices, Inc. | &nbsp;&nbsp;93165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22175133 |
| Applied Materials, Inc. | 148737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27229283 |
| Axcelis Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;6114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426085 |
| Broadcom, Inc. | 870403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239926587 |
| CEVA, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93393 |
| Cirrus Logic, Inc. (a) | &nbsp;&nbsp;11037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150662 |
| Cohu, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148591 |
| Diodes, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;7130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377106 |
| Enphase Energy, Inc. (a) | &nbsp;&nbsp;24985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990655 |
| Entegris, Inc. (b) | &nbsp;&nbsp;27980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256587 |
| First Solar, Inc. (a) (b) | &nbsp;&nbsp;20027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315270 |
| FormFactor, Inc. (a) | &nbsp;&nbsp;14419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496158 |
| Ichor Holdings Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75123 |
| Impinj, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352092 |
| Intel Corp. | 789283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17679939 |
| KLA Corp. | &nbsp;&nbsp;24712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22135527 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Kulicke & Soffa Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;11692 | &nbsp;&nbsp;$404543 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;235727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22945666 |
| Lattice Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241798 |
| MACOM Technology Solutions Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348645 |
| MaxLinear, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;13324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189334 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7013567 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;205481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25325533 |
| MKS, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;10214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014863 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6516596 |
| NVIDIA Corp. | 4517719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713754425 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;48202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10531655 |
| ON Semiconductor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;81372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4264706 |
| Onto Innovation, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861034 |
| PDF Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124795 |
| Penguin Solutions, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125774 |
| Photronics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229406 |
| Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547149 |
| Qorvo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;18085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535597 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;202982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32326913 |
| Rambus, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401526 |
| Semtech Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556441 |
| Silicon Laboratories, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877971 |
| SiTime Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589379 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303488 |
| SolarEdge Technologies, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200246 |
| Synaptics, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451666 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588347 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;169945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35283981 |
| Ultra Clean Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163948 |
| Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269816 |
| Veeco Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1258177395 |
| **SOFTWARE — 10.8%** | **SOFTWARE — 10.8%** | **SOFTWARE — 10.8%** |
| A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224112 |
| ACI Worldwide, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002537 |
| Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258352 |
| Adobe, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;79880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30903974 |
| Agilysys, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374070 |
| Alarm.com Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450693 |
| ANSYS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;16249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5706974 |
| Appfolio, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905691 |
| Autodesk, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;39953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12368250 |
| Bill Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;17630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815564 |
| Blackbaud, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595612 |
| BlackLine, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534549 |
| Box, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;26862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917875 |
| Cadence Design Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;50814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15658334 |
| Cleanspark, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11515 |
| Clear Secure, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;10210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283430 |
| Commvault Systems, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586926 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;46148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23503638 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Docusign, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;37957 | &nbsp;&nbsp;$2956471 |
| Dolby Laboratories, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;11228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833791 |
| Dropbox, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;50581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446617 |
| Dynatrace, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;45333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502835 |
| Fair Isaac Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8211196 |
| Fortinet, Inc. (a) | &nbsp;&nbsp;&nbsp;119189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12600661 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;109482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218771 |
| Guidewire Software, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;15538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658422 |
| InterDigital, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275420 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;51326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40425897 |
| LiveRamp Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409894 |
| Manhattan Associates, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;11715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313361 |
| MARA Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;42906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672766 |
| Microsoft Corp. | 1375947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684409797 |
| N-able, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104409 |
| NCR Voyix Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;25004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293297 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;301844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65992154 |
| Palantir Technologies, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;392428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53495785 |
| Palo Alto Networks, Inc. (a) | &nbsp;&nbsp;&nbsp;121098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24781495 |
| Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893578 |
| Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560643 |
| PTC, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;22308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3844561 |
| Qualys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875650 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11116866 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;176563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48146964 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39509114 |
| Sprinklr, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;20056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169674 |
| SPS Commerce, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863083 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;28310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14513971 |
| Teradata Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;19893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443813 |
| Tyler Technologies, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555383 |
| Workday, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;39470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9472800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1140671235 |
| **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** | **SPECIALIZED REITs — 0.9%** |
| American Tower Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;86760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19175695 |
| Crown Castle, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;80725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8292879 |
| CubeSmart REIT | &nbsp;&nbsp;&nbsp;&nbsp;42335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799237 |
| Digital Realty Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;56977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9932800 |
| EPR Properties REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;13981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814533 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;17527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13942203 |
| Extra Space Storage, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;38553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684254 |
| Four Corners Property Trust, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;14013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377090 |
| Gaming & Leisure Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;49444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308046 |
| Iron Mountain, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;54135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5552627 |
| Lamar Advertising Co. Class A REIT | &nbsp;&nbsp;&nbsp;&nbsp;16592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013605 |
| Millrose Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;23369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666250 |
| National Storage Affiliates Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;14366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459568 |
| Outfront Media, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;20870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340598 |
| PotlatchDeltic Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;12840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492671 |
| Public Storage REIT | &nbsp;&nbsp;&nbsp;&nbsp;29568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675843 |
| Rayonier, Inc. REIT (b) | &nbsp;&nbsp;&nbsp;&nbsp;28020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621484 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Safehold, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;6306 | &nbsp;&nbsp;$98121 |
| SBA Communications Corp. REIT | &nbsp;&nbsp;20295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4766078 |
| Uniti Group, Inc. REIT (a) | &nbsp;&nbsp;37302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161145 |
| VICI Properties, Inc. REIT | 187818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6122867 |
| Weyerhaeuser Co. REIT | 138727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3563897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95861491 |
| **SPECIALTY RETAIL — 1.9%** | **SPECIALTY RETAIL — 1.9%** | **SPECIALTY RETAIL — 1.9%** |
| Abercrombie & Fitch Co. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;9493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786495 |
| Academy Sports & Outdoors, Inc. (b) | &nbsp;&nbsp;16055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719425 |
| Advance Auto Parts, Inc. (b) | &nbsp;&nbsp;12355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574384 |
| American Eagle Outfitters, Inc. (b) | &nbsp;&nbsp;30109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289649 |
| Asbury Automotive Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;3517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838945 |
| AutoNation, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;5154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023842 |
| AutoZone, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11240632 |
| Bath & Body Works, Inc. | &nbsp;&nbsp;44291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326958 |
| Best Buy Co., Inc. | &nbsp;&nbsp;37696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530532 |
| Boot Barn Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;3981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605112 |
| Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248473 |
| Burlington Stores, Inc. (a) | &nbsp;&nbsp;12092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813083 |
| Caleres, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;8750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106925 |
| CarMax, Inc. (a) | &nbsp;&nbsp;30832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072219 |
| Chewy, Inc. Class A (a) | &nbsp;&nbsp;30547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301913 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;11988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371346 |
| Five Below, Inc. (a) | &nbsp;&nbsp;10441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369650 |
| Floor & Decor Holdings, Inc. Class A (a) | &nbsp;&nbsp;19954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515706 |
| Foot Locker, Inc. (a) (b) | &nbsp;&nbsp;18219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446366 |
| GameStop Corp. Class A (a) (b) | &nbsp;&nbsp;84135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052053 |
| Gap, Inc. | &nbsp;&nbsp;39464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860710 |
| Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159028 |
| Guess?, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;6775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81910 |
| Home Depot, Inc. | 183740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67366434 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820512 |
| Lowe's Cos., Inc. | 104897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23273497 |
| MarineMax, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82811 |
| Monro, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;6390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95275 |
| Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288742 |
| National Vision Holdings, Inc. (a) | &nbsp;&nbsp;15241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350695 |
| O'Reilly Automotive, Inc. (a) | 157936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14234772 |
| Penske Automotive Group, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;4324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742906 |
| RH (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;2927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553232 |
| Ross Stores, Inc. | &nbsp;&nbsp;62464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7969157 |
| Sally Beauty Holdings, Inc. (a) (b) | &nbsp;&nbsp;24003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222268 |
| Shoe Carnival, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83447 |
| Signet Jewelers Ltd. (b) | &nbsp;&nbsp;&nbsp;&nbsp;9566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760975 |
| Sonic Automotive, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333068 |
| TJX Cos., Inc. | 207813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25662827 |
| Tractor Supply Co. | 101515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356947 |
| Ulta Beauty, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;9127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4269793 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7657 | &nbsp;&nbsp;$192191 |
| Urban Outfitters, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;12327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894201 |
| Valvoline, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;25822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977879 |
| Victoria's Secret & Co. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;14592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270244 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197063664 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.7%** |
| Apple, Inc. | 2766611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567625579 |
| Corsair Gaming, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61106 |
| Dell Technologies, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;51984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373238 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;240773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4923808 |
| HP, Inc. | &nbsp;&nbsp;&nbsp;163738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005031 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153852 |
| Pure Storage, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;55041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169261 |
| Sandisk Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;24793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124363 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;37439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5403571 |
| Super Micro Computer, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;86795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253823 |
| Western Digital Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;58392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736504 |
| Xerox Holdings Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;28745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604981622 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** | **TEXTILES, APPAREL & LUXURY GOODS — 0.4%** |
| Capri Holdings Ltd. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;21835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386480 |
| Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244565 |
| Columbia Sportswear Co. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360738 |
| Crocs, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;12357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251517 |
| Deckers Outdoor Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;27840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869469 |
| G-III Apparel Group Ltd. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207760 |
| Hanesbrands, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;64821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296880 |
| Kontoor Brands, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578425 |
| Lululemon Athletica, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;21587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5128639 |
| NIKE, Inc. Class B | &nbsp;&nbsp;&nbsp;220102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15636046 |
| Oxford Industries, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126144 |
| PVH Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;11316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776278 |
| Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068071 |
| Skechers USA, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;24195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526705 |
| Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348549 |
| Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575096 |
| Under Armour, Inc. Class A (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;37161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253810 |
| Under Armour, Inc. Class C (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;36321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235723 |
| VF Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;60101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706187 |
| Wolverine World Wide, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;14998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36848246 |
| **TOBACCO — 0.7%** | **TOBACCO — 0.7%** | **TOBACCO — 0.7%** |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;313050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18354121 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;285905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52071878 |
| Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70631353 |
| **TRADING COMPANIES & DISTRIBUTORS — 0.4%** | **TRADING COMPANIES & DISTRIBUTORS — 0.4%** | **TRADING COMPANIES & DISTRIBUTORS — 0.4%** |
| Air Lease Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;19401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134764 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7686 | &nbsp;&nbsp;$1786611 |
| Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635436 |
| Core & Main, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435606 |
| DNOW, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206018 |
| DXP Enterprises, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258305 |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;214022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8988924 |
| GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962207 |
| GMS, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771472 |
| MSC Industrial Direct Co., Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736018 |
| Rush Enterprises, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589893 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8905941 |
| Watsco, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665618 |
| WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1572163 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8716171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39365147 |
| **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** | **WATER UTILITIES — 0.1%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499823 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5076959 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450616 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577262 |
| H2O America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265982 |
| Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8039900 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** |
| Gogo, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182252 |
| NII Holdings, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 |
| Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699325 |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21447212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22330249 |
| **TOTAL COMMON STOCKS<br>(Cost $6,980,259,713)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;10512836435 |
| **SHORT-TERM INVESTMENTS — 0.7%** | **SHORT-TERM INVESTMENTS — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (e) (f) | &nbsp;&nbsp;5895807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5895807 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (c) (g) | 64979135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64979135 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $70,874,942)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $70,874,942)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70874942 |
| **TOTAL INVESTMENTS — 100.6%<br>(Cost $7,051,134,655)<br>** | **TOTAL INVESTMENTS — 100.6%<br>(Cost $7,051,134,655)<br>** | &nbsp;&nbsp;10583711377 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58546659) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $10525164718 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at June 30, 2025.

(g) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Index (long) | 42 | 09/19/2025 | $12760593 | $13132875 | $372282 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $15,783,553.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $10512834973 | $1462 | &nbsp;&nbsp;&nbsp;$0(a) | $10512836435 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70874942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70874942 |
| **TOTAL INVESTMENTS<br>**  | $10583709915 | $1462 | $0 | $10583711377 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $372282 | $— | $— | $372282 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $372282 | $— | $— | $372282 |

---

(a) The Fund held Level 3 securities that were valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;54943 | $4065782 | $630069 | $926706 | $113671 | $1678553 | &nbsp;&nbsp;&nbsp;&nbsp;52298 | $5561369 | $157671 |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;5175258 | &nbsp;&nbsp;&nbsp;5176810 | &nbsp;&nbsp;&nbsp;22788973 | &nbsp;&nbsp;&nbsp;27965783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;95211 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;183300341 | &nbsp;&nbsp;177404534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;5895807 | &nbsp;&nbsp;&nbsp;5895807 | &nbsp;&nbsp;526103 |
| State Street Navigator Securities Lending Portfolio II<br>| 52623778 | &nbsp;&nbsp;52623778 | &nbsp;&nbsp;609967167 | &nbsp;&nbsp;597611810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 64979135 | &nbsp;&nbsp;64979135 | &nbsp;&nbsp;160322 |
| Total<br>|  | $61866370 | $816686550 | $803908833 | $113937 | $1678287 |  | $76436311 | $939307 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P SECTOR NEUTRAL DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.8%** |  |  |
| **AEROSPACE & DEFENSE — 1.3%** |  |  |
| General Dynamics Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;$32374 |
| Huntington Ingalls Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 |
| L3Harris Technologies, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19566 |
| Lockheed Martin Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39830 |
| Northrop Grumman Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127132 |
| **AIR FREIGHT & LOGISTICS — 0.7%** |  |  |
| CH Robinson Worldwide, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5469 |
| Expeditors International of Washington, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7655 |
| FedEx Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24777 |
| United Parcel Service, Inc. Class B<br>| &nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35531 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73432 |
| **AUTO COMPONENTS — 0.0% <sup>\*</sup>** |  |  |
| LCI Industries<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2462 |
| **AUTOMOBILES — 0.0% <sup>\*</sup>** |  |  |
| Thor Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618 |
| **BANKS — 10.6%** |  |  |
| Associated Banc-Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 |
| Atlantic Union Bankshares Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817 |
| Bank of America Corp.<br>| &nbsp;&nbsp;7142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337959 |
| Bank of Hawaii Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2769 |
| Bank OZK<br>| &nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5130 |
| BankUnited, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776 |
| Banner Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 |
| Cadence Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268 |
| Cathay General Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278 |
| Citigroup, Inc.<br>| &nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171347 |
| Citizens Financial Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22017 |
| Columbia Banking System, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190 |
| Comerica, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8888 |
| Community Financial System, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 |
| Cullen/Frost Bankers, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8998 |
| CVB Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553 |
| Fifth Third Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30806 |
| First Financial Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426 |
| First Hawaiian, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 |
| First Horizon Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12423 |
| FNB Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5365 |
| Fulton Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608 |
| Glacier Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5170 |
| Hancock Whitney Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109 |
| Home BancShares, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5407 |
| Huntington Bancshares, Inc.<br>| &nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25827 |
| Independent Bank Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2893 |
| KeyCorp<br>| &nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19145 |
| M&T Bank Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34918 |
| NBT Bancorp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994 |
| Old National Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7021 |
| Park National Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 |
| PNC Financial Services Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82584 |
| Prosperity Bancshares, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7094 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Provident Financial Services, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;$2402 |
| Regions Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23238 |
| Renasant Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629 |
| Simmons First National Corp. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673 |
| Synovus Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8073 |
| Truist Financial Corp.<br>| &nbsp;&nbsp;1460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62765 |
| Trustmark Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 |
| U.S. Bancorp<br>| &nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75567 |
| United Bankshares, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5209 |
| United Community Banks, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754 |
| Valley National Bancorp<br>| &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4376 |
| WaFd, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401 |
| Webster Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265 |
| Zions Bancorp NA<br>| &nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064446 |
| **BEVERAGES — 2.0%** |  |  |
| Coca-Cola Co.<br>| &nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117728 |
| PepsiCo, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201705 |
| **BIOTECHNOLOGY — 2.5%** |  |  |
| AbbVie, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140329 |
| Amgen, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60868 |
| Gilead Sciences, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253860 |
| **BUILDING PRODUCTS — 0.5%** |  |  |
| A.O. Smith Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344 |
| Allegion PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5476 |
| Johnson Controls International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30313 |
| Masco Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6822 |
| Owens Corning<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51181 |
| **CAPITAL MARKETS — 3.5%** |  |  |
| Bank of New York Mellon Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70701 |
| Cohen & Steers, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2185 |
| Federated Hermes, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 |
| Franklin Resources, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7727 |
| Janus Henderson Group PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5593 |
| Morgan Stanley<br>| &nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181287 |
| Northern Trust Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27133 |
| State Street Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32115 |
| T. Rowe Price Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22774 |
| Virtu Financial, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356777 |
| **CHEMICALS — 1.5%** |  |  |
| Air Products & Chemicals, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58668 |
| Albemarle Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 |
| Ashland, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263 |
| Avient Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 |
| Cabot Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 |
| CF Industries Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13800 |
| Eastman Chemical Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8063 |
| FMC Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 |
| LyondellBasell Industries NV Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15333 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P SECTOR NEUTRAL DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| NewMarket Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;$4145 |
| Olin Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 |
| PPG Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23774 |
| Scotts Miracle-Gro Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 |
| Sensient Technologies Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153077 |
| **COMMERCIAL SERVICES & SUPPLIES — 0.5%** |  |  |
| ABM Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 |
| Brady Corp. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 |
| HNI Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 |
| RB Global, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8495 |
| Waste Management, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48021 |
| **COMMUNICATIONS EQUIPMENT — 5.8%** |  |  |
| Cisco Systems, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;8122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563504 |
| Juniper Networks, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588381 |
| **CONSUMER FINANCE — 0.1%** |  |  |
| Ally Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12191 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.3%** |  |  |
| Dollar General Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10180 |
| Target Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32672 |
| **CONTAINERS & PACKAGING — 0.5%** |  |  |
| Amcor PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340 |
| Avery Dennison Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12283 |
| Packaging Corp. of America<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15076 |
| Sealed Air Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4096 |
| Sonoco Products Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46541 |
| **DISTRIBUTORS — 0.2%** |  |  |
| Genuine Parts Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16256 |
| **DIVERSIFIED CONSUMER SERVICES — 0.1%** |  |  |
| H&R Block, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367 |
| Strategic Education, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8410 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 7.3%** |  |  |
| Cogent Communications Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9064 |
| Verizon Communications, Inc.<br>| &nbsp;&nbsp;16886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739721 |
| **ELECTRIC UTILITIES — 1.5%** |  |  |
| ALLETE, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 |
| American Electric Power Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28638 |
| Duke Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46610 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Edison International<br>| &nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;$10268 |
| Evergy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8134 |
| Eversource Energy<br>| &nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12660 |
| Exelon Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21797 |
| FirstEnergy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9944 |
| OGE Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616 |
| Pinnacle West Capital Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189 |
| Portland General Electric Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152094 |
| **ELECTRICAL EQUIPMENT — 0.5%** |  |  |
| Emerson Electric Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34666 |
| Rockwell Automation, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51939 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.3%** |  |  |
| Avnet, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8121 |
| CDW Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45362 |
| Corning, Inc.<br>| &nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79411 |
| TE Connectivity PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96142 |
| Vishay Intertechnology, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233482 |
| **FINANCIAL SERVICES — 0.2%** |  |  |
| HA Sustainable Infrastructure Capital, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814 |
| Radian Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475 |
| Voya Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8094 |
| Western Union Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20364 |
| **FOOD PRODUCTS — 1.0%** |  |  |
| Archer-Daniels-Midland Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11084 |
| Bunge Global SA<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496 |
| Campbell's Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2789 |
| Conagra Brands, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4524 |
| Flowers Foods, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 |
| General Mills, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13108 |
| Hershey Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11119 |
| Hormel Foods Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3872 |
| J.M. Smucker Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 |
| Mondelez International, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38643 |
| Tyson Foods, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102904 |
| **GAS UTILITIES — 0.1%** |  |  |
| New Jersey Resources Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 |
| ONE Gas, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012 |
| Spire, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 |
| UGI Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10494 |
| **GROUND TRANSPORTATION — 1.2%** |  |  |
| CSX Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28551 |
| Norfolk Southern Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26365 |
| Ryder System, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P SECTOR NEUTRAL DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Union Pacific Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;$63502 |
| Werner Enterprises, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122178 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.5%** |  |  |
| Abbott Laboratories<br>| &nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87182 |
| Becton Dickinson & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20326 |
| Dentsply Sirona, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 |
| Medtronic PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152205 |
| **HEALTH CARE PROVIDERS & SERVICES — 2.4%** |  |  |
| Cardinal Health, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15120 |
| Cigna Group<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32066 |
| CVS Health Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32490 |
| Elevance Health, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33062 |
| Quest Diagnostics, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7005 |
| UnitedHealth Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126972 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246715 |
| **HEALTH CARE REITs — 0.3%** |  |  |
| Alexandria Real Estate Equities, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14090 |
| CareTrust REIT, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6028 |
| Omega Healthcare Investors, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30930 |
| **HOTELS, RESTAURANTS & LEISURE — 3.5%** |  |  |
| McDonald's Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192540 |
| Starbucks Corp.<br>| &nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115545 |
| Yum! Brands, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349872 |
| **HOUSEHOLD DURABLES — 0.1%** |  |  |
| Whirlpool Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085 |
| **HOUSEHOLD PRODUCTS — 0.2%** |  |  |
| Energizer Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 |
| Kimberly-Clark Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20628 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%** |  |  |
| AES Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4660 |
| **INDUSTRIAL CONGLOMERATES — 0.7%** |  |  |
| Honeywell International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69165 |
| **INDUSTRIAL REITs — 0.2%** |  |  |
| Rexford Industrial Realty, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10031 |
| STAG Industrial, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17831 |
| **INSURANCE — 1.6%** |  |  |
| American Financial Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9340 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Fidelity National Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;$15304 |
| First American Financial Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937 |
| Lincoln National Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6851 |
| MetLife, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50423 |
| Old Republic International Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9264 |
| Principal Financial Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19063 |
| Prudential Financial, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41902 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159084 |
| **IT SERVICES — 9.5%** |  |  |
| Accenture PLC Class A<br>| &nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372118 |
| Cognizant Technology Solutions Corp. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76392 |
| International Business Machines Corp.<br>| &nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956121 |
| **LEISURE EQUIPMENT & PRODUCTS — 0.1%** |  |  |
| Brunswick Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033 |
| Polaris, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6431 |
| **LEISURE PRODUCTS — 0.1%** |  |  |
| Hasbro, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10556 |
| **MACHINERY — 2.7%** |  |  |
| Albany International Corp. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 |
| Caterpillar, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88124 |
| Cummins, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21287 |
| Deere & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56442 |
| Donaldson Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676 |
| Flowserve Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403 |
| Graco, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6534 |
| Hillenbrand, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 |
| IDEX Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145 |
| Illinois Tool Works, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29423 |
| Kennametal, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 |
| Lincoln Electric Holdings, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5183 |
| Nordson Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5359 |
| Oshkosh Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3520 |
| PACCAR, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23195 |
| Snap-on, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7779 |
| Stanley Black & Decker, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5759 |
| Timken Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249 |
| Toro Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251 |
| Trinity Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274896 |
| **MEDIA — 0.6%** |  |  |
| Interpublic Group of Cos., Inc.<br>| &nbsp;&nbsp;1592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38972 |
| Nexstar Media Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61802 |
| **METALS & MINING — 0.3%** |  |  |
| Nucor Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27462 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P SECTOR NEUTRAL DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%** |  |  |
| Starwood Property Trust, Inc. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;$6744 |
| **MULTI-UTILITIES — 0.5%** |  |  |
| Avista Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 |
| Black Hills Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 |
| Consolidated Edison, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17361 |
| DTE Energy Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14173 |
| Northwestern Energy Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 |
| WEC Energy Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53438 |
| **OFFICE REITs — 0.2%** |  |  |
| BXP, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10593 |
| Cousins Properties, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5676 |
| Highwoods Properties, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668 |
| Kilroy Realty Corp. REIT (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23780 |
| **OIL, GAS & CONSUMABLE FUELS — 3.5%** |  |  |
| Chevron Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84625 |
| Coterra Energy, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142 |
| EOG Resources, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22367 |
| Exxon Mobil Corp.<br>| &nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150165 |
| Kinder Morgan, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17611 |
| ONEOK, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17142 |
| Phillips 66 Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17060 |
| Valero Energy Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14114 |
| Williams Cos., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351838 |
| **PERSONAL CARE PRODUCTS — 0.2%** |  |  |
| Kenvue, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18439 |
| **PHARMACEUTICALS — 3.2%** |  |  |
| Bristol-Myers Squibb Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42726 |
| Johnson & Johnson<br>| &nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142057 |
| Merck & Co., Inc.<br>| &nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82564 |
| Perrigo Co. PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 |
| Pfizer, Inc.<br>| &nbsp;&nbsp;2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325080 |
| **PROFESSIONAL SERVICES — 1.0%** |  |  |
| Automatic Data Processing, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55512 |
| Broadridge Financial Solutions, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12394 |
| Genpact Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3169 |
| Insperity, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 |
| Korn Ferry<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 |
| Maximus, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
| Paychex, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21383 |
| Robert Half, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 |
| Science Applications International Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101117 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **RETAIL REITs — 0.7%** |  |  |
| Agree Realty Corp. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;$8183 |
| NNN REIT, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8766 |
| Realty Income Corp. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69604 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.0%** |  |  |
| Analog Devices, Inc.<br>| &nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239210 |
| Microchip Technology, Inc.<br>| &nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80363 |
| Power Integrations, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6261 |
| QUALCOMM, Inc.<br>| &nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354194 |
| Skyworks Solutions, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24293 |
| Texas Instruments, Inc.<br>| &nbsp;&nbsp;1977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114786 |
| **SOFTWARE — 0.4%** |  |  |
| Dolby Laboratories, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9059 |
| Gen Digital, Inc.<br>| &nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40723 |
| **SPECIALIZED REITs — 1.1%** |  |  |
| CubeSmart REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10838 |
| Extra Space Storage, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34354 |
| Four Corners Property Trust, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 |
| National Storage Affiliates Trust REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527 |
| PotlatchDeltic Corp. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338 |
| Public Storage REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49001 |
| Rayonier, Inc. REIT<br>| &nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106570 |
| **SPECIALTY RETAIL — 5.0%** |  |  |
| Best Buy Co., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14164 |
| Dick's Sporting Goods, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11671 |
| Home Depot, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350875 |
| Lowe's Cos., Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502510 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.0%** |  |  |
| Hewlett Packard Enterprise Co.<br>| &nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49632 |
| HP, Inc.<br>| &nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47403 |
| NetApp, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41235 |
| Seagate Technology Holdings PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199322 |
| **TEXTILES, APPAREL & LUXURY GOODS — 0.9%** |  |  |
| NIKE, Inc. Class B<br>| &nbsp;&nbsp;1224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86953 |
| **TOBACCO — 1.6%** |  |  |
| Altria Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44793 |
| Philip Morris International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162449 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P SECTOR NEUTRAL DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **TRADING COMPANIES & DISTRIBUTORS — 0.3%** |  |  |
| Air Lease Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;$2807 |
| Fastenal Co.<br>| &nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19824 |
| GATX Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611 |
| MSC Industrial Direct Co., Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 |
| Watsco, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34365 |
| **WATER UTILITIES — 0.0% <sup>\*</sup>** |  |  |
| Essential Utilities, Inc.<br>| &nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4568 |
| **TOTAL COMMON STOCKS<br>(Cost $9,507,914)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10071067 |

---

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;9991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9991 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (a) (e) | 16599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16599 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $26,590)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26590 |
| **TOTAL INVESTMENTS — 100.1%<br>(Cost $9,534,504)<br>** | **TOTAL INVESTMENTS — 100.1%<br>(Cost $9,534,504)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;10097657 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%<br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5554) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $10092103 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

REIT Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $10071067 | $— | $— | $10071067 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26590 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26590 |
| **TOTAL INVESTMENTS<br>**  | $10097657 | $— | $— | $10097657 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR PORTFOLIO S&P SECTOR NEUTRAL DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;206 | $15244 | $22513 | $13933 | $1855 | $6436 | &nbsp;&nbsp;&nbsp;&nbsp;302 | $32115 | $696 |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| 10652 | &nbsp;&nbsp;10656 | &nbsp;&nbsp;&nbsp;24020 | &nbsp;&nbsp;&nbsp;34676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;143 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;418969 | &nbsp;&nbsp;408978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;9991 | &nbsp;&nbsp;&nbsp;9991 | &nbsp;&nbsp;&nbsp;&nbsp;707 |
| State Street Navigator Securities Lending Portfolio II<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;374701 | &nbsp;&nbsp;358102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 16599 | &nbsp;&nbsp;16599 | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| Total<br>|  | $25900 | $840203 | $815689 | $1856 | $6435 |  | $58705 | $1567 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P AEROSPACE & DEFENSE ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** |  |  |
| **AEROSPACE & DEFENSE — 99.9%** |  |  |
| AAR Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;528415 | &nbsp;&nbsp;$36349668 |
| AeroVironment, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;613417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174793174 |
| Archer Aviation, Inc. Class A (a)<br>| &nbsp;&nbsp;9552633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103646068 |
| Astronics Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;846397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28337372 |
| ATI, Inc. (a)<br>| &nbsp;&nbsp;1385806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119650490 |
| Axon Enterprise, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;149364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123664430 |
| Boeing Co. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;543252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113827592 |
| BWX Technologies, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;856075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123326165 |
| Byrna Technologies, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;617697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19074483 |
| Cadre Holdings, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;647170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20612365 |
| Curtiss-Wright Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;246460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120408033 |
| Ducommun, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;142592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11782377 |
| General Dynamics Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;421479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122928565 |
| General Electric Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;473510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121876739 |
| HEICO Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;384712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126185536 |
| Hexcel Corp. (b)<br>| &nbsp;&nbsp;2062734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116523844 |
| Howmet Aerospace, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;680891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126734242 |
| Huntington Ingalls Industries, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;514063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124125652 |
| Intuitive Machines, Inc. (a) (b)<br>| &nbsp;&nbsp;3972965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43186130 |
| Karman Holdings, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;801449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40368986 |
| Kratos Defense & Security Solutions, Inc. (a) (b)<br>| &nbsp;&nbsp;2877614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133665170 |
| L3Harris Technologies, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;471297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118220139 |
| Leonardo DRS, Inc.<br>| &nbsp;&nbsp;1881147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87435713 |
| Loar Holdings, Inc. (a)<br>| &nbsp;&nbsp;1077119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92815344 |
| Lockheed Martin Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;254608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117919149 |
| Mercury Systems, Inc. (a) (b)<br>| &nbsp;&nbsp;1156605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62294745 |
| Moog, Inc. Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;364454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65955240 |
| National Presto Industries, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7154998 |
| Northrop Grumman Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;238002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118996240 |
| Redwire Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;926001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15093816 |
| Rocket Lab Corp. (a) (b)<br>| &nbsp;&nbsp;4249104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151990450 |
| RTX Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;819795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119706466 |
| Spirit AeroSystems Holdings, Inc. Class A (a)<br>| &nbsp;&nbsp;2778069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105983332 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| StandardAero, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781900 | &nbsp;&nbsp;$119697135 |
| Textron, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121538506 |
| TransDigm Group, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123656924 |
| Triumph Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72844484 |
| V2X, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26747069 |
| Woodward, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122262166 |
| **TOTAL COMMON STOCKS<br>(Cost $2,847,672,391)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;3601378997 |
| **SHORT-TERM INVESTMENTS — 5.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;3021423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3021423 |
| State Street Navigator Securities Lending Portfolio II (e) (f) | 195032392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195032392 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $198,053,815)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198053815 |
| **TOTAL INVESTMENTS — 105.4%<br>(Cost $3,045,726,206)<br>** |  | &nbsp;&nbsp;&nbsp;&nbsp;3799432812 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (5.4)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195817062) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$3603615750 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $3601378997 | $— | $— | $3601378997 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;198053815 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;198053815 |
| **TOTAL INVESTMENTS<br>**  | $3799432812 | $— | $— | $3799432812 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P AEROSPACE & DEFENSE ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;2708743 | $2709555 | $15124723 | $17834278 | $212 | $(212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $46493 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;69224614 | &nbsp;&nbsp;&nbsp;&nbsp;66203191 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3021423 | &nbsp;&nbsp;&nbsp;&nbsp;3021423 | &nbsp;&nbsp;&nbsp;&nbsp;121856 |
| State Street Navigator Securities Lending Portfolio II<br>| 160660356 | &nbsp;&nbsp;160660356 | &nbsp;&nbsp;1533605437 | &nbsp;&nbsp;1499233401 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 195032392 | &nbsp;&nbsp;195032392 | &nbsp;&nbsp;1098260 |
| Total<br>|  | $163369911 | $1617954774 | $1583270870 | $212 | $(212) |  | $198053815 | $1266609 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P BANK ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **BANKS — 83.5%** | **BANKS — 83.5%** | **BANKS — 83.5%** |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;245066 | &nbsp;&nbsp;$15855770 |
| Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;645946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15754623 |
| Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;483346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15119063 |
| Axos Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;212481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16157055 |
| Banc of California, Inc. (b) | 1087263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15276045 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;92287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11408519 |
| Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;285526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16266416 |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;342979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16229766 |
| Bank of Hawaii Corp. (b) | &nbsp;&nbsp;&nbsp;228116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15404673 |
| Bank OZK | &nbsp;&nbsp;&nbsp;335520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15789571 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;439829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15653514 |
| Banner Corp. | &nbsp;&nbsp;&nbsp;227395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14587389 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;160411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15660926 |
| Cadence Bank (b) | &nbsp;&nbsp;&nbsp;493453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15780627 |
| Cathay General Bancorp (b) | &nbsp;&nbsp;&nbsp;342596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15598396 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;195736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16661048 |
| Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;370558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16582470 |
| Columbia Banking System, Inc. (b) | &nbsp;&nbsp;&nbsp;648410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15159826 |
| Comerica, Inc. (b) | &nbsp;&nbsp;&nbsp;264734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15791383 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;246605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15331433 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;230720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13121046 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;120053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15431613 |
| CVB Financial Corp. | &nbsp;&nbsp;&nbsp;727344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14394138 |
| East West Bancorp, Inc. (b) | &nbsp;&nbsp;&nbsp;163546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16514875 |
| Eastern Bankshares, Inc. | 1006647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15371500 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;391954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16121068 |
| First BanCorp | &nbsp;&nbsp;&nbsp;755732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15741898 |
| First Citizens BancShares, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16029359 |
| First Financial Bancorp | &nbsp;&nbsp;&nbsp;410882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9967997 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;416100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14971278 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;634991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15849375 |
| First Horizon Corp. | &nbsp;&nbsp;&nbsp;768602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16294362 |
| First Interstate BancSystem, Inc. Class A | &nbsp;&nbsp;&nbsp;552844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15932964 |
| First Merchants Corp. | &nbsp;&nbsp;&nbsp;276619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10594508 |
| Flagstar Financial, Inc. (b) | 1328257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14079524 |
| FNB Corp. (b) | 1091126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15908617 |
| Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;873155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15751716 |
| Glacier Bancorp, Inc. (b) | &nbsp;&nbsp;&nbsp;357185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15387530 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;279381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16036469 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;355110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777589 |
| Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;540001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15368428 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;953462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15980023 |
| Independent Bank Corp. | &nbsp;&nbsp;&nbsp;235299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14796778 |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;237265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15792358 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;57208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16585171 |
| KeyCorp | &nbsp;&nbsp;&nbsp;945244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16466150 |
| Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;175433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10780358 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16128523 |
| NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;268045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11137270 |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;326792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13986698 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Old National Bancorp (b) | &nbsp;&nbsp;&nbsp;724675 | &nbsp;&nbsp;$15464565 |
| Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;714873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15076672 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;53447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939545 |
| Pathward Financial, Inc. (b) | &nbsp;&nbsp;&nbsp;199307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15769170 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;144222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15923551 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;86318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16091402 |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;145826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16071483 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;219259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15400752 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;662839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11619568 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;688251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16187664 |
| Renasant Corp. (b) | &nbsp;&nbsp;&nbsp;424265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15243841 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;421328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11637079 |
| ServisFirst Bancshares, Inc. (b) | &nbsp;&nbsp;&nbsp;204986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15888465 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;677517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12845722 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;172338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15860266 |
| Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;313280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16212240 |
| Texas Capital Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;200223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15897706 |
| Triumph Financial, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;220879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12172642 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;381057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16381640 |
| Trustmark Corp. | &nbsp;&nbsp;&nbsp;314088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11451648 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;347082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15705461 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;146314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15386380 |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;420542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15320345 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;525921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15667187 |
| Valley National Bancorp | 1714103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15306940 |
| WaFd, Inc. | &nbsp;&nbsp;&nbsp;527199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15436387 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;284620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15540252 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;204750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16404570 |
| WesBanco, Inc. | &nbsp;&nbsp;&nbsp;483958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15307592 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;206221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16081114 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;126817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15722772 |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;288260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15854300 |
| Zions Bancorp NA | &nbsp;&nbsp;&nbsp;313670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16292020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1245528637 |
| **CAPITAL MARKETS — 2.2%** | **CAPITAL MARKETS — 2.2%** | **CAPITAL MARKETS — 2.2%** |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;171298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15606961 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;141471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17937108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33544069 |
| **FINANCIAL SERVICES — 14.0%** | **FINANCIAL SERVICES — 14.0%** | **FINANCIAL SERVICES — 14.0%** |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;111140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15767432 |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;470162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16690751 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;286384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16066142 |
| Essent Group Ltd. (b) | &nbsp;&nbsp;&nbsp;262153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15920552 |
| Jackson Financial, Inc. Class A | &nbsp;&nbsp;&nbsp;183196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16265973 |
| MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;578045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16092773 |
| Mr. Cooper Group, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;107441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16031272 |
| NMI Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;379727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16020682 |
| PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;157663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15709541 |
| Radian Group, Inc. | &nbsp;&nbsp;&nbsp;451353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16257735 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P BANK ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Rocket Cos., Inc. Class A (b) | &nbsp;&nbsp;1120625 | &nbsp;&nbsp;$15890462 |
| Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;228875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16250125 |
| Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;216136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15233265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208196705 |
| **TOTAL COMMON STOCKS<br>(Cost $1,525,972,517)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;1487269411 |
| **SHORT-TERM INVESTMENTS — 2.5%** | **SHORT-TERM INVESTMENTS — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;1368223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368223 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 35754066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35754066 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $37,122,289)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $37,122,289)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37122289 |
| **TOTAL INVESTMENTS — 102.2%<br>(Cost $1,563,094,806)<br>** | **TOTAL INVESTMENTS — 102.2%<br>(Cost $1,563,094,806)<br>** | &nbsp;&nbsp;1524391700 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.2)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (2.2)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33090649) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $1491301051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $1487269411 | $— | $— | $1487269411 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37122289 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37122289 |
| **TOTAL INVESTMENTS<br>**  | $1524391700 | $— | $— | $1524391700 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;982274 | $982568 | $9251809 | $10234377 | $41 | $(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $17054 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;89365615 | &nbsp;&nbsp;&nbsp;&nbsp;87997392 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1368223 | &nbsp;&nbsp;&nbsp;1368223 | &nbsp;&nbsp;&nbsp;84794 |
| State Street Navigator Securities Lending Portfolio II<br>| 29664528 | &nbsp;&nbsp;29664528 | &nbsp;&nbsp;1030161074 | &nbsp;&nbsp;1024071536 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 35754066 | &nbsp;&nbsp;35754066 | &nbsp;&nbsp;435991 |
| Total<br>|  | $30647096 | $1128778498 | $1122303305 | $41 | $(41) |  | $37122289 | $537839 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P BIOTECH ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** |  |  |
| **BIOTECHNOLOGY — 99.9%** |  |  |
| 89bio, Inc. (a)<br>| &nbsp;&nbsp;1493771 | &nbsp;&nbsp;$14668831 |
| AbbVie, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;612897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113765941 |
| ACADIA Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;1535112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33112366 |
| ADMA Biologics, Inc. (a) (b)<br>| &nbsp;&nbsp;3246550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59119676 |
| Agios Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;603104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20059239 |
| Akebia Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;3100202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11284735 |
| Akero Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;1136907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60665358 |
| Alkermes PLC (a)<br>| &nbsp;&nbsp;1968866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56329256 |
| Alnylam Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;393005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128155000 |
| Altimmune, Inc. (a) (b)<br>| &nbsp;&nbsp;1245375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4819601 |
| Amgen, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;402176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112291561 |
| Amicus Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;5066776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29032626 |
| AnaptysBio, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;327522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7270988 |
| Anavex Life Sciences Corp. (a) (b)<br>| &nbsp;&nbsp;1124931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10371864 |
| Apellis Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;1756243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30400566 |
| Apogee Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;515324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22380521 |
| Arbutus Biopharma Corp. (a) (b)<br>| &nbsp;&nbsp;1079938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337008 |
| Arcellx, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;688158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45315204 |
| Arcturus Therapeutics Holdings, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;459603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979435 |
| Arcus Biosciences, Inc. (a) (b)<br>| &nbsp;&nbsp;1204667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9805989 |
| Arcutis Biotherapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;1884367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26418825 |
| Ardelyx, Inc. (a) (b)<br>| &nbsp;&nbsp;4388945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17204664 |
| ArriVent Biopharma, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;192280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185936 |
| Arrowhead Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;1732665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27376107 |
| ARS Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;986983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17222853 |
| Avidity Biosciences, Inc. (a) (b)<br>| &nbsp;&nbsp;1549054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43993134 |
| Beam Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;1499620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25508536 |
| BioCryst Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;3674114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32920061 |
| Biogen, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;882029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110774022 |
| Biohaven Ltd. (a)<br>| &nbsp;&nbsp;1479561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20876606 |
| BioMarin Pharmaceutical, Inc. (a)<br>| &nbsp;&nbsp;2053247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112866988 |
| Blueprint Medicines Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;739446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94782188 |
| Bridgebio Pharma, Inc. (a)<br>| &nbsp;&nbsp;2402413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103736193 |
| Capricor Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;585323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812257 |
| CareDx, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;871281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17024831 |
| Catalyst Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;1168506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25356580 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Celldex Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873587 | &nbsp;&nbsp;$17777495 |
| CG oncology, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25465024 |
| Cogent Biosciences, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1119060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8034851 |
| Crinetics Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;1107983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31865591 |
| CRISPR Therapeutics AG (a) (b)<br>| &nbsp;&nbsp;&nbsp;1396005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67901683 |
| Cullinan Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605914 |
| Cytokinetics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;2069055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68361577 |
| Day One Biopharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;1204719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7830674 |
| Denali Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;1492609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20881600 |
| Dianthus Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487078 |
| Disc Medicine, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20356871 |
| Dynavax Technologies Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;1986195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19703054 |
| Dyne Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;1345937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12813320 |
| Emergent BioSolutions, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6067922 |
| Exact Sciences Corp. (a)<br>| &nbsp;&nbsp;&nbsp;2108348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112037613 |
| Exelixis, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;2832730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124852575 |
| Geron Corp. (a) (b)<br>| &nbsp;&nbsp;10114715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14261748 |
| Gilead Sciences, Inc.<br>| &nbsp;&nbsp;&nbsp;1073767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119048547 |
| GRAIL, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25756946 |
| Halozyme Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;2179366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113370619 |
| Humacyte, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;2261590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726723 |
| Ideaya Biosciences, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;1340589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28179181 |
| ImmunityBio, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;3082090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136718 |
| Immunome, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8674333 |
| Immunovant, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;1299728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20795648 |
| Incyte Corp. (a)<br>| &nbsp;&nbsp;&nbsp;1704632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116085439 |
| Insmed, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;1197672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120533710 |
| Intellia Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;1572390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14749018 |
| Ionis Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;1767400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69829974 |
| Iovance Biotherapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;3570224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6140785 |
| Janux Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13235145 |
| KalVista Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6473153 |
| Keros Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8849168 |
| Krystal Biotech, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58167986 |
| Kura Oncology, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;1283233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404254 |
| Kymera Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21383818 |
| Madrigal Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90640075 |
| MannKind Corp. (a)<br>| &nbsp;&nbsp;&nbsp;2872576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10743434 |
| Metsera, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700914 |
| MiMedx Group, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4697765 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P BIOTECH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Mineralys Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;700433 | &nbsp;&nbsp;$9476859 |
| Mirum Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;454076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23107928 |
| Moderna, Inc. (a) (b)<br>| &nbsp;&nbsp;4229190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116683352 |
| Myriad Genetics, Inc. (a)<br>| &nbsp;&nbsp;1378739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321104 |
| Natera, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;703802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118900310 |
| Neurocrine Biosciences, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;945107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118790499 |
| Novavax, Inc. (a) (b)<br>| &nbsp;&nbsp;3101075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19536773 |
| Nurix Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;924455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10529542 |
| Nuvalent, Inc. Class A (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;590719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45071860 |
| ORIC Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;520608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5284171 |
| Praxis Precision Medicines, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;302808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12733076 |
| Protagonist Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;983302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54347102 |
| PTC Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;1191928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58213764 |
| Recursion Pharmaceuticals, Inc. Class A (a) (b)<br>| &nbsp;&nbsp;4348044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22001103 |
| Regeneron Pharmaceuticals, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;226329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118822725 |
| REGENXBIO, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;740527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079727 |
| Relay Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;2221362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685913 |
| Replimune Group, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;970997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9020562 |
| Revolution Medicines, Inc. (a) (b)<br>| &nbsp;&nbsp;1867641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68710512 |
| Rhythm Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;630071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39814187 |
| Rigel Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;223448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185181 |
| Roivant Sciences Ltd. (a) (b)<br>| &nbsp;&nbsp;7213584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81297092 |
| Sarepta Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;1807449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30907378 |
| Scholar Rock Holding Corp. (a)<br>| &nbsp;&nbsp;1219104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43180664 |
| Soleno Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;578678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48481643 |
| SpringWorks Therapeutics, Inc. (a)<br>| &nbsp;&nbsp;1391850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65403032 |
| Spyre Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;622170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9313885 |
| Stoke Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;628158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129593 |
| Summit Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;2427653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51660456 |
| Syndax Pharmaceuticals, Inc. (a) (b)<br>| &nbsp;&nbsp;1538777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410647 |
| Taysha Gene Therapies, Inc. (a) (b)<br>| &nbsp;&nbsp;1449032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347264 |
| TG Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;2297839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82699226 |
| Travere Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;1512043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22378236 |
| Twist Bioscience Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;923509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33975896 |
| Ultragenyx Pharmaceutical, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;990009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35996727 |
| uniQure NV (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;839853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11707551 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| United Therapeutics Corp. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424501 | &nbsp;&nbsp;$121980362 |
| Vaxcyte, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65416037 |
| Vera Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20729172 |
| Veracyte, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35909220 |
| Verastem, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312344 |
| Vericel Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24659938 |
| Vertex Pharmaceuticals, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115475086 |
| Verve Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10314025 |
| Viking Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50949960 |
| Vir Biotechnology, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8123321 |
| Viridian Therapeutics, Inc. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13040139 |
| Xencor, Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8693710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4815662343 |
| **HEALTH CARE EQUIPMENT — 0.0%** |  |  |
| OmniAb, Inc. (a) (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323918 | &nbsp;&nbsp;$— |
| **TOTAL COMMON STOCKS<br>(Cost $6,317,938,436)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;4815662343 |
| **RIGHTS — 0.0% <sup>\*</sup>** |  |  |
| **BIOTECHNOLOGY — 0.0% <sup>\*</sup>** |  |  |
| Inhibrx, Inc. (expiring 12/31/49) (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069883 |
| Mirati Therapeutics, Inc. (expiring 12/31/49) (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958686 |
| **TOTAL RIGHTS<br>(Cost $2,028,569)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028569 |
| **SHORT-TERM INVESTMENTS — 6.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | &nbsp;&nbsp;&nbsp;&nbsp;5090570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5090570 |
| State Street Navigator Securities Lending Portfolio II (f) (g) | 298148176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298148176 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $303,238,746)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303238746 |
| **TOTAL INVESTMENTS — 106.2%<br>(Cost $6,623,205,751)<br>** |  | &nbsp;&nbsp;&nbsp;&nbsp;5120929658 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (6.2)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298767440) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$4822162218 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P BIOTECH ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2025, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

\* Amount is less than 0.05% of net assets.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $4815662343 | $— | &nbsp;&nbsp;&nbsp;$0(a) | $4815662343 |
| Rights<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;2028569 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028569 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;303238746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;303238746 |
| **TOTAL INVESTMENTS<br>**  | $5118901089 | $2028569 | $0 | $5120929658 |

---

(a) The Fund held a Level 3 security that was valued at $0 at June 30, 2025.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;3275805 | $3276788 | $105731498 | $109008286 | $168 | $(168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $104246 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;93743172 | &nbsp;&nbsp;&nbsp;&nbsp;88652602 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5090570 | &nbsp;&nbsp;&nbsp;&nbsp;5090570 | &nbsp;&nbsp;&nbsp;&nbsp;173905 |
| State Street Navigator Securities Lending Portfolio II<br>| 531386578 | &nbsp;&nbsp;531386578 | &nbsp;&nbsp;3507074385 | &nbsp;&nbsp;3740312787 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 298148176 | &nbsp;&nbsp;298148176 | &nbsp;&nbsp;4710569 |
| Total<br>|  | $534663366 | $3706549055 | $3937973675 | $168 | $(168) |  | $303238746 | $4988720 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **AEROSPACE & DEFENSE — 3.9%** | **AEROSPACE & DEFENSE — 3.9%** | **AEROSPACE & DEFENSE — 3.9%** |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;653953 | &nbsp;&nbsp;$190731932 |
| L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;836901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209928247 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;503157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233032133 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;268823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134406123 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768098435 |
| **AIR FREIGHT & LOGISTICS — 1.2%** | **AIR FREIGHT & LOGISTICS — 1.2%** | **AIR FREIGHT & LOGISTICS — 1.2%** |
| CH Robinson Worldwide, Inc. | 1477986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141812757 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;894988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102252379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244065136 |
| **BANKS — 2.6%** | **BANKS — 2.6%** | **BANKS — 2.6%** |
| BancFirst Corp. (a) | &nbsp;&nbsp;&nbsp;203102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25107469 |
| Bank OZK | 1204236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56671346 |
| Commerce Bancshares, Inc. | 1386158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86177443 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;597408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33974593 |
| Cullen/Frost Bankers, Inc. (a) | &nbsp;&nbsp;&nbsp;771885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99218098 |
| Prosperity Bancshares, Inc. | 1113655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78223127 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;795050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83607458 |
| United Bankshares, Inc. (a) | 1582029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57633317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520612851 |
| **BEVERAGES — 2.7%** | **BEVERAGES — 2.7%** | **BEVERAGES — 2.7%** |
| Brown-Forman Corp. Class B | 1969373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52995827 |
| Coca-Cola Co. | 3067473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217023715 |
| PepsiCo, Inc. | 2005795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264845172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534864714 |
| **BIOTECHNOLOGY — 1.3%** | **BIOTECHNOLOGY — 1.3%** | **BIOTECHNOLOGY — 1.3%** |
| AbbVie, Inc. | 1395959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259117910 |
| **BUILDING PRODUCTS — 0.9%** | **BUILDING PRODUCTS — 0.9%** | **BUILDING PRODUCTS — 0.9%** |
| A.O. Smith Corp. | 1332573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87376811 |
| Carlisle Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;257762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96248331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183625142 |
| **CAPITAL MARKETS — 2.9%** | **CAPITAL MARKETS — 2.9%** | **CAPITAL MARKETS — 2.9%** |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;169768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75933831 |
| Franklin Resources, Inc. (a) | 3574873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85260721 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;126900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66913101 |
| SEI Investments Co. | 1129389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101486896 |
| T. Rowe Price Group, Inc. | 2600258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250924897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580519446 |
| **CHEMICALS — 5.2%** | **CHEMICALS — 5.2%** | **CHEMICALS — 5.2%** |
| Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;723961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204200440 |
| Albemarle Corp. (a) | 1676681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105077598 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;340182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91658638 |
| Hawkins, Inc. (a) | &nbsp;&nbsp;&nbsp;181631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25809765 |
| HB Fuller Co. | &nbsp;&nbsp;&nbsp;622823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37462803 |
| Linde PLC | &nbsp;&nbsp;&nbsp;226971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106490254 |
| PPG Industries, Inc. | 1928294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219343443 |
| RPM International, Inc. | 1341118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147308401 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;215645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74043867 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Westlake Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;398896 | &nbsp;&nbsp;$30288173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1041683382 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.5%** | **COMMERCIAL SERVICES & SUPPLIES — 2.5%** | **COMMERCIAL SERVICES & SUPPLIES — 2.5%** |
| ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;670602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31659120 |
| Brady Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;503886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34249131 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;288490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64295766 |
| MSA Safety, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;424612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71135248 |
| RB Global, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;929314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98683854 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;313283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77258721 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;492208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112627035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489908875 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.8%** |
| Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40778737 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39228353 |
| Sysco Corp. | &nbsp;&nbsp;2944168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222991285 |
| Target Corp. | &nbsp;&nbsp;3677428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362778272 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;890135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87037400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752814047 |
| **CONTAINERS & PACKAGING — 1.7%** | **CONTAINERS & PACKAGING — 1.7%** | **CONTAINERS & PACKAGING — 1.7%** |
| Amcor PLC | 16224789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149105811 |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;646844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101185807 |
| Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;899846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48753656 |
| Sonoco Products Co. | &nbsp;&nbsp;1127957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49133807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348179081 |
| **DISTRIBUTORS — 1.0%** | **DISTRIBUTORS — 1.0%** | **DISTRIBUTORS — 1.0%** |
| Genuine Parts Co. | &nbsp;&nbsp;1571404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190627019 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%** |
| Verizon Communications, Inc. | 11044979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477916241 |
| **ELECTRIC UTILITIES — 8.2%** | **ELECTRIC UTILITIES — 8.2%** | **ELECTRIC UTILITIES — 8.2%** |
| Alliant Energy Corp. | &nbsp;&nbsp;2971067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179660421 |
| Edison International | &nbsp;&nbsp;4321015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222964374 |
| Evergy, Inc. | &nbsp;&nbsp;2564977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176803865 |
| Eversource Energy | &nbsp;&nbsp;4330314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275494577 |
| MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;407367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36027537 |
| NextEra Energy, Inc. | &nbsp;&nbsp;3750988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260393587 |
| Southern Co. | &nbsp;&nbsp;2713194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249152605 |
| Xcel Energy, Inc. | &nbsp;&nbsp;3553465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241990967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1642487933 |
| **ELECTRICAL EQUIPMENT — 1.0%** | **ELECTRICAL EQUIPMENT — 1.0%** | **ELECTRICAL EQUIPMENT — 1.0%** |
| Emerson Electric Co. | &nbsp;&nbsp;1503115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200410323 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%** |
| Badger Meter, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;268166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65687262 |
| **FINANCIAL SERVICES — 0.5%** | **FINANCIAL SERVICES — 0.5%** | **FINANCIAL SERVICES — 0.5%** |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;579027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104323295 |
| **FOOD PRODUCTS — 3.8%** | **FOOD PRODUCTS — 3.8%** | **FOOD PRODUCTS — 3.8%** |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;5260043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277625069 |
| Flowers Foods, Inc. (a) | &nbsp;&nbsp;2242762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35839337 |
| Hormel Foods Corp. | &nbsp;&nbsp;3219340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97385035 |
| J&J Snack Foods Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;166382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18869383 |
| J.M. Smucker Co. | &nbsp;&nbsp;1180446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115919797 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;194351 | &nbsp;&nbsp;$33578022 |
| McCormick & Co., Inc. | 2253623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170869696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750086339 |
| **GAS UTILITIES — 2.6%** | **GAS UTILITIES — 2.6%** | **GAS UTILITIES — 2.6%** |
| Atmos Energy Corp. (a) | 1113601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171617050 |
| Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;242821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29191941 |
| National Fuel Gas Co. | 1016061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86070527 |
| New Jersey Resources Corp. | 1099270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49269281 |
| ONE Gas, Inc. (a) | &nbsp;&nbsp;&nbsp;600401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43144816 |
| Spire, Inc. | &nbsp;&nbsp;&nbsp;648943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47366350 |
| UGI Corp. (a) | 2389758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87034986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513694951 |
| **GROUND TRANSPORTATION — 1.7%** | **GROUND TRANSPORTATION — 1.7%** | **GROUND TRANSPORTATION — 1.7%** |
| CSX Corp. | 5055400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164957702 |
| JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;720373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103445563 |
| Ryder System, Inc. | &nbsp;&nbsp;&nbsp;492763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78349317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346752582 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 2.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 2.6%** |
| Abbott Laboratories | 1081694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147121201 |
| Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;708565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122050321 |
| Medtronic PLC | 2936990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256017418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525188940 |
| **HEALTH CARE PROVIDERS & SERVICES — 1.1%** | **HEALTH CARE PROVIDERS & SERVICES — 1.1%** | **HEALTH CARE PROVIDERS & SERVICES — 1.1%** |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;862044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144823392 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;219360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65775096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210598488 |
| **HOTELS, RESTAURANTS & LEISURE — 0.8%** | **HOTELS, RESTAURANTS & LEISURE — 0.8%** | **HOTELS, RESTAURANTS & LEISURE — 0.8%** |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;561805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164142567 |
| **HOUSEHOLD PRODUCTS — 4.4%** | **HOUSEHOLD PRODUCTS — 4.4%** | **HOUSEHOLD PRODUCTS — 4.4%** |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;828497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79626847 |
| Clorox Co. | 1436609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172493643 |
| Colgate-Palmolive Co. | 1866368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169652851 |
| Kimberly-Clark Corp. | 2097024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270348334 |
| Procter & Gamble Co. | 1125281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179279769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871401444 |
| **INSURANCE — 4.8%** | **INSURANCE — 4.8%** | **INSURANCE — 4.8%** |
| Aflac, Inc. | 1519082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160202388 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;620262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122495542 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;322098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35711005 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;334467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96901779 |
| Cincinnati Financial Corp. | 1387325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206600439 |
| Erie Indemnity Co. Class A | &nbsp;&nbsp;&nbsp;249828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86637852 |
| Old Republic International Corp. | 2654667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102045400 |
| RenaissanceRe Holdings Ltd. | &nbsp;&nbsp;&nbsp;219363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53283273 |
| RLI Corp. | &nbsp;&nbsp;&nbsp;755235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54543072 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;498294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36609660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955030410 |
| **IT SERVICES — 1.3%** | **IT SERVICES — 1.3%** | **IT SERVICES — 1.3%** |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;863824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254638039 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **LEISURE EQUIPMENT & PRODUCTS — 0.1%** | **LEISURE EQUIPMENT & PRODUCTS — 0.1%** | **LEISURE EQUIPMENT & PRODUCTS — 0.1%** |
| Polaris, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;694832 | &nbsp;&nbsp;$28244921 |
| **LIFE SCIENCES TOOLS & SERVICES — 0.2%** | **LIFE SCIENCES TOOLS & SERVICES — 0.2%** | **LIFE SCIENCES TOOLS & SERVICES — 0.2%** |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29700787 |
| **MACHINERY — 6.7%** | **MACHINERY — 6.7%** | **MACHINERY — 6.7%** |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;456434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177192243 |
| Donaldson Co., Inc. | &nbsp;&nbsp;1382131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95850785 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;556417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101952287 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;462396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41495417 |
| Graco, Inc. | &nbsp;&nbsp;1316696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113196355 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;806862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199496629 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;649661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134687719 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;652481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139872352 |
| Pentair PLC | &nbsp;&nbsp;1028382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105573696 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;2207907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149585699 |
| Toro Co. | &nbsp;&nbsp;1200045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84819181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1343722363 |
| **METALS & MINING — 1.3%** | **METALS & MINING — 1.3%** | **METALS & MINING — 1.3%** |
| Nucor Corp. | &nbsp;&nbsp;1289349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167022269 |
| Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;481264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85587990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252610259 |
| **MULTI-UTILITIES — 2.7%** | **MULTI-UTILITIES — 2.7%** | **MULTI-UTILITIES — 2.7%** |
| Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;879953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33394216 |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;789439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44287528 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;2156854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216440299 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;2377618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247747796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541869839 |
| **OIL, GAS & CONSUMABLE FUELS — 3.2%** | **OIL, GAS & CONSUMABLE FUELS — 3.2%** | **OIL, GAS & CONSUMABLE FUELS — 3.2%** |
| Chevron Corp. | &nbsp;&nbsp;2361468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338138603 |
| Exxon Mobil Corp. | &nbsp;&nbsp;2448019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263896448 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30219092 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632254143 |
| **PERSONAL CARE PRODUCTS — 1.2%** | **PERSONAL CARE PRODUCTS — 1.2%** | **PERSONAL CARE PRODUCTS — 1.2%** |
| Kenvue, Inc. | 11767041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246284168 |
| **PHARMACEUTICALS — 1.4%** | **PHARMACEUTICALS — 1.4%** | **PHARMACEUTICALS — 1.4%** |
| Johnson & Johnson | &nbsp;&nbsp;1519511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232105305 |
| Perrigo Co. PLC (a) | &nbsp;&nbsp;1703586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45519818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277625123 |
| **PROFESSIONAL SERVICES — 1.1%** | **PROFESSIONAL SERVICES — 1.1%** | **PROFESSIONAL SERVICES — 1.1%** |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;542186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167210162 |
| Robert Half, Inc. | &nbsp;&nbsp;1299595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53348375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220558537 |
| **RESIDENTIAL REITs — 1.8%** | **RESIDENTIAL REITs — 1.8%** | **RESIDENTIAL REITs — 1.8%** |
| Equity LifeStyle Properties, Inc. REIT | &nbsp;&nbsp;2236304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137912868 |
| Essex Property Trust, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;783319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221992604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359905472 |
| **RETAIL REITs — 3.1%** | **RETAIL REITs — 3.1%** | **RETAIL REITs — 3.1%** |
| Federal Realty Investment Trust REIT | &nbsp;&nbsp;&nbsp;&nbsp;877834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83385452 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| NNN REIT, Inc. | 2143221 | &nbsp;&nbsp;$92544283 |
| Realty Income Corp. REIT | 7552974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435126832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611056567 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.1%** |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;846491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201481788 |
| Microchip Technology, Inc. | 6841032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481403422 |
| QUALCOMM, Inc. | 1243925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198107495 |
| Texas Instruments, Inc. | 1570652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326098768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207091473 |
| **SOFTWARE — 0.7%** | **SOFTWARE — 0.7%** | **SOFTWARE — 0.7%** |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;186459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92746571 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45425424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138171995 |
| **SPECIALTY RETAIL — 1.6%** | **SPECIALTY RETAIL — 1.6%** | **SPECIALTY RETAIL — 1.6%** |
| Best Buy Co., Inc. | 2485879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166877057 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;715017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158640822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325517879 |
| **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** | **TEXTILES, APPAREL & LUXURY GOODS — 1.2%** |
| NIKE, Inc. Class B | 3466901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246288647 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.3%** | **TRADING COMPANIES & DISTRIBUTORS — 1.3%** | **TRADING COMPANIES & DISTRIBUTORS — 1.3%** |
| Fastenal Co. | 4468307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187668894 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68723456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256392350 |
| **WATER UTILITIES — 0.8%** | **WATER UTILITIES — 0.8%** | **WATER UTILITIES — 0.8%** |
| American States Water Co. | &nbsp;&nbsp;&nbsp;408957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31350643 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;628927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28603600 |
| Essential Utilities, Inc. | 2688870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99864632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159818875 |
| **TOTAL COMMON STOCKS<br>(Cost $18,387,542,539)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;19873588250 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (b) (c) | 34848156 | &nbsp;&nbsp;$34848156 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (d) (e) | 73610791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73610791 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $108,458,947)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $108,458,947)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108458947 |
| **TOTAL INVESTMENTS — 100.2%<br>(Cost $18,496,001,486)<br>** | **TOTAL INVESTMENTS — 100.2%<br>(Cost $18,496,001,486)<br>** | &nbsp;&nbsp;19982047197 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45377605) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $19936669592 |

---

(a) All or a portion of the shares of the security are on loan at June 30, 2025.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at June 30, 2025.

(d) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) Investment of cash collateral for securities loaned.

REIT Real Estate Investment Trust

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Index (long) | 129 | 09/19/2025 | $39180157 | $40336688 | $1156531 |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $46,283,253.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P DIVIDEND ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $19873588250 | $— | $— | $19873588250 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108458947 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108458947 |
| **TOTAL INVESTMENTS<br>**  | $19982047197 | $— | $— | $19982047197 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $1156531 | $— | $— | $1156531 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $1156531 | $— | $— | $1156531 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;33158892 | $33168840 | $112450558 | $145619398 | $21 | $(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $506230 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;876664507 | &nbsp;&nbsp;&nbsp;&nbsp;841816351 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 34848156 | &nbsp;&nbsp;&nbsp;34848156 | &nbsp;&nbsp;1544590 |
| State Street Navigator Securities Lending Portfolio II<br>| 104487153 | &nbsp;&nbsp;104487153 | &nbsp;&nbsp;2719952166 | &nbsp;&nbsp;2750828528 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 73610791 | &nbsp;&nbsp;&nbsp;73610791 | &nbsp;&nbsp;&nbsp;&nbsp;323208 |
| Total<br>|  | $137655993 | $3709067231 | $3738264277 | $21 | $(21) |  | $108458947 | $2374028 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P HOMEBUILDERS ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** |  |  |
| **BUILDING PRODUCTS — 33.7%** |  |  |
| Advanced Drainage Systems, Inc. (a)<br>| &nbsp;&nbsp;378707 | &nbsp;&nbsp;$43498286 |
| Allegion PLC<br>| &nbsp;&nbsp;321464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46329392 |
| Builders FirstSource, Inc. (b)<br>| &nbsp;&nbsp;387742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45245614 |
| Carlisle Cos., Inc.<br>| &nbsp;&nbsp;120184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44876706 |
| Carrier Global Corp.<br>| &nbsp;&nbsp;611783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44776398 |
| Johnson Controls International PLC<br>| &nbsp;&nbsp;429534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45367381 |
| Lennox International, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;80451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46117731 |
| Masco Corp.<br>| &nbsp;&nbsp;694315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44686113 |
| Owens Corning<br>| &nbsp;&nbsp;321963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44276352 |
| Trane Technologies PLC<br>| &nbsp;&nbsp;104801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45841005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451014978 |
| **HOME FURNISHINGS — 3.4%** |  |  |
| Somnigroup International, Inc. (a)<br>| &nbsp;&nbsp;680991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46341438 |
| **HOME IMPROVEMENT RETAIL — 10.0%** |  |  |
| Floor & Decor Holdings, Inc. Class A (a) (b)<br>| &nbsp;&nbsp;591172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44905425 |
| Home Depot, Inc.<br>| &nbsp;&nbsp;122959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45081688 |
| Lowe's Cos., Inc.<br>| &nbsp;&nbsp;200089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44393746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134380859 |
| **HOMEBUILDING — 49.3%** |  |  |
| Beazer Homes USA, Inc. (a) (b)<br>| &nbsp;&nbsp;338924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7581730 |
| Cavco Industries, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;73721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32026614 |
| Century Communities, Inc.<br>| &nbsp;&nbsp;376916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21227909 |
| Champion Homes, Inc. (b)<br>| &nbsp;&nbsp;579285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36269034 |
| DR Horton, Inc.<br>| &nbsp;&nbsp;355266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45800893 |
| Dream Finders Homes, Inc. Class A (a) (b)<br>| &nbsp;&nbsp;376913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9471824 |
| Green Brick Partners, Inc. (b)<br>| &nbsp;&nbsp;274416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17255278 |
| Hovnanian Enterprises, Inc. Class A (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;62997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586336 |
| Installed Building Products, Inc. (a)<br>| &nbsp;&nbsp;259607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46812334 |
| KB Home<br>| &nbsp;&nbsp;830036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43967007 |
| Lennar Corp. Class A<br>| &nbsp;&nbsp;397653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43984398 |
| LGI Homes, Inc. (a) (b)<br>| &nbsp;&nbsp;289679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14924262 |
| M/I Homes, Inc. (b)<br>| &nbsp;&nbsp;233640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26195717 |
| Meritage Homes Corp.<br>| &nbsp;&nbsp;675112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45212251 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| NVR, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6066 | &nbsp;&nbsp;$44801414 |
| PulteGroup, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45216502 |
| Taylor Morrison Home Corp. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46370564 |
| Toll Brothers, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46267047 |
| TopBuild Corp. (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47117767 |
| Tri Pointe Homes, Inc. (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1054239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33682936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660771817 |
| **HOMEFURNISHING RETAIL — 3.5%** |  |  |
| Williams-Sonoma, Inc.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46562900 |
| **TOTAL COMMON STOCKS<br>(Cost $1,634,989,999)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;1339071992 |
| **SHORT-TERM INVESTMENTS — 4.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;&nbsp;&nbsp;687835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687835 |
| State Street Navigator Securities Lending Portfolio II (e) (f) | 62146438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62146438 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $62,834,273)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62834273 |
| **TOTAL INVESTMENTS — 104.6%<br>(Cost $1,697,824,272)<br>** |  | &nbsp;&nbsp;&nbsp;&nbsp;1401906265 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (4.6)%<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62143758) |
| **NET ASSETS — 100.0%<br>**  |  | &nbsp;&nbsp;$1339762507 |

---

(a) All or a portion of the shares of the security are on loan at June 30, 2025.

(b) Non-income producing security.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P HOMEBUILDERS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $1339071992 | $— | $— | $1339071992 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62834273 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62834273 |
| **TOTAL INVESTMENTS<br>**  | $1401906265 | $— | $— | $1401906265 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;876149 | $876412 | $4250338 | $5126750 | $42 | $(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $8489 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26933829 | &nbsp;&nbsp;&nbsp;&nbsp;26245994 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;687835 | &nbsp;&nbsp;&nbsp;&nbsp;687835 | &nbsp;&nbsp;&nbsp;30559 |
| State Street Navigator Securities Lending Portfolio II<br>| 59676717 | &nbsp;&nbsp;59676717 | &nbsp;&nbsp;1495011265 | &nbsp;&nbsp;1492541544 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | 62146438 | &nbsp;&nbsp;62146438 | &nbsp;&nbsp;154248 |
| Total<br>|  | $60553129 | $1526195432 | $1523914288 | $42 | $(42) |  | $62834273 | $193296 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
| **OIL, GAS & CONSUMABLE FUELS — 99.9%** | **OIL, GAS & CONSUMABLE FUELS — 99.9%** | **OIL, GAS & CONSUMABLE FUELS — 99.9%** |
| Antero Resources Corp. (a) | 1429146 | &nbsp;&nbsp;$57566001 |
| APA Corp. | 2858374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52279660 |
| California Resources Corp. | &nbsp;&nbsp;&nbsp;720606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32910076 |
| Calumet, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;860029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13549757 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;387184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55440877 |
| Chord Energy Corp. | &nbsp;&nbsp;&nbsp;551288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53392243 |
| Civitas Resources, Inc. (b) | 1071536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29488671 |
| Clean Energy Fuels Corp. (a) (b) | 2087115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4069874 |
| CNX Resources Corp. (a) (b) | 1749478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58922419 |
| Comstock Resources, Inc. (a) (b) | 1276736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35327285 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;600455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53884832 |
| Coterra Energy, Inc. | 2174282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55183277 |
| Crescent Energy Co. Class A (b) | 2354645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20249947 |
| CVR Energy, Inc. (b) | &nbsp;&nbsp;&nbsp;447516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12015805 |
| Delek U.S. Holdings, Inc. (b) | &nbsp;&nbsp;&nbsp;831974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17621209 |
| Devon Energy Corp. | 1626081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51725637 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;376426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51720932 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;467407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55906551 |
| EQT Corp. | 1038543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60567828 |
| Expand Energy Corp. | &nbsp;&nbsp;&nbsp;499415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58401590 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;512728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55272078 |
| Gulfport Energy Corp. (a) | &nbsp;&nbsp;&nbsp;182520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36717548 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;398723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55239084 |
| HF Sinclair Corp. | 1452152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59654404 |
| Kosmos Energy Ltd. (a) (b) | 5381898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9256865 |
| Magnolia Oil & Gas Corp. Class A (b) | 2297968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51658321 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;340398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56543512 |
| Matador Resources Co. | 1143449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54565386 |
| Murphy Oil Corp. (b) | 1667920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37528200 |
| Northern Oil & Gas, Inc. (b) | 1213330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34397906 |
| Occidental Petroleum Corp. | 1249996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52512332 |
| Ovintiv, Inc. | 1379884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52504586 |
| Par Pacific Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;681426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18078232 |
| PBF Energy, Inc. Class A (b) | 1277871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27691465 |
| Permian Resources Corp. | 3914289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53312616 |
| Phillips 66 Co. | &nbsp;&nbsp;&nbsp;463424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55286483 |
| Range Resources Corp. | 1425197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57962762 |
| REX American Resources Corp. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;90206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4393934 |
| Sable Offshore Corp. (a) | 1314176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28885589 |
| SandRidge Energy, Inc. | &nbsp;&nbsp;&nbsp;256424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774508 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Sitio Royalties Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;615944 | &nbsp;&nbsp;$11321051 |
| SM Energy Co. (b) | &nbsp;&nbsp;1445049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35707161 |
| Talos Energy, Inc. (a) (b) | &nbsp;&nbsp;1540753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13065585 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53868495 |
| VAALCO Energy, Inc. (b) | &nbsp;&nbsp;&nbsp;&nbsp;857854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096853 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;418078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56198045 |
| Venture Global, Inc. Class A (b) | &nbsp;&nbsp;&nbsp;&nbsp;720028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11218036 |
| Viper Energy, Inc. | &nbsp;&nbsp;1091460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41617370 |
| Vital Energy, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;&nbsp;302299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4863991 |
| Vitesse Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;264834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850183 |
| World Kinect Corp. (b) | &nbsp;&nbsp;&nbsp;&nbsp;672658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19069854 |
| **TOTAL COMMON STOCKS<br>(Cost $2,431,780,185)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;1890336906 |
| **SHORT-TERM INVESTMENTS — 3.6%** | **SHORT-TERM INVESTMENTS — 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (c) (d) | &nbsp;&nbsp;1966281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966281 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (e) (f) | 66738303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66738303 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $68,704,584)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $68,704,584)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68704584 |
| **TOTAL INVESTMENTS — 103.5%<br>(Cost $2,500,484,769)<br>** | **TOTAL INVESTMENTS — 103.5%<br>(Cost $2,500,484,769)<br>** | &nbsp;&nbsp;1959041490 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.5)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (3.5)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66078854) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $1892962636 |

---

(a) Non-income producing security.

(b) All or a portion of the shares of the security are on loan at June 30, 2025.

(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(d) The rate shown is the annualized seven-day yield at June 30, 2025.

(e) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(f) Investment of cash collateral for securities loaned.

At June 30, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| E-mini S&P 500 Energy Select Sector Index (long) | 28 | 09/19/2025 | $2590036 | $2508240 | $(81796) |

---

During the year ended June 30, 2025, the average notional value related to futures contracts was $5,747,029.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $1890336906 | $— | $— | $1890336906 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68704584 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68704584 |
| **TOTAL INVESTMENTS<br>**  | $1959041490 | $— | $— | $1959041490 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Depreciation<br>| $(81796) | $— | $— | $(81796) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $(81796) | $— | $— | $(81796) |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;&nbsp;7556518 | $7558785 | $19445200 | $27003985 | $431 | $(431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $62621 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;112510998 | &nbsp;&nbsp;&nbsp;&nbsp;110544717 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1966281 | &nbsp;&nbsp;&nbsp;1966281 | &nbsp;&nbsp;154635 |
| State Street Navigator Securities Lending Portfolio II<br>| 132864402 | &nbsp;&nbsp;132864402 | &nbsp;&nbsp;2195750645 | &nbsp;&nbsp;2261876744 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 66738303 | &nbsp;&nbsp;66738303 | &nbsp;&nbsp;463949 |
| Total<br>|  | $140423187 | $2327706843 | $2399425446 | $431 | $(431) |  | $68704584 | $681205 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P REGIONAL BANKING ETF

#### SCHEDULE OF INVESTMENTS

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
| **BANKS — 99.7%** | **BANKS — 99.7%** | **BANKS — 99.7%** |
| 1st Source Corp. | &nbsp;&nbsp;&nbsp;104406 | &nbsp;&nbsp;$6480480 |
| Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;212450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6628440 |
| Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;230343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199153 |
| Ameris Bancorp | &nbsp;&nbsp;&nbsp;495071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32031094 |
| Associated Banc-Corp. | 1608486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39230974 |
| Atlantic Union Bankshares Corp. (a) | 1658326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51872437 |
| Axos Financial, Inc. (b) | &nbsp;&nbsp;&nbsp;396712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30165980 |
| Banc of California, Inc. | 2299867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32313131 |
| BancFirst Corp. | &nbsp;&nbsp;&nbsp;104875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12964648 |
| Bancorp, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;508573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28973404 |
| Bank of Hawaii Corp. (a) | &nbsp;&nbsp;&nbsp;506041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34172949 |
| Bank OZK | 1280784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60273695 |
| BankUnited, Inc. | &nbsp;&nbsp;&nbsp;996161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35453370 |
| Banner Corp. (a) | &nbsp;&nbsp;&nbsp;258472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16580979 |
| Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;599810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15019242 |
| BOK Financial Corp. | &nbsp;&nbsp;&nbsp;211903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20688090 |
| Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;582671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147179 |
| Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478676 |
| Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;176093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706966 |
| Cadence Bank (a) | 1431055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45765139 |
| Camden National Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;88933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3608901 |
| Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;873900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5330790 |
| Cathay General Bancorp | &nbsp;&nbsp;&nbsp;425918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19392047 |
| Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;173649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4867381 |
| Citizens Financial Group, Inc. | 1952905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87392499 |
| City Holding Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;74417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9110129 |
| Coastal Financial Corp. (a) (b) | &nbsp;&nbsp;&nbsp;124697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12079398 |
| Columbia Banking System, Inc. (a) | 2153547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50349929 |
| Columbia Financial, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;162822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2362547 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;691009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42960030 |
| Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;262137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14907731 |
| Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187583 |
| ConnectOne Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;216593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016294 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;474882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61041332 |
| Customers Bancorp, Inc. (b) | &nbsp;&nbsp;&nbsp;279652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16426758 |
| CVB Financial Corp. | &nbsp;&nbsp;&nbsp;826549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16357405 |
| Dime Community Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;282063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7598777 |
| Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;386721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533325 |
| East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;861935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87038196 |
| Eastern Bankshares, Inc. | 1519208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23198306 |
| Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;219375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12087563 |
| Equity Bancshares, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;61870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524296 |
| Esquire Financial Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;56908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386911 |
| FB Financial Corp. | &nbsp;&nbsp;&nbsp;259406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11751092 |
| Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;162190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165039 |
| First BanCorp | 1331029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27725334 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| First Bancorp/Southern Pines NC (a) | &nbsp;&nbsp;&nbsp;196945 | &nbsp;&nbsp;$8683305 |
| First Busey Corp. | &nbsp;&nbsp;&nbsp;579262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13256411 |
| First Commonwealth Financial Corp. (a) | &nbsp;&nbsp;&nbsp;806938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13096604 |
| First Financial Bancorp | &nbsp;&nbsp;&nbsp;466938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11327916 |
| First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;569301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20483450 |
| First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584398 |
| First Foundation, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;777344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964454 |
| First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;989502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24697970 |
| First Horizon Corp. | 4050670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85874204 |
| First Interstate BancSystem, Inc. Class A | &nbsp;&nbsp;&nbsp;916167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26403933 |
| First Merchants Corp. | &nbsp;&nbsp;&nbsp;314350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12039605 |
| Flagstar Financial, Inc. (a) | 5584101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59191471 |
| Flushing Financial Corp. | &nbsp;&nbsp;&nbsp;320135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803204 |
| FNB Corp. (a) | 3063948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44672362 |
| Fulton Financial Corp. | 1396335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25189883 |
| Glacier Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;765412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32973949 |
| Great Southern Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124427 |
| Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;717789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41201089 |
| Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;196103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839822 |
| HarborOne Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;265224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097816 |
| Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;341287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388980 |
| Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;277856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6624087 |
| Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;403555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12247894 |
| Hingham Institution For Savings | &nbsp;&nbsp;&nbsp;&nbsp;20691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5138610 |
| Home BancShares, Inc. | 1123699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31980474 |
| Hope Bancorp, Inc. | 1061573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11390678 |
| Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;181201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786871 |
| Huntington Bancshares, Inc. | 5024999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84218983 |
| Independent Bank Corp. (a) (c) | &nbsp;&nbsp;&nbsp;354079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22266258 |
| Independent Bank Corp. (c) | &nbsp;&nbsp;&nbsp;108889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529092 |
| International Bancshares Corp. | &nbsp;&nbsp;&nbsp;308852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20557189 |
| Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;363903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350813 |
| Lakeland Financial Corp. (a) | &nbsp;&nbsp;&nbsp;199408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12253622 |
| Live Oak Bancshares, Inc. | &nbsp;&nbsp;&nbsp;359980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10727404 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;438150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84996718 |
| Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;61449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851848 |
| Metropolitan Bank Holding Corp. (a) (b) | &nbsp;&nbsp;&nbsp;113143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920010 |
| Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;134905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336555 |
| MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;110006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164873 |
| National Bank Holdings Corp. Class A | &nbsp;&nbsp;&nbsp;270575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10176326 |
| NB Bancorp, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;259793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639903 |
| NBT Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;304662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12658706 |
| Nicolet Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;66177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8171536 |
| Northeast Bank | &nbsp;&nbsp;&nbsp;&nbsp;49677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4420756 |
| Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;180162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068260 |
| Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976113 |
| Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;854293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10917865 |
| OceanFirst Financial Corp. (a) | &nbsp;&nbsp;&nbsp;331445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5836746 |
| OFG Bancorp | &nbsp;&nbsp;&nbsp;371449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15898017 |
| Old National Bancorp (a) | 3270090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69783721 |
| Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;239009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240020 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P REGIONAL BANKING ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;138223 | &nbsp;&nbsp;$4940090 |
| Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;164096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5223176 |
| Pacific Premier Bancorp, Inc. | 1012208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21347467 |
| Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10170412 |
| Pathward Financial, Inc. (a) | &nbsp;&nbsp;&nbsp;234818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18578800 |
| Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;115759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270192 |
| Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;164255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016348 |
| Pinnacle Financial Partners, Inc. (a) | &nbsp;&nbsp;&nbsp;536351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59218514 |
| Popular, Inc. | &nbsp;&nbsp;&nbsp;633825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69853853 |
| Preferred Bank | &nbsp;&nbsp;&nbsp;125595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10869619 |
| Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;796811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55968005 |
| Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;753172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13203105 |
| QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;107180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7277522 |
| Regions Financial Corp. | 3627262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85313202 |
| Renasant Corp. (a) | &nbsp;&nbsp;&nbsp;811090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29142464 |
| S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;201474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619747 |
| Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;478765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13223489 |
| ServisFirst Bancshares, Inc. (a) | &nbsp;&nbsp;&nbsp;260797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20214375 |
| Simmons First National Corp. Class A | &nbsp;&nbsp;&nbsp;769967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14598574 |
| Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;134736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3965280 |
| SouthState Corp. | &nbsp;&nbsp;&nbsp;901864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82998544 |
| Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;284577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7962464 |
| Stock Yards Bancorp, Inc. (a) | &nbsp;&nbsp;&nbsp;112474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883197 |
| Synovus Financial Corp. (a) | 1434079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74213588 |
| Texas Capital Bancshares, Inc. (b) | &nbsp;&nbsp;&nbsp;521387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41398128 |
| TFS Financial Corp. (a) | &nbsp;&nbsp;&nbsp;404794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242082 |
| Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635078 |
| Towne Bank | &nbsp;&nbsp;&nbsp;285507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9758629 |
| TriCo Bancshares | &nbsp;&nbsp;&nbsp;120918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895970 |
| Triumph Financial, Inc. (a) (b) | &nbsp;&nbsp;&nbsp;251005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13832886 |
| Truist Financial Corp. | 2008175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86331443 |
| TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;99267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3317503 |
| Trustmark Corp. | &nbsp;&nbsp;&nbsp;356981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13015527 |
| UMB Financial Corp. | &nbsp;&nbsp;&nbsp;614530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64623975 |
| United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;848412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30907649 |
| United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;798852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23797801 |
| Univest Financial Corp. | &nbsp;&nbsp;&nbsp;137042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116742 |
| Valley National Bancorp | 8633182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77094315 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;402237 | &nbsp;&nbsp;$10498386 |
| WaFd, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;632307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18513949 |
| Washington Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5303094 |
| Webster Financial Corp. | &nbsp;&nbsp;1500001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81900055 |
| WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;669897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21188842 |
| Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;205779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9967935 |
| Western Alliance Bancorp | &nbsp;&nbsp;1086836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84751471 |
| Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;496754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61587561 |
| WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;402841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22156255 |
| Zions Bancorp NA | &nbsp;&nbsp;1653044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85859105 |
| **TOTAL COMMON STOCKS<br>(Cost $3,674,990,413)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;3369337228 |
| **SHORT-TERM INVESTMENTS — 1.8%** | **SHORT-TERM INVESTMENTS — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.31% (d) (e) | &nbsp;&nbsp;3159485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3159485 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Navigator Securities Lending Portfolio II (f) (g) | 58575769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58575769 |
| **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $61,735,254)<br>** | **TOTAL SHORT-TERM INVESTMENTS<br>(Cost $61,735,254)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61735254 |
| **TOTAL INVESTMENTS — 101.5%<br>(Cost $3,736,725,667)<br>** | **TOTAL INVESTMENTS — 101.5%<br>(Cost $3,736,725,667)<br>** | &nbsp;&nbsp;3431072482 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51781280) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $3379291202 |

---

(a) All or a portion of the shares of the security are on loan at June 30, 2025.

(b) Non-income producing security.

(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 investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at June 30, 2025.

(f) The Fund invested in an affiliated entity. Amounts related to these investments during the year ended June 30, 2025 are shown in the Affiliate Table below.

(g) Investment of cash collateral for securities loaned.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR S&P REGIONAL BANKING ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### June 30, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **ASSETS:** |  |  |  |  |
| **INVESTMENTS:** |  |  |  |  |
| Common Stocks<br>| $3369337228 | $— | $— | $3369337228 |
| Short-Term Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61735254 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61735254 |
| **TOTAL INVESTMENTS<br>**  | $3431072482 | $— | $— | $3431072482 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 6/30/24** | **Value at<br>6/30/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 6/30/25** | **Value at<br>6/30/25** | **Dividend<br> Income** |
| State Street Institutional Liquid Reserves Fund, Premier Class<br>| &nbsp;&nbsp;3432349 | $3433378 | $18656339 | $22089718 | $259 | $(258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $39102 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;184150560 | &nbsp;&nbsp;&nbsp;&nbsp;180991075 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;3159485 | &nbsp;&nbsp;&nbsp;3159485 | &nbsp;&nbsp;169164 |
| State Street Navigator Securities Lending Portfolio II<br>| 14117136 | &nbsp;&nbsp;14117136 | &nbsp;&nbsp;2108554995 | &nbsp;&nbsp;2064096362 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 58575769 | &nbsp;&nbsp;58575769 | &nbsp;&nbsp;219008 |
| Total<br>|  | $17550514 | $2311361894 | $2267177155 | $259 | $(258) |  | $61735254 | $427274 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### June 30, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **SPDR Dow Jones REIT ETF** | **SPDR Portfolio S&P 400 Mid Cap ETF** | **SPDR Portfolio S&P 500 ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1983471246 | $13159578764 | $72690712067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14166040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484568274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290320803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;1997637286 | &nbsp;&nbsp;&nbsp;13644147038 | &nbsp;&nbsp;&nbsp;72981032870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5827218 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234335 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7710730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12648269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36374664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;2009034088 | &nbsp;&nbsp;&nbsp;13657398183 | &nbsp;&nbsp;&nbsp;73034521836 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4630940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477291052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160350431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2404006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15177561 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to broker – accumulated variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147665 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7460419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477611605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177441382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $2001573669 | $13179786578 | $72857080454 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $2628136214 | $12120698301 | $62283175008 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(626562545) | &nbsp;&nbsp;&nbsp;&nbsp;1059088277 | &nbsp;&nbsp;&nbsp;10573905446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $2001573669 | $13179786578 | $72857080454 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $96.43 | $54.37 | $72.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20756617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242400000 | &nbsp;&nbsp;&nbsp;&nbsp;1001950000 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2343477603 | $11607994322 | $61528084724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14166040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484568274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281589041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $2357643643 | $12092562596 | $61809673765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $17925577 | $1086038393 | $210624665 |

---

*See accompanying notes to financial statements.* 

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[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR Portfolio S&P 500 Growth ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 High Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Value ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 600 Small Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 1500 Composite Stock Market ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P Sector Neutral Dividend ETF** |
| &nbsp;&nbsp;&nbsp;$37811217257 | &nbsp;&nbsp;&nbsp;&nbsp;$6799129821 | &nbsp;&nbsp;$26501120565 | &nbsp;&nbsp;$11269407349 | &nbsp;&nbsp;$10507275066 | &nbsp;&nbsp;$10038952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56883604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94285029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125732514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784044993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76436311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58705 |
| &nbsp;&nbsp;37868100861 | &nbsp;&nbsp;&nbsp;&nbsp;6893414850 | &nbsp;&nbsp;&nbsp;&nbsp;26626853079 | &nbsp;&nbsp;&nbsp;&nbsp;12053452342 | &nbsp;&nbsp;&nbsp;&nbsp;10583711377 | &nbsp;&nbsp;&nbsp;&nbsp;10097657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51216320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17921683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22813575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13015804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5651680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;37875441321 | &nbsp;&nbsp;&nbsp;&nbsp;6914392982 | &nbsp;&nbsp;&nbsp;&nbsp;26655673576 | &nbsp;&nbsp;&nbsp;&nbsp;12119931867 | &nbsp;&nbsp;&nbsp;&nbsp;10590422262 | &nbsp;&nbsp;&nbsp;&nbsp;10109112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48674899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74063324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75661969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770712279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64979135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46547951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49981021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74458587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76603096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817538255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65257544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17009 |
| $37825460300 | &nbsp;&nbsp;$6839934395 | &nbsp;&nbsp;$26579070480 | &nbsp;&nbsp;$11302393612 | &nbsp;&nbsp;$10525164718 | &nbsp;&nbsp;$10092103 |
| $30455229118 | &nbsp;&nbsp;$8566187133 | &nbsp;&nbsp;$27124083077 | &nbsp;&nbsp;$11899108144 | &nbsp;&nbsp;$7130491075 | &nbsp;&nbsp;$9612140 |
| &nbsp;&nbsp;&nbsp;&nbsp;7370231182 | &nbsp;&nbsp;&nbsp;&nbsp;(1726252738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545012597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596714532) | &nbsp;&nbsp;&nbsp;&nbsp;3394673643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479963 |
| $37825460300 | &nbsp;&nbsp;$6839934395 | &nbsp;&nbsp;$26579070480 | &nbsp;&nbsp;$11302393612 | &nbsp;&nbsp;$10525164718 | &nbsp;&nbsp;$10092103 |
| $95.35 | &nbsp;&nbsp;$42.46 | &nbsp;&nbsp;$52.35 | &nbsp;&nbsp;$42.60 | &nbsp;&nbsp;$74.91 | &nbsp;&nbsp;$38.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396700108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507702864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265310217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140500216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 |
| &nbsp;&nbsp;&nbsp;$27385599426 | &nbsp;&nbsp;&nbsp;&nbsp;$7055739692 | &nbsp;&nbsp;$25163152138 | &nbsp;&nbsp;$10716070349 | &nbsp;&nbsp;$6976034120 | &nbsp;&nbsp;$9482523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56883604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94285029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117166336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784044993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51981 |
| $27442483030 | &nbsp;&nbsp;$7150024721 | &nbsp;&nbsp;$25280318474 | &nbsp;&nbsp;$11500115342 | &nbsp;&nbsp;$7051134655 | &nbsp;&nbsp;$9534504 |
| $— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16508 | &nbsp;&nbsp;$2513 | &nbsp;&nbsp;$— |
| $81570959 | &nbsp;&nbsp;$88632201 | &nbsp;&nbsp;$83609868 | &nbsp;&nbsp;$887208928 | &nbsp;&nbsp;$148663226 | &nbsp;&nbsp;$15915 |

---

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[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (continued)

#### June 30, 2025

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| | | | |
|:---|:---|:---|:---|
|  | **SPDR S&P Aerospace & Defense ETF** | **SPDR S&P Bank ETF** | **SPDR S&P Biotech ETF** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3601378997 | $1487269411 | $4817690912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198053815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37122289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303238746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;3799432812 | &nbsp;&nbsp;&nbsp;&nbsp;1524391700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120929658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2899149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable — affiliated issuers <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;3799626173 | &nbsp;&nbsp;&nbsp;&nbsp;1527452837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5121696691 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195032392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35754066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298148176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for fund shares repurchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable to broker – accumulated variation margin on open futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196010423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36151786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299534473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $3603615750 | $1491301051 | $4822162218 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $3495670261 | $3022480178 | $17748698093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107945489 | &nbsp;&nbsp;&nbsp;(1531179127) | &nbsp;&nbsp;&nbsp;(12926535875) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $3603615750 | $1491301051 | $4822162218 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $210.74 | $55.75 | $82.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26752118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58175000 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2847672391 | $1525972517 | $6319967005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198053815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37122289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303238746 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $3045726206 | $1563094806 | $6623205751 |
| &nbsp;&nbsp;&nbsp;&nbsp;\* Includes investments in securities on loan, at value<br>| $349158959 | $68306242 | $666915744 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

------

---

| | | | |
|:---|:---|:---|:---|
| **SPDR S&P Dividend ETF** | &nbsp;&nbsp;**SPDR S&P Homebuilders ETF** | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** | &nbsp;&nbsp;**SPDR S&P Regional Banking ETF** |
| &nbsp;&nbsp;&nbsp;$19873588250 | &nbsp;&nbsp;&nbsp;&nbsp;$1339071992 | &nbsp;&nbsp;$1890336906 | &nbsp;&nbsp;$3369337228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108458947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62834273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68704584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61735254 |
| &nbsp;&nbsp;19982047197 | &nbsp;&nbsp;&nbsp;&nbsp;1401906265 | &nbsp;&nbsp;&nbsp;&nbsp;1959041490 | &nbsp;&nbsp;&nbsp;&nbsp;3431072482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31011451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7687227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12664 |
| &nbsp;&nbsp;20016468304 | &nbsp;&nbsp;&nbsp;&nbsp;1412118964 | &nbsp;&nbsp;&nbsp;&nbsp;1960370323 | &nbsp;&nbsp;&nbsp;&nbsp;3438793589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73610791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62146438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66738303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58575769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9851179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5703996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79798712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72356457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67407687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59502387 |
| $19936669592 | &nbsp;&nbsp;$1339762507 | &nbsp;&nbsp;$1892962636 | &nbsp;&nbsp;$3379291202 |
| $21665800263 | &nbsp;&nbsp;$2656142438 | &nbsp;&nbsp;$7979738490 | &nbsp;&nbsp;$6674106766 |
| &nbsp;&nbsp;&nbsp;(1729130671) | &nbsp;&nbsp;&nbsp;&nbsp;(1316379931) | &nbsp;&nbsp;&nbsp;&nbsp;(6086775854) | &nbsp;&nbsp;&nbsp;&nbsp;(3294815564) |
| $19936669592 | &nbsp;&nbsp;$1339762507 | &nbsp;&nbsp;$1892962636 | &nbsp;&nbsp;$3379291202 |
| $135.80 | &nbsp;&nbsp;$98.51 | &nbsp;&nbsp;$125.78 | &nbsp;&nbsp;$59.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146803658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56852585 |
| &nbsp;&nbsp;&nbsp;$18387542539 | &nbsp;&nbsp;&nbsp;&nbsp;$1634989999 | &nbsp;&nbsp;$2431780185 | &nbsp;&nbsp;$3674990413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108458947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62834273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68704584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61735254 |
| $18496001486 | &nbsp;&nbsp;$1697824272 | &nbsp;&nbsp;$2500484769 | &nbsp;&nbsp;$3736725667 |
| $370253879 | &nbsp;&nbsp;$129392803 | &nbsp;&nbsp;$179464935 | &nbsp;&nbsp;$110619606 |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF OPERATIONS

#### For the Year Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR Dow Jones REIT ETF** | **SPDR Portfolio S&P 400 Mid Cap ETF** | **SPDR Portfolio S&P 500 ETF** | **SPDR Portfolio S&P 500 Growth ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$53241 | $3482 | $174438 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58152253 | &nbsp;&nbsp;&nbsp;179694881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717373185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217350069 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708436 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — non-cash transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38975 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106435) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;62633806 | &nbsp;&nbsp;&nbsp;181553174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721397567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218061861 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3550055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10768280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12800158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25975 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4512665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11204679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13083300 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $58121141 | $177897325 | $710192888 | $204978561 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15254855) | &nbsp;&nbsp;&nbsp;&nbsp;(38158230) | &nbsp;&nbsp;&nbsp;&nbsp;(248673035) | &nbsp;&nbsp;&nbsp;&nbsp;(186174500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65755896 | &nbsp;&nbsp;&nbsp;282754527 | &nbsp;&nbsp;&nbsp;3565500710 | &nbsp;&nbsp;&nbsp;3586206714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6539570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;51227566 | &nbsp;&nbsp;&nbsp;244225556 | &nbsp;&nbsp;&nbsp;3324474621 | &nbsp;&nbsp;&nbsp;3400032617 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24090738) | &nbsp;&nbsp;&nbsp;341382362 | &nbsp;&nbsp;&nbsp;4112453189 | &nbsp;&nbsp;&nbsp;2268792839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9463983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;(24230970) | &nbsp;&nbsp;&nbsp;341552418 | &nbsp;&nbsp;&nbsp;4124771534 | &nbsp;&nbsp;&nbsp;2268792437 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;26996596 | &nbsp;&nbsp;&nbsp;585777974 | &nbsp;&nbsp;&nbsp;7449246155 | &nbsp;&nbsp;&nbsp;5668825054 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $85117737 | $763675299 | $8159439043 | $5873803615 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SPDR Portfolio S&P 500 High Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Value ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 600 Small Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 1500 Composite Stock Market ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P Sector Neutral Dividend ETF** |
| &nbsp;&nbsp;&nbsp;$90306 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$46526 | &nbsp;&nbsp;$39068 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;285873622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515502095 | &nbsp;&nbsp;&nbsp;&nbsp;164649610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126602184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18443745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;287588133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517710852 | &nbsp;&nbsp;&nbsp;&nbsp;187097505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127634095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9859223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10081009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4257 |
| $282841402 | &nbsp;&nbsp;$507629843 | &nbsp;&nbsp;$183512369 | &nbsp;&nbsp;$124711133 | &nbsp;&nbsp;$249771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42707724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409999421) | &nbsp;&nbsp;&nbsp;&nbsp;(44975563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16507973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305244702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255073917 | &nbsp;&nbsp;&nbsp;&nbsp;442287944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251550007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1861212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;265822063 | &nbsp;&nbsp;&nbsp;&nbsp;1846974343 | &nbsp;&nbsp;&nbsp;&nbsp;395451506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236169746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58999705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128739039) | &nbsp;&nbsp;&nbsp;&nbsp;(200679421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934775228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9390982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;59662637 | &nbsp;&nbsp;&nbsp;&nbsp;(119348057) | &nbsp;&nbsp;&nbsp;&nbsp;(200402125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936794702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74616 |
| &nbsp;&nbsp;325484700 | &nbsp;&nbsp;&nbsp;&nbsp;1727626286 | &nbsp;&nbsp;&nbsp;&nbsp;195049381 | &nbsp;&nbsp;&nbsp;&nbsp;1172964448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927432 |
| $608326102 | &nbsp;&nbsp;$2235256129 | &nbsp;&nbsp;$378561750 | &nbsp;&nbsp;$1297675581 | &nbsp;&nbsp;$1177203 |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF OPERATIONS (continued)

#### For the Year Ended June 30, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR S&P Aerospace & Defense ETF** | **SPDR S&P Bank ETF** | **SPDR S&P Biotech ETF** | **SPDR S&P Dividend ETF** |
| **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $— | $101533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21870213 | &nbsp;&nbsp;&nbsp;&nbsp;56811654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16916679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575640931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — non-cash transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43289) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23328447 | &nbsp;&nbsp;&nbsp;&nbsp;57266578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23637409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578419037 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9221156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6982285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22351057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71519659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17070 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9243737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7004510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22418435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71712303 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $14084710 | $50262068 | $1218974 | $506706734 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34313200) | &nbsp;&nbsp;&nbsp;&nbsp;(50577493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(744228101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126913098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747030128 | &nbsp;&nbsp;&nbsp;213611173 | &nbsp;&nbsp;&nbsp;&nbsp;1173609813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851336575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712717140 | &nbsp;&nbsp;&nbsp;163033721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429381880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979867935 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400509211 | &nbsp;&nbsp;&nbsp;&nbsp;49156454 | &nbsp;&nbsp;&nbsp;(1120156273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370643833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400508999 | &nbsp;&nbsp;&nbsp;&nbsp;49156413 | &nbsp;&nbsp;&nbsp;(1120156441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371537855 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;1113226139 | &nbsp;&nbsp;&nbsp;212190134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(690774561) | &nbsp;&nbsp;&nbsp;1351405790 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $1127310849 | $262452202 | $(689555587) | $1858112524 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

------

---

| | | |
|:---|:---|:---|
| **SPDR S&P Homebuilders ETF** | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** | &nbsp;&nbsp;**SPDR S&P Regional Banking ETF** |
| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$20337 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16583630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66410808 | &nbsp;&nbsp;&nbsp;&nbsp;115422054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305145) |
| &nbsp;&nbsp;&nbsp;&nbsp;19142374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67292460 | &nbsp;&nbsp;&nbsp;&nbsp;115629075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6382493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8441027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13432194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8473250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13469941 |
| $12737246 | &nbsp;&nbsp;$58819210 | &nbsp;&nbsp;$102159134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50731554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229310188) | &nbsp;&nbsp;&nbsp;&nbsp;(238096333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216899856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138413816 | &nbsp;&nbsp;&nbsp;&nbsp;553806903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;166168344 | &nbsp;&nbsp;&nbsp;&nbsp;(91321629) | &nbsp;&nbsp;&nbsp;&nbsp;315710829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238965824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298489253) | &nbsp;&nbsp;&nbsp;&nbsp;(110317190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;(238965866) | &nbsp;&nbsp;&nbsp;&nbsp;(298843301) | &nbsp;&nbsp;&nbsp;&nbsp;(110317448) |
| &nbsp;&nbsp;&nbsp;&nbsp;(72797522) | &nbsp;&nbsp;&nbsp;&nbsp;(390164930) | &nbsp;&nbsp;&nbsp;&nbsp;205393381 |
| $(60060276) | &nbsp;&nbsp;$(331345720) | &nbsp;&nbsp;$307552515 |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR Dow Jones REIT ETF** | **SPDR Dow Jones REIT ETF** | **SPDR Portfolio S&P 400 Mid Cap ETF** | **SPDR Portfolio S&P 400 Mid Cap ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$58121141 | $42642563 | $177897325 | $128801798 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51227566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7692393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244225556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247712749 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24230970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41725931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341552418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683332516 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85117737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92060887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763675299 | &nbsp;&nbsp;&nbsp;&nbsp;1059847063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18738592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1505327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71257603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53054560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178603430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128490199) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742198588 | &nbsp;&nbsp;&nbsp;&nbsp;1558310111 | &nbsp;&nbsp;&nbsp;&nbsp;3563926652 | &nbsp;&nbsp;&nbsp;&nbsp;3231322858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1168639531) | &nbsp;&nbsp;&nbsp;(1525371625) | &nbsp;&nbsp;&nbsp;&nbsp;(1016471082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827822937) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18738592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2415953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2373899) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592297649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34443813 | &nbsp;&nbsp;&nbsp;&nbsp;2545039617 | &nbsp;&nbsp;&nbsp;&nbsp;2401126022 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587419191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71944813 | &nbsp;&nbsp;&nbsp;&nbsp;3132527439 | &nbsp;&nbsp;&nbsp;&nbsp;3334856785 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1414154478 | &nbsp;&nbsp;&nbsp;&nbsp;1342209665 | &nbsp;&nbsp;&nbsp;10047259139 | &nbsp;&nbsp;&nbsp;&nbsp;6712402354 |
| **NET ASSETS AT END OF PERIOD<br>**  | $2001573669 | $1414154478 | $13179786578 | $10047259139 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65950000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11550000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16450000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49500000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR Portfolio S&P 500 ETF** | **SPDR Portfolio S&P 500 ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Growth ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Growth ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 High Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 High Dividend ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$710192888 | &nbsp;&nbsp;&nbsp;&nbsp;$401256033 | &nbsp;&nbsp;$204978561 | &nbsp;&nbsp;$199231297 | &nbsp;&nbsp;$282841402 | &nbsp;&nbsp;$297306775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324474621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571666226 | &nbsp;&nbsp;&nbsp;&nbsp;3400032617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377995925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265822063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153154802) |
| &nbsp;&nbsp;&nbsp;&nbsp;4124771534 | &nbsp;&nbsp;&nbsp;&nbsp;5552238528 | &nbsp;&nbsp;&nbsp;&nbsp;2268792437 | &nbsp;&nbsp;&nbsp;&nbsp;6102256145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59662637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688004755 |
| &nbsp;&nbsp;&nbsp;&nbsp;8159439043 | &nbsp;&nbsp;&nbsp;&nbsp;6525160787 | &nbsp;&nbsp;&nbsp;&nbsp;5873803615 | &nbsp;&nbsp;&nbsp;&nbsp;6679483367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608326102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832156728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34408490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23051078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5155839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3339021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7736715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(736900978) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422265120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210393325) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203965781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(299609190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310151950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35998943014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17052404014 | &nbsp;&nbsp;&nbsp;&nbsp;12754167376 | &nbsp;&nbsp;&nbsp;&nbsp;6937318998 | &nbsp;&nbsp;&nbsp;&nbsp;1984453421 | &nbsp;&nbsp;&nbsp;&nbsp;1243680180 |
| &nbsp;&nbsp;&nbsp;&nbsp;(10274923463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2221589030) | &nbsp;&nbsp;&nbsp;&nbsp;(9507905361) | &nbsp;&nbsp;&nbsp;&nbsp;(2230036698) | &nbsp;&nbsp;&nbsp;&nbsp;(1375097057) | &nbsp;&nbsp;&nbsp;&nbsp;(2354970721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34408490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23051078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1906503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5155839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7736715) |
| &nbsp;&nbsp;&nbsp;25689611061 | &nbsp;&nbsp;&nbsp;&nbsp;14807763906 | &nbsp;&nbsp;&nbsp;&nbsp;3244355512 | &nbsp;&nbsp;&nbsp;&nbsp;4702126461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612695385 | &nbsp;&nbsp;&nbsp;&nbsp;(1119027256) |
| &nbsp;&nbsp;&nbsp;33146557616 | &nbsp;&nbsp;&nbsp;&nbsp;20933710651 | &nbsp;&nbsp;&nbsp;&nbsp;8909672305 | &nbsp;&nbsp;&nbsp;&nbsp;11182799886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918073276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(589285763) |
| &nbsp;&nbsp;&nbsp;39710522838 | &nbsp;&nbsp;&nbsp;&nbsp;18776812187 | &nbsp;&nbsp;&nbsp;&nbsp;28915787995 | &nbsp;&nbsp;&nbsp;&nbsp;17732988109 | &nbsp;&nbsp;&nbsp;&nbsp;5921861119 | &nbsp;&nbsp;&nbsp;&nbsp;6511146882 |
| $72857080454 | &nbsp;&nbsp;$39710522838 | &nbsp;&nbsp;$37825460300 | &nbsp;&nbsp;$28915787995 | &nbsp;&nbsp;$6839934395 | &nbsp;&nbsp;$5921861119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32300000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38500000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111300000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32550000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31350000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28200000) |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR Portfolio S&P 500 Value ETF** | **SPDR Portfolio S&P 500 Value ETF** | **SPDR Portfolio S&P 600 Small Cap ETF** | **SPDR Portfolio S&P 600 Small Cap ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$507629843 | $403430112 | $183512369 | $165033624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846974343 | &nbsp;&nbsp;&nbsp;&nbsp;1498900202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395451506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41635899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119348057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870333413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200402125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559190950 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;2235256129 | &nbsp;&nbsp;&nbsp;&nbsp;2772663727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378561750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765860473 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8613658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6314337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513571272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410627405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218076408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166855202) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12115612591 | &nbsp;&nbsp;&nbsp;&nbsp;8893542486 | &nbsp;&nbsp;&nbsp;&nbsp;2799953161 | &nbsp;&nbsp;&nbsp;&nbsp;3355012479 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8714876027) | &nbsp;&nbsp;&nbsp;&nbsp;(5854100041) | &nbsp;&nbsp;&nbsp;&nbsp;(1879808572) | &nbsp;&nbsp;&nbsp;&nbsp;(1383823356) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8613658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6314337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1743250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4535061) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;3392122906 | &nbsp;&nbsp;&nbsp;&nbsp;3033128108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918401339 | &nbsp;&nbsp;&nbsp;&nbsp;1966654062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;5122421421 | &nbsp;&nbsp;&nbsp;&nbsp;5401478767 | &nbsp;&nbsp;&nbsp;&nbsp;1080629931 | &nbsp;&nbsp;&nbsp;&nbsp;2570194394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;21456649059 | &nbsp;&nbsp;&nbsp;16055170292 | &nbsp;&nbsp;&nbsp;10221763681 | &nbsp;&nbsp;&nbsp;&nbsp;7651569287 |
| **NET ASSETS AT END OF PERIOD<br>**  | $26579070480 | $21456649059 | $11302393612 | $10221763681 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168850000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126800000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49400000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR Portfolio S&P 1500 Composite Stock Market ETF** | **SPDR Portfolio S&P 1500 Composite Stock Market ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P Sector Neutral Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P Sector Neutral Dividend ETF** | &nbsp;&nbsp;**SPDR S&P Aerospace & Defense ETF** | &nbsp;&nbsp;**SPDR S&P Aerospace & Defense ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**For the Period<br> 9/12/23\*-<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$124711133 | &nbsp;&nbsp;&nbsp;&nbsp;$111317213 | &nbsp;&nbsp;$249771 | &nbsp;&nbsp;$105251 | &nbsp;&nbsp;$14084710 | &nbsp;&nbsp;$12087569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236169746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174480117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712717140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18328720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936794702 | &nbsp;&nbsp;&nbsp;&nbsp;1358721347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400508999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256698725 |
| &nbsp;&nbsp;&nbsp;&nbsp;1297675581 | &nbsp;&nbsp;&nbsp;&nbsp;1644518677 | &nbsp;&nbsp;&nbsp;&nbsp;1177203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656200 | &nbsp;&nbsp;&nbsp;&nbsp;1127310849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287115014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315744) |
| &nbsp;&nbsp;&nbsp;&nbsp;(126620853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111412114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253066) | &nbsp;&nbsp;&nbsp;&nbsp;(102092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17459607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11499663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309495850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933464196 | &nbsp;&nbsp;&nbsp;&nbsp;6382902 | &nbsp;&nbsp;&nbsp;&nbsp;5950162 | &nbsp;&nbsp;&nbsp;&nbsp;2375759975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978835610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(533664217) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428409184) | &nbsp;&nbsp;&nbsp;&nbsp;(3067359) | &nbsp;&nbsp;&nbsp;&nbsp;(651847) | &nbsp;&nbsp;&nbsp;&nbsp;(1996111325) | &nbsp;&nbsp;&nbsp;&nbsp;(678265752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1466456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(413873) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774365177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504641139 | &nbsp;&nbsp;&nbsp;&nbsp;3301802 | &nbsp;&nbsp;&nbsp;&nbsp;5293889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379645027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300885602 |
| &nbsp;&nbsp;&nbsp;&nbsp;1946886361 | &nbsp;&nbsp;&nbsp;&nbsp;2038161575 | &nbsp;&nbsp;&nbsp;&nbsp;4239680 | &nbsp;&nbsp;&nbsp;&nbsp;5852423 | &nbsp;&nbsp;&nbsp;&nbsp;1489499892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576185209 |
| &nbsp;&nbsp;&nbsp;&nbsp;8578278357 | &nbsp;&nbsp;&nbsp;&nbsp;6540116782 | &nbsp;&nbsp;&nbsp;&nbsp;5852423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2114115858 | &nbsp;&nbsp;&nbsp;&nbsp;1537930649 |
| $10525164718 | &nbsp;&nbsp;$8578278357 | &nbsp;&nbsp;$10092103 | &nbsp;&nbsp;$5852423 | &nbsp;&nbsp;$3603615750 | &nbsp;&nbsp;$2114115858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7750000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7150000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11925000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450000 |

---

<br> \* Commencement of operations.

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR S&P Bank ETF** | **SPDR S&P Bank ETF** | **SPDR S&P Biotech ETF** | **SPDR S&P Biotech ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$50262068 | $45843711 | $1218974 | $2659059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163033721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22628183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429381880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319364286) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49156413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343281990 | &nbsp;&nbsp;&nbsp;&nbsp;(1120156441) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055791635 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262452202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366497518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(689555587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739086408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6917818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49923295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46636959) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2066174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9319348) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486570424 | &nbsp;&nbsp;&nbsp;&nbsp;2722895794 | &nbsp;&nbsp;&nbsp;&nbsp;17331904925 | &nbsp;&nbsp;&nbsp;&nbsp;18707434234 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2652504244) | &nbsp;&nbsp;&nbsp;(2949526865) | &nbsp;&nbsp;&nbsp;(18735107121) | &nbsp;&nbsp;&nbsp;(18966091493) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1631546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6917818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(554340) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164993587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228262617) | &nbsp;&nbsp;&nbsp;&nbsp;(1410120014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259211599) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from affiliate (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46595087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93229488 | &nbsp;&nbsp;&nbsp;&nbsp;(2094823957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471109801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1444705964 | &nbsp;&nbsp;&nbsp;&nbsp;1351476476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6916986175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445876374 |
| **NET ASSETS AT END OF PERIOD<br>**  | $1491301051 | $1444705964 | $4822162218 | $6916986175 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221725000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49750000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70650000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208075000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224550000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6400000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16425000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2825000) |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SPDR S&P Dividend ETF** | **SPDR S&P Dividend ETF** | &nbsp;&nbsp;**SPDR S&P Homebuilders ETF** | &nbsp;&nbsp;**SPDR S&P Homebuilders ETF** | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** |
| **Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** | &nbsp;&nbsp;**Year Ended<br> 6/30/25** | &nbsp;&nbsp;**Year Ended<br> 6/30/24** |
| &nbsp;&nbsp;&nbsp;$506706734 | &nbsp;&nbsp;&nbsp;&nbsp;$540664886 | &nbsp;&nbsp;$12737246 | &nbsp;&nbsp;$11941785 | &nbsp;&nbsp;$58819210 | &nbsp;&nbsp;$82545205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979867935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256740958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166168344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383500521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91321629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116894787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371537855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959580355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238965866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44348716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298843301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313391151 |
| &nbsp;&nbsp;&nbsp;&nbsp;1858112524 | &nbsp;&nbsp;&nbsp;&nbsp;1243504283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60060276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351093590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331345720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512831143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4514353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(756176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390958 |
| &nbsp;&nbsp;&nbsp;&nbsp;(536428847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(552178299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12144693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12006378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57805426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84133859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415434567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661038600 | &nbsp;&nbsp;&nbsp;&nbsp;5359523252 | &nbsp;&nbsp;&nbsp;&nbsp;6326357540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9237578645 | &nbsp;&nbsp;&nbsp;&nbsp;8756969699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3509250336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3701015376) | &nbsp;&nbsp;&nbsp;&nbsp;(5692008045) | &nbsp;&nbsp;&nbsp;&nbsp;(6251488811) | &nbsp;&nbsp;&nbsp;&nbsp;(10443866281) | &nbsp;&nbsp;&nbsp;&nbsp;(8923418256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4514353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1445639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390958) |
| &nbsp;&nbsp;&nbsp;(1094023644) | &nbsp;&nbsp;&nbsp;&nbsp;(3035462423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331728617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74707875 | &nbsp;&nbsp;&nbsp;&nbsp;(1207733275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166839515) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227867908 | &nbsp;&nbsp;&nbsp;&nbsp;(2348650792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404689762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415730072 | &nbsp;&nbsp;&nbsp;&nbsp;(1595438782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262248727 |
| &nbsp;&nbsp;19708801684 | &nbsp;&nbsp;&nbsp;&nbsp;22057452476 | &nbsp;&nbsp;&nbsp;&nbsp;1744452269 | &nbsp;&nbsp;&nbsp;&nbsp;1328722197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3488401418 | &nbsp;&nbsp;&nbsp;&nbsp;3226152691 |
| $19936669592 | &nbsp;&nbsp;$19708801684 | &nbsp;&nbsp;$1339762507 | &nbsp;&nbsp;$1744452269 | &nbsp;&nbsp;$1892962636 | &nbsp;&nbsp;$3488401418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25950000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8200000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3650000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8900000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1100000) |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (continued)

------

---

| | | |
|:---|:---|:---|
|  | **SPDR S&P Regional Banking ETF** | **SPDR S&P Regional Banking ETF** |
|  | **Year Ended<br> 6/30/25** | **Year Ended<br> 6/30/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$102159134 | $96623332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315710829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39170337 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110317448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542668358 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307552515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678462027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3552256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2352649) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98699723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94537699) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18323149732 | &nbsp;&nbsp;&nbsp;&nbsp;13186193526 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17865033843) | &nbsp;&nbsp;&nbsp;(13962477298) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2352649 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461668145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773931123) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from affiliate (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666993175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192359444) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2712298027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2904657471 |
| **NET ASSETS AT END OF PERIOD<br>**  | $3379291202 | $2712298027 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310650000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298650000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15900000) |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Dow Jones REIT ETF** | &nbsp;&nbsp;**SPDR Dow Jones REIT ETF** | &nbsp;&nbsp;**SPDR Dow Jones REIT ETF** | &nbsp;&nbsp;**SPDR Dow Jones REIT ETF** | &nbsp;&nbsp;**SPDR Dow Jones REIT ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$93.15 | &nbsp;&nbsp;$90.50 | &nbsp;&nbsp;$95.05 | &nbsp;&nbsp;$104.87 | &nbsp;&nbsp;$78.07 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.25 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.14 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.42) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$96.43 | &nbsp;&nbsp;$93.15 | &nbsp;&nbsp;$90.50 | &nbsp;&nbsp;$95.05 | &nbsp;&nbsp;$104.87 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.81)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.59% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$2001574 | &nbsp;&nbsp;$1414154 | &nbsp;&nbsp;$1342210 | &nbsp;&nbsp;$1721063 | &nbsp;&nbsp;$1838574 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Portfolio S&P 400 Mid Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 400 Mid Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 400 Mid Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 400 Mid Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 400 Mid Cap ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$51.33 | &nbsp;&nbsp;$45.90 | &nbsp;&nbsp;$39.70 | &nbsp;&nbsp;$47.21 | &nbsp;&nbsp;$31.26 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.49 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$54.37 | &nbsp;&nbsp;$51.33 | &nbsp;&nbsp;$45.90 | &nbsp;&nbsp;$39.70 | &nbsp;&nbsp;$47.21 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.05% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$13179787 | &nbsp;&nbsp;$10047259 | &nbsp;&nbsp;$6712402 | &nbsp;&nbsp;$4557863 | &nbsp;&nbsp;$4718598 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Portfolio S&P 500 ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$63.97 | &nbsp;&nbsp;$52.14 | &nbsp;&nbsp;$44.34 | &nbsp;&nbsp;$50.34 | &nbsp;&nbsp;$36.30 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.02 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.68 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Contribution from affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$72.72 | &nbsp;&nbsp;$63.97 | &nbsp;&nbsp;$52.14 | &nbsp;&nbsp;$44.34 | &nbsp;&nbsp;$50.34 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.67)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.79% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$72857080 | &nbsp;&nbsp;$39710523 | &nbsp;&nbsp;$18776812 | &nbsp;&nbsp;$12762052 | &nbsp;&nbsp;$10724280 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Growth ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Growth ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Growth ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Growth ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Growth ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$80.09 | &nbsp;&nbsp;$61.02 | &nbsp;&nbsp;$52.23 | &nbsp;&nbsp;$62.98 | &nbsp;&nbsp;$44.96 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.02 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.48 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$95.35 | &nbsp;&nbsp;$80.09 | &nbsp;&nbsp;$61.02 | &nbsp;&nbsp;$52.23 | &nbsp;&nbsp;$62.98 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.45)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.27% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$37825460 | &nbsp;&nbsp;$28915788 | &nbsp;&nbsp;$17732988 | &nbsp;&nbsp;$11849300 | &nbsp;&nbsp;$12378498 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Portfolio S&P 500 High Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 High Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 High Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 High Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 High Dividend ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$40.22 | &nbsp;&nbsp;$37.11 | &nbsp;&nbsp;$39.89 | &nbsp;&nbsp;$40.09 | &nbsp;&nbsp;$27.89 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.47 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.95 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.91) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$42.46 | &nbsp;&nbsp;$40.22 | &nbsp;&nbsp;$37.11 | &nbsp;&nbsp;$39.89 | &nbsp;&nbsp;$40.09 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.84% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$6839934 | &nbsp;&nbsp;$5921861 | &nbsp;&nbsp;$6511147 | &nbsp;&nbsp;$7767907 | &nbsp;&nbsp;$4666565 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Value ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Value ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Value ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Value ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 500 Value ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$48.76 | &nbsp;&nbsp;$43.21 | &nbsp;&nbsp;$36.81 | &nbsp;&nbsp;$39.54 | &nbsp;&nbsp;$29.04 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.45 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.83) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$52.35 | &nbsp;&nbsp;$48.76 | &nbsp;&nbsp;$43.21 | &nbsp;&nbsp;$36.81 | &nbsp;&nbsp;$39.54 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.92)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.44% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$26579070 | &nbsp;&nbsp;$21456649 | &nbsp;&nbsp;$16055170 | &nbsp;&nbsp;$12504326 | &nbsp;&nbsp;$12120515 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Portfolio S&P 600 Small Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 600 Small Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 600 Small Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 600 Small Cap ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 600 Small Cap ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$41.50 | &nbsp;&nbsp;$38.86 | &nbsp;&nbsp;$36.00 | &nbsp;&nbsp;$43.95 | &nbsp;&nbsp;$26.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.37 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.82 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$42.60 | &nbsp;&nbsp;$41.50 | &nbsp;&nbsp;$38.86 | &nbsp;&nbsp;$36.00 | &nbsp;&nbsp;$43.95 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.87)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.37% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$11302394 | &nbsp;&nbsp;$10221764 | &nbsp;&nbsp;$7651569 | &nbsp;&nbsp;$4008887 | &nbsp;&nbsp;$4179916 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Portfolio S&P 1500 Composite Stock Market ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 1500 Composite Stock Market ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 1500 Composite Stock Market ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 1500 Composite Stock Market ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P 1500 Composite Stock Market ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$66.32 | &nbsp;&nbsp;$54.48 | &nbsp;&nbsp;$46.46 | &nbsp;&nbsp;$52.97 | &nbsp;&nbsp;$37.81 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.83 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Contribution from affiliate<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) |
| Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$74.91 | &nbsp;&nbsp;$66.32 | &nbsp;&nbsp;$54.48 | &nbsp;&nbsp;$46.46 | &nbsp;&nbsp;$52.97 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$10525165 | &nbsp;&nbsp;$8578278 | &nbsp;&nbsp;$6540117 | &nbsp;&nbsp;$5117088 | &nbsp;&nbsp;$5182681 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Portfolio S&P Sector Neutral Dividend ETF** | &nbsp;&nbsp;**SPDR Portfolio S&P Sector Neutral Dividend ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**For the<br> Period<br> 9/12/23\*-<br> 6/30/24** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$34.43 | &nbsp;&nbsp;$30.06 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.09 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Distributions to shareholders from:** |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.75) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$38.82 | &nbsp;&nbsp;$34.43 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;16.03% | &nbsp;&nbsp;&nbsp;17.10% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$10092 | &nbsp;&nbsp;$5852 |
| **Ratios to average net assets:** |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;0.05%(d) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98% | &nbsp;&nbsp;&nbsp;&nbsp;3.08%(d) |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23%(f) |

---

\* Commencement of operations.

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(f) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Aerospace & Defense ETF** | &nbsp;&nbsp;**SPDR S&P Aerospace & Defense ETF** | &nbsp;&nbsp;**SPDR S&P Aerospace & Defense ETF** | &nbsp;&nbsp;**SPDR S&P Aerospace & Defense ETF** | &nbsp;&nbsp;**SPDR S&P Aerospace & Defense ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$140.01 | &nbsp;&nbsp;$121.58 | &nbsp;&nbsp;$100.60 | &nbsp;&nbsp;$132.28 | &nbsp;&nbsp;$87.61 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.88 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.65 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.96) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$210.74 | &nbsp;&nbsp;$140.01 | &nbsp;&nbsp;$121.58 | &nbsp;&nbsp;$100.60 | &nbsp;&nbsp;$132.28 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.23% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$3603616 | &nbsp;&nbsp;$2114116 | &nbsp;&nbsp;$1537931 | &nbsp;&nbsp;$1229876 | &nbsp;&nbsp;$1418716 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Bank ETF** | &nbsp;&nbsp;**SPDR S&P Bank ETF** | &nbsp;&nbsp;**SPDR S&P Bank ETF** | &nbsp;&nbsp;**SPDR S&P Bank ETF** | &nbsp;&nbsp;**SPDR S&P Bank ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$46.38 | &nbsp;&nbsp;$35.99 | &nbsp;&nbsp;$43.89 | &nbsp;&nbsp;$51.31 | &nbsp;&nbsp;$31.57 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.71 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.87 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.14) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$55.75 | &nbsp;&nbsp;$46.38 | &nbsp;&nbsp;$35.99 | &nbsp;&nbsp;$43.89 | &nbsp;&nbsp;$51.31 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.33)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.13% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$1491301 | &nbsp;&nbsp;$1444706 | &nbsp;&nbsp;$1351476 | &nbsp;&nbsp;$2075901 | &nbsp;&nbsp;$3355683 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60% |
| Portfolio turnover rate (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Biotech ETF** | &nbsp;&nbsp;**SPDR S&P Biotech ETF** | &nbsp;&nbsp;**SPDR S&P Biotech ETF** | &nbsp;&nbsp;**SPDR S&P Biotech ETF** | &nbsp;&nbsp;**SPDR S&P Biotech ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$92.72 | &nbsp;&nbsp;$83.25 | &nbsp;&nbsp;$74.24 | &nbsp;&nbsp;$135.54 | &nbsp;&nbsp;$112.03 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.57 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.81 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) |
| Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$82.89 | &nbsp;&nbsp;$92.72 | &nbsp;&nbsp;$83.25 | &nbsp;&nbsp;$74.24 | &nbsp;&nbsp;$135.54 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45.23)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.27% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$4822162 | &nbsp;&nbsp;$6916986 | &nbsp;&nbsp;$6445876 | &nbsp;&nbsp;$6844470 | &nbsp;&nbsp;$7254733 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.11)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Dividend ETF** | &nbsp;&nbsp;**SPDR S&P Dividend ETF** | &nbsp;&nbsp;**SPDR S&P Dividend ETF** | &nbsp;&nbsp;**SPDR S&P Dividend ETF** | &nbsp;&nbsp;**SPDR S&P Dividend ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$127.15 | &nbsp;&nbsp;$122.61 | &nbsp;&nbsp;$118.68 | &nbsp;&nbsp;$122.33 | &nbsp;&nbsp;$91.25 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.05 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.33 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.24) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$135.80 | &nbsp;&nbsp;$127.15 | &nbsp;&nbsp;$122.61 | &nbsp;&nbsp;$118.68 | &nbsp;&nbsp;$122.33 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.28)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.17% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$19936670 | &nbsp;&nbsp;$19708802 | &nbsp;&nbsp;$22057452 | &nbsp;&nbsp;$20591731 | &nbsp;&nbsp;$19670957 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Homebuilders ETF** | &nbsp;&nbsp;**SPDR S&P Homebuilders ETF** | &nbsp;&nbsp;**SPDR S&P Homebuilders ETF** | &nbsp;&nbsp;**SPDR S&P Homebuilders ETF** | &nbsp;&nbsp;**SPDR S&P Homebuilders ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$101.13 | &nbsp;&nbsp;$80.29 | &nbsp;&nbsp;$54.70 | &nbsp;&nbsp;$73.23 | &nbsp;&nbsp;$43.92 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.30 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.73 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) |
| Contribution from affiliate (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$98.51 | &nbsp;&nbsp;$101.13 | &nbsp;&nbsp;$80.29 | &nbsp;&nbsp;$54.70 | &nbsp;&nbsp;$73.23 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.86)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.90%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24.73)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.87% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$1339763 | &nbsp;&nbsp;$1744452 | &nbsp;&nbsp;$1328722 | &nbsp;&nbsp;$886171 | &nbsp;&nbsp;$1962481 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70% |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) If an affiliate had not made a contribution to the fund during the fiscal year ended June 30, 2024, the total return would have been 26.80%.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** | &nbsp;&nbsp;**SPDR S&P Oil & Gas Exploration & Production ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$145.65 | &nbsp;&nbsp;$128.79 | &nbsp;&nbsp;$119.42 | &nbsp;&nbsp;$96.74 | &nbsp;&nbsp;$52.22 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.56 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.93 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.39) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$125.78 | &nbsp;&nbsp;$145.65 | &nbsp;&nbsp;$128.79 | &nbsp;&nbsp;$119.42 | &nbsp;&nbsp;$96.74 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11.48)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.79% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.34% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$1892963 | &nbsp;&nbsp;$3488401 | &nbsp;&nbsp;$3226153 | &nbsp;&nbsp;$4072300 | &nbsp;&nbsp;$4125993 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### FINANCIAL HIGHLIGHTS (continued)

#### Selected data for a share outstanding throughout each period

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR S&P Regional Banking ETF** | &nbsp;&nbsp;**SPDR S&P Regional Banking ETF** | &nbsp;&nbsp;**SPDR S&P Regional Banking ETF** | &nbsp;&nbsp;**SPDR S&P Regional Banking ETF** | &nbsp;&nbsp;**SPDR S&P Regional Banking ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/25** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/24** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/23** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/22** | &nbsp;&nbsp;**Year<br> Ended<br> 6/30/21** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$49.09 | &nbsp;&nbsp;$40.82 | &nbsp;&nbsp;$58.09 | &nbsp;&nbsp;$65.50 | &nbsp;&nbsp;$38.41 |
| **Income (loss) from investment operations:** |  |  |  |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.99 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.43 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 |
| Contribution from affiliate (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |  |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.42) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$59.44 | &nbsp;&nbsp;$49.09 | &nbsp;&nbsp;$40.82 | &nbsp;&nbsp;$58.09 | &nbsp;&nbsp;$65.50 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.38% |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$3379291 | &nbsp;&nbsp;$2712298 | &nbsp;&nbsp;$2904657 | &nbsp;&nbsp;$3064455 | &nbsp;&nbsp;$5092879 |
| **Ratios to average net assets:** |  |  |  |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47% |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50% |

---

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(c) Amount is less than $0.005 per share.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### June 30, 2025

------

1.&nbsp;&nbsp;&nbsp;&nbsp;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 June 30, 2025, the Trust consists of eighty-five (85) 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 Dow Jones REIT ETF |
| SPDR Portfolio S&P 400 Mid Cap ETF |
| SPDR Portfolio S&P 500 ETF |
| SPDR Portfolio S&P 500 Growth ETF |
| SPDR Portfolio S&P 500 High Dividend ETF |
| SPDR Portfolio S&P 500 Value ETF |
| SPDR Portfolio S&P 600 Small Cap ETF |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF |

---

---

| |
|:---|
| SPDR Portfolio S&P Sector Neutral Dividend ETF |
| SPDR S&P Aerospace & Defense ETF |
| SPDR S&P Bank ETF |
| SPDR S&P Biotech ETF |
| SPDR S&P Dividend ETF |
| SPDR S&P Homebuilders ETF |
| SPDR S&P Oil & Gas Exploration & Production ETF |
| SPDR S&P Regional Banking ETF |

---

Each Fund is classified as a diversified investment company under the 1940 Act, except that the SPDR Portfolio S&P 500 Growth ETF and the SPDR Portfolio S&P Sector Neutral Dividend ETF are each classified as a non-diversified investment company.

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

2.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

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

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

#### Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund's investments by major category are as follows:

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

• 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.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

The value of each Fund's investments, according to the fair value hierarchy as of June 30, 2025, 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.

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Fund's may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Certain Funds invest in real estate investment trusts ("REITs"). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") estimates of such re-designations for which actual information has not yet been reported.

#### 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 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 June 30, 2025, 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.&nbsp;&nbsp;&nbsp;&nbsp;

#### 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.

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

4.&nbsp;&nbsp;&nbsp;&nbsp;Derivative Financial Instruments

#### Futures Contracts
The Funds may enter into futures contracts to meet the Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the year ended June 30, 2025, the following Funds entered into futures contracts for the strategies listed below:

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Strategies** |
| SPDR Dow Jones REIT ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR Portfolio S&P 500 High Dividend ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR S&P Dividend ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |
| SPDR S&P Oil & Gas Exploration & Production ETF | &nbsp;&nbsp;Cash equitization, reduce tracking error and to facilitate daily liquidity |

---

The following tables summarize the value of the Funds' derivative instruments as of June 30, 2025, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Portfolio S&P 400 Mid Cap ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$170100 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$170100 |
| **SPDR Portfolio S&P 500 ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3371681 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3371681 |
| **SPDR Portfolio S&P 500 High Dividend ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897098 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897098 |
| **SPDR Portfolio S&P 600 Small Cap ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264858 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264858 |
| **SPDR Portfolio S&P 1500 Composite Stock Market ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372384 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372384 |
| **SPDR S&P Dividend ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1156869 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1156869 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Dow Jones REIT ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16852 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16852 |
| **SPDR S&P Oil & Gas Exploration & Production ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;81704 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;81704 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Dow Jones REIT ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$726193 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$726193 |
| **SPDR Portfolio S&P 400 Mid Cap ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370741) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370741) |
| **SPDR Portfolio S&P 500 ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6539570 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6539570 |
| **SPDR Portfolio S&P 500 High Dividend ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3284619 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3284619 |
| **SPDR Portfolio S&P 600 Small Cap ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1861212) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1861212) |
| **SPDR Portfolio S&P 1500 Composite Stock Market ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1013775 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1013775 |
| **SPDR S&P Dividend ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1618241 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1618241 |
| **SPDR S&P Oil & Gas Exploration & Production ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425688) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425688) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Dow Jones REIT ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(139900) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(139900) |
| **SPDR Portfolio S&P 400 Mid Cap ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170056 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170056 |
| **SPDR Portfolio S&P 500 ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2854362 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2854362 |
| **SPDR Portfolio S&P 500 High Dividend ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663398 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663398 |
| **SPDR Portfolio S&P 600 Small Cap ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276280 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276280 |
| **SPDR Portfolio S&P 1500 Composite Stock Market ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340978 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340978 |
| **SPDR S&P Dividend ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894043 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894043 |
| **SPDR S&P Oil & Gas Exploration & Production ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(353617) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(353617) |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

5.&nbsp;&nbsp;&nbsp;&nbsp;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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR Dow Jones REIT ETF<br>| &nbsp;&nbsp;0.25% |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;0.03 |
| SPDR Portfolio S&P 500 ETF<br>| &nbsp;&nbsp;0.02 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;0.04 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;0.07 |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;0.04 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;0.03 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;0.03 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;0.05 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;0.35 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;0.35 |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;0.35 |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;0.35 |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;0.35 |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;0.35 |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;0.35 |

---

From time to time, the Adviser may also waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2025. 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, 2025 except with the approval of the Board.

The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust's Trustees, who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees") (including any Trustees' counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.

#### Administrator, Custodian, Sub-Administrator and Transfer Agent
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.

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

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.

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 10 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 year ended June 30, 2025, are disclosed in the Schedules of Investments.

During the year ended June 30, 2025, the Adviser made a contribution of $24,494 to the SPDR S&P Regional Banking ETF related to a trading matter.

During the year ended June 30, 2024, the Adviser made a contribution of $1,774,131 to the SPDR S&P Homebuilders ETF related to a trading matter.

#### Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.

6.&nbsp;&nbsp;&nbsp;&nbsp;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.

7.&nbsp;&nbsp;&nbsp;&nbsp;Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| SPDR Dow Jones REIT ETF<br>| $240732322 | $228162748 |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;&nbsp;1577467907 | &nbsp;&nbsp;&nbsp;1566485159 |
| SPDR Portfolio S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;1609686747 | &nbsp;&nbsp;&nbsp;1389710215 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;&nbsp;7025411493 | &nbsp;&nbsp;&nbsp;7023319950 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;2140621242 | &nbsp;&nbsp;&nbsp;1928817675 |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;7283642504 | &nbsp;&nbsp;&nbsp;7277653308 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;2381106407 | &nbsp;&nbsp;&nbsp;2394669115 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;200534294 | &nbsp;&nbsp;&nbsp;&nbsp;197940803 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706476 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;953276941 | &nbsp;&nbsp;&nbsp;&nbsp;944991590 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;429526695 | &nbsp;&nbsp;&nbsp;&nbsp;427957473 |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;&nbsp;2751570698 | &nbsp;&nbsp;&nbsp;2742000786 |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;&nbsp;5718355657 | &nbsp;&nbsp;&nbsp;5397360829 |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;366815301 | &nbsp;&nbsp;&nbsp;&nbsp;363084306 |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;788880085 | &nbsp;&nbsp;&nbsp;&nbsp;780234620 |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;&nbsp;1604910569 | &nbsp;&nbsp;&nbsp;1603093514 |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

For the year ended June 30, 2025, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind<br> Contributions** | **In-kind<br> Redemptions** | **In-kind Net<br> Realized<br> Gains/(Losses)** |
| SPDR Dow Jones REIT ETF<br>| $1664801805 | $1091480213 | $65755896 |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;3351431816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805600710 | &nbsp;&nbsp;&nbsp;&nbsp;282754527 |
| SPDR Portfolio S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;33928442775 | &nbsp;&nbsp;&nbsp;&nbsp;8426188570 | &nbsp;&nbsp;&nbsp;3566657839 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;&nbsp;12263226598 | &nbsp;&nbsp;&nbsp;&nbsp;9033767340 | &nbsp;&nbsp;&nbsp;3586206714 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;1712913136 | &nbsp;&nbsp;&nbsp;&nbsp;1303101428 | &nbsp;&nbsp;&nbsp;&nbsp;305244702 |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;11751093704 | &nbsp;&nbsp;&nbsp;&nbsp;8355926769 | &nbsp;&nbsp;&nbsp;2256241962 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;2507612543 | &nbsp;&nbsp;&nbsp;&nbsp;1587124155 | &nbsp;&nbsp;&nbsp;&nbsp;442287944 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;1245441523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470378289 | &nbsp;&nbsp;&nbsp;&nbsp;251599323 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6007947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3088157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926300 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;2142800224 | &nbsp;&nbsp;&nbsp;&nbsp;1771279345 | &nbsp;&nbsp;&nbsp;&nbsp;747030128 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;2062030122 | &nbsp;&nbsp;&nbsp;&nbsp;2227921596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213611173 |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;&nbsp;11789654241 | &nbsp;&nbsp;&nbsp;13194636520 | &nbsp;&nbsp;&nbsp;1173609813 |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;2071067926 | &nbsp;&nbsp;&nbsp;&nbsp;3504952481 | &nbsp;&nbsp;&nbsp;&nbsp;851336575 |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;4029211282 | &nbsp;&nbsp;&nbsp;&nbsp;4362648505 | &nbsp;&nbsp;&nbsp;&nbsp;216899856 |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;6758545750 | &nbsp;&nbsp;&nbsp;&nbsp;7966990694 | &nbsp;&nbsp;&nbsp;&nbsp;138413816 |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;&nbsp;13003806963 | &nbsp;&nbsp;&nbsp;12544698800 | &nbsp;&nbsp;&nbsp;&nbsp;553806903 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Transactions

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

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Other Capital" on the Statements of Changes in Net Assets.

9.&nbsp;&nbsp;&nbsp;&nbsp;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. 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.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future.These book-tax differences are primarily due to differing treatments for character of distributions, in-kind transactions, real estate investment trusts, passive foreign investment companies, adviser contributions, corporate

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

actions, futures contracts mark to market, wash sale loss deferrals, and distributions in excess of current earnings.

The tax character of distributions paid during the year ended June 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR Dow Jones REIT ETF<br>| $71257603 | $— | $71257603 |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;&nbsp;178603430 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;178603430 |
| SPDR Portfolio S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;736900978 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;736900978 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;&nbsp;210393325 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;210393325 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;299609190 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;299609190 |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;513571272 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;513571272 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;218076408 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;218076408 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;126620853 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;126620853 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253066 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253066 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;17459607 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17459607 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;49923295 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49923295 |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066174 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066174 |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;&nbsp;536428847 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;536428847 |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;12144693 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12144693 |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;57805426 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;57805426 |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;98699723 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;98699723 |

---

The tax character of distributions paid during the year ended June 30, 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR Dow Jones REIT ETF<br>| $53054560 | $— | $53054560 |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;&nbsp;128490199 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;128490199 |
| SPDR Portfolio S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;422265120 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;422265120 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;&nbsp;203965781 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;203965781 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;310151950 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;310151950 |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;410627405 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;410627405 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;166855202 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;166855202 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;111412114 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;111412114 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102092 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102092 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;11499663 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11499663 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;46636959 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;46636959 |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319348 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319348 |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;&nbsp;552178299 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;552178299 |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;12006378 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12006378 |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;84133859 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;84133859 |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;94537699 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;94537699 |

---

At June 30, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Capital Loss<br> Carryforwards** | **Undistributed<br> Long-Term<br> Capital Gains** | **Net Unrealized<br> Gains (Losses)** | **Total** |
| SPDR Dow Jones REIT ETF<br>| $— | $(265730015) | $— | $(360832530) | $(626562545) |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472297390) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1531385667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059088277 |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br> Ordinary Income** | **Capital Loss<br> Carryforwards** | **Undistributed<br> Long-Term<br> Capital Gains** | **Net Unrealized<br> Gains (Losses)** | **Total** |
| SPDR Portfolio S&P 500 ETF<br>| $— | $(566223154) | $— | $11140128600 | $10573905446 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3047401796) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10417632978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7370231182 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1453198370) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273054368) | &nbsp;&nbsp;&nbsp;&nbsp;(1726252738) |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1883249442) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1338236845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545012597) |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1133884294) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537169762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596714532) |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136965056) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3531638699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394673643 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72462) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479963 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645161430) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753106919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107945489 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375852 | &nbsp;&nbsp;&nbsp;&nbsp;(1491390945) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40164034) | &nbsp;&nbsp;&nbsp;&nbsp;(1531179127) |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(11388625373) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1537910502) | &nbsp;&nbsp;&nbsp;(12926535875) |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;&nbsp;26289054 | &nbsp;&nbsp;&nbsp;&nbsp;(3235034968) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1479615243 | &nbsp;&nbsp;&nbsp;&nbsp;(1729130671) |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;2365790 | &nbsp;&nbsp;&nbsp;&nbsp;(1022591106) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296154615) | &nbsp;&nbsp;&nbsp;&nbsp;(1316379931) |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;&nbsp;11573518 | &nbsp;&nbsp;&nbsp;&nbsp;(5556493769) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(541855603) | &nbsp;&nbsp;&nbsp;&nbsp;(6086775854) |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;5136376 | &nbsp;&nbsp;&nbsp;&nbsp;(2991584539) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308367401) | &nbsp;&nbsp;&nbsp;&nbsp;(3294815564) |

---

As of June 30, 2025, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-Expiring<br> Short Term** | **Non-Expiring<br> Long Term** |
| SPDR Dow Jones REIT ETF<br>| $50591339 | $215138676 |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55166201 | &nbsp;&nbsp;&nbsp;&nbsp;417131189 |
| SPDR Portfolio S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;214714798 | &nbsp;&nbsp;&nbsp;&nbsp;351508356 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;&nbsp;1416983618 | &nbsp;&nbsp;&nbsp;1630418178 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;719927474 | &nbsp;&nbsp;&nbsp;&nbsp;733270896 |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;501414502 | &nbsp;&nbsp;&nbsp;1381834940 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;296445104 | &nbsp;&nbsp;&nbsp;&nbsp;837439190 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24215475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112749581 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28673 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;304824386 | &nbsp;&nbsp;&nbsp;&nbsp;340337044 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;508628929 | &nbsp;&nbsp;&nbsp;&nbsp;982762016 |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;&nbsp;5642674178 | &nbsp;&nbsp;&nbsp;5745951195 |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;&nbsp;1045948672 | &nbsp;&nbsp;&nbsp;2189086296 |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;578234088 | &nbsp;&nbsp;&nbsp;&nbsp;444357018 |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;&nbsp;2416070115 | &nbsp;&nbsp;&nbsp;3140423654 |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;&nbsp;1282869365 | &nbsp;&nbsp;&nbsp;1708715174 |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

As of June 30, 2025, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SPDR Dow Jones REIT ETF<br>| $2358451055 | $42070006 | $402902536 | $(360832530) |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;&nbsp;12112931427 | &nbsp;&nbsp;&nbsp;&nbsp;2419526351 | &nbsp;&nbsp;&nbsp;&nbsp;888140684 | &nbsp;&nbsp;&nbsp;&nbsp;1531385667 |
| SPDR Portfolio S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;61844275005 | &nbsp;&nbsp;&nbsp;13264074453 | &nbsp;&nbsp;&nbsp;2123945853 | &nbsp;&nbsp;&nbsp;11140128600 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;&nbsp;27450467883 | &nbsp;&nbsp;&nbsp;10582747385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165114407 | &nbsp;&nbsp;&nbsp;10417632978 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;7167366054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469551890 | &nbsp;&nbsp;&nbsp;&nbsp;742606258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(273054368) |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;25288616234 | &nbsp;&nbsp;&nbsp;&nbsp;2989046742 | &nbsp;&nbsp;&nbsp;1650809897 | &nbsp;&nbsp;&nbsp;&nbsp;1338236845 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;11516547999 | &nbsp;&nbsp;&nbsp;&nbsp;2067956057 | &nbsp;&nbsp;&nbsp;1530787238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537168819 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;7052445141 | &nbsp;&nbsp;&nbsp;&nbsp;3959234777 | &nbsp;&nbsp;&nbsp;&nbsp;427596259 | &nbsp;&nbsp;&nbsp;&nbsp;3531638518 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9545232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552425 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;3046325893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767876206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14769287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753106919 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;1564555734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49618253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89782287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40164034) |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;6658840160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139268870 | &nbsp;&nbsp;&nbsp;1677179372 | &nbsp;&nbsp;&nbsp;&nbsp;(1537910502) |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;&nbsp;18503588485 | &nbsp;&nbsp;&nbsp;&nbsp;2572481313 | &nbsp;&nbsp;&nbsp;1092866070 | &nbsp;&nbsp;&nbsp;&nbsp;1479615243 |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;1698060880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16471399 | &nbsp;&nbsp;&nbsp;&nbsp;312626014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296154615) |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;2500815297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16362381 | &nbsp;&nbsp;&nbsp;&nbsp;558217984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(541855603) |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;3739439883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13323369 | &nbsp;&nbsp;&nbsp;&nbsp;321690770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308367401) |

---

10.&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, the 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 June 30, 2025, 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 Statement 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.

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Market Value of<br> Securities on Loan** | **Cash<br> Collateral<br> Received** | **Non-Cash<br> Collateral<br> Received\*** | **Total<br> Collateral<br> Received** |
| SPDR Dow Jones REIT ETF<br>| $17925577 | $4630940 | $14020058 | $18650998 |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| &nbsp;&nbsp;&nbsp;1086038393 | &nbsp;&nbsp;477291052 | &nbsp;&nbsp;&nbsp;631237636 | &nbsp;&nbsp;&nbsp;1108528688 |
| SPDR Portfolio S&P 500 ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;210624665 | &nbsp;&nbsp;160350431 | &nbsp;&nbsp;&nbsp;&nbsp;53390529 | &nbsp;&nbsp;&nbsp;&nbsp;213740960 |
| SPDR Portfolio S&P 500 Growth ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81570959 | &nbsp;&nbsp;&nbsp;48674899 | &nbsp;&nbsp;&nbsp;&nbsp;33136418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81811317 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88632201 | &nbsp;&nbsp;&nbsp;74063324 | &nbsp;&nbsp;&nbsp;&nbsp;17323803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91387127 |
| SPDR Portfolio S&P 500 Value ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83609868 | &nbsp;&nbsp;&nbsp;75661969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84362228 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;887208928 | &nbsp;&nbsp;770712279 | &nbsp;&nbsp;&nbsp;141697196 | &nbsp;&nbsp;&nbsp;&nbsp;912409475 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;148663226 | &nbsp;&nbsp;&nbsp;64979135 | &nbsp;&nbsp;&nbsp;&nbsp;86588902 | &nbsp;&nbsp;&nbsp;&nbsp;151568037 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16599 |
| SPDR S&P Aerospace & Defense ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;349158959 | &nbsp;&nbsp;195032392 | &nbsp;&nbsp;&nbsp;158397847 | &nbsp;&nbsp;&nbsp;&nbsp;353430239 |
| SPDR S&P Bank ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68306242 | &nbsp;&nbsp;&nbsp;35754066 | &nbsp;&nbsp;&nbsp;&nbsp;34749949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70504015 |
| SPDR S&P Biotech ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;666915744 | &nbsp;&nbsp;298148176 | &nbsp;&nbsp;&nbsp;386430915 | &nbsp;&nbsp;&nbsp;&nbsp;684579091 |
| SPDR S&P Dividend ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;370253879 | &nbsp;&nbsp;&nbsp;73610791 | &nbsp;&nbsp;&nbsp;303672713 | &nbsp;&nbsp;&nbsp;&nbsp;377283504 |
| SPDR S&P Homebuilders ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;129392803 | &nbsp;&nbsp;&nbsp;62146438 | &nbsp;&nbsp;&nbsp;&nbsp;69602171 | &nbsp;&nbsp;&nbsp;&nbsp;131748609 |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;179464935 | &nbsp;&nbsp;&nbsp;66738303 | &nbsp;&nbsp;&nbsp;121479889 | &nbsp;&nbsp;&nbsp;&nbsp;188218192 |
| SPDR S&P Regional Banking ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110619606 | &nbsp;&nbsp;&nbsp;58575769 | &nbsp;&nbsp;&nbsp;&nbsp;55643520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114219289 |

---

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

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** |
| **Fund** | **Securities<br> Lending<br> Transactions** | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total<br> Borrowings** | **Gross Amount<br> of Recognized<br> Liabilities for<br> Securities Lending Transactions** |
| SPDR Dow Jones REIT ETF<br>| Common Stocks | $4630940 | $— | $— | $— | $4630940 | $4630940 |
| SPDR Portfolio S&P 400 Mid Cap ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;477291052 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;477291052 | &nbsp;&nbsp;&nbsp;477291052 |
| SPDR Portfolio S&P 500 ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;160350431 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;160350431 | &nbsp;&nbsp;&nbsp;160350431 |
| SPDR Portfolio S&P 500 Growth ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;48674899 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;48674899 | &nbsp;&nbsp;&nbsp;&nbsp;48674899 |
| SPDR Portfolio S&P 500 High Dividend ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;74063324 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;74063324 | &nbsp;&nbsp;&nbsp;&nbsp;74063324 |
| SPDR Portfolio S&P 500 Value ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;75661969 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;75661969 | &nbsp;&nbsp;&nbsp;&nbsp;75661969 |
| SPDR Portfolio S&P 600 Small Cap ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;770712279 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;770712279 | &nbsp;&nbsp;&nbsp;770712279 |
| SPDR Portfolio S&P 1500 Composite Stock Market ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;64979135 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;64979135 | &nbsp;&nbsp;&nbsp;&nbsp;64979135 |
| SPDR Portfolio S&P Sector Neutral Dividend ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16599 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16599 |
| SPDR S&P Aerospace & Defense ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;195032392 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;195032392 | &nbsp;&nbsp;&nbsp;195032392 |
| SPDR S&P Bank ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;35754066 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35754066 | &nbsp;&nbsp;&nbsp;&nbsp;35754066 |
| SPDR S&P Biotech ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;284861134 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;284861134 | &nbsp;&nbsp;&nbsp;284861134 |
| SPDR S&P Biotech ETF<br>| Rights | &nbsp;&nbsp;&nbsp;&nbsp;13287042 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13287042 | &nbsp;&nbsp;&nbsp;&nbsp;13287042 |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### June 30, 2025

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> as of June 30, 2025** |
| **Fund** | **Securities<br> Lending<br> Transactions** | **Overnight<br> and<br> Continuous** | **<30 Days** | **Between<br> 30 & 90<br> Days** | **>90 Days** | **Total<br> Borrowings** | **Gross Amount<br> of Recognized<br> Liabilities for<br> Securities Lending Transactions** |
| SPDR S&P Dividend ETF<br>| Common Stocks | $73610791 | $— | $— | $— | $73610791 | $73610791 |
| SPDR S&P Homebuilders ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;62146438 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;62146438 | &nbsp;&nbsp;&nbsp;62146438 |
| SPDR S&P Oil & Gas Exploration & Production ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;66738303 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;66738303 | &nbsp;&nbsp;&nbsp;66738303 |
| SPDR S&P Regional Banking ETF<br>| Common Stocks | &nbsp;&nbsp;&nbsp;58575769 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;58575769 | &nbsp;&nbsp;&nbsp;58575769 |

---

11.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Market Risk
Each Fund's investments are subject to changes in general economic conditions, and 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, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.

#### Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country's credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund's Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.

12.&nbsp;&nbsp;&nbsp;&nbsp;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.

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of SPDR Dow Jones REIT ETF, SPDR Portfolio S&P 400 Mid Cap ETF, SPDR Portfolio S&P 500 ETF, SPDR Portfolio S&P 500 Growth ETF, SPDR Portfolio S&P 500 High Dividend ETF, SPDR Portfolio S&P 500 Value ETF, SPDR Portfolio S&P 600 Small Cap ETF, SPDR Portfolio S&P 1500 Composite Stock Market ETF, SPDR Portfolio S&P Sector Neutral Dividend ETF, SPDR S&P Aerospace & Defense ETF, SPDR S&P Bank ETF, SPDR S&P Biotech ETF, SPDR S&P Dividend ETF, SPDR S&P Homebuilders ETF, SPDR S&P Oil & Gas Exploration & Production ETF and SPDR S&P Regional Banking ETF and the Board of Trustees of SPDR<sup>®</sup> Series Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SPDR Dow Jones REIT ETF, SPDR Portfolio S&P 400 Mid Cap ETF, SPDR Portfolio S&P 500 ETF, SPDR Portfolio S&P 500 Growth ETF, SPDR Portfolio S&P 500 High Dividend ETF, SPDR Portfolio S&P 500 Value ETF, SPDR Portfolio S&P 600 Small Cap ETF, SPDR Portfolio S&P 1500 Composite Stock Market ETF, SPDR Portfolio S&P Sector Neutral Dividend ETF, SPDR S&P Aerospace & Defense ETF, SPDR S&P Bank ETF, SPDR S&P Biotech ETF, SPDR S&P Dividend ETF, SPDR S&P Homebuilders ETF, SPDR S&P Oil & Gas Exploration & Production ETF and SPDR S&P Regional Banking ETF (collectively referred to as the "Funds") (sixteen of the funds constituting SPDR<sup>®</sup> Series Trust (the "Trust")), including the schedules of investments, as of June 30, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (sixteen of the funds constituting SPDR<sup>®</sup> Series Trust) at June 30, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual Fund constituting the SSGA Series Trust | &nbsp;&nbsp;Statements of operations | &nbsp;&nbsp;Statements of changes in net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;SPDR Dow Jones REIT ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the five years in the period ended June 30, 2025 |
| &nbsp;&nbsp;SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the five years in the period ended June 30, 2025 |
| &nbsp;&nbsp;SPDR Portfolio S&P 500 ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the five years in the period ended June 30, 2025 |
| &nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the five years in the period ended June 30, 2025 |
| &nbsp;&nbsp;SPDR Portfolio S&P 500 High Dividend ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For each of the two years in the period ended June 30, 2025 | &nbsp;&nbsp;For each of the five years in the period ended June 30, 2025 |
| &nbsp;&nbsp;SPDR Portfolio S&P 500 Value ETF |  |  |  |
| &nbsp;&nbsp;SPDR Portfolio S&P 600 Small Cap ETF |  |  |  |
| &nbsp;&nbsp;SPDR Portfolio S&P 1500 Composite Stock Market ETF |  |  |  |
| &nbsp;&nbsp;SPDR S&P Aerospace & Defense ETF |  |  |  |
| &nbsp;&nbsp;SPDR S&P Bank ETF |  |  |  |
| &nbsp;&nbsp;SPDR S&P Biotech ETF |  |  |  |
| &nbsp;&nbsp;SPDR S&P Dividend ETF |  |  |  |
| &nbsp;&nbsp;SPDR S&P Homebuilders ETF |  |  |  |
| &nbsp;&nbsp;SPDR S&P Oil & Gas Exploration & Production ETF |  |  |  |
| &nbsp;&nbsp;SPDR S&P Regional Banking ETF |  |  |  |

---

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual Fund constituting the SSGA Series Trust | &nbsp;&nbsp;Statements of operations | &nbsp;&nbsp;Statements of changes in net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;SPDR Portfolio S&P Sector Neutral Dividend ETF | &nbsp;&nbsp;For the year ended June 30, 2025 | &nbsp;&nbsp;For the year ended June 30, 2025 and the period from September 12, 2023 (commencement of operations) through June 30, 2024 | &nbsp;&nbsp;For the year ended June 30, 2025 and the period from September 12, 2023 (commencement of operations) through June 30, 2024 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](g941109img4951e3d32.jpg)

We have served as the auditor of one or more State Street Investment Management (formerly State Street Global Advisors) investment companies since 2000.

Boston, Massachusetts

August 29, 2025

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### OTHER INFORMATION

#### June 30, 2025 (Unaudited)

------

#### Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2025.

#### Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

#### Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

#### Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2025 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

#### June 30, 2025 (Unaudited)

------

#### Board Considerations Regarding Renewal of Investment Advisory Agreement
At a meeting held on May 14-15, 2025, the Board of Trustees of SPDR Series Trust (the "Board") evaluated a proposal to approve for an additional one year period the Investment Advisory Agreement (the "Advisory Agreement" or the "Agreement") between the SPDR Series Trust (the "Trust" or "SST") and SSGA Funds Management, Inc. (the "Adviser" or "SSGA FM") with respect to the series of SST (collectively, the "SPDR ETFs"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.

To evaluate the Advisory Agreement, the Board requested and SSGA FM, the Trust's adviser and administrator, and State Street Bank and Trust Company, the Trust's sub-administrator, transfer agent and custodian ("State Street") provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. The Board submitted additional questions and met with representatives of the Adviser and affiliated service providers both on April 17th and again on May 13th to discuss matters related to the Board's evaluation of the Advisory Agreement and provide the Trustees an opportunity to ask additional questions. In deciding whether to approve the Advisory Agreement, the Board considered various factors, including the nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, the proposed cost of those services in relation to the services provided and in relation to fees charged to comparable funds, other benefits to the Adviser of its relationship with the SPDR ETFs, and extent to which economies of scale would be shared as the SPDR ETFs grow.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Advisory Agreement and the Adviser's responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF's investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management, oversight of sub-advisers and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF's compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates which make up State Street Investment Management (formerly known as "State Street Global Advisors"), through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser's experience in managing equity exchange-traded funds with index-based investment objectives.

#### Investment Performance
The Board then reviewed the SPDR ETFs' performance, noting that the analysis of investment performance, in absolute terms, was more complex for the actively managed funds. The Board focused on the extent to which each index-based SPDR ETF achieved its objective as a passively managed index fund and reviewed information regarding such SPDR ETF's index tracking. To the extent such tracking was not consistent with management's expectations, the Trustees sought additional information about steps being taken to address the positive or negative tracking differences.

#### Profits Realized by Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on each SPDR ETF's historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss with representatives of the Adviser and State Street Investment Management, methodologies used in computing costs that formed the bases of profitability calculations.

------

[**Table of Contents**](#JOB_SPDR__48138396-7121-48fa-b34a-045dab19b7e5_TOC-LETTERSIZE-STANDARD)

#### SPDR SERIES TRUST

#### STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

#### June 30, 2025 (Unaudited)

------

#### Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF's unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes with respect to each series of SST. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. (Broadridge) and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF's fee and fees paid by similar funds, which may include characteristics of a Fund's investment strategy that differ from such other similar funds. In their assessment of the reasonableness of the fee, the Trustees noted that the fees for many services to the Funds are paid from the unitary fee.

#### Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust.

#### Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF's assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser's assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees initially, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

#### Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Advisory Agreement for each SPDR ETF. In approving the continuance of the Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Advisory Agreement are fair and reasonable and that the continuance of the Advisory Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly for those SPDR ETFs measured against an index, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser's unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust's relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board's conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust. The Independent Trustees were advised by their independent counsel throughout the process.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the registrant.

------

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board.

#### Item 16. Controls and Procedures.
(a) Within 90 days of the filing date of this Form N-CSR, Ann M. Carpenter, the registrant's President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant's Treasurer and Principal Financial Officer, reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") and evaluated their effectiveness. Based on their review, Ms. Carpenter and Mr. Rosenberg determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the registrant.

#### Item 19. Exhibits.
(a)(1) [Code of Ethics referred to in Item 2.](d941109dex99codeeth.htm)

(a)(2) Not applicable to the registrant.

(a)(3) [Separate certifications required by Rule 30a-2(a) under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.](d941109dex99cert.htm)

(a)(4) Not applicable to the registrant.

(a)(5) Not applicable.

------

(b) [A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.](d941109dex99906cert.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **SPDR<sup>®</sup> Series Trust** | **SPDR<sup>®</sup> Series Trust** |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | September 8, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | September 8, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |
| Date: | September 8, 2025 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**SPDR<sup>®</sup> Series Trust** 

**SPDR<sup>®</sup> Index Shares Funds** 

**SSGA Active Trust** 

**(each, a "Trust," and, collectively the "Trusts")** 

**<u>CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND</u>**

**<u>PRINCIPAL FINANCIAL OFFICERS</u>**

**I.** **Covered Officers/Purpose of the Code** 

This Code of Conduct (the "Code") shall apply to each Trust's Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the "Covered Officers," each of whom is named in <u>Exhibit A</u> attached hereto) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that each Trust files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

*Overview*. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Trust. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to a Trust. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise use their positions with a Trust to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the compliance programs and procedures or codes of ethics of each Trust or each Trust's investment adviser (the "Adviser")<sup>1</sup> or distributor.

<sup>1</sup> Any reference to Adviser with respect to a Trust may include reference to any investment sub-adviser for a series of the Trust.

------

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between a Trust and its service providers, including Adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Trust, the Adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trusts. The participation of the Covered Officers in such activities is inherent in the contractual relationship between a Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"), such activities will be deemed to have been handled ethically. In addition, it is recognized by each Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Trust.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his or her personal influence or personal relationship improperly to influence investment decisions or
financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause a Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer
rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of
potential violations by the Trust of applicable rules and regulations that are made in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the series of a Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must discuss certain material conflict of interest situations with a Trust's Audit Committee. Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule
does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts, excluding branded promotional items valued at U.S. 50$ or less;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Trust has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of a Trust's service
providers, other than its Adviser, principal underwriter, administrator, sub-administrator, transfer agent, custodian or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Trust for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer will monitor the compliance of each Trust and the Trust's service providers with
federal or state statutes, regulations or administrative procedures that affect the operation of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about a Trust to
others, whether within or outside the Trust, including to the Trust's Board, the Trust's Audit Committee, the Trust's independent auditors, governmental regulators, self-regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of a Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public
communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the
establishment and operation of policies and procedures that encourage professional integrity in all aspects of each Trust's operations.

**IV.** **Compliance with Applicable Laws and Regulations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Trust's Audit Committee is responsible for applying this Code to specific situations in which
questions are presented under it and has the authority to interpret this Code in any particular situation, including providing any approvals or waivers sought by the Covered Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event of any question of interpretation of the requirements under this Code, Covered Officers shall
consult with the Audit Committee in order to assure compliance with the Code.

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**V.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a
report in the form of <u>Exhibit B</u> to each Trust's compliance officer affirming that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually sign and return a report in the form of <u>Exhibit C</u> to each Trust's compliance officer as an
affirmation that he or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify a Trust's Audit Committee promptly if he or she knows of any violation of this Code. Failure to do
so is itself a violation of this Code.

The Audit Committee will follow these procedures in investigating and enforcing thisCode:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will take all appropriate actions to investigate any potential violations reported to the
Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is
not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Board concurs that a violation has occurred, it will notify the appropriate personnel of the applicable
service provider and may dismiss the Covered Officer as an officer of the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VI.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by each Trust's for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of each Trust, each Trust's Adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trusts' Adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the Adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VII.** **Amendments** 

Any amendments to this Code, other than amendments to <u>Exhibit A</u>, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

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**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trusts' Board or Audit Committee.

**IX.** **Internal Use** 

The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of a Trust, as to any fact, circumstance, or legal conclusion.

Adopted (SPDR<sup>®</sup> Series Trust): August 18, 2003

Adopted (SPDR<sup>®</sup> Index Shares Funds): July 1, 2004

Updated: August 1, 2007

Amended: November 18, 2010

Adopted (SSGA Master Trust/SSGA Active Trust)/Amended: May 25, 2011

Updated: November 17, 2015

Amended on: February 23, 2017

Removal (SSGA Master Trust): September 23, 2020

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EXHIBIT A

Persons Covered by this Code of Conduct:

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| | |
|:---|:---|
| **Title** | **Name** |
|  President, Chief Executive Officer and Principal Executive Officer | Ann M. Carpenter |
|  Treasurer, Chief Financial Officer and Principal Financial Officer | Bruce S. Rosenberg |

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EXHIBIT B

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Principal Financial Officers of SPDR<sup>®</sup> Series Trust, SPDR<sup>®</sup> Index Shares Funds and SSGA Active Trust and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:

Please print your name here:

Please date here:

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EXHIBIT C

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Senior Financial Officers of SPDR<sup>®</sup> Series Trust, SPDR<sup>®</sup> Index Shares Funds SSGA Active Trust (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in each Code during my tenure as a Covered Officer, as defined in the Code.

Please sign your name here:

Please print your name here:

Please date here:

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Ann M. Carpenter, President and Principal Executive Officer of SPDR<sup>®</sup> Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of SPDR<sup>®</sup> Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: September 8, 2025

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| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |

---

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I, Bruce S. Rosenberg, Treasurer and Principal Financial Officer of SPDR<sup>®</sup> Series Trust, certify that:

1. I have reviewed this report on Form N-CSR of SPDR<sup>®</sup> Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

Date: September 8, 2025

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**SECTION 906 CERTIFICATION** 

I, Ann M. Carpenter, President and Principal Executive Officer, and I, Bruce S. Rosenberg, Treasurer and Principal Financial Officer, of SPDR<sup>®</sup> Series Trust (the "Trust") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Form N-CSR filing for the Trust (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Trust.

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | September 8, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |
| Date: | September 8, 2025 |

---