# EDGAR Filing Document

**Accession Number:** 0001516212
**File Stem:** 0001193125-26-000539
**Filing Date:** 2026-1
**Character Count:** 434391
**Document Hash:** 22ea573c9770fd6a6e753adf08b51f87
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-000539.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001193125-26-000539

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**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:** 26501053

**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

### SPDR Galaxy Digital Asset Ecosystem ETF (Series ID: S000087748)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000253656 | SPDR Galaxy Digital Asset Ecosystem ETF | DECO            |

### SPDR Galaxy Transformative Tech Accelerators ETF (Series ID: S000087749)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000253657 | SPDR Galaxy Transformative Tech Accelerators ETF | TEKX            |

### SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Series ID: S000087750)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000253658 | SPDR Galaxy Hedged Digital Asset Ecosystem ETF | HECO            |

### SPDR SSGA IG Public & Private Credit ETF (Series ID: S000088898)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000255285 | SPDR SSGA IG Public & Private Credit ETF | PRIV            |

### SPDR Bridgewater All Weather ETF (Series ID: S000089966)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000256834 | SPDR Bridgewater All Weather ETF | ALLW            |

### State Street(R) Short Duration IG Public & Private Credit ETF (Series ID: S000094390)

| Class ID   | Class Name                                                    | Ticker Symbol   |
|:---|:---|:---|
| C000262892 | State Street(R) Short Duration IG Public & Private Credit ETF | PRSD            |

?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: October 31

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

------

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

# SPDR<sup>®</sup> Bridgewater All Weather ETF
![Image](g28600g17h29.jpg)

# ALLW

## Principal Listing Exchange: The Nasdaq Stock Market

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the SPDR<sup>®</sup> Bridgewater All Weather ETF (the "Fund") for the period of March 6, 2025 (commencement of operations) through October 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.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR<sup>®</sup> Bridgewater All Weather ETF | $56 | 0.80% |

---

The dollar amount above reflects 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 reporting period was characterized by positive returns for most asset classes. As a balanced, multi-asset allocation, for any given period the Fund's performance will generally reflect the aggregate returns across major asset classes over that time horizon. Since launch, the largest contributors to performance were from global equities and gold, with relatively muted contributions from the fixed income and broad commodity portion of the portfolio. While the Fund delivered more stable results than its all-equity benchmark (MSCI ACWI IMI Index) – the equity market rally during the second quarter of 2025 led to Fund underperformance relative to the benchmark, with the gap shrinking towards the end of the period due to the renewed gold rally in the third quarter of 2025. Fund positioning was little changed throughout the period, consistent with its objective of maintaining a balanced inflation to growth and inflation over time.

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

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

### (Based on Net Asset Value)
![Growth of 10K Chart](g28600g79q03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ALLW** | **MSCI ACWI Index** | **MSCI ACWI IMI Index** |
| **03/05/25** | $10000 | $10000 | $10000 |
| **03/31/25** | $10054 | $9651 | $9660 |
| **04/30/25** | $10040 | $9741 | $9750 |
| **05/31/25** | $10091 | $10301 | $10314 |
| **06/30/25** | $10385 | $10764 | $10782 |
| **07/31/25** | $10392 | $10910 | $10925 |
| **08/31/25** | $10690 | $11179 | $11223 |
| **09/30/25** | $11115 | $11584 | $11609 |
| **10/31/25** | $11438 | $11843 | $11846 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| **Name** | **Since Inception 03/05/25** |
| ALLW | 14.38%<sup>Footnote Reference\*</sup> |
| MSCI ACWI Index | 18.43% |
| MSCI ACWI IMI Index | 18.46% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Returns are not annualized. |

---

**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 10/31/2025
* Total Net Assets$650,511,820

* Number of Portfolio Holdings74

* Portfolio Turnover Rate99%

* Total Advisory Fees Paid$1,411,179

## **What did the Fund invest in as of 10/31/2025 ?** (as a percentage of total net assets)

### **Top Security Types** 

---

| | |
|:---|:---|
| **Assets** | **%** |
| U.S. Treasury Obligations | 38.0% |
| Short-Term Investments | 37.5% |
| Mutual Funds and Exchange Traded Products | 20.8% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| State Street SPDR Portfolio S&P 500 ETF | 13.6% |
| U.S. Treasury Bills, 3.74%, due 04/09/26 | 5.3% |
| SPDR Portfolio Emerging Markets ETF | 4.2% |
| U.S. Treasury Inflation-Indexed Notes, 2.13%, due 01/15/35 | 3.9% |
| U.S. Treasury Inflation-Indexed Notes, 1.88%, due 07/15/34 | 3.6% |
| U.S. Treasury Inflation-Indexed Notes, 1.75%, due 01/15/34 | 3.5% |
| U.S. Treasury Inflation-Indexed Notes, 1.38%, due 07/15/33 | 3.1% |
| U.S. Treasury Inflation-Indexed Notes, 1.13%, due 01/15/33 | 3.0% |
| SPDR S&P China ETF | 2.9% |
| U.S. Treasury Inflation-Indexed Notes, 1.88%, due 07/15/35 | 2.7% |

---

Includes holdings of the wholly-owned subsidiary.

#### 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 ALLW

# SPDR<sup>®</sup> Galaxy Digital Asset Ecosystem ETF
![Image](g28600g17h29.jpg)

# DECO

## Principal Listing Exchange: The Nasdaq Stock Market

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the SPDR<sup>®</sup> Galaxy Digital Asset Ecosystem ETF (the "Fund") for the period of November 1, 2024 through October 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.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR<sup>®</sup> Galaxy Digital Asset Ecosystem ETF | $90 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
The portfolio navigated a volatile year marked by shifting policy dynamics, including tariff uncertainty and the early-year DeepSeek-related sell-off that pressured both Artificial Intelligence ("A.I.") and crypto equities. Market sentiment improved mid-year as Bitcoin reached new highs, supported by ETF inflows and greater regulatory clarity following the passage of the GENIUS Act. Companies advancing the transition from Bitcoin mining to A.I. and high-performance computing infrastructure were key performance drivers, alongside positions in blockchain-based financial technology and tokenization platforms. Later in the year, fiscal expansion and a weaker U.S. dollar revived the debasement trade, supporting digital asset equities. Portfolio positioning emphasized firms with recurring-revenue potential from compute infrastructure while maintaining selectivity amid extended valuations and policy uncertainty tied to trade and interest rate expectations.

## 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](g28600g78c75.jpg)

---

| | | |
|:---|:---|:---|
| | **DECO** | **MSCI ACWI Index** |
| **09/09/24** | $10000 | $10000 |
| **09/30/24** | $11317 | $10562 |
| **10/31/24** | $12639 | $10325 |
| **11/30/24** | $15599 | $10711 |
| **12/31/24** | $13101 | $10457 |
| **01/31/25** | $14711 | $10808 |
| **02/28/25** | $12304 | $10743 |
| **03/31/25** | $9858 | $10319 |
| **04/30/25** | $10392 | $10415 |
| **05/31/25** | $11986 | $11014 |
| **06/30/25** | $15256 | $11508 |
| **07/31/25** | $15663 | $11664 |
| **08/31/25** | $15899 | $11952 |
| **09/30/25** | $19912 | $12385 |
| **10/31/25** | $22444 | $12662 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 09/09/24** |
| DECO | 77.58% | 102.91% |
| MSCI ACWI Index | 22.64% | 22.95% |

---

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

## Key Fund Statistics as of 10/31/2025
* Total Net Assets$15,995,076

* Number of Portfolio Holdings28

* Portfolio Turnover Rate130%

* Total Advisory Fees Paid$62,651

## **What did the Fund invest in as of 10/31/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Software | 37.6% |
| Mutual Funds and Exchange Traded Products | 18.7% |
| Semiconductors & Semiconductor Equipment | 11.8% |
| Capital Markets | 9.7% |
| Financial Services | 7.3% |
| Electrical Equipment | 6.1% |
| Interactive Media & Services | 3.2% |
| Banks | 3.0% |
| Consumer Finance | 0.6% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Core Scientific, Inc. | 20.1% |
| iShares Bitcoin Trust ETF | 15.1% |
| Riot Platforms, Inc. | 7.6% |
| Vertiv Holdings Co., Class A | 4.1% |
| Micron Technology, Inc. | 4.1% |
| Cleanspark, Inc. | 4.0% |
| Applied Materials, Inc. | 3.4% |
| Cipher Mining, Inc. | 3.2% |
| JPMorgan Chase & Co. | 3.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |

---

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

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

TSR AR DECO

# SPDR<sup>®</sup> Galaxy Hedged Digital Asset Ecosystem ETF
![Image](g28600g17h29.jpg)

# HECO

## Principal Listing Exchange: The Nasdaq Stock Market

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the SPDR<sup>®</sup> Galaxy Hedged Digital Asset Ecosystem ETF (the "Fund") for the period of November 1, 2024 through October 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.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR<sup>®</sup> Galaxy Hedged Digital Asset Ecosystem ETF | $113 | 0.89% |

---

## How did the Fund perform last year and what affected its performance?
The portfolio experienced similar market dynamics to its unhedged counterpart, with early-year weakness from the DeepSeek-driven sell-off and mid-year recovery supported by Bitcoin strength, ETF inflows, and regulatory progress under the GENIUS Act. Artificial Intelligence and HPC infrastructure themes remained central, as miners repurposing sites for compute leasing were top contributors. Tariff-related volatility and policy uncertainty persisted, creating hedging challenges despite disciplined management through covered calls and protective puts. The overlay helped mitigate downside risk while partially capping upside in strong markets. Fiscal expansion and a weaker dollar fueled renewed demand for hard assets, benefiting digital asset equities. Throughout the period, the portfolio maintained hedge coverage near the middle-to-upper end of its range, balancing participation in the rally with a focus on preserving capital and reducing exposure to macro-driven drawdowns.

## 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](g28600g48q27.jpg)

---

| | | |
|:---|:---|:---|
| | **HECO** | **MSCI ACWI Index** |
| **09/09/24** | $10000 | $10000 |
| **09/30/24** | $11187 | $10562 |
| **10/31/24** | $12399 | $10325 |
| **11/30/24** | $15214 | $10711 |
| **12/31/24** | $12865 | $10457 |
| **01/31/25** | $14463 | $10808 |
| **02/28/25** | $12199 | $10743 |
| **03/31/25** | $9861 | $10319 |
| **04/30/25** | $10366 | $10415 |
| **05/31/25** | $11376 | $11014 |
| **06/30/25** | $13799 | $11508 |
| **07/31/25** | $14133 | $11664 |
| **08/31/25** | $14247 | $11952 |
| **09/30/25** | $17119 | $12385 |
| **10/31/25** | $19080 | $12662 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 09/09/24** |
| HECO | 53.88% | 76.03% |
| MSCI ACWI Index | 22.64% | 22.95% |

---

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

## Key Fund Statistics as of 10/31/2025
* Total Net Assets$96,217,047

* Number of Portfolio Holdings63

* Portfolio Turnover Rate141%

* Total Advisory Fees Paid$825,464

## **What did the Fund invest in as of 10/31/2025 ?** (as a percentage of total net assets)

### **Top Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Software | 38.0% |
| Mutual Funds and Exchange Traded Products | 18.3% |
| Semiconductors & Semiconductor Equipment | 11.8% |
| Capital Markets | 9.9% |
| Financial Services | 7.5% |
| Electrical Equipment | 6.1% |
| Interactive Media & Services | 3.2% |
| Banks | 3.1% |
| Consumer Finance | 0.6% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Core Scientific, Inc. | 20.2% |
| iShares Bitcoin Trust ETF | 14.6% |
| Riot Platforms, Inc. | 7.8% |
| Cleanspark, Inc. | 4.2% |
| Micron Technology, Inc. | 4.1% |
| Vertiv Holdings Co., Class A | 4.1% |
| Applied Materials, Inc. | 3.4% |
| Cipher Mining, Inc. | 3.2% |
| JPMorgan Chase & Co. | 3.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2.7% |

---

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

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

TSR AR HECO

# SPDR<sup>®</sup> Galaxy Transformative Tech Accelerators ETF
![Image](g28600g17h29.jpg)

# TEKX

## Principal Listing Exchange: The Nasdaq Stock Market

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the SPDR<sup>®</sup> Galaxy Transformative Tech Accelerators ETF (the "Fund") for the period of November 1, 2024 through October 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.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SPDR<sup>®</sup> Galaxy Transformative Tech Accelerators ETF | $81 | 0.65% |

---

## How did the Fund perform last year and what affected its performance?
Artificial Intelligence ("A.I.") and compute infrastructure remained central performance drivers over the 12-month period. The year began with the DeepSeek-related pullback and investor rotation away from high-multiple A.I. names, but sentiment recovered as hyperscalers expanded capital expenditure and A.I. adoption broadened. Tariff uncertainty and supply chain disruptions introduced volatility, particularly in semiconductor and power equipment holdings, though underlying demand for compute and energy infrastructure stayed resilient. The portfolio benefited from exposure to companies enabling A.I. data center development and grid modernization as power constraints became a defining industry theme. Increased investment in memory, connectivity, and advanced manufacturing also supported performance as the industry entered a new phase of scaling to meet global A.I. demand. Overall, the strategy remained focused on transformative technologies supporting the scaling of A.I., connectivity, and power systems amid a rapidly evolving global investment cycle.

## 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](g28600g33x01.jpg)

---

| | | |
|:---|:---|:---|
| | **TEKX** | **MSCI ACWI Index** |
| **09/09/24** | $10000 | $10000 |
| **09/30/24** | $11626 | $10562 |
| **10/31/24** | $12285 | $10325 |
| **11/30/24** | $13845 | $10711 |
| **12/31/24** | $11554 | $10457 |
| **01/31/25** | $12617 | $10808 |
| **02/28/25** | $10883 | $10743 |
| **03/31/25** | $8994 | $10319 |
| **04/30/25** | $9402 | $10415 |
| **05/31/25** | $10830 | $11014 |
| **06/30/25** | $13150 | $11508 |
| **07/31/25** | $13570 | $11664 |
| **08/31/25** | $13986 | $11952 |
| **09/30/25** | $16733 | $12385 |
| **10/31/25** | $18416 | $12662 |

---

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Name** | **1 Year** | **Since Inception 09/09/24** |
| TEKX | 49.91% | 70.66% |
| MSCI ACWI Index | 22.64% | 22.95% |

---

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

## Key Fund Statistics as of 10/31/2025
* Total Net Assets$2,669,622

* Number of Portfolio Holdings35

* Portfolio Turnover Rate124%

* Total Advisory Fees Paid$22,393

## **What did the Fund invest in as of 10/31/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| Software | 33.5% |
| Electrical Equipment | 15.5% |
| Semiconductors & Semiconductor Equipment | 9.2% |
| Financial Services | 9.0% |
| Electric Utilities | 5.8% |
| Electronic Equipment, Instruments & Components | 3.4% |
| Capital Markets | 3.1% |
| Multi-Utilities | 2.8% |
| Specialized REITs | 2.6% |
| Oil, Gas & Consumable Fuels | 2.6% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| Core Scientific, Inc. | 18.3% |
| Riot Platforms, Inc. | 5.9% |
| Strategy, Inc., Class A | 3.9% |
| Hubbell, Inc. | 3.8% |
| Applied Materials, Inc. | 3.7% |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 3.6% |
| Vertiv Holdings Co., Class A | 3.4% |
| Entergy Corp. | 3.1% |
| Visa, Inc., Class A | 3.1% |
| Microsoft Corp. | 3.0% |

---

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

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

TSR AR TEKX

# SPDR<sup>®</sup> SSGA IG Public & Private Credit ETF
![Image](g28600g17h29.jpg)

# PRIV

## Principal Listing Exchange: NYSE Arca Exchange

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about the SPDR<sup>®</sup> SSGA IG Public & Private Credit ETF (the "Fund") for the period of February 27th, 2025 (commencement of operations) through October 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** |
| SPDR<sup>®</sup> SSGA IG Public & Private Credit ETF | $49 | 0.70% |

---

The dollar amount above reflects 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?
Expectations of an economic soft landing that would open the door to additional U.S. Federal Reserve Funds rate cuts served to reduce interest rates, steepen the yield curve, and moderately tighten credit spreads, especially in the investment grade public and private credit markets. The Fund's overweight allocation to investment grade public and private credit was the primary driver of the Fund's out-performance during the reporting period, with the Fund's yield curve steepening bias adding to Fund performance, and its underweight in government agency spread product detracting from Fund performance. The Fund used treasury futures and FX forwards to actively manage duration and hedge FX risk back to the USD during the reporting period. The Fund's use of treasury futures detracted from Fund performance relative to the Index, while its FX forwards effectively hedged FX risk back to the USD.

## 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](g28600g46g95.jpg)

---

| | | |
|:---|:---|:---|
| | **PRIV** | **Bloomberg U.S. Aggregate Bond Index** |
| **02/26/25** | $10000 | $10000 |
| **02/28/25** | $10025 | $10027 |
| **03/31/25** | $10030 | $10030 |
| **04/30/25** | $10057 | $10070 |
| **05/31/25** | $10015 | $9998 |
| **06/30/25** | $10181 | $10151 |
| **07/31/25** | $10168 | $10125 |
| **08/31/25** | $10325 | $10246 |
| **09/30/25** | $10429 | $10357 |
| **10/31/25** | $10493 | $10422 |

---

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| **Name** | **Since Inception 02/26/25** |
| PRIV | 4.93%<sup>Footnote Reference\*</sup> |
| Bloomberg U.S. Aggregate Bond Index | 4.22% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Returns are not annualized. |

---

**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 10/31/2025
* Total Net Assets$195,425,188

* Number of Portfolio Holdings211

* Portfolio Turnover Rate57%

* Total Advisory Fees Paid$451,739

## **What did the Fund invest in as of 10/31/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| U.S. Government Agency Obligations | 23.1% |
| U.S. Treasury Obligations | 12.5% |
| Mortgage-Backed Securities | 8.3% |
| Asset-Backed Securities | 7.8% |
| Private Credit Securities | 7.8% |
| Banks | 5.1% |
| Software | 3.9% |
| Electric | 2.7% |
| Aerospace & Defense | 2.4% |
| Pharmaceuticals | 2.1% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| U.S. Treasury Notes, 3.88%, due 06/30/30 | 7.2% |
| Federal Home Loan Mortgage Corp., 3.50%, due 07/01/52 | 4.4% |
| Federal Home Loan Mortgage Corp., 5.00%, due 05/01/55 | 4.0% |
| Federal National Mortgage Association, 3.00%, due 03/01/52 | 4.0% |
| U.S. Treasury Bonds, 4.75%, due 08/15/55 | 3.5% |
| Federal National Mortgage Association, 5.00%, due 10/01/55 | 3.1% |
| Federal Home Loan Mortgage Corp., 2.50%, due 05/01/51 | 2.4% |
| OBX Trust, Class A1, 5.52%, due 03/25/65 | 2.1% |
| A&D Mortgage Trust, Class A1, 5.23%, due 10/25/70 | 1.8% |
| Federal Home Loan Mortgage Corp., 5.00%, due 07/01/55 | 1.5% |

---

## Material Fund Changes
This is a summary of certain changes of the Fund that occurred during the reporting period ended October 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 March 21, 2025 (the "Effective Date"), the Fund's name changed from the SPDR SSGA Apollo IG Public & Private Credit ETF to the SPDR SSGA IG Public & Private Credit ETF. This change will not result in any changes to the Fund's Investment Objective, Principal Investment Strategy or Principal Risks of investing in the Fund described in the Fund's Prospectus.

#### 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 PRIV

# State Street Short Duration IG Public & Private Credit ETF
![Image](g28600g71x71.jpg)

# PRSD

#### Annual Shareholder Report

#### October 31, 2025

#### Principal Listing Exchange: NYSE Arca Exchange
This annual shareholder report contains important information about the State Street Short Duration IG Public & Private Credit ETF (the "Fund") for the period of September 10, 2025 (commencement of operations) through October 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.

## **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 Short Duration IG Public & Private Credit ETF | $8 | 0.59% |

---

The dollar amount above reflects 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?
Performance information is not provided since the Fund has less than six months of operations.

## Key Fund Statistics as of 10/31/2025
* Total Net Assets$25,092,426

* Number of Portfolio Holdings105

* Portfolio Turnover Rate5%

* Total Advisory Fees Paid$21,068

## **What did the Fund invest in as of 10/31/2025 ?** (as a percentage of total net assets)

### **Top Ten Industries** 

---

| | |
|:---|:---|
| **Industries** | **%** |
| U.S. Treasury Obligations | 32.0% |
| Asset-Backed Securities | 13.8% |
| Private Credit Securities | 7.8% |
| Mortgage-Backed Securities | 7.7% |
| U.S. Government Agency Obligations | 4.5% |
| Banks | 3.4% |
| Software | 2.8% |
| Electric | 2.7% |
| Oil & Gas | 1.8% |
| Pipelines | 1.6% |

---

### **Top Ten Holdings** 

---

| | |
|:---|:---|
| **Holdings** | **%** |
| U.S. Treasury Notes, 3.75%, due 12/31/28 | 16.0% |
| U.S. Treasury Notes, 3.63%, due 08/15/28 | 16.0% |
| Morgan Stanley Residential Mortgage Loan Trust, Class A1, 5.96%, due 03/25/70 | 3.8% |
| PK ALIFT Loan Funding 3 LP, Class D, 7.49%, due 09/15/39 | 2.9% |
| Federal National Mortgage Association, 5.00%, due 01/01/40 | 2.5% |
| Toyota Auto Receivables Owner Trust, Class A3, 4.83%, due 10/16/28 | 2.5% |
| GM Financial Consumer Automobile Receivables Trust, Class A3, 4.40%, due 08/16/29 | 2.4% |
| MF1 Trust, Class C, 6.97%, due 08/18/41 | 2.0% |
| Fiserv, Inc., 3.20%, due 07/01/26 | 2.0% |
| Federal National Mortgage Association, 5.00%, due 09/01/40 | 2.0% |

---

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

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

TSR AR PRSD

------

(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) Audit Fees.

For the fiscal years ending October 31, 2025 and October 31, 2024, the aggregate audit fees billed for professional services rendered by the principal accountant, Ernst & Young LLP ("EY"), were $262,153 and $101,717, 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) Audit-Related Fees.

For the fiscal years ending October 31, 2025 and October 31, 2024, 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) Tax Fees.

For the fiscal years ending October 31, 2025 and October 31, 2024, the aggregate tax fees billed for professional services rendered by EY for the review of year-end distribution requirements were $19,872 and $11,538, respectively.

(d) All Other Fees.

For the fiscal years ended October 31, 2025 and October 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 October 31, 2025 and October 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 $9,637,151 and $9,556,710, respectively.

------

(e)(1) Audit Committee Pre-Approval Policies and Procedures.

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 | $3.4 | $3.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All Other Fees | $15.8 | $15.0 |

---

<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
October 31, 2025

## SSGA Active Trust
SPDR Bridgewater All Weather 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.**![](g28600img6bb4b3621.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Consolidated Schedule of Investments (N-CSR Item 6)](#xx_cacb40de-d67d-4db4-93b7-9668fd284445_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR Bridgewater All Weather ETF (ALLW)](#xx_cacb40de-d67d-4db4-93b7-9668fd284445_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **[Consolidated Statement of Assets and Liabilities (N-CSR Item 7)](#xx_eba7eff1-d2c2-4abf-90a5-57eac62c9cb2_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| **[Consolidated Statement of Operations (N-CSR Item 7)](#xx_a638921b-a575-4982-892c-73d259686d89_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| **[Consolidated Statement of Changes in Net Assets (N-CSR Item 7)](#xx_1a660219-fdc0-477b-bb4c-549b1811ae04_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| **[Consolidated Financial Highlights (N-CSR Item 7)](#xx_00a8fb5d-6faa-4fe9-b72b-e8b1349cb614_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **[Notes to Consolidated Financial Statements (N-CSR Item 7)](#xx_10c88e50-4efa-4842-8996-7377a94de5a4_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_39de3ec2-f022-4f22-b8c3-61201555bca7_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_6fd3d7e7-053b-4d2b-b4ae-7c912c8c5d85_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;18 |

---

#### 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_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. TREASURY OBLIGATIONS — 38.0%** |  |  |
| U.S. Treasury Bills 3.74%, 4/9/2026 <br>| &nbsp;&nbsp;$35160000 | &nbsp;&nbsp;$34591384 |
| U.S. Treasury Inflation-Indexed Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.13%, 2/15/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303592 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.13%, 2/15/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8204085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4539807 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.25%, 2/15/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6697006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4028929 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 2/15/2043<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207677 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 2/15/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9433351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7541706 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.75%, 2/15/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10468925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7909764 |
| &nbsp;&nbsp;&nbsp;&nbsp;0.88%, 2/15/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174797 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 2/15/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5714813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463804 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 2/15/2048<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3941010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992397 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.00%, 2/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3540240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648058 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 2/15/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10369176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8959211 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.50%, 2/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7192680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5842507 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 2/15/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4883925 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 2/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7256769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6794858 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.38%, 2/15/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7319859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245660 |
| U.S. Treasury Inflation-Indexed Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;0.63%, 7/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659157 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.13%, 1/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20363812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19725852 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.38%, 7/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20292826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19981696 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.75%, 1/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22716160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22822642 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 7/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23357824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23707279 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.88%, 7/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17554338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17713767 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 1/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24815396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25551134 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $245,746,983)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;247289603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 20.8%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 20.8%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 20.8%** |
| SPDR Portfolio Emerging Markets ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580119 | &nbsp;&nbsp;$27602062 |
| SPDR S&P China ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18886554 |
| State Street SPDR Portfolio S&P 500 ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88789572 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $122,763,135)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;135278188 |
| **SHORT-TERM INVESTMENT — 37.5%** | **SHORT-TERM INVESTMENT — 37.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.05% (b) (c)<br>(Cost $243,862,403) | 243862403 | &nbsp;&nbsp;&nbsp;&nbsp;243862403 |
| **TOTAL INVESTMENTS — 96.3%<br>(Cost $612,372,521)<br>** | **TOTAL INVESTMENTS — 96.3%<br>(Cost $612,372,521)<br>** | &nbsp;&nbsp;&nbsp;626430194 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 3.7% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 3.7% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;24081626 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $650511820 |

---

(a) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended October 31, 2025 are shown in the Affiliate Table below.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended October 31, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at October 31, 2025.

At October 31, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 10 Year U.S. Treasury Note Futures (long) | 1479 | 12/19/2025 | $166507140 | $166641703 | $134563 |
| COMEX Gold 100 Troy Ounces Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;211 | 12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;76638476 | &nbsp;&nbsp;&nbsp;&nbsp;84316972 | &nbsp;&nbsp;&nbsp;&nbsp;7678496 |
| Eurex 10 Year Euro BUND Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;787 | 12/08/2025 | &nbsp;&nbsp;&nbsp;116904932 | &nbsp;&nbsp;&nbsp;117532101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627169 |
| Eurex EURO STOXX 50 Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;925 | 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;58845327 | &nbsp;&nbsp;&nbsp;&nbsp;60524226 | &nbsp;&nbsp;&nbsp;&nbsp;1678899 |
| FTSE 100 Index Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;203 | 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;25051365 | &nbsp;&nbsp;&nbsp;&nbsp;25993704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942339 |
| Long Gilt Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;391 | 12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;46793917 | &nbsp;&nbsp;&nbsp;&nbsp;48094024 | &nbsp;&nbsp;&nbsp;&nbsp;1300107 |
| SFE 10 Year Australian Bond Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;795 | 12/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;59153127 | &nbsp;&nbsp;&nbsp;&nbsp;59129248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23879) |
| SFE S&P ASX Share Price Index 200 Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;167 | 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;24392902 | &nbsp;&nbsp;&nbsp;&nbsp;24303289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89613) |
| TSE TOPIX Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;147 | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;30061783 | &nbsp;&nbsp;&nbsp;&nbsp;31813184 | &nbsp;&nbsp;&nbsp;&nbsp;1751401 |
| U.S. Long Bond Futures (long) | &nbsp;&nbsp;&nbsp;&nbsp;770 | 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;89332500 | &nbsp;&nbsp;&nbsp;&nbsp;90330625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998125 |
|  |  |  |  |  | $14997607 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

During the period ended October 31, 2025, the average notional value related to futures contracts was $327,175,393.

#### TOTAL RETURN SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Total Return** | **Reference<br> Entity** | **Floating<br> Rate** | **Payment<br> Frequency** | **Currency** | **Notional<br> Amount** | **Maturity<br> Date** | **Counterparty<br> (OTC)** | **Upfront<br> Payments<br> Paid/<br> Received** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Value** |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $9819495 | 12/15/2025 | BNP Paribas SA | $— | $652524 | $652524 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1806000 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $39396 | $39396 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $3022000 | 12/15/2025 | JPMorgan Securities LLC | $— | $80187 | $80187 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | Quarterly | USD | $15455235 | &nbsp;&nbsp;3/16/2026 | Goldman Sachs & Co. LLC | $— | $447303 | $447303 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | Quarterly | USD | $25863640 | &nbsp;&nbsp;6/15/2026 | JPMorgan Securities LLC | $— | $748542 | $748542 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $900000 | 12/15/2025 | BNP Paribas SA | $— | $19373 | $19373 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $2139000 | 12/15/2025 | JPMorgan Securities LLC | $— | $32100 | $32100 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $770000 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $8429 | $8429 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $5530000 | 12/15/2025 | JPMorgan Securities LLC | $— | $97237 | $97237 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1800000 | 12/15/2025 | Citibank NA | $— | $59701 | $59701 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1213000 | 12/15/2025 | JPMorgan Securities LLC | $— | $19606 | $19606 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $3782000 | 12/15/2025 | JPMorgan Securities LLC | $— | $73618 | $73618 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $2700000 | 12/15/2025 | BNP Paribas SA | $— | $30243 | $30243 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $4846000 | 12/15/2025 | Citibank NA | $— | $84660 | $84660 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $8255000 | 12/15/2025 | Bank of America NA | $— | $(10284) | $(10284) |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $2685000 | 12/15/2025 | Citibank NA | $— | $37705 | $37705 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $3350000 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $(13432) | $(13432) |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $2615716 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $15351 | $15351 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1675000 | 12/15/2025 | Bank of America NA | $— | $18785 | $18785 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1552000 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $9426 | $9426 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $2400000 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $11123 | $11123 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $2926000 | 12/15/2025 | JPMorgan Securities LLC | $— | $137888 | $137888 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br> Total Return** | **Reference<br> Entity** | **Floating<br> Rate** | **Payment<br> Frequency** | **Currency** | **Notional<br> Amount** | **Maturity<br> Date** | **Counterparty<br> (OTC)** | **Upfront<br> Payments<br> Paid/<br> Received** | **Unrealized<br> Appreciation<br> (Depreciation)** | **Value** |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1375000 | 12/15/2025 | BNP Paribas SA | $— | $63710 | $63710 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1235000 | 12/15/2025 | JPMorgan Securities LLC | $— | $55367 | $55367 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $2212913 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $86948 | $86948 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1139000 | 12/15/2025 | JPMorgan Securities LLC | $— | $52753 | $52753 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $13937524 | &nbsp;&nbsp;9/15/2026 | JPMorgan Securities LLC | $— | $418758 | $418758 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $9469219 | &nbsp;&nbsp;3/16/2026 | Goldman Sachs & Co. LLC | $— | $284506 | $284506 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1597801 | 12/15/2025 | Citibank NA | $— | $48006 | $48006 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1031608 | 12/15/2025 | Bank of America NA | $— | $30995 | $30995 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $7363163 | 12/15/2025 | BNP Paribas SA | $— | $221229 | $221229 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1650000 | 12/15/2025 | BNP Paribas SA | $— | $56667 | $56667 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $770000 | 12/15/2025 | JPMorgan Securities LLC | $— | $33049 | $33049 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1900000 | &nbsp;&nbsp;3/16/2026 | BNP Paribas SA | $— | $88016 | $88016 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $888000 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $34445 | $34445 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $276000 | 12/15/2025 | BNP Paribas SA | $— | $6826 | $6826 |
| Receive | Bloomberg Commodity Index Total Return | U.S. Treasury 3 Month Bill | At Maturity | USD | $1500000 | 12/15/2025 | Goldman Sachs & Co. LLC | $— | $46739 | $46739 |
| **Total** |  |  |  |  |  |  |  | **$—** | **$4127495** | **$4127495** |

---

During the period ended October 31, 2025, the average notional value related to OTC swaps contracts was $77,396,388.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of October 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:** |  |  |  |  |
| U.S. Treasury Obligations<br>| $— | $247289603 | $— | $247289603 |
| Mutual Funds and Exchange Traded Products<br>| &nbsp;&nbsp;135278188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;135278188 |
| Short-Term Investment<br>| &nbsp;&nbsp;243862403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;243862403 |
| **TOTAL INVESTMENTS<br>**  | $379140591 | $247289603 | $— | $626430194 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Futures Contracts - Unrealized Appreciation<br>| $15111099 | $— | $— | $15111099 |
| Futures Contracts - Unrealized Depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113492) |
| Total Return Swap Contracts - Unrealized Appreciation<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;4151211 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151211 |
| Total Return Swap Contracts - Unrealized Depreciation<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;(23716) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23716) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $14997607 | $4127495 | $— | $19125102 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 3/6/25\*** | **Value at<br>3/6/25\*** | **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> 10/31/25** | **Value at<br>10/31/25** | **Dividend<br> Income** |
| SPDR Portfolio Emerging Markets ETF<br>|  | $— | $25090819 | $— | $— | $2511243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580119 | $27602062 | $123960 |
| SPDR S&P China ETF<br>|  | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;17488340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1398214 | &nbsp;&nbsp;&nbsp;&nbsp;185344 | &nbsp;&nbsp;&nbsp;18886554 | &nbsp;&nbsp;&nbsp;&nbsp;67704 |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>|  | &nbsp;&nbsp;— | &nbsp;&nbsp;265884652 | &nbsp;&nbsp;22022249 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 243862403 | &nbsp;&nbsp;243862403 | &nbsp;&nbsp;2838964 |
| State Street SPDR Portfolio S&P 500 ETF<br>|  | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;80183976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8605596 | &nbsp;&nbsp;&nbsp;1106550 | &nbsp;&nbsp;&nbsp;88789572 | &nbsp;&nbsp;&nbsp;&nbsp;313027 |
| Total<br>|  | $— | $388647787 | $22022249 | $— | $12515053 |  | $379140591 | $3343655 |

---

\* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

#### October 31, 2025

------

---

| | |
|:---|:---|
| **ASSETS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;$247289603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;379140591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;626430194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9579535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15007612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for accumulated variation margin on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35156225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886838 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from Adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24005 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;695721916 |
| **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign cash due to broker, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6746952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38071937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387598 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;45210096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $650511820 |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $596109136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;54402684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $650511820 |
| **NET ASSET VALUE PER SHARE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $28.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;22750000 |
| **COST OF INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$245746983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;366625538 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $612372521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency at broker, at cost<br>| $6824819 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED STATEMENT OF OPERATIONS

#### For the period ended October 31, 2025

------

---

| | |
|:---|:---|
|  | **For the Period<br> 3/6/25\*-<br> 10/31/25** |
| **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3812653 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343655 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;7156308 |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;1415469 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $5740839 |
| **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;2252009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1774564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6727238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12515053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14997607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;33260642 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;39987880 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $45728719 |

---

<br> \* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS

------

---

| | |
|:---|:---|
|  | **For the Period<br> 3/6/25\*-<br> 10/31/25** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5740839 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6727238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;33260642 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;45728719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7275188 |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608522481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4044233) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7275188) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304853 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;597507913 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;650511820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **NET ASSETS AT END OF PERIOD<br>**  | $650511820 |
| **SHARES OF BENEFICIAL INTEREST:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22900000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;22750000 |

---

<br> \* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED FINANCIAL HIGHLIGHTS

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

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**SPDR Bridgewater All Weather ETF** |
|  | &nbsp;&nbsp;**For the<br> Period<br> 3/6/25\*-<br> 10/31/25** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$25.00 |
| **Income (loss) from investment operations:** |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$28.59 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$650512 |
| **Ratios to average net assets:** |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80%(d) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%(d) |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99%(f) |

---

\* Commencement of operations.

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

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

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

(d) Annualized.

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

(f) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

#### October 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 October 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 at $0.01 par value. The financial statements herein relate to the SPDR Bridgewater All Weather ETF (the "Fund"), a diversified investment company under the 1940 Act, formed on March 5, 2025 and commenced operations on March 6, 2025, and the State Street All Weather Strategy Cayman Ltd., a wholly-owned subsidiary of the Fund that is an exempted limited company organized under the laws of the Cayman Islands (the "Subsidiary").

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.

The Fund consolidates its investments in the Subsidiary. All material intercompany balances and transactions have been eliminated.

#### 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 the 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 the 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.

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day's published net asset value ("NAV") per share or unit.

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is "cleaned" from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event the advisor is unable to obtain an independent, third–party valuation the agreements will be fair valued.

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 October 31, 2025 is disclosed in the Fund's Consolidated Schedule of Investments.

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

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock, are recorded as dividend income at fair value. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

#### 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. Class specific expenses are borne by each class.

#### Foreign Currency Translation
The accounting records of the Fund are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

#### Foreign Taxes
The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in the Statement of Operations, if applicable. Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Fund's Statement of Assets and Liabilities.

#### Equalization
The Fund follows the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Consolidated Statements of Changes in Net Assets.

#### Distributions
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. 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.

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

#### Futures Contracts
The Fund may enter into futures contracts to meet the Fund's objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Consolidated Schedule of Investments and cash deposited, if any, is included in Net cash at broker on the

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

Consolidated Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

#### Swaps
The Fund may enter into swap agreements, in which the Fund and counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("BL OTC") or centrally cleared ("centrally cleared swaps"). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation).

A BL OTC swap is a transaction between a fund and dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. For BL OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as credit default swap contracts premiums paid and credit default swap contracts premiums received, respectively, in the Consolidated Statement of Assets and Liabilities and amortized to realized gain/loss ratably over the term of the BL OTC swap. Payments received or made by the Fund for BL OTC swaps are recorded in the Consolidated Statement of Operations as realized gains or losses,respectively. When a BL OTC swap is terminated, the Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid.

A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty ("CCP"), with whom a exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.

The Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin if any, are designated on the Consolidated Schedule of Investments and cash deposited is segregated and recorded on the Consolidated Statement of Assets and Liabilities as Net cash at Broker. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Consolidated Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Consolidated Statement of Operations. For both bi-lateral and centrally cleared OTC swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination.

#### Total Return Swaps
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments on the total return (coupon plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty.

#### Risks associated with Derivatives
Derivative financial instruments involve to varying degrees, elements of credit, market and/or interest rate risk in excess of the amounts reported in the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

Derivative transactions can create investment leverage and may be highly volatile. Use of derivatives other than for hedging purposes may be considered speculative. When a Fund invests in a derivative instrument, the future exposure is potentially unlimited. The value of a derivative instrument will depend on the ability and the willingness of a Fund's derivative counterparty to perform its obligations under the transaction. A liquid secondary market may not always exist for a Fund's derivative positions at any time and may impact the Fund's ability to establish fair market value of a derivative transaction and close out derivative positions. Although the use of derivatives is intended to complement a Fund's performance, it may instead reduce returns and increase volatility. The measurement of the risks associated with derivative instruments is meaningful only when all related and offsetting transactions are considered. A Fund must set aside liquid assets or engage in other appropriate measures to cover its obligations under these derivative instruments.

Certain derivatives, including forward foreign currency contracts and some swap contracts, as applicable, are entered into under the terms and conditions of an ISDA Master Agreement , which are separately negotiated with each counterparty. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Consolidated Statement of Assets and Liabilities as cash pledged as collateral and Foreign cash due to broker, at value, respectively. Non-cash collateral pledged or received by a Fund, if any, is noted in the Fund's Consolidated Schedule of Investments. Notional principal amounts are one component used to calculate the amount of exposure to the underlying instrument, but is not the amount delivered under the contract. Accordingly, credit risk is limited to any amounts receivable from the counterparty. To reduce credit risk from potential counterparty default, a Fund enters into swap contracts with counterparties whose creditworthiness have has been recommended by SSGA FM approved by the Board. The Fund bears the market risk arising from any change in index or security values or interest rates.

The following tables summarize the value of the Fund's derivative instruments as of October 31, 2025, and the related location in the accompanying Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Bridgewater All Weather ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$3036085 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11971527 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15007612 |
| &nbsp;&nbsp;&nbsp;Swap Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3503977 | &nbsp;&nbsp;&nbsp;&nbsp;3503977 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Bridgewater All Weather ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$(375014) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6605238 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6230224 |
| &nbsp;&nbsp;&nbsp;Swap Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1774564) | &nbsp;&nbsp;&nbsp;(1774564) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Bridgewater All Weather ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;$3036085 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11961522 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14997607 |
| &nbsp;&nbsp;&nbsp;Swap Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4127495 | &nbsp;&nbsp;&nbsp;&nbsp;4127495 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** | **Offsetting of Financial Assets and Derivative Assets** |
|  | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** |
| **Counterparty** | **Gross Amounts<br> of Assets** | **Amount<br> Eligible<br> to Offset** | **Cash Collateral<br> Received** | **Net<br> Amount** |
| Bank of America NA<br>| $49780 | $(10284) | $— | $39496 |
| BNP Paribas SA<br>| &nbsp;&nbsp;&nbsp;1138588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1138588 |
| Citibank NA<br>| &nbsp;&nbsp;&nbsp;&nbsp;230072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;230072 |
| Goldman Sachs & Co. LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970234 |
| JPMorgan Securities LLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599105 |
|  | $4151211 | $(23716) | $(1150000) | $2977495 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** | **Offsetting of Financial Liabilities and Derivative Liabilities** |
|  | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** |
| **Counterparty** | **Gross Amounts<br> of Liabilities** | **Amount<br> Eligible<br> to Offset** | **Cash Collateral<br> Pledged** | **Net<br> Amount** |
| Bank of America NA<br>| $(10284) | $10284 | $— | $— |
| Goldman Sachs & Co. LLC<br>| &nbsp;&nbsp;&nbsp;(13432) | &nbsp;&nbsp;&nbsp;13432 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  | $(23716) | $23716 | $— | $— |

---

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

#### Advisory Fee
The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services, the Fund pays the Adviser a management fee at an annual rate of 0.85% of its average daily net assets. The fees are accrued daily and paid monthly.

With respect to the Fund, the Advisory fee is reduced by the acquired fund fees and expenses attributable to the Fund investments in other investment companies (except acquired fund fees and expenses associated with holdings of acquired funds for cash management purposes) and as a result, the net annualized advisory fee was 0.79% for the period ended October 31, 2025.

From time to time, the Adviser may waive all or a portion of its management fee. The Adviser pays all expenses of the Fund other than the management fee, acquired fund fees and expenses associated with holdings of acquired funds for cash management purposes, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee's counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

Bridgewater Associates, LP receives fees for its services as the Sub-Adviser to the Funds from the Adviser.

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

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

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

#### Other Transactions with Affiliates
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 period ended October 31, 2025, are disclosed in the Consolidated 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 period ended October 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Government Obligations** | **U.S. Government Obligations** | **Other Securities** |
|  | **Purchases** | **Sales** | **Purchases** |
| SPDR Bridgewater All Weather ETF<br>| $518628154 | $160730977 | $122763135 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. 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.

The Fund will file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction.

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 wash sale loss deferrals, currency gains and losses, futures contracts, and income and/or gains derived from the Cayman subsidiary.

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

At October 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** |
| SPDR Bridgewater All Weather ETF<br>| $22732590 | $(5689252) | $4098704 | $20083844 | $41225886 |

---

As of October 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)** |
| SPDR Bridgewater All Weather ETF<br>| $627138026 | $20072612 | $5755887 | $14316725 |

---

9.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Market Risk
The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investing in 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, inflation, 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, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.

#### Equity Investing Risk
The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

#### Debt Securities Risk
The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

10.&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_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of SPDR Bridgewater All Weather ETF and the Board of Trustees of SSGA Active Trust

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statement of assets and liabilities of SPDR Bridgewater All Weather ETF (the "Fund") (one of the funds constituting SSGA Active Trust (the "Trust")), including the consolidated schedule of investments, as of October 31, 2025, and the related consolidated statements of operations and changes in net assets, and the consolidated financial highlights for the period from March 6, 2025 (commencement of operations) through October 31, 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 consolidated financial position of the Fund (one of the funds constituting SSGA Active Trust) at October 31, 2025, and the consolidated results of its operations and changes in its net assets, and its consolidated financial highlights for the period from March 6, 2025 (commencement of operations) through October 31, 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 audit. 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 audit 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 audit, 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 audit 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 October 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 audit 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 audit provides a reasonable basis for our opinion.

![](g28600img9ce8913f2.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

December 22, 2025

------

[**Table of Contents**](#JOB_SPDR__dcbe1f46-6d6b-49fb-944a-31da62da8b8e_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### SPDR BRIDGEWATER ALL WEATHER ETF

#### OTHER INFORMATION

#### October 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 October 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.

#### Interest Dividends
The Fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

#### Qualified Interest Income
The Fund reports the maximum amount allowable of its net taxable income and short-term capital gain as qualified interest income.

#### Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal period ended October 31, 2025 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

------

## Annual Financial Statements and Other Information
October 31, 2025

## SSGA Active Trust
SPDR Galaxy Transformative Tech Accelerators ETF <br> SPDR Galaxy Digital Asset Ecosystem ETF <br> SPDR Galaxy Hedged Digital Asset Ecosystem 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.**![](g28600imgc5a68aa61.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[(Consolidated) Schedules of Investments (N-CSR Item 6)](#xx_93cc4f83-e95c-4567-9c0f-8a93aa687435_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR Galaxy Transformative Tech Accelerators ETF](#xx_93cc4f83-e95c-4567-9c0f-8a93aa687435_1)**[(](#xx_93cc4f83-e95c-4567-9c0f-8a93aa687435_1)**[TEKX](#xx_93cc4f83-e95c-4567-9c0f-8a93aa687435_1)**[)](#xx_93cc4f83-e95c-4567-9c0f-8a93aa687435_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR Galaxy Digital Asset Ecosystem ETF](#xx_26ba3b87-8d9f-4540-99f4-f3604a8c632f_1)**[(](#xx_26ba3b87-8d9f-4540-99f4-f3604a8c632f_1)**[DECO](#xx_26ba3b87-8d9f-4540-99f4-f3604a8c632f_1)**[)](#xx_26ba3b87-8d9f-4540-99f4-f3604a8c632f_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;[SPDR Galaxy Hedged Digital Asset Ecosystem ETF](#xx_3671f07a-0ab3-40c0-8ef0-be6bf9b36c98_1)**[(](#xx_3671f07a-0ab3-40c0-8ef0-be6bf9b36c98_1)**[HECO](#xx_3671f07a-0ab3-40c0-8ef0-be6bf9b36c98_1)**[)](#xx_3671f07a-0ab3-40c0-8ef0-be6bf9b36c98_1)**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| **[(Consolidated) Financial Statements (N-CSR Item 7)](#xx_cc854c7d-b32c-4a9a-bdb4-5dc3ede6dfab_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| **[(Consolidated) Financial Highlights (N-CSR Item 7)](#xx_025305c3-4a4d-44f1-8517-ad14685a6e4f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;13 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_7f03b7be-0283-49d2-b4ea-3b5196da785c_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_a831d49d-dad9-40ff-bf54-bb4de5050b10_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;25 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_724041b3-d874-4a18-a4f7-d2832ad682e8_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;26 |

---

#### 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 (N-CSR Item 11) - Not Applicable

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SPDR GALAXY TRANSFORMATIVE TECH ACCELERATORS ETF

#### SCHEDULE OF INVESTMENTS

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |
| **CAPITAL MARKETS — 3.1%** | **CAPITAL MARKETS — 3.1%** | **CAPITAL MARKETS — 3.1%** |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;$49161 |
| Etoro Group Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81922 |
| **CHEMICALS — 0.1%** | **CHEMICALS — 0.1%** | **CHEMICALS — 0.1%** |
| Solstice Advanced Materials, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 |
| **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** | **CONSUMER FINANCE — 0.7%** |
| Figure Technology Solutions, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17701 |
| **DIVERSIFIED CONSUMER SERVICES — 0.7%** | **DIVERSIFIED CONSUMER SERVICES — 0.7%** | **DIVERSIFIED CONSUMER SERVICES — 0.7%** |
| Lincoln Educational Services Corp. (a) | &nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17633 |
| **ELECTRIC UTILITIES — 5.8%** | **ELECTRIC UTILITIES — 5.8%** | **ELECTRIC UTILITIES — 5.8%** |
| Alliant Energy Corp. | 1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72099 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155505 |
| **ELECTRICAL EQUIPMENT — 15.5%** | **ELECTRICAL EQUIPMENT — 15.5%** | **ELECTRICAL EQUIPMENT — 15.5%** |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76694 |
| Hubbell, Inc. | &nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101990 |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77072 |
| Schneider Electric SE | &nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66751 |
| Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413151 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.4%** |
| Amphenol Corp. Class A | &nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32048 |
| Coherent Corp. (a) | &nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91562 |
| **FINANCIAL SERVICES — 9.0%** | **FINANCIAL SERVICES — 9.0%** | **FINANCIAL SERVICES — 9.0%** |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70655 |
| Shift4 Payments, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36554 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82118 |
| Willow Lane Acquisition Corp. Class A (a) | 3967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240581 |
| **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 1.9%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 1.9%** | **INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 1.9%** |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49899 |
| **INDUSTRIAL CONGLOMERATES — 1.1%** | **INDUSTRIAL CONGLOMERATES — 1.1%** | **INDUSTRIAL CONGLOMERATES — 1.1%** |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30803 |
| **INTERACTIVE MEDIA & SERVICES — 2.6%** | **INTERACTIVE MEDIA & SERVICES — 2.6%** | **INTERACTIVE MEDIA & SERVICES — 2.6%** |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68329 |
| **METALS & MINING — 1.6%** | **METALS & MINING — 1.6%** | **METALS & MINING — 1.6%** |
| Freeport-McMoRan, Inc. | 1002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41783 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **MULTI-UTILITIES — 2.8%** | **MULTI-UTILITIES — 2.8%** | **MULTI-UTILITIES — 2.8%** |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;$74035 |
| **OIL, GAS & CONSUMABLE FUELS — 2.6%** | **OIL, GAS & CONSUMABLE FUELS — 2.6%** | **OIL, GAS & CONSUMABLE FUELS — 2.6%** |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70103 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.6%** |
| Landbridge Co. LLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43727 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.2%** |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99300 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52277 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247114 |
| **SOFTWARE — 33.5%** | **SOFTWARE — 33.5%** | **SOFTWARE — 33.5%** |
| Bitfarms Ltd. (a) | 16134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64052 |
| Core Scientific, Inc. (a) | 22696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488872 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79225 |
| Riot Platforms, Inc. (a) | &nbsp;&nbsp;8007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158378 |
| Strategy, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894019 |
| **SPECIALIZED REITs — 2.6%** | **SPECIALIZED REITs — 2.6%** | **SPECIALIZED REITs — 2.6%** |
| Equinix, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70219 |
| **TOTAL COMMON STOCKS<br>(Cost $2,017,163)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2609799 |
| **SHORT-TERM INVESTMENT — 2.2%** | **SHORT-TERM INVESTMENT — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.05% (b) (c)<br>(Cost $59,367) | 59367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59367 |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $2,076,530)<br>** | **TOTAL INVESTMENTS — 100.0%<br>(Cost $2,076,530)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;2669166 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% <sup>\*</sup><br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% <sup>\*</sup><br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $2669622 |

---

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended October 31, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at October 31, 2025.

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

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

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SPDR GALAXY TRANSFORMATIVE TECH ACCELERATORS ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of October 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>| $2609799 | $— | $— | $2609799 |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59367 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59367 |
| **TOTAL INVESTMENTS<br>**  | $2669166 | $— | $— | $2669166 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 10/31/24** | **Value at<br>10/31/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 10/31/25** | **Value at<br>10/31/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 23313 | $23313 | $809150 | $773096 | $— | $— | 59367 | $59367 | $1525 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SPDR GALAXY DIGITAL ASSET ECOSYSTEM ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 79.3%** | **COMMON STOCKS — 79.3%** | **COMMON STOCKS — 79.3%** |
| **BANKS — 3.0%** | **BANKS — 3.0%** | **BANKS — 3.0%** |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;$484725 |
| **CAPITAL MARKETS — 9.7%** | **CAPITAL MARKETS — 9.7%** | **CAPITAL MARKETS — 9.7%** |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335671 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242021 |
| Etoro Group Ltd. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;6722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249118 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;2192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359488 |
| Robinhood Markets, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555156 |
| **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** |
| Figure Technology Solutions, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100861 |
| **ELECTRICAL EQUIPMENT — 6.1%** | **ELECTRICAL EQUIPMENT — 6.1%** | **ELECTRICAL EQUIPMENT — 6.1%** |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310546 |
| Vertiv Holdings Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970127 |
| **FINANCIAL SERVICES — 7.3%** | **FINANCIAL SERVICES — 7.3%** | **FINANCIAL SERVICES — 7.3%** |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379769 |
| Shift4 Payments, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199768 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369703 |
| Willow Lane Acquisition Corp. Class A (a) | &nbsp;&nbsp;17310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172885 |
| **INTERACTIVE MEDIA & SERVICES — 3.2%** | **INTERACTIVE MEDIA & SERVICES — 3.2%** | **INTERACTIVE MEDIA & SERVICES — 3.2%** |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368922 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508317 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.8%** |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548251 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257919 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649381 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888170 |
| **SOFTWARE — 37.6%** | **SOFTWARE — 37.6%** | **SOFTWARE — 37.6%** |
| Bitfarms Ltd. (a) | 104603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415274 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Cipher Mining, Inc. (a) | &nbsp;&nbsp;27275 | &nbsp;&nbsp;$508679 |
| Cleanspark, Inc. (a) | &nbsp;&nbsp;36390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647742 |
| Core Scientific, Inc. (a) | 149455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219261 |
| Riot Platforms, Inc. (a) | &nbsp;&nbsp;61594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009285 |
| **TOTAL COMMON STOCKS<br>(Cost $8,018,778)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12689526 |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 18.7%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 18.7%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 18.7%** |
| iShares Bitcoin Trust ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;38725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412567 |
| iShares Ethereum Trust ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254258 |
| Solana ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;16683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327320 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $2,949,979)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994145 |
| **SHORT-TERM INVESTMENT — 2.0%** | **SHORT-TERM INVESTMENT — 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.05% (b) (c)<br>(Cost $314,787) | 314787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314787 |
| **TOTAL INVESTMENTS — 100.0%<br>(Cost $11,283,544)<br>** | **TOTAL INVESTMENTS — 100.0%<br>(Cost $11,283,544)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;15998458 |
| **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;&nbsp;&nbsp;(3382) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $15995076 |

---

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended October 31, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at October 31, 2025.

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

ADR American Depositary Receipt

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of October 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>| $12689526 | $— | $— | $12689526 |
| Mutual Funds and Exchange Traded Products<br>| &nbsp;&nbsp;&nbsp;&nbsp;2994145 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2994145 |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314787 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314787 |
| **TOTAL INVESTMENTS<br>**  | $15998458 | $— | $— | $15998458 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SPDR GALAXY DIGITAL ASSET ECOSYSTEM ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 10/31/24** | **Value at<br>10/31/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 10/31/25** | **Value at<br>10/31/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 71452 | $71452 | $3798149 | $3554814 | $— | $— | 314787 | $314787 | $8261 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SPDR GALAXY HEDGED DIGITAL ASSET ECOSYSTEM ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 80.2%** | **COMMON STOCKS — 80.2%** | **COMMON STOCKS — 80.2%** |
| **BANKS — 3.1%** | **BANKS — 3.1%** | **BANKS — 3.1%** |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;9504 | &nbsp;&nbsp;$2956884 |
| **CAPITAL MARKETS — 9.9%** | **CAPITAL MARKETS — 9.9%** | **CAPITAL MARKETS — 9.9%** |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051925 |
| Coinbase Global, Inc. Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;4345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493724 |
| Etoro Group Ltd. Class A (a) | &nbsp;&nbsp;41140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524648 |
| Morgan Stanley | &nbsp;&nbsp;13272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2176608 |
| Robinhood Markets, Inc. Class A (a) | &nbsp;&nbsp;15342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2251899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9498804 |
| **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** | **CONSUMER FINANCE — 0.6%** |
| Figure Technology Solutions, Inc. Class A (a) | &nbsp;&nbsp;15727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622789 |
| **ELECTRICAL EQUIPMENT — 6.1%** | **ELECTRICAL EQUIPMENT — 6.1%** | **ELECTRICAL EQUIPMENT — 6.1%** |
| Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944554 |
| Vertiv Holdings Co. Class A | &nbsp;&nbsp;20521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902234 |
| **FINANCIAL SERVICES — 7.5%** | **FINANCIAL SERVICES — 7.5%** | **FINANCIAL SERVICES — 7.5%** |
| Mastercard, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;4192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313942 |
| Shift4 Payments, Inc. Class A (a) | &nbsp;&nbsp;18554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282081 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225373 |
| Willow Lane Acquisition Corp. Class A (a) | 106379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7195813 |
| **INTERACTIVE MEDIA & SERVICES — 3.2%** | **INTERACTIVE MEDIA & SERVICES — 3.2%** | **INTERACTIVE MEDIA & SERVICES — 3.2%** |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272859 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089780 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.8%** |
| Applied Materials, Inc. | &nbsp;&nbsp;13855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229600 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557752 |
| Micron Technology, Inc. | &nbsp;&nbsp;17710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3962967 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;8641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11346335 |
| **SOFTWARE — 38.0%** | **SOFTWARE — 38.0%** | **SOFTWARE — 38.0%** |
| Bitfarms Ltd. (a) | 643586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555037 |
| Cipher Mining, Inc. (a) | 164945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3076224 |
| Cleanspark, Inc. (a) | 224655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998859 |
| Core Scientific, Inc. (a) | 902662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19443340 |
| Riot Platforms, Inc. (a) | 379321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36576429 |
| **TOTAL COMMON STOCKS<br>(Cost $46,868,810)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77189068 |
| **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 18.3%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 18.3%** | **MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 18.3%** |
| iShares Bitcoin Trust ETF<br>| &nbsp;&nbsp;225648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14057870 |
| iShares Ethereum Trust ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;54609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603320 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Value** |
| Solana ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98125 | &nbsp;&nbsp;$1925213 |
| **TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS<br>(Cost $16,924,823)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17586403 |
| **PUT OPTIONS PURCHASED — 1.1%** | **PUT OPTIONS PURCHASED — 1.1%** | **PUT OPTIONS PURCHASED — 1.1%** |
| Alphabet, Inc. (Strike price $230, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 |
| Applied Materials, Inc. (Strike price $200, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11661 |
| Bitfarms Ltd. (Strike price $4, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;544400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323918 |
| Blackrock, Inc. (Strike price $1,120, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42255 |
| Cipher Mining, Inc. (Strike price $15, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;139500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149962 |
| Cleanspark, Inc. (Strike price $17, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260300 |
| Coinbase Global, Inc. (Strike price $300, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18222 |
| iShares Bitcoin Trust ETF (Strike price $56, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60210 |
| iShares Ethereum Trust ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18360 |
| JPMorgan Chase & Co. (Strike price $285, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4207 |
| Lam Research Corp. (Strike price $130, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 |
| Micron Technology, Inc. (Strike price $190, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40800 |
| Morgan Stanley (Strike price $150, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4686 |
| Riot Platforms, Inc. (Strike price $15, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;320900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80225 |
| Robinhood Markets, Inc. (Strike price $120, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26065 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Strike price $280, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18060 |
| Vertiv Holdings Co. (Strike price $160, expiring 11/21/2025)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29406 |
| **TOTAL PURCHASED OPTIONS<br>(Cost $1,954,520)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092797 |
| **SHORT-TERM INVESTMENT — 1.6%** | **SHORT-TERM INVESTMENT — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.05% (b) (c)<br>(Cost $1,505,627) | 1505627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505627 |
| **TOTAL INVESTMENTS — 101.2%<br>(Cost $67,253,780)<br>** | **TOTAL INVESTMENTS — 101.2%<br>(Cost $67,253,780)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;97373895 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;(1156848) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $96217047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SPDR GALAXY HEDGED DIGITAL ASSET ECOSYSTEM ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

(a) Non-income producing security.

(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the year ended October 31, 2025 are shown in the Affiliate Table below.

(c) The rate shown is the annualized seven-day yield at October 31, 2025.

ADR American Depositary Receipt <br> ETF Exchange-Traded Fund

The Fund had the following Written Call Options contracts at October 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** |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 260 | 11/21/2025 | (69) | USD (1794000) | $(20459) | $(23625) | $3166 |
| Alphabet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 275 | 11/21/2025 | (40) | USD (1100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21748) | &nbsp;&nbsp;&nbsp;&nbsp;(29152) |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 170 | 11/21/2025 | (66) | USD (1122000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1619) |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 220 | 11/21/2025 | (150) | USD (3300000) | &nbsp;&nbsp;&nbsp;&nbsp; (245625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123906) | &nbsp;&nbsp;&nbsp;(121719) |
| Vertiv Holdings Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 195 | 11/21/2025 | (174) | USD (3393000) | &nbsp;&nbsp;&nbsp;&nbsp; (185310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147458) | &nbsp;&nbsp;&nbsp;&nbsp;(37852) |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 310 | 11/21/2025 | (47) | USD (1457000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20622) | &nbsp;&nbsp;&nbsp;&nbsp;(17566) |
| Robinhood Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 145 | 11/21/2025 | (130) | USD (1885000) | &nbsp;&nbsp;&nbsp;&nbsp; (152425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74164) | &nbsp;&nbsp;&nbsp;&nbsp;(78261) |
| iShares Bitcoin Trust ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 67 | 11/21/2025 | (892) | USD (5976400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53485 |
| Taiwan Semiconductor<br> Manufacturing Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 320 | 11/21/2025 | (43) | USD (1376000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19565) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32645) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13080 |
| Coinbase Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 370 | 11/21/2025 | (37) | USD (1369000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14440 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 1,230 | 11/21/2025 | (9) | USD (1107000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13498) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12935 |
| Bitfarms Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 11/21/2025 | (5444) | USD (3810800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283716) | &nbsp;&nbsp;&nbsp;&nbsp;229276 |
| Cipher Mining, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 23 | 11/21/2025 | (1395) | USD (3208500) | &nbsp;&nbsp;&nbsp;&nbsp; (209250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78764 |
| iShares Ethereum Trust ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 33 | 11/21/2025 | (272) | USD (897600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20797 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 155 | 11/21/2025 | (49) | USD (759500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (45080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21316) | &nbsp;&nbsp;&nbsp;&nbsp;(23764) |
| Cleanspark, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 25 | 11/21/2025 | (1900) | USD (4750000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279352) | &nbsp;&nbsp;&nbsp;&nbsp;187202 |
| Core Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 30 | 11/21/2025 | (2246) | USD (6738000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62005 |
| Riot Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 30 | 11/21/2025 | (3209) | USD (9627000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80983 |
|  |  |  |  |  |  | $(1395829) | $(1842029) | $446200 |

---

During the year ended October 31, 2025, the average notional value related to written option contracts was $1,050,949.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of October 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>| $77189068 | $— | $— | $77189068 |
| Mutual Funds and Exchange Traded Products<br>| &nbsp;&nbsp;17586403 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;17586403 |
| Put Options Purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;1092797 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1092797 |
| Short-Term Investment<br>| &nbsp;&nbsp;&nbsp;&nbsp;1505627 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1505627 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SPDR GALAXY HEDGED DIGITAL ASSET ECOSYSTEM ETF

#### CONSOLIDATED SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 –<br> Quoted Prices** | **Level 2 –<br> Other Significant<br> Observable Inputs** | **Level 3 –<br> Significant<br> Unobservable Inputs** | **Total** |
| **TOTAL INVESTMENTS<br>**  | $97373895 | $— | $— | $97373895 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Call Options Written - Unrealized Appreciation<br>| $756133 | $— | $— | $756133 |
| Call Options Written - Unrealized Depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309933) | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309933) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $446200 | $— | $— | $446200 |

---

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 10/31/24** | **Value at<br>10/31/24** | **Cost of<br> Purchases** | **Proceeds<br> from<br> Shares Sold** | **Realized<br> Gain (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Number of<br> Shares Held<br> at<br> 10/31/25** | **Value at<br>10/31/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>| 252344 | $252344 | $28884556 | $27631273 | $— | $— | 1505627 | $1505627 | $34215 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### October 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **SPDR Galaxy Transformative Tech Accelerators ETF** | **SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)** | **SPDR Galaxy Hedged Digital Asset Ecosystem ETF<br> (Consolidated)** |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2609799 | $15683671 | $95868268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314787 | &nbsp;&nbsp;&nbsp;&nbsp;1505627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;2669166 | &nbsp;&nbsp;&nbsp;15998458 | &nbsp;&nbsp;&nbsp;97373895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7497 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for foreign taxes recoverable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;2671085 | &nbsp;&nbsp;&nbsp;16003542 | &nbsp;&nbsp;&nbsp;97684456 |
| **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1395829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71503 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8466 | &nbsp;&nbsp;&nbsp;&nbsp;1467409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $2669622 | $15995076 | $96217047 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $2114319 | $11193740 | $76245209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555303 | &nbsp;&nbsp;&nbsp;&nbsp;4801336 | &nbsp;&nbsp;&nbsp;19971838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $2669622 | $15995076 | $96217047 |
| **NET ASSET VALUE PER SHARE** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $44.49 | $55.16 | $46.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp;&nbsp;&nbsp;2070000 |
| **COST OF INVESTMENTS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2017163 | $10968757 | $65748153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314787 | &nbsp;&nbsp;&nbsp;&nbsp;1505627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $2076530 | $11283544 | $67253780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $719 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Written options premium received<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | $— | $1842029 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF OPERATIONS

#### For the Year Ended October 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **SPDR Galaxy Transformative Tech Accelerators ETF** | **SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)** | **SPDR Galaxy Hedged Digital Asset Ecosystem ETF<br> (Consolidated)** |
| **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$22967 | $33742 | $971784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes withheld<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8818) |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997181 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825464 |
| &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;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826360 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $1768 | $(21612) | $170821 |
| **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;249572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204209 | &nbsp;&nbsp;&nbsp;10451166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109739 | &nbsp;&nbsp;&nbsp;3047507 | &nbsp;&nbsp;&nbsp;18456913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2020888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5686438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;359316 | &nbsp;&nbsp;&nbsp;3251716 | &nbsp;&nbsp;&nbsp;21200753 |
| &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;(357350) | &nbsp;&nbsp;&nbsp;3496622 | &nbsp;&nbsp;&nbsp;&nbsp;7146656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;(357329) | &nbsp;&nbsp;&nbsp;3496622 | &nbsp;&nbsp;&nbsp;&nbsp;7222423 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;6748338 | &nbsp;&nbsp;&nbsp;28423176 |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $3755 | $6726726 | $28593997 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

[This Page Intentionally Left Blank]

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SPDR Galaxy Transformative Tech Accelerators ETF** | **SPDR Galaxy Transformative Tech Accelerators ETF** | **SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)** | **SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)** |
|  | **Year Ended<br> 10/31/25** | **For the Period<br> 9/10/24\*-<br> 10/31/24** | **Year Ended<br> 10/31/25** | **For the Period<br> 9/10/24\*-<br> 10/31/24** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1768 | $(238) | $(21612) | $(1261) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192916 | &nbsp;&nbsp;&nbsp;&nbsp;3251716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949986 | &nbsp;&nbsp;&nbsp;&nbsp;3496622 | &nbsp;&nbsp;&nbsp;1218292 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3755 | &nbsp;&nbsp;&nbsp;1142664 | &nbsp;&nbsp;&nbsp;&nbsp;6726726 | &nbsp;&nbsp;&nbsp;1361808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118131 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;10335462 | &nbsp;&nbsp;&nbsp;5274115 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6401886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(7561759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;(3283617) | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;2781444 | &nbsp;&nbsp;&nbsp;5274170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;(3473042) | &nbsp;&nbsp;&nbsp;6142664 | &nbsp;&nbsp;&nbsp;&nbsp;9359153 | &nbsp;&nbsp;&nbsp;6635923 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;6142664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6635923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **NET ASSETS AT END OF PERIOD<br>**  | $2669622 | $6142664 | $15995076 | $6635923 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210000 |

---

<br> \* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

------

---

| | |
|:---|:---|
| **SPDR Galaxy Hedged Digital Asset Ecosystem ETF<br> (Consolidated)** | **SPDR Galaxy Hedged Digital Asset Ecosystem ETF<br> (Consolidated)** |
| **Year Ended<br> 10/31/25** | &nbsp;&nbsp;**For the Period<br> 9/10/24\*-<br> 10/31/24** |
| &nbsp;&nbsp;&nbsp;$170821 | &nbsp;&nbsp;&nbsp;&nbsp;$229362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21200753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7222423 | &nbsp;&nbsp;&nbsp;&nbsp;23343892 |
| &nbsp;&nbsp;&nbsp;&nbsp;28593997 | &nbsp;&nbsp;&nbsp;&nbsp;24007282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(3283652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35960646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89092967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(287850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;(53388430) | &nbsp;&nbsp;&nbsp;&nbsp;100000000 |
| &nbsp;&nbsp;&nbsp;(27790235) | &nbsp;&nbsp;&nbsp;&nbsp;124007282 |
| &nbsp;&nbsp;124007282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $96217047 | &nbsp;&nbsp;$124007282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2880000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;(1930000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |

---

<br> \* Commencement of operations.

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS

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

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Galaxy Transformative Tech Accelerators ETF** | &nbsp;&nbsp;**SPDR Galaxy Transformative Tech Accelerators ETF** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/25** | &nbsp;&nbsp;**For the<br> Period<br> 9/10/24\*-<br> 10/31/24** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$30.71 | &nbsp;&nbsp;$25.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(b) |
| Net realized and unrealized gain (loss) (c)<br>| &nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;(0.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$44.49 | &nbsp;&nbsp;$30.71 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;49.91% | &nbsp;&nbsp;&nbsp;22.85% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$2670 | &nbsp;&nbsp;$6143 |
| **Ratios to average net assets:** |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.65%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%(g) |

---

\* Commencement of operations.

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

(b) Amount is less than $0.005 per share.

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

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

(e) Annualized.

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

(g) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)** | &nbsp;&nbsp;**SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/25** | &nbsp;&nbsp;**For the<br> Period<br> 9/10/24\*-<br> 10/31/24** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$31.60 | &nbsp;&nbsp;$25.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.21 | &nbsp;&nbsp;&nbsp;&nbsp;6.61 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;24.13 | &nbsp;&nbsp;&nbsp;&nbsp;6.60 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.00)(c) |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$55.16 | &nbsp;&nbsp;$31.60 |
| **Total return (d)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;77.58% | &nbsp;&nbsp;&nbsp;26.39% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$15995 | &nbsp;&nbsp;$6636 |
| **Ratios to average net assets:** |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;0.65%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%(g) |

---

\* Commencement of operations.

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

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

(c) Amount is less than $0.00005 per share.

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

(e) Annualized.

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

(g) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS (continued)

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

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)** | &nbsp;&nbsp;**SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)** |
|  | &nbsp;&nbsp;**Year<br> Ended<br> 10/31/25** | &nbsp;&nbsp;**For the<br> Period<br> 9/10/24\*-<br> 10/31/24** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$31.00 | &nbsp;&nbsp;$25.00 |
| **Income (loss) from investment operations:** |  |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Distributions to shareholders from:** |  |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$46.48 | &nbsp;&nbsp;$31.00 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;53.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.99% |
| **Ratios and Supplemental Data:** |  |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$96217 | &nbsp;&nbsp;$124007 |
| **Ratios to average net assets:** |  |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85%(d) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41%(d) |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28%(f) |

---

\* Commencement of operations.

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

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

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

(d) Annualized.

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

(f) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS

#### October 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 October 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 following series (each, a "Fund" and collectively, the "Funds") and their respective wholly-owned subsidiary, if applicable. Each such wholly-owned subsidiary is an exempted limited company organized under the laws of the Cayman Islands (each, a "Subsidiary" and collectively the "Subsidiaries"):

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Wholly-owned Subsidiary** |
| SPDR Galaxy Transformative Tech Accelerators ETF | &nbsp;&nbsp;N/A |
| SPDR Galaxy Digital Asset Ecosystem ETF | &nbsp;&nbsp;State Street Digital Asset Ecosystem Cayman Ltd. |
| SPDR Galaxy Hedged Digital Asset Ecosystem ETF | &nbsp;&nbsp;State Street Hedged Digital Asset Ecosystem Cayman Ltd. |

---

The Funds were formed on September 9, 2024 and commenced operations on September 10, 2024. Each Fund is classified as a non-diversified investment company under the 1940 Act.

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

2.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

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

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

The SPDR Galaxy Digital Asset Ecosystem ETF and SPDR Galaxy Hedged Digital Asset Ecosystem ETF consolidate their investments in the Subsidiaries. All material intercompany balances and transactions have been eliminated.

#### Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board. The Committee provides oversight of the valuation of

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#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund's investments by major category are as follows:

• Equity investments 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 ("NAV") per share or unit.

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• 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 Funds' investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

The value of each Fund's investments according to the fair value hierarchy as of October 31, 2025, is disclosed in each Fund's respective (Consolidated) Schedule of Investments.

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#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

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

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock, are recorded as dividend income at fair value. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

#### 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. Class specific expenses are borne by each class.

#### Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

#### Equalization
The Funds follow the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.&nbsp;&nbsp;&nbsp;&nbsp;

#### Distributions
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. 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.

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

#### Risks associated with Derivatives
Derivative financial instruments involve to varying degrees, elements of credit, market and/or interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Derivative transactions can create investment leverage and may be highly volatile. Use of derivatives other than for hedging purposes may be considered speculative. When a Fund invests in a derivative instrument, the future exposure is potentially unlimited. The value of a derivative instrument will depend on the ability and the willingness of a Fund's derivative counterparty to perform its obligations under the transaction. A liquid secondary market may

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#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

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not always exist for a Fund's derivative positions at any time and may impact the Fund's ability to establish fair market value of a derivative transaction and close out derivative positions. Although the use of derivatives is intended to complement a Fund's performance, it may instead reduce returns and increase volatility. The measurement of the risks associated with derivative instruments is meaningful only when all related and offsetting transactions are considered. A Fund must set aside liquid assets or engage in other appropriate measures to cover its obligations under these derivative instruments.

#### Options Contracts
The Funds may purchase and write (sell) call and put options on futures. Options on futures give the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price upon expiration of, or at any time during the period of, the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. The Fund is required to make a good faith margin deposit in cash or U.S. government securities (or other eligible collateral) with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded.

The Funds 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 Funds' derivative instruments as of October 31, 2025, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchased Options<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1092797 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1092797 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1395829 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1395829 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(5686438) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(5686438) |
| &nbsp;&nbsp;&nbsp;Purchased Options<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2020888) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2020888) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

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#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$75767 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$75767 |
| &nbsp;&nbsp;&nbsp;Purchased Options (a)<br>| &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(920456) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(920456) |

---

(a) Statement of Operations location: Net change in unrealized appreciation/depreciation on Investments — unaffiliated issuers.

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

#### Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee ("Management/Advisory fee") accrued daily and paid monthly, based on a percentage of each Fund's average daily net assets as shown in the following table:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR Galaxy Transformative Tech Accelerators ETF<br>| &nbsp;&nbsp;0.65% |
| SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;0.65 |
| SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;0.90\* |

---

\* The Advisory fees were reduced for the SPDR Galaxy Hedged Digital Asset Ecosystem ETF by the acquired fund fees and expenses for the year ended October, 31, 2025, the net annualized advisory fee was 0.87%.

With respect to each Fund, the Management fee is reduced by the acquired fund fees and expenses attributable to the Fund's investments in other investment companies (except acquired fund fees and expenses associated with holdings of acquired funds for cash management purposes).

From time to time, the Adviser may waive all or a portion of its management fee. The Adviser pays all expenses of the Fund other than the management fee, acquired fund fees and expenses associated with holdings of acquired funds for cash management purposes, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee's counsel fees), litigation expenses and other extraordinary expenses.

Galaxy Digital Capital Management LP receives fees for its services as the Sub-Adviser to the Funds from the Adviser.

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

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

#### Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity's voting securities or outstanding shares. Amounts relating to these transactions during the year ended October 31, 2025, are disclosed in the (Consolidated) Schedules of Investments.

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#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

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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 year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Other Securities** | **Other Securities** |
|  | **Purchases** | **Sales** |
| SPDR Galaxy Transformative Tech Accelerators ETF<br>| $4785650 | $4370699 |
| SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14713620 | &nbsp;&nbsp;&nbsp;&nbsp;10953138 |
| SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;144454114 | &nbsp;&nbsp;&nbsp;130680474 |

---

For the year ended October 31, 2025, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind<br> Contributions** | **In-kind<br> Redemptions** | **In-kind Net<br> Realized<br> Gains/(Losses)** |
| SPDR Galaxy Transformative Tech Accelerators ETF<br>| $1542498 | $5471319 | $109739 |
| SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;4111643 | &nbsp;&nbsp;&nbsp;&nbsp;5544210 | &nbsp;&nbsp;&nbsp;&nbsp;3047507 |
| SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;7469395 | &nbsp;&nbsp;&nbsp;86876656 | &nbsp;&nbsp;&nbsp;18456913 |

---

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

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

The consideration for the purchase of Creation Units of each Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Other Capital" on the Statements of Changes in Net Assets.

9.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code 1986, as amended. The Funds will not be subject to federal income taxes to the extent they distribute their taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while state returns may remain open for an additional year depending upon jurisdiction.

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 wash sales, straddles, currency gains and

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#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

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losses, in-kind transactions, passive foreign investment companies, and income and/or gains derived from the Cayman subsidiary.

SPDR Galaxy Digital Asset Ecosystem ETF and SPDR Galaxy Hedged Digital Asset Ecosystem ETF gain exposure to spot crypto assets and crypto asset futures by investing in their respective wholly-owned Subsidiary. Each Subsidiary is classified as a controlled foreign corporation under Subchapter N of the Internal Revenue Code. As a U.S. shareholder of a controlled foreign corporation, SPDR Galaxy Digital Asset Ecosystem ETF and SPDR Galaxy Hedged Digital Asset Ecosystem ETF will include in its taxable income its share of its wholly-owned Subsidiary's income and capital gains, to the extent of its earnings and profits. Net investment losses of each Subsidiary cannot be deducted by each Fund in the current period nor carried forward to offset taxable income in future periods.

The tax character of distributions paid during the year ended October 31, 2025, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR Galaxy Transformative Tech Accelerators ETF<br>| $193989 | $— | $193989 |
| SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;144765 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;144765 |
| SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;3283652 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3283652 |

---

At October 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** |
| SPDR Galaxy Transformative Tech Accelerators ETF <br>| $7715 | $— | $— | $547588 | $555303 |
| SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;152350 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4648986 | &nbsp;&nbsp;&nbsp;&nbsp;4801336 |
| SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19971838 | &nbsp;&nbsp;&nbsp;19971838 |

---

As of October 31, 2025, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax<br> Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SPDR Galaxy Transformative Tech Accelerators ETF<br>| $2121599 | $616413 | $68846 | $547567 |
| SPDR Galaxy Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;11349472 | &nbsp;&nbsp;&nbsp;&nbsp;4907591 | &nbsp;&nbsp;&nbsp;&nbsp;258605 | &nbsp;&nbsp;&nbsp;&nbsp;4648986 |
| SPDR Galaxy Hedged Digital Asset Ecosystem ETF (Consolidated)<br>| &nbsp;&nbsp;&nbsp;76006228 | &nbsp;&nbsp;&nbsp;22136202 | &nbsp;&nbsp;&nbsp;2164364 | &nbsp;&nbsp;&nbsp;19971838 |

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

#### Market Risk
Each Fund's investments are subject to changes in general economic conditions, and general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.

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#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

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#### Equity Investing Risk
The market prices of equity securities owned by a Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.

#### Digital Asset Ecosystem Companies Risk
Digital Asset Ecosystem Companies may use digital asset technologies or may provide products or services involved in the operation of the technology. The technology relating to digital assets, including blockchain and crypto assets, is new and developing and the risks associated with digital assets may not fully emerge until the technology is widely used. There is no assurance that widespread adoption of blockchain technology and crypto assets will occur, and the development and acceptance of competing platforms or technologies may cause consumers or investors to use an alternative to blockchain technology or crypto assets, which could have an adverse impact on the Digital Asset Ecosystem and a fund. Because the stock prices of these companies and the prices of crypto assets can be highly correlated, the success of a fund's strategy may be limited given that the operations of companies in the blockchain and crypto asset industries are expected to be significantly affected by the overall sentiment related to, and the use of and investment in, blockchain technology and crypto assets. Certain features of digital asset technologies, such as decentralization, open source protocol, and reliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack. Restrictions imposed by governments on crypto asset-related activities may adversely impact blockchain companies and, in turn, a fund. Digital Asset Ecosystem companies may rely heavily on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies, and may be adversely affected by loss or impairment of those rights, which may also reduce confidence in the viability of a digital asset. Because digital asset platforms, including crypto asset trading platforms, may operate across many national boundaries and regulatory jurisdictions, it is possible that they may be subject to widespread and inconsistent regulation. A significant disruption of internet connectivity affecting large numbers of users could impede the functionality of these technologies and adversely affect Digital Asset Ecosystem companies. In addition, these companies could be negatively impacted by disruptions in service caused by hardware or software failure, or by interruptions or delays in service by third-party data center hosting facilities and maintenance providers. Digital asset systems built using third party products may be subject to technical defects or vulnerabilities beyond a company's control. Digital Asset Ecosystem companies are subject to more volatility than companies that do not rely as heavily on such technology. In addition, Digital Asset Ecosystem companies may be smaller, less-seasoned companies that may be more volatile than the overall market. These companies may engage in other lines of business unrelated to these activities and these lines of business could adversely affect their operating results. Digital Asset Ecosystem companies may also be impacted by the risks associated with crypto asset and crypto asset markets generally, as discussed in the Crypto Asset Risk discussion herein.

#### Transformative Tech Accelerator Companies Risk
Transformative Tech Accelerators are engaged in emerging industries and/or new technologies that may be unproven. Transformative Tech Accelerators are vulnerable to rapid changes in product cycles, and may have limited product lines, markets, financial resources or personnel.

Transformative Tech Accelerators typically face intense competition and potentially rapid product and service obsolescence. These companies also may rely heavily on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies, and may be adversely affected by loss or impairment of those rights. Transformative Tech Accelerators may engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Additionally, these companies are subject to government regulations that may impact their profitability. Companies that rely heavily on technology tend to be more volatile than the overall market and are subject to additional risks specific to their industries. Transformative Tech Accelerators are also potential targets for cyber attacks, which may have a materially adverse impact on the performance of these companies.

#### Counterparty Risk
Each Fund will be subject to credit risk with respect to the counterparties with which a Fund enters into derivatives instruments, as well as other transactions. If a counterparty fails to meet its contractual obligations, a Fund may be unable to terminate or realize any gain on the investment or transaction, or to recover collateral posted to the counterparty, resulting in a loss to the Fund. If a Fund holds collateral posted by its counterparty, it may be delayed

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### CONSOLIDATED NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

or prevented from realizing on the collateral in the event of a bankruptcy or insolvency proceeding relating to the counterparty.

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

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

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of SPDR Galaxy Transformative Tech Accelerators ETF, SPDR Galaxy Digital Asset Ecosystem ETF and SPDR Galaxy Hedged Digital Asset Ecosystem ETF and the Board of Trustees of SSGA Active Trust

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statements of assets and liabilities of SPDR Galaxy Digital Asset Ecosystem ETF and SPDR Galaxy Hedged Digital Asset Ecosystem ETF (two of the funds constituting SSGA Active Trust (the "Trust")), including the consolidated schedules of investments, as of October 31, 2025, and the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets and the consolidated financial highlights for the year then ended and the period from September 10, 2024 (commencement of operations) through October 31, 2024 and the related notes (collectively referred to as the "consolidated financial statements"). We have also audited the accompanying statement of assets and liabilities of SPDR Galaxy Transformative Tech Accelerators ETF (collectively, together with SPDR Galaxy Digital Asset Ecosystem ETF and SPDR Galaxy Hedged Digital Asset Ecosystem ETF, referred to as the "Funds") (three of the funds constituting the Trust), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets and the financial highlights for the year then ended and the period from September 10, 2024 (commencement of operations) through October 31, 2024 and the related notes (collectively, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position, or the consolidated financial position, of each of the Funds (three of the funds constituting SSGA Active Trust) at October 31, 2025, and the results, or the consolidated results, of their operations for the year then ended, the changes or the consolidated changes in their net assets and their financial highlights or their consolidated financial highlights for the year ended and the period from September 10, 2024 (commencement of operations) through October 31, 2024, 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 Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 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.

![](g28600img78dcbf432.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

December 22, 2025

------

[**Table of Contents**](#JOB_SPDR__1e81ef5e-e811-4acb-88e6-f2c6e8905510_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### OTHER INFORMATION

#### October 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 year ended October 31, 2025.

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

#### Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended October 31, 2025, is considered qualified dividend income and is eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

#### Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

#### Long Term Capital Gain Distributions
Long-term capital gains dividends were paid from the following Funds during the fiscal year ended October 31, 2025:

---

| | |
|:---|:---|
|  | **Amount** |
| SPDR Galaxy Transformative Tech Accelerators ETF<br>| $99526 |

---

------

## Annual Financial Statements and Other Information
October 31, 2025

## SSGA Active Trust
SPDR SSGA IG Public & Private Credit ETF <br> State Street Short Duration IG Public & Private Credit 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.**![](g28600imgc73d37881.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[Schedules of Investments (N-CSR Item 6)](#xx_f14efff6-875b-4c63-8a86-0bd2d3e96921_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[SPDR SSGA IG Public & Private Credit ETF (PRIV)](#xx_f14efff6-875b-4c63-8a86-0bd2d3e96921_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;[State Street Short Duration IG Public & Private Credit ETF (PRSD)](#xx_ec52d32e-43cd-4e8c-b5be-da8557463958_1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10 |
| **[Statements of Assets and Liabilities (N-CSR Item 7)](#xx_b5294675-2de1-41a0-8001-ed192b5065d2_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;16 |
| **[Statements of Operations (N-CSR Item 7)](#xx_cac76b34-2430-4c63-92e7-ee7d94946923_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| **[Statements of Changes in Net Assets (N-CSR Item 7)](#xx_5b85561f-be31-4d76-8e68-f5809fc4cad2_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;18 |
| **[Financial Highlights (N-CSR Item 7)](#xx_9c3eae9f-df2c-4f2a-b521-ddf51d9ef999_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;19 |
| **[Notes to Financial Statements (N-CSR Item 7)](#xx_a3e66d56-a26f-4380-a2e8-71088a43df7e_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;21 |
| **[Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#xx_288ef47f-35a2-4d3d-9620-e8362bf1939d_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;28 |
| **[Other Information (Unaudited) (N-CSR Item 7)](#xx_8ef9f59a-70aa-49c0-a8f4-19812b71f936_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| **[Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)](#xx_80cf7bf7-794b-42ea-a259-fc31ed7a0e5f_1)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;30 |

---

#### 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 Statements of Operations in the Financial Statements under Item 7 above**

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 45.3%** | **CORPORATE BONDS & NOTES — 45.3%** | **CORPORATE BONDS & NOTES — 45.3%** |
| **AEROSPACE & DEFENSE — 2.4%** | **AEROSPACE & DEFENSE — 2.4%** | **AEROSPACE & DEFENSE — 2.4%** |
| Boeing Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.95%, 2/1/2030<br>| &nbsp;&nbsp;$200000 | &nbsp;&nbsp;$188830 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 2/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174158 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.30%, 5/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2667000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830007 |
| Howmet Aerospace, Inc.<br>4.85%, 10/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982246 |
| RTX Corp.<br>6.10%, 3/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4603660 |
| **AGRICULTURE — 1.8%** | **AGRICULTURE — 1.8%** | **AGRICULTURE — 1.8%** |
| BAT Capital Corp.<br>6.00%, 2/20/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335944 |
| Imperial Brands Finance PLC<br>5.50%, 2/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847164 |
| JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group<br>5.95%, 4/20/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726478 |
| Philip Morris International, Inc.<br>4.90%, 11/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471809 |
| **AUTO MANUFACTURERS — 0.2%** | **AUTO MANUFACTURERS — 0.2%** | **AUTO MANUFACTURERS — 0.2%** |
| Daimler Truck Finance North America LLC<br>5.38%, 6/25/2034 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203668 |
| General Motors Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 4/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112876 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419979 |
| **AUTO PARTS & EQUIPMENT — 0.5%** | **AUTO PARTS & EQUIPMENT — 0.5%** | **AUTO PARTS & EQUIPMENT — 0.5%** |
| Aptiv Swiss Holdings Ltd.<br>5.15%, 9/13/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012167 |
| **BANKS — 5.1%** | **BANKS — 5.1%** | **BANKS — 5.1%** |
| Banco Santander SA<br>6.92%, 8/8/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138725 |
| Bank of America Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, 3 mo. USD Term SOFR + 1.44%, 3.19%, 7/23/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178407 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.11%, 4.62%, 5/9/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101133 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.31%, 5.51%, 1/24/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313941 |
| Barclays PLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 0.96%, 5.09%, 2/25/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203374 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.91%, 5.34%, 9/10/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242095 |
| Citizens Financial Group, Inc.<br>2.64%, 9/30/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222404 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Goldman Sachs Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.08%, 5.21%, 1/28/2031 (b)<br>| &nbsp;&nbsp;$285000 | &nbsp;&nbsp;$294035 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.38%, 5.54%, 1/28/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298948 |
| HSBC Holdings PLC<br>3 mo. USD Term SOFR + 1.87%, 3.97%, 5/22/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197070 |
| JPMorgan Chase & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.75%, 4.57%, 6/14/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101050 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.32%, 5.50%, 1/24/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524155 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.75%, 9/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308032 |
| M&T Bank Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.85%, 5.05%, 1/27/2034 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260465 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 1.61%, 5.39%, 1/16/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998248 |
| Morgan Stanley<br>SOFR + 1.42%, 5.59%, 1/18/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523740 |
| Morgan Stanley Private Bank NA<br>SOFR + 1.08%, 4.73%, 7/18/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660453 |
| Santander Holdings USA, Inc.<br>SOFR + 2.70%, 6.57%, 6/12/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271648 |
| U.S. Bancorp: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series MTN, SOFR + 2.11%, 4.97%, 7/22/2033 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462277 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.25%, 5.10%, 7/23/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421210 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 1.41%, 5.42%, 2/12/2036 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479320 |
| UBS AG<br>5.65%, 9/11/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208674 |
| Wells Fargo & Co.<br>SOFR + 1.38%, 5.21%, 12/3/2035 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10023474 |
| **BEVERAGES — 0.8%** | **BEVERAGES — 0.8%** | **BEVERAGES — 0.8%** |
| Anheuser-Busch InBev Worldwide, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 6/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952605 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506165 |
| Diageo Capital PLC<br>3.88%, 5/18/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658238 |
| **BIOTECHNOLOGY — 0.7%** | **BIOTECHNOLOGY — 0.7%** | **BIOTECHNOLOGY — 0.7%** |
| Amgen, Inc.<br>5.25%, 3/2/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479381 |
| Gilead Sciences, Inc.<br>5.10%, 6/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295005 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CHEMICALS — 0.0% <sup>\*</sup>** | **CHEMICALS — 0.0% <sup>\*</sup>** | **CHEMICALS — 0.0% <sup>\*</sup>** |
| Eastman Chemical Co.<br>5.63%, 2/20/2034<br>| &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$51551 |
| **COMMERCIAL SERVICES — 0.4%** | **COMMERCIAL SERVICES — 0.4%** | **COMMERCIAL SERVICES — 0.4%** |
| Verisk Analytics, Inc.<br>5.25%, 6/5/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773229 |
| **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** | **CONSTRUCTION MATERIALS — 0.4%** |
| Carlisle Cos., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40700 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 9/15/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116658 |
| Carrier Global Corp.<br>5.90%, 3/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468230 |
| Owens Corning<br>3.95%, 8/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142376 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767964 |
| **DISTRIBUTION & WHOLESALE — 0.1%** | **DISTRIBUTION & WHOLESALE — 0.1%** | **DISTRIBUTION & WHOLESALE — 0.1%** |
| LKQ Corp.<br>6.25%, 6/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188579 |
| **DIVERSIFIED FINANCIAL SERVICES — 1.1%** | **DIVERSIFIED FINANCIAL SERVICES — 1.1%** | **DIVERSIFIED FINANCIAL SERVICES — 1.1%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust<br>5.38%, 12/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500490 |
| Ally Financial, Inc.<br>SOFR + 1.73%, 5.54%, 1/17/2031 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305199 |
| Blackrock, Inc.<br>4.75%, 5/25/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158133 |
| Charles Schwab Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 2/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637126 |
| &nbsp;&nbsp;&nbsp;&nbsp;SOFR + 2.21%, 5.64%, 5/19/2029 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057408 |
| **ELECTRIC — 2.7%** | **ELECTRIC — 2.7%** | **ELECTRIC — 2.7%** |
| American Electric Power Co., Inc.<br>5.63%, 3/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500985 |
| Dominion Energy, Inc.<br>Series C, 3.38%, 4/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164331 |
| Duke Energy Corp.<br>2.45%, 6/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491291 |
| Duke Energy Ohio, Inc.<br>5.25%, 4/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260067 |
| Duke Energy Progress LLC<br>3.70%, 9/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99370 |
| Exelon Corp.<br>4.05%, 4/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490481 |
| FirstEnergy Transmission LLC<br>4.55%, 1/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332049 |
| Georgia Power Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.55%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529199 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.70%, 5/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256631 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| National Rural Utilities Cooperative Finance Corp.<br>Series MTN, 5.05%, 9/15/2028<br>| &nbsp;&nbsp;$166000 | &nbsp;&nbsp;$170152 |
| NRG Energy, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.73%, 10/15/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374111 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.41%, 10/15/2035 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379331 |
| Ohio Power Co.<br>5.65%, 6/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271591 |
| Pacific Gas & Electric Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 3/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197998 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 5/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243413 |
| **ELECTRONICS — 0.4%** | **ELECTRONICS — 0.4%** | **ELECTRONICS — 0.4%** |
| Honeywell International, Inc.<br>5.00%, 3/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705425 |
| **FOOD — 0.8%** | **FOOD — 0.8%** | **FOOD — 0.8%** |
| Campbell's Co.<br>5.40%, 3/21/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721656 |
| J.M. Smucker Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.13%, 3/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452251 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.25%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356276 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530183 |
| **HEALTH CARE PRODUCTS — 0.2%** | **HEALTH CARE PRODUCTS — 0.2%** | **HEALTH CARE PRODUCTS — 0.2%** |
| GE HealthCare Technologies, Inc.<br>5.91%, 11/22/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310825 |
| **HEALTH CARE SERVICES — 1.1%** | **HEALTH CARE SERVICES — 1.1%** | **HEALTH CARE SERVICES — 1.1%** |
| Elevance Health, Inc.<br>5.50%, 10/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210172 |
| HCA, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.13%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518122 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 3/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008291 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.75%, 3/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78666 |
| UnitedHealth Group, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 1/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204598 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.30%, 6/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2175137 |
| **HOUSEHOLD PRODUCTS — 0.2%** | **HOUSEHOLD PRODUCTS — 0.2%** | **HOUSEHOLD PRODUCTS — 0.2%** |
| Haleon U.S. Capital LLC<br>3.63%, 3/24/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426029 |
| **HOUSEHOLD PRODUCTS & WARES — 0.7%** | **HOUSEHOLD PRODUCTS & WARES — 0.7%** | **HOUSEHOLD PRODUCTS & WARES — 0.7%** |
| Church & Dwight Co., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.30%, 12/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221905 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291983 |
| **INSURANCE — 1.2%** | **INSURANCE — 1.2%** | **INSURANCE — 1.2%** |
| Arthur J Gallagher & Co.<br>5.00%, 2/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766363 |
| Athene Global Funding<br>5.58%, 1/9/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113178 |
| Athene Holding Ltd.<br>6.65%, 2/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326666 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Corebridge Financial, Inc.<br>3.90%, 4/5/2032<br>| &nbsp;&nbsp;$947000 | &nbsp;&nbsp;$900645 |
| Lincoln National Corp.<br>5.85%, 3/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183545 |
| Marsh & McLennan Cos., Inc.<br>4.65%, 3/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448032 |
| **INTERNET — 0.3%** | **INTERNET — 0.3%** | **INTERNET — 0.3%** |
| Expedia Group, Inc.<br>2.95%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297395 |
| Meta Platforms, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.20%, 11/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124852 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.60%, 11/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552844 |
| **INVESTMENT COMPANY SECURITIES — 0.6%** | **INVESTMENT COMPANY SECURITIES — 0.6%** | **INVESTMENT COMPANY SECURITIES — 0.6%** |
| ARES Capital Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.88%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152339 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.88%, 3/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800674 |
| Blackstone Private Credit Fund<br>6.00%, 1/29/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274991 |
| **IRON/STEEL — 0.8%** | **IRON/STEEL — 0.8%** | **IRON/STEEL — 0.8%** |
| ArcelorMittal SA<br>6.00%, 6/17/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474330 |
| **IT SERVICES — 1.8%** | **IT SERVICES — 1.8%** | **IT SERVICES — 1.8%** |
| Apple, Inc.<br>4.75%, 5/12/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102288 |
| CGI, Inc.<br>4.95%, 3/14/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240498 |
| IBM International Capital Pte. Ltd.<br>4.60%, 2/5/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261638 |
| Leidos, Inc.<br>5.40%, 3/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970006 |
| NetApp, Inc.<br>5.50%, 3/17/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578567 |
| **LEISURE TIME — 0.1%** | **LEISURE TIME — 0.1%** | **LEISURE TIME — 0.1%** |
| Royal Caribbean Cruises Ltd.<br>5.38%, 1/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191245 |
| **LODGING — 0.5%** | **LODGING — 0.5%** | **LODGING — 0.5%** |
| Sands China Ltd.<br>5.40%, 8/8/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979834 |
| **MACHINERY-DIVERSIFIED — 0.1%** | **MACHINERY-DIVERSIFIED — 0.1%** | **MACHINERY-DIVERSIFIED — 0.1%** |
| Ingersoll Rand, Inc.<br>5.45%, 6/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110351 |
| **MEDIA — 0.3%** | **MEDIA — 0.3%** | **MEDIA — 0.3%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital<br>6.65%, 2/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581350 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MINING — 0.3%** | **MINING — 0.3%** | **MINING — 0.3%** |
| Glencore Funding LLC<br>5.63%, 4/4/2034 (a)<br>| &nbsp;&nbsp;$654000 | &nbsp;&nbsp;$682285 |
| **OIL & GAS — 1.5%** | **OIL & GAS — 1.5%** | **OIL & GAS — 1.5%** |
| BP Capital Markets America, Inc.<br>5.23%, 11/17/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1399050 |
| Diamondback Energy, Inc.<br>5.40%, 4/18/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717468 |
| Ovintiv, Inc.<br>6.25%, 7/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2878479 |
| **PHARMACEUTICALS — 2.1%** | **PHARMACEUTICALS — 2.1%** | **PHARMACEUTICALS — 2.1%** |
| AbbVie, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.30%, 5/14/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139139 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 3/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468010 |
| Becton Dickinson & Co.<br>1.96%, 2/11/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229840 |
| CVS Health Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 4/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253755 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.88%, 7/20/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175483 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.55%, 6/1/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272514 |
| Eli Lilly & Co.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 8/14/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261648 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.90%, 2/12/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378957 |
| Pfizer Investment Enterprises Pte. Ltd.<br>4.75%, 5/19/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794491 |
| Pfizer, Inc.<br>4.00%, 12/15/2036<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78469 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4052306 |
| **PIPELINES — 1.1%** | **PIPELINES — 1.1%** | **PIPELINES — 1.1%** |
| Energy Transfer LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 5/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320407 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.95%, 6/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162442 |
| Enterprise Products Operating LLC: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 1/31/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371745 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.35%, 1/31/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165350 |
| ONEOK, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.25%, 6/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236967 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/1/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581504 |
| Williams Cos., Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94610 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.60%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213285 |
| **PRIVATE CREDIT SECURITIES — 7.8%** | **PRIVATE CREDIT SECURITIES — 7.8%** | **PRIVATE CREDIT SECURITIES — 7.8%** |
| AGL Energy Ltd.<br>7.91%, 12/8/2035 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272400 |
| AP Chia Issuer LLC<br>7.25%, 5/23/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933098 |
| AP Fides Holdings I<br>6.00%, 11/30/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439855 |
| AP Grange Holdings LLC<br>6.50%, 3/20/2045 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675000 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| AP Hermes Holdings I LLC<br>6.25%, 7/25/2048 (c)<br>| &nbsp;&nbsp;$1090495 | &nbsp;&nbsp;$1285396 |
| AP Oryx Holdings LLC<br>6.10%, 9/8/2043 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492008 |
| HPS Corp.<br>8.80%, 9/14/2028 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 |
| North Haven Private Income Fund LLC<br>8.92%, 3/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802500 |
| VB DPR Finance Co.<br>6.84%, 3/15/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15220257 |
| **REAL ESTATE INVESTMENT TRUSTS — 0.6%** | **REAL ESTATE INVESTMENT TRUSTS — 0.6%** | **REAL ESTATE INVESTMENT TRUSTS — 0.6%** |
| COPT Defense Properties LP<br>2.75%, 4/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291487 |
| Digital Realty Trust LP<br>3.60%, 7/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313444 |
| Essex Portfolio LP<br>3.00%, 1/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309724 |
| UDR, Inc.<br>Series MTN, 3.20%, 1/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1224840 |
| **RETAIL — 0.9%** | **RETAIL — 0.9%** | **RETAIL — 0.9%** |
| AutoNation, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335810 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.85%, 3/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196933 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.89%, 3/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263267 |
| AutoZone, Inc.<br>6.55%, 11/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107057 |
| Dick's Sporting Goods, Inc.<br>3.15%, 1/15/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197389 |
| O'Reilly Automotive, Inc.<br>5.00%, 8/19/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825417 |
| **SEMICONDUCTORS — 1.0%** | **SEMICONDUCTORS — 1.0%** | **SEMICONDUCTORS — 1.0%** |
| Intel Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;1.60%, 8/12/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93358 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.15%, 8/5/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284687 |
| Marvell Technology, Inc.<br>5.95%, 9/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608312 |
| Micron Technology, Inc.<br>5.88%, 9/15/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943444 |
| **SOFTWARE — 3.9%** | **SOFTWARE — 3.9%** | **SOFTWARE — 3.9%** |
| Fiserv, Inc.<br>3.20%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983180 |
| MSCI, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249321 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.25%, 9/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364158 |
| ROBLOX Corp.<br>3.88%, 5/1/2030 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957060 |
| Synopsys, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.85%, 4/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097016 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;5.15%, 4/1/2035<br>| &nbsp;&nbsp;$1693000 | &nbsp;&nbsp;$1719377 |
| Take-Two Interactive Software, Inc.<br>4.00%, 4/14/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233143 |
| Workday, Inc.<br>3.80%, 4/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7714112 |
| **TELECOMMUNICATIONS — 0.7%** | **TELECOMMUNICATIONS — 0.7%** | **TELECOMMUNICATIONS — 0.7%** |
| AT&T, Inc.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.55%, 12/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503682 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.38%, 8/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230591 |
| Deutsche Telekom International Finance BV<br>4.75%, 6/21/2038 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403090 |
| T-Mobile USA, Inc.<br>4.70%, 1/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284530 |
| **TRANSPORTATION — 0.1%** | **TRANSPORTATION — 0.1%** | **TRANSPORTATION — 0.1%** |
| Norfolk Southern Corp.<br>3.80%, 8/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199012 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $87,384,251)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88435569 |
| **ASSET-BACKED SECURITIES — 7.8%** |  |  |
| **HOME EQUITY ABS — 3.1%** |  |  |
| RCKT Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES9, Class M1, 6.28%, 12/25/2044 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES1, Class M1, 6.31%, 1/25/2045 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES2, Class M2, 6.77%, 4/25/2044 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1761252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES3, Class M2, 7.01%, 5/25/2044 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-CES3, Class A2, 7.61%, 11/25/2043 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6126530 |
| **OTHER ABS — 4.1%** |  |  |
| Antares CLO Ltd.<br>Series 2018-3A, Class DR, 3 mo. USD Term SOFR + 3.85%, 7.73%, 7/20/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502450 |
| Golub Capital Partners CLO 38M Ltd.<br>Series 2018-38A, Class DR, 3 mo. USD Term SOFR + 4.20%, 8.06%, 7/28/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004900 |
| PK ALIFT Loan Funding 3 LP<br>Series 2024-1, Class D, 7.49%, 9/15/2039 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465977 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| PK Alift Loan Funding 7 LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class B, 5.03%, 3/15/2043 (a)<br>| &nbsp;&nbsp;$625000 | &nbsp;&nbsp;$625445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class C, 5.34%, 3/15/2043 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class D, 6.01%, 3/15/2043 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751143 |
| Rad CLO 25 Ltd.<br>Series 2024-25A, Class D1, 3 mo. USD Term SOFR + 3.15%, 7.03%, 7/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996700 |
| RR 12 Ltd.<br>Series 2020-12A, Class CR3, 3 mo. USD Term SOFR + 3.00%, 6.90%, 1/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987900 |
| SunStrong Issuer LLC<br>Series 2025-A, Class A, 6.19%, 6/21/2055 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8075740 |
| **STUDENT LOAN ABS — 0.6%** |  |  |
| Ascent Education Funding Trust<br>Series 2024-A, Class C, 8.01%, 10/25/2050 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116921 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $15,294,563)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15319191 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 23.1%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 23.1%** |  |
| Federal Home Loan Mortgage Corp.: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828328 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 5/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691871 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.50%, 7/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8667600 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 5/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7888969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7851332 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 7/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941039 |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;2.50%, 12/1/2051<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487547 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.00%, 3/1/2052<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8692880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7734828 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6175150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6145689 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.50%, 2/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839768 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $44,609,411)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45188002 |
| **U.S. TREASURY OBLIGATIONS — 12.5%** |  |  |
| U.S. Treasury Bonds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 2/15/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917812 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.75%, 8/15/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6769000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6861016 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.88%, 6/30/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14006422 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.63%, 2/15/2035<br>| &nbsp;&nbsp;$1638000 | &nbsp;&nbsp;$1708895 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $24,387,960)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24494145 |
| **MORTGAGE-BACKED SECURITIES — 8.3%** | **MORTGAGE-BACKED SECURITIES — 8.3%** |  |
| A&D Mortgage Trust Series 2025-NQM4, Class A1, CMO, 5.23%, 10/25/2070 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489473 |
| Arbor Realty Commercial Real Estate Notes LLC Series 2025-FL1, Class B, 1 mo. USD Term SOFR + 2.29%, 6.32%, 1/20/2043 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008624 |
| Greystone CRE Notes HC-4 LLC Series 2025-HC4, Class AS, 1 mo. USD Term SOFR + 2.24%, 6.39%, 10/15/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998268 |
| MF1 LLC Series 2024-FL14, Class C, 1 mo. USD Term SOFR + 3.29%, 7.32%, 3/19/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999999 |
| MF1 Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-FL15, Class C, 1 mo. USD Term SOFR + 2.94%, 6.97%, 8/18/2041 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998745 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-FL16, Class C, 1 mo. USD Term SOFR + 2.54%, 6.57%, 11/18/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004736 |
| MFA Trust Series 2025-NQM1, Class M1, CMO, 6.29%, 3/25/2070 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506539 |
| NYMT Loan Trust Series 2025-CP1, Class A2, CMO, 3.75%, 11/25/2069 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324379 |
| OBX Trust Series 2025-NQM5, Class A1, CMO, 5.52%, 3/25/2065 (a) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031098 |
| PFP Ltd. Series 2024-11, Class C, 1 mo. USD Term SOFR + 2.99%, 7.07%, 9/17/2039 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486379 |
| Verus Securitization Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class M1, 6.67%, 1/25/2069 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704537 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2, Class M1, CMO, 7.44%, 3/25/2068 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751208 |
| **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $16,293,668)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16303985 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMERCIAL MORTGAGE BACKED SECURITIES — 1.0%** | **COMMERCIAL MORTGAGE BACKED SECURITIES — 1.0%** |  |
| Bank: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN25, Class AS, 2.84%, 1/15/2063<br>| &nbsp;&nbsp;$1000000 | &nbsp;&nbsp;$908211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2022-BNK41, Class A4, VRN, 3.79%, 4/15/2065 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954415 |
| **TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES<br>(Cost $1,839,258)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862626 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 2.8%** | **SHORT-TERM INVESTMENT — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.01% (e) (f)<br>(Cost $5,462,366) | 5462366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462366 |
| **TOTAL INVESTMENTS — 100.8%<br>(Cost $195,271,477)<br>** | **TOTAL INVESTMENTS — 100.8%<br>(Cost $195,271,477)<br>** | &nbsp;&nbsp;&nbsp;197065884 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)% <br>** | **LIABILITIES IN EXCESS OF OTHER ASSETS — (0.8)% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1640696) |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $195425188 |

---

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 21.2% of net assets as of October 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(b) Variable Rate Security - Interest rate shown is rate in effect at October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on significant unobservable inputs and is classified as Level 3. As of October 31, 2025, total aggregate fair value of the securities is $12,545,257, representing 6.40% of the Fund's net assets.

(d) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of October 31, 2025. Maturity date shown is the final maturity.

(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended October 31, 2025 are shown in the Affiliate Table below.

(f) The rate shown is the annualized seven-day yield at October 31, 2025.

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

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| MTN | Medium Term Note |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |

---

At October 31, 2025, open forward foreign currency exchange contracts were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount Bought** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Standard Chartered Bank | &nbsp;&nbsp;&nbsp;&nbsp;EUR2,545,197 | &nbsp;&nbsp;&nbsp;&nbsp;USD2,978,899 | &nbsp;&nbsp;&nbsp;&nbsp;12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$35602 |

---

---

| | |
|:---|:---|
| EUR | Euro |

---

During the period ended October 31, 2025, the average notional value related to forward foreign currency exchange contracts was $2,096,218.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

At October 31, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 5 Yr. U.S. Treasury Note Futures (long) | 386 | 12/31/2025 | $42208969 | $42155422 | $(53547) |
| Ultra U.S. Treasury Bond Futures (long) | &nbsp;&nbsp;&nbsp;15 | 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1761199 | &nbsp;&nbsp;&nbsp;&nbsp;1819219 | &nbsp;&nbsp;&nbsp;&nbsp;58020 |
|  |  |  |  |  | $4473 |

---

During the period ended October 31, 2025, the average notional value related to futures contracts was $21,286,004.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of October 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:** |  |  |  |  |
| Corporate Bonds & Notes<br>| $— | $75890312 | $12545257 | $88435569 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15319191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15319191 |
| U.S. Government Agency Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45188002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45188002 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24494145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24494145 |
| Mortgage-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16303985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16303985 |
| Commercial Mortgage Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862626 |
| Short-Term Investment<br>| &nbsp;&nbsp;5462366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462366 |
| **TOTAL INVESTMENTS<br>**  | $5462366 | $179058261 | $12545257 | $197065884 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts -<br>Unrealized Appreciation<br>| $— | $35602 | $— | $35602 |
| Futures Contracts - Unrealized Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58020 |
| Futures Contracts - Unrealized Depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53547) |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $4473 | $35602 | $— | $40075 |

---

The following table reconciles the valuation of the Fund's Level 3 investment securities and related transactions for the period ended October 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> Value at<br> February 27, 2025\*** | **Transfers<br> into<br> Level 3\*\*** | **Purchases** | **Sales** | **Net<br> realized<br> gain/(loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Transfers<br> out of<br> Level 3** | **Ending<br> Value at<br> October 31, 2025** |
| Corporate Bonds & Notes<br>| $— | $— | $13315301 | $1007614 | $(7095) | $244665 | $— | $12545257 |
| Change in net unrealized<br>appreciation (depreciation) on<br>investments still held<br>as of October 31, 2025\*\*\*<br>| $244665 |  |  |  |  |  |  |  |

---

\* Commencement of operations.

\*\* Transfers into or out of Level 3 are based on the beginning market value of the period in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

\*\*\* Net unrealized depreciation is included in the related amounts on investments in the Fund's Statement of Operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SPDR SSGA IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

#### Significant Unobservable Inputs
The following table summarizes the significant unobservable inputs used to value the Level 3 investments as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | **Fair Value as of<br> October 31, 2025** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Range (Weighted Avg)<sup>(a) (b)</sup>** | **Impact to<br> Valuation from an<br> Increase to Input** |
| Corporate Bonds & Notes<br>| $9497528 | Transaction Approach | Recent Transactions | 99.50%–107.00%; (102.57%) | Increase |
| Corporate Bonds & Notes<br>| $3047729 | Discounted Cash Flow | Discount Rate (Mid) | 5.24%–6.84%; (6.04%) | Decrease |

---

(a) Represents the range and weighted average of the unobservable input values.

(b) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

#### Affiliate Table

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Shares Held<br> at<br> 2/27/25\*** | **Value at<br>2/27/25\*** | **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> 10/31/25** | **Value at<br>10/31/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Class G Shares<br>|  | $— | $51306091 | $51306091 | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $63553 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>|  | &nbsp;&nbsp;— | &nbsp;&nbsp;20914020 | &nbsp;&nbsp;15451654 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | 5462366 | &nbsp;&nbsp;5462366 | &nbsp;&nbsp;&nbsp;46612 |
| Total<br>|  | $— | $72220111 | $66757745 | $— | $— |  | $5462366 | $110165 |

---

\* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### STATE STREET SHORT DURATION IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 36.4%** | **CORPORATE BONDS & NOTES — 36.4%** | **CORPORATE BONDS & NOTES — 36.4%** |
| **AEROSPACE & DEFENSE — 0.4%** | **AEROSPACE & DEFENSE — 0.4%** | **AEROSPACE & DEFENSE — 0.4%** |
| Boeing Co.<br>2.70%, 2/1/2027<br>| &nbsp;&nbsp;$100000 | &nbsp;&nbsp;$98143 |
| **AGRICULTURE — 0.6%** | **AGRICULTURE — 0.6%** | **AGRICULTURE — 0.6%** |
| BAT Capital Corp.<br>2.26%, 3/25/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143457 |
| **AUTO MANUFACTURERS — 0.8%** | **AUTO MANUFACTURERS — 0.8%** | **AUTO MANUFACTURERS — 0.8%** |
| General Motors Financial Co., Inc.<br>4.35%, 1/17/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200182 |
| **BANKS — 3.4%** | **BANKS — 3.4%** | **BANKS — 3.4%** |
| Bank of America Corp.<br>Series MTN, SOFR + 2.04%, 4.95%, 7/22/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101341 |
| Goldman Sachs Group, Inc.<br>3 mo. USD Term SOFR + 1.77%, 3.69%, 6/5/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74462 |
| JPMorgan Chase & Co.<br>SOFR + 1.89%, 2.18%, 6/1/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121352 |
| M&T Bank Corp.<br>Series MTN, SOFR + 0.93%, 4.83%, 1/16/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101085 |
| Morgan Stanley<br>Series GMTN, 3 mo. USD Term SOFR + 1.40%, 3.77%, 1/24/2029 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99101 |
| PNC Financial Services Group, Inc.<br>SOFR + 1.34%, 5.30%, 1/21/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101306 |
| U.S. Bancorp<br>Series MTN, SOFR + 0.73%, 2.22%, 1/27/2028 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146464 |
| Wells Fargo & Co.<br>Series MTN, 3 mo. USD Term SOFR + 1.43%, 3.20%, 6/17/2027 (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869335 |
| **BIOTECHNOLOGY — 0.3%** | **BIOTECHNOLOGY — 0.3%** | **BIOTECHNOLOGY — 0.3%** |
| Amgen, Inc.<br>3.20%, 11/2/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73805 |
| **CHEMICALS — 0.2%** | **CHEMICALS — 0.2%** | **CHEMICALS — 0.2%** |
| Ecolab, Inc.<br>1.65%, 2/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48627 |
| **COMPUTERS — 0.6%** | **COMPUTERS — 0.6%** | **COMPUTERS — 0.6%** |
| Apple, Inc.<br>1.20%, 2/8/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47269 |
| NetApp, Inc.<br>2.38%, 6/22/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97255 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144524 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONSTRUCTION MATERIALS — 0.7%** | **CONSTRUCTION MATERIALS — 0.7%** | **CONSTRUCTION MATERIALS — 0.7%** |
| Carrier Global Corp.<br>2.49%, 2/15/2027<br>| &nbsp;&nbsp;$75000 | &nbsp;&nbsp;$73504 |
| Martin Marietta Materials, Inc.<br>3.45%, 6/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172631 |
| **COSMETICS/PERSONAL CARE — 0.4%** | **COSMETICS/PERSONAL CARE — 0.4%** | **COSMETICS/PERSONAL CARE — 0.4%** |
| Kenvue, Inc.<br>5.35%, 3/22/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100329 |
| **DIVERSIFIED FINANCIAL SERVICES — 1.3%** | **DIVERSIFIED FINANCIAL SERVICES — 1.3%** | **DIVERSIFIED FINANCIAL SERVICES — 1.3%** |
| Aircastle Ltd.<br>2.85%, 1/26/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96556 |
| Avolon Holdings Funding Ltd.<br>2.75%, 2/21/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96126 |
| Charles Schwab Corp.<br>3.20%, 1/25/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68811 |
| Jefferies Financial Group, Inc.<br>6.45%, 6/8/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333444 |
| **ELECTRIC — 2.7%** | **ELECTRIC — 2.7%** | **ELECTRIC — 2.7%** |
| AEP Transmission Co. LLC<br>3.10%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98972 |
| Dominion Energy, Inc.<br>Series B, 3.60%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74477 |
| DTE Energy Co.<br>4.95%, 7/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101222 |
| Duke Energy Corp.<br>4.85%, 1/5/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75669 |
| Entergy Louisiana LLC<br>3.12%, 9/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98521 |
| Georgia Power Co.<br>3.25%, 3/30/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74283 |
| Pacific Gas & Electric Co.<br>2.10%, 8/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72109 |
| Southern California Edison Co.<br>5.85%, 11/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672162 |
| **FOOD — 0.8%** | **FOOD — 0.8%** | **FOOD — 0.8%** |
| Campbell's Co.<br>5.20%, 3/19/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50694 |
| Conagra Brands, Inc.<br>1.38%, 11/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47213 |
| Mars, Inc.<br>4.45%, 3/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198567 |
| **HEALTH CARE PRODUCTS — 0.5%** | **HEALTH CARE PRODUCTS — 0.5%** | **HEALTH CARE PRODUCTS — 0.5%** |
| Abbott Laboratories<br>3.75%, 11/30/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69952 |
| Thermo Fisher Scientific, Inc.<br>4.80%, 11/21/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141093 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### STATE STREET SHORT DURATION IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **HEALTH CARE SERVICES — 0.2%** | **HEALTH CARE SERVICES — 0.2%** | **HEALTH CARE SERVICES — 0.2%** |
| UnitedHealth Group, Inc.<br>5.25%, 2/15/2028<br>| &nbsp;&nbsp;$50000 | &nbsp;&nbsp;$51325 |
| **HOUSEHOLD PRODUCTS & WARES — 0.4%** | **HOUSEHOLD PRODUCTS & WARES — 0.4%** | **HOUSEHOLD PRODUCTS & WARES — 0.4%** |
| Church & Dwight Co., Inc.<br>3.15%, 8/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98603 |
| **INSURANCE — 0.6%** | **INSURANCE — 0.6%** | **INSURANCE — 0.6%** |
| Arthur J Gallagher & Co.<br>4.60%, 12/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100952 |
| Progressive Corp.<br>2.50%, 3/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149998 |
| **INTERNET — 0.7%** | **INTERNET — 0.7%** | **INTERNET — 0.7%** |
| Expedia Group, Inc.<br>4.63%, 8/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100622 |
| Meta Platforms, Inc.<br>3.50%, 8/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175199 |
| **IRON/STEEL — 0.4%** | **IRON/STEEL — 0.4%** | **IRON/STEEL — 0.4%** |
| ArcelorMittal SA<br>6.55%, 11/29/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104008 |
| **IT SERVICES — 0.4%** | **IT SERVICES — 0.4%** | **IT SERVICES — 0.4%** |
| International Business Machines Corp.<br>4.65%, 2/10/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101411 |
| **LODGING — 1.0%** | **LODGING — 1.0%** | **LODGING — 1.0%** |
| Sands China Ltd.<br>2.30%, 3/8/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242890 |
| **MACHINERY-DIVERSIFIED — 0.5%** | **MACHINERY-DIVERSIFIED — 0.5%** | **MACHINERY-DIVERSIFIED — 0.5%** |
| CNH Industrial Capital LLC<br>4.50%, 10/8/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50329 |
| Ingersoll Rand, Inc.<br>5.20%, 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126479 |
| **MEDIA — 0.3%** | **MEDIA — 0.3%** | **MEDIA — 0.3%** |
| Charter Communications Operating LLC/Charter Communications Operating Capital<br>4.20%, 3/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74587 |
| **MINING — 0.4%** | **MINING — 0.4%** | **MINING — 0.4%** |
| Glencore Funding LLC<br>3.88%, 10/27/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99380 |
| **OIL & GAS — 1.8%** | **OIL & GAS — 1.8%** | **OIL & GAS — 1.8%** |
| BP Capital Markets America, Inc.<br>5.02%, 11/17/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152911 |
| Continental Resources, Inc.<br>4.38%, 1/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74628 |
| Diamondback Energy, Inc.<br>5.20%, 4/18/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76015 |
| Occidental Petroleum Corp.<br>8.50%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78721 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Phillips 66 Co.<br>4.95%, 12/1/2027<br>| &nbsp;&nbsp;$75000 | &nbsp;&nbsp;$76186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458461 |
| **PACKAGING & CONTAINERS — 0.3%** | **PACKAGING & CONTAINERS — 0.3%** | **PACKAGING & CONTAINERS — 0.3%** |
| Berry Global, Inc.<br>1.65%, 1/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72626 |
| **PHARMACEUTICALS — 0.9%** | **PHARMACEUTICALS — 0.9%** | **PHARMACEUTICALS — 0.9%** |
| Bristol-Myers Squibb Co.<br>3.20%, 6/15/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74612 |
| CVS Health Corp.<br>3.63%, 4/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69418 |
| Pfizer Investment Enterprises Pte. Ltd.<br>4.45%, 5/19/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219130 |
| **PIPELINES — 1.6%** | **PIPELINES — 1.6%** | **PIPELINES — 1.6%** |
| Cheniere Corpus Christi Holdings LLC<br>5.13%, 6/30/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50514 |
| Enbridge, Inc.<br>3.70%, 7/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49609 |
| Energy Transfer LP<br>6.05%, 12/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76273 |
| ONEOK, Inc.<br>4.00%, 7/13/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74741 |
| Targa Resources Corp.<br>5.20%, 7/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76163 |
| Williams Cos., Inc.<br>3.75%, 6/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401851 |
| **PRIVATE CREDIT SECURITIES — 7.8%** | **PRIVATE CREDIT SECURITIES — 7.8%** | **PRIVATE CREDIT SECURITIES — 7.8%** |
| AP Chia Issuer LLC<br>7.25%, 5/23/2050 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244425 |
| AP Fides Holdings I<br>6.00%, 11/30/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299970 |
| AP Grange Holdings LLC<br>6.50%, 3/20/2045 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374500 |
| AP Hermes Holdings I LLC<br>6.25%, 7/25/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262922 |
| HPS Corp.<br>8.67%, 9/14/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261500 |
| North Haven Private Income Fund LLC<br>8.92%, 3/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257500 |
| VB DPR Finance Co.<br>6.84%, 3/15/2035 (a) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955817 |
| **REAL ESTATE INVESTMENT TRUSTS — 1.0%** | **REAL ESTATE INVESTMENT TRUSTS — 1.0%** | **REAL ESTATE INVESTMENT TRUSTS — 1.0%** |
| American Homes 4 Rent LP<br>4.25%, 2/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70091 |
| American Tower Corp.<br>3.13%, 1/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49388 |
| Essex Portfolio LP<br>3.63%, 5/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69502 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### STATE STREET SHORT DURATION IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Extra Space Storage LP<br>3.88%, 12/15/2027<br>| &nbsp;&nbsp;$70000 | &nbsp;&nbsp;$69491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258472 |
| **RETAIL — 0.4%** | **RETAIL — 0.4%** | **RETAIL — 0.4%** |
| AutoNation, Inc.<br>3.80%, 11/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49530 |
| O'Reilly Automotive, Inc.<br>3.60%, 9/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99090 |
| **SEMICONDUCTORS — 1.6%** | **SEMICONDUCTORS — 1.6%** | **SEMICONDUCTORS — 1.6%** |
| Advanced Micro Devices, Inc.<br>4.32%, 3/24/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101023 |
| Marvell Technology, Inc.<br>2.45%, 4/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95942 |
| SK Hynix, Inc.<br>5.50%, 1/16/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399797 |
| **SOFTWARE — 2.8%** | **SOFTWARE — 2.8%** | **SOFTWARE — 2.8%** |
| Fiserv, Inc.<br>3.20%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495795 |
| Synopsys, Inc.<br>4.65%, 4/1/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101088 |
| Workday, Inc.<br>3.50%, 4/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696039 |
| **TELECOMMUNICATIONS — 0.6%** | **TELECOMMUNICATIONS — 0.6%** | **TELECOMMUNICATIONS — 0.6%** |
| AT&T, Inc.<br>4.25%, 3/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100087 |
| T-Mobile USA, Inc.<br>3.75%, 4/15/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149797 |
| **TOTAL CORPORATE BONDS & NOTES<br>(Cost $9,135,648)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9131259 |
| **ASSET-BACKED SECURITIES — 13.8%** |  |  |
| **AUTOMOBILE — 4.9%** |  |  |
| GM Financial Consumer Automobile Receivables Trust<br>Series 2024-4, Class A3, 4.40%, 8/16/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603286 |
| Toyota Auto Receivables Owner Trust<br>Series 2024-A, Class A3, 4.83%, 10/16/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219217 |
| **HOME EQUITY ABS — 2.0%** |  |  |
| RCKT Mortgage Trust: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES9, Class M1, 6.28%, 12/25/2044 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250504 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES2, Class M2, 6.77%, 4/25/2044 (a) (b)<br>| &nbsp;&nbsp;$250000 | &nbsp;&nbsp;$251608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502112 |
| **OTHER ABS — 5.9%** |  |  |
| PK ALIFT Loan Funding 3 LP: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class C, 6.55%, 9/15/2039 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class D, 7.49%, 9/15/2039 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732988 |
| Rad CLO 25 Ltd.<br>Series 2024-25A, Class D1, 3 mo. USD Term SOFR + 3.15%, 7.03%, 7/20/2037 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249175 |
| RR 12 Ltd.<br>Series 2020-12A, Class CR3, 3 mo. USD Term SOFR + 3.00%, 6.90%, 1/15/2036 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484729 |
| **STUDENT LOAN ABS — 1.0%** |  |  |
| Ascent Education Funding Trust<br>Series 2024-A, Class C, 8.01%, 10/25/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255005 |
| **TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,466,515)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461063 |
| **U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.5%** | **U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.5%** |  |
| Federal National Mortgage Association: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 1/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633213 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.00%, 9/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491484 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS<br>(Cost $1,128,453)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124697 |
| **U.S. TREASURY OBLIGATIONS — 32.0%** |  |  |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;3.63%, 8/15/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4003125 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/31/2028<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4015937 |
| **TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $8,038,453)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8019062 |
| **MORTGAGE-BACKED SECURITIES — 7.7%** | **MORTGAGE-BACKED SECURITIES — 7.7%** |  |
| Greystone CRE Notes HC-4 LLC Series 2025-HC4, Class AS, 1 mo. USD Term SOFR + 2.24%, 6.39%, 10/15/2042 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249567 |
| MF1 Trust Series 2024-FL15, Class C, 1 mo. USD Term SOFR + 2.94%, 6.97%, 8/18/2041 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499372 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### STATE STREET SHORT DURATION IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Residential Mortgage Loan Trust Series 2025-HX1, Class A1, CMO, VRN, 5.96%, 3/25/2070 (a) (b)<br>| &nbsp;&nbsp;$933340 | &nbsp;&nbsp;$945828 |
| Verus Securitization Trust Series 2023-2, Class M1, CMO, 7.44%, 3/25/2068 (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250173 |
| **TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $1,948,142)<br>**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1944940 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENT — 4.6%** | **SHORT-TERM INVESTMENT — 4.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class 4.01% (d) (e)<br>(Cost $1,161,951) | 1161951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161951 |
| **TOTAL INVESTMENTS — 99.0%<br>(Cost $24,879,162)<br>** | **TOTAL INVESTMENTS — 99.0%<br>(Cost $24,879,162)<br>** | &nbsp;&nbsp;&nbsp;&nbsp;24842972 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0% <br>** | **OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0% <br>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249454 |
| **NET ASSETS — 100.0%<br>** | **NET ASSETS — 100.0%<br>** | $25092426 |

---

(a) Variable Rate Security - Interest rate shown is rate in effect at October 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 20.6% of net assets as of October 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on significant unobservable inputs and is classified as Level 3. As of October 31, 2025, total aggregate fair value of the securities is $1,581,317, representing 6.30% of the Fund's net assets.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended October 31, 2025 are shown in the Affiliate Table below.

(e) The rate shown is the annualized seven-day yield at October 31, 2025.

---

| | |
|:---|:---|
| ABS | Asset-Backed Security |
| CLO | Collateralized Loan Obligation |
| CMO | Collateralized Mortgage Obligation |
| GMTN | Global Medium Term Note |
| MTN | Medium Term Note |
| SOFR | Secured Overnight Financing Rate |
| VRN | Variable Rate Note |

---

At October 31, 2025, open forward foreign currency exchange contracts were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount Sold** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount Bought** | &nbsp;&nbsp;&nbsp;&nbsp;**Settlement<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;EUR502,000 | &nbsp;&nbsp;&nbsp;&nbsp;USD597,199 | &nbsp;&nbsp;&nbsp;&nbsp;12/08/2025 | &nbsp;&nbsp;&nbsp;&nbsp;$16680 |

---

---

| | |
|:---|:---|
| EUR | Euro |

---

During the period ended October 31, 2025, the average notional value related to forward foreign currency exchange contracts was $502,000.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### STATE STREET SHORT DURATION IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

At October 31, 2025, open futures contracts were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| 2 Yr. U.S. Treasury Note Futures (short) | (4) | 12/31/2025 | $(835060) | $(832969) | $2091 |

---

During the period ended October 31, 2025, the average notional value related to futures contracts was $833,281.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of October 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:** |  |  |  |  |
| Corporate Bonds & Notes<br>| $— | $7549942 | $1581317 | $9131259 |
| Asset-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3461063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3461063 |
| U.S. Government Agency Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1124697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1124697 |
| U.S. Treasury Obligations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8019062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8019062 |
| Mortgage-Backed Securities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1944940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1944940 |
| Short-Term Investment<br>| &nbsp;&nbsp;1161951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1161951 |
| **TOTAL INVESTMENTS<br>**  | $1161951 | $22099704 | $1581317 | $24842972 |
| **OTHER FINANCIAL INSTRUMENTS:** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts -<br>Unrealized Appreciation<br>| $— | $16680 | $— | $16680 |
| Futures Contracts - Unrealized Appreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 |
| **TOTAL OTHER FINANCIAL INSTRUMENTS:<br>**  | $2091 | $16680 | $— | $18771 |

---

The following table reconciles the valuation of the Fund's Level 3 investment securities and related transactions for the period ended October 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning<br> Value at<br> September 10, 2025\*** | **Transfers<br> into<br> Level 3\*\*** | **Purchases** | **Sales** | **Net<br> realized<br> gain/(loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Transfers<br> out of<br> Level 3** | **Ending<br> Value at<br> October 31, 2025** |
| Corporate Bonds & Notes<br>| $— | $— | $1596831 | $5868 | $(1437) | $(8209) | $— | $1581317 |
| Change in net unrealized<br>appreciation (depreciation) on<br>investments still held<br>as of October 31, 2025\*\*\*<br>| $(8209) |  |  |  |  |  |  |  |

---

\* Commencement of operations.

\*\* Transfers into or out of Level 3 are based on the beginning market value of the period in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.

\*\*\* Net unrealized depreciation is included in the related amounts on investments in the Fund's Statement of Operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### STATE STREET SHORT DURATION IG PUBLIC & PRIVATE CREDIT ETF

#### SCHEDULE OF INVESTMENTS (continued)

#### October 31, 2025

------

#### Significant Unobservable Inputs
The following table summarizes the significant unobservable inputs used to value the Level 3 investments as of October 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Investment** | **Fair Value as of<br> October 31, 2025** | **Valuation<br> Technique** | **Unobservable<br> Input** | **Range (Weighted Avg)<sup>(a) (b)</sup>** | **Impact to<br> Valuation from an<br> Increase to Input** |
| Corporate Bonds & Notes<br>| $1453959 | Transaction Approach | Recent Transactions | 101.50%–104.60%; (102.91%) | Increase |
| Corporate Bonds & Notes<br>| $127358 | Discounted Cash Flow | Discount Rate (Mid) | 5.24%–6.84%; (5.81%) | Decrease |

---

(a) Represents the range and weighted average of the unobservable input values.

(b) Weighted average is calculated by weighing the significant unobservable input by the relative fair value of each investment in the category.

#### 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> 10/31/25** | **Value at<br>10/31/25** | **Dividend<br> Income** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class<br>– $— | $3639619 | $2477668 | $— | $— | 1161951 | $1161951 | $7524 |

---

\* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES

#### October 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **SPDR SSGA IG Public & Private Credit ETF** | **State Street Short Duration IG Public & Private Credit ETF** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;$191603518 | $23681021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462366 | &nbsp;&nbsp;&nbsp;&nbsp;1161951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investments<br>| &nbsp;&nbsp;&nbsp;197065884 | &nbsp;&nbsp;&nbsp;24842972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash at broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable from broker — accumulated variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivable for fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS <br>**  | &nbsp;&nbsp;&nbsp;205898417 | &nbsp;&nbsp;&nbsp;25105024 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10384658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES <br>**  | &nbsp;&nbsp;&nbsp;&nbsp;10473229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $195425188 | $25092426 |
| **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital<br>| $193265309 | $25032500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS <br>**  | $195425188 | $25092426 |
| **NET ASSET VALUE PER SHARE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net asset value per share<br>| $25.55 | $25.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding (unlimited amount authorized, $0.01 par value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| **COST OF INVESTMENTS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$189809111 | $23717211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5462366 | &nbsp;&nbsp;&nbsp;&nbsp;1161951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cost of investments<br>| $195271477 | $24879162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency, at cost<br>| $194 | $343 |

---

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### STATEMENTS OF OPERATIONS

------

---

| | | |
|:---|:---|:---|
|  | **SPDR SSGA IG Public & Private Credit ETF** | **State Street Short Duration IG Public & Private Credit ETF** |
|  | **For the Period<br> 2/27/25\*-<br> 10/31/25** | **For the Period<br> 9/10/25\*-<br> 10/31/25** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3222061 | $152119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend income — affiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;3332226 | &nbsp;&nbsp;&nbsp;159643 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451739 | &nbsp;&nbsp;&nbsp;&nbsp;21068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453482 | &nbsp;&nbsp;&nbsp;&nbsp;21103 |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME (LOSS)<br>**  | $2878744 | $138540 |
| **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;215159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions — unaffiliated issuers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3708) |
| &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;1794407 | &nbsp;&nbsp;&nbsp;&nbsp;(36190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35602 | &nbsp;&nbsp;&nbsp;&nbsp;16680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;1833947 | &nbsp;&nbsp;&nbsp;&nbsp;(17739) |
| &nbsp;&nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN (LOSS)<br>**  | &nbsp;&nbsp;&nbsp;2180517 | &nbsp;&nbsp;&nbsp;&nbsp;(21447) |
| **NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS<br>**  | $5059261 | $117093 |

---

<br> \* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | **SPDR SSGA IG Public & Private Credit ETF** | **State Street Short Duration IG Public & Private Credit ETF** |
|  | **For the Period<br> 2/27/25\*-<br> 10/31/25** | **For the Period<br> 9/10/25\*-<br> 10/31/25** |
| **INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2878744 | $138540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3708) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17739) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5059261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net equalization credits and charges<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2529494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57167) |
| **FROM BENEFICIAL INTEREST TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242825793 | &nbsp;&nbsp;&nbsp;25000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50215721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income equalization<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets from beneficial interest transactions <br>**  | &nbsp;&nbsp;&nbsp;192757765 | &nbsp;&nbsp;&nbsp;25032500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contribution from affiliate (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets during the period<br>| &nbsp;&nbsp;&nbsp;195425188 | &nbsp;&nbsp;&nbsp;25092426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net assets at beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **NET ASSETS AT END OF PERIOD<br>**  | $195425188 | $25092426 |
| **SHARES OF BENEFICIAL INTEREST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9650000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2000000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net increase (decrease) from share transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7650000 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 |

---

<br> \* Commencement of operations.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS

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

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**SPDR SSGA IG Public & Private Credit ETF** |
|  | &nbsp;&nbsp;**For the<br> Period<br> 2/27/25\*-<br> 10/31/25** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$25.00 |
| **Income (loss) from investment operations:** |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| Net equalization credits and charges (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Contribution from affiliate (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Other capital (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 |
| **Distributions to shareholders from:** |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.67) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$25.55 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%(d) |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$195425 |
| **Ratios to average net assets:** |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%(e) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.46%(e) |
| Portfolio turnover rate (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57%(g) |

---

\* Commencement of operations.

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

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

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

(d) If an affiliate had not made a contribution during the period ended October 31, 2025, the total return would have been 4.90%.

(e) Annualized.

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

(g) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### FINANCIAL HIGHLIGHTS

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

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**State Street Short Duration IG Public & Private Credit ETF** |
|  | &nbsp;&nbsp;**For the<br> Period<br> 9/10/25\*-<br> 10/31/25** |
| **Net asset value, beginning of period<br>**  | &nbsp;&nbsp;$25.00 |
| **Income (loss) from investment operations:** |  |
| Net investment income (loss) (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| Net realized and unrealized gain (loss) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| Total from investment operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| Other capital<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| **Distributions to shareholders from:** |  |
| Net investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) |
| **Net asset value, end of period<br>**  | &nbsp;&nbsp;$25.09 |
| **Total return (c)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% |
| **Ratios and Supplemental Data:** |  |
| Net assets, end of period (in 000s)<br>| &nbsp;&nbsp;$25092 |
| **Ratios to average net assets:** |  |
| Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%(d) |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%(d) |
| Portfolio turnover rate (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5%(f) |

---

\* Commencement of operations.

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

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

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

(d) Annualized.

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

(f) Not annualized.

*See accompanying notes to financial statements.* 

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS

#### October 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 October 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 at $0.01 par value. The financial statements herein relate to the SPDR SSGA IG Public & Private Credit ETF (formerly SPDR SSGA Apollo IG Public & Private Credit ETF) and State Street Short Duration IG Public & Private Credit ETF (each a "Fund" and collectively the "Funds"). SPDR SSGA IG Public & Private Credit ETF was formed on February 26, 2025 and commenced operations on February 27, 2025, and State Street Short Duration IG Public & Private Credit ETF was formed on September 09, 2025 and commenced operations on September 10, 2025. Each Fund is classified as a non-diversified investment company under the 1940 Act.

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

2.&nbsp;&nbsp;&nbsp;&nbsp;Segment Reporting

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through each Fund's investments in accordance with its investment objective. Each Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

3.&nbsp;&nbsp;&nbsp;&nbsp;Summary of Significant Accounting Policies

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

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

#### Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board. The Committee provides oversight of the valuation of investments for the 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:

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day's published net asset value ("NAV") per share or unit.

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is "cleaned" from the pricing service or broker price utilizing

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

the published inflation factors in order to ensure proper accrual of income.

• Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

• Forward foreign currency exchange contracts are valued based on that day's prevailing forward exchange rate for the underlying currencies. The rates are obtained from independent pricing services 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 each Fund's investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.

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

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

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Non-cash dividends received in the form of stock, are recorded as dividend income at fair value. Distributions received by the Fund may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

#### Expenses
Certain expenses, which are directly identifiable to a specific Funds, are applied to that Funds within the Trust. Other expenses which cannot be attributed to a specific Funds are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust. Class specific expenses are borne by each class.

#### Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

#### Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Fund and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of October 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

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

#### Distributions
Distributions from net investment income, if any, are declared and paid annually. Net realized capital gains, if any, are distributed annually, unless additional distributions are required for compliance with applicable tax regulations. 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.

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

#### Futures Contracts
The Funds may enter into futures contracts to meet the Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash at broker on the Statement of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Fund recognizes a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

#### Forward Foreign Currency Exchange Contracts
The Funds may engage in forward foreign currency exchange contracts to acquire exposure to foreign currencies or to hedge the Funds' investments against currency fluctuations. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The contract is marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. When the contract is closed, the Funds recognize a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Certain risks may arise upon entering into forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gains on appreciated contracts, if any. Additionally, when utilizing forward foreign currency exchange contracts to hedge, the Funds gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

For the period ended October 31, 2025, the Funds entered into forward foreign currency exchange contracts to offset the Funds exposure to the component currencies.

The following tables summarize the value of the Fund's derivative instruments as of October 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;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR SSGA IG Public & Private Credit ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$35602 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35602 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;4774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4774 |
| **State Street Short Duration IG Public & Private Credit ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16680 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16680 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2094 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** | &nbsp;&nbsp;**Net Realized Gain (Loss)** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR SSGA IG Public & Private Credit ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$72921 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$72921 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;19666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;19666 |
| **State Street Short Duration IG Public & Private Credit ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1188 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** | &nbsp;&nbsp;**Net Change in Unrealized Appreciation/Depreciation** |
|  | &nbsp;&nbsp;**Interest<br> Rate<br> Risk** | &nbsp;&nbsp;**Foreign<br> Exchange<br> Risk** | &nbsp;&nbsp;**Credit<br> Risk** | &nbsp;&nbsp;**Equity<br> Risk** | &nbsp;&nbsp;**Commodity<br> Risk** | &nbsp;&nbsp;**Total** |
| **SPDR SSGA IG Public & Private Credit ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$35602 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35602 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;4473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4473 |
| **State Street Short Duration IG Public & Private Credit ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16680 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;16680 |
| &nbsp;&nbsp;&nbsp;Futures Contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2091 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2091 |

---

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[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

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

#### Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services, each Fund pays the Adviser a fee ("Management/Advisory fee") accrued daily and paid monthly, based on a percentage of each Fund's average daily net assets as shown in the following table:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Annual Rate** |
| SPDR SSGA IG Public & Private Credit ETF<br>| &nbsp;&nbsp;0.70% |
| State Street Short Duration IG Public & Private Credit ETF<br>| &nbsp;&nbsp;0.59 |

---

From time to time, the Adviser may waive all or a portion of its management fee. The Adviser pays all expenses of the Fund other than the management fee, acquired fund fees and expenses associated with holdings of acquired funds for cash management purposes, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee's counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.

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

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

#### Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity's voting securities or outstanding shares. Amounts relating to these transactions during the period ended October 31, 2025, are disclosed in the Schedules of Investments.

During the fiscal period ended October 31, 2025, the Adviser made a contribution of $55,171 to the SPDR SSGA IG Public & Private Credit ETF related to a trading matter.

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 period ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government Obligations** | **U.S. Government Obligations** | **Other Securities** | **Other Securities** |
|  | **Purchases** | **Sales** | **Purchases** | **Sales** |
| SPDR SSGA IG Public & Private Credit ETF<br>| $90158340 | $20694083 | $82267064 | $34081531 |
| State Street Short Duration IG Public & Private Credit ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;9201439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32386 | &nbsp;&nbsp;&nbsp;15166882 | &nbsp;&nbsp;&nbsp;&nbsp;1111990 |

---

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

For the period ended October 31, 2025, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **In-kind<br> Contributions** | **In-kind<br> Redemptions** | **In-kind Net<br> Realized<br> Gains/(Losses)** |
| SPDR SSGA IG Public & Private Credit ETF<br>| $89377190 | $19708090 | $197589 |

---

8.&nbsp;&nbsp;&nbsp;&nbsp;Income Tax Information

The Funds intends to qualify as a regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended. The Funds will not be subject to federal income taxes to the extent they distribute their taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds will file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction.

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 wash sales, straddles, paydown gains and losses, futures contracts, forward contracts, currency gains and losses, bond bifurcation,amortization of discount/premium, and in-kind transactions.

The tax character of distributions paid during the period ended October 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gains** | **Total** |
| SPDR SSGA IG Public & Private Credit ETF<br>| $2529494 | $— | $2529494 |
| State Street Short Duration IG Public & Private Credit ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57167 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57167 |

---

At October 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** |
| SPDR SSGA IG Public & Private Credit ETF<br>| $393221 | $— | $— | $1766658 | $2159879 |
| State Street Short Duration IG Public & Private Credit ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;94885 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59926 |

---

As of October 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)** |
| SPDR SSGA IG Public & Private Credit ETF<br>| $195338766 | $2120159 | $352966 | $1767193 |
| State Street Short Duration IG Public & Private Credit ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;24898350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18923 | &nbsp;&nbsp;&nbsp;&nbsp;55530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36607) |

---

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[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### NOTES TO FINANCIAL STATEMENTS (continued)

#### October 31, 2025

------

9.&nbsp;&nbsp;&nbsp;&nbsp;Risks

#### Market Risk
The Funds' investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Funds are 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, military conflicts, acts of terrorism, trade policy changes or disputes, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Funds and their investments.

#### Debt Securities Risk
The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Funds' fixed income securities to decrease, an adverse impact on the liquidity of the Funds' fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Funds' yields can be low, and the Funds may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Funds may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities.

#### Credit Risk
Credit risk is the risk that an issuer or counterparty will fail to pay its obligations to the Funds when they are due. As a result, the Funds' income might be reduced, the value of the Funds' investment might fall, and/or the Funds could lose the entire amount of its investment. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security's or other instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. The values of lower-quality debt securities, including floating rate loans, tend to be particularly sensitive to these changes. The values of securities also may decline for a number of other reasons that relate directly to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services, as well as the historical and prospective earnings of the issuer and the value of its assets.

10.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events

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

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[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Shareholders of SPDR SSGA IG Public & Private Credit ETF and State Street Short Duration IG Public & Private Credit ETF and the Board of Trustees of SSGA Active Trust

#### Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SPDR SSGA IG Public & Private Credit ETF and State Street Short Duration IG Public & Private Credit ETF (collectively referred to as the "Funds") (two of the funds constituting SSGA Active Trust (the "Trust")), including the schedules of investments, as of October 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (two of the funds constituting SSGA Active Trust) at October 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Individual fund constituting<br> the SSGA Active Trust | &nbsp;&nbsp;Statements of operations | &nbsp;&nbsp;Statements of changes in net assets | &nbsp;&nbsp;Financial highlights |
| &nbsp;&nbsp;SPDR SSGA IG Public &<br> Private Credit ETF | &nbsp;&nbsp;For the period from February 27, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from February 27, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from February 27, 2025 (commencement of operations) through October 31, 2025 |
| &nbsp;&nbsp;State Street Short Duration IG<br> Public & Private Credit ETF | &nbsp;&nbsp;For the period from September 10, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from September 10, 2025 (commencement of operations) through October 31, 2025 | &nbsp;&nbsp;For the period from September 10, 2025 (commencement of operations) through October 31, 2025 |

---

#### Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 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.

![](g28600img561ad2222.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

December 22, 2025

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### OTHER INFORMATION

#### October 31, 2025 (Unaudited)

------

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

#### Interest Dividends
Each Fund reports the maximum amount allowable as Section 163(j) Interest Dividends.

#### Qualified Interest Income
Each Fund reports the maximum amount allowable of its net taxable income and short-term capital gain as qualified interest income.

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[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### Statement Regarding Basis for Approval of Investment Advisory Contract

#### October 31, 2025 (Unaudited)

------

#### Board Considerations Regarding Approval of Investment Advisory Agreements
At a meeting held on August 13-14, 2025, the Board of Trustees of the Trust (the "Board") evaluated a proposal to initially approve the Investment Advisory Agreement (the "Advisory Agreement" or the "Agreement") between SSGA Active Trust and the Adviser with respect to State Street Short Duration IG Public & Private Credit ETF (the "New ETF"). The Trustees who are not "interested persons" of the Trusts within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees"), also met separately to consider the Agreements. The Independent Trustees were advised by their independent legal counsel throughout the process.

To evaluate the Advisory Agreement, the Board requested and SSGA FM, the Trust's adviser and administrator, and State Street Bank and Trust Company, the Trust's sub-administrator, transfer agent and custodian ("State Street") provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Advisory Agreement, the Board considered various factors, including the nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs currently under the Agreement, the proposed cost of those services in relation to the services to be provided and in relation to fees charged to comparable funds, other benefits to the Adviser of its relationship with the New ETF, and extent to which economies of scale would be shared as the New ETF grows.

#### Nature, Extent and Quality of Services
The Board considered the nature, extent, and quality of services to be provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trusts and the materials provided prior to and at the meeting. The Board reviewed the Advisory Agreement and the Adviser's responsibilities for managing investment operations of the New ETF in accordance with the New ETF's investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the New ETF as an exchange-traded fund and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management and regulatory compliance of the New ETF. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring the New ETF's compliance with its investment objectives and policies, and applicable laws and regulations. The Board also considered the unique nature of certain of the proposed investments of the New ETF and confirmed the adequacy of compliance, operational and valuation resources to be dedicated to the New ETF. The Board further considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment management business and that of its affiliates, which make up State Street Investment Management (formerly known as "State Street Global Advisors"), through which the Adviser shares all of its senior personnel. The Board specifically considered the Adviser's experience in managing fixed income exchange-traded funds with index-based investment objectives, as well as actively managed exchange-traded funds. The Board also considered the Adviser's role in overseeing third party service providers and sub-advisers, as applicable, that would be engaged to fulfill roles critical to the operations of the New ETF. The Board held a number of supplemental meetings with the Adviser and such service providers in connection with their consideration of the Advisory Agreement.

#### Fees Charged to Comparable Funds
The Board evaluated the New ETF's proposed unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar fixed income indexes. The Board reviewed the universe of similar exchange-traded funds for the New ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. ("Broadridge") noting that there were no true comparators. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between the New ETF's fee and fees paid by other funds in the universe of exchange-traded funds provided by Broadridge.

#### Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not currently maintain soft-dollar arrangements in connection with the Trust's brokerage transactions.

------

[**Table of Contents**](#JOB_SPDR__d0d8fd89-23cc-4686-84b8-cad344b82c4b_TOC-LETTERSIZE-FEEDER)

#### SSGA ACTIVE TRUST

#### Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

#### October 31, 2025 (Unaudited)

------

#### Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as the New ETF's assets grow in size. The Board noted that the advisory fee rate for the New ETF does not provide for breakpoints as assets of the New ETF increase. However, the Board further noted the Adviser's assertion that future economies of scale (among several factors) had been taken into consideration for the New ETF by fixing a relatively low advisory fee, effectively sharing the benefits of lower fees with the New ETF from the time of its inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the New ETF grows in size and assess whether fee breakpoints may be warranted.

#### Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the Advisory Agreement for the New ETF. In approving the Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Advisory Agreement are fair and reasonable and that the approval of the Advisory Agreement is in the best interests of the New ETF and its shareholders. The Board's conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services expected to be provided by the Adviser with respect to the New ETF were appropriate; (b) the Adviser's unitary fee for the New ETF, considered in relation to the services expected to be provided, and in relation to the fees charged to comparable funds, was reasonable; and (c) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board's conclusions. The Independent Trustees were advised by their independent counsel throughout the process.

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
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.](d28600dex99codeeth.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.](d28600dex99cert.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.](d28600dex99906cert.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** | **SSGA Active Trust** |
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | January 2, 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: | January 2, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |
| Date: | January 2, 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.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please sign your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please print your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please date here: |

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EXHIBIT C

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Conduct for Principal Executive and Senior Financial Officers of SPDR<sup>®</sup> Series Trust, SPDR<sup>®</sup> Index Shares Funds SSGA Active Trust (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the policies and procedures set forth in each Code during my tenure as a Covered Officer, as defined in the Code.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please sign your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please print your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please date here: |

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## 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: January 2, 2026

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| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |

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I, Bruce S. Rosenberg, Treasurer and Principal Financial Officer of 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: January 2, 2026

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| | |
|:---|:---|
|  By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |

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## 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.

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| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
|  | Ann M. Carpenter |
|  | President and Principal Executive Officer |
| Date: | January 2, 2026 |

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| | |
|:---|:---|
| By: | /s/ Bruce S. Rosenberg |
|  | Bruce S. Rosenberg |
|  | Treasurer and Principal Financial Officer |
| Date: | January 2, 2026 |

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