Semi - Annual Report

April 30, 2025

SPDR^® Dow Jones Industrial Average^SM ETF Trust

A Unit Investment Trust

“Dow Jones Industrial Average^SM”, “DJIA^®”, “Dow Jones^®”, “The Dow^®” and “DIAMONDS^®” are trademarks and service marks of Standard & Poor’s Financial Services LLC and have been licensed for use by S&P Dow Jones Indices LLC (“S&P”) and sublicensed for use by State Street Global Advisors Funds Distributors, LLC. SPDR Dow Jones Industrial Average ETF Trust (the “Trust”), PDR Services LLC and NYSE Arca, Inc. are permitted to use these trademarks and service marks pursuant to separate sublicenses. The Trust is not sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.

“SPDR^®” is a trademark of Standard & Poor’s Financial Services LLC and has been licensed for use by S&P and sublicensed for use by State Street Global Advisors Funds Distributors, LLC. No financial product offered by State Street Global Advisors Funds Distributors, LLC or its affiliates is sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.

SPDR Dow Jones Industrial Average ETF Trust

Table of Contents

Schedule of Investments (Unaudited)	1
Statement of Assets and Liabilities (Unaudited)	4
Statements of Operations (Unaudited)	5
Statements of Changes in Net Assets (Unaudited)	6
Financial Highlights (Unaudited)	7
Notes to Financial Statements (Unaudited)	8
Other Information (Unaudited)	16

SPDR Dow Jones Industrial Average ETF Trust

Schedule of Investments

April 30, 2025 (Unaudited)

Security Description	Shares	Value
Common Stocks — 100.0%
3M Co.	5,535,784	$ 768,975,755
Amazon.com, Inc. (a)	5,535,784	1,020,909,285
American Express Co.	5,535,784	1,474,788,216
Amgen, Inc.	5,535,784	1,610,470,281
Apple, Inc.	5,535,784	1,176,354,100
Boeing Co. (a)	5,535,784	1,014,377,060
Caterpillar, Inc.	5,535,784	1,712,051,918
Chevron Corp.	5,535,784	753,198,771
Cisco Systems, Inc.	5,535,784	319,580,810
Coca-Cola Co.	5,535,784	401,621,129
Goldman Sachs Group, Inc.	5,535,784	3,031,118,529
Home Depot, Inc.	5,535,784	1,995,594,774
Honeywell International, Inc.	5,535,784	1,165,282,532
International Business Machines Corp.	5,535,784	1,338,663,287
Johnson & Johnson	5,535,784	865,298,397
JPMorgan Chase & Co.	5,535,784	1,354,163,482
McDonald's Corp.	5,535,784	1,769,513,356
Merck & Co., Inc.	5,535,784	471,648,797
Microsoft Corp.	5,535,784	2,188,073,984
NIKE, Inc. Class B	5,535,784	312,218,218
NVIDIA Corp.	5,535,784	602,957,593
Procter & Gamble Co.	5,535,784	899,952,405
Salesforce, Inc.	5,535,784	1,487,520,519
Sherwin-Williams Co.	5,535,784	1,953,688,889
Travelers Cos., Inc.	5,535,784	1,462,166,628
UnitedHealth Group, Inc.	5,535,784	2,277,642,969
Verizon Communications, Inc.	5,535,784	243,906,643
Visa, Inc. Class A	5,535,784	1,912,613,372
Walmart, Inc.	5,535,784	538,354,994
Walt Disney Co.	5,535,784	503,479,555
Total Common Stocks (Cost $39,868,311,878)		$36,626,186,248

(a)	Non-income producing security.

See accompanying notes to financial statements. 

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SPDR Dow Jones Industrial Average ETF Trust

Schedule of Investments (continued) 

April 30, 2025 (Unaudited)

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

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$36,626,186,248	$—	$—	$36,626,186,248

See accompanying notes to financial statements. 

2

See accompanying notes to financial statements. 

4

SPDR Dow Jones Industrial Average ETF Trust

	Six Months Ended 4/30/25 (Unaudited)		Year Ended 10/31/24		Year Ended 10/31/23		Year Ended 10/31/22
INVESTMENT INCOME
Dividend income — unaffiliated issuers (Note 3)	$ 320,719,072		$ 640,680,527		$ 625,096,873		$ 579,440,600
EXPENSES
Trustee expense (Note 4)	9,981,768		17,048,720		15,467,469		16,486,270
Marketing expense (Note 4)	11,193,083		19,847,001		17,441,472		17,190,933
DJIA license fee (Note 4)	7,511,645		13,331,334		11,727,648		11,560,622
Legal and audit fees	216,950		541,177		490,872		408,680
Other expenses	606,768		1,096,975		1,009,830		818,425
Total Expenses	29,510,214		51,865,207		46,137,291		46,464,930
NET INVESTMENT INCOME (LOSS)	291,208,858		588,815,320		578,959,582		532,975,670
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(487,095,018)		(298,026,888)		(282,562)		(16,036,244)
In-kind redemptions — unaffiliated issuers	2,462,210,314		3,340,262,554		1,316,812,416		2,316,631,997
Net realized gain (loss)	1,975,115,296		3,042,235,666		1,316,529,854		2,300,595,753
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	(3,001,418,164)		4,283,474,160		(1,034,541,644)		(5,015,336,984)
NET REALIZED AND UNREALIZED GAIN (LOSS)	(1,026,302,868)		7,325,709,826		281,988,210		(2,714,741,231)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$ (735,094,010)		$7,914,525,146		$ 860,947,792		$(2,181,765,561)

See accompanying notes to financial statements. 

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SPDR Dow Jones Industrial Average ETF Trust

Statements of Changes in Net Assets

	Six Months Ended 4/30/25 (Unaudited)		Year Ended 10/31/24		Year Ended 10/31/23		Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 291,208,858		$ 588,815,320		$ 578,959,582		$ 532,975,670
Net realized gain (loss)	1,975,115,296		3,042,235,666		1,316,529,854		2,300,595,753
Net change in unrealized appreciation/depreciation	(3,001,418,164)		4,283,474,160		(1,034,541,644)		(5,015,336,984)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	(735,094,010)		7,914,525,146		860,947,792		(2,181,765,561)
NET EQUALIZATION CREDITS AND CHARGES (NOTE 3)	(3,609,662)		(2,891,953)		(1,590,536)		3,573,360
DISTRIBUTIONS TO UNITHOLDERS	(287,848,667)		(580,101,783)		(577,235,757)		(540,958,394)
INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:
Proceeds from issuance of Units	28,019,567,266		47,033,637,075		24,818,760,918		33,691,872,993
Cost of Units redeemed	(25,790,543,294)		(45,999,731,769)		(27,327,387,182)		(31,710,390,546)
Net income equalization (Note 3)	3,609,662		2,891,953		1,590,536		(3,573,360)
NET INCREASE (DECREASE) IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS	2,232,633,634		1,036,797,259		(2,507,035,728)		1,977,909,087
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD	1,206,081,295		8,368,328,669		(2,224,914,229)		(741,241,508)
NET ASSETS AT BEGINNING OF PERIOD	35,434,158,404		27,065,829,735		29,290,743,964		30,031,985,472
NET ASSETS AT END OF PERIOD	$ 36,640,239,699		$ 35,434,158,404		$ 27,065,829,735		$ 29,290,743,964
UNIT TRANSACTIONS:
Units sold	65,800,000		120,650,000		73,400,000		100,700,000
Units redeemed	(60,550,000)		(117,700,000)		(81,000,000)		(95,050,000)
NET INCREASE (DECREASE)	5,250,000		2,950,000		(7,600,000)		5,650,000

See accompanying notes to financial statements. 

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SPDR Dow Jones Industrial Average ETF Trust

SPDR Dow Jones Industrial Average ETF Trust

Notes to Financial Statements  (continued) 

April 30, 2025 (Unaudited)

Note 3 — Summary of Significant Accounting Policies – (continued) 

Security Valuation

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

Valuation techniques used to value the Trust’s equity investments are as follows:

Equity investments (including preferred stocks) 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.

In the event that 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 Trustee.

Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value (“NAV”) and the prices used by the Trust’s underlying index, the DJIA, which in turn could result in a difference between the Trust’s performance and the performance of the DJIA.

The Trustee values the Trust's assets and liabilities at fair value using a hierarchy that prioritizes 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 the investment.

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

•  Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities 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

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SPDR Dow Jones Industrial Average ETF Trust

Notes to Financial Statements  (continued) 

April 30, 2025 (Unaudited)

Note 3 — Summary of Significant Accounting Policies – (continued) 

default rates) or other market-corroborated inputs; and

•   Level 3 – Unobservable inputs for the assets or liabilities, including the Committee’s assumptions used in determining the fair value of investments. 

Investment Transactions and Income Recognition

Investment transactions are accounted for on the trade date for financial reporting purposes. 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. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method.

Distributions

The Trust declares and distributes dividends from net investment income, if any, to its holders of Units (“Unitholders”), monthly. Capital gain distributions, if any, are generally declared and paid annually. Additional distributions may be paid by the Trust to avoid imposition of federal income and excise tax on any remaining undistributed net investment income and capital gains. The amount and character of income and gains to be distributed are determined in accordance with federal tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

Equalization

The Trustee 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.

Federal Income Taxes

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 that the Trust distributes substantially all of its ordinary income and capital gains during each calendar year, the Trust will not be subject to U.S. federal excise tax. Income and capital gain distributions are determined in accordance with U.S. federal income tax principles, which may differ from U.S. GAAP.

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SPDR Dow Jones Industrial Average ETF Trust

Notes to Financial Statements  (continued) 

April 30, 2025 (Unaudited)

Note 3 — Summary of Significant Accounting Policies – (continued) 

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. For U.S. GAAP purposes, the Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.

The Trustee has reviewed the Trust's tax positions for the open tax years as of October 31, 2024 and has determined that no provision for income tax is required in the Trust’s financial statements. Generally, the Trust’s tax returns for the prior three fiscal years remain subject to examinations by the Trust’s major tax jurisdictions, which include the United States of America, the Commonwealth of Massachusetts and the State of New York. The Trustee has the Trust recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. There were no such expenses for the year ended October 31, 2024.

No income tax returns are currently under examination. The Trustee has analyzed the relevant tax laws and regulations and their application to the Trust’s facts and circumstances and does not believe there are any uncertain tax positions that require recognition of any tax liabilities. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Trust’s investments may change over time based on factors including, but not limited to, new tax laws, regulations and interpretations thereof.

During the six months ended April 30, 2025, the Trustee reclassified 2,462,210,314 of non-taxable security gains realized from the in-kind redemption of Creation Units (Note 4) as an increase to paid in capital in the Trust's Statement of Assets and Liabilities.

As of April 30, 2025, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

Note 4 — Transactions with Affiliates of the Trustee and Sponsor

State Street Bank and Trust Company (“SSBT”), the parent of 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 certain regulatory reports. The Trustee pays SSBT for such services. The Trustee oversees the services provided by SSBT and is 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 Creation Units of the Trust, and for adjusting the composition of the Trust’s portfolio from time to time to conform to

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SPDR Dow Jones Industrial Average ETF Trust

Notes to Financial Statements  (continued) 

April 30, 2025 (Unaudited)

Note 4 — Transactions with Affiliates of the Trustee and Sponsor – (continued) 

balance and 0.04% on any excess rolling average asset balance over and above $1 billion. The minimum annual license fee for the Trust is $1 million.

The Sponsor has entered into an agreement with the Marketing Agent pursuant to which the Marketing Agent has agreed to market and promote the Trust. The Marketing Agent is reimbursed by the Sponsor for the expenses it incurs for providing such services out of amounts that the Trust reimburses the Sponsor. Expenses incurred by the Marketing Agent include, but are not limited to: printing and distribution of marketing materials describing the Trust, associated legal, consulting, advertising and marketing costs and other out-of-pocket expenses.

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, and the Trust does not reimburse the Sponsor for this fee.

Note 5  — Unitholder Transactions

Units are issued and redeemed by the Trust only in Creation Unit size aggregations of 50,000 Units. Such transactions are only permitted 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 NAV per Unit of the Trust on the transaction date. There is a transaction fee payable to the Trustee in connection with each creation and redemption of Creation Units made through the clearing process (the “Transaction Fee”). The Transaction Fee is non-refundable, regardless of the NAV of the Trust. The Transaction Fee is the lesser of $1,000 or 0.10% (10 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 $1,000. 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 DJIA, an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit is charged per Creation Unit per day.

Note 6 — Investment Transactions

For the  six months ended April 30, 2025, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $19,910,350,623, $17,677,417,906, $2,882,448,732,and $2,882,338,281,respectively. Net realized gain (loss) on investment transactions in the Statement of Operations includes net gains resulting from in-kind transactions of $2,462,210,314.

Note 7  — 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

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SPDR Dow Jones Industrial Average ETF Trust

Notes to Financial Statements  (continued) 

April 30, 2025 (Unaudited)

Note 7 — Equity Investing and Market Risk – (continued) 

disease or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments and could result in increased premiums or discounts to the Trust’s net asset value. For example, conflict, loss of life and disaster connected to ongoing armed conflicts between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on their respective regions, including significant adverse effects on the regional or global economies and markets for certain securities. Russia’s invasion of Ukraine has resulted in sanctions against Russian governmental institutions, Russian entities, and Russian individuals that may result in the devaluation of Russian currency; a downgrade in the country’s credit rating; a freeze of Russian foreign assets; and a decline in the value and liquidity of Russian securities, properties, or interests. These Russian-related sanctions as well as the potential for military escalation and other corresponding events in Europe and the Middle East, and the resulting disruption of the Russian and Israeli economies, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Trust, even if the Trust does not have direct exposure to securities of Russian or Israeli issuers.

An investment in the Trust is subject to the risks of any investment in a portfolio of large-capitalization common stocks, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of such investment. The value of common stocks actually held by the Trust and that make up the Trust’s portfolio (the “Portfolio Securities”) may fluctuate in accordance with changes in the financial condition of the issuers of Portfolio Securities, the value of common stocks generally and other factors. The identity and weighting of common stocks that are included in the DJIA 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 Trust’s 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 Trust’s portfolio unless such issuer is removed from the DJIA. 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.

The impact of 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 necessarily be foreseen. Public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally. These factors, as well as any restrictive measures instituted in order to prevent or control a pandemic or other public health crisis could have a material and adverse effect on the Trust’s investments.

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SPDR Dow Jones Industrial Average ETF Trust

Notes to Financial Statements  (continued) 

April 30, 2025 (Unaudited)

Note 7 — Equity Investing and Market Risk – (continued) 

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 Trust's portfolio will fluctuate over the entire life of the Trust.

The Trust may have significant investments in one or more specific industries or sectors, subjecting it to risks greater than general market risk.

The Trust may invest a larger percentage of its assets in the securities of a few issuers. As a result, the Trust’s performance may be disproportionately impacted by the performance of relatively few securities.

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 8  — Subsequent Events

The Trustee has evaluated the impact of all subsequent events on the Trust through the date on which 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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SPDR Dow Jones Industrial Average ETF Trust

(Unaudited)

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

State Street Global Advisors Trust Company
One Iron Street
Boston, MA 02210

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

PricewaterhouseCoopers LLP
101 Seaport Boulevard, Suite 500
Boston, MA 02210