SPDR S&P MIDCAP 400 ETF TRUST (Form: N-30D, Received: 11/29/2024 06:01:24)

STANDARD AND POOR'S MIDCAP 400 DEPOSITARY RECEIPTS^TM

SPDR^® S&P MIDCAP 400^® ETF TRUST

A UNIT INVESTMENT TRUST

ANNUAL REPORT

SEPTEMBER 30, 2024

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

SPDR S&P MidCap 400 ETF Trust
Trust Overview (unaudited)
September 30, 2024

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).

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments
September 30, 2024

Common Stock	Shares		Value
Aaon, Inc.		536,659	$	57,873,307
Abercrombie & Fitch Co., Class A*		407,876		57,061,852
Acadia Healthcare Co., Inc.*		741,184		46,998,477
Acuity Brands, Inc.		245,540		67,619,261
Advanced Drainage Systems, Inc.		563,037		88,486,895
AECOM		1,070,007		110,499,623
Affiliated Managers Group, Inc.		237,950		42,307,510
AGCO Corp.		494,455		48,387,366
Agree Realty Corp.		801,290		60,361,176
Alcoa Corp.		2,061,846		79,546,019
Allegro MicroSystems, Inc.*		1,240,532		28,904,396
ALLETE, Inc.		460,942		29,587,867
Ally Financial, Inc.		2,188,467		77,887,541
Altair Engineering, Inc., Class A*		474,303		45,300,680
Amedisys, Inc.*		260,448		25,135,836
American Airlines Group, Inc.*		5,241,243		58,911,571
American Financial Group, Inc.		575,895		77,515,467
American Homes 4 Rent, Class A		2,511,208		96,405,275
Amkor Technology, Inc.		904,574		27,679,964
Annaly Capital Management, Inc.		3,998,692		80,253,748
Antero Midstream Corp.		2,688,709		40,465,070
Antero Resources Corp.*		2,333,261		66,847,928
Appfolio, Inc., Class A*		183,630		43,226,502
Applied Industrial Technologies, Inc.		306,148		68,310,803
AptarGroup, Inc.		529,852		84,876,992
Aramark		2,102,622		81,434,550
Arcadium Lithium PLC*		8,582,897		24,461,256
Arrow Electronics, Inc.*		422,553		56,127,715
Arrowhead Pharmaceuticals, Inc.*		992,175		19,218,430
ASGN, Inc.*		357,555		33,334,853
Ashland, Inc.		389,735		33,895,253
Aspen Technology, Inc.*		212,035		50,638,199
Associated Banc-Corp.		1,185,143		25,527,980
Autoliv, Inc.		583,525		54,483,729
AutoNation, Inc.*		209,010		37,396,069
Avantor, Inc.*		5,425,895		140,367,904
Avient Corp.		728,781		36,672,260
Avis Budget Group, Inc.		136,629		11,967,334
Avnet, Inc.		703,234		38,192,639
Axalta Coating Systems Ltd.*		1,750,303		63,343,466

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
Azenta, Inc.*		390,405	$	18,911,218
Bank OZK		842,185		36,205,533
Belden, Inc.		325,670		38,145,727
BellRing Brands, Inc.*		1,031,498		62,632,559
Berry Global Group, Inc.		914,638		62,177,091
BioMarin Pharmaceutical, Inc.*		1,519,472		106,803,687
Bio-Rad Laboratories, Inc., Class A*		152,823		51,131,519
BJ's Wholesale Club Holdings, Inc.*		1,059,168		87,360,177
Black Hills Corp.		556,668		34,023,548
Blackbaud, Inc.*		318,567		26,976,254
Boston Beer Co., Inc., Class A*		70,378		20,349,095
Boyd Gaming Corp.		549,278		35,510,823
Brighthouse Financial, Inc.*		484,902		21,835,137
Brink's Co.		352,271		40,736,618
Brixmor Property Group, Inc.		2,405,075		67,005,389
Bruker Corp.		882,059		60,914,995
Brunswick Corp.		528,535		44,301,804
Burlington Stores, Inc.*		503,793		132,739,380
BWX Technologies, Inc.		729,635		79,311,324
Cabot Corp.		437,558		48,905,858
CACI International, Inc., Class A*		178,003		89,813,194
Cadence Bank		1,455,998		46,373,536
Capri Holdings Ltd.*		940,090		39,897,420
Carlisle Cos., Inc.		368,066		165,537,683
Carlyle Group, Inc.		1,678,121		72,259,890
Carter's, Inc.		288,382		18,739,062
Casey's General Stores, Inc.		296,188		111,280,793
Celsius Holdings, Inc.*		1,246,302		39,084,031
ChampionX Corp.		1,520,406		45,840,241
Chart Industries, Inc.*		335,567		41,657,287
Chemed Corp.		120,116		72,186,113
Chemours Co.		1,191,344		24,208,110
Chesapeake Energy Corp.		1,647,913		135,540,844
Choice Hotels International, Inc.		180,876		23,568,143
Chord Energy Corp.		493,873		64,317,081
Churchill Downs, Inc.		585,951		79,226,435
Ciena Corp.*		1,146,929		70,639,357
Cirrus Logic, Inc.*		426,280		52,948,239
Civitas Resources, Inc.		722,149		36,591,290
Clean Harbors, Inc.*		404,923		97,873,938

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
Cleveland-Cliffs, Inc.*		3,735,490	$	47,702,207
CNH Industrial NV		7,004,587		77,750,916
CNO Financial Group, Inc.		844,125		29,628,787
CNX Resources Corp.*		1,206,963		39,310,785
Coca-Cola Consolidated, Inc.		47,049		61,935,304
Cognex Corp.		1,368,773		55,435,306
Coherent Corp.*		1,223,508		108,782,096
Columbia Banking System, Inc.		1,671,896		43,653,205
Columbia Sportswear Co.		261,693		21,770,241
Comfort Systems USA, Inc.		283,841		110,797,334
Commerce Bancshares, Inc.		936,307		55,616,636
Commercial Metals Co.		917,767		50,440,474
CommVault Systems, Inc.*		348,879		53,675,034
Concentrix Corp.		375,409		19,239,711
COPT Defense Properties		897,247		27,213,502
Core & Main, Inc., Class A*		1,539,713		68,363,257
Coty, Inc., Class A*		2,909,060		27,316,073
Cousins Properties, Inc.		1,214,250		35,796,090
Crane Co.		388,115		61,430,842
Crane NXT Co.		392,105		21,997,090
Crocs, Inc.*		473,960		68,634,148
Crown Holdings, Inc.		951,319		91,212,466
CubeSmart		1,797,344		96,751,028
Cullen/Frost Bankers, Inc.		510,960		57,155,986
Curtiss-Wright Corp.		305,669		100,470,344
Cytokinetics, Inc.*		939,060		49,582,368
Darling Ingredients, Inc.*		1,269,192		47,163,175
DENTSPLY Sirona, Inc.		1,617,888		43,780,049
Dick's Sporting Goods, Inc.		462,267		96,475,123
Dolby Laboratories, Inc., Class A		476,290		36,450,474
Donaldson Co., Inc.		960,969		70,823,415
Doximity, Inc., Class A*		998,959		43,524,644
Dropbox, Inc., Class A*		1,893,540		48,152,722
DT Midstream, Inc.		775,064		60,966,534
Duolingo, Inc.*		298,790		84,264,756
Dynatrace, Inc.*		2,377,620		127,131,341
Eagle Materials, Inc.		268,318		77,181,673
East West Bancorp, Inc.		1,106,225		91,529,056
EastGroup Properties, Inc.		388,282		72,538,843
Elf Beauty, Inc.*		450,040		49,067,861

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
EMCOR Group, Inc.		372,376	$	160,319,039
Encompass Health Corp.		803,102		77,611,777
EnerSys		321,201		32,778,562
Enovis Corp.*		445,754		19,189,710
Ensign Group, Inc.		452,562		65,087,467
Envista Holdings Corp.*		1,372,316		27,116,964
EPR Properties		604,339		29,636,785
Equitable Holdings, Inc.		2,552,040		107,262,241
Equity LifeStyle Properties, Inc.		1,488,625		106,198,508
Esab Corp.		453,448		48,206,057
Essent Group Ltd.		847,988		54,517,149
Essential Utilities, Inc.		2,009,490		77,506,029
Euronet Worldwide, Inc.*		336,956		33,436,144
Evercore, Inc., Class A		284,543		72,086,124
Exelixis, Inc.*		2,276,635		59,078,678
ExlService Holdings, Inc.*		1,288,195		49,144,639
Exponent, Inc.		404,891		46,675,834
Fabrinet*		288,478		68,207,738
Federated Hermes, Inc.		628,187		23,098,436
Fidelity National Financial, Inc.		2,073,395		128,674,894
First American Financial Corp.		821,163		54,204,970
First Financial Bankshares, Inc.		1,026,103		37,976,072
First Horizon Corp.		4,277,034		66,422,338
First Industrial Realty Trust, Inc.		1,056,231		59,127,811
FirstCash Holdings, Inc.		310,738		35,672,722
Five Below, Inc.*		439,529		38,832,387
Floor & Decor Holdings, Inc., Class A*		855,282		106,200,366
Flowers Foods, Inc.		1,563,145		36,061,755
Flowserve Corp.		1,048,514		54,197,689
Fluor Corp.*		1,367,073		65,223,053
FNB Corp.		2,869,785		40,492,666
Fortune Brands Innovations, Inc.		990,523		88,681,524
Frontier Communications Parent, Inc.*		1,765,515		62,728,748
FTI Consulting, Inc.*		281,590		64,078,620
GameStop Corp., Class A*		3,095,547		70,980,893
Gaming and Leisure Properties, Inc.		2,189,952		112,673,030
Gap, Inc.		1,766,145		38,943,497
GATX Corp.		284,128		37,632,754
Genpact Ltd.		1,308,300		51,298,443
Gentex Corp.		1,837,393		54,552,198

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
Glacier Bancorp, Inc.		905,021	$	41,359,460
Globus Medical, Inc., Class A*		901,685		64,506,545
Goodyear Tire & Rubber Co.*		2,274,624		20,130,422
Graco, Inc.		1,348,261		117,986,320
Graham Holdings Co., Class B		27,423		22,534,028
Grand Canyon Education, Inc.*		231,836		32,885,937
Graphic Packaging Holding Co.		2,395,250		70,875,448
Greif, Inc., Class A		205,977		12,906,519
GXO Logistics, Inc.*		953,474		49,647,391
H&R Block, Inc.		1,114,119		70,802,262
Haemonetics Corp.*		408,459		32,831,934
Halozyme Therapeutics, Inc.*		1,011,034		57,871,586
Hamilton Lane, Inc., Class A		323,499		54,473,997
Hancock Whitney Corp.		689,139		35,263,243
Hanover Insurance Group, Inc.		287,193		42,536,155
Harley-Davidson, Inc.		945,437		36,427,688
Healthcare Realty Trust, Inc., Class A		2,897,391		52,587,647
HealthEquity, Inc.*		694,447		56,840,487
Hexcel Corp.		652,442		40,340,489
HF Sinclair Corp.		1,294,492		57,695,508
Hilton Grand Vacations, Inc.*		510,346		18,535,767
Home BancShares, Inc.		1,482,129		40,150,875
Houlihan Lokey, Inc.		423,958		66,993,843
Hyatt Hotels Corp., Class A		358,584		54,576,485
IDACORP, Inc., Class Rights		425,027		43,816,033
Illumina, Inc.*		1,271,395		165,802,622
Independence Realty Trust, Inc.		1,793,505		36,766,853
Ingredion, Inc.		519,261		71,362,039
Insperity, Inc.		284,615		25,046,120
Interactive Brokers Group, Inc., Class A		868,635		121,052,974
International Bancshares Corp.		426,871		25,522,617
IPG Photonics Corp.*		218,843		16,264,412
Iridium Communications, Inc.		944,831		28,770,104
ITT, Inc.		652,059		97,489,341
Janus Henderson Group PLC		1,016,884		38,712,774
Jazz Pharmaceuticals PLC*		492,867		54,910,312
Jefferies Financial Group, Inc.		1,295,641		79,746,704
Jones Lang LaSalle, Inc.*		378,817		102,208,615
KB Home		575,280		49,295,743
KBR, Inc.		1,061,890		69,160,896

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
Kemper Corp.		483,346	$	29,604,943
Kilroy Realty Corp.		843,183		32,631,182
Kinsale Capital Group, Inc.		176,559		82,200,574
Kirby Corp.*		462,108		56,575,882
Kite Realty Group Trust		1,753,088		46,562,017
Knife River Corp.*		451,836		40,389,620
Knight-Swift Transportation Holdings, Inc.		1,291,858		69,695,739
Kyndryl Holdings, Inc.*		1,845,294		42,404,856
Lamar Advertising Co., Class A		701,398		93,706,773
Lancaster Colony Corp.		153,788		27,154,347
Landstar System, Inc.		282,955		53,441,711
Lantheus Holdings, Inc.*		554,138		60,816,646
Lattice Semiconductor Corp.*		1,099,577		58,354,551
Lear Corp.		448,995		49,007,804
Lennox International, Inc.		255,963		154,675,881
Light & Wonder, Inc.*		708,118		64,247,546
Lincoln Electric Holdings, Inc.		452,331		86,856,599
Lithia Motors, Inc.		213,416		67,789,458
Littelfuse, Inc.		197,836		52,475,999
LivaNova PLC*		433,360		22,768,734
Louisiana-Pacific Corp.		499,188		53,642,742
Lumentum Holdings, Inc.*		541,919		34,346,826
MACOM Technology Solutions Holdings, Inc.*		460,934		51,283,517
Macy's, Inc.		2,206,073		34,613,285
Manhattan Associates, Inc.*		488,813		137,542,202
ManpowerGroup, Inc.		378,689		27,841,215
Marriott Vacations Worldwide Corp.		257,408		18,914,340
Masimo Corp.*		352,399		46,985,359
MasTec, Inc.*		491,159		60,461,673
Matador Resources Co.		926,442		45,784,764
Mattel, Inc.*		2,712,788		51,678,611
Maximus, Inc.		480,281		44,742,978
MDU Resources Group, Inc.		1,627,258		44,603,142
Medpace Holdings, Inc.*		202,896		67,726,685
MGIC Investment Corp.		2,068,981		52,965,914
Middleby Corp.*		429,146		59,707,083
MKS Instruments, Inc.		537,035		58,381,075
Morningstar, Inc.		215,403		68,739,405
MSA Safety, Inc.		314,082		55,699,302

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
MSC Industrial Direct Co., Inc., Class A		358,337	$	30,838,482
Murphy Oil Corp.		1,131,996		38,193,545
Murphy USA, Inc.		148,832		73,354,828
National Fuel Gas Co.		729,133		44,192,751
National Storage Affiliates Trust		557,650		26,878,730
Neogen Corp.*		1,573,816		26,455,847
Neurocrine Biosciences, Inc.*		805,903		92,856,144
New Jersey Resources Corp.		791,473		37,357,526
New York Community Bancorp, Inc.		2,378,713		26,712,947
New York Times Co., Class A		1,304,508		72,621,960
NewMarket Corp.		61,255		33,806,022
Nexstar Media Group, Inc.		242,012		40,016,684
Nextracker, Inc., Class A*		1,144,806		42,907,329
NNN REIT, Inc.		1,465,815		71,077,369
Nordstrom, Inc.		770,603		17,330,861
Northwestern Energy Group, Inc.		489,244		27,994,542
NOV, Inc.		3,142,229		50,181,397
Novanta, Inc.*		286,555		51,270,421
nVent Electric PLC		1,326,584		93,205,792
OGE Energy Corp.		1,603,147		65,761,090
Old National Bancorp		2,545,743		47,503,564
Old Republic International Corp.		1,898,026		67,228,081
Olin Corp.		937,783		44,994,828
Ollie's Bargain Outlet Holdings, Inc.*		488,501		47,482,297
Omega Healthcare Investors, Inc.		2,057,848		83,754,414
ONE Gas, Inc.		452,163		33,649,970
Onto Innovation, Inc.*		394,140		81,807,698
Option Care Health, Inc.*		1,364,966		42,723,436
Ormat Technologies, Inc.		429,409		33,038,728
Oshkosh Corp.		519,460		52,055,087
Ovintiv, Inc.		2,107,427		80,735,528
Owens Corning		693,944		122,494,995
Park Hotels & Resorts, Inc.		1,667,395		23,510,270
Parsons Corp.*		372,887		38,660,924
Paylocity Holding Corp.*		345,918		57,066,092
PBF Energy, Inc., Class A		794,745		24,597,358
Penske Automotive Group, Inc.		149,215		24,235,500
Penumbra, Inc.*		310,019		60,239,792
Performance Food Group Co.*		1,243,740		97,471,904
Permian Resources Corp.		5,064,812		68,932,091

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
Perrigo Co. PLC		1,088,746	$	28,557,808
Pilgrim's Pride Corp.*		321,728		14,815,574
Pinnacle Financial Partners, Inc.		610,732		59,833,414
Planet Fitness, Inc., Class A*		675,036		54,826,424
PNM Resources, Inc.		721,989		31,601,459
Polaris, Inc.		418,235		34,813,881
Portland General Electric Co.		822,592		39,402,157
Post Holdings, Inc.*		377,723		43,721,437
PotlatchDeltic Corp.		573,133		25,819,642
Power Integrations, Inc.		453,560		29,082,267
Primerica, Inc.		269,986		71,586,788
Prosperity Bancshares, Inc.		760,291		54,794,172
Pure Storage, Inc., Class A*		2,465,947		123,889,177
PVH Corp.		445,810		44,951,022
Qualys, Inc.*		293,794		37,740,777
R1 RCM, Inc.*		1,246,494		17,662,820
Rambus, Inc.*		859,409		36,284,248
Range Resources Corp.		1,932,145		59,432,780
Rayonier, Inc.		1,070,127		34,436,687
RB Global, Inc.		1,470,556		118,365,052
RBC Bearings, Inc.*		231,900		69,426,222
Regal Rexnord Corp.		531,073		88,094,389
Reinsurance Group of America, Inc.		525,622		114,517,265
Reliance Steel & Aluminum Co.		439,090		126,989,219
RenaissanceRe Holdings Ltd.		416,264		113,390,314
Repligen Corp.*		415,705		61,865,218
Rexford Industrial Realty, Inc.		1,748,323		87,958,130
RH*		119,238		39,876,764
RLI Corp.		332,247		51,491,640
Roivant Sciences Ltd.*		3,482,313		40,185,892
Royal Gold, Inc.		524,688		73,613,726
RPM International, Inc.		1,027,946		124,381,466
Ryan Specialty Holdings, Inc.		816,462		54,204,912
Ryder System, Inc.		345,447		50,366,173
Sabra Health Care REIT, Inc.		1,869,693		34,794,987
Saia, Inc.*		212,218		92,794,443
Sarepta Therapeutics, Inc.*		761,129		95,057,401
Science Applications International Corp.		408,882		56,944,996
Scotts Miracle-Gro Co.		340,124		29,488,751
SEI Investments Co.		787,890		54,514,109

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
Selective Insurance Group, Inc.		485,516	$	45,298,643
Sensata Technologies Holding PLC		1,204,816		43,204,702
Service Corp. International		1,162,149		91,728,421
Silgan Holdings, Inc.		647,685		34,003,463
Silicon Laboratories, Inc.*		257,703		29,782,736
Simpson Manufacturing Co., Inc.		336,509		64,364,076
Skechers U.S.A., Inc., Class A*		1,057,844		70,790,920
SLM Corp.		1,735,586		39,692,852
Sonoco Products Co.		784,210		42,841,392
Sotera Health Co.*		1,220,603		20,384,070
SouthState Corp.		608,202		59,105,070
Southwest Gas Holdings, Inc.		480,480		35,440,205
Spire, Inc.		460,895		31,013,625
Sprouts Farmers Market, Inc.*		799,151		88,234,262
STAG Industrial, Inc.		1,453,444		56,815,126
Starwood Property Trust, Inc.		2,533,914		51,641,167
Stericycle, Inc.*		740,937		45,197,157
Stifel Financial Corp.		818,170		76,826,163
Synaptics, Inc.*		315,239		24,456,242
Synovus Financial Corp.		1,149,060		51,098,698
Taylor Morrison Home Corp.*		831,969		58,454,142
TD SYNNEX Corp.		607,037		72,893,003
Tempur Sealy International, Inc.		1,385,916		75,671,014
Tenet Healthcare Corp.*		764,768		127,104,442
Teradata Corp.*		766,987		23,270,386
Terex Corp.		533,938		28,250,660
Tetra Tech, Inc.		2,134,834		100,678,771
Texas Capital Bancshares, Inc.*		368,704		26,347,588
Texas Pacific Land Corp.		150,397		133,062,242
Texas Roadhouse, Inc.		532,158		93,979,103
Thor Industries, Inc.		424,580		46,657,096
Timken Co.		509,380		42,935,640
TKO Group Holdings, Inc.*		530,259		65,598,341
Toll Brothers, Inc.		819,263		126,567,941
TopBuild Corp.*		239,282		97,342,310
Toro Co.		829,032		71,901,945
Travel + Leisure Co.		556,780		25,656,422
Trex Co., Inc.*		867,605		57,765,141
UFP Industries, Inc.		486,203		63,794,696
UGI Corp.		1,713,462		42,870,819

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
UMB Financial Corp.		354,035	$	37,212,619
Under Armour, Inc., Class A*		1,507,014		13,427,495
Under Armour, Inc., Class C*		1,033,493		8,640,001
United Bankshares, Inc.		1,076,647		39,943,604
United States Steel Corp.		1,785,619		63,085,919
United Therapeutics Corp.*		355,089		127,246,143
Universal Display Corp.		352,192		73,925,101
Unum Group		1,364,064		81,079,964
US Foods Holding Corp.*		1,951,850		120,038,775
Vail Resorts, Inc.		300,282		52,336,150
Valaris Ltd.*		531,687		29,641,550
Valley National Bancorp		3,413,899		30,929,925
Valmont Industries, Inc.		160,948		46,666,873
Valvoline, Inc.*		1,028,497		43,042,599
Viper Energy, Inc.		809,662		36,523,853
Vishay Intertechnology, Inc.		905,444		17,121,946
Visteon Corp.*		220,335		20,984,705
Vontier Corp.		1,226,700		41,388,858
Vornado Realty Trust		1,322,634		52,111,780
Voya Financial, Inc.		784,729		62,166,231
Warner Music Group Corp., Class A		1,130,161		35,374,039
Watsco, Inc.		277,656		136,573,433
Watts Water Technologies, Inc., Class A		218,667		45,305,616
Weatherford International PLC		583,884		49,583,429
Webster Financial Corp.		1,368,174		63,770,590
Wendy's Co.		1,362,571		23,872,244
WESCO International, Inc.		357,036		59,974,907
Western Alliance Bancorp		870,630		75,300,789
Western Union Co.		2,695,860		32,161,610
Westlake Corp.		266,825		40,101,129
WEX, Inc.*		327,897		68,769,838
Whirlpool Corp.		438,116		46,878,412
Williams-Sonoma, Inc.		1,026,502		159,025,690
Wingstop, Inc.		233,879		97,312,374
Wintrust Financial Corp.		530,745		57,601,755
Woodward, Inc.		476,147		81,663,972
Wp Carey, Inc.		1,746,647		108,816,108
Wyndham Hotels & Resorts, Inc.		630,350		49,255,549
XPO, Inc.*		928,948		99,871,199
YETI Holdings, Inc.*		675,619		27,720,648

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Common Stock	Shares		Value
Zions Bancorp NA		1,178,790	$	55,662,464
ZoomInfo Technologies, Inc.*		2,303,124		23,768,240
Total Investments (Cost $22,490,722,958)			$	23,232,676,813

* Non-income producing security for the year ended September 30, 2024.

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)	$	1,763,830,065		7.55	%
Retail		1,522,654,148		6.52	%
Banks		1,302,353,455		5.58	%
Insurance		1,279,743,836		5.48	%
Oil & Gas		966,790,576		4.14	%
Commercial Services		844,349,898		3.62	%
Diversified Financial Services		841,720,866		3.60	%
Building Materials		825,466,797		3.53	%
Biotechnology		771,978,326		3.31	%
Machinery - Diversified		750,277,231		3.21	%
Software		726,710,669		3.11	%
Computers		693,479,650		2.97	%
Healthcare - Products		686,750,914		2.94	%
Engineering & Construction		651,318,867		2.79	%
Electronics		595,488,051		2.55	%
Healthcare - Services		559,075,354		2.39	%
Food		498,860,094		2.14	%
Semiconductors		495,229,345		2.12	%
Chemicals		474,769,648		2.03	%
Transportation		422,745,147		1.81	%
Miscellaneous Manufacturing		402,058,178		1.72	%
Packaging & Containers		398,893,370		1.71	%
Electrical Components & Equipment		316,215,070		1.35	%
Entertainment		315,696,851		1.35	%
Electric		305,225,424		1.31	%
Iron / Steel		288,217,820		1.23	%
Apparel		286,850,309		1.23	%
Home Builders		280,974,922		1.20	%
Distribution / Wholesale		264,911,598		1.13	%

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

SPDR S&P MidCap 400 ETF Trust
Schedule of Investments (continued)
September 30, 2024

Industry Classification	Value		Percentage
Pharmaceuticals	$	253,122,451		1.08	%
Metal Fabricate / Hardware		247,515,630		1.06	%
Environmental Control		243,749,867		1.04	%
Hand / Machine Tools		230,650,290		0.99	%
Gas		224,524,896		0.96	%
Lodging		207,103,188		0.89	%
Auto Parts & Equipment		199,158,860		0.85	%
Leisure Time		198,090,444		0.85	%
Telecommunications		162,138,209		0.69	%
Machinery - Construction & Mining		159,617,071		0.68	%
Home Furnishings		158,999,899		0.68	%
Mining		153,159,745		0.66	%
Aerospace / Defense		140,810,832		0.60	%
Beverages		121,368,429		0.52	%
Media		112,638,645		0.48	%
Cosmetics / Personal Care		104,941,742		0.45	%
Real Estate		102,208,615		0.44	%
Pipelines		101,431,605		0.43	%
Oil & Gas Services		96,021,638		0.41	%
Food Service		81,434,550		0.35	%
Water		77,506,029		0.33	%
Private Equity		72,259,890		0.31	%
Airlines		58,911,571		0.25	%
Toys / Games / Hobbies		51,678,611		0.22	%
Agriculture		47,163,175		0.20	%
Trucking & Leasing		37,632,754		0.16	%
Housewares		29,488,751		0.13	%
Savings & Loans		26,712,947		0.12	%
Total Investments		23,232,676,813		99.45	%
Other Assets in Excess of Liabilities		127,532,534		0.55	%
Net Assets	$	23,360,209,347		100.00	%

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

SPDR S&P MidCap 400 ETF Trust
Statement of Assets and Liabilities

	September 30, 2024
Assets:
Investments in securities of unaffiliated issuers, at value (cost $22,490,722,958)	$	23,232,676,813
Cash		183,203,052
Receivable from securities sold		127,567,866
Dividend receivable		20,021,913
Total Assets	$	23,563,469,644
Liabilities:
Payable for securities purchased	$	127,182,991
Distribution payable		65,429,955
Payable to Sponsor		5,837,620
License fee payable		2,518,178
Accrued Trustee fees		1,858,500
Other accrued expenses		433,053
Total Liabilities		203,260,297
Net Assets	$	23,360,209,347
Net assets presented by:
Interest in Unitholders (40,991,298 units of fractional undivided interest (Units) outstanding; unlimited units authorized)
Paid-in capital	$	24,468,019,704
Total distributable earnings (loss)		(1,107,810,357	)
Net Assets	$	23,360,209,347
Units of beneficial interest outstanding, no par value, unlimited Units authorized:		40,991,298
Net asset value per Unit:	$	569.88

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

SPDR S&P MidCap 400 ETF Trust
Statements of Operations

	Year Ended September 30,
	2024			2023			2022
Investment Income
Dividend income from unaffiliated issuers	$	322,054,440		$	285,829,956		$	291,905,282
Expenses:
Trustee fees and expenses		21,095,564			19,112,871			19,756,646
Printing and distribution expenses		21,005,721			19,092,871			19,038,640
License fees		6,182,295			5,643,861			5,836,994
Legal fees		190,282			326,028			200,002
Audit fees		118,032			119,261			108,500
Other fees and expenses		108,395			122,068			138,948
Total expenses		48,700,289			44,416,960			45,079,730
Net Investment Income	$	273,354,151		$	241,412,996		$	246,825,552
Realized and unrealized gains (losses) on investments of unaffiliated issuers:
Net realized losses from investments	$	(272,734,775	)	$	(1,162,363,963	)	$	(334,277,939	)
Net realized gains from in-kind redemptions		1,823,816,345			911,678,972			2,377,610,736
Net realized gains (losses)		1,551,081,570			(250,684,991	)		2,043,332,797
Net increase (decrease) in unrealized appreciation (depreciation) on investments		2,957,472,593			2,453,890,747			(5,277,362,865	)
Net realized and unrealized gains (losses) on investments		4,508,554,163			2,203,205,756			(3,234,030,068	)
Net increase (decrease) in net assets resulting from operations	$	4,781,908,314		$	2,444,618,752		$	(2,987,204,516	)

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

SPDR S&P MidCap 400 ETF Trust
Statements of Changes in Net Assets

	Year Ended September 30,
	2024			2023			2022
Increase (Decrease) in Net Assets From:
Operations:
Net investment income	$	273,354,151		$	241,412,996		$	246,825,552
Net realized gains (losses)		1,551,081,570			(250,684,991	)		2,043,332,797
Net increase (decrease) in unrealized appreciation (depreciation)		2,957,472,593			2,453,890,747			(5,277,362,865	)
Net increase (decrease) in net assets resulting from operations		4,781,908,314			2,444,618,752			(2,987,204,516	)
Net equalization credits and charges (Note 2)		1,311,096			305,580			1,077,053
Distributions to Unitholders		(262,269,938	)		(241,827,408	)		(241,081,821	)
Unitholder Transactions:
Proceeds from subscriptions of Units		11,932,029,906			9,666,580,677			15,736,264,452
Less: Redemptions of Units		(11,770,206,476	)		(9,125,636,041	)		(16,790,162,765	)
Net income equalization (Note 2)		(1,311,096	)		(305,580	)		(1,077,053	)
Increase (decrease) in net assets due to Unitholder transactions		160,512,334			540,639,056			(1,054,975,366	)
Total increase (decrease)		4,681,461,806			2,743,735,980			(4,282,184,650	)
Net Assets
Beginning of year		18,678,747,541			15,935,011,561			20,217,196,211
End of year	$	23,360,209,347		$	18,678,747,541		$	15,935,011,561

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

SPDR S&P MidCap 400 ETF Trust
Financial Highlights

	Year Ended September 30,
	2024			2023			2022			2021			2020
Net Asset Value, Beginning of Year	$	456.79		$	401.73		$	480.89		$	339.02		$	352.30
Investment Operations:
Net investment income⁽¹⁾		6.81			5.91			6.00			5.07			4.57
Net realized and unrealized gain (loss) on investments		112.80			55.07			(79.32	)		141.71			(12.96	)
Total from investment operations		119.61			60.98			(73.32	)		146.78			(8.39	)
Net equalization credits and charges⁽¹⁾		0.03			0.01			0.03			(0.00	)		(0.18	)
Less Distributions from:
Net investment income		(6.55	)		(5.93	)		(5.87	)		(4.91	)		(4.71	)
Net asset value, end of year	$	569.88		$	456.79		$	401.73		$	480.89		$	339.02
Total investment return⁽²⁾		26.28	%		15.14	%		(15.35	)%		43.35	%		(2.43	)%
Ratios and Supplemental Data
Net assets, end of year (000's omitted)	$	23,360,209		$	18,678,748		$	15,935,012		$	20,217,196		$	14,481,420
Ratio to average net assets:
Ratio of expenses to average net assets		0.23	%		0.24	%		0.23	%		0.22	%		0.23	%⁽³⁾
Ratio of net investment income to average net assets		1.32	%		1.28	%		1.27	%		1.11	%		1.35	%⁽³⁾
Portfolio turnover rate⁽⁴⁾		20.43	%		20.07	%		17.45	%		20.91	%		20.78	%

(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.

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

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

SPDR S&P MidCap 400 ETF Trust
Notes to Financial Statements
September 30, 2024

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, 2024 in valuing the Trust's assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investment in Securities
Common Stocks	$	23,232,676,813	$	—	$	—	$	23,232,676,813
Total	$	23,232,676,813	$	—	$	—	$	23,232,676,813

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 the holder of its Units ("Unitholders"), provided that it distributes on a timely basis at least 90% of its "investment company taxable income" determined prior to the deduction for dividends paid by the Trust (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided the Trust distributes during each calendar year substantially all of its ordinary income and capital gains, the Trust will not be subject to U.S. federal excise tax.

U.S. GAAP requires the evaluation of tax positions taken in the course of preparing the Trust's tax returns to determine whether the tax positions are more likely than not to be sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more likely than not threshold would be recorded as a tax expense in the current year. The Trustee has reviewed the Trust's tax positions for the tax years subject to audit as of September 30, 2024, and has determined that no provision for income taxes is necessary for the year ended September 30, 2024. The tax returns of the Trust's 2021, 2022 and 2023 tax years and the year ended September 30, 2024 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 from which it produces the Trust's financial statements, acts as custodian and transfer agent to the Trust, and provides administrative services, including the filing of all required regulatory reports. The Trustee is also responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of large blocks of 25,000 Units (known as "Creation Units"), and for adjusting the composition of the Trust's portfolio from time to time to conform to changes in the composition and/or weighting structure of the Index. For these services, the Trustee receives a fee based on the following annual rates:

Net Asset Value of the Trust				Fee as a Percentage of 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 year ended September 30, 2020 as disclosed in the Financial Highlights. 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, 2024, 2023 and 2022 did not exceed 0.30% per annum. The Trust reimbursed the Sponsor for $205,517, $279,391, and $186,736 of legal fees for the years ended September 30, 2024, 2023, and 2022, 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, 2024						Year Ended September 30, 2023
	Units			Amount			Units			Amount
Units sold		23,000,071		$	11,932,029,906			21,050,071		$	9,666,580,677
Dividend reinvestment Units issued		—			—			—			—
Units redeemed		(22,900,003	)		(11,770,206,476	)		(19,825,001	)		(9,125,636,041	)
Net increase		100,068		$	161,823,430			1,225,070		$	540,944,636

	Year Ended September 30, 2022
	Units			Amount
Units sold		32,950,062		$	15,736,264,452
Dividend reinvestment Units issued		—			—
Units redeemed		(35,325,000	)		(16,790,162,765	)
Net decrease		(2,374,938	)	$	(1,053,898,313	)

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, 2024, the Trustee earned $1,071,000 in transaction fees. The Trustee, in its sole discretion, may voluntarily reduce or waive the transaction fee, or modify its transaction fee schedule, subject to certain limitations. There were no reductions or waivers of such fees for the years ended September 30, 2024, 2023 and 2022.

At September 30, 2024, the Trustee and its affiliates held $1,401,832,425 or 6.00% of fractional undivided interest in the Trust.

Note 5 — Investment Transactions

For the year ended September 30, 2024, the Trust had net in-kind contributions, net in-kind redemptions, purchases and sales of investment securities of $11,909,401,155, $11,751,895,188, $4,256,779,847, and $4,251,228,278, respectively.

Note 6 — U.S. Federal Income Tax Status

The following details the distributions and net distributable earnings as of September 30, 2024. 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, 2024, September 30, 2023 and September 30, 2022, in the amounts disclosed on the statements of changes in net assets, was ordinary income.

At September 30, 2024, 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	$	22,796,057,687
Gross unrealized appreciation	$	2,554,860,686
Gross unrealized depreciation		(2,118,241,560	)
Net unrealized appreciation	$	436,619,126
Distributable earnings, ordinary income	$	71,683,627
Short-term capital loss carryforwards (no expiration):	$	—
Long-term capital loss carryforwards (no expiration):	$	1,512,531,574

The Trust utilized $90,800,004 of capital loss carryforwards during the year ended September 30, 2024. 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, 2024, 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 $1,443,441,790 and paid-in capital was increased by $1,443,441,790.

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, 2024, 2023 and 2022, the Trust paid $1,449,445, $1,422,213 and $1,170,688 in commissions to BNYMellon CM, respectively.

Note 9 — License Agreement and Distribution Expenses

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

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

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

Note 10 — Equity Investing and Market Risk

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

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

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

contraction, and global or regional political, economic and banking crises, as well as war, acts of terrorism and the spread of infectious disease, such as COVID-19, or other public health issues.

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

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

Note 11 — Subsequent Events

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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of SPDR S&P MidCap 400 ETF Trust (the "Trust") as of September 30, 2024, the related statements of operations and of changes in net assets for each of the three years in the period ended September 30, 2024, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2024 (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, 2024, the results of its operations and the changes in its net assets for each of the three years in the period ended September 30, 2024 and the financial highlights for each of the five years in the period ended September 30, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024 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
November 25, 2024

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

TAX INFORMATION
(Unaudited)

For U.S. federal income tax purposes, the percentage of Trust dividend distributions that qualify for the corporate dividends received deduction for the fiscal year ended September 30, 2024 is 92.68%.

For the fiscal year ended September 30, 2024, all dividends paid by the Trust may be designated as qualified dividend income for U.S. federal income tax purposes and are eligible for reduced tax rates in the case of certain non-corporate unitholders that meet applicable holding period requirements with respect to their Units. Complete information will be reported in conjunction with your 2024 Form 1099-DIV.

ESSENTIAL INFORMATION AS OF SEPTEMBER 30, 2024
(Unaudited)

Total Trust Assets:				$23,563,469,644
Trust Net Assets:				$23,360,209,347
Number of Units:				40,991,298
Fractional Undivided Interest in Trust Represented by each Unit:				1/40,991,298
Record Date:				Quarterly, on the first (1st) Business Day after the third Friday in each of March, June, September and December.
Dividend Payment Dates:				Quarterly, on the last Business Day of April, July, October and January.
Trustee's Annual Fee:*				From 0.08% to 0.14%, based on the net asset value of the Trust, as the same may be reduced by certain amounts, plus the Transaction Fee.
Estimated Ordinary Operating Expenses of the Trust:				0.23% (inclusive of Trustee's annual fee)
Net Asset Value per Unit (based on the value of the securities, other net assets of the Trust and number of Units outstanding):				$569.88
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.

ESSENTIAL INFORMATION AS OF SEPTEMBER 30, 2024

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 9/30/2024

Premium/Discount Range	Number of Trading Days		Percentage of Total Trading Days
Greater than 0.25%		5		0.40	%
Between zero and 0.25%		753		59.86	%
Bid/Ask Price Equal to NAV		3		0.24	%
Between zero and -0.25%		491		39.03	%
Less than -0.25%		6		0.48	%
Total:		1,258		100.00	%

Comparison of Total Returns Based on NAV and Bid/Ask Price⁽¹⁾⁽²⁾From Inception to 9/30/24 (Unaudited)

Cumulative Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		26.28	%		72.08	%		159.60	%		2,227.93	%
Return Based on Bid/Ask Price		26.27	%		71.93	%		159.57	%		2,227.03	%
S&P MidCap 400 Index		26.79	%		74.49	%		167.03	%		2,463.55	%

Annualized Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		26.28	%		11.47	%		10.01	%		11.29	%
Return Based on Bid/Ask Price		26.27	%		11.45	%		10.01	%		11.29	%
S&P MidCap 400 Index		26.79	%		11.78	%		10.32	%		11.65	%

(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.

SPDR S&P MidCap 400 ETF Trust
(Unaudited)

Sponsor

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

Trustee

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

Distributor

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

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
101 Seaport Boulevard
Suite 500
Boston, MA 02210

Legal Counsel

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