# EDGAR Filing Document

**Accession Number:** 0001516212
**File Stem:** 0001193125-26-098717
**Filing Date:** 2026-3
**Character Count:** 114111
**Document Hash:** 8109984978eb0073a76a8bfcf4849b05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-098717.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001193125-26-098717

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SSGA Active Trust
- **CENTRAL INDEX KEY:** 0001516212

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22542
- **FILM NUMBER:** 26735735

**BUSINESS ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114
- **BUSINESS PHONE:** 6176643920

**MAIL ADDRESS:**
- **STREET 1:** ONE CONGRESS STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02114

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SSgA Active Trust
- **DATE OF NAME CHANGE:** 20141208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SSgA Active ETF Trust
- **DATE OF NAME CHANGE:** 20110322

## Series and Classes Contracts Data

### State Street(R) US Equity Premium Income ETF (Series ID: S000087670)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000253545 | State Street(R) US Equity Premium Income ETF | SPIN            |

?xml version='1.0' encoding='ASCII'? SSGA Active 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: 811-22542

## SSGA ACTIVE TRUST

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

#### One Congress Street, Boston, Massachusetts 02114

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

#### Andrew J. DeLorme, Esq.

#### Chief Legal Officer

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

#### One Congress Street

#### Boston, Massachusetts 02114

#### (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: December 31

#### Date of reporting period: December 31, 2025

------

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

# State Street<sup>®</sup> US Equity Premium Income ETF
![Image](g20497ia59328e16c24e099169b.jpg)

# SPIN

## Principal Listing Exchange: Cboe BZX Exchange, Inc.

#### Annual Shareholder Report

#### December 31, 2025
This annual shareholder report contains important information about the State Street<sup>®</sup> US Equity Premium Income ETF (the "Fund") for the period of July 1, 2025 through December 31, 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. **This report describes changes to the Fund that occurred during the reporting period.**

**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** |
| State Street<sup>®</sup> US Equity Premium Income ETF | $13 | 0.25% |

---

The dollar amount above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher.

## How did the Fund perform last year and what affected its performance?
The Fund reported generated positive returns from July to December in 2025. In this time period, the Fund delivered strong performance, rising approximately over 12%. Momentum strengthened through the second half of the year as the U.S. Federal Reserve implemented three interest-rate cuts. Technology remained the primary engine of market gains, driven by ongoing investment in Artificial Intelligence ("A.I.") and robust earnings across mega-cap names, while other sectors experienced more uneven results. Overall, 2025 underscored the durability of the bull market, with resilient corporate earnings, increased productivity expectations, and optimism around A.I. deployment contributing to a strong finish.

## Fund Performance
The Fund's benchmark is an unmanaged index 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](g20497ieeebf13870b89becc127.jpg)

---

| | | |
|:---|:---|:---|
| | **SPIN** | **S&P 500 Index** |
| **09/04/24** | $10000 | $10000 |
| **09/30/24** | $10301 | $10450 |
| **10/31/24** | $10273 | $10355 |
| **11/30/24** | $10775 | $10963 |
| **12/31/24** | $10589 | $10701 |
| **01/31/25** | $10788 | $10999 |
| **02/28/25** | $10601 | $10856 |
| **03/31/25** | $10091 | $10244 |
| **04/30/25** | $10056 | $10175 |
| **05/31/25** | $10356 | $10815 |
| **06/30/25** | $10772 | $11365 |
| **07/31/25** | $11129 | $11620 |
| **08/31/25** | $11324 | $11856 |
| **09/30/25** | $11618 | $12288 |
| **10/31/25** | $11961 | $12576 |
| **11/30/25** | $12035 | $12607 |
| **12/31/25** | $12086 | $12615 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 09/04/24** |
| SPIN | 14.14% | 15.39% |
| S&P 500 Index | 17.88% | 19.19% |

---

**For the 6-month period from July 1, 2025 through December 31, 2025, the total return for the Fund was 12.20% and for the Index was 11.00%.**

**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 12/31/2025
* Total Net Assets$55,693,057

* Number of Portfolio Holdings100

* Portfolio Turnover Rate18%

* Total Advisory Fees Paid$42,455

## **What did the Fund invest in as of 12/31/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Semiconductors & Semiconductor Equipment | 16.0% |
| Software | 12.4% |
| Interactive Media & Services | 10.2% |
| Technology Hardware, Storage & Peripherals | 6.1% |
| Broadline Retail | 4.6% |
| Capital Markets | 4.4% |
| Financial Services | 3.9% |
| Banks | 3.8% |
| Pharmaceuticals | 3.7% |
| Machinery | 2.4% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| NVIDIA Corp. | 9.3% |
| Microsoft Corp. | 7.6% |
| Apple, Inc. | 6.1% |
| Alphabet, Inc., Class A | 5.9% |
| Amazon.com, Inc. | 4.6% |
| Broadcom, Inc. | 3.5% |
| Meta Platforms, Inc., Class A | 3.4% |
| Visa, Inc., Class A | 2.2% |
| JPMorgan Chase & Co. | 1.9% |
| Eli Lilly & Co. | 1.6% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred during the reporting period ended December 31, 2025. For more information contact 1-866-787-2257 (toll free) or refer to the Prospectus, which can be found on the Fund's website below.

Effective October 31, 2025, the Fund's name changed from the SPDR<sup>®</sup> SSGA US Equity Premium Income ETF to the State Street<sup>®</sup> US Equity Premium Income ETF. This change did not result in any changes to the Fund's Investment Objective, Principal Investment Strategies or Principal Risks of Investing in the Fund.

Effective August 14, 2025, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31. These changes did not result in any changes to the Fund's Investment Objectives, Principal Investment Strategies or Principal Risks of Investing in the Fund.

#### 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 SPIN

------

(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 six 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 periods ended December 31, 2025 and June 30, 2025, the aggregate audit fees billed for professional services rendered by the principal accountant, Ernst & Young LLP ("EY"), were $20,293 and $23,897, 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 periods ended December 31, 2025 and June 30, 2025, EY 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 period ended December 31, 2025, the aggregate tax fees billed for professional services rendered by EY for tax preparation and tax compliance services were $10,688. For the fiscal period ended June 30, 2025, the aggregated tax fees billed for professional services rendered by EY for the review of year-end distribution requirements were $2,778.

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

For the fiscal years ended December 31, 2025 and December 31, 2024 there were no fees billed for professional services rendered by EY for products and services provided by EY to the Trust, other than the services reported in paragraphs (a)through (c).

------

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees for professional services rendered by EY for products and services provided by EY 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 $9,761,443 and $9,556,710, 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) Percentage of Services.

None 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 EY 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 | $18.6 | $18.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Fees | $3.6 | $3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees | $15.8 | $15.8 |

---

<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) EY notified the registrant's Audit Committee of all non-audit services that were rendered by EY 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 EY'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, James Ross, Kristi Rowsell, Sandra Sponem and Carl Verboncoeur.

#### Item 6. Investments.
(a) Schedules of Investments are included as 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
December 31, 2025

## SSGA Active Trust
State Street US Equity Premium Income ETF (formerly SPDR SSGA US Equity Premium Income 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.**![](g20497imge866127c1.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedule of Investments (N-CSR Item 6)](#xx_3db2446a-f19a-4391-87bc-b0e6644cbbfe_1)** |  |
| &nbsp;&nbsp;&nbsp;[State Street US Equity Premium Income ETF (SPIN) (formerly SPDR SSGA US Equity Premium Income ETF)](#xx_3db2446a-f19a-4391-87bc-b0e6644cbbfe_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Financial Statements (N-CSR Item 7)](#xx_c5d5d7ed-8075-4f7f-9692-f4d3b306d608_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| **[Financial Highlights (N-CSR Item 7)](#xx_2c153e39-dc4e-464f-a726-5863da85fc1f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_6e9913d2-4493-4dc8-94d5-3200ddf8910d_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_1e17f133-eba2-4b77-b407-55fbb1e8c637_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;14 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_b0f8cc4f-4e06-4a64-a43e-983cf771e74b_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;15 |

---

#### 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**

#### Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11) - Not Applicable

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### STATE STREET US EQUITY PREMIUM INCOME ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** | **COMMON STOCKS — 100.0%** |
| **AEROSPACE & DEFENSE — 0.6%** | **AEROSPACE & DEFENSE — 0.6%** | **AEROSPACE & DEFENSE — 0.6%** |
| RTX Corp. | &nbsp;&nbsp;1910 | &nbsp;&nbsp;$350294 |
| **AUTOMOBILES — 1.4%** | **AUTOMOBILES — 1.4%** | **AUTOMOBILES — 1.4%** |
| General Motors Co. | &nbsp;&nbsp;4610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374885 |
| Tesla, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764792 |
| **BANKS — 3.8%** | **BANKS — 3.8%** | **BANKS — 3.8%** |
| Bank of America Corp. | 15218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836990 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084915 |
| Regions Financial Corp. | &nbsp;&nbsp;6808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184497 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106402 |
| **BEVERAGES — 0.8%** | **BEVERAGES — 0.8%** | **BEVERAGES — 0.8%** |
| Monster Beverage Corp. (a) | &nbsp;&nbsp;3351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256921 |
| PepsiCo, Inc. | &nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441201 |
| **BIOTECHNOLOGY — 0.3%** | **BIOTECHNOLOGY — 0.3%** | **BIOTECHNOLOGY — 0.3%** |
| Vertex Pharmaceuticals, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178624 |
| **BROADLINE RETAIL — 4.6%** | **BROADLINE RETAIL — 4.6%** | **BROADLINE RETAIL — 4.6%** |
| Amazon.com, Inc. (a) | 11123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567411 |
| **BUILDING PRODUCTS — 0.4%** | **BUILDING PRODUCTS — 0.4%** | **BUILDING PRODUCTS — 0.4%** |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225736 |
| **CAPITAL MARKETS — 4.4%** | **CAPITAL MARKETS — 4.4%** | **CAPITAL MARKETS — 4.4%** |
| CME Group, Inc. | &nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275265 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399066 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;4581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741939 |
| Robinhood Markets, Inc. Class A (a) | &nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208782 |
| S&P Global, Inc. | &nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829873 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454925 |
| **CHEMICALS — 1.4%** | **CHEMICALS — 1.4%** | **CHEMICALS — 1.4%** |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82431 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56540 |
| Linde PLC | &nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801155 |
| **COMMERCIAL SERVICES & SUPPLIES — 1.3%** | **COMMERCIAL SERVICES & SUPPLIES — 1.3%** | **COMMERCIAL SERVICES & SUPPLIES — 1.3%** |
| Tetra Tech, Inc. | &nbsp;&nbsp;3218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107932 |
| Waste Management, Inc. | &nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723999 |
| **CONSTRUCTION MATERIALS — 0.9%** | **CONSTRUCTION MATERIALS — 0.9%** | **CONSTRUCTION MATERIALS — 0.9%** |
| Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488788 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.9%** |
| BJ's Wholesale Club Holdings, Inc. (a) | &nbsp;&nbsp;4413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397302 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148323 |
| Walmart, Inc. | &nbsp;&nbsp;4751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074934 |
| **ELECTRIC UTILITIES — 1.1%** | **ELECTRIC UTILITIES — 1.1%** | **ELECTRIC UTILITIES — 1.1%** |
| NextEra Energy, Inc. | &nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634212 |
| **ELECTRICAL EQUIPMENT — 1.9%** | **ELECTRICAL EQUIPMENT — 1.9%** | **ELECTRICAL EQUIPMENT — 1.9%** |
| Eaton Corp. PLC | &nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357050 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Emerson Electric Co. | &nbsp;&nbsp;5341 | &nbsp;&nbsp;$708857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065907 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%** |
| Amphenol Corp. Class A | &nbsp;&nbsp;1814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245144 |
| **ENTERTAINMENT — 0.9%** | **ENTERTAINMENT — 0.9%** | **ENTERTAINMENT — 0.9%** |
| Netflix, Inc. (a) | &nbsp;&nbsp;2722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255215 |
| Walt Disney Co. | &nbsp;&nbsp;2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490946 |
| **FINANCIAL SERVICES — 3.9%** | **FINANCIAL SERVICES — 3.9%** | **FINANCIAL SERVICES — 3.9%** |
| Berkshire Hathaway, Inc. Class B (a) | &nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636858 |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317409 |
| Visa, Inc. Class A | &nbsp;&nbsp;3504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183155 |
| **FOOD PRODUCTS — 0.2%** | **FOOD PRODUCTS — 0.2%** | **FOOD PRODUCTS — 0.2%** |
| Mondelez International, Inc. Class A | &nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93234 |
| **GROUND TRANSPORTATION — 1.3%** | **GROUND TRANSPORTATION — 1.3%** | **GROUND TRANSPORTATION — 1.3%** |
| Uber Technologies, Inc. (a) | &nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728036 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%** |
| Abbott Laboratories | &nbsp;&nbsp;1925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241183 |
| Becton Dickinson & Co. | &nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195234 |
| Cooper Cos., Inc. (a) | &nbsp;&nbsp;2704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221620 |
| Dexcom, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55684 |
| Intuitive Surgical, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958389 |
| **HEALTH CARE PROVIDERS & SERVICES — 0.3%** | **HEALTH CARE PROVIDERS & SERVICES — 0.3%** | **HEALTH CARE PROVIDERS & SERVICES — 0.3%** |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171327 |
| **HOTELS, RESTAURANTS & LEISURE — 0.5%** | **HOTELS, RESTAURANTS & LEISURE — 0.5%** | **HOTELS, RESTAURANTS & LEISURE — 0.5%** |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274150 |
| **HOUSEHOLD PRODUCTS — 0.5%** | **HOUSEHOLD PRODUCTS — 0.5%** | **HOUSEHOLD PRODUCTS — 0.5%** |
| Procter & Gamble Co. | &nbsp;&nbsp;2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295935 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.3%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.3%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.3%** |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139228 |
| **INSURANCE — 1.7%** | **INSURANCE — 1.7%** | **INSURANCE — 1.7%** |
| American International Group, Inc. | &nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103772 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215363 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444320 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951780 |
| **INTERACTIVE MEDIA & SERVICES — 10.2%** | **INTERACTIVE MEDIA & SERVICES — 10.2%** | **INTERACTIVE MEDIA & SERVICES — 10.2%** |
| Alphabet, Inc. Class A | 10560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3305280 |
| Alphabet, Inc. Class C | &nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470386 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;2847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1879276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654942 |
| **IT SERVICES — 0.2%** | **IT SERVICES — 0.2%** | **IT SERVICES — 0.2%** |
| Accenture PLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129857 |
| **LIFE SCIENCES TOOLS & SERVICES — 2.3%** | **LIFE SCIENCES TOOLS & SERVICES — 2.3%** | **LIFE SCIENCES TOOLS & SERVICES — 2.3%** |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118517 |
| Danaher Corp. | &nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524456 |

---

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### STATE STREET US EQUITY PREMIUM INCOME ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Repligen Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;$116177 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272542 |
| **MACHINERY — 2.4%** | **MACHINERY — 2.4%** | **MACHINERY — 2.4%** |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790185 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;2444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311857 |
| **MULTI-UTILITIES — 1.2%** | **MULTI-UTILITIES — 1.2%** | **MULTI-UTILITIES — 1.2%** |
| CMS Energy Corp. | &nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118741 |
| Sempra | &nbsp;&nbsp;6340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678500 |
| **OIL, GAS & CONSUMABLE FUELS — 2.0%** | **OIL, GAS & CONSUMABLE FUELS — 2.0%** | **OIL, GAS & CONSUMABLE FUELS — 2.0%** |
| Chevron Corp. | &nbsp;&nbsp;2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315641 |
| ConocoPhillips | &nbsp;&nbsp;1769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165596 |
| EQT Corp. | &nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158335 |
| Exxon Mobil Corp. | &nbsp;&nbsp;3777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454524 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094096 |
| **PHARMACEUTICALS — 3.7%** | **PHARMACEUTICALS — 3.7%** | **PHARMACEUTICALS — 3.7%** |
| AstraZeneca PLC ADR | &nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269355 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871565 |
| Johnson & Johnson | &nbsp;&nbsp;2837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587117 |
| Merck & Co., Inc. | &nbsp;&nbsp;3337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079290 |
| **PROFESSIONAL SERVICES — 0.9%** | **PROFESSIONAL SERVICES — 0.9%** | **PROFESSIONAL SERVICES — 0.9%** |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;2208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492759 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%** |
| CBRE Group, Inc. Class A (a) | &nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338302 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.0%** |
| Advanced Micro Devices, Inc. (a) | &nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730500 |
| Applied Materials, Inc. | &nbsp;&nbsp;2292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589021 |
| Broadcom, Inc. | &nbsp;&nbsp;5689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968963 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209776 |
| NVIDIA Corp. | 27707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5167356 |
| Texas Instruments, Inc. | &nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264919 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8930535 |
| **SOFTWARE — 12.4%** | **SOFTWARE — 12.4%** | **SOFTWARE — 12.4%** |
| Adobe, Inc. (a) | &nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523235 |
| Crowdstrike Holdings, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137815 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162293 |
| Microsoft Corp. | &nbsp;&nbsp;8695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4205076 |
| Oracle Corp. | &nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358440 |
| Salesforce, Inc. | &nbsp;&nbsp;2572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681349 |
| ServiceNow, Inc. (a) | &nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180764 |
| Synopsys, Inc. (a) | &nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6879336 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **SPECIALIZED REITs — 1.2%** | **SPECIALIZED REITs — 1.2%** | **SPECIALIZED REITs — 1.2%** |
| American Tower Corp. REIT | &nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;$167143 |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647525 |
| **SPECIALTY RETAIL — 2.1%** | **SPECIALTY RETAIL — 2.1%** | **SPECIALTY RETAIL — 2.1%** |
| Home Depot, Inc. | &nbsp;&nbsp;2429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835819 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85853 |
| O'Reilly Automotive, Inc. (a) | &nbsp;&nbsp;2787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175874 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.1%** |
| Apple, Inc. | 12466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3389007 |
| **TOBACCO — 0.7%** | **TOBACCO — 0.7%** | **TOBACCO — 0.7%** |
| Philip Morris International, Inc. | &nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387847 |
| **TRADING COMPANIES & DISTRIBUTORS — 1.3%** | **TRADING COMPANIES & DISTRIBUTORS — 1.3%** | **TRADING COMPANIES & DISTRIBUTORS — 1.3%** |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500160 |
| WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706006 |
| **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** | **WIRELESS TELECOMMUNICATION SERVICES — 0.2%** |
| T-Mobile U.S., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107408 |
| **TOTAL COMMON STOCKS<br>(Cost $53,944,780)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55685387 |
| **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 3.78% (b) (c)<br>(Cost $24,024) | 24024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24024 |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $53,968,804)<br>** | **TOTAL INVESTMENTS — 100.0%<br>(Cost $53,968,804)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;55709411 |
| **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;(16354) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $55693057 |

---

---

| | |
|:---|:---|
| The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. | The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. |
| (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 period ended December 31, 2025 are shown in the Affiliate Table below. |
| (c) | The rate shown is the annualized seven-day yield at December 31, 2025. |

---

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

Abbreviations: <br> ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### STATE STREET US EQUITY PREMIUM INCOME ETF

#### SCHEDULE OF INVESTMENTS

#### December 31, 2025

------

The Fund had the following written option contracts at December 31, 2025 :

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Strike<br> Price** | **Expiration<br> Date** | **Number of<br> Contracts** | **Notional<br> Amount** | **Market<br> Value** | **Premiums<br> Received** | **Unrealized<br> Appreciation/<br> Depreciation** |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | USD 7,150 | 01/09/2026 | (2000) | USD (14300000) | $(300) | $(25840) | $25540 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | USD 6,990 | 01/16/2026 | (2100) | USD (14679000) | &nbsp;&nbsp;&nbsp; (28980) | &nbsp;&nbsp;&nbsp;&nbsp;(35367) | &nbsp;&nbsp;&nbsp;&nbsp;6387 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | USD 7,150 | 01/23/2026 | (2000) | USD (14300000) | &nbsp;&nbsp;&nbsp;&nbsp; (4950) | &nbsp;&nbsp;&nbsp;&nbsp;(20740) | &nbsp;&nbsp;&nbsp;15790 |
| S&P 500 Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A | USD 7,135 | 01/30/2026 | (4000) | USD (28540000) | &nbsp;&nbsp;&nbsp; (34800) | &nbsp;&nbsp;&nbsp;&nbsp;(33460) | &nbsp;&nbsp;&nbsp;&nbsp;(1340) |
|  |  |  |  |  |  | $(69030) | $(115407) | $46377 |

---

During the six-month period ended December 31, 2025, average value related to written option contracts was $150,169.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 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>| $55685387 | $— | $— | $55685387 |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24024 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24024 |
| **TOTAL INVESTMENTS<br>**  | $55709411 | $— | $— | $55709411 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Call Options Written<br>| $(69030) | $— | $— | $(69030) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $(69030) | $— | $— | $(69030) |

---

#### Affiliate Table

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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> 12/31/25** | **Value at<br>12/31/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>– $— | $1074985 | $1050961 | $— | $— | 24024 | $24024 | $1525 |

---

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATE STREET US EQUITY PREMIUM INCOME ETF

#### STATEMENT OF ASSETS AND LIABILITIES

#### December 31, 2025

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;$55685387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;55709411 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31017 |
| &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;364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;55774132 |
| **LIABILITIES** |  |
| &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;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $55693057 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;$54029128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $55693057 |
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $32.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1720000 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$53944780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $53968804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options premium received<br>| &nbsp;&nbsp;&nbsp;&nbsp;$115407 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATE STREET US EQUITY PREMIUM INCOME ETF

#### STATEMENT OF OPERATIONS

#### For the Period from July 1, 2025 through December 31, 2025 and for the Period September 5, 2024 through June 30, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Six-month Period Ended<br> 12/31/25 <sup>(a)</sup>** | **Period Ended<br> 6/30/25 <sup>(b)</sup>** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$170197 | $74285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 |
| &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;(20) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75516 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16016 |
| &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;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17806 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $129207 | $57710 |
| **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;(19145) | &nbsp;&nbsp;&nbsp;(212773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516916 | &nbsp;&nbsp;&nbsp;&nbsp;177392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318237 | &nbsp;&nbsp;&nbsp;(283631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;1816008 | &nbsp;&nbsp;&nbsp;(319012) |
| &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;1030915 | &nbsp;&nbsp;&nbsp;&nbsp;709692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157795 | &nbsp;&nbsp;&nbsp;&nbsp;(111418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;1188710 | &nbsp;&nbsp;&nbsp;&nbsp;598274 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;3004718 | &nbsp;&nbsp;&nbsp;&nbsp;279262 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $3133925 | $336972 |

---

(a) Effective August 14, 2025, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31.

(b) For the period September 5, 2024 (commencement of operations) through June 30, 2025.

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### STATE STREET US EQUITY PREMIUM INCOME ETF

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | |
|:---|:---|:---|
|  | **Six-month Period Ended<br> 12/31/25(a)** | **For the Period 9/5/24\*-<br> 6/30/25** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$129207 | $57710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319012) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;1188710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598274 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;3133925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders:<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(256885) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of 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;(475035) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Distributions to shareholders <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(940946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(731920) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51930570 | &nbsp;&nbsp;&nbsp;13974868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9722218) | &nbsp;&nbsp;&nbsp;&nbsp;(2288194) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;42208352 | &nbsp;&nbsp;&nbsp;11686674 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;42208352 | &nbsp;&nbsp;&nbsp;11686674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;44401331 | &nbsp;&nbsp;&nbsp;11291726 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;11291726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **NET ASSETS AT END OF PERIOD<br>**  | $55693057 | $11291726 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 |

---

\* Commencement of operations. <br> (a) Effective August 14, 2025, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31.

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS

#### Selected data for a share outstanding throughout each period

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**State Street US Equity Premium Income ETF** | &nbsp;&nbsp;**State Street US Equity Premium Income ETF** |
|  | &nbsp;&nbsp;**Six-month Period Ended<br> 12/31/25(a)** | &nbsp;&nbsp;**For the Period 9/5/24\*-<br> 6/30/25** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$29.72 | &nbsp;&nbsp;$30.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 |
| **Distributions to shareholders from:** |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;(0.86) |
| Return of capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1.62) |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | &nbsp;&nbsp;&nbsp;&nbsp;(2.48) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$32.38 | &nbsp;&nbsp;$29.72 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;12.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.72% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$55693 | &nbsp;&nbsp;$11292 |
| **Ratios to average net assets:** |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76%(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18%(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43%(g) |

---

\* Commencement of operations.

(a) Effective August 14, 2025, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.

(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(e) Annualized.

(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

(g) Not annualized.

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

1.&nbsp;&nbsp;&nbsp;&nbsp;Organization

SSGA Active Trust (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.

As of December 31, 2025, the Trust consists of thirty-seven (37) 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 with no par value. The financial statements herein relate to the State Street US Equity Premium Income ETF (formerly SPDR SSGA US Equity Premium Income ETF) (the "Fund"), a non-diversified investment company under the 1940 Act, formed on September 4, 2024 and commenced operations on September 5, 2024.

Effective August 14, 2025, the Board of Trustees approved a change in the fiscal year end for the Fund from June 30 to December 31.

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

The Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Fund's investments in accordance with its investment objective. The Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on the 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. The Fund's Total Return is utilized by the CODM to compare results, including the impact of the Fund's costs, to the Fund's competitors and to the 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. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

#### Security Valuation
The 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 the 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 Fund. 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 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.

• 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

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

("NAV") per share or unit.

• Options are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.

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.

Various inputs are used in determining the value of the Fund's investments.

The Fund values its 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 the Fund's investments, according to the fair value hierarchy as of December 31, 2025, is disclosed in the Fund's Schedule of Investments.

#### Investment Transactions and Income Recognition
Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from the sale and disposition of investments are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any.

#### 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 Fund within the Trust.

#### Distributions
Distributions from net investment income are declared and paid monthly.

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_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

4.&nbsp;&nbsp;&nbsp;&nbsp;Derivative Financial Instruments

#### Options Contracts
The Fund may purchase and sell put and call options. Such options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves.

The following tables summarize the value of the Fund derivative instruments as of December 31, 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;**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** |
| **State Street US Equity Premium Income ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$69030 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$69030 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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** |
| **State Street US Equity Premium Income ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$318237 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$318237 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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** |
| **State Street US Equity Premium Income ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$157795 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$157795 |

---

5.&nbsp;&nbsp;&nbsp;&nbsp;Fees and Transactions with Affiliates

#### Advisory Fee
For its advisory services, the Fund pays SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") a management fee at an annual rate of 0.25% of its average daily net assets. The fees are accrued daily and paid monthly.

From time to time, the Adviser may waive all or a portion of it's Management fee. The Adviser pays all expenses of the Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trusts's trustees, who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees") (including any Trustee's counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.

#### Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

#### Distributor
State Street Global Advisors Funds Distributors, LLC ("SSGA FD" or the "Distributor"), an affiliate of the Adviser, serves as the Distributor of the Trust.

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

#### Other Transactions with Affiliates
The Fund 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 Fund owning more than five percent of the entity's voting securities or outstanding shares. Amounts relating to these transactions during the six-month period ended December 31, 2025 are disclosed in the Schedule of Investments.

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, derivative contracts and short term investments) for the six-month period ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| State Street US Equity Premium Income ETF<br>| $6524586 | $6886541 |

---

For the six-month period ended December 31, 2025, the Fund 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)** |
| State Street US Equity Premium Income ETF<br>| $51836152 | $9689988 | $1516916 |

---

For the period ended June 30, 2025, the Fund 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)** |
| State Street US Equity Premium Income ETF<br>| $10630157 | $2279623 | $177392 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Transactions

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

The consideration for the purchase of Creation Units of the 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 Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The 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.

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

The Fund files 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 (the "IRS") 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 the 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 net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for in-kind transactions, options contracts, and wash sale loss deferrals.

The tax character of distributions paid during the six-month period ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| State Street US Equity Premium Income ETF<br>| $926796 | $14150 | $940946 |

---

The tax character of distributions paid during the period ended June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Tax Return<br> of Capital** | **Total** |
| State Street US Equity Premium Income ETF<br>| $256885 | $— | $475035 | $731920 |

---

At December 31, 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** |
| State Street US Equity Premium Income ETF<br>| $— | $— | $— | $1663929 | $1663929 |

---

As of December 31, 2025, gross unrealized appreciation and gross unrealized depreciation of investments 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)** |
| State Street US Equity Premium Income ETF<br>| $54091859 | $3176880 | $1512951 | $1663929 |

---

10.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Concentration Risk
As a result of the Fund's 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 Fund's investments more than if the were more broadly diversified.

#### Market Risk
The 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. The 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.

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### December 31, 2025

------

11.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund 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_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of State Street US Equity Premium Income ETF and the Board of Trustees of SSGA Active Trust

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street US Equity Premium Income ETF (formerly, SPDR SSGA US Equity Premium Income ETF) (the "Fund") (one of the series constituting SSGA Active Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for the period from July 1, 2025 to December 31, 2025 and the period from September 5, 2024 (commencement of operations) to June 30, 2025 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 the Fund (one of the series constituting SSGA Active Trust) at December 31, 2025, and the results of its operations, the changes in its net assets and its financial highlights for the period from July 1, 2025 to December 31, 2025 and the period from September 5, 2024 (commencement of operations) to June 30, 2025, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's 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 December 31, 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.

![](g20497img0c4f37502.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

February 25, 2026

------

[**Table of Contents**](#JOB_AR_SA_7d339a9f-3849-4e7d-b2a0-b5043e1c54b0_TOC-LETTERSIZE-STANDARD)

#### SSGA ACTIVE TRUST

#### OTHER INFORMATION

#### December 31, 2025 (Unaudited)

------

#### Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal period ended December 31, 2025.

#### Dividends Received Deduction
The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

#### Qualified Dividend Income
A portion of dividends distributed by the Fund during the fiscal period ended December 31, 2025 are considered qualified dividend income and are eligible Fund for reduced tax rates. The 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.

#### Capital Gain Dividend
Long-term capital gains dividends were paid from the following Fund during the fiscal period ended December 31, 2025:

---

| | |
|:---|:---|
|  | **Amount** |
| State Street US Equity Premium Income ETF<br>| $14150 |

---

------

#### 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
The registrant's 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 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.](d20497dex99codeeth.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.](d20497dex99cert.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 1934 Act, 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.](d20497dex99906cert.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.

#### SSGA Active Trust

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | March 9, 2026 |

---

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: | March 9, 2026 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |
| Date: | March 9, 2026 |

---

## 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;

------

&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.

------

**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 this Code:

&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.

------

**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

------

EXHIBIT A

Persons Covered by this Code of Conduct:

---

| | |
|:---|:---|
| **Title** | **Name** |
| President, Chief Executive Officer and Principal Executive Officer | Ann M. Carpenter |
| Treasurer, Chief Financial Officer and Principal Financial Officer | Bruce S. Rosenberg |

---

------

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:<u> </u>

Please print your name here:<u> </u>

Please date here:<u> </u>

------

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:<u> </u>

Please print your name here:<u> </u>

Please date here:<u> </u>

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Ann M. Carpenter, President and Principal Executive Officer of SSGA Active Trust, certify that:

1. I have reviewed this report on Form N-CSR of SSGA Active 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: | March 9, 2026 |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |

---

------

I, Bruce S. Rosenberg, Treasurer and Principal Financial Officer of SSGA Active Trust, certify that:

1. I have reviewed this report on Form N-CSR of SSGA Active 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: | March 9, 2026 |
| 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 SSGA Active 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: | March 9, 2026 |
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |
| Date: | March 9, 2026 |

---