# EDGAR Filing Document

**Accession Number:** 0000936958
**File Stem:** 0001104659-25-117620
**Filing Date:** 2025-12
**Character Count:** 71632
**Document Hash:** 76d9e90dcb872bdd3d58032e0f0b8f9f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-117620.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001104659-25-117620

**CONFORMED SUBMISSION TYPE**: N-30D

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**EFFECTIVENESS DATE**: 20251202

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPDR S&P MIDCAP 400 ETF TRUST
- **CENTRAL INDEX KEY:** 0000936958

**ORGANIZATION NAME:**
- **EIN:** 137077797
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-30D
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08972
- **FILM NUMBER:** 251542433

**BUSINESS ADDRESS:**
- **STREET 1:** PDR SERVICES LLC C/O NYSE EURONEXT
- **STREET 2:** 11 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005
- **BUSINESS PHONE:** 212-656-4440

**MAIL ADDRESS:**
- **STREET 1:** PDR SERVICES LLC C/O NYSE EURONEXT
- **STREET 2:** 11 WALL STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10005

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MIDCAP SPDR TRUST SERIES 1
- **DATE OF NAME CHANGE:** 19950207

**STANDARD AND POOR'S MIDCAP 400 DEPOSITARY RECEIPTS<sup>TM</sup>**

**SPDR<sup>®</sup> S&P MIDCAP 400<sup>®</sup> ETF TRUST**

**A UNIT INVESTMENT TRUST**

**ANNUAL REPORT**

**SEPTEMBER 30, 2025**

"Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," "SPDR<sup>®</sup>," "S&P MidCap 400<sup>®</sup>," "Standard & Poor's MidCap 400 Index<sup>TM</sup>," "S&P MidCap400 Index<sup>TM</sup>" and "Standard & Poor's MidCap 400 Depositary Receipts<sup>TM</sup>" are trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by S&P Dow Jones Indices LLC ("S&P") and sublicensed for use by State Street Global Advisors Funds Distributors, LLC. SPDR S&P MidCap 400 ETF Trust (the "Trust") is permitted to use these trademarks pursuant to a sublicense from State Street Advisors Funds Distributors, LLC. The Trust is not sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.

------

**SPDR S&P MidCap 400 ETF Trust<br>Trust Overview (unaudited)<br>September 30, 2025**

**INVESTMENT OBJECTIVE:**

To replicate the total return of the S&P MidCap 400 Index<sup>TM</sup> (the "Index").

**INVESTMENT STRATEGY:**

The SPDR S&P MidCap 400 ETF Trust (the "Trust") holdings are comprised of the 400 stocks in the Index. The Trust is designed to capture the price performance of the middle capitalization segment of the U.S. publicly traded stock market.

**PERFORMANCE OVERVIEW:**

The Trust seeks to match the total return of the Index. To accomplish its investment objective, the Trust utilizes a full replication approach. With this strategy, all 400 securities of the Index are owned by the Trust in their approximate market capitalization weight. This replication approach is intended to result in low expected tracking error of the Trust relative to the Index.

The Trust is not actively managed. Rather, the Trust attempts to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, the Trust will hold constituent securities of the Index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Trust's return to be lower than if the Trust employed an active strategy.

While the Trust is intended to track the performance of the Index as closely as possible (*i.e.*, to achieve a high degree of correlation with the Index), the Trust's return may not match or achieve a high degree of correlation with the return of the Index due to expenses and transaction costs incurred in adjusting the portfolio of all of the common stocks of the Index. In addition, it is possible that the Trust may not always fully replicate the performance of the Index due to the unavailability of certain component stocks of the Index in the secondary market or due to other extraordinary circumstances (*e.g.*, if trading in a security has been halted).

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| Aaon, Inc. | 507300 | $47402112 |
| Abercrombie & Fitch Co., Class A\* | 357160 | 30555038 |
| Acuity, Inc. | 227482 | 78342526 |
| Advanced Drainage Systems, Inc. | 536253 | 74378291 |
| AECOM | 992890 | 129542358 |
| AeroVironment, Inc.\* | 238502 | 75101895 |
| Affiliated Managers Group, Inc. | 212991 | 50783444 |
| AGCO Corp. | 464298 | 49712387 |
| Agree Realty Corp. | 828146 | 58831492 |
| Alaska Air Group, Inc.\* | 864430 | 43031325 |
| Albertsons Cos., Inc., Class A | 3021781 | 52911385 |
| Alcoa Corp. | 1940971 | 63838536 |
| Allegro MicroSystems, Inc.\* | 929400 | 27138480 |
| ALLETE, Inc. | 434060 | 28821584 |
| Ally Financial, Inc. | 2099824 | 82313101 |
| American Airlines Group, Inc.\* | 4946451 | 55598109 |
| American Financial Group, Inc. | 518891 | 75612797 |
| American Homes 4 Rent, Class A | 2442695 | 81219609 |
| Amkor Technology, Inc. | 852252 | 24203957 |
| Annaly Capital Management, Inc. | 4813366 | 97278127 |
| Antero Midstream Corp. | 2510985 | 48813548 |
| Antero Resources Corp.\* | 2200120 | 73836027 |
| Api Group Corp.\* | 2774781 | 95369223 |
| Appfolio, Inc., Class A\* | 171462 | 47265215 |
| Applied Industrial Technologies, Inc. | 285506 | 74531341 |
| AptarGroup, Inc. | 493883 | 66012402 |
| Aramark | 1970483 | 75666547 |
| Arrow Electronics, Inc.\* | 386087 | 46716527 |
| ASGN, Inc.\* | 328350 | 15547372 |
| Ashland, Inc. | 342638 | 16415787 |
| Associated Banc-Corp. | 1224772 | 31488888 |
| ATI, Inc.\* | 1033265 | 84045775 |
| Autoliv, Inc. | 529723 | 65420790 |
| AutoNation, Inc.\* | 212003 | 46379896 |
| Avantor, Inc.\* | 5110703 | 63781573 |
| Avient Corp. | 686242 | 22611674 |
| Avis Budget Group, Inc.\* | 126638 | 20334897 |
| Avnet, Inc. | 628640 | 32865299 |
| Axalta Coating Systems Ltd.\* | 1623559 | 46466259 |
| Bank OZK | 793602 | 40457830 |

---

The accompanying notes are an integral part of these financial statements.<br>2

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| Bath & Body Works, Inc. | 1586362 | $40864685 |
| Belden, Inc. | 297014 | 35721874 |
| BellRing Brands, Inc.\* | 944410 | 34329303 |
| Bill Holdings, Inc.\* | 687388 | 36410942 |
| BioMarin Pharmaceutical, Inc.\* | 1439456 | 77960937 |
| Bio-Rad Laboratories, Inc., Class A\* | 136835 | 38367166 |
| BJ's Wholesale Club Holdings, Inc.\* | 989929 | 92310879 |
| Black Hills Corp. | 546138 | 33636639 |
| Blackbaud, Inc.\* | 278885 | 17935094 |
| Boston Beer Co., Inc., Class A\* | 59282 | 12533400 |
| Boyd Gaming Corp. | 444817 | 38454430 |
| Brighthouse Financial, Inc.\* | 428443 | 22741754 |
| Brink's Co. | 312321 | 36497832 |
| Brixmor Property Group, Inc. | 2294697 | 63517213 |
| Bruker Corp. | 830280 | 26975797 |
| Brunswick Corp. | 489757 | 30972233 |
| Burlington Stores, Inc.\* | 467120 | 118882040 |
| BWX Technologies, Inc. | 685179 | 126326452 |
| Cabot Corp. | 398847 | 30332314 |
| CACI International, Inc., Class A\* | 164872 | 82234856 |
| Cadence Bank | 1396663 | 52430729 |
| Capri Holdings Ltd.\* | 892451 | 17777624 |
| Carlisle Cos., Inc. | 319734 | 105179697 |
| Carlyle Group, Inc. | 1952314 | 122410088 |
| Carpenter Technology Corp. | 373703 | 91759035 |
| Casey's General Stores, Inc. | 278731 | 157572209 |
| Cava Group, Inc.\* | 747557 | 45159918 |
| Celsius Holdings, Inc.\* | 1198904 | 68924991 |
| Chart Industries, Inc.\* | 331235 | 66296685 |
| Chemed Corp. | 109238 | 48910222 |
| Chewy, Inc., Class A\* | 1670990 | 67591545 |
| Choice Hotels International, Inc. | 154937 | 16564315 |
| Chord Energy Corp. | 429239 | 42653479 |
| Churchill Downs, Inc. | 499406 | 48447376 |
| Ciena Corp.\* | 1059765 | 154375968 |
| Cirrus Logic, Inc.\* | 384813 | 48213221 |
| Civitas Resources, Inc. | 625168 | 20317960 |
| Clean Harbors, Inc.\* | 377938 | 87764762 |
| Cleveland-Cliffs, Inc.\* | 3708511 | 45243834 |
| CNH Industrial NV | 6657565 | 72234580 |

---

The accompanying notes are an integral part of these financial statements.<br>3

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| CNO Financial Group, Inc. | 726655 | $28739205 |
| CNX Resources Corp.\* | 1060156 | 34052211 |
| Coca-Cola Consolidated, Inc. | 449299 | 52639871 |
| Cognex Corp. | 1258666 | 57017570 |
| Coherent Corp.\* | 1165272 | 125523100 |
| Columbia Banking System, Inc. | 2241833 | 57704781 |
| Columbia Sportswear Co. | 192976 | 10092645 |
| Comerica, Inc. | 963499 | 66018951 |
| Comfort Systems USA, Inc. | 263894 | 217760051 |
| Commerce Bancshares, Inc. | 930309 | 55595266 |
| Commercial Metals Co. | 839098 | 48063533 |
| Commvault Systems, Inc.\* | 333298 | 62919996 |
| Concentrix Corp. | 335454 | 15481202 |
| COPT Defense Properties | 844764 | 24548842 |
| Core & Main, Inc., Class A\* | 1421753 | 76532964 |
| Coty, Inc., Class A\* | 2746459 | 11095694 |
| Cousins Properties, Inc. | 1259181 | 36440698 |
| Crane Co. | 366696 | 67523401 |
| Crane NXT Co. | 370171 | 24827369 |
| Crocs, Inc.\* | 409438 | 34208545 |
| Crown Holdings, Inc. | 862442 | 83303273 |
| CubeSmart | 1709482 | 69507538 |
| Cullen/Frost Bankers, Inc. | 482216 | 61130522 |
| Curtiss-Wright Corp. | 282455 | 153356118 |
| Cytokinetics, Inc.\* | 897016 | 49299999 |
| Darling Ingredients, Inc.\* | 1185851 | 36607220 |
| DENTSPLY Sirona, Inc. | 1495444 | 18977184 |
| Dick's Sporting Goods, Inc. | 501205 | 111377775 |
| Docusign, Inc.\* | 1514781 | 109200562 |
| Dolby Laboratories, Inc., Class A | 458670 | 33193948 |
| Donaldson Co., Inc. | 873500 | 71495975 |
| Doximity, Inc., Class A\* | 1022531 | 74798143 |
| Dropbox, Inc., Class A\* | 1387465 | 41915318 |
| DT Midstream, Inc. | 761598 | 86106270 |
| Duolingo, Inc.\* | 297578 | 95772504 |
| Dynatrace, Inc.\* | 2260258 | 109509500 |
| Eagle Materials, Inc. | 243255 | 56688145 |
| East West Bancorp, Inc. | 1033190 | 109983076 |
| EastGroup Properties, Inc. | 399260 | 67578748 |
| EchoStar Corp., Class A\* | 1008107 | 76979051 |

---

The accompanying notes are an integral part of these financial statements.<br>4

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| Elanco Animal Health, Inc.\* | 3724397 | $75009356 |
| Elf Beauty, Inc.\* | 444674 | 58910412 |
| Encompass Health Corp. | 755082 | 95910516 |
| EnerSys | 280873 | 31727414 |
| Ensign Group, Inc. | 429472 | 74199877 |
| Entegris, Inc. | 1136483 | 105079218 |
| Envista Holdings Corp.\* | 1245794 | 25376824 |
| EPR Properties | 570617 | 33101492 |
| Equitable Holdings, Inc. | 2245494 | 114026185 |
| Equity LifeStyle Properties, Inc. | 1452758 | 88182411 |
| Esab Corp. | 427733 | 47794885 |
| Essent Group Ltd. | 738667 | 46949675 |
| Essential Utilities, Inc. | 2102557 | 83892024 |
| Euronet Worldwide, Inc.\* | 288887 | 25367167 |
| Evercore, Inc., Class A | 289353 | 97604554 |
| Exelixis, Inc.\* | 2018096 | 83347365 |
| ExlService Holdings, Inc.\* | 1210791 | 53311128 |
| Exponent, Inc. | 378584 | 26304016 |
| Fabrinet\* | 268609 | 97940214 |
| Federated Hermes, Inc. | 554100 | 28774413 |
| Fidelity National Financial, Inc. | 1914772 | 115824558 |
| First American Financial Corp. | 763149 | 49024692 |
| First Financial Bankshares, Inc. | 976244 | 32850611 |
| First Horizon Corp. | 3806367 | 86061958 |
| First Industrial Realty Trust, Inc. | 992582 | 51088196 |
| FirstCash Holdings, Inc. | 292675 | 46365574 |
| Five Below, Inc.\* | 412745 | 63851652 |
| Flagstar Financial, Inc. | 2243069 | 25907447 |
| Flex Ltd.\* | 2813650 | 163107291 |
| Floor & Decor Holdings, Inc., Class A\* | 807312 | 59498894 |
| Flowers Foods, Inc. | 1582808 | 20655644 |
| Flowserve Corp. | 980416 | 52099306 |
| Fluor Corp.\* | 1211920 | 50985474 |
| FNB Corp. | 2692345 | 43373678 |
| Fortune Brands Innovations, Inc. | 899879 | 48044540 |
| Frontier Communications Parent, Inc.\* | 1876493 | 70087014 |
| FTI Consulting, Inc.\* | 237991 | 38471245 |
| GameStop Corp., Class A\* | 3085203 | 84164338 |
| Gaming and Leisure Properties, Inc. | 2121586 | 98887123 |
| Gap, Inc. | 1705993 | 36491190 |

---

The accompanying notes are an integral part of these financial statements.<br>5

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| GATX Corp. | 266877 | $46650100 |
| Genpact Ltd. | 1214979 | 50895470 |
| Gentex Corp. | 1645417 | 46565301 |
| Glacier Bancorp, Inc. | 888724 | 43254197 |
| Globus Medical, Inc., Class A\* | 844319 | 48354149 |
| Goodyear Tire & Rubber Co.\* | 2144362 | 16039828 |
| Graco, Inc. | 1242134 | 105531705 |
| Graham Holdings Co., Class B | 25459 | 29973135 |
| Grand Canyon Education, Inc.\* | 207956 | 45650501 |
| Graphic Packaging Holding Co. | 2220848 | 43461995 |
| Greif, Inc., Class A | 195884 | 11706028 |
| Guidewire Software, Inc.\* | 631172 | 145081196 |
| GXO Logistics, Inc.\* | 858155 | 45387818 |
| H&R Block, Inc. | 1003639 | 50754024 |
| Haemonetics Corp.\* | 361162 | 17603036 |
| Halozyme Therapeutics, Inc.\* | 876844 | 64307739 |
| Hamilton Lane, Inc., Class A | 303274 | 40878302 |
| Hancock Whitney Corp. | 635375 | 39780829 |
| Hanover Insurance Group, Inc. | 268158 | 48705538 |
| Harley-Davidson, Inc. | 911230 | 25423317 |
| Healthcare Realty Trust, Inc. | 2635844 | 47524267 |
| HealthEquity, Inc.\* | 648264 | 61435979 |
| Hexcel Corp. | 596448 | 37397290 |
| HF Sinclair Corp. | 1192095 | 62394252 |
| Hilton Grand Vacations, Inc.\* | 462397 | 19332819 |
| Hims & Hers Health, Inc.\* | 1549988 | 87915319 |
| Home BancShares, Inc. | 1373991 | 38883945 |
| Houlihan Lokey, Inc. | 407584 | 83685147 |
| Hyatt Hotels Corp., Class A | 317382 | 45046027 |
| IDACORP, Inc. | 405061 | 53528811 |
| Illumina, Inc.\* | 1152218 | 109426143 |
| Independence Realty Trust, Inc. | 1749878 | 28680500 |
| Ingredion, Inc. | 481138 | 58751761 |
| Insperity, Inc. | 268301 | 13200409 |
| International Bancshares Corp. | 405384 | 27870150 |
| IPG Photonics Corp.\* | 189902 | 15038339 |
| Iridium Communications, Inc. | 795494 | 13889325 |
| ITT, Inc. | 584733 | 104526871 |
| Janus Henderson Group PLC | 935440 | 41636434 |
| Jazz Pharmaceuticals PLC\* | 454738 | 59934468 |

---

The accompanying notes are an integral part of these financial statements.<br>6

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| Jefferies Financial Group, Inc. | 1237111 | $80931802 |
| Jones Lang LaSalle, Inc.\* | 355195 | 105947565 |
| KB Home | 510140 | 32465310 |
| KBR, Inc. | 965872 | 45676087 |
| Kemper Corp. | 470359 | 24247006 |
| Kilroy Realty Corp. | 815852 | 34469747 |
| Kinsale Capital Group, Inc. | 165935 | 70565518 |
| Kirby Corp.\* | 418309 | 34907886 |
| Kite Realty Group Trust | 1648180 | 36754414 |
| Knife River Corp.\* | 424787 | 32653377 |
| Knight-Swift Transportation Holdings, Inc. | 1216705 | 48072015 |
| Kratos Defense & Security Solutions, Inc.\* | 1265380 | 115617771 |
| Kyndryl Holdings, Inc.\* | 1732786 | 52035564 |
| Lamar Advertising Co., Class A | 650695 | 79658082 |
| Landstar System, Inc. | 259787 | 31839495 |
| Lantheus Holdings, Inc.\* | 509725 | 26143795 |
| Lattice Semiconductor Corp.\* | 1026251 | 75244723 |
| Lear Corp. | 398862 | 40129506 |
| Light & Wonder, Inc.\* | 629312 | 52824449 |
| Lincoln Electric Holdings, Inc. | 413707 | 97564522 |
| Lithia Motors, Inc. | 192183 | 60729828 |
| Littelfuse, Inc. | 185781 | 48119137 |
| LivaNova PLC\* | 409318 | 21440077 |
| Louisiana-Pacific Corp. | 475083 | 42206374 |
| Lumentum Holdings, Inc.\* | 523260 | 85139635 |
| MACOM Technology Solutions Holdings, <br>Inc.\* | 480116 | 59769641 |
| Macy's, Inc. | 2035616 | 36498595 |
| Manhattan Associates, Inc.\* | 453308 | 92919074 |
| Maplebear, Inc.\* | 1382419 | 50817722 |
| Marriott Vacations Worldwide Corp. | 207520 | 13812531 |
| Marzetti Company | 152939 | 26426330 |
| Masimo Corp.\* | 346163 | 51076351 |
| MasTec, Inc.\* | 459590 | 97805348 |
| Matador Resources Co. | 877282 | 39416280 |
| Mattel, Inc.\* | 2415391 | 40651031 |
| Maximus, Inc. | 422431 | 38597520 |
| Medpace Holdings, Inc.\* | 166371 | 85541313 |
| MGIC Investment Corp. | 1728131 | 49027076 |
| Middleby Corp.\* | 349540 | 46464352 |

---

The accompanying notes are an integral part of these financial statements.<br>7

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**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| MKS, Inc. | 503458 | $62312997 |
| Morningstar, Inc. | 183387 | 42547618 |
| MP Materials Corp.\* | 1008994 | 67673228 |
| MSA Safety, Inc. | 275827 | 47461552 |
| MSC Industrial Direct Co., Inc., Class A | 342248 | 31534731 |
| Mueller Industries, Inc. | 829878 | 83908965 |
| Murphy Oil Corp. | 1005800 | 28574778 |
| Murphy USA, Inc. | 131609 | 51098510 |
| National Fuel Gas Co. | 677420 | 62573285 |
| National Storage Affiliates Trust | 529265 | 15994388 |
| Neurocrine Biosciences, Inc.\* | 743525 | 104376040 |
| New Jersey Resources Corp. | 753039 | 36258828 |
| New York Times Co., Class A | 1214729 | 69725445 |
| NewMarket Corp. | 58474 | 48428752 |
| Nexstar Media Group, Inc. | 213630 | 42243196 |
| NEXTracker, Inc., Class A\* | 1109222 | 82071336 |
| NNN REIT, Inc. | 1415216 | 60245745 |
| Northwestern Energy Group, Inc. | 460236 | 26974432 |
| NOV, Inc. | 2783964 | 36887523 |
| Novanta, Inc.\* | 269680 | 27008452 |
| Nutanix, Inc., Class A\* | 2009659 | 149498533 |
| nVent Electric PLC | 1206550 | 119014092 |
| OGE Energy Corp. | 1509771 | 69857104 |
| Okta, Inc.\* | 1253147 | 114913580 |
| Old National Bancorp | 2614437 | 57386892 |
| Old Republic International Corp. | 1713654 | 72778885 |
| Olin Corp. | 859421 | 21476931 |
| Ollie's Bargain Outlet Holdings, Inc.\* | 459846 | 59044226 |
| Omega Healthcare Investors, Inc. | 2211485 | 93368897 |
| ONE Gas, Inc. | 449780 | 36405193 |
| Onto Innovation, Inc.\* | 367361 | 47470388 |
| Option Care Health, Inc.\* | 1216653 | 33774287 |
| Ormat Technologies, Inc. | 455213 | 43814251 |
| Oshkosh Corp. | 479782 | 62227725 |
| Ovintiv, Inc. | 1926893 | 77807939 |
| Owens Corning | 626923 | 88684528 |
| Park Hotels & Resorts, Inc. | 1498661 | 16605164 |
| Parsons Corp.\* | 400293 | 33192296 |
| Paylocity Holding Corp.\* | 334955 | 53348283 |
| PBF Energy, Inc., Class A | 615813 | 18579078 |

---

The accompanying notes are an integral part of these financial statements.<br>8

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| Pegasystems, Inc. | 692562 | $39822315 |
| Penske Automotive Group, Inc. | 138627 | 24108622 |
| Penumbra, Inc.\* | 292359 | 74060382 |
| Performance Food Group Co.\* | 1173354 | 122075750 |
| Permian Resources Corp. | 5241484 | 67090995 |
| Perrigo Co. PLC | 1031398 | 22969233 |
| Pilgrim's Pride Corp. | 320538 | 13052307 |
| Pinnacle Financial Partners, Inc. | 576486 | 54068622 |
| Planet Fitness, Inc., Class A\* | 629093 | 65299853 |
| Polaris, Inc. | 400421 | 23276473 |
| Portland General Electric Co. | 821338 | 36138872 |
| Post Holdings, Inc.\* | 358351 | 38515565 |
| PotlatchDeltic Corp. | 533029 | 21720932 |
| Power Integrations, Inc. | 420526 | 16909350 |
| Primerica, Inc. | 242819 | 67404126 |
| Prosperity Bancshares, Inc. | 712175 | 47252811 |
| Pure Storage, Inc., Class A\* | 2327607 | 195076743 |
| PVH Corp. | 360384 | 30189368 |
| Qualys, Inc.\* | 270597 | 35808101 |
| Rambus, Inc.\* | 806589 | 84046574 |
| Range Resources Corp. | 1785613 | 67210473 |
| Rayonier, Inc. | 1063214 | 28217700 |
| RB Global, Inc. | 1391353 | 150767011 |
| RBC Bearings, Inc.\* | 235617 | 91958959 |
| Regal Rexnord Corp. | 497576 | 71372301 |
| Reinsurance Group of America, Inc. | 495479 | 95196380 |
| Reliance, Inc. | 394274 | 110723967 |
| RenaissanceRe Holdings Ltd. | 352832 | 89594630 |
| Repligen Corp.\* | 396442 | 52992402 |
| Rexford Industrial Realty, Inc. | 1770155 | 72771072 |
| RH\* | 115148 | 23393468 |
| RLI Corp. | 688403 | 44897644 |
| Roivant Sciences Ltd.\* | 3225144 | 48796429 |
| Royal Gold, Inc. | 493507 | 98987634 |
| RPM International, Inc. | 962377 | 113445001 |
| Ryan Specialty Holdings, Inc. | 844674 | 47605827 |
| Ryder System, Inc. | 305791 | 57684414 |
| Sabra Health Care REIT, Inc. | 1797619 | 33507618 |
| Saia, Inc.\* | 199679 | 59775905 |
| Science Applications International Corp. | 351385 | 34917127 |

---

The accompanying notes are an integral part of these financial statements.<br>9

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| Scotts Miracle-Gro Co. | 333290 | $18980866 |
| SEI Investments Co. | 704341 | 59763334 |
| Selective Insurance Group, Inc. | 456167 | 36981459 |
| Sensata Technologies Holding PLC | 1091792 | 33354246 |
| Service Corp. International | 1051319 | 87490767 |
| Shift4 Payments, Inc., Class A\* | 504452 | 39044585 |
| Silgan Holdings, Inc. | 665724 | 28632789 |
| Silicon Laboratories, Inc.\* | 245998 | 32257718 |
| Simpson Manufacturing Co., Inc. | 311983 | 52244673 |
| SLM Corp. | 1562891 | 43260823 |
| Somnigroup International, Inc. | 1573437 | 132687942 |
| Sonoco Products Co. | 739392 | 31860401 |
| Sotera Health Co.\* | 1320216 | 20766998 |
| Southstate Bank Corp. | 758720 | 75014646 |
| Southwest Gas Holdings, Inc. | 480236 | 37621688 |
| Spire, Inc. | 442483 | 36071214 |
| Sprouts Farmers Market, Inc.\*<sup>(1)</sup> | 732611 | 79708077 |
| STAG Industrial, Inc. | 1399586 | 49391390 |
| Starwood Property Trust, Inc. | 2587146 | 50113018 |
| Stifel Financial Corp. | 765945 | 86911779 |
| Synaptics, Inc.\* | 288955 | 19747185 |
| Synovus Financial Corp. | 1040557 | 51070538 |
| Talen Energy Corp.\* | 342481 | 145684568 |
| Taylor Morrison Home Corp.\* | 740982 | 48912222 |
| TD SYNNEX Corp. | 574941 | 94146589 |
| TechnipFMC PLC | 3081211 | 121553774 |
| Tenet Healthcare Corp.\* | 662327 | 134478874 |
| Terex Corp. | 491775 | 25228058 |
| Tetra Tech, Inc. | 1969894 | 65755062 |
| Texas Capital Bancshares, Inc.\* | 343007 | 28994382 |
| Texas Roadhouse, Inc. | 498155 | 82768453 |
| Thor Industries, Inc. | 398847 | 41356445 |
| Timken Co. | 475098 | 35717868 |
| Toll Brothers, Inc. | 736018 | 101673527 |
| TopBuild Corp.\* | 209737 | 81977804 |
| Toro Co. | 739798 | 56372608 |
| TransUnion | 1460329 | 122346364 |
| Travel + Leisure Co. | 486676 | 28952355 |
| Trex Co., Inc.\* | 803885 | 41536738 |
| Twilio, Inc., Class A\* | 1150229 | 115126421 |

---

The accompanying notes are an integral part of these financial statements.<br>10

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**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| TXNM Energy, Inc. | 710980 | $40205919 |
| UFP Industries, Inc. | 439048 | 41046598 |
| UGI Corp. | 1611190 | 53588179 |
| UMB Financial Corp. | 535043 | 63322339 |
| Under Armour, Inc., Class A\* | 1415607 | 7063879 |
| Under Armour, Inc., Class C\* | 909077 | 4390842 |
| United Bankshares, Inc. | 1059358 | 39418711 |
| United Therapeutics Corp.\* | 339039 | 142128539 |
| Universal Display Corp. | 331400 | 47598982 |
| Unum Group | 1174620 | 91361944 |
| US Foods Holding Corp.\* | 1688014 | 129335633 |
| Vail Resorts, Inc. | 278513 | 41657189 |
| Valaris Ltd.\* | 496483 | 24213476 |
| Valley National Bancorp | 3608548 | 38250609 |
| Valmont Industries, Inc. | 147968 | 57371633 |
| Valvoline, Inc.\* | 952924 | 34219501 |
| VF Corp. | 2459757 | 35494294 |
| Viper Energy, Inc., Class A | 1264813 | 48341153 |
| Visteon Corp. | 204477 | 24508613 |
| Vontier Corp. | 1099746 | 46156340 |
| Vornado Realty Trust | 1209300 | 49012929 |
| Voya Financial, Inc. | 722804 | 54065739 |
| Warner Music Group Corp., Class A | 1093652 | 37249787 |
| Watsco, Inc. | 261651 | 105785499 |
| Watts Water Technologies, Inc., Class A | 205518 | 57397067 |
| Weatherford International PLC | 538515 | 36850581 |
| Webster Financial Corp. | 1245847 | 74053146 |
| WESCO International, Inc. | 364806 | 77156469 |
| Western Alliance Bancorp | 776052 | 67299229 |
| Western Union Co. | 2421146 | 19344957 |
| Westlake Corp. | 249966 | 19262380 |
| WEX, Inc.\* | 256860 | 40463156 |
| Whirlpool Corp. | 419012 | 32934343 |
| Wingstop, Inc. | 209335 | 52685433 |
| Wintrust Financial Corp. | 501908 | 66472696 |
| Woodward, Inc. | 449540 | 113603253 |
| Wp Carey, Inc. | 1641680 | 110928318 |
| Wyndham Hotels & Resorts, Inc. | 572409 | 45735479 |
| XPO, Inc.\* | 882810 | 114120849 |
| YETI Holdings, Inc.\* | 608899 | 20203269 |

---

The accompanying notes are an integral part of these financial statements.<br>11

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**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Common Stock** | **Shares** | **Value** |
| Zions Bancorp NA | 1106669 | $62615332 |
| ZoomInfo Technologies, Inc.\* | 2101999 | 22932809 |
| **Total Investments** (Cost $24,418,946,376) |  | $23386259519 |

---

\* Non-income producing security for the year ended September 30, 2025.

The securities of the Trust's investment portfolio categorized by industry group, as a percentage of net assets, are as follows:

---

| | | |
|:---|:---|:---|
| **Industry Classification** | **Value** | **Percentage** |
| Real Estate Investment Trusts (REITs) | $1705093233 | 7.24% |
| Banks | 1512105364 | 6.42% |
| Retail | 1355335954 | 5.76% |
| Insurance | 1191284899 | 5.06% |
| Software | 1176588824 | 5.00% |
| Commercial Services | 971233536 | 4.13% |
| Computers | 862172848 | 3.66% |
| Electronics | 856558072 | 3.64% |
| Diversified Financial Services | 769953829 | 3.27% |
| Machinery - Diversified | 752975888 | 3.20% |
| Oil & Gas | 641338684 | 2.73% |
| Semiconductors | 617431791 | 2.62% |
| Biotechnology | 613634317 | 2.61% |
| Engineering & Construction | 604375052 | 2.57% |
| Building Materials | 555686780 | 2.36% |
| Food | 541432453 | 2.30% |
| Healthcare - Services | 521243780 | 2.21% |
| Electric | 478662181 | 2.03% |
| Aerospace / Defense | 465518848 | 1.98% |
| Healthcare - Products | 426781571 | 1.81% |
| Transportation | 346400564 | 1.47% |
| Metal Fabricate / Hardware | 343335715 | 1.46% |
| Chemicals | 318439096 | 1.35% |
| Telecommunications | 315331357 | 1.34% |
| Pharmaceuticals | 307423454 | 1.31% |
| Iron / Steel | 295790370 | 1.26% |
| Miscellaneous Manufacturing | 273963060 | 1.16% |
| Electrical Components & Equipment | 268518385 | 1.14% |
| Packaging & Containers | 264976888 | 1.13% |

---

The accompanying notes are an integral part of these financial statements.<br>12

------

**SPDR S&P MidCap 400 ETF Trust<br>Schedule of Investments (continued)<br>September 30, 2025**

---

| | | |
|:---|:---|:---|
| **Industry Classification** | **Value** | **Percentage** |
| Gas | $262518388 | 1.12% |
| Distribution / Wholesale | 259474932 | 1.10% |
| Mining | 230499398 | 0.98% |
| Home Builders | 224407503 | 0.95% |
| Hand / Machine Tools | 216398375 | 0.92% |
| Machinery - Construction & Mining | 213782235 | 0.91% |
| Internet | 206324587 | 0.88% |
| Home Furnishings | 198816233 | 0.84% |
| Lodging | 194085424 | 0.82% |
| Entertainment | 193991333 | 0.82% |
| Auto Parts & Equipment | 192664038 | 0.82% |
| Leisure Time | 165175145 | 0.70% |
| Oil & Gas Services | 158441297 | 0.67% |
| Environmental Control | 153519824 | 0.65% |
| Apparel | 139217196 | 0.59% |
| Pipelines | 134919818 | 0.57% |
| Beverages | 134098262 | 0.57% |
| Private Equity | 122410088 | 0.52% |
| Media | 111968641 | 0.48% |
| Airlines | 98629435 | 0.42% |
| Cosmetics / Personal Care | 92975339 | 0.40% |
| Water | 83892024 | 0.36% |
| Food Service | 75666547 | 0.32% |
| Trucking & Leasing | 46650100 | 0.20% |
| Toys / Games / Hobbies | 40651031 | 0.17% |
| Agriculture | 36607220 | 0.16% |
| Savings & Loans | 25907447 | 0.11% |
| Housewares | 18980866 | 0.08% |
| Total Investments | 23386259519 | 99.35% |
| Other Assets in Excess of Liabilities | 151935459 | 0.65% |
| **Net Assets** | $23538194978 | 100.00% |

---

The accompanying notes are an integral part of these financial statements.<br>13

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**SPDR S&P MidCap 400 ETF Trust<br>Statement of Assets and Liabilities**

---

| | |
|:---|:---|
| | **September 30, 2025** |
| **Assets:** | **Assets:** |
| Investments in securities of unaffiliated issuers, at value <br>(cost $24,418,946,376) | $23386259519 |
| Cash | 219360745 |
| Receivable from securities sold | 119104404 |
| Dividend receivable | 20639396 |
| Total Assets | $23745364064 |
| **Liabilities:** | **Liabilities:** |
| Payable for Units redeemed | $119206791 |
| Distribution payable | 64405509 |
| Payable to Sponsor | 18317806 |
| License fee payable | 2629376 |
| Accrued Trustee fees | 1985509 |
| Due to Broker | 167958 |
| Other accrued expenses | 456137 |
| Total Liabilities | 207169086 |
| **Net Assets** | $23538194978 |
| **Net assets presented by:** | **Net assets presented by:** |
| Interest in Unitholders (39,491,366 units of fractional<br>undivided interest (Units) outstanding;<br>unlimited units authorized) | Interest in Unitholders (39,491,366 units of fractional<br>undivided interest (Units) outstanding;<br>unlimited units authorized) |
| Paid-in capital | $26373153460 |
| Total distributable earnings (loss) | (2834958482) |
| **Net Assets** | $23538194978 |
| **Units of beneficial interest outstanding, no par value, <br>unlimited Units authorized:** | 39491366 |
| **Net asset value per Unit:** | $596.03 |

---

The accompanying notes are an integral part of these financial statements.<br>14

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**SPDR S&P MidCap 400 ETF Trust<br>Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| | **2025** | **2024** | **2023** |
| **Investment Income** | **Investment Income** | **Investment Income** | **Investment Income** |
| Dividend income from unaffiliated issuers | $341879971 | $322054440 | $285829956 |
| **Expenses:** | **Expenses:** | **Expenses:** | **Expenses:** |
| Trustee fees and expenses | 23569138 | 21095564 | 19112871 |
| Printing and distribution expenses | 23568853 | 21005721 | 19092871 |
| License fees | 6966941 | 6182295 | 5643861 |
| Legal fees | 243575 | 190282 | 326028 |
| Audit fees | 133313 | 118032 | 119261 |
| Other fees and expenses | 116089 | 108395 | 122068 |
| Total expenses | 54597909 | 48700289 | 44416960 |
| Net Investment Income | $287282062 | $273354151 | $241412996 |
| **Realized and unrealized gains <br>(losses) on investments of <br>unaffiliated issuers:** | **Realized and unrealized gains <br>(losses) on investments of <br>unaffiliated issuers:** | **Realized and unrealized gains <br>(losses) on investments of <br>unaffiliated issuers:** | **Realized and unrealized gains <br>(losses) on investments of <br>unaffiliated issuers:** |
| Net realized losses from investments | $(340574532) | $(272734775) | $(1162363963) |
| Net realized gains from in-kind <br>redemptions | 3014541650 | 1823816345 | 911678972 |
| Net realized gains (losses) | 2673967118 | 1551081570 | (250684991) |
| Net increase (decrease) in unrealized <br>appreciation (depreciation) on <br>investments | (1774640712) | 2957472593 | 2453890747 |
| Net realized and unrealized <br>gains on investments | 899326406 | 4508554163 | 2203205756 |
| **Net increase in net assets <br>resulting from operations** | $1186608468 | $4781908314 | $2444618752 |

---

The accompanying notes are an integral part of these financial statements.<br>15

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**SPDR S&P MidCap 400 ETF Trust<br>Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| | **2025** | **2024** | **2023** |
| **Increase (Decrease) in Net Assets From:** | **Increase (Decrease) in Net Assets From:** | **Increase (Decrease) in Net Assets From:** | **Increase (Decrease) in Net Assets From:** |
| Operations: | Operations: | Operations: | Operations: |
| Net investment income | $287282062 | $273354151 | $241412996 |
| Net realized gains (losses) | 2673967118 | 1551081570 | (250684991) |
| Net increase (decrease) in unrealized <br>appreciation (depreciation) | (1774640712) | 2957472593 | 2453890747 |
| Net increase in net assets resulting <br>from operations | 1186608468 | 4781908314 | 2444618752 |
| Net equalization credits and charges <br>(Note 2) | 550074 | 1311096 | 305580 |
| **Distributions to Unitholders** | (279079899) | (262269938) | (241827408) |
| **Unitholder Transactions:** | **Unitholder Transactions:** | **Unitholder Transactions:** | **Unitholder Transactions:** |
| Proceeds from subscriptions of <br>Units | 17505595436 | 11932029906 | 9666580677 |
| Less: Redemptions of Units | (18235138374) | (11770206476) | (9125636041) |
| Net income equalization (Note 2) | (550074) | (1311096) | (305580) |
| Increase (decrease) in net assets due to <br>Unitholder transactions | (730093012) | 160512334 | 540639056 |
| Total increase | 177985631 | 4681461806 | 2743735980 |
| **Net Assets** | **Net Assets** | **Net Assets** | **Net Assets** |
| Beginning of year | 23360209347 | 18678747541 | 15935011561 |
| End of year | $23538194978 | $23360209347 | $18678747541 |

---

The accompanying notes are an integral part of these financial statements.<br>16

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**SPDR S&P MidCap 400 ETF Trust<br>Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net Asset Value, Beginning <br>of Year** | $569.88 | $456.79 | $401.73 | $480.89 | $339.02 |
| **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** | **Investment Operations:** |
| Net investment income<sup>(1)</sup> | 7.03 | 6.81 | 5.91 | 6.00 | 5.07 |
| Net realized and <br>unrealized gain (loss) <br>on investments | 25.92 | 112.80 | 55.07 | (79.32) | 141.71 |
| Total from investment <br>operations | 32.95 | 119.61 | 60.98 | (73.32) | 146.78 |
| Net equalization credits <br>and charges<sup>(1)</sup> | 0.01 | 0.03 | 0.01 | 0.03 | (0.00) |
| **Less Distributions from:** | **Less Distributions from:** | **Less Distributions from:** | **Less Distributions from:** | **Less Distributions from:** | **Less Distributions from:** |
| Net investment income | (6.81) | (6.55) | (5.93) | (5.87) | (4.91) |
| Net asset value, end of year | $596.03 | $569.88 | $456.79 | $401.73 | $480.89 |
| Total investment return<sup>(2)</sup> | 5.84% | 26.28% | 15.14% | (15.35)% | 43.35% |
| **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| Net assets, end of year <br>(000's omitted) | $23538195 | $23360209 | $18678748 | $15935012 | $20217196 |
| Ratio to average <br>net assets: | Ratio to average <br>net assets: | Ratio to average <br>net assets: | Ratio to average <br>net assets: | Ratio to average <br>net assets: | Ratio to average <br>net assets: |
| Ratio of expenses to <br>average net assets | 0.23% | 0.23% | 0.24% | 0.23% | 0.22% |
| Ratio of net investment income <br>to average net assets | 1.23% | 1.32% | 1.28% | 1.27% | 1.11% |
| Portfolio turnover rate<sup>(3)</sup> | 15.77% | 20.43% | 20.07% | 17.45% | 20.91% |

---

(1) Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the year.

(2) Total investment return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, and redemption on the last day of the period. It excludes the offset of transaction fees connected to the creation and redemption of Creation Units and brokerage commissions incurred by purchasing and/or selling Units of the Trust in the secondary market.

(3) Portfolio turnover rate excludes securities received or delivered from processing creations or redemptions of Units.

The accompanying notes are an integral part of these financial statements.<br>17

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**SPDR S&P MidCap 400 ETF Trust<br>Notes to Financial Statements<br>September 30, 2025**

**Note 1 — Organization**

SPDR<sup>®</sup> S&P MidCap 400<sup>®</sup> ETF Trust (the "Trust") is a unit investment trust that issues securities called "Units." The Trust is organized under New York law and is governed by a trust agreement between The Bank of New York Mellon (formerly, The Bank of New York) (the "Trustee") and PDR Services LLC (the "Sponsor"), dated and executed as of April 27, 1995, as amended (the "Trust Agreement"). The Trust is an investment company registered under the Investment Company Act of 1940, as amended. The Trust is an "Exchange-Traded Fund", the units of which are listed on and traded on the New York Stock Exchange under the symbol "MDY", and operates under an exemptive order granted by the U.S. Securities and Exchange Commission (the "SEC"). Units represent an undivided ownership interest in a portfolio of all of the common stocks of the Standard & Poor's MidCap 400 Index<sup>TM</sup> (the "Index").

The Sponsor is an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. ("ICE"). ICE is a publicly-traded entity, trading on the New York Stock Exchange under the symbol "ICE."

**Note 2 — Summary of Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Trust in the preparation of the Trust's 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 Trust is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services Investment Companies.

**Security Valuation -** Trust securities are generally valued based on the closing sale price on that day (unless the Trustee deems such price inappropriate as a basis for evaluation) on the exchange deemed to be the principal market for the security or, if there is no such appropriate closing sale price on such exchange, at the closing bid price (unless the Trustee deems such price inappropriate as a basis for evaluation). If the securities are not listed or, if so listed and the principal market for the securities is other than on such exchange or there is no such closing bid price available, such evaluation shall generally be made by the Trustee in good faith based on the closing price on the over-the-counter market (unless the Trustee deems such price inappropriate as a basis for evaluation) or if there is no such

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appropriate closing price, (a) on current bid prices, (b) if bid prices are not available, on the basis of current bid prices for comparable securities, (c) by the Trustee's appraising the value of the securities in good faith on the bid side of the market or (d) by any combination thereof.

The Trust follows the authoritative guidance for fair value measurements and the fair value option for financial assets and financial liabilities. The guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

The guidance establishes three levels of inputs that may be used to measure fair value:

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Trust's own assumptions in determining the fair value of investments)

The following is a summary of the inputs used as of September 30, 2025 in valuing the Trust's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | **Assets** | **Assets** | **Assets** | **Assets** |
| **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** | **Investment in Securities** |
| Common Stocks | $23386259519 | $— | $— | $23386259519 |
| Total | $23386259519 | $—  | $— | $23386259519 |

---

**Investment Risk -** The Trust's investments are exposed to risks, such as market risk. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that those changes could materially affect the amounts reported in the financial statements.

An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The value of a Unit will decline, more or less, in correlation with any decline in value of the Index. The values of equity securities could decline generally or could underperform other investments. The Trust would not sell an equity security because the security's issuer was in financial trouble unless that security was removed from the Index.

**Investment Transactions -** Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities are recorded on a specific identification basis. Dividend income is recorded on the

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ex-dividend date. Distributions received by the Trust may include a return of capital that is estimated by the Trustee. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The Trust invests in real estate investment trusts ("REITs"). REITs determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Trust's policy is to record all REIT distributions as dividend income initially and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or Trustee's estimates of such re-designations for which actual information has not yet been reported.

**Distributions to Unitholders -** The Trust intends to declare and distribute dividends from net investment income quarterly. The Trust will distribute net realized capital gains, if any, at least annually, unless offset by available capital loss carryforwards.

**Equalization -** The Trust follows the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring the Trust's Units, equivalent on a per Unit basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per Unit is unaffected by sales or reacquisitions of the Trust's Units. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

**U.S. Federal Income Tax -** For U.S. federal income tax purposes, the Trust has qualified as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (a "RIC"), and intends to continue to qualify as a RIC. As a RIC, the Trust will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to the holder of its Units ("Unitholders"), provided that it distributes on a timely basis at least 90% of its "investment company taxable income" determined prior to the deduction for dividends paid by the Trust (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided the Trust distributes during each calendar year substantially all of its ordinary income and capital gains, the Trust will not be subject to U.S. federal excise tax.

U.S. GAAP requires the evaluation of tax positions taken in the course of preparing the Trust's tax returns to determine whether the tax positions are more likely than not to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more likely than not threshold would be recorded as a tax expense in the current year. The Trustee has reviewed the Trust's tax positions for the tax years subject to audit as of September 30, 2025, and has determined that no provision for income taxes is necessary for the year ended September 30, 2025. The tax returns of the Trust's 2022, 2023 and 2024 tax years and the year ended September 30, 2025 remain subject to audit. The Trust has not recognized any tax liabilities relating to the Trust's tax positions considered to be uncertain tax positions for the current year or prior years.

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**Segment Reporting -** The Trust has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Trust's investments in accordance with its investment objective. The Trust's chief operating decision maker ("CODM") role is filled by the internal Trustee operations group which seeks to assure that the Trust is operated in accordance with the Trust's operating documents. The CODM assesses performance based on the Trust'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 Trust's Total Return is utilized by the CODM to compare results, including the impact of the Trust's costs, to the Trust's benchmark index.

**Note 3 — Transactions with the Trustee and Sponsor**

In accordance with the Trust Agreement, the Trustee maintains the Trust's accounting records from which it produces the Trust's financial statements, acts as custodian and transfer agent to the Trust, and provides administrative services, including the filing of all required regulatory reports. The Trustee is also responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of large blocks of 25,000 Units (known as "Creation Units"), and for adjusting the composition of the Trust's portfolio from time to time to conform to changes in the composition and/or weighting structure of the Index. For these services, the Trustee receives a fee based on the following annual rates:

---

| | |
|:---|:---|
| **Net Asset Value of the Trust** | **Fee as a Percentage of<br>Net Asset Value of the Trust** |
| $0-$500,000,000\* | 0.14% per annum |
| $500,000,001-$1,000,000,000\* | 0.12% per annum |
| $1,000,000,001-$30,000,000,000\* | 0.10% per annum |
| $30,000,000,001 and above\* | 0.08% per annum |

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\* The fee indicated applies to that portion of the net asset value of the Trust, which falls in the size category indicated. Prior to the Trustee and the Sponsor amending the Trust Agreement effective February 1, 2020, the fee was 0.10% per annum for net asset value of $1,000,000,001 and above.

In accordance with the Trust Agreement and under the terms of the exemptive order issued by the SEC, dated January 18, 1995, the Sponsor is reimbursed by the Trust for certain expenses, to the extent such expenses do not exceed 0.30% per annum of the daily net asset value of the Trust as calculated by the Trustee. The expenses reimbursed to the Sponsor for the years ended September 30, 2025, 2024 and 2023 did not exceed 0.30% per annum. The Trust reimbursed the Sponsor for $228,380, $205,517, and $279,391 of legal fees for the years ended September 30, 2025, 2024, and 2023, respectively, which are included in Legal fees on the Statements of Operations.

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ALPS Distributors, Inc. (the "Distributor") serves as the distributor of the Units. The Sponsor pays the Distributor for its services a flat annual fee of $35,000. The Sponsor will not seek reimbursement for such payment from the Trust without obtaining prior exemptive relief from the SEC.

**Note 4 — Trust Transactions in Units**

**Transactions in Trust Units were as follows:**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** | **Year Ended September 30, 2024** | **Year Ended September 30, 2024** |
| | **Units** | **Amount** | **Units** | **Amount** |
| Units sold | 30825070 | $17505595436 | 23000071 | $11932029906 |
| Dividend reinvestment<br>Units issued |  |  |  |  |
| Units redeemed | (32325002) | (18235138374) | (22900003) | (11770206476) |
| Net increase (decrease) | (1499932) | $(729542938) | 100068 | $161823430 |

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| | | |
|:---|:---|:---|
| | **Year Ended September 30, 2023** | **Year Ended September 30, 2023** |
| | **Units** | **Amount** |
| Units sold | 21050071 | $9666580677 |
| Dividend reinvestment<br>Units issued |  |  |
| Units redeemed | (19825001) | (9125636041) |
| Net increase | 1225070 | $540944636 |

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Except under the Trust's dividend reinvestment plan, Units are issued and redeemed by the Trust for authorized participants only in Creation Units. Such transactions are permitted only on an in-kind basis, with a separate cash payment that is equivalent to the undistributed net investment income per Unit (income equalization) and a balancing cash component to equate the transaction to the net asset value per Unit of the Trust on the transaction date. The transaction fee payable to the Trustee in connection with each creation and redemption of Creation Units made through the clearing process (the "Transaction Fee") is non-refundable, regardless of the net asset value of the Trust. The Transaction Fee is the lesser of $3,000 or 0.20% (20 basis points) of the value of one Creation Unit at the time of creation per participating party per day, regardless of the number of Creation Units created or redeemed on such day. The Transaction Fee is currently $3,000. For creations and redemptions outside the clearing process, including orders from a participating party restricted from engaging in transactions in one or more of the common stocks that are included in the Index, an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit may be charged per Creation Unit per day. During the year ended September 30, 2025, the Trustee earned $1,206,000 in transaction fees. The Trustee, in its sole discretion, may voluntarily reduce or waive the transaction fee, or modify its transaction fee schedule, subject to certain limitations. There were no reductions or waivers of such fees for the years ended September 30, 2025, 2024 and 2023.

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At September 30, 2025, the Trustee and its affiliates held $1,635,873,474 or 6.95% of fractional undivided interest in the Trust.

**Note 5 — Investment Transactions**

For the year ended September 30, 2025, the Trust had net in-kind contributions, net in-kind redemptions, purchases and sales of investment securities of $17,476,294,929, $18,201,830,309, $3,649,802,390, and $3,650,199,539, respectively.

**Note 6 — U.S. Federal Income Tax Status**

The following details the distributions and net distributable earnings as of September 30, 2025. The components of distributable earnings for tax purposes differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, distribution payable, and amortization of license fees.

The tax composition of dividends paid during the years ending September 30, 2025, September 30, 2024 and September 30, 2023, in the amounts disclosed on the statements of changes in net assets, was ordinary income.

At September 30, 2025, the Trust's cost of investments for federal income tax purposes and unrealized appreciation (depreciation) was as follows:

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| | |
|:---|:---|
| Cost of investments for federal income tax purposes | $24695052820 |
| Gross unrealized appreciation | $1647647993 |
| Gross unrealized depreciation | (2956441294) |
| Net unrealized depreciation | $(1308793301) |
| Distributable earnings, ordinary income | $77593972 |
| Short-term capital loss carryforwards (no expiration):  | $— |
| Long-term capital loss carryforwards (no expiration):  | $1499332657 |

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The Trust utilized $13,766,280 capital loss carryforwards during the year ended September 30, 2025. To the extent that capital loss carryforwards are used to offset future capital gains, it is probable that the offset gains will not be distributed to Unitholders.

As of September 30, 2025, the Trust had permanent book/tax differences primarily attributable to gains or losses from in-kind redemptions. To reflect reclassifications arising from these differences, total distributable earnings (loss) were decreased by $2,634,676,694 and paid-in capital was increased by $2,634,676,694.

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**Note 7 — Representations and Indemnifications**

In the normal course of business, the Trustee or the Sponsor, on behalf of the Trust, may enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims which may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

**Note 8 — Related Party Transactions**

The Trustee used BNY Mellon Capital Markets, LLC ("BNYMellon CM"), an indirect-wholly-owned subsidiary of The Bank of New York Mellon Corporation, and an affiliate of the Trustee, to execute some brokerage transactions for the Trust. During the fiscal years ended September 30, 2025, 2024 and 2023, the Trust paid $1,096,865, $1,449,445 and $1,422,213 in commissions to BNYMellon CM, respectively.

**Note 9 — License Agreement and Distribution Expenses**

A license agreement between State Street Global Advisors Funds Distributors, LLC ("SSGA FD") and S&P Dow Jones Indices LLC ("S&P") (the "License Agreement") grants SSGA FD a license to use the Index as a basis for determining the composition of the portfolio of all the common stocks of the Index. The Trustee (on behalf of the Trust), the Sponsor and NYSE Arca, Inc. (the principal listing U.S. exchange for the Trust) have each received a sublicense from SSGA FD for the use of the Index and such trade names and trademarks in connection with their rights and duties with respect to the Trust. The License Agreement may be amended without the consent of any of the owners of Units.

Currently, the License Agreement is scheduled to terminate on November 29, 2031, but its term may be extended beyond such date without the consent of any of the owners of Units.

In addition, the following distribution expenses are or may be charged to the Trust: (a) reimbursement to the Sponsor of amounts paid by it to S&P in respect of annual licensing fees pursuant to the License Agreement; (b) federal and state annual registration fees for the issuance of Units; and (c) expenses of the Sponsor relating to the printing and distribution of marketing materials describing Units and the Trust (including, but not limited to, associated legal, consulting, advertising, and marketing costs and other out-of-pocket expenses such as printing). With respect to the marketing expenses described in item (c) above, the Sponsor has entered into an agreement with SSGA FD, pursuant to which SSGA FD has agreed to market and promote the Trust. SSGA FD is reimbursed by the Sponsor for the expenses it incurs for providing such services out of amounts that the Trust reimburses the Sponsor. Pursuant to the provisions of the exemptive order, the expenses set forth in this paragraph may be charged to the Trust by the Trustee in an amount equal to the actual costs incurred, but in no case shall such charges

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exceed 0.30% per annum of the daily net asset value of the Trust. These distribution expenses are presented on the Trust's Statements of Operations.

**Note 10 — Equity Investing and Market Risk**

An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates, perceived trends in securities prices, war, acts of terrorism, the spread of infectious disease or other public health issues. Local, regional or global events such as war, acts of terrorism, the spread of infectious disease or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments and could result in increased premiums or discounts to the Trust's net asset value. For example, conflict, loss of life and disaster connected to ongoing armed conflicts between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on their respective regions, including significant adverse effects on the regional or global economies and the markets for certain securities. Russia's large-scale invasion of Ukraine has resulted in sanctions against Russian governmental institutions, Russian entities, and Russian individuals that may result in the devaluation of Russian currency; a downgrade in the country's credit rating; a freeze of Russian foreign assets; and a decline in the value and liquidity of Russian securities, properties, or interests. These Russian-related sanctions as well as the potential for military escalation and other corresponding events in Europe and the Middle East, and the resulting disruption of the Russian and Israeli economies, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Trust, even if the Trust does not have direct exposure to securities of Russian or Israeli issuers.

An investment in the Trust is subject to the risks of any investment in a broadly based portfolio of equity securities, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of such investment. The value of the common stocks that are actually held by the Trust and make up the Trust's portfolio ("Portfolio Securities") may fluctuate in accordance with changes in the financial condition of the issuers of Portfolio Securities, the value of equity securities generally and other factors. The identity and weighting of the common stocks that are included in the Index and the Portfolio Securities change from time to time.

The financial condition of issuers of Portfolio Securities may become impaired or the general condition of the stock market may deteriorate, either of which may cause a decrease in the value of the portfolio and thus in the value of Units. Since the Trust is not actively managed, the adverse financial condition of an issuer will not result in its elimination from the portfolio unless such issuer is removed from the Index. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions

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of their issuers change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic and banking crises, as well as war, acts of terrorism and the spread of infectious disease, such as COVID-19, or other public health issues.

Holders of common stocks of any given issuer incur more risk than holders of preferred stocks and debt obligations of the issuer because the rights of common stockholders, as owners of the issuer, generally are subordinate to the rights of creditors of, or holders of debt obligations or preferred stocks issued by, such issuer. Further, unlike debt securities that typically have a stated principal amount payable at maturity, or preferred stocks that typically have a liquidation preference and may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Equity securities values are subject to market fluctuations as long as the equity securities remain outstanding. The value of the portfolio will fluctuate over the entire life of the Trust.

There can be no assurance that the issuers of Portfolio Securities will pay dividends. Distributions generally depend upon the declaration of dividends by the issuers of Portfolio Securities, and the declaration of such dividends generally depends upon various factors, including the financial condition of the issuers and general economic conditions.

**Note 11 — Recent Accounting Pronouncements**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**Note 12 — Subsequent Events**

The Trustee has evaluated the impact of all subsequent events of the Trust through the date on which the financial statements were issued and has determined that there were no subsequent events requiring adjustments or additional disclosure in the financial statements.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

*To the Trustee and Unitholders of SPDR S&P MidCap 400 ETF Trust*

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of SPDR S&P MidCap 400 ETF Trust (the "Trust") as of September 30, 2025, the related statements of operations and of changes in net assets for each of the three years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2025, the results of its operations and the changes in its net assets for each of the three years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust'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 of these financial statements 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.

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 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. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP<br>Boston, Massachusetts<br>November 25, 2025

We have served as the auditor of one or more investment companies in the SPDR Trusts since 1993.

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**TAX INFORMATION<br>(Unaudited)**

For U.S. federal income tax purposes, the percentage of Trust dividend distributions that qualify for the corporate dividends received deduction for the fiscal year ended September 30, 2025 is 87.81%.

For the fiscal year ended September 30, 2025, all dividends paid by the Trust may be designated as qualified dividend income for U.S. federal income tax purposes and are eligible for reduced tax rates in the case of certain non-corporate unitholders that meet applicable holding period requirements with respect to their Units. Complete information will be reported in conjunction with your 2025 Form 1099-DIV.

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**ESSENTIAL INFORMATION AS OF SEPTEMBER 30, 2025<br>(Unaudited)**

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| | |
|:---|:---|
| Total Trust Assets: | $23745364064 |
| Trust Net Assets: | $23538194978 |
| Number of Units: | 39491366 |
| Fractional Undivided Interest in Trust Represented by each Unit: | 1/39,491,366 |
| Record Date: | Quarterly, on the first (1st) Business Day after the third Friday in each of March, June, September and December. |
| Dividend Payment Dates: | Quarterly, on the last Business Day of April, July, October and January. |
| Trustee's Annual Fee:\* | From 0.08% to 0.14%, based on the net asset value of the Trust, as the same may be reduced by certain amounts, plus the Transaction Fee. |
| Estimated Ordinary Operating Expenses of the Trust: | 0.23% (inclusive of Trustee's annual fee) |
| Net Asset Value per Unit (based on the value of the securities, other net assets of the Trust and number of Units outstanding): | $596.03 |
| Evaluation Time: | Closing time of the regular trading session on the New York Stock Exchange LLC (ordinarily 4:00 p.m. New York time). |
| Licensor: | Standard & Poor's Financial Services LLC, a division of The McGraw-Hill Companies, Inc. |
| Mandatory Termination Date:\*\* | The first to occur of (i) April 27, 2120 or (ii) the date 20 years after the death of the last survivor of eleven persons named in the Trust Agreement, the oldest of whom was born in 1990 and the youngest of whom was born in 1993. |
| Discretionary Termination: | The Trust may be terminated if the value of the securities held by the Trust is less than $100,000,000, as such amount shall be adjusted for inflation. |

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\* The voluntary fee reduction ceased on January 31, 2020. In addition, effective February 1, 2020, the Trustee and the Sponsor have amended the Trust Agreement to provide that the Trustee's fee equals 0.08% per annum for net asset value of $30,000,000,001 and above.

\*\* The Trust Agreement became effective and the initial deposit was made on April 27, 1995.

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**ESSENTIAL INFORMATION AS OF SEPTEMBER 30, 2025**

<br> **SPDR S&P MidCap 400 ETF Trust<br>Frequency Distribution of Discounts and Premiums<br>Bid/Ask Price vs. Net Asset Value (NAV)<br>(Unaudited)**

**Five Year Period Ending 9/30/2025**

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| | | |
|:---|:---|:---|
| **Premium/Discount Range** | **Number of<br>Trading Days** | **Percentage of<br>Total Trading Days** |
| Greater than 0.25% | 2 | 0.16% |
| Between zero and 0.25% | 768 | 61.20% |
| Bid/Ask Price Equal to NAV | 3 | 0.24% |
| Between zero and -0.25% | 479 | 38.17% |
| Less than -0.25% | 3 | 0.24% |
| *Total:* | *1255* | *100.00%* |

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**Comparison of Total Returns Based on NAV and Bid/Ask Price<sup>(1)(2)</sup>From Inception to 9/30/25 (Unaudited)**

**Cumulative Total Return**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** | **Since<br>Inception** |
| SPDR S&P MidCap 400 ETF Trust | SPDR S&P MidCap 400 ETF Trust | SPDR S&P MidCap 400 ETF Trust | SPDR S&P MidCap 400 ETF Trust | SPDR S&P MidCap 400 ETF Trust |
| Return Based on NAV | 5.84% | 86.64% | 171.66% | 2363.84% |
| Return Based on Bid/Ask Price | 5.88% | 86.74% | 171.71% | 2363.84% |
| S&P MidCap 400 Index | 6.13% | 89.27% | 179.49% | 2620.60% |

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**Annualized Total Return**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Year** | **5 Year** | **10 Year** | **Since<br>Inception** |
| SPDR S&P MidCap 400 ETF Trust | SPDR S&P MidCap 400 ETF Trust | SPDR S&P MidCap 400 ETF Trust | SPDR S&P MidCap 400 ETF Trust | SPDR S&P MidCap 400 ETF Trust |
| Return Based on NAV | 5.84% | 13.29% | 10.51% | 11.11% |
| Return Based on Bid/Ask Price | 5.88% | 13.31% | 10.51% | 11.11% |
| S&P MidCap 400 Index | 6.13% | 13.61% | 10.82% | 11.47% |

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(1) Currently, the Bid/Ask Price is the midpoint of the NYSE Arca Bid/Ask price at the time the Trust's NAV was calculated, ordinarily 4:00 p.m.

(2) The Cumulative and Annualized Total Return for the Trust and the Index are calculated from the Trust's inception date of April 27, 1995.

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**SPDR S&P MidCap 400 ETF Trust<br>(Unaudited)**

<br> **Sponsor**

PDR Services LLC<br>c/o NYSE Holdings LLC<br>11 Wall Street<br>New York, NY 10005

**Trustee**

The Bank of New York Mellon<br>240 Greenwich Street<br>New York, NY 10286

**Distributor**

ALPS Distributors, Inc.<br>1290 Broadway<br>Suite 1000<br>Denver, CO 80203

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP<br>101 Seaport Boulevard<br>Suite 500<br>Boston, MA 02210

**Legal Counsel**

Davis Polk & Wardwell LLP<br>450 Lexington Avenue<br>New York, NY 10017

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