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
3D Systems Corp.*		1,039,814	$	12,009,852
Aaron's, Inc.		631,273		22,795,268
Abercrombie & Fitch Co., Class A		679,897		14,407,017
ACI Worldwide, Inc.*		1,151,227		24,313,914
Acuity Brands, Inc.		425,534		74,715,260
Acxiom Corp.*		761,712		15,051,429
Advanced Micro Devices, Inc.*		6,168,024		10,609,001
AECOM*		1,475,401		40,588,282
AGCO Corp.		732,436		34,153,491
Akorn, Inc.*		782,845		22,314,997
Alaska Air Group, Inc.		1,244,309		98,860,350
Albemarle Corp.		1,096,549		48,357,811
Alexander & Baldwin, Inc.		448,973		15,413,243
Alexandria Real Estate Equities, Inc.		706,660		59,832,902
Align Technology, Inc.*		712,169		40,422,712
Alleghany Corp.*		156,058		73,052,310
Allegheny Technologies, Inc.		1,067,296		15,134,257
Alliant Energy Corp.		1,106,920		64,743,751
Allscripts Healthcare Solutions, Inc.*		1,846,296		22,894,070
AMC Networks, Inc., Class A*		594,958		43,533,077
American Campus Communities, Inc.		1,097,684		39,780,068
American Eagle Outfitters, Inc.		1,757,128		27,463,911
American Financial Group, Inc.		702,077		48,380,126
ANSYS, Inc.*		880,974		77,649,048
AO Smith Corp.		740,117		48,248,227
Apollo Education Group, Inc.*		985,156		10,895,825
AptarGroup, Inc.		613,706		40,480,048
Aqua America, Inc.		1,727,882		45,737,037
ARRIS Group, Inc.*		1,318,020		34,228,979
Arrow Electronics, Inc.*		922,767		51,010,560
Arthur J Gallagher & Co.		1,705,813		70,415,961
Ascena Retail Group, Inc.*		1,674,810		23,296,607
Ashland, Inc.		660,884		66,498,148
Aspen Insurance Holdings Ltd.		593,974		27,601,972
Associated Banc-Corp.		1,468,009		26,380,122
Atmel Corp.		4,088,901		32,997,431
Atmos Energy Corp.		990,684		57,637,995
Atwood Oceanics, Inc.		568,661		8,421,869
Avnet, Inc.		1,314,041		56,083,270

Common Stock	Shares		Value
Avon Products, Inc.		4,253,959	$	13,825,367
B/E Aerospace, Inc.		1,038,137		45,574,214
BancorpSouth, Inc.		851,815		20,247,643
Bank of Hawaii Corp.		425,130		26,991,504
Bank of the Ozarks, Inc.		763,576		33,414,086
Belden, Inc.		417,016		19,470,477
Bemis Co., Inc.		952,290		37,682,115
Big Lots, Inc.		507,024		24,296,590
BioMed Realty Trust, Inc.		1,974,685		39,454,206
Bio-Rad Laboratories, Inc., Class A*		202,100		27,144,051
Bio-Techne Corp.		363,227		33,583,968
Black Hills Corp.		438,162		18,113,617
Boston Beer Co., Inc., Class A*		94,824		19,970,883
Brinker International, Inc.		587,399		30,938,305
Broadridge Financial Solutions, Inc.		1,155,879		63,977,903
Brown & Brown, Inc.		1,142,693		35,389,202
Brunswick Corp.		898,590		43,033,475
Buffalo Wild Wings, Inc.*		185,817		35,942,582
Cabela's, Inc.*		487,948		22,250,429
Cable One, Inc.*		43,411		18,207,442
Cabot Corp.		614,861		19,405,013
Cadence Design Systems, Inc.*		2,847,636		58,889,112
California Resources Corp.		3,058,628		7,952,433
Camden Property Trust		848,810		62,727,059
Care Capital Properties, Inc.		808,434		26,621,732
Carlisle Cos., Inc.		637,474		55,702,478
Carpenter Technology Corp.		484,156		14,413,324
Carter's, Inc.		510,581		46,279,062
Casey's General Stores, Inc.		381,020		39,214,578
Catalent, Inc.*		961,368		23,361,242
Cathay General Bancorp		750,800		22,493,968
CBOE Holdings, Inc.		809,057		54,271,544
CDK Global, Inc., Class W		1,564,273		74,740,964
CEB, Inc.		327,622		22,389,687
Centene Corp.*		1,163,866		63,116,453
Charles River Laboratories International, Inc.*		457,166		29,039,184
Cheesecake Factory, Inc.		441,296		23,812,332
Chemours Co.		1,768,680		11,443,360
Chico's FAS, Inc.		1,361,264		21,412,683

Common Stock	Shares		Value
Church & Dwight Co., Inc.		1,279,748	$	107,370,857
Ciena Corp.*		1,238,743		25,666,755
Cinemark Holdings, Inc.		1,031,011		33,497,547
City National Corp.		474,020		41,742,201
CLARCOR, Inc.		489,595		23,343,890
Clean Harbors, Inc.*		519,639		22,848,527
Cleco Corp.		591,083		31,469,259
CNO Financial Group, Inc.		1,878,568		35,335,864
Cognex Corp.		851,244		29,257,256
Commerce Bancshares, Inc.		784,463		35,740,134
Commercial Metals Co.		1,129,769		15,308,370
Communications Sales & Leasing, Inc.		1,177,105		21,070,179
Community Health Systems, Inc.*		1,154,374		49,372,576
CommVault Systems, Inc.*		413,371		14,038,079
Compass Minerals International, Inc.		329,279		25,805,595
Convergys Corp.		960,463		22,196,300
Con-way, Inc.		559,317		26,539,592
Cooper Cos., Inc.		474,861		70,687,808
Copart, Inc.*		1,069,504		35,186,682
CoreLogic, Inc.*		870,596		32,412,289
Corporate Office Properties Trust		923,824		19,428,019
Corrections Corp. of America		1,144,603		33,811,573
Cracker Barrel Old Country Store, Inc.		234,146		34,485,023
Crane Co.		482,223		22,476,414
Cree, Inc.*		1,009,491		24,459,967
CST Brands, Inc.		738,962		24,873,461
Cullen/Frost Bankers, Inc.		543,348		34,546,066
Cypress Semiconductor Corp.*		3,276,069		27,912,108
Cytec Industries, Inc.		698,408		51,577,431
Dana Holding Corp.		1,566,403		24,874,480
Dean Foods Co.		922,837		15,245,267
Deckers Outdoor Corp.*		319,374		18,542,854
Deluxe Corp.		488,263		27,215,780
Denbury Resources, Inc.		3,473,794		8,476,057
DeVry Education Group, Inc.		558,644		15,200,703
Dick's Sporting Goods, Inc.		915,385		45,412,250
Diebold, Inc.		634,892		18,900,735
Domino's Pizza, Inc.		536,665		57,911,520
Domtar Corp.		614,050		21,952,287

Common Stock	Shares		Value
Donaldson Co., Inc.		1,226,971	$	34,453,346
Douglas Emmett, Inc.		1,358,210		39,007,791
DreamWorks Animation SKG, Inc., Class A*		693,549		12,102,430
Dril-Quip, Inc.*		378,267		22,022,705
DST Systems, Inc.		329,279		34,620,394
Duke Realty Corp.		3,374,127		64,277,119
Dunkin' Brands Group, Inc.		930,783		45,608,367
Eagle Materials, Inc.		492,404		33,690,282
East West Bancorp, Inc.		1,405,830		54,011,989
Eaton Vance Corp.		1,148,399		38,379,495
Edgewell Personal Care Co.		607,804		49,596,806
Endurance Specialty Holdings Ltd.		592,081		36,134,703
Energen Corp.		770,082		38,396,289
Energizer Holdings, Inc.		607,804		23,528,093
Equity One, Inc.		721,336		17,557,318
Esterline Technologies Corp.*		301,088		21,645,216
Everest Re Group Ltd.		431,843		74,855,666
Extra Space Storage, Inc.		1,200,583		92,636,984
FactSet Research Systems, Inc.		404,755		64,683,897
Fair Isaac Corp.		304,310		25,714,195
Fairchild Semiconductor International, Inc.*		1,128,053		15,837,864
Federal Realty Investment Trust		675,569		92,181,390
Federated Investors, Inc., Class B		930,527		26,892,230
FEI Co.		406,461		29,687,911
First American Financial Corp.		1,061,774		41,483,510
First Horizon National Corp.		2,287,070		32,430,653
First Niagara Financial Group, Inc.		3,467,642		35,404,625
FirstMerit Corp.		1,620,014		28,625,647
Flowers Foods, Inc.		1,807,626		44,720,667
Foot Locker, Inc.		1,361,402		97,980,102
Fortinet, Inc.*		1,421,740		60,395,515
Fortune Brands Home & Security, Inc.		1,563,069		74,198,885
FTI Consulting, Inc.*		408,906		16,973,688
Fulton Financial Corp.		1,709,707		20,687,455
Gartner, Inc.*		811,561		68,114,315
GATX Corp.		422,184		18,639,424
Genesee & Wyoming, Inc., Class A*		520,352		30,742,396
Gentex Corp.		2,862,125		44,362,937
Global Payments, Inc.		636,407		73,014,975

Common Stock	Shares		Value
Graco, Inc.		564,176	$	37,816,717
Graham Holdings Co., Class B		43,854		25,303,758
Granite Construction, Inc.		384,843		11,418,292
Great Plains Energy, Inc.		1,508,274		40,753,563
Greif, Inc., Class A		251,201		8,015,824
Guess?, Inc.		636,950		13,605,252
Gulfport Energy Corp.*		1,057,535		31,387,639
Hain Celestial Group, Inc.*		1,002,817		51,745,357
Halyard Health, Inc.*		455,538		12,955,501
Hancock Holding Co.		763,094		20,641,693
Hanover Insurance Group, Inc.		431,892		33,558,008
Hawaiian Electric Industries, Inc.		1,050,172		30,129,435
HCC Insurance Holdings, Inc.		934,717		72,412,526
Health Net, Inc.*		755,324		45,485,611
Helix Energy Solutions Group, Inc.*		963,055		4,613,033
Herman Miller, Inc.		584,787		16,865,257
Highwoods Properties, Inc.		919,821		35,643,064
Hill-Rom Holdings, Inc.		551,124		28,652,937
HNI Corp.		433,421		18,593,761
HollyFrontier Corp.		1,842,808		90,002,743
Hologic, Inc.*		2,396,012		93,755,950
Home Properties, Inc.		567,280		42,404,180
Hospitality Properties Trust		1,480,457		37,870,090
HSN, Inc.		315,312		18,048,459
Hubbell, Inc., Class B		495,521		42,094,509
Huntington Ingalls Industries, Inc.		467,337		50,075,160
IDACORP, Inc.		491,981		31,836,091
IDEX Corp.		756,341		53,927,113
IDEXX Laboratories, Inc.*		899,160		66,762,630
Ingram Micro, Inc., Class A		1,522,834		41,481,998
Ingredion, Inc.		697,503		60,898,987
Integrated Device Technology, Inc.*		1,449,005		29,414,801
InterDigital, Inc.		350,992		17,760,195
International Bancshares Corp.		545,675		13,658,245
International Speedway Corp., Class A		261,135		8,283,202
Intersil Corp., Class A		1,291,172		15,106,712
IPG Photonics Corp.*		355,546		27,010,830
ITT Corp.		873,700		29,207,791
Jabil Circuit, Inc.		1,894,280		42,375,044

Common Stock	Shares		Value
Jack Henry & Associates, Inc.		791,540	$	55,099,099
Jack in the Box, Inc.		357,469		27,539,412
Janus Capital Group, Inc.		1,440,852		19,595,587
Jarden Corp.*		1,939,014		94,779,004
JC Penney Co., Inc.*		2,985,636		27,736,558
JetBlue Airways Corp.*		3,076,657		79,285,451
John Wiley & Sons, Inc., Class A		482,587		24,143,828
Jones Lang LaSalle, Inc.		439,422		63,175,701
Kate Spade & Co.*		1,247,791		23,845,286
KB Home		890,259		12,063,009
KBR, Inc.		1,410,680		23,501,929
Kemper Corp.		475,864		16,831,310
Kennametal, Inc.		776,181		19,319,145
Keysight Technologies, Inc.*		1,654,921		51,037,764
Kilroy Realty Corp.		901,132		58,717,761
Kirby Corp.*		535,342		33,164,437
KLX, Inc.*		515,587		18,427,079
Knowles Corp.*		863,568		15,915,558
Lamar Advertising Co., Class A		800,569		41,773,690
Lancaster Colony Corp.		189,849		18,506,481
Landstar System, Inc.		425,868		27,029,842
LaSalle Hotel Properties		1,105,460		31,384,009
Leidos Holdings, Inc.		626,797		25,892,984
Lennox International, Inc.		391,664		44,387,281
Lexmark International, Inc., Class A		602,104		17,448,974
Liberty Property Trust		1,464,596		46,149,420
LifePoint Health, Inc.*		434,002		30,770,742
Lincoln Electric Holdings, Inc.		665,290		34,881,155
Live Nation Entertainment, Inc.*		1,423,918		34,230,989
LKQ Corp.*		2,979,979		84,512,204
Louisiana-Pacific Corp.*		1,394,337		19,855,359
Mack-Cali Realty Corp.		870,665		16,438,155
Manhattan Associates, Inc.*		717,484		44,699,253
Manpowergroup, Inc.		750,534		61,461,229
MAXIMUS, Inc.		644,541		38,388,862
MDC Holdings, Inc.		382,192		10,005,787
MDU Resources Group, Inc.		1,906,326		32,788,807
MEDNAX, Inc.*		919,427		70,602,799
Mentor Graphics Corp.		973,820		23,985,187

Common Stock	Shares		Value
Mercury General Corp.		355,806	$	17,971,761
Meredith Corp.		368,057		15,671,867
Mettler-Toledo International, Inc.*		270,706		77,080,826
Mid-America Apartment Communities, Inc.		736,636		60,308,389
Minerals Technologies, Inc.		339,607		16,355,473
Molina Healthcare, Inc.*		399,916		27,534,217
MSA Safety, Inc.		310,265		12,401,292
MSC Industrial Direct Co., Inc., Class A		473,144		28,875,978
MSCI, Inc.		964,525		57,350,657
Murphy USA, Inc.*		393,606		21,628,650
Nabors Industries Ltd.		2,852,112		26,952,458
National Fuel Gas Co.		826,473		41,307,121
National Instruments Corp.		994,874		27,647,548
National Retail Properties, Inc.		1,313,830		47,652,614
NCR Corp.*		1,543,278		35,109,575
NetScout Systems, Inc.*		984,503		34,821,871
NeuStar, Inc., Class A*		531,645		14,466,060
New York Community Bancorp, Inc.		4,342,320		78,422,299
New York Times Co., Class A		1,237,833		14,618,808
NewMarket Corp.		101,984		36,408,288
Noble Corp. PLC		2,364,754		25,799,466
Nordson Corp.		558,851		35,174,082
NOW, Inc.*		1,047,452		15,502,290
NVR, Inc.*		37,308		56,902,908
Oceaneering International, Inc.		956,224		37,560,479
Office Depot, Inc.*		4,821,219		30,952,226
OGE Energy Corp.		1,951,511		53,393,341
Oil States International, Inc.*		501,256		13,097,819
Old Dominion Freight Line, Inc.*		683,575		41,698,075
Old Republic International Corp.		2,360,171		36,913,074
Olin Corp.		757,631		12,735,777
Omega Healthcare Investors, Inc.		1,580,852		55,566,948
ONE Gas, Inc.		509,626		23,101,347
Orbital ATK, Inc.		577,612		41,512,974
Oshkosh Corp.		765,391		27,806,655
Owens & Minor, Inc.		615,875		19,671,048
Packaging Corp. of America		955,043		57,455,387
PacWest Bancorp		997,446		42,700,663
Panera Bread Co., Class A*		238,572		46,142,211

Common Stock	Shares		Value
PAREXEL International Corp.*		540,822	$	33,487,698
Patterson-UTI Energy, Inc.		1,438,555		18,902,613
Plantronics, Inc.		344,362		17,510,808
PNM Resources, Inc.		778,459		21,835,775
Polaris Industries, Inc.		601,209		72,066,923
Polycom, Inc.*		1,303,315		13,658,741
PolyOne Corp.		866,416		25,420,645
Post Holdings, Inc.*		593,242		35,060,602
Potlatch Corp.		397,540		11,445,177
Primerica, Inc.		484,687		21,844,843
Prosperity Bancshares, Inc.		643,445		31,599,584
PTC, Inc.*		1,115,763		35,414,318
QEP Resources, Inc.		1,571,163		19,686,672
Questar Corp.		1,717,473		33,336,151
R.R. Donnelley & Sons Co.		2,039,606		29,696,663
Rackspace Hosting, Inc.*		1,182,387		29,181,311
Raymond James Financial, Inc.		1,252,404		62,156,811
Rayonier, Inc.		1,230,824		27,164,286
Regal Beloit Corp.		438,192		24,735,938
Regency Centers Corp.		920,195		57,190,119
Reinsurance Group of America, Inc.		649,587		58,846,086
Reliance Steel & Aluminum Co.		718,016		38,780,044
RenaissanceRe Holdings Ltd.		449,003		47,737,999
Rent-A-Center, Inc., Class A		518,498		12,573,577
ResMed, Inc.		1,373,259		69,981,279
Rollins, Inc.		918,610		24,683,051
Rovi Corp.*		849,430		8,910,521
Rowan Cos. PLC, Class A		1,219,606		19,696,637
Royal Gold, Inc.		637,070		29,929,549
RPM International, Inc.		1,304,004		54,624,728
Science Applications International Corp.		409,358		16,460,285
Scotts Miracle-Gro Co., Class A		443,051		26,946,362
SEI Investments Co.		1,361,835		65,681,302
Senior Housing Properties Trust		2,320,090		37,585,458
Sensient Technologies Corp.		447,881		27,455,105
Service Corp. International		1,958,303		53,070,011
Signature Bank *		497,224		68,398,133
Silgan Holdings, Inc.		395,352		20,574,118
Silicon Laboratories, Inc.*		390,522		16,222,284

Common Stock	Shares		Value
Sirona Dental Systems, Inc.*		545,881	$	50,952,533
Skechers U.S.A., Inc., Class A*		417,183		55,935,897
SLM Corp.*		4,162,120		30,799,688
SM Energy Co.		664,076		21,276,995
SolarWinds, Inc.*		651,313		25,557,522
Solera Holdings, Inc.		655,106		35,375,724
Sonoco Products Co.		986,376		37,225,830
Sotheby's		604,480		19,331,270
Sovran Self Storage, Inc.		350,215		33,025,275
StanCorp Financial Group, Inc.		413,391		47,209,252
Steel Dynamics, Inc.		2,365,669		40,642,193
STERIS Corp.		584,787		37,993,611
Stifel Financial Corp.*		678,559		28,567,334
SunEdison, Inc.*		3,078,993		22,107,170
Superior Energy Services, Inc.		1,473,232		18,606,920
SUPERVALU, Inc.*		2,588,916		18,588,417
SVB Financial Group*		503,070		58,124,708
Synaptics, Inc.*		356,022		29,357,574
Synopsys, Inc.*		1,524,064		70,381,276
Synovus Financial Corp.		1,289,958		38,182,757
Talen Energy Corp.*		627,952		6,342,315
Tanger Factory Outlet Centers, Inc.		936,649		30,881,318
Taubman Centers, Inc.		594,762		41,086,159
TCF Financial Corp.		1,652,615		25,053,643
Tech Data Corp.*		345,208		23,646,748
Teledyne Technologies, Inc.*		345,887		31,233,596
Teleflex, Inc.		406,520		50,493,849
Telephone & Data Systems, Inc.		921,281		22,995,174
Tempur Sealy International, Inc.*		604,883		43,206,793
Teradyne, Inc.		2,060,473		37,109,119
Terex Corp.		1,060,356		19,022,787
Thor Industries, Inc.		445,486		23,076,175
Thoratec Corp.*		535,559		33,879,462
Time, Inc.		1,072,490		20,430,935
Timken Co.		718,793		19,759,620
Toll Brothers, Inc.*		1,584,688		54,259,717
Tootsie Roll Industries, Inc.		174,687		5,465,956
Toro Co.		535,648		37,784,610
Towers Watson & Co., Class A		677,128		79,481,285

Common Stock	Shares		Value
TreeHouse Foods, Inc.*		420,881	$	32,740,333
TRI Pointe Group, Inc.*		1,422,586		18,621,651
Trimble Navigation Ltd.*		2,512,127		41,249,125
Trinity Industries, Inc.		1,509,467		34,219,617
Triumph Group, Inc.		481,869		20,277,048
Trustmark Corp.		660,224		15,297,390
Tupperware Brands Corp.		487,535		24,128,107
Tyler Technologies, Inc.*		330,946		49,413,547
UDR, Inc.		2,560,548		88,287,695
UGI Corp.		1,688,551		58,795,346
Ultimate Software Group, Inc.*		279,381		50,011,993
Umpqua Holdings Corp.		2,153,477		35,101,675
United Natural Foods, Inc.*		489,507		23,745,985
United States Steel Corp.		1,429,280		14,893,098
United Therapeutics Corp.*		445,053		58,408,756
Urban Edge Properties		902,376		19,482,298
Valley National Bancorp		2,274,392		22,380,017
Valmont Industries, Inc.		227,216		21,560,526
Valspar Corp.		722,491		51,932,653
VCA, Inc.*		793,099		41,756,662
Vectren Corp.		807,873		33,938,745
VeriFone Systems, Inc.*		1,116,983		30,973,939
Vishay Intertechnology, Inc.		1,323,651		12,826,178
Vista Outdoor, Inc.*		617,532		27,436,947
Wabtec Corp.		944,789		83,188,671
Waddell & Reed Financial, Inc., Class A		818,382		28,455,142
Washington Federal, Inc.		918,473		20,895,261
Waste Connections, Inc.		1,206,102		58,592,435
Watsco, Inc.		251,161		29,757,555
Webster Financial Corp.		898,353		32,008,317
Weingarten Realty Investors		1,114,342		36,895,864
WellCare Health Plans, Inc.*		430,708		37,118,415
Wendy's Co.		2,269,532		19,631,452
Werner Enterprises, Inc.		435,616		10,933,962
West Pharmaceutical Services, Inc.		703,685		38,083,432
Westar Energy, Inc.		1,380,448		53,064,421
Western Refining, Inc.		691,262		30,498,479
WEX, Inc.*		377,746		32,803,463
WGL Holdings, Inc.		485,978		28,026,351

Common Stock	Shares		Value
WhiteWave Foods Co., Class A*		1,717,680	$	68,964,852
Williams-Sonoma, Inc.		823,172		62,849,182
WisdomTree Investments, Inc.		1,119,697		18,060,713
Woodward, Inc.		559,228		22,760,580
World Fuel Services Corp.		701,476		25,112,841
Worthington Industries, Inc.		459,817		12,175,954
WP GLIMCHER, Inc.		1,810,949		21,115,665
WPX Energy, Inc.*		2,285,916		15,132,764
WR Berkley Corp.		964,515		52,440,681
Zebra Technologies Corp., Class A*		508,908		38,956,907
Total Investments (Cost $17,012,613,903)			$	14,220,915,205

* Non-income producing security for the year ended September 30, 2015.

The securities of the Trust's investment portfolio categorized by industry group, as a percentage of total investments at value, are as follows:

Industry Classification	Value		Percentage
Real Estate Investment Trusts (REITs)	$	1,486,453,974		10.45	%
Retail		956,268,243		6.72	%
Insurance		848,414,854		5.97	%
Banks		780,458,293		5.51	%
Commercial Services		728,404,537		5.13	%
Computers		629,630,787		4.42	%
Healthcare - Products		628,205,672		4.41	%
Software		600,684,674		4.24	%
Electronics		495,684,049		3.48	%
Chemicals		422,214,432		2.97	%
Electric		384,470,375		2.70	%
Oil & Gas		384,211,764		2.70	%
Food		375,682,904		2.64	%
Diversified Financial Services		339,590,833		2.40	%
Healthcare - Services		324,000,813		2.28	%
Machinery - Diversified		312,474,237		2.20	%
Miscellaneous Manufacturing		288,131,811		2.02	%
Gas		276,143,056		1.94	%
Semiconductors		245,590,638		1.72	%
Leisure Time		209,879,402		1.48	%
Media		201,289,854		1.41	%

Industry Classification	Value		Percentage
Aerospace/Defense	$	178,670,127		1.26	%
Airlines		178,145,801		1.25	%
Home Builders		174,929,247		1.22	%
Building Materials		172,131,807		1.21	%
Transportation		170,108,304		1.20	%
Packaging & Containers		160,953,274		1.14	%
Electrical Components & Equipment		159,808,339		1.12	%
Distribution / Wholesale		155,751,757		1.09	%
Iron / Steel		151,347,240		1.07	%
Telecommunications		146,286,712		1.02	%
Savings & Loans		134,722,185		0.95	%
Apparel		120,757,813		0.85	%
Biotechnology		114,591,991		0.80	%
Oil & Gas Services		111,403,246		0.77	%
Household Products / Wares		107,370,857		0.75	%
Pharmaceuticals		107,103,949		0.75	%
Environmental Control		93,842,254		0.66	%
Housewares		88,859,079		0.63	%
Hand / Machine Tools		78,936,238		0.56	%
Real Estate		78,588,944		0.55	%
Engineering & Construction		75,508,503		0.54	%
Cosmetics / Personal Care		63,422,173		0.45	%
Mining		55,735,144		0.39	%
Entertainment		53,883,179		0.39	%
Shipbuilding		50,075,160		0.35	%
Machinery - Construction & Mining		46,829,442		0.33	%
Water		45,737,037		0.32	%
Home Furnishings		43,206,793		0.30	%
Metal Fabricate / Hardware		41,320,146		0.29	%
Office Furnishings		35,459,018		0.25	%
Auto Parts & Equipment		24,874,480		0.17	%
Energy - Alternate Sources		22,107,170		0.16	%
Forest Products & Paper		21,952,287		0.15	%
Beverages		19,970,883		0.14	%
Trucking & Leasing		18,639,424		0.13	%
Total	$	14,220,915,205		100.00	%

	September 30, 2015
Assets:
Investments in securities, at value (cost $17,012,613,903)	$	14,220,915,205
Cash		64,655,798
Receivable from securities sold		74,262,886
Receivable from Units created		147,468,639
Dividend receivable		13,685,680
Total Assets	$	14,520,988,208
Liabilities:
Payable for securities purchased	$	147,321,280
Payable for Units redeemed		73,971,021
Distribution payable		52,511,904
Payable to Sponsor		9,105,847
Accrued Trustee fees		2,235,985
License fee payable		651,014
Other accrued expenses		680,485
Total liabilities		286,477,536
Net Assets	$	14,234,510,672
Net assets presented by:
Interest in Unitholders (57,181,156 units of fractional undivided interest (Units) outstanding; unlimited units authorized)
Paid-in capital	$	18,301,382,791
Undistributed net investment income		(19,307,629	)
Accumulated net realized gain on investments		(1,255,865,792	)
Net unrealized depreciation of investments		(2,791,698,698	)
Net Assets	$	14,234,510,672
Units of beneficial interest outstanding, no par value, unlimited Units authorized:		57,181,156
Net asset value per Unit:	$	248.94

	Year Ended September 30,
	2015			2014			2013
Investment Income
Dividend income	$	235,440,730		$	214,542,422		$	189,451,374
Expenses:
Printing and distribution expenses		18,586,056			17,633,761			13,306,008
Trustee fees and expenses		16,072,614			15,704,993			12,175,962
License fees		4,715,074			4,605,506			3,544,530
Audit fees		106,974			109,697			104,500
Legal fees		79,709			145,556			334,643
Other fees and expenses		129,370			133,008			132,849
Total expenses		39,689,797			38,332,521			29,598,492
Less: voluntary fee reduction by the Trustee (see Note 3)		(397,514	)		(53,307	)		(59,097	)
Net expenses		39,292,283			38,279,214			29,539,395
Net investment income	$	196,148,447		$	176,263,208		$	159,911,979
Realized and unrealized gains (losses) on investments:
Net realized losses	$	(195,454,161	)	$	(130,712,890	)	$	(141,697,816	)
Net realized gains from in-kind redemptions		1,741,542,129			2,137,021,747			1,651,286,091
Net realized gains		1,546,087,968			2,006,308,857			1,509,588,275
Net increase (decrease) in unrealized appreciation (depreciation) of investments		(1,648,480,492	)		(467,666,327	)		1,097,573,688
Net realized and unrealized gains (losses) on investments		(102,392,524	)		1,538,642,530			2,607,161,963
Net increase (decrease) in net assets resulting from operations	$	93,755,923		$	1,714,905,738		$	2,767,073,942

	Year Ended September 30,
	2015			2014			2013
Increase (Decrease) in Net Assets from:
Operations:
Net investment income	$	196,148,447		$	176,263,208		$	159,911,979
Net realized gains on investments and in-kind redemptions		1,546,087,968			2,006,308,857			1,509,588,275
Net increase (decrease) in unrealized appreciation (depreciation) on investments and short sales		(1,648,480,492	)		(467,666,327	)		1,097,573,688
Net increase in net assets resulting from operations		93,755,923			1,714,905,738			2,767,073,942
Dividends and Distributions to Unitholders from:
Net investment income		(205,821,591	)		(167,378,689	)		(160,166,815	)
Unitholder Transactions:
Proceeds from subscriptions of Units		23,315,782,316			21,987,099,724			19,573,293,030
Reinvestment of dividends and distributions		163,887			322,483			276,684
Less: Redemptions of Units		(22,799,472,207	)		(23,734,893,632	)		(18,171,736,323	)
Increase (decrease) in net assets due to Unitholder transactions		516,473,996			(1,747,471,425	)		1,401,833,391
Total increase (decrease)		404,408,328			(199,944,376	)		4,008,740,518
Net Assets
Beginning of year		13,830,102,344			14,030,046,720			10,021,306,202
End of year	$	14,234,510,672		$	13,830,102,344		$	14,030,046,720
Distributions in excess of net investment income	$	(19,307,629	)	$	(9,634,485	)	$	(18,519,004	)

	Year Ended September 30,
	2015			2014			2013			2012			2011
Net Asset Value, Beginning of Year	$	249.39		$	226.19		$	180.07		$	142.04		$	145.66
Investment Operations:
Net investment income*		3.34			2.83			2.77			1.94			1.64
Net realized and unrealized gain (loss) on investments		(0.28	)		23.10			46.06			37.92			(3.62	)
Total from investment operations		3.06			25.93			48.83			39.86			(1.98	)
Less Distributions from:
Net investment income		(3.51	)		(2.73	)		(2.71	)		(1.83	)		(1.64	)
Net asset value, end of year	$	248.94		$	249.39		$	226.19		$	180.07		$	142.04
Total investment return**		1.19	%		11.45	%		27.25	%		28.16	%		(1.52	)%
Ratios and Supplemental Data
Net assets, end of year (000's omitted)	$	14,234,511		$	13,830,102		$	14,030,047		$	10,021,306		$	7,730,557
Ratio to average net assets:
Ratio of expenses to average net assets⁽¹⁾		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets⁽¹⁾		1.25	%		1.15	%		1.35	%		1.15	%		0.99	%
Portfolio turnover rate⁽²⁾		22.28	%		16.68	%		13.58	%		14.17	%		17.91	%

(1) Net of voluntary fee reduction by the Trustee, if any. Before voluntary fee reduction by the Trustee, the net investment income and expenses to average net assets ratios would have been 1.25% and 0.25% for the year ended September 30, 2015, 1.15% and 0.25% for the year ended September 30, 2014, 1.35% and 0.25% for the year ended September 30, 2013, 1.15% and 0.25% for the year ended September 30, 2012 and 0.99% and 0.25% for the year ended September 30, 2011. (See Note 3)

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

* Per Unit amounts have been calculated using the average share method.

** 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 shares of the Trust in the secondary market.

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. 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").

On November 13, 2013, the Sponsor became an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. ("ICE"), following the acquisition of NYSE Holdings LLC (the parent company of the Sponsor) by ICE. As the parent company, ICE is the 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 its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires the Trustee 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, 2015 in valuing the Trust's assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investment in Securities
Common Stocks .	$	14,220,915,205	$	—	$	—	$	14,220,915,205
Total .	$	14,220,915,205	$	—	$	—	$	14,220,915,205

Transfers between levels are recognized at the beginning of the reporting period.

There were no transfers between levels during the year ended September 30, 2015.

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 from investments in REITs are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The portion of dividend attributable to the return of capital is recorded against the cost basis of the security. The Trust records distributions received in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates. If actual amounts are not available, then actual amounts of income, realized gain and return of capital may differ from the estimated amounts.

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.

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.

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 tax positions for the tax years, subject to audit as of September 30, 2015, and has determined that no provision for income taxes is necessary for the year ended September 30, 2015. The tax returns of the Trust's 2012, 2013 and 2014 tax years and the year ended September 30, 2015 remain subject to audit. The Trust has not recognized any tax liabilities relating to tax positions considered to be uncertain tax positions for the current year or prior year.

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 and above*				0.10% per annum

* The fee indicated applies to that portion of the net asset value of the Trust, which falls in the size category indicated.

The Trustee has voluntarily agreed to reduce its fee for the years ended September 30, 2015, 2014 and 2013 as disclosed in the Statements of Operations. The amount of the reduction equals the 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 Trustee reserves the right to discontinue this voluntary fee reduction in the future.

In accordance with the Trust Agreement and under the terms of an exemptive order issued by the Securities and Exchange Commission, 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, 2015, 2014 and 2013 did not exceed 0.30% per annum.

The Trustee waived certain of its fees in the amount of $341,814 in the form of a credit on the fee invoice for services rendered in August 2015 in connection with an incident at a vendor.

Note 4 - Trust Transactions in Units

Transactions in Trust Units were as follows:
	Year Ended September 30, 2015						Year Ended September 30, 2014
	Units			Amount			Units			Amount
Units sold		88,975,000		$	23,315,782,316			91,100,000		$	21,987,099,724
Dividend reinvestment Units issued		1,290			163,887			1,328			322,483
Units redeemed .		(87,250,000	)		(22,799,472,207	)		(97,675,000	)		(23,734,893,632	)
Net increase/(decrease) .		1,726,290		$	516,473,996			(6,573,672	)	$	(1,747,471,425	)

	Year Ended September 30, 2013
	Units			Amount
Units sold .		96,250,000		$	19,573,293,030
Dividend reinvestment Units issued .		1,359			276,684
Units redeemed.		(89,875,000	)		(18,171,736,323	)
Net increase/(decrease) .		6,376,359		$	1,401,833,391

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 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, 2015, the Trustee earned $1,284,000 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, 2015.

At September 30, 2015, the Trustee and its affiliates held $1,497,750,746 or 10.52% of fractional undivided interest in the Trust.

Note 5 - Investment Transactions

For the year ended September 30, 2015, the Trust had net in-kind contributions, net in-kind redemptions, purchases and sales of investment securities of $23,267,583,682, $22,751,745,421, $3,476,560,383, and $3,462,120,502, respectively.

Note 6 - U.S. Federal Income Tax Status

The following details the distributions and net distributable earnings as of September 30, 2015. 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, post-October losses deferred and amortization of license fees.

The tax composition of dividends paid during the years ending September 30, 2015, September 30, 2014 and September 30, 2013 was ordinary income.

At September 30, 2015, the Fund's cost of investments for federal income tax purposes and unrealized appreciation (depreciation) was as follows:

Cost of investments for federal income tax purposes	$	17,091,628,301
Gross unrealized appreciation .	$	155,761,917
Gross unrealized depreciation .		(3,026,475,013	)
Net unrealized depreciation .	$	(2,870,713,096	)
Distributable earnings, ordinary income .	$	55,953,088
Capital loss carryforwards expiring:
9/30/2017	$	50,740,206
9/30/2018		709,669,042
Short-term capital loss carryforwards expiring:	$	760,409,248

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Trust to utilize. Capital losses from Trust fiscal years ending on or after September 30, 2012 can be carried forward for an unlimited period, but capital losses with an expiration period (i.e., capital losses from Trust fiscal years ending on or before September 30, 2011) may not be used to offset capital gains until all net capital losses without an expiration date (i.e., capital losses from Trust fiscal years ending on or after September 30, 2012) have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under Internal Revenue Code rules and related regulations based on the results of future transactions.

The Trust utilized capital losses of $148,951,589 during the current year ended September 30, 2015. To the extent that capital losses are used to offset future capital gains, it is probable that gains that offset will not be distributed to Unitholders.

At September 30, 2015, the Trust deferred $416,442,147 of long-term capital losses arising subsequent to October 31, 2014. For tax purposes, such losses will be reflected in the year ending September 30, 2016.

As of September 30, 2015, the Trust had permanent book/tax differences primarily attributable to gains or losses from in-kind redemptions and distributions received from real estate investment trusts. To reflect reclassifications arising from these differences, accumulated net realized loss on investments and paid-in capital were increased by $1,587,542,849.

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

From 1999 until April 1, 2014, the Trustee directed all portfolio securities transactions for the Trust to BNY ConvergExecution Solutions, LLC ("ConvergEx"), an affiliate of the Trustee. During the fiscal years ended September 30, 2014 and 2013, the Trust paid $882,665, and $1,391,208, respectively, in commissions on trades to ConvergEx. During the period from April 1, 2014 through September 30, 2015, the Trustee used BNY Mellon Capital Markets, LLC ("BNYMellon CM"), an indirect-wholly-owned subsidiary of The Bank of New York Mellon Corporation, to execute some brokerage transactions for the Trust. During the fiscal years ended September 30, 2015 and 2014, the Trust paid $752,801 and $463,196 in commissions to BNYMellon CM.

Note 9 - License Agreement and Distribution Expenses

A license agreement between State Street Global Markets, LLC ("SSGM") and S&P (the "License Agreement") grants SSGM 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. have each received a sublicense from SSGM 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 April 27, 2020, 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 SSGM, pursuant to which SSGM has agreed to market and promote the Trust. SSGM 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 an 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 Statement of Operations.

Note 10 - Subsequent Event

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

Pending Litigation

The Trust and multiple other unrelated institutions and individuals have been named as defendants in an adversary proceeding pending in the U.S. Bankruptcy Court for the Southern District of New York (Weisfener, as Trustee of the LB Creditor Trust v. Fund 1, et al., Adv. Pro. No. 10-04609). The complaint alleges that payments made to shareholders of Lyondell Chemical Company ("Lyondell") in connection with the acquisition of Lyondell by Basell AF S.C.A. in a cash-out merger in December 2007 constitute constructive and/or intentional "fraudulent transfers" under applicable state law, and seeks to recover from the former Lyondell shareholders the payments received for the shares.

On January 14, 2014, the Court issued a decision and order granting in part, and denying in part, defendants' motion to dismiss the complaint. On April 7, 2014, plaintiff filed a Third Amended Complaint continuing to assert constructive and intentional fraudulent transfer claims. On August 1, 2014, defendants moved to dismiss the Third Amended Complaint, and oral arguments on the motion were held on January 14, 2015. On November 18, 2015, the Court granted defendants' motion to dismiss the intentional fraudulent transfer claim, and denied the motion to dismiss the constructive fraudulent transfer claim.

At this stage in the proceedings, it is not possible to assess with any reasonable certainty the probable outcome of the pending litigation. Consequently, at this time, management is unable to estimate the possible loss that may result.

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the SPDR S&P MidCap 400 ETF Trust at September 30, 2015, the results of its operations for each of the three years in the period then ended, the changes in its net assets for each of the three years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Trustee. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and the application of alternative audit procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 19, 2016

Total Trust Assets:				$14,520,988,208
Trust Net Assets:				$14,234,510,672
Number of Units:				57,181,156
Fractional Undivided Interest in Trust Represented by each Unit:				1/57,181,156
Record Date:				Quarterly, on the second (2nd) 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 0.10% 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):				$248.94
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 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 9/30/2015

Premium/Discount Range	Number of Trading Days		Percentage of Total Trading Days
Greater than 0.25%		1		0.08	%
Between zero and 0.25%		623		49.52	%
Bid/Ask Price Equal to NAV		9		0.72	%
Between zero and -0.25%		625		49.68	%
Less than -0.25%		0		0.00	%
Total:		1,258		100.00	%

Comparison of Total Returns Based on NAV and Bid/Ask Price⁽¹⁾⁽²⁾From Inception to 9/30/15 (Unaudited)

Cumulative Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		1.19	%		80.98	%		114.54	%		806.66	%
Return Based on Bid/Ask Price		1.20	%		81.04	%		114.49	%		806.48	%
S&P MidCap 400 Index		1.40	%		83.70	%		121.04	%		1496.08	%

Annualized Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		1.19	%		12.60	%		7.93	%		11.40	%
Return Based on Bid/Ask Price		1.20	%		12.62	%		7.94	%		11.40	%
S&P MidCap 400 Index		1.40	%		12.93	%		8.25	%		12.10	%

(1) Since December 1, 2008 the Bid/Ask Price was the midpoint of the NYSE Arca Bid/Ask price at the time the Trust's NAV was calculated. From April 1, 2001 to November 28, 2008, the Bid/Ask Price was the midpoint of the Bid/Ask price on NYSE Amex (formerly the American Stock Exchange and now NYSE MKT), ordinarily 4:00 p.m. Prior to April 1, 2001, the Bid/Ask Price was the midpoint of the Bid/Ask price on the close of trading on the American Stock Exchange, ordinarily 4:15 p.m.

(2) Annualized Total Return and Cumulative Total Return for the period since inception is calculated from the inception date of April 27, 1995.