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.*		1,272,409	$	17,037,556
Aaron's, Inc.		695,845		30,359,717
ABIOMED, Inc.*		468,411		78,974,095
Acadia Healthcare Co., Inc.*		913,194		43,614,145
ACI Worldwide, Inc.*		1,319,713		30,063,062
Acxiom Corp.*		890,432		21,940,244
Adtalem Global Education, Inc.		694,012		24,880,330
AECOM*		1,752,033		64,492,334
AGCO Corp.		737,245		54,386,563
Akorn, Inc.*		1,047,434		34,764,335
Alexander & Baldwin, Inc.		516,641		23,935,977
Alleghany Corp.*		172,608		95,626,558
Allegheny Technologies, Inc.*		1,217,280		29,092,992
Allscripts Healthcare Solutions, Inc.*		2,019,246		28,733,871
AMC Networks, Inc., Class A*		582,266		34,045,093
American Campus Communities, Inc.		1,525,255		67,340,008
American Eagle Outfitters, Inc.		1,880,446		26,890,377
American Financial Group, Inc.		767,599		79,408,117
AptarGroup, Inc.		701,255		60,525,319
Aqua America, Inc.		1,986,152		65,920,385
ARRIS International PLC*		1,973,442		56,223,362
Arrow Electronics, Inc.*		986,759		79,345,291
Ashland Global Holdings, Inc.		697,656		45,619,726
Aspen Insurance Holdings Ltd.		669,056		27,029,863
Associated Banc-Corp.		1,692,018		41,031,437
Atmos Energy Corp.		1,185,820		99,419,149
AutoNation, Inc.*		729,888		34,640,484
Avis Budget Group, Inc.*		813,168		30,949,174
Avnet, Inc.		1,375,857		54,071,180
Avon Products, Inc.*		4,918,652		11,460,459
BancorpSouth, Inc.		946,467		30,334,268
Bank of Hawaii Corp.		476,895		39,753,968
Bank of the Ozarks		1,357,612		65,233,257
Bed Bath & Beyond, Inc.		1,611,253		37,816,108
Belden, Inc.		472,905		38,083,040
Bemis Co., Inc.		1,015,202		46,262,755
Big Lots, Inc.		494,290		26,479,115
Bio-Rad Laboratories, Inc., Class A*		224,863		49,969,056
Bio-Techne Corp.		417,385		50,457,673
Bioverativ, Inc.*		1,209,232		69,010,870

Common Stock	Shares		Value
Black Hills Corp.		597,862	$	41,174,756
Blackbaud, Inc.		537,324		47,177,047
Boston Beer Co., Inc., Class A*		99,716		15,575,639
Brinker International, Inc.		547,049		17,428,981
Brink's Co.		564,379		47,548,931
Broadridge Financial Solutions, Inc.		1,302,192		105,243,157
Brocade Communications Systems, Inc.		4,625,679		55,276,864
Brown & Brown, Inc.		1,297,362		62,519,875
Brunswick Corp.		991,891		55,516,139
Buffalo Wild Wings, Inc.*		173,291		18,316,859
Cable One, Inc.		52,434		37,863,640
Cabot Corp.		695,722		38,821,288
CalAtlantic Group, Inc.		850,141		31,140,665
Callon Petroleum Co.*		2,247,644		25,263,518
Camden Property Trust		1,033,235		94,489,341
Carlisle Cos., Inc.		706,264		70,831,217
Carpenter Technology Corp.		522,756		25,107,970
Cars.com, Inc.*		800,175		21,292,657
Carter's, Inc.		534,786		52,810,117
Casey's General Stores, Inc.		427,501		46,789,984
Catalent, Inc.*		1,468,551		58,624,556
Cathay General Bancorp		849,033		34,131,127
CDK Global, Inc.		1,472,542		92,902,675
Charles River Laboratories International, Inc.*		532,102		57,477,658
Cheesecake Factory, Inc.		488,758		20,586,487
Chemical Financial Corp.		795,393		41,567,238
Chemours Co.		2,066,081		104,564,359
Churchill Downs, Inc.		144,703		29,837,759
Ciena Corp.*		1,584,971		34,821,813
Cinemark Holdings, Inc.		1,184,925		42,906,134
Cirrus Logic, Inc.*		713,307		38,033,530
Clean Harbors, Inc.*		581,472		32,969,463
CNO Financial Group, Inc.		1,889,669		44,104,874
Cognex Corp.		967,878		106,737,586
Coherent, Inc.*		275,374		64,759,703
Commerce Bancshares, Inc.		999,763		57,756,309
Commercial Metals Co.		1,294,413		24,632,679
CommVault Systems, Inc.*		473,260		28,774,208
Compass Minerals International, Inc.		378,143		24,541,480
CONSOL Energy, Inc.*		2,314,758		39,212,000

Common Stock	Shares		Value
Convergys Corp.		1,042,872	$	26,999,957
Cooper Tire & Rubber Co.		583,475		21,821,965
Copart, Inc.*		2,240,343		77,000,589
Core Laboratories NV		493,151		48,674,004
CoreCivic, Inc.		1,321,244		35,369,702
CoreLogic, Inc.*		946,300		43,737,986
CoreSite Realty Corp.		382,267		42,775,677
Corporate Office Properties Trust		1,112,043		36,508,372
Cousins Properties, Inc.		4,695,530		43,856,250
Cracker Barrel Old Country Store, Inc.		268,801		40,755,608
Crane Co.		566,391		45,305,616
Cree, Inc.*		1,092,122		30,786,919
Cullen/Frost Bankers, Inc.		653,461		62,026,518
Curtiss-Wright Corp.		493,465		51,586,831
Cypress Semiconductor Corp.		3,717,222		55,832,675
CyrusOne, Inc.		1,020,648		60,146,787
Dana, Inc.		1,617,558		45,226,921
DCT Industrial Trust, Inc.		1,040,614		60,272,362
Dean Foods Co.		1,016,433		11,058,791
Deckers Outdoor Corp.*		357,751		24,473,746
Deluxe Corp.		540,598		39,442,030
Diamond Offshore Drilling, Inc.*		721,056		10,455,312
Dick's Sporting Goods, Inc.		946,445		25,563,480
Diebold Nixdorf, Inc.		844,214		19,290,290
Dillard's, Inc., Class A		234,881		13,169,778
Domino's Pizza, Inc.		539,493		107,116,335
Domtar Corp.		699,746		30,361,979
Donaldson Co., Inc.		1,465,532		67,326,540
Douglas Emmett, Inc.		1,711,696		67,475,056
Dril-Quip, Inc.*		423,029		18,676,730
DST Systems, Inc.		676,491		37,125,826
Dun & Bradstreet Corp.		413,181		48,098,400
Dunkin' Brands Group, Inc.		1,008,897		53,552,253
Dycom Industries, Inc.*		347,464		29,840,209
Eagle Materials, Inc.		542,207		57,853,487
East West Bancorp, Inc.		1,615,333		96,564,606
Eaton Vance Corp.		1,285,502		63,465,234
Edgewell Personal Care Co.*		636,936		46,349,833
Education Realty Trust, Inc.		818,334		29,402,740
EMCOR Group, Inc.		661,624		45,903,473

Common Stock	Shares		Value
Endo International PLC*		2,246,771	$	19,243,593
Energen Corp.*		1,086,665		59,418,842
Energizer Holdings, Inc.		691,295		31,834,135
EnerSys		485,223		33,562,875
Ensco PLC, Class A		3,397,317		20,281,983
EPR Properties		716,484		49,967,594
Esterline Technologies Corp.*		294,907		26,585,866
FactSet Research Systems, Inc.		438,571		78,991,023
Fair Isaac Corp.		342,443		48,113,241
Federated Investors, Inc., Class B		1,066,116		31,663,645
First American Financial Corp.		1,237,862		61,855,964
First Horizon National Corp.		2,617,758		50,130,065
First Industrial Realty Trust, Inc.		1,339,870		40,316,689
First Solar, Inc.*		910,555		41,776,263
Flowers Foods, Inc.		2,059,627		38,741,584
FNB Corp.		3,613,695		50,700,141
Fortinet, Inc.*		1,689,905		60,566,195
Frontier Communications Corp.		878,058		10,352,303
Fulton Financial Corp.		1,955,843		36,672,056
GameStop Corp., Class A		1,132,133		23,389,868
GATX Corp.		432,667		26,634,980
Genesee & Wyoming, Inc., Class A*		687,839		50,906,964
Gentex Corp.		3,192,443		63,210,371
Genworth Financial, Inc., Class A*		5,580,430		21,484,655
Geo Group, Inc.		1,386,681		37,301,719
Globus Medical, Inc., Class A*		807,230		23,990,876
Graco, Inc.		626,036		77,434,393
Graham Holdings Co., Class B		51,731		30,267,808
Granite Construction, Inc.		445,425		25,812,379
Great Plains Energy, Inc.		2,411,051		73,054,845
Greif, Inc., Class A		288,837		16,908,518
Gulfport Energy Corp.*		1,839,695		26,381,226
Hain Celestial Group, Inc.*		1,159,333		47,706,553
Halyard Health, Inc.*		523,136		23,556,814
Hancock Holding Co.		947,427		45,902,839
Hanover Insurance Group, Inc.		473,842		45,929,505
Hawaiian Electric Industries, Inc.		1,216,220		40,585,262
Healthcare Realty Trust, Inc.		1,384,031		44,759,563
HealthSouth Corp.		1,103,861		51,163,958
Helen of Troy Ltd.*		304,377		29,494,131

Common Stock	Shares		Value
Herman Miller, Inc.		668,600	$	24,002,740
Highwoods Properties, Inc.		1,154,182		60,121,341
Hill-Rom Holdings, Inc.		736,551		54,504,774
HNI Corp.		492,961		20,443,093
HollyFrontier Corp.		1,981,983		71,291,929
Home BancShares, Inc.		1,766,937		44,562,151
Hospitality Properties Trust		1,836,519		52,322,426
HSN, Inc.		357,281		13,951,823
Hubbell, Inc.		611,569		70,954,235
Huntington Ingalls Industries, Inc.		507,661		114,954,757
IDACORP, Inc.		563,372		49,537,300
IDEX Corp.		854,445		103,789,435
ILG, Inc.		1,187,060		31,730,114
INC Research Holdings, Inc., Class A*		628,440		32,867,412
Ingredion, Inc.		801,395		96,680,293
Integrated Device Technology, Inc.*		1,491,918		39,655,181
InterDigital, Inc.		388,068		28,620,015
International Bancshares Corp.		605,555		24,282,756
International Speedway Corp., Class A		279,244		10,052,784
IPG Photonics Corp.*		421,241		77,954,859
ITT, Inc.		983,843		43,554,729
j2 Global, Inc.		540,397		39,924,530
Jabil, Inc.		2,003,942		57,212,544
Jack Henry & Associates, Inc.		865,759		88,991,368
Jack in the Box, Inc.		328,961		33,527,705
Janus Henderson Group PLC		2,016,574		70,257,438
JBG SMITH Properties*		1,043,981		35,714,590
JetBlue Airways Corp.*		3,677,144		68,137,478
John Wiley & Sons, Inc., Class A		498,217		26,654,609
Jones Lang LaSalle, Inc.		506,847		62,595,604
KB Home		931,709		22,472,821
KBR, Inc.		1,563,862		27,961,852
Kemper Corp.		544,969		28,883,357
Kennametal, Inc.		901,925		36,383,655
Keysight Technologies, Inc.*		2,072,419		86,336,975
Kilroy Realty Corp.		1,099,722		78,212,229
Kirby Corp.*		600,758		39,619,990
KLX, Inc.*		574,921		30,430,569
Knight-Swift Transportation Holdings, Inc.*		1,427,051		59,293,969
Knowles Corp.*		999,651		15,264,671

Common Stock	Shares		Value
Lamar Advertising Co., Class A		934,807	$	64,062,324
Lamb Weston Holdings, Inc.		1,634,195		76,627,403
Lancaster Colony Corp.		217,886		26,172,466
Landstar System, Inc.		468,721		46,708,048
LaSalle Hotel Properties		1,265,790		36,733,226
Legg Mason, Inc.		973,187		38,255,981
Leidos Holdings, Inc.		1,589,084		94,105,555
Lennox International, Inc.		424,439		75,961,848
Liberty Property Trust		1,647,009		67,626,190
Life Storage, Inc.		520,598		42,590,123
LifePoint Health, Inc.*		448,497		25,967,977
Lincoln Electric Holdings, Inc.		692,635		63,500,777
Littelfuse, Inc.		253,933		49,740,396
LivaNova PLC*		484,764		33,962,566
Live Nation Entertainment, Inc.*		1,497,999		65,237,857
LogMeIn, Inc.		588,985		64,817,799
Louisiana-Pacific Corp.*		1,618,834		43,838,025
Mack-Cali Realty Corp.		1,004,470		23,815,984
Mallinckrodt PLC*		1,086,463		40,601,122
Manhattan Associates, Inc.*		770,605		32,034,050
ManpowerGroup, Inc.		746,088		87,904,088
MarketAxess Holdings, Inc.		420,211		77,533,131
Masimo Corp.*		534,238		46,243,641
Matador Resources Co.*		996,889		27,065,536
MAXIMUS, Inc.		725,237		46,777,786
MB Financial, Inc.		937,255		42,195,220
MDU Resources Group, Inc.		2,183,504		56,661,928
Medical Properties Trust, Inc.		4,070,467		53,445,232
Medidata Solutions, Inc.*		654,076		51,057,173
MEDNAX, Inc.*		1,046,105		45,108,048
Mercury General Corp.		408,128		23,136,777
Meredith Corp.		441,342		24,494,481
Michaels Cos., Inc.*		1,234,286		26,500,120
Microsemi Corp.*		1,291,024		66,461,916
Minerals Technologies, Inc.		392,342		27,718,962
Molina Healthcare, Inc.*		491,707		33,809,773
Monolithic Power Systems, Inc.		425,657		45,353,753
MSA Safety, Inc.		379,964		30,210,938
MSC Industrial Direct Co., Inc., Class A		504,241		38,105,492
MSCI, Inc.		1,006,863		117,702,284

Common Stock	Shares		Value
Murphy Oil Corp.		1,813,611	$	48,169,508
Murphy USA, Inc.*		374,843		25,864,167
Nabors Industries Ltd.		3,195,261		25,785,756
National Fuel Gas Co.		955,982		54,118,141
National Instruments Corp.		1,196,306		50,448,224
National Retail Properties, Inc.		1,668,427		69,506,669
NCR Corp.*		1,358,373		50,966,155
NetScout Systems, Inc.*		1,001,036		32,383,514
New Jersey Resources Corp.		967,509		40,780,505
New York Community Bancorp, Inc.		5,467,634		70,477,802
New York Times Co., Class A		1,405,420		27,546,232
NewMarket Corp.		103,359		44,005,094
Nordson Corp.		567,597		67,260,244
NorthWestern Corp.		541,908		30,856,242
NOW, Inc.*		1,203,730		16,623,511
Nu Skin Enterprises, Inc., Class A		556,373		34,205,812
NuVasive, Inc.*		567,989		31,500,670
NVR, Inc.*		38,929		111,142,295
Oceaneering International, Inc.		1,098,661		28,861,824
Office Depot, Inc.		5,795,792		26,312,895
OGE Energy Corp.		2,232,695		80,444,001
Old Dominion Freight Line, Inc.		764,490		84,177,994
Old Republic International Corp.		2,741,677		53,983,620
Olin Corp.		1,858,769		63,662,838
Omega Healthcare Investors, Inc.		2,205,158		70,366,592
ONE Gas, Inc.		584,368		43,032,859
Orbital ATK, Inc.		644,058		85,762,763
Oshkosh Corp.		836,591		69,052,222
Owens & Minor, Inc.		684,509		19,987,663
Owens-Illinois, Inc.*		1,820,957		45,815,278
PacWest Bancorp		1,342,139		67,791,440
Papa John's International, Inc.		297,210		21,717,135
Patterson-UTI Energy, Inc.		2,385,258		49,947,303
PBF Energy, Inc., Class A		1,226,313		33,858,502
Pinnacle Financial Partners, Inc.		824,695		55,213,330
Pitney Bowes, Inc.		2,087,108		29,240,383
Plantronics, Inc.		375,728		16,614,692
PNM Resources, Inc.		890,533		35,888,480
Polaris Industries, Inc.		650,452		68,056,793
PolyOne Corp.		914,437		36,604,914

Common Stock	Shares		Value
Pool Corp.		460,875	$	49,852,849
Post Holdings, Inc.*		739,638		65,287,846
Potlatch Corp.		454,010		23,154,510
Prestige Brands Holdings, Inc.*		592,542		29,680,429
Primerica, Inc.		501,826		40,923,910
Prosperity Bancshares, Inc.		776,890		51,064,980
PTC, Inc.*		1,292,501		72,741,956
QEP Resources, Inc.*		2,688,840		23,043,359
Quality Care Properties, Inc.*		1,048,797		16,256,353
Rayonier, Inc.		1,441,116		41,633,842
Regal Beloit Corp.		498,594		39,388,926
Reinsurance Group of America, Inc.		721,045		100,607,409
Reliance Steel & Aluminum Co.		815,068		62,083,730
RenaissanceRe Holdings Ltd.		450,353		60,860,705
Rollins, Inc.		1,072,432		49,482,012
Rowan Cos. PLC, Class A*		1,270,240		16,322,584
Royal Gold, Inc.		730,492		62,851,531
RPM International, Inc.		1,492,937		76,647,386
Ryder System, Inc.		592,352		50,083,361
Sabra Health Care REIT, Inc.		1,965,996		43,133,953
Sabre Corp.		2,331,794		42,205,472
Sally Beauty Holdings, Inc.*		1,468,764		28,758,399
Sanderson Farms, Inc.		223,758		36,141,392
Science Applications International Corp.		488,635		32,665,249
Scotts Miracle-Gro Co.		457,127		44,496,742
SEI Investments Co.		1,467,155		89,584,484
Senior Housing Properties Trust		2,655,746		51,919,835
Sensient Technologies Corp.		490,423		37,723,338
Service Corp. International		2,093,247		72,217,021
Signature Bank*		614,610		78,694,664
Silgan Holdings, Inc.		826,338		24,319,128
Silicon Laboratories, Inc.*		475,675		38,006,432
Six Flags Entertainment Corp.*		890,866		54,289,374
Skechers U.S.A., Inc., Class A*		1,496,849		37,555,942
SLM Corp.*		4,824,715		55,339,481
SM Energy Co.		1,144,354		20,300,840
Snyder's-Lance, Inc.		950,715		36,260,270
Sonoco Products Co.		1,111,249		56,062,512
Sotheby's*		418,087		19,277,991
Southwest Gas Holdings, Inc.		531,979		41,292,210

Common Stock	Shares		Value
Southwestern Energy Co.*		5,692,520	$	34,781,298
Sprouts Farmers Market, Inc.*		1,409,656		26,459,243
Steel Dynamics, Inc.		2,681,785		92,441,129
STERIS PLC		949,554		83,940,574
Sterling Bancorp*		2,514,339		61,978,456
Stifel Financial Corp.		763,706		40,827,723
Superior Energy Services, Inc.*		1,708,666		18,248,553
SVB Financial Group*		589,109		110,216,403
Synaptics, Inc.*		376,799		14,762,985
SYNNEX Corp.		325,963		41,237,579
Synovus Financial Corp.		1,358,395		62,567,674
Take-Two Interactive Software, Inc.*		1,190,986		121,754,499
Tanger Factory Outlet Centers, Inc.		1,061,633		25,925,078
Taubman Centers, Inc.		678,694		33,731,092
TCF Financial Corp.		1,918,795		32,696,267
Tech Data Corp.*		387,915		34,466,248
TEGNA, Inc.		2,405,001		32,058,663
Teledyne Technologies, Inc.*		395,034		62,881,512
Teleflex, Inc.		503,514		121,835,283
Telephone & Data Systems, Inc.		1,025,634		28,604,932
Tempur Sealy International, Inc.*		512,916		33,093,340
Tenet Healthcare Corp.*		901,746		14,815,687
Teradata Corp.*		1,408,682		47,599,364
Teradyne, Inc.		2,211,765		82,476,717
Terex Corp.		949,521		42,747,436
Texas Capital Bancshares, Inc.*		554,529		47,578,588
Texas Roadhouse, Inc.		730,604		35,901,881
Thor Industries, Inc.		546,760		68,842,552
Timken Co.		765,853		37,182,163
Toll Brothers, Inc.		1,700,760		70,530,518
Tootsie Roll Industries, Inc.		214,209		8,139,942
Toro Co.		1,206,515		74,876,321
Transocean Ltd.*		4,373,411		47,057,902
TreeHouse Foods, Inc.*		639,362		43,303,988
TRI Pointe Group, Inc.*		1,691,962		23,365,995
Trimble, Inc.*		2,830,224		111,086,292
Trinity Industries, Inc.		1,691,940		53,972,886
Trustmark Corp.		757,346		25,083,299
Tupperware Brands Corp.		568,829		35,165,009

Common Stock	Shares		Value
Tyler Technologies, Inc.*		387,859	$	67,611,581
UGI Corp.		1,938,325		90,829,909
Ultimate Software Group, Inc.*		316,796		60,064,521
UMB Financial Corp.		492,032		36,651,464
Umpqua Holdings Corp.		2,461,954		48,032,722
United Bankshares, Inc.		1,173,477		43,594,671
United Natural Foods, Inc.*		565,876		23,534,783
United States Steel Corp.		1,952,703		50,106,359
United Therapeutics Corp.*		485,694		56,918,480
Uniti Group, Inc.		1,843,820		27,030,402
Urban Edge Properties		1,183,383		28,543,198
Urban Outfitters, Inc.*		908,667		21,717,141
Valley National Bancorp		2,951,213		35,562,117
Valmont Industries, Inc.		252,567		39,930,843
Valvoline, Inc.		2,265,352		53,122,504
Vectren Corp.		927,707		61,015,290
VeriFone Systems, Inc.*		1,250,329		25,356,672
Versum Materials, Inc.		1,216,343		47,218,435
ViaSat, Inc.*		603,173		38,796,087
Vishay Intertechnology, Inc.		1,499,522		28,191,013
Wabtec Corp.		955,064		72,346,097
Washington Federal, Inc.		992,227		33,388,439
Washington Prime Group, Inc.		2,076,857		17,300,219
Watsco, Inc.		339,659		54,708,875
Webster Financial Corp.		1,029,401		54,095,022
Weingarten Realty Investors		1,335,219		42,379,852
WellCare Health Plans, Inc.*		497,612		85,459,884
Wendy's Co.		2,041,382		31,702,663
Werner Enterprises, Inc.		500,964		18,310,234
West Pharmaceutical Services, Inc.		827,345		79,640,230
Westar Energy, Inc.		1,588,066		78,768,074
WEX, Inc.*		446,093		50,060,557
WGL Holdings, Inc.		572,629		48,215,361
Williams-Sonoma, Inc.		891,115		44,430,994
Wintrust Financial Corp.		623,957		48,862,073
Woodward, Inc.		616,969		47,882,965
World Fuel Services Corp.		765,730		25,965,904
Worthington Industries, Inc.		500,408		23,018,768
WPX Energy, Inc.*		4,448,017		51,152,195

Common Stock	Shares		Value
WR Berkley Corp.		1,071,148	$	71,488,418
Zebra Technologies Corp., Class A*		593,748		64,469,158
Total Investments (Cost $19,382,232,660)			$	18,777,765,558

* Non-income producing security for the year ended September 30, 2017.

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

Industry Classification	Value		Percentage
Real Estate Investment Trusts (REITs)	$	1,715,507,116		9.11	%
Banks		1,560,548,668		8.29	%
Software		1,102,927,868		5.86	%
Retail		952,294,270		5.06	%
Insurance		817,843,604		4.34	%
Commercial Services		743,971,518		3.95	%
Electronics		733,513,057		3.90	%
Healthcare - Products		628,607,194		3.34	%
Oil & Gas		616,441,760		3.27	%
Chemicals		575,708,843		3.06	%
Machinery - Diversified		546,423,476		2.90	%
Computers		546,150,984		2.90	%
Food		536,114,557		2.84	%
Electric		486,970,889		2.58	%
Gas		478,703,424		2.54	%
Semiconductors		458,538,047		2.44	%
Diversified Financial Services		389,393,986		2.07	%
Transportation		349,100,560		1.85	%
Miscellaneous Manufacturing		341,516,307		1.81	%
Home Builders		327,494,846		1.74	%
Healthcare - Services		299,939,473		1.59	%
Iron / Steel		283,464,860		1.51	%
Telecommunications		278,851,005		1.48	%
Media		261,653,741		1.39	%
Aerospace/Defense		257,247,540		1.36	%
Biotechnology		233,376,065		1.24	%
Electrical Components & Equipment		224,174,681		1.19	%
Building Materials		208,440,279		1.11	%

Industry Classification	Value		Percentage
Pharmaceuticals	$	202,901,699		1.08	%
Engineering & Construction		194,010,247		1.03	%
Packaging & Containers		189,368,191		1.01	%
Savings & Loans		165,844,697		0.88	%
Housewares		154,538,072		0.82	%
Hand / Machine Tools		139,273,358		0.74	%
Entertainment		137,086,051		0.73	%
Oil & Gas Services		131,084,622		0.70	%
Leisure Time		123,572,932		0.66	%
Shipbuilding		114,954,757		0.61	%
Apparel		114,839,805		0.61	%
Machinery - Construction & Mining		111,799,657		0.59	%
Distribution / Wholesale		104,561,724		0.55	%
Metal Fabricate / Hardware		100,131,774		0.53	%
Mining		87,393,012		0.46	%
Real Estate		86,531,581		0.46	%
Airlines		68,137,478		0.36	%
Auto Parts & Equipment		67,048,887		0.35	%
Water		65,920,385		0.35	%
Environmental Control		63,180,401		0.34	%
Cosmetics / Personal Care		57,810,292		0.31	%
Office Furnishings		44,445,833		0.24	%
Energy - Alternate Sources		41,776,263		0.22	%
Coal		39,212,000		0.21	%
Home Furnishings		33,093,340		0.18	%
Lodging		31,730,114		0.17	%
Forest Products & Paper		30,361,979		0.16	%
Household Products / Wares		29,494,131		0.16	%
Office / Business Equipment		29,240,383		0.16	%
Trucking & Leasing		26,634,980		0.14	%
Internet		21,292,656		0.11	%
Beverages		15,575,639		0.08	%
Total Investments		18,777,765,558		99.72	%
Other Assets in Excess of Liabilities		52,611,769		0.28	%
Net Assets		18,830,377,327		100	%

	September 30, 2017
Assets:
Investments in securities of unaffiliated issuers, at value (cost $19,382,232,660)	$	18,777,765,558
Cash		138,977,325
Receivable from Units created		130,383,142
Dividend receivable		18,325,902
Receivable from securities sold		149,633,428
Total Assets	$	19,215,085,355
Liabilities:
Payable for securities purchased	$	254,692,877
Distribution payable		81,842,037
Payable for Units redeemed		24,481,991
Payable to Sponsor		17,737,515
Accrued Trustee fees		3,271,338
License fee payable		2,187,663
Other accrued expenses		494,607
Total liabilities		384,708,028
Net Assets	$	18,830,377,327
Net assets presented by:
Interest in Unitholders (57,686,128 units of fractional undivided interest (Units) outstanding; unlimited units authorized)
Paid-in capital	$	20,903,252,862
Distributions in excess of net investment income		(43,423,095	)
Accumulated net realized loss on investments		(1,424,985,338	)
Net unrealized depreciation of investments		(604,467,102	)
Net Assets	$	18,830,377,327
Units of beneficial interest outstanding, no par value, unlimited Units authorized:		57,686,128
Net asset value per Unit:	$	326.43

	Year Ended September 30,
	2017			2016			2015
Investment Income
Dividend income from unaffiliated issuers	$	264,562,647		$	260,595,192		$	235,440,730
Expenses:
Printing and distributions expenses		19,650,949			17,898,568			18,586,056
Trustee fees and expenses		19,133,742			16,005,600			16,072,614
License fees		5,613,609			4,650,381			4,715,074
Legal fees		125,002			170,000			79,709
Audit fees		114,974			111,594			106,974
Other fees and expenses		145,895			121,123			129,370
Total expenses		44,784,171			38,957,266			39,689,797
Less: voluntary fee reduction by the Trustee (see Note 3)		(739,417	)		(204,088	)		(397,514	)
Net expenses		44,044,754			38,753,178			39,292,283
Net Investment Income	$	220,517,893		$	221,842,014		$	196,148,447
Realized and unrealized gains (losses) on investments of unaffiliated issuers:
Net realized losses	$	(137,308,970	)	$	(427,716,335	)	$	(195,454,161	)
Net realized gains from in-kind redemptions		1,763,132,843			1,193,675,327			1,741,542,129
Net realized gains		1,625,823,873			765,958,992			1,546,087,968
Net increase (decrease) in unrealized appreciation (depreciation) of investments		1,033,301,746			1,153,929,850			(1,648,480,492	)
Net realized and unrealized gains (losses) on investments and short sales		2,659,125,619			1,919,888,842			(102,392,524	)
Net increase (decrease) in net assets resulting from operations	$	2,879,643,512		$	2,141,730,856		$	93,755,923

	Year Ended September 30,
	2017			2016			2015
Increase (Decrease) in Net Assets From:
Operations:
Net investment income	$	220,517,893		$	221,842,014		$	196,148,447
Net realized gains on investments and in-kind redemptions		1,625,823,873			765,958,992			1,546,087,968
Net increase (decrease) in unrealized appreciation (depreciation) on investments		1,033,301,746			1,153,929,850			(1,648,480,492	)
Net increase in net assets resulting from operations		2,879,643,512			2,141,730,856			93,755,923
Dividends and Distributions to Unitholders from:
Net investment income		(239,114,371	)		(225,298,124	)		(205,821,591	)
Unitholder Transactions:
Proceeds from subscriptions of Units		15,346,405,991			24,239,786,617			23,315,782,316
Reinvestment of dividends and distributions		682,830			471,049			163,887
Less: Redemptions of Units		(16,352,971,553	)		(23,195,470,152	)		(22,799,472,207	)
Increase (decrease) in net assets due to Unitholder transactions		(1,005,882,732	)		1,044,787,514			516,473,996
Total increase		1,634,646,409			2,961,220,246			404,408,328
Net Assets
Beginning of year		17,195,730,918			14,234,510,672			13,830,102,344
End of year	$	18,830,377,327		$	17,195,730,918		$	14,234,510,672
Distributions in excess of net investment income	$	(43,423,095	)	$	(24,036,012	)	$	(19,307,629	)

	Year Ended September 30,
	2017			2016			2015			2014			2013
Net Asset Value, Beginning of Year	$	282.20		$	248.94		$	249.39		$	226.19		$	180.07
Investment Operations:
Net investment income*		3.63			3.77			3.34			2.83			2.77
Net realized and unrealized gain (loss) on investments		44.56			33.27			(0.28	)		23.10			46.06
Total from investment operations		48.19			37.04			3.06			25.93			48.83
Less Distributions from:
Net investment income		(3.96	)		(3.78	)		(3.51	)		(2.73	)		(2.71	)
Net asset value, end of year	$	326.43		$	282.20		$	248.94		$	249.39		$	226.19
Total investment return**		17.12	%		14.97	%		1.19	%		11.45	%		27.25	%
Ratios and Supplemental Data
Net assets, end of year (000's omitted)	$	18,830,377		$	17,195,731		$	14,234,511		$	13,830,102		$	14,030,047
Ratio to average net assets:
Ratio of expenses to average net assets⁽¹⁾		0.24	%		0.25	%		0.25	%		0.25	%		0.25	%
Ratio of net investment income to average net assets⁽¹⁾		1.18	%		1.43	%		1.25	%		1.15	%		1.35	%
Portfolio turnover rate⁽²⁾		23.45	%		24.50	%		22.28	%		16.68	%		13.58	%

(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 1.18% and 0.24% for the year ended September 30, 2017, 1.43% and 0.25% for the year ended September 30, 2016, 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. (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").

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 its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The 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, 2017 in valuing the Trust's assets carried at fair value:

	Level 1		Level 2		Level 3		Total
Assets
Investment in Securities
Common Stocks	$	18,777,765,558	$	—	$	—	$	18,777,765,558
Total	$	18,777,765,558	$	—	$	—	$	18,777,765,558

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

There were no transfers between levels during the year ended September 30, 2017.

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 real estate investment trusts ("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.

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 tax positions for the tax years subject to audit as of September 30, 2017, and has determined that no provision for income taxes is necessary for the year ended September 30, 2017. The tax returns of the Trust's 2014, 2015 and 2016 tax years and the year ended September 30, 2017 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 years.

Note 3 — Transactions with the Trustee and Sponsor

In accordance with the Trust Agreement, the Trustee maintains the Trust's accounting records, acts as custodian and transfer agent to the Trust, and provides administrative services, including the filing of all required regulatory reports. The

Trustee is also responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of large blocks of 25,000 Units (known as "Creation Units"), and for adjusting the composition of the Trust's portfolio from time to time to conform to changes in the composition and/or weighting structure of the Index. For these services, the Trustee receives a fee based on the following annual rates:

Net Asset Value of the Trust	Fee as a Percentage of Net Asset Value of the Trust
$0-$500,000,000*		0.14	% per annum
$500,000,001-$1,000,000,000*		0.12	% per annum
$1,000,000,001 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, 2017, 2016 and 2015 as disclosed in the Statements of Operations. The amount of the reduction equals the daily Federal Funds Rate, as published in the Wall Street Journal, multiplied by the daily balance of the Trust's cash account, reduced by the amount of reserves for that account required by the Federal Reserve Board of Governors. The 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, 2017, 2016 and 2015 did not exceed 0.30% per annum.

Note 4 — Trust Transactions in Units

Transactions in Trust Units were as follows:

	Year Ended September 30, 2017						Year Ended September 30, 2016
	Units			Amount			Units			Amount
Units sold		49,975,346		$	15,346,405,991			93,075,589		$	24,239,786,617
Dividend reinvestment Units issued		2,306			682,830			1,731			471,049
Units redeemed		(53,225,000	)		(16,352,971,553	)		(89,325,000	)		(23,195,470,152	)
Net increase/(decrease)		(3,247,348	)	$	(1,005,882,732	)		3,752,320		$	1,044,787,514

	Year Ended September 30, 2015
	Units			Amount
Units sold		88,975,000		$	23,315,782,316
Dividend reinvestment Units issued		1,290			163,887
Units redeemed		(87,250,000	)		(22,799,472,207	)
Net increase		1,726,290		$	516,473,996

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, 2017, the Trustee earned $1,101,000 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, 2017.

At September 30, 2017, the Trustee and its affiliates held $2,530,020,197 or 13.44% of fractional undivided interest in the Trust.

Note 5 — Investment Transactions

For the year ended September 30, 2017, the Trust had net in-kind contributions, net in-kind redemptions, purchases and sales of investment securities of $15,284,340,229, $16,286,474,119, $4,381,522,037, and $4,375,036,462, respectively.

Note 6 — U.S. Federal Income Tax Status

The following details the distributions and net distributable earnings as of September 30, 2017. 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, 2017, September 30, 2016 and September 30, 2015 was ordinary income.

At September 30, 2017, the Trust's cost of investments for federal income tax purposes and unrealized appreciation (depreciation) was as follows:

Cost of investments for federal income tax purposes	$	19,467,499,491
Gross unrealized appreciation	$	1,160,348,755
Gross unrealized depreciation		(1,850,082,688	)
Net unrealized depreciation	$	(689,733,933	)
Distributable earnings, ordinary income	$	65,299,229
Capital loss carryforwards expiring:
9/30/2018	$	709,669,042
Short-term capital loss carryforwards (no expiration):	$	4,183,020
Long Term Losses (no expiration):	$	54,235,642

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.

During the year ended September 30, 2017, $61,228,567 of capital loss carryforwards expired. To the extent that capital losses are used to offset future capital gains, it is probable that the offset gains will not be distributed to Unitholders.

At September 30, 2017, the Trust deferred $571,630,803 of capital losses arising subsequent to October 31, 2016. For tax purposes, such losses will be reflected in the year ending September 30, 2018.

As of September 30, 2017, the Trust had permanent book/tax differences primarily attributable to gains or losses from in-kind redemptions, expired capital loss carryforwards and distributions received from REITs. To reflect reclassifications arising from these differences, distributions in excess of net investment income were increased by $790,605, accumulated net realized loss on investments were increased by $1,548,248,102 and paid-in capital was increased by $1,549,038,707.

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 year ended September 30, 2014 the Trust paid $882,665 in commissions on trades to ConvergEx. During the period from April 1, 2014 through September 30, 2017, 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, 2017, 2016 and 2015, the Trust paid $975,074, $853,328 and $752,801 in commissions to BNYMellon CM, respectively.

Note 9 — License Agreement and Distribution Expenses

A license agreement between State Street Global Advisors Funds Distributors, LLC ("SSGA FD") and S&P (the "License Agreement") grants SSGA FD a license to use the Index as a basis for determining the composition of the portfolio of all the common stocks of the Index. The Trustee (on behalf of the Trust), the Sponsor and NYSE Arca, Inc. 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 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 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 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 Statements 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.

Note 11 — Pending Litigation

The Trust and multiple other unrelated institutions and individuals had been named as defendants in an adversary proceeding pending in the U.S. Bankruptcy Court for the Southern District of New York (Weisfelner, as Trustee of the LB Creditor Trust v. Fund 1, et al., Adv. Pro. No. 10-04609; the "Creditor Trust Action"). In addition, two separate adversary proceedings had been brought in the same Bankruptcy Court against putative defendant classes (Weisfelner, as Trustee of the LB Litigation Trust v. Hofman, at al., Adv. Pro. No. 10-05525; the "Litigation Trust Action"; Weisfelner, as Trustee of the LB Creditor Trust v. Reichman, et al., Adv. Pro. No. 12-1570; the "Reichman Actions" and, collectively with the Creditor Trust Action and the Litigation Trust Action, the "Shareholder Actions"); the Trust had not been specifically named in these putative class actions.

In the Shareholder Actions, plaintiffs had alleged that payments made to shareholders of Lyondell Chemical Company ("Lyondell") in connection with the acquisition of Lyondell by Basell AF S.C.A. ("Basell") in a cash-out merger (the "Merger") in December 2007 constituted constructive and/or intentional "fraudulent transfers" under applicable law, and sought to recover from the former Lyondell shareholders the merger consideration received for their shares. The Creditor Trust Action and Reichman Actions asserted state law claims for both intentional and constructive fraudulent transfer, while the Litigation Trust Action asserted a single federal law claim for intentional fraudulent transfer.

On April 21, 2017, following a trial in a companion litigation brought by the Trustee of the other purchasers involved in the Merger (the "Action"), the Bankruptcy Court granted judgment for the defendants on the intentional and constructive fraudulent transfer claims, concluding that plaintiff had not established that the Merger left Lyondell insolvent or that Lyondell's CEO intended the merger to hinder, delay or defraud Lyondell's creditors. Given that the Bankruptcy Court's findings of fact in the companion litigation appeared inconsistent with plaintiffs' allegations in the Shareholder Actions, and that plaintiffs would therefore likely be precluded from re-litigating these issues in the Shareholder Actions, plaintiffs agreed to dismiss these lawsuits.

Accordingly, on September 5, 2017, the Bankruptcy Court dismissed all three Shareholder Actions, with prejudice, and against all named and unnamed defendants. Plaintiffs consented to these dismissals, and these litigations have therefore now concluded.

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 as of September 30, 2017, the results of its operations for each of the three years 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 as of September 30, 2017 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above.

/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
January 16, 2018

Total Trust Assets:				$19,215,085,355
Trust Net Assets:				$18,830,377,327
Number of Units:				57,686,128
Fractional Undivided Interest in Trust Represented by each Unit:				1/57,686,128
Record Date:				Effective September 5, 2017, 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 0.10% 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):				$326.43
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 9/30/2017

Premium/Discount Range	Number of Trading Days		Percentage of Total Trading Days
Greater than 0.25%		0		0.00	%
Between zero and 0.25%		636		50.56	%
Bid/Ask Price Equal to NAV		8		0.63	%
Between zero and -0.25%		614		48.81	%
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 9/30/17 (Unaudited)

Cumulative Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		17.12	%		93.15	%		129.74	%		1,121.50	%
Return Based on Bid/Ask Price		17.05	%		93.25	%		129.44	%		1,121.13	%
S&P MidCap 400 Index		17.12	%		93.15	%		129.74	%		1,121.50	%

Annualized Total Return

	1 Year			5 Year			10 Year			Since Inception
SPDR S&P MidCap 400 ETF Trust
Return Based on NAV		17.12	%		14.07	%		8.67	%		11.81	%
Return Based on Bid/Ask Price		17.05	%		14.08	%		8.66	%		11.80	%
S&P MidCap 400 Index		17.12	%		14.07	%		8.67	%		11.81	%

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