INVESTMENT OBJECTIVE:

To replicate the total return of the S&P MidCap 400 Index^TM (the "Index").

INVESTMENT STRATEGY:

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

PERFORMANCE OVERVIEW:

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

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

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

Common Stock	Shares		Value
Acadia Healthcare Co., Inc.*		785,382	$	50,091,664
ACI Worldwide, Inc.*		1,026,778		31,552,888
Acuity Brands, Inc.		312,075		54,104,443
Adient PLC*		823,440		34,131,588
AECOM*		1,259,065		79,509,955
Affiliated Managers Group, Inc.		360,132		54,412,344
AGCO Corp.		540,259		66,197,935
Alleghany Corp.*		121,221		75,691,605
ALLETE, Inc.		456,806		27,189,093
Alliance Data Systems Corp.		434,852		43,872,218
Amedisys, Inc.*		285,192		42,522,127
American Campus Communities, Inc.		1,215,752		58,903,184
American Eagle Outfitters, Inc.		1,333,872		34,413,898
American Financial Group, Inc.		577,729		72,695,640
Amkor Technology, Inc.		875,555		21,845,097
Antero Midstream Corp.		2,837,549		29,567,261
Apartment Income REIT Corp.		1,371,807		66,957,900
AptarGroup, Inc.		576,464		68,800,978
Arrow Electronics, Inc.*		627,674		70,481,513
Arrowhead Pharmaceuticals, Inc.*		911,198		56,886,091
ASGN, Inc.*		462,333		52,308,356
Ashland Global Holdings, Inc.		493,635		43,992,751
Aspen Technology, Inc.*		593,534		72,885,975
Associated Banc-Corp.		1,336,885		28,636,077
AutoNation, Inc.*		381,691		46,474,696
Avient Corp.		797,909		36,983,082
Avis Budget Group, Inc.*		412,914		48,108,610
Avnet, Inc.		869,633		32,150,332
Axon Enterprise, Inc.*		573,986		100,459,030
BancorpSouth Bank		949,141		28,265,419
Bank of Hawaii Corp.		353,762		29,068,624
Bank OZK		1,064,810		45,765,534
Belden, Inc.		392,006		22,838,270
BJ's Wholesale Club Holdings, Inc.*		1,198,516		65,822,499
Black Hills Corp.		554,799		34,819,185
Blackbaud, Inc.*		367,406		25,847,012
Boston Beer Co., Inc., Class A*		82,047		41,823,458
Boyd Gaming Corp.*		715,994		45,293,780
Brighthouse Financial, Inc.*		726,361		32,853,308
Brink's Co.		435,168		27,546,134

Common Stock	Shares		Value
Brixmor Property Group, Inc.		2,595,502	$	57,386,549
Brooks Automation, Inc.		649,330		66,458,926
Brunswick Corp.		677,321		64,528,372
Builders FirstSource, Inc.*		1,810,938		93,697,932
Cable One, Inc.		43,268		78,450,509
Cabot Corp.		495,752		24,847,090
CACI International, Inc., Class A*		205,824		53,946,470
Callaway Golf Co.*		1,023,774		28,286,876
Camden Property Trust		878,999		129,625,983
Capri Holdings Ltd.*		1,328,557		64,315,444
Carlisle Cos., Inc.		455,568		90,562,363
Carter's, Inc.		384,643		37,402,685
Casey's General Stores, Inc.		323,575		60,977,709
Cathay General Bancorp		683,101		28,273,550
CDK Global, Inc.		1,064,275		45,284,901
Cerence, Inc.*		332,159		31,923,802
ChampionX Corp.*		1,763,690		39,436,108
Chemed Corp.		137,483		63,946,093
Chemours Co.		1,443,488		41,947,761
Choice Hotels International, Inc.		286,852		36,249,487
Churchill Downs, Inc.		302,992		72,742,319
Ciena Corp.*		1,352,620		69,457,037
Cimarex Energy Co.		898,555		78,353,996
Cirrus Logic, Inc.*		503,386		41,453,837
CIT Group, Inc.		866,488		45,014,052
Clean Harbors, Inc.*		437,435		45,436,373
Cleveland-Cliffs, Inc.*		3,974,461		78,734,072
CMC Materials, Inc.		255,392		31,471,956
CNO Financial Group, Inc.		1,116,837		26,290,343
CNX Resources Corp.*		1,904,564		24,035,598
Cognex Corp.		1,544,371		123,889,442
Coherent, Inc.*		214,425		53,625,548
Colfax Corp.*		1,132,062		51,961,646
Columbia Sportswear Co.		305,565		29,285,350
Commerce Bancshares, Inc.		928,961		64,730,003
Commercial Metals Co.		1,053,899		32,101,764
CommVault Systems, Inc.*		400,896		30,191,478
Compass Minerals International, Inc.		297,492		19,158,485
Concentrix Corp.*		374,215		66,236,055
CoreSite Realty Corp.		386,339		53,523,405

Common Stock	Shares		Value
Corporate Office Properties Trust		981,780	$	26,488,424
Coty, Inc., Class A*		2,924,340		22,985,312
Cousins Properties, Inc.		1,299,486		48,457,833
Cracker Barrel Old Country Store, Inc.		207,363		28,997,642
Crane Co.		435,564		41,295,823
Cree, Inc.*		1,009,180		81,471,101
Crocs, Inc.*		545,231		78,229,744
Cullen/Frost Bankers, Inc.		495,093		58,727,932
Curtiss-Wright Corp.		357,311		45,085,502
CyrusOne, Inc.		1,083,892		83,904,080
Dana, Inc.		1,269,255		28,228,231
Darling Ingredients, Inc.*		1,416,447		101,842,539
Deckers Outdoor Corp.*		241,766		87,084,113
Dick's Sporting Goods, Inc.		572,748		68,598,028
Digital Turbine, Inc.*		764,261		52,542,944
Donaldson Co., Inc.		1,097,580		63,012,068
Douglas Emmett, Inc.		1,533,573		48,476,243
DT Midstream, Inc.		846,563		39,145,073
Dycom Industries, Inc.*		269,001		19,163,631
Eagle Materials, Inc.		366,035		48,009,151
East West Bancorp, Inc.		1,239,974		96,147,584
EastGroup Properties, Inc.		353,130		58,842,052
EMCOR Group, Inc.		469,791		54,204,486
Emergent BioSolutions, Inc.*		417,702		20,914,339
Encompass Health Corp.		869,633		65,257,260
Energizer Holdings, Inc.		549,748		21,467,659
EnerSys		371,535		27,657,065
Envestnet, Inc.*		476,441		38,229,626
Envista Holdings Corp.*		1,409,348		58,924,840
EPR Properties		653,767		32,283,014
EQT Corp.*		2,644,375		54,103,913
Equitrans Midstream Corp.		3,553,315		36,030,614
Essent Group Ltd		977,729		43,029,853
Essential Utilities, Inc.		1,954,545		90,065,434
Evercore, Inc., Class A		346,594		46,329,220
Exelixis, Inc.*		2,753,437		58,207,658
FactSet Research Systems, Inc.		330,182		130,349,250
Fair Isaac Corp.*		248,091		98,722,852
Federated Hermes, Inc.		852,607		27,709,728
First American Financial Corp.		960,668		64,412,789

Common Stock	Shares		Value
First Financial Bankshares, Inc.		1,119,762	$	51,453,064
First Horizon Corp.		4,801,010		78,208,453
First Industrial Realty Trust, Inc.		1,128,566		58,775,717
First Solar, Inc.*		864,160		82,492,714
FirstCash, Inc.		353,543		30,935,013
Five Below, Inc.*		489,366		86,524,802
Flowers Foods, Inc.		1,739,626		41,107,362
Flowserve Corp.		1,138,458		39,470,339
Fluor Corp.*		1,235,932		19,737,834
FNB Corp.		2,792,506		32,448,920
Foot Locker, Inc.		787,296		35,947,935
Fox Factory Holding Corp.*		367,968		53,186,095
FTI Consulting, Inc.*		299,583		40,353,830
Fulton Financial Corp.		1,425,232		21,777,545
GameStop Corp., Class A*		543,782		95,417,428
GATX Corp.		310,257		27,786,617
Genpact Ltd.		1,509,501		71,716,393
Gentex Corp.		2,088,390		68,875,102
Glacier Bancorp, Inc.		947,632		52,451,431
Globus Medical, Inc., Class A*		684,349		52,434,820
Goodyear Tire & Rubber Co.*		2,455,682		43,465,571
Graco, Inc.		1,483,497		103,800,285
Graham Holdings Co., Class B		35,282		20,786,743
Grand Canyon Education, Inc.*		394,913		34,736,547
Greif, Inc., Class A		232,049		14,990,365
Grocery Outlet Holding Corp.*		762,864		16,454,976
GXO Logistics, Inc.*		861,542		67,579,354
H&R Block, Inc.		1,556,152		38,903,800
Haemonetics Corp.*		445,412		31,441,633
Hain Celestial Group, Inc.*		732,080		31,318,382
Halozyme Therapeutics, Inc.*		1,243,972		50,604,781
Hancock Whitney Corp.		759,051		35,766,483
Hanover Insurance Group, Inc.		312,040		40,446,625
Harley-Davidson, Inc.		1,344,573		49,224,818
Hawaiian Electric Industries, Inc.		955,343		39,006,655
Healthcare Realty Trust, Inc.		1,271,891		37,876,914
HealthEquity, Inc.*		728,794		47,196,699
Helen of Troy Ltd.*		210,622		47,322,551
Herman Miller, Inc.		658,203		24,787,925
Hexcel Corp.*		732,818		43,522,061

Common Stock	Shares		Value
Highwoods Properties, Inc.		910,767	$	39,946,241
Hill-Rom Holdings, Inc.		575,226		86,283,900
HollyFrontier Corp.		1,306,505		43,284,511
Home BancShares, Inc.		1,319,359		31,044,517
Hubbell, Inc.		475,265		85,866,128
Hudson Pacific Properties, Inc.		1,332,616		35,007,822
IAA, Inc.*		1,178,090		64,288,371
ICU Medical, Inc.*		174,232		40,662,264
IDACORP, Inc.		441,493		45,641,546
II-VI, Inc.*		916,652		54,412,463
Ingevity Corp.*		345,389		24,650,413
Ingredion, Inc.		585,600		52,124,256
Insperity, Inc.		313,762		34,746,004
Integra LifeSciences Holdings Corp.*		635,722		43,534,243
Interactive Brokers Group, Inc., Class A		763,392		47,589,857
International Bancshares Corp.		465,232		19,372,260
Iridium Communications, Inc.*		1,153,078		45,950,158
ITT, Inc.		752,488		64,593,570
J2 Global, Inc.*		421,287		57,556,230
Jabil, Inc.		1,274,509		74,393,090
Jack in the Box, Inc.		189,404		18,434,691
Janus Henderson Group PLC		1,506,286		62,254,800
Jazz Pharmaceuticals PLC*		534,426		69,587,609
JBG SMITH Properties		1,014,751		30,046,777
Jefferies Financial Group, Inc.		1,727,231		64,132,087
JetBlue Airways Corp.*		2,779,425		42,497,408
John Wiley & Sons, Inc., Class A		380,391		19,860,214
Jones Lang LaSalle, Inc.*		443,119		109,933,393
KAR Auction Services, Inc.*		1,041,634		17,072,381
KB Home		786,154		30,597,114
KBR, Inc.		1,230,416		48,478,390
Kemper Corp.		522,715		34,912,135
Kennametal, Inc.		730,771		25,014,291
Kilroy Realty Corp.		916,003		60,648,559
Kinsale Capital Group, Inc.		187,357		30,295,627
Kirby Corp.*		525,332		25,194,923
Knight-Swift Transportation Holdings, Inc.		1,450,587		74,197,525
Kohl's Corp.		1,365,429		64,298,052
Lamar Advertising Co., Class A		758,287		86,027,660
Lancaster Colony Corp.		173,328		29,259,500

Common Stock	Shares		Value
Landstar System, Inc.		334,522	$	52,794,262
Lattice Semiconductor Corp.*		1,191,961		77,060,279
Lear Corp.		522,117		81,700,868
LendingTree, Inc.*		100,074		13,993,347
Lennox International, Inc.		298,845		87,911,234
LHC Group, Inc.*		276,784		43,430,177
Life Storage, Inc.		684,464		78,535,399
Lincoln Electric Holdings, Inc.		519,025		66,845,230
Lithia Motors, Inc.		264,389		83,821,889
Littelfuse, Inc.		215,146		58,792,947
LivaNova PLC*		465,003		36,823,588
LiveRamp Holdings, Inc.*		593,622		28,036,767
Louisiana-Pacific Corp.		832,252		51,075,305
Lumentum Holdings, Inc.*		663,343		55,415,674
Macerich Co.		1,861,639		31,107,988
Manhattan Associates, Inc.*		554,096		84,793,311
ManpowerGroup, Inc.		473,982		51,322,771
Marriott Vacations Worldwide Corp.		373,249		58,723,265
Masimo Corp.*		442,679		119,837,632
MasTec, Inc.*		500,109		43,149,405
Mattel, Inc.*		3,049,902		56,606,181
Maximus, Inc.		537,246		44,698,867
MDU Resources Group, Inc.		1,769,190		52,491,867
Medical Properties Trust, Inc.		5,206,247		104,489,377
Medpace Holdings, Inc.*		250,437		47,402,715
Mercury General Corp.		232,287		12,931,417
Mercury Systems, Inc.*		490,833		23,275,301
MGIC Investment Corp.		2,965,579		44,365,062
Middleby Corp.*		486,168		82,896,506
Mimecast Ltd*		534,320		33,982,752
Minerals Technologies, Inc.		293,591		20,504,395
MKS Instruments, Inc.		484,639		73,136,872
Molina Healthcare, Inc.*		510,397		138,475,810
MSA Safety, Inc.		318,532		46,410,112
MSC Industrial Direct Co., Inc., Class A		410,710		32,934,835
Murphy Oil Corp.		1,268,737		31,680,363
Murphy USA, Inc.		207,801		34,756,795
National Fuel Gas Co.		796,899		41,853,135
National Instruments Corp.		1,162,214		45,593,655
National Retail Properties, Inc.		1,534,680		66,282,829

Common Stock	Shares		Value
National Storage Affiliates Trust		712,805	$	37,628,976
Navient Corp.		1,466,875		28,941,444
NCR Corp.*		1,148,394		44,511,751
Nektar Therapeutics*		1,606,370		28,850,405
Neogen Corp.*		939,319		40,794,624
NetScout Systems, Inc.*		647,495		17,449,990
Neurocrine Biosciences, Inc.*		827,183		79,335,122
New Jersey Resources Corp.		842,802		29,337,938
New York Community Bancorp, Inc.		4,064,257		52,306,988
New York Times Co., Class A		1,460,339		71,950,903
NewMarket Corp.		63,026		21,351,318
Nordson Corp.		472,471		112,518,969
Nordstrom, Inc.*		972,106		25,712,204
NorthWestern Corp.		450,631		25,821,156
NOV, Inc.*		3,414,636		44,765,878
Nu Skin Enterprises, Inc., Class A		438,164		17,732,497
NuVasive, Inc.*		451,535		27,024,370
nVent Electric PLC		1,469,202		47,499,301
OGE Energy Corp.		1,749,467		57,662,432
Old Republic International Corp.		2,485,017		57,478,443
Olin Corp.		1,262,157		60,899,075
Ollie's Bargain Outlet Holdings, Inc.*		530,630		31,986,376
Omega Healthcare Investors, Inc.		2,087,696		62,547,372
ONE Gas, Inc.		467,587		29,630,988
Option Care Health, Inc.*		1,210,437		29,365,202
Oshkosh Corp.		599,860		61,407,668
Owens Corning		901,322		77,063,031
PacWest Bancorp		1,024,414		46,426,442
Papa John's International, Inc.		284,411		36,117,353
Park Hotels & Resorts, Inc.*		2,066,884		39,560,160
Patterson Cos., Inc.		753,560		22,712,298
Paylocity Holding Corp.*		343,579		96,339,552
Pebblebrook Hotel Trust		1,148,255		25,732,395
Penumbra, Inc.*		300,523		80,089,380
Performance Food Group Co.*		1,343,106		62,400,705
Perrigo Co. PLC		1,168,627		55,311,116
Physicians Realty Trust		1,900,066		33,479,163
Pilgrim's Pride Corp.*		425,925		12,385,899
Pinnacle Financial Partners, Inc.		665,161		62,578,347
PNM Resources, Inc.		750,169		37,118,362

Common Stock	Shares		Value
Polaris, Inc.		497,773	$	59,563,517
Post Holdings, Inc.*		512,234		56,427,697
PotlatchDeltic Corp.		585,952		30,223,404
Primerica, Inc.		344,960		52,996,205
PROG Holdings, Inc.		581,190		24,415,792
Progyny, Inc.*		601,582		33,688,592
Prosperity Bancshares, Inc.		812,186		57,770,790
PS Business Parks, Inc.		175,717		27,541,883
Qualys, Inc.*		292,722		32,577,031
Quidel Corp.*		331,114		46,736,741
R1 RCM, Inc.*		1,169,884		25,749,147
Rayonier, Inc.		1,235,142		44,069,867
Regal Beloit Corp.		355,677		53,472,480
Reinsurance Group of America, Inc.		594,272		66,118,703
Reliance Steel & Aluminum Co.		554,826		79,018,319
RenaissanceRe Holdings Ltd.		411,685		57,388,889
Repligen Corp.*		446,853		129,136,048
Rexford Industrial Realty, Inc.		1,203,804		68,315,877
RH*		148,868		99,281,558
RLI Corp.		347,832		34,877,115
Royal Gold, Inc.		573,389		54,752,916
RPM International, Inc.		1,134,189		88,069,776
Ryder System, Inc.		469,967		38,870,971
Sabra Health Care REIT, Inc.		1,929,936		28,408,658
Sabre Corp.*		2,819,925		33,387,912
Saia, Inc.*		230,160		54,784,985
Sailpoint Technologies Holdings, Inc.*		812,281		34,830,609
Sanderson Farms, Inc.		185,408		34,893,786
Science Applications International Corp.		506,540		43,339,562
Scientific Games Corp.*		842,250		69,965,708
Scotts Miracle-Gro Co.		356,011		52,105,770
SEI Investments Co.		937,061		55,567,717
Selective Insurance Group, Inc.		525,324		39,677,722
Semtech Corp.*		567,432		44,242,673
Sensient Technologies Corp.		368,434		33,556,969
Service Corp. International		1,464,590		88,256,193
Signature Bank		529,954		144,295,875
Silgan Holdings, Inc.		733,345		28,131,114
Silicon Laboratories, Inc.*		354,975		49,753,296
Simpson Manufacturing Co., Inc.		379,653		40,611,481

Common Stock	Shares		Value
Six Flags Entertainment Corp.*		675,458	$	28,706,965
Skechers U.S.A., Inc., Class A*		1,178,932		49,656,616
SL Green Realty Corp.		586,954		41,579,821
SLM Corp.		2,672,664		47,038,886
SolarEdge Technologies, Inc.*		456,824		121,158,861
Sonoco Products Co.		859,327		51,198,703
Southwest Gas Holdings, Inc.		516,460		34,540,845
Spire, Inc.		451,702		27,635,128
Spirit Realty Capital, Inc.		1,040,931		47,924,463
Sprouts Farmers Market, Inc.*		997,997		23,123,591
STAAR Surgical Co.*		414,223		53,240,082
Steel Dynamics, Inc.		1,694,698		99,105,939
Stericycle, Inc.*		802,776		54,564,685
Sterling Bancorp		1,684,103		42,035,211
Stifel Financial Corp.		915,818		62,238,991
STORE Capital Corp.		2,137,026		68,448,943
Sunrun, Inc.*		1,799,798		79,191,112
Synaptics, Inc.*		307,657		55,295,193
Syneos Health, Inc.*		904,415		79,118,224
SYNNEX Corp.		363,119		37,800,688
Synovus Financial Corp.		1,279,894		56,174,548
Tandem Diabetes Care, Inc.*		550,854		65,760,951
Targa Resources Corp.		1,998,374		98,339,985
Taylor Morrison Home Corp.*		1,094,988		28,228,791
TEGNA, Inc.		1,932,221		38,103,398
Telephone and Data Systems, Inc.		863,897		16,845,992
Tempur Sealy International, Inc.		1,717,330		79,701,285
Tenet Healthcare Corp.*		935,620		62,162,593
Teradata Corp.*		953,498		54,683,110
Terex Corp.		610,033		25,682,389
Tetra Tech, Inc.		472,568		70,573,305
Texas Capital Bancshares, Inc.*		442,214		26,541,684
Texas Roadhouse, Inc.		610,297		55,738,425
Thor Industries, Inc.		483,883		59,401,477
Timken Co.		606,501		39,677,295
Toll Brothers, Inc.		1,013,574		56,040,506
Tootsie Roll Industries, Inc.		152,664		4,645,566
TopBuild Corp.*		287,846		58,953,739
Toro Co.		935,700		91,146,537

Common Stock	Shares		Value
Travel + Leisure Co.		754,219	$	41,127,562
Trex Co., Inc.*		1,008,083		102,753,900
Tri Pointe Homes, Inc.*		994,483		20,904,033
Trinity Industries, Inc.		729,040		19,808,017
TripAdvisor, Inc.*		860,330		29,122,171
UGI Corp.		1,827,446		77,885,749
UMB Financial Corp.		376,068		36,369,536
Umpqua Holdings Corp.		1,923,901		38,958,995
United Bankshares, Inc.		1,129,207		41,080,551
United States Steel Corp.		2,360,853		51,867,940
United Therapeutics Corp.*		392,339		72,417,933
Univar Solutions, Inc.*		1,493,688		35,579,648
Universal Display Corp.		378,862		64,770,248
Unum Group		1,786,348		44,765,881
Urban Edge Properties		962,319		17,620,061
Urban Outfitters, Inc.*		575,849		17,096,957
Valley National Bancorp		3,553,649		47,299,068
Valmont Industries, Inc.		185,399		43,591,013
Valvoline, Inc.		1,579,803		49,258,258
Viasat, Inc.*		640,853		35,291,775
Victoria's Secret & Co.*		656,332		36,268,906
Vishay Intertechnology, Inc.		1,159,860		23,301,587
Visteon Corp.*		244,568		23,084,774
Vontier Corp.		1,476,354		49,605,494
Washington Federal, Inc.		593,833		20,374,410
Watsco, Inc.		288,152		76,250,782
Webster Financial Corp.		791,751		43,118,759
Wendy's Co.		1,557,681		33,770,524
Werner Enterprises, Inc.		540,267		23,917,620
WEX, Inc.*		391,522		68,962,685
Williams-Sonoma, Inc.		656,516		116,419,982
Wingstop, Inc.		259,960		42,615,243
Wintrust Financial Corp.		498,519		40,065,972
Woodward, Inc.		555,897		62,927,540
World Wrestling Entertainment, Inc., Class A		394,553		22,197,552
Worthington Industries, Inc.		289,418		15,252,329
Wyndham Hotels & Resorts, Inc.		817,359		63,091,941
Xerox Holdings Corp.		1,201,133		24,226,853
XPO Logistics, Inc.*		861,542		68,561,512

Common Stock	Shares		Value
Yelp, Inc.*		604,357	$	22,506,255
YETI Holdings, Inc.*		764,208		65,484,984
Total Investments (Cost $19,587,936,403)			$	20,195,889,783

* Non-income producing security for the year ended September 30, 2021.

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

Industry Classification	Value		Percentage
Real Estate Investment Trusts (REITs)	$	1,866,674,992		9.23	%
Banks		1,387,832,015		6.86	%
Retail		1,283,998,979		6.35	%
Healthcare - Products		935,437,414		4.63	%
Commercial Services		856,536,557		4.24	%
Insurance		831,227,361		4.11	%
Machinery - Diversified		758,262,983		3.75	%
Software		725,280,792		3.59	%
Electronics		637,657,340		3.15	%
Healthcare - Services		618,155,811		3.06	%
Diversified Financial Services		554,080,640		2.74	%
Building Materials		553,613,902		2.74	%
Semiconductors		542,189,229		2.68	%
Computers		412,134,130		2.04	%
Chemicals		409,077,806		2.02	%
Food		364,141,720		1.80	%
Apparel		363,070,909		1.80	%
Media		341,051,611		1.69	%
Iron / Steel		340,828,034		1.69	%
Miscellaneous Manufacturing		338,435,047		1.67	%
Transportation		338,321,798		1.67	%
Auto Parts & Equipment		332,672,229		1.65	%
Engineering & Construction		309,259,894		1.53	%
Biotechnology		287,881,207		1.42	%
Energy - Alternate Sources		282,842,687		1.40	%
Electric		267,258,430		1.32	%
Leisure Time		267,088,566		1.32	%
Electrical Components & Equipment		249,630,632		1.23	%
Pharmaceuticals		233,599,049		1.16	%

Industry Classification	Value		Percentage
Oil & Gas	$	231,458,380		1.14	%
Distribution / Wholesale		230,174,265		1.14	%
Entertainment		230,138,257		1.14	%
Gas		206,342,938		1.02	%
Pipelines		203,082,932		1.00	%
Home Builders		195,171,921		0.96	%
Hand / Machine Tools		191,742,114		0.95	%
Lodging		185,762,771		0.92	%
Environmental Control		170,574,363		0.84	%
Telecommunications		167,544,962		0.83	%
Packaging & Containers		163,121,161		0.81	%
Savings & Loans		114,716,609		0.57	%
Real Estate		109,933,393		0.54	%
Home Furnishings		104,489,210		0.52	%
Agriculture		101,842,539		0.50	%
Metal Fabricate / Hardware		98,520,637		0.49	%
Water		90,065,434		0.45	%
Machinery - Construction & Mining		87,090,058		0.43	%
Internet		85,611,177		0.42	%
Oil & Gas Services		84,201,986		0.42	%
Mining		73,911,400		0.37	%
Aerospace / Defense		66,797,362		0.33	%
Toys / Games / Hobbies		56,606,181		0.28	%
Housewares		52,105,770		0.26	%
Household Products / Wares		47,322,551		0.23	%
Airlines		42,497,408		0.21	%
Beverages		41,823,458		0.21	%
Trucking & Leasing		27,786,617		0.14	%
Office / Business Equipment		24,226,853		0.12	%
Cosmetics / Personal Care		22,985,312		0.11	%
Total Investments		20,195,889,783		99.89	%
Other Assets in Excess of Liabilities		21,306,428		0.11	%
Net Assets	$	20,217,196,211		100.00	%

	September 30, 2021
Assets:
Investments in securities of unaffiliated issuers, at value (cost $19,587,936,403)	$	20,195,889,783
Cash		61,741,318
Receivable from securities sold		240,990,039
Receivable from Units created		97,641,343
Dividend receivable		22,858,172
Total Assets	$	20,619,120,655
Liabilities:
Payable for Units redeemed	$	230,111,391
Payable for securities purchased		108,565,105
Distribution payable		54,883,622
Payable to Sponsor		3,695,457
License fee payable		2,497,419
Accrued Trustee fees		1,583,477
Other accrued expenses		587,973
Total Liabilities		401,924,444
Net Assets	$	20,217,196,211
Net assets presented by:
Interest in Unitholders (42,041,098 units of fractional undivided interest (Units) outstanding; unlimited units authorized)
Paid-in capital	$	20,636,248,738
Total distributable earnings (loss)		(419,052,527	)
Net Assets	$	20,217,196,211
Units of beneficial interest outstanding, no par value, unlimited Units authorized:		42,041,098
Net asset value per Unit:	$	480.89

	Year Ended September 30,
	2021		2020			2019
Investment Income
Dividend income from unaffiliated issuers	$	260,984,599	$	254,204,376		$	308,085,941
Expenses:
Trustee fees and expenses		19,917,620		15,996,907			19,095,862
Printing and distribution expenses		16,287,729		16,165,388			18,820,355
License fees		5,885,286		4,832,136			5,723,297
Legal fees		200,002		102,714			144,328
Audit fees		108,500		109,205			107,815
Other fees and expenses		138,948		139,497			111,127
Total expenses		42,538,085		37,345,847			44,002,784
Less: voluntary fee reduction by the Trustee (see Note 3)		—		(447,483	)		(1,135,360	)
Net expenses		42,538,085		36,898,364			42,867,424
Net Investment Income	$	218,446,514	$	217,306,012		$	265,218,517
Realized and unrealized gains (losses) on investments of unaffiliated issuers:
Net realized gains (losses) from investments	$	212,824,313	$	(685,110,965	)	$	(797,368,830	)
Net realized gains from in-kind redemptions		2,148,501,660		819,391,676			1,137,026,333
Net realized gains		2,361,325,973		134,280,711			339,657,503
Net increase (decrease) in unrealized appreciation (depreciation) on investments		3,678,301,319		(1,204,948,995	)		(1,363,625,832	)
Net realized and unrealized gains (losses) on investments		6,039,627,292		(1,070,668,284	)		(1,023,968,329	)
Net increase (decrease) in net assets resulting from operations	$	6,258,073,806	$	(853,362,272	)	$	(758,749,812	)

	Year Ended September 30,
	2021			2020			2019
Increase (Decrease) in Net Assets From:
Operations:
Net investment income	$	218,446,514		$	217,306,012		$	265,218,517
Net realized gains		2,361,325,973			134,280,711			339,657,503
Net increase (decrease) in unrealized appreciation (depreciation)		3,678,301,319			(1,204,948,995	)		(1,363,625,832	)
Net increase (decrease) in net assets resulting from operations		6,258,073,806			(853,362,272	)		(758,749,812	)
Net equalization credits and charges (Note 2)		(18,661	)		(8,541,858	)		(1,716,018	)
Distributions to Unitholders		(209,292,825	)		(220,651,553	)		(270,906,411	)
Unitholder Transactions:
Proceeds from subscriptions of Units		11,137,004,876			17,168,059,428			15,906,274,321
Reinvestment of dividends and distributions		7,390			—			601,792
Less: Redemptions of Units		(11,450,017,466	)		(20,713,015,764	)		(17,243,824,204	)
Net income equalization (Note 2)		18,661			8,541,858			1,716,018
Decrease in net assets due to Unitholder transactions		(312,986,539	)		(3,536,414,478	)		(1,335,232,073	)
Total increase (decrease)		5,735,775,781			(4,618,970,161	)		(2,366,604,314	)
Net Assets
Beginning of year		14,481,420,430			19,100,390,591			21,466,994,905
End of year	$	20,217,196,211		$	14,481,420,430		$	19,100,390,591

	Year Ended September 30,
	2021			2020			2019			2018			2017
Net Asset Value, Beginning of Year	$	339.02		$	352.30		$	367.34		$	326.43		$	282.20
Investment Operations:
Net investment income⁽¹⁾		5.07			4.57			4.76			4.55			3.63
Net realized and unrealized gain (loss) on investments		141.71			(12.96	)		(14.91	)		40.57			44.56
Total from investment operations		146.78			(8.39	)		(10.15	)		45.12			48.19
Net equalization credits and charges⁽¹⁾		(0.00	)		(0.18	)		(0.03	)		0.02			—
Less Distributions from:
Net investment income		(4.91	)		(4.71	)		(4.86	)		(4.23	)		(3.96	)
Net asset value, end of year	$	480.89		$	339.02		$	352.30		$	367.34		$	326.43
Total investment return⁽²⁾		43.35	%		(2.43	)%		(2.77	)%		13.88	%		17.12	%
Ratios and Supplemental Data
Net assets, end of year (000's omitted)	$	20,217,196		$	14,481,420		$	19,100,391		$	21,466,995		$	18,830,377
Ratio to average net assets:
Ratio of expenses to average net assets		0.22	%		0.23	%⁽³⁾		0.22	%⁽³⁾		0.24	%⁽³⁾		0.24	%⁽³⁾
Ratio of net investment income to average net assets		1.11	%		1.35	%⁽³⁾		1.39	%⁽³⁾		1.30	%⁽³⁾		1.18	%⁽³⁾
Portfolio turnover rate⁽⁴⁾		20.91	%		20.78	%		19.10	%		17.30	%		23.45	%

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

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

(3) Net of voluntary fee reduction by the Trustee, if any. The voluntary fee reduction ceased on January 31, 2020. Before voluntary fee reduction by the Trustee, the net investment income and expenses to average net assets ratios would have been 1.35% and 0.23% for the year ended September 30, 2020, 1.39% and 0.23% for the year ended September 30, 2019, 1.30% and 0.25% for the year ended September 30, 2018 and 1.18% and 0.24% for the year ended September 30, 2017.

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

Note 1 — Organization

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

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

Note 2 — Summary of Significant Accounting Policies

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

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services Investment Companies.

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

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

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

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

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

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

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

The following is a summary of the inputs used as of September 30, 2021 in valuing the Trust's assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investment in Securities
Common Stocks	$	20,195,889,783	$	—	$	—	$	20,195,889,783
Total	$	20,195,889,783	$	—	$	—	$	20,195,889,783

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

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

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

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

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

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

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

U.S. GAAP requires the evaluation of tax positions taken in the course of preparing the Trust's tax returns to determine whether the tax positions are more likely than not to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more likely than not threshold would be recorded as a tax expense in the current year. The Trustee has reviewed the Trust's tax positions for the tax years subject to audit as of September 30, 2021, and has determined that no provision for income taxes is necessary for the year ended September 30, 2021. The tax returns of the Trust's 2018, 2019 and 2020 tax years and the year ended September 30, 2021 remain subject to audit. The Trust has not

recognized any tax liabilities relating to the Trust's tax positions considered to be uncertain tax positions for the current year or prior years.

Note 3 — Transactions with the Trustee and Sponsor

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

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

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

The Trustee voluntarily agreed to reduce its fee for the years ended September 30, 2020 and 2019 as disclosed in the Statements of Operations. The amount of the reduction equals the daily Federal Funds Rate, as published in the Wall Street Journal, multiplied by the daily balance of the Trust's cash account, reduced by the amount of reserves for that account required by the Federal Reserve Board of Governors. The voluntary fee reduction ceased on January 31, 2020.

In accordance with the Trust Agreement and under the terms of the exemptive order issued by the SEC, dated January 18, 1995, the Sponsor is reimbursed by the Trust for certain expenses, to the extent such expenses do not exceed 0.30% per annum of the daily net asset value of the Trust as calculated by the Trustee. The expenses reimbursed to the Sponsor for the years ended September 30, 2021, 2020 and 2019 did not exceed 0.30% per annum. The Trust reimbursed the Sponsor for $241,247, $253,704, and $146,249 of legal fees for the years ended September 30, 2021, 2020, and 2019, respectively, which are included in Legal fees on the Statements of Operations.

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

Note 4 — Trust Transactions in Units

Transactions in Trust Units were as follows:

	Year Ended September 30, 2021						Year Ended September 30, 2020
	Units			Amount			Units			Amount
Units sold		24,975,048		$	11,137,004,876			53,000,488		$	17,168,059,428
Dividend reinvestment Units issued		15			7,390			—			—
Units redeemed		(25,650,000	)		(11,450,017,466	)		(64,500,000	)		(20,713,015,764	)
Net decrease		(674,937	)	$	(313,005,200	)		(11,499,512	)	$	(3,544,956,336	)

	Year Ended September 30, 2019
	Units			Amount
Units sold		47,200,000		$	15,906,274,321
Dividend reinvestment Units issued		1,755			601,792
Units redeemed		(51,425,000	)		(17,243,824,204	)
Net increase		(4,223,245	)	$	(1,336,948,091	)

Except under the Trust's dividend reinvestment plan, Units are issued and redeemed by the Trust for authorized participants only in Creation Units. Such transactions are permitted only on an in-kind basis, with a separate cash payment that is equivalent to the undistributed net investment income per Unit (income equalization) and a balancing cash component to equate the transaction to the net asset value per Unit of the Trust on the transaction date. The transaction fee payable to the Trustee in connection with each creation and redemption of Creation Units made through the clearing process (the "Transaction Fee") is non-refundable, regardless of the net asset value of the Trust. The Transaction Fee is the lesser of $3,000 or 0.20% (20 basis points) of the value of one Creation Unit at the time of creation per participating party per day, regardless of the number of Creation Units created or redeemed on such day. The Transaction Fee is currently $3,000. For creations and redemptions outside the clearing process, including orders from a participating party restricted from engaging in transactions in one or more of the common stocks that are included in the Index, an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit may be charged per Creation Unit per day. During the year ended September 30, 2021, the Trustee earned $870,000 in transaction fees. The Trustee, in its sole discretion, may voluntarily reduce or waive the transaction fee, or modify its transaction fee schedule, subject to certain limitations. There were no reductions or waivers of such fees for the year ended September 30, 2021.

At September 30, 2021, the Trustee and its affiliates held $1,430,447,700 or 7.08% of fractional undivided interest in the Trust.

Note 5 — Investment Transactions

For the year ended September 30, 2021, the Trust had net in-kind contributions, net in-kind redemptions, purchases and sales of investment securities of $11,107,749,444, $11,417,678,129, $4,019,518,043, and $4,022,086,781, respectively.

Note 6 — U.S. Federal Income Tax Status

The following details the distributions and net distributable earnings as of September 30, 2021. The components of distributable earnings for tax purposes differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, distribution payable, and amortization of license fees.

The tax composition of dividends paid during the years ending September 30, 2021, September 30, 2020 and September 30, 2019, in the amounts disclosed on the statements of changes in net assets, was ordinary income.

At September 30, 2021, the Trust's cost of investments for federal income tax purposes and unrealized appreciation (depreciation) was as follows:

Cost of investments for federal income tax purposes	$	19,693,145,455
Gross unrealized appreciation	$	1,974,733,541
Gross unrealized depreciation		(1,471,989,213	)
Net unrealized appreciation	$	502,744,328
Distributable earnings, ordinary income	$	50,305,404
Short-term capital loss carryforwards (no expiration):	$	—
Long-term capital loss carryforwards (no expiration):	$	883,073,189

The Trust utilized $369,379,164 of capital loss carryforwards during the year ended September 30, 2021. To the extent that capital loss carryforwards are used to offset future capital gains, it is probable that the offset gains will not be distributed to Unitholders.

As of September 30, 2021, the Trust had permanent book/tax differences primarily attributable to gains or losses from in-kind redemptions. To reflect reclassifications arising from these differences, total distributable earnings (loss) were decreased by $2,012,992,700 and paid-in capital was increased by $2,012,992,700.

Note 7 — Representations and Indemnifications

In the normal course of business, the Trustee or the Sponsor, on behalf of the Trust, may enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Trust's maximum exposure

under these arrangements is unknown as this would involve future claims which may be made against the Trust that have not yet occurred. However, based on experience, the Trust expects the risk of loss to be remote.

Note 8 — Related Party Transactions

The Trustee used BNY Mellon Capital Markets, LLC ("BNYMellon CM"), an indirect-wholly-owned subsidiary of The Bank of New York Mellon Corporation, and an affiliate of the Trustee, to execute some brokerage transactions for the Trust. During the fiscal years ended September 30, 2021, 2020 and 2019, the Trust paid $767,773, $991,217 and $846,089 in commissions to BNYMellon CM, respectively.

Note 9 — License Agreement and Distribution Expenses

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

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

In addition, the following distribution expenses are or may be charged to the Trust: (a) reimbursement to the Sponsor of amounts paid by it to S&P in respect of annual licensing fees pursuant to the License Agreement; (b) federal and state annual registration fees for the issuance of Units; and (c) expenses of the Sponsor relating to the printing and distribution of marketing materials describing Units and the Trust (including, but not limited to, associated legal, consulting, advertising, and marketing costs and other out-of-pocket expenses such as printing). With respect to the marketing expenses described in item (c) above, the Sponsor has entered into an agreement with SSGA FD, pursuant to which SSGA FD has agreed to market and promote the Trust. SSGA FD is reimbursed by the Sponsor for the expenses it incurs for providing such services out of amounts that the Trust reimburses the Sponsor. Pursuant to the provisions of the exemptive order, the expenses set forth in this paragraph may be charged to the Trust by the Trustee in an amount equal to the actual costs incurred, but in no case shall such charges exceed 0.30% per annum of the daily net asset value of the Trust. These distribution expenses are presented on the Trust's Statements of Operations.

Note 10 — Equity Investing and Market Risk

An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates, perceived trends in securities prices, war, acts of terrorism, the spread of infectious disease or other public health issues. Local, regional or global events such as war, acts of terrorism, the spread of infectious disease or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments and could result in increased premiums or discounts to the Trust's net asset value.

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

The financial condition of issuers of Portfolio Securities may become impaired or the general condition of the stock market may deteriorate, either of which may cause a decrease in the value of the portfolio and thus in the value of Units. Since the Trust is not actively managed, the adverse financial condition of an issuer will not result in its elimination from the portfolio unless such issuer is removed from the Index. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic and banking crises, as well as war, acts of terrorism and the spread of infectious disease or other public health issues.

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and was declared a pandemic by the World Health Organization in March 2020. This coronavirus has resulted in travel restrictions, restrictions on gatherings of people (including closings of, or limitations on, dining and entertainment establishments, as well as schools and universities), closed businesses (or businesses that are restricted in their operations), closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious disease outbreaks that may arise in the future, could adversely affect the economies of many nations or the

entire global economy, individual issuers and capital markets in ways that cannot be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak cannot be determined with certainty. The risk of further spreading of COVID-19 has led to significant uncertainty and volatility in the financial markets and disruption to the global economy, the consequences of which are currently unpredictable. Certain of the Trust's investments are likely to have exposure to businesses that, as a result of COVID-19, experience a slowdown or temporary suspension in business activities. These factors, as well as any restrictive measures instituted in order to prevent or control a pandemic or other public health crisis, such as the one posed by COVID-19, could have a material and adverse effect on the Trust's investments.

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

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

Note 11 — Subsequent Event

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

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of SPDR S&P MidCap 400 ETF Trust (the "Trust") as of September 30, 2021, the related statements of operations and of changes in net assets for each of the three years in the period ended September 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2021 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2021, the results of its operations and the changes in its net assets for each of the three years in the period ended September 30, 2021 and the financial highlights for each of the five years in the period ended September 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management (the Trustee), as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Boston, Massachusetts
December 1, 2021

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

Total Trust Assets:				$20,619,120,655
Trust Net Assets:				$20,217,196,211
Number of Units:				42,041,098
Fractional Undivided Interest in Trust Represented by each Unit:				1/42,041,098
Record Date:				Quarterly, on the first (1st) Business Day after the third Friday in each of March, June, September and December.
Dividend Payment Dates:				Quarterly, on the last Business Day of April, July, October and January.
Trustee's Annual Fee:*				From 0.08% to 0.14%, based on the net asset value of the Trust, as the same may be reduced by certain amounts, plus the Transaction Fee.
Estimated Ordinary Operating Expenses of the Trust:				0.25% (inclusive of Trustee's annual fee)
Net Asset Value per Unit (based on the value of the securities, other net assets of the Trust and number of Units outstanding):				$480.89
Evaluation Time:				Closing time of the regular trading session on the New York Stock Exchange LLC (ordinarily 4:00 p.m. New York time).
Licensor:				Standard & Poor's Financial Services LLC, a division of The McGraw-Hill Companies, Inc.
Mandatory Termination Date:**				The first to occur of (i) April 27, 2120 or (ii) the date 20 years after the death of the last survivor of eleven persons named in the Trust Agreement, the oldest of whom was born in 1990 and the youngest of whom was born in 1993.
Discretionary Termination:				The Trust may be terminated if the value of the securities held by the Trust is less than $100,000,000, as such amount shall be adjusted for inflation.

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

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

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

Five Year Period Ending 9/30/2021

Premium/Discount Range	Number of Trading Days		Percentage of Total Trading Days
Greater than 0.25%		3		0.24	%
Between zero and 0.25%		723		57.47	%
Bid/Ask Price Equal to NAV		5		0.40	%
Between zero and -0.25%		519		41.25	%
Less than -0.25%		8		0.64	%
Total:		1,258		100.00	%

Comparison of Total Returns Based on NAV and Bid/Ask Price⁽¹⁾⁽²⁾From Inception to 9/30/21 (Unaudited)

Cumulative Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		43.35	%		81.49	%		283.32	%		1,792.21	%
Return Based on Bid/Ask Price		43.40	%		81.39	%		283.07	%		1,792.17	%
S&P MidCap 400 Index		43.68	%		83.97	%		294.79	%		3,286.44	%

Annualized Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		43.35	%		12.66	%		14.38	%		11.77	%
Return Based on Bid/Ask Price		43.40	%		12.65	%		14.37	%		11.77	%
S&P MidCap 400 Index		43.68	%		12.97	%		14.72	%		12.35	%

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

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