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style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Dow Jones</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> REIT ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Dow Jones REIT ETF (the “Fund”) seeks to provide investment results that, before </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of publicly traded real estate investment trusts.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0025 0 0.0000 0.0025 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 26 80 141 318 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">8</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.08 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Dow Jones U.S. Select REIT Capped Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to provide a measure of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate. The reason for the exclusions is that performance of such securities may be driven by factors other than the value of real estate. The Index is a market capitalization weighted index of publicly traded real estate investment trusts (“REITs”) and is comprised of companies whose charters are the equity ownership and operation of commercial and/or residential real estate and which operate under the REIT Act of 1960.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To be included in the Index, a company must be both an equity owner and operator of commercial and/or residential real estate. Businesses excluded from the Index include: those classified under the Dow Jones REIT/RESI Industry Classification Hierarchy and/or Global Industry Classification Standard (GICS) as “Specialty” (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, REIT types that cannot be easily classified within the Hierarchy, including timber REITs, railroad REITs and tower REITs), hybrid REITS, mortgage REITs, real estate finance companies, mortgage brokers and bankers, commercial and residential real estate brokers and estate agents, home builders, large landowners and subdividers of unimproved land, as well as companies that have more than 25% of their assets in direct mortgage investments. A company must have a minimum float-adjusted market capitalization of at least $200 million at the time of its inclusion, and at least 75% of the company's total revenue must be derived from the ownership and operation of real estate assets. A stock must have a median daily value traded of at least $5 million for the three-months prior to the rebalancing reference date.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is generally rebalanced quarterly, and returns </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are calculated on a buy and hold basis except as necessary to reflect the occasional occurrence of Index changes in the middle of the month. Each REIT in the Index is weighted by its float-adjusted market capitalization (i.e., each security is weighted to reflect the attainable market capitalization of the security which reflects that portion of securities shares that are accessible to investors), subject to the following constraints applied at each rebalancing: (i) no single company's weight can exceed 10%, and (ii) the aggregate weight of all companies weighing above 4.5% cannot exceed 22.5%. In addition, each company's weight in the Index is reviewed daily and when the sum of companies with a weight greater than 5% exceeds 25%, additional capping is performed, effective after the close of business on the next trading day. The Index is priced daily and is a total return (price and income) benchmark. As of July 31, 2026, the Index comprised 97 REITs.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC  (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to provide a measure of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate. The reason for the exclusions is that performance of such securities may be driven by factors other than the value of real estate. The Index is a market capitalization weighted index of publicly traded real estate investment trusts (“REITs”) and is comprised of companies whose charters are the equity ownership and operation of commercial and/or residential real estate and which operate under the REIT Act of 1960.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">To be included in the Index, a company must be both an equity owner and operator of commercial and/or residential real estate. Businesses excluded from the Index include: those classified under the Dow Jones REIT/RESI Industry Classification Hierarchy and/or Global Industry Classification Standard (GICS) as “Specialty” (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, REIT types that cannot be easily classified within the Hierarchy, including timber REITs, railroad REITs and tower REITs), hybrid REITS, mortgage REITs, real estate finance companies, mortgage brokers and bankers, commercial and residential real estate brokers and estate agents, home builders, large landowners and subdividers of unimproved land, as well as companies that have more than 25% of their assets in direct mortgage investments. A company must have a minimum float-adjusted market capitalization of at least $200 million at the time of its inclusion, and at least 75% of the company's total revenue must be derived from the ownership and operation of real estate assets. A stock must have a median daily value traded of at least $5 million for the three-months prior to the rebalancing reference date.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Real Estate Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property </span><span style="color:#000000;font-family:Arial;font-size:10pt;">taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">REIT Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">17.12%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-28.62%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9.38%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1712 2021-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2862 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0938 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  Effective September 20, 2024 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Dow Jones U.S. Select REIT Index (the “Previous Benchmark Index”) to the Dow Jones U.S. Select REIT Capped Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0319 0.0635 0.0452 0.0184 0.0493 0.0305 0.0209 0.0440 0.0289 0.0346 0.0659 0.0478 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> FactSet Innovative Technology ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR FactSet Innovative Technology ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of the FactSet </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Innovative Technology Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0045 0 0.0000 0.0045 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 46 144 252 567 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">71</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.71 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the FactSet Innovative Technology Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies). The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to its Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to represent the performance of U.S.-listed stock and American Depository Receipts (“ADRs”) of Technology companies and Technology-related companies (including Electronic Media companies) within the most innovative segments of the Technology sector and Electronic Media sub-sector of the Media sector, as defined by FactSet Research Systems, Inc. (“FactSet” or the “Index Provider”). The Index Provider considers the most innovative segments of the Technology sector and Electronic Media sub-sector to be those with the highest revenue growth and believes that these companies are often involved in cutting edge research, innovative product and service development, disruptive business models, or a combination of these activities. In addition to traditional Technology companies, Electronic Media companies are included in the Index because of their core focus on technology and the integral role technology plays in determining how such companies operate, innovate and compete within their industry. FactSet defines the Technology sector to include Information Technology Services providers, Hardware manufacturers, Software manufacturers, Electronic Components manufacturers, and Manufacturing Equipment and Services providers. FactSet defines the Electronic Media sub-sector to include companies that produce media content in digital format and deliver, distribute and monetize their content via an electronic medium such as the Internet.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">FactSet sector determinations are based on a comprehensive, structured taxonomy designed to seek to offer precise industry classification of global companies according to the products and services sold by such companies (the “FactSet Revere Hierarchy”). The FactSet Revere Hierarchy reflects a variable depth structure that, with respect to the Index, consists of twelve levels of increasingly specialized Technology or Electronic Media sub-sectors. Technology and electronic media companies are classified or mapped to the sub-sectors from which they each derive 50% or more of their respective revenues. A company will be eligible for inclusion in the Index if it satisfies the following criteria: (i) is mapped to a Technology or Electronic Media sub-sector at the fourth level or lower (levels four through twelve) in the FactSet Revere Hierarchy; (ii) is mapped to a sub-sector in the top quartile of FactSet's composite revenue growth scoring system for the Technology sector or Electronic Media sub-sector (the “revenue growth scoring system”); (iii) has a market capitalization of shares publicly available to investors (i.e., a “float-adjusted” market capitalization) above $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) above 90% or have a float-adjusted market capitalization above $400 million with a float-adjusted liquidity ratio (as defined above) above 150%; (iv) is a U.S.-listed stock or ADR; and (v) has not had an initial public offering of shares within three months of the Review Selection Day (defined below).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is equal-weighted to ensure that each of its component securities is represented in approximate equal dollar value at each reconstitution. The Index is capped at a maximum of 100 constituent securities. If there are fewer than 50 stocks suitable for inclusion based on the eligibility criteria, stocks mapped to the next highest-ranked quartile of sub-sectors would be added until the minimum number of Index constituents is met. To ensure that each component stock continues to represent approximate equal market value in the Index, adjustments, if necessary, are made annually after the close of trading on the third Friday of December (the “Reconstitution Day”) based on information as of the last business day two weeks before the Reconstitution Day (the “Review Selection Day”). As of July 31, 2026, the Index was comprised of 97 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by FactSet (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to represent the performance of U.S.-listed stock and American Depository Receipts (“ADRs”) of Technology companies and Technology-related companies (including Electronic Media companies) within the most innovative segments of the Technology sector and Electronic Media sub-sector of the Media sector, as defined by FactSet Research Systems, Inc. (“FactSet” or the “Index Provider”). The Index Provider considers the most innovative segments of the Technology sector and Electronic Media sub-sector to be those with the highest revenue growth and believes that these companies are often involved in cutting edge research, innovative product and service development, disruptive business models, or a combination of these activities. In addition to traditional Technology companies, Electronic Media companies are included in the Index because of their core focus on technology and the integral role technology plays in determining how such companies operate, innovate and compete within their industry. FactSet defines the Technology sector to include Information Technology Services providers, Hardware manufacturers, Software manufacturers, Electronic Components manufacturers, and Manufacturing Equipment and Services providers. FactSet defines the Electronic Media sub-sector to include companies that produce media content in digital format and deliver, distribute and monetize their content via an electronic medium such as the Internet.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">FactSet sector determinations are based on a comprehensive, structured taxonomy designed to seek to offer precise industry classification of global companies according to the products and services sold by such companies (the “FactSet Revere Hierarchy”). The FactSet Revere Hierarchy reflects a variable depth structure that, with respect to the Index, consists of twelve levels of increasingly specialized Technology or Electronic Media sub-sectors. Technology and electronic media companies are classified or mapped to the sub-sectors from which they each derive 50% or more of their respective revenues. A company will be eligible for inclusion in the Index if it satisfies the following criteria: (i) is mapped to a Technology or Electronic Media sub-sector at the fourth level or lower (levels four through twelve) in the FactSet Revere Hierarchy; (ii) is mapped to a sub-sector in the top quartile of FactSet's composite revenue growth scoring system for the Technology sector or Electronic Media sub-sector (the “revenue growth scoring system”); (iii) has a market capitalization of shares publicly available to investors (i.e., a “float-adjusted” market capitalization) above $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) above 90% or have a float-adjusted market capitalization above $400 million with a float-adjusted liquidity ratio (as defined above) above 150%; (iv) is a U.S.-listed stock or ADR; and (v) has not had an initial public offering of shares within three months of the Review Selection Day (defined below).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Electronic Media Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Electronic media companies create, own, and distribute various forms of technology-based visual, audio, and interactive content, as well as information databases that they sell or lease to others. Electronic media companies can be adversely affected by, among other things, changes in government regulation, intense competition, dependency on patent protection, and rapid obsolescence of products and services due to product compatibility or changing consumer preferences.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. Investments in depositary receipts are generally subject to the same risks as their underlying securities, including political, regulatory, and economic risks. There may be less information publicly available about a non-U.S. entity that issues the underlying securities than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; liquidity risks; differing securities market structures; higher transaction costs; and various administrative difficulties.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures </span><span style="color:#000000;font-family:Arial;font-size:10pt;">contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Stock Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">47.04%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-29.49%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">11.55%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.4704 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2949 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1155 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2016-01-13 0.0241 -0.0365 0.1422 0.0241 -0.0366 0.1400 0.0143 -0.0274 0.1189 0.0294 -0.0337 0.1462 0.1788 0.1442 0.1577 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Global Dow ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Global Dow ETF (the “Fund”) seeks to provide investment results that, before fees </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">and expenses, correspond generally to the total return performance of an index that tracks the performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of multinational blue-chip issuers.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0050 0 0.0000 0.0050 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 51 160 280 628 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">10</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of The Global Dow</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is made up of approximately 150 companies from around the world.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The companies are selected not just based on size and reputation, but also on their importance in the global economy.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index has been designed to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">cover both developed and emerging countries. The Index is equal weighted and will be reset to equal weights annually each September. As of July 31, 2026, the Index comprised 151 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC  (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is made up of approximately 150 companies from around the world.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The companies are selected not just based on size and reputation, but also on their importance in the global economy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The value of the Fund's assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, and delays, restrictions or prohibitions on the repatriation of foreign currencies. Foreign currency exchange rates may have significant volatility, and changes in the values of foreign currencies against the U.S. dollar may result in substantial declines in the values of the Fund's assets denominated in foreign currencies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, increased potential for market manipulation, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargoes, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally </span><span style="color:#000000;font-family:Arial;font-size:10pt;">as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">18.29%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-23.60%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">13.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1829 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2360 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1300 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10pt;">hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10pt;">hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.2952 0.1482 0.1287 0.2843 0.1402 0.1219 0.1785 0.1172 0.1057 0.2960 0.1492 0.1290 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> ICE Preferred Securities ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR ICE Preferred Securities ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index based upon </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Preferred Securities (as defined below).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0045 0 0.0000 0.0045 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 46 144 252 567 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">14</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.14 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the ICE Exchange-Listed Fixed &amp; Adjustable Rate Preferred Securities Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of non-convertible preferred stock and securities that are functionally equivalent to preferred stock, including, but not limited to, senior and subordinated debt (collectively, “Preferred Securities”). Preferred Securities generally pay fixed rate distributions (but may pay distributions based on adjustable rates) and typically have “preference” over common stock in the payment of distributions and the liquidation of a company's assets — preference means that a company must pay distributions on its Preferred Securities before paying dividends on its common stock, and the claims of Preferred Securities holders are ahead of common stockholders' claims on assets in a corporate liquidation.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes Preferred Securities that meet the following criteria: (i) are non-convertible; (ii) have a par amount of $25; (iii) are primarily listed on the NYSE or NASDAQ exchanges, (iv) have a minimum amount outstanding of $250 million; (v) are U.S. dollar denominated; (vi) are rated investment grade by one of Moody's Investors Service, Inc. or S&amp;P Global Ratings ratings services; (vii) are publicly registered or exempt from registration under the Securities Act of 1933; (viii) have a fixed or floating rate coupon or dividend schedule; (ix) have a minimum average monthly trading volume of at least 250,000 trading units during the preceding six months; and (x) have at least 18 months to final maturity at time of issuance and a minimum remaining term to final maturity of at least one day. The Index may include securities of companies headquartered outside of the United States. The Index does not include auction rate preferred securities, convertible preferred shares, securities with a sinking fund, shares in closed-end funds, purchase units, purchase contracts, corporate pay-in-kind securities and derivative instruments.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is modified market capitalization weighted. The aggregate weight of securities of an individual issuer is limited to 5%, and any weight exceeding this limit will be redistributed on a pro-rata basis to securities of issuers that do not exceed the 5% limit. In the event the Index includes securities of fewer than 20 issuers, the aggregate weight of each issuer's securities will be equally weighted and the issuer's individual securities will be weighted on a pro-rata basis. The Index is rebalanced on the last calendar day of each month based on information available up to and including the third business day before the last business day of the month. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial sector, although this may change from time to time. As of July 31, 2026, the Index comprised 163 Preferred Securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by ICE Data Indices, LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of non-convertible preferred stock and securities that are functionally equivalent to preferred stock, including, but not limited to, senior and subordinated debt (collectively, “Preferred Securities”). Preferred Securities generally pay fixed rate distributions (but may pay distributions based on adjustable rates) and typically have “preference” over common stock in the payment of distributions and the liquidation of a company's assets — preference means that a company must pay distributions on its Preferred Securities before paying dividends on its common stock, and the claims of Preferred Securities holders are ahead of common stockholders' claims on assets in a corporate liquidation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes Preferred Securities that meet the following criteria: (i) are non-convertible; (ii) have a par amount of $25; (iii) are primarily listed on the NYSE or NASDAQ exchanges, (iv) have a minimum amount outstanding of $250 million; (v) are U.S. dollar denominated; (vi) are rated investment grade by one of Moody's Investors Service, Inc. or S&amp;P Global Ratings ratings services; (vii) are publicly registered or exempt from registration under the Securities Act of 1933; (viii) have a fixed or floating rate coupon or dividend schedule; (ix) have a minimum average monthly trading volume of at least 250,000 trading units during the preceding six months; and (x) have at least 18 months to final maturity at time of issuance and a minimum remaining term to final maturity of at least one day. The Index may include securities of companies headquartered outside of the United States. The Index does not include auction rate preferred securities, convertible preferred shares, securities with a sinking fund, shares in closed-end funds, purchase units, purchase contracts, corporate pay-in-kind securities and derivative instruments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Preferred Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Generally, Preferred Security holders have no or limited voting rights with respect to the issuing company. In addition, Preferred Securities are generally senior to common stock, but may be subordinated to bonds and other debt instruments in a company's capital structure and therefore may be subject to greater credit risk than those debt instruments. In the event an issuer of Preferred Securities experiences </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic difficulties, the issuer's Preferred Securities may lose substantial value due to the increased likelihood of deferred interest or dividend payments and the fact that the Preferred Security may be subordinated to other securities of the same issuer. Further, because many Preferred Securities pay interest or dividends at a fixed rate, their market price can be sensitive to changes in interest rates in a manner similar to bonds — that is, as interest rates rise, the value of the Preferred Securities held by the Fund are likely to decline. In addition, to the extent Preferred Securities allow holders to convert the Preferred Securities into common stock of the issuer, their market price can be sensitive to changes in the value of the issuer's common stock and, therefore, declining common stock values may also cause the value of the Fund's investments to decline. Preferred securities often have call features which allow the issuer to redeem the security at its discretion. The redemption of a Preferred Security having a higher than average yield may cause a decrease in the Fund's yield.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Banking Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The performance of bank stocks may be affected by extensive governmental regulation, which may limit the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, and the amount of capital they must maintain. The impact of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in regulations and capital requirements on a banking company cannot be predicted and may negatively impact such banking company. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact banking companies. Banks may also be subject to severe price competition. Competition among banking companies is high and failure to maintain or increase market share may result in lost market value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could </span><span style="color:#000000;font-family:Arial;font-size:10pt;">result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">8.71%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2019</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-10.03%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-6.66%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0871 2019-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1003 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0666 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective May 1, 2021 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Wells Fargo Hybrid and Preferred Securities Aggregate Index (the “Previous Benchmark Index”) to the ICE Exchange-Listed Fixed &amp; Adjustable Rate Preferred Securities Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0261 -0.0060 0.0243 0.0049 -0.0247 0.0055 0.0215 -0.0093 0.0134 0.0306 -0.0029 0.0276 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> MSCI USA Gender Diversity ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR MSCI USA Gender Diversity ETF seeks to provide investment results that, before </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">fees and expenses, correspond generally to the total return performance of an index that tracks U.S. large- </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">and mid-cap companies exhibiting certain gender diversity and diversity management characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0020 0 0.0000 0.0020 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 20 64 113 255 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">67</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.67 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the MSCI USA Gender Diversity Select Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes.  In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The MSCI USA Gender Diversity Select Index (the “Index”) is designed to represent the performance of companies that exhibit a commitment towards promoting and maintaining a high level of gender diversity across the different levels within their organization, including their corporate board, executive and senior management, and workforce.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the Index includes all constituents in the MSCI USA Index (the “Parent Index”), which is designed to measure the performance of the large- and mid-cap segments of the U.S. market. The Parent Index includes companies classified as United States companies by the Index Provider generally based on the company's country of incorporation and the primary listing of its securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index incorporates certain gender diversity and environmental, social and governance (“ESG”) metrics developed by MSCI ESG Research (a subsidiary of the Index Provider (defined below)) to score and screen each security within the Parent Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the Parent Index are first assigned an ESG Controversy Score, which provides an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">assessment of controversies concerning any negative environmental, social and/or governance impact of a company's operations, products and services. ESG Controversy Scores fall on a 0-10 scale, with 0 representing a company assessed as having involvement in very severe controversies. The Parent Index is screened to remove (i) companies with an ESG Controversy Score of 0 and (ii) companies not assigned an ESG Controversy Score. In addition, the Parent Index is also screened to remove companies with a Labor Rights – Discrimination and Workforce Diversity Controversy score of 0 or 1, which are companies determined as having involvement in certain very severe or severe workforce diversity controversies. Factors affecting this evaluation include, but are not limited to, a history of involvement in discrimination- related legal cases, widespread or egregious instances of discrimination on the basis of sex, race, or ethnicity, resistance to improved practices, and workplace discrimination-related criticism and allegations by non-governmental organizations and/or other third-party observers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The remaining securities are each assigned an MSCI Gender Diversity Score based on two components: a Women Representation Score and a Diversity Management Score. The Women Representation Score reflects 75% of the weight of the MSCI Gender Diversity Score and evaluates each company based on the following criteria and the company's disclosure of such criteria: (i) percent/number of women on the board of directors, (ii) percent of women in executive management positions, (iii) percent of women in senior management positions, and (iv) percent of all employees who are women. The Diversity Management Score represents the remaining 25% of the weight of the MSCI Gender Diversity Score and evaluates each company based on the following criteria: (i) workforce diversity policies and senior management oversight of such policies; (ii) programs to help attract, retain and promote women in the workforce, including explicit quantitative recruitment targets and employee benefits; and (iii) ability to attract, retain and develop human capital based on its provision of benefits, training and development programs, and employee engagement. Companies are not eligible for inclusion in the Index if they have (i) no women serving on the board of directors and no women serving in executive management positions or (ii) a Women Representation Score of 3 or less (based on a 0-10 scale). </span><span style="color:#000000;font-family:Arial;font-size:10pt;">For each GICS (Global Industry Classification Standard) sector, companies are selected for inclusion in the Index primarily in decreasing order of MSCI Gender Diversity Score until 50% of the free float adjusted market capitalization (calculated by multiplying the number of shares readily available in the market by the price of such shares) of the sector is reached. The selected securities are weighted by the product of their market capitalization weight in the Parent Index and the MSCI Gender Diversity Score. The weights are then distributed proportionally to sum to 100%. Sector weights in the Index are set equal to the corresponding sector weight in the Parent Index. To mitigate concentration risk, each security's weight in the Index is capped at 4.5%, and any weight exceeding this limit will be redistributed on a pro-rata basis to securities that do not exceed the 4.5% limit. The index is rebalanced quarterly, and changes are implemented at the end of February, May, August and November. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology sector, although this may change from time to time. As of July 31, 2026, the Index comprised 231 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by MSCI, Inc. (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The MSCI USA Gender Diversity Select Index (the “Index”) is designed to represent the performance of companies that exhibit a commitment towards promoting and maintaining a high level of gender diversity across the different levels within their organization, including their corporate board, executive and senior management, and workforce.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the Index includes all constituents in the MSCI USA Index (the “Parent Index”), which is designed to measure the performance of the large- and mid-cap segments of the U.S. market. The Parent Index includes companies classified as United States companies by the Index Provider generally based on the company's country of incorporation and the primary listing of its securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index incorporates certain gender diversity and environmental, social and governance (“ESG”) metrics developed by MSCI ESG Research (a subsidiary of the Index Provider (defined below)) to score and screen each security within the Parent Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">ESG Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index's incorporation of ESG considerations in its methodology may cause the Fund to make different investments than funds that do not incorporate such considerations in their strategy or investment processes. Under certain economic conditions, this could cause the Fund's investment performance to be worse than funds that do not incorporate such considerations. The Index's incorporation of ESG considerations may affect the Fund's exposure to certain sectors and/or types of investments, and may adversely impact the Fund's performance depending on whether such sectors or investments are in or out of favor in the market. The Index methodology incorporates data and scores provided by third parties, which may be unavailable or limited for certain issuers and/or only take into account one or a few of many ESG related components of portfolio companies. In instances where data or scores are unavailable or limited, (i) the Index may include, and the Fund may therefore hold, securities of companies that otherwise would not be included or held if data or scores were available or more complete, or (ii) the Index, and therefore the Fund, may exclude securities of companies that otherwise would have been included or held if data or scores were available or more complete. In addition, ESG information and scores across third party data providers, indexes and other funds may differ and/or be incomparable. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Fund's ESG-related objectives and/or criteria.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Gender Diversity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The returns on a portfolio of securities that excludes companies that are not gender diverse may trail the returns on a portfolio of securities that includes companies that are not gender diverse. Investing only in a portfolio of securities of companies that are gender diverse may affect the Fund's exposure to certain types of investments and may adversely impact the Fund's performance depending on whether such investments are in or out of favor in the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations.  This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">20.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-23.16%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">20.19%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2085 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2316 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.2019 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  Effective December 8, 2022 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the SSGA Gender Diversity Index (the “Previous Benchmark Index”) to the MSCI USA Gender Diversity Select Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2016-03-07 0.1533 0.0943 0.1156 0.1499 0.0910 0.1063 0.0929 0.0740 0.0914 0.1555 0.0961 0.1174 0.1788 0.1442 0.1531 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> MSCI USA StrategicFactors</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR MSCI USA StrategicFactors ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of an index based </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">upon the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0015 0 0.0000 0.0015 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 15 48 85 192 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">17</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.17 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the MSCI USA Factor Mix A-Series Capped Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the equity market performance of large-and mid-cap companies across the U.S. equity market. It aims to represent the performance of a combination of three factors: value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI USA Value Weighted Index, the MSCI USA Quality Index, and the MSCI USA Minimum Volatility Index (each, a “Component Index”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> If the MSCI USA Minimum Volatility Index is not available due to the concentrated </span><span style="color:#000000;font-family:Arial;font-size:10pt;">nature of its underlying parent index (for example, in the event of a low number of stocks or where a relatively few number of constituents constitutes a large proportion of index weight), the MSCI USA Minimum Volatility Index is replaced with the MSCI USA Risk Weighted Index (if used to replace the MSCI USA Minimum Volatility Index, also a “Component Index”) and the Index is an equal weighted combination of the MSCI USA Value Weighted Index, the MSCI USA Quality Index and the MSCI USA Risk Weighted Index. The Index Provider (defined below) determines if such replacement is necessary and reviews the MSCI USA Minimum Volatility Index for viability on a regular basis. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The MSCI USA Value Weighted Index includes publicly-traded companies domiciled in the U.S., weighted to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">emphasize stocks with lower valuations, by giving higher index weight to stocks with higher values of fundamental variables such as sales, earnings, cash earnings and book value. The MSCI USA Quality Index includes publicly-traded companies domiciled in the U.S., weighted to emphasize stocks with historically high return on equity, stable year-over-year earnings growth, and low financial leverage. The MSCI USA Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to publicly-traded companies domiciled in the U.S. and is weighted to provide the lowest absolute risk within a given set of constraints. The MSCI USA Risk Weighted Index includes publicly-traded companies domiciled in the U.S., and reweights the constituents so that stocks with lower volatility, measured as the weekly return variance over the prior three years, are given higher index weight.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Each </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Component Index is attributed equal weight (1/3) at each rebalancing. All constituents of each Component Index are included in the Index. The weight of each security in the Index is determined based on 1) the security's weight in each underlying Component Index; and 2) the weight of each underlying Component Index in the Index. The Index is then subject to the MSCI A-Series Index Methodology. The MSCI A-Series Index Methodology first seeks to ensure the Index includes at least 25 constituents. In the event the Index does not contain at least 25 constituents, the Index is supplemented by including constituents of the MSCI USA Small Cap Index, selected in decreasing order based on full market capitalization, until the target of 25 constituents is reached. The MSCI A-Series Index Methodology then applies the MSCI 25/50 Index Methodology, which aims to reflect 5/25/50 weight constraints (i.e., no issuer has a weight above 25%, and the sum of weights of all issuers with weights above 5% does not exceed 50%). The Index is rebalanced semi-annually, usually as of the close of the last business day of May and November, coinciding with the semi-annual index reviews of the MSCI Global Investable Market Indices and of each Component Index. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology and financial sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 526 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by MSCI, Inc.  (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the equity market performance of large-and mid-cap companies across the U.S. equity market. It aims to represent the performance of a combination of three factors: value, quality, and low volatility. The Index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI USA Value Weighted Index, the MSCI USA Quality Index, and the MSCI USA Minimum Volatility Index (each, a “Component Index”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The MSCI USA Value Weighted Index includes publicly-traded companies domiciled in the U.S., weighted to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">emphasize stocks with lower valuations, by giving higher index weight to stocks with higher values of fundamental variables such as sales, earnings, cash earnings and book value. The MSCI USA Quality Index includes publicly-traded companies domiciled in the U.S., weighted to emphasize stocks with historically high return on equity, stable year-over-year earnings growth, and low financial leverage. The MSCI USA Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to publicly-traded companies domiciled in the U.S. and is weighted to provide the lowest absolute risk within a given set of constraints. The MSCI USA Risk Weighted Index includes publicly-traded companies domiciled in the U.S., and reweights the constituents so that stocks with lower volatility, measured as the weekly return variance over the prior three years, are given higher index weight.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Low Volatility Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels. Low volatility stocks are likely to underperform the broader market during periods of rapidly rising stock prices.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quality Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A “quality” style of investing emphasizes companies with high returns on equity, stable earnings per share growth, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close </span><span style="color:#000000;font-family:Arial;font-size:10pt;">out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Stock Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">A “value” style of investing is subject to the risk that the returns on “value” equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value because the market fails to recognize a stock's intrinsic worth.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">16.70%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-19.32%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9.71%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1670 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1932 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0971 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1403 0.1245 0.1336 0.1364 0.1204 0.1285 0.0856 0.0988 0.1104 0.1424 0.1261 0.1354 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> NYSE Technology ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR NYSE Technology ETF (the “Fund”) seeks to provide investment results that, before </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of publicly traded technology companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">15</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.15 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the NYSE Technology Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is composed of 35 leading U.S.-listed technology-related companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The investible universe of the Index comprises all stocks in the Technology sector and technology-related stocks in the Consumer Discretionary sector, as defined by the Index Provider (as defined below) that are listed on major U.S. stock exchanges and meet the following criteria as of the index rebalance reference date: (i) issued by a company with a minimum market capitalization of $2 billion and (ii) have a trailing 3-month average daily traded value of $10 million. Stocks must also meet at least one of the following three revenue- and sales-based criteria: (i) sales from the latest quarter increased compared to sales from the same quarter of the previous year, (ii) have only one consecutive quarter of negative sales growth over the last two years, or (iii) have revenue totals from the last four quarters that classify it within the top 75 companies within the specific industry classification designated to it by the Index Provider. Eligible stocks are then ranked based on market capitalization and liquidity, and the top 35 stocks are selected for inclusion in the Index. At least 75% of the companies included in the Index must be headquartered in the United States.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is equal-weighted and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rebalanced annually after the close of trading on the third Friday of December. As of July 31, 2026 the Index comprised 35 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by ICE Data Indices, LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is composed of 35 leading U.S.-listed technology-related companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The investible universe of the Index comprises all stocks in the Technology sector and technology-related stocks in the Consumer Discretionary sector, as defined by the Index Provider (as defined below) that are listed on major U.S. stock exchanges and meet the following criteria as of the index rebalance reference date: (i) issued by a company with a minimum market capitalization of $2 billion and (ii) have a trailing 3-month average daily traded value of $10 million. Stocks must also meet at least one of the following three revenue- and sales-based criteria: (i) sales from the latest quarter increased compared to sales from the same quarter of the previous year, (ii) have only one consecutive quarter of negative sales growth over the last two years, or (iii) have revenue totals from the last four quarters that classify it within the top 75 companies within the specific industry classification designated to it by the Index Provider. Eligible stocks are then ranked based on market capitalization and liquidity, and the top 35 stocks are selected for inclusion in the Index. At least 75% of the companies included in the Index must be headquartered in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">36.19%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-25.59%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">37.67%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3619 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2559 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.3767 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective September 11, 2017, the Fund's benchmark was renamed the NYSE </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Technology Index due to a transfer of the Index's management to ICE Data Indices, LLC. Prior to September 11, 2017, the Fund's benchmark was named the Morgan Stanley Technology Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.3809 0.1498 0.2160 0.3801 0.1486 0.2068 0.2260 0.1204 0.1818 0.3864 0.1541 0.2214 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Nasdaq</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> 100 ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Nasdaq 100 ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of large capitalization equity securities of non-financial companies listed on a U.S. exchange.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0010 0 0.0000 0.0010 <span style="color:#000000;font-family:Arial;font-size:8pt;">“Other expenses” are based on estimated amounts for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 10 32 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">From the Fund's commencement of operations on June 23, 2026 to the most recent fiscal year end, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Nasdaq 100 Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of 100 of the largest domestic and international non-financial companies, based on market capitalization, listed on U.S. Nasdaq-affiliated exchanges. Non-financial companies are all companies except for those classified as “financials” companies according to Industry Classification Benchmark (ICB), a product of FTSE International Limited.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The selection universe for the Index includes all common stocks, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">tracking stocks and American Depositary Receipts (“ADRs”), including New York Registry Shares. Real estate investment trusts (REITs), Special Purpose Acquisition Companies (SPACs) and “when-issued” securities, as well as securities issued by companies who have filed for bankruptcy, are not eligible for inclusion in the Index. To be included in the Index, a security must generally (i) have a three-month average daily value traded of at least $5 million and (ii) have traded for at least three full calendar months, not including the month of initial listing, on an eligible exchange (such as any U.S. Nasdaq-affiliated exchange, New York Stock Exchange, NYSE American, or Cboe BZX).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain newly listed issuers, such as those that are listed via an initial public offering (“IPO”) or ones that were recently listed on an eligible exchange, may be added to the Index on an expedited (“fast entry”) basis if, among other things, they satisfy all applicable eligibility criteria and their market capitalization ranks within the top 40 Index constituents. Such issuers will be evaluated as of the end of their seventh trading day and added to the Index after 15 trading days (except that if the 15th trading day falls in the same month as a scheduled reconstitution or rebalance, then such issuers will either be added to the Index as part of the scheduled reconstitution or rebalance or no sooner than five trading days after the scheduled reconstitution or rebalance, as applicable per the Index methodology). An issuer listed on an eligible exchange for less than three full calendar months may also be added to the Index at a scheduled reconstitution or rebalance if it satisfies all other applicable eligibility criteria and ranks within the top 40 Index constituents as of the applicable reference date. A fast entry addition to the Index will not require removal of another security and may temporarily increase the Index constituent count to more than 100.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is modified market capitalization weighted. The Index is reconstituted annually in December and rebalanced quarterly in March, June, and September, and may also experience additional constituent changes in accordance with its methodology. At the December reconstitution, no security may exceed 15% of the Index. At the quarterly rebalance, no issuer may exceed 24% of the weight of the Index. A special reweighting may be conducted at any time if certain weighting restrictions are exceeded based on end-of-day values. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology and consumer discretionary sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 103 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Nasdaq, Inc. (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of 100 of the largest domestic and international non-financial companies, based on market capitalization, listed on U.S. Nasdaq-affiliated exchanges. Non-financial companies are all companies except for those classified as “financials” companies according to Industry Classification Benchmark (ICB), a product of FTSE International Limited.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;"> The selection universe for the Index includes all common stocks, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">tracking stocks and American Depositary Receipts (“ADRs”), including New York Registry Shares. Real estate investment trusts (REITs), Special Purpose Acquisition Companies (SPACs) and “when-issued” securities, as well as securities issued by companies who have filed for bankruptcy, are not eligible for inclusion in the Index. To be included in the Index, a security must generally (i) have a three-month average daily value traded of at least $5 million and (ii) have traded for at least three full calendar months, not including the month of initial listing, on an eligible exchange (such as any U.S. Nasdaq-affiliated exchange, New York Stock Exchange, NYSE American, or Cboe BZX).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Limited Track Record Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund has a limited track record and there is no assurance that the Fund will grow quickly. When the Fund's size is small, the Fund may experience low trading volume, which could lead to wider bid/ask spreads. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the listing exchange. Any resulting liquidation of the Fund could cause elevated transaction costs for the Fund and negative tax consequences for its shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. The Fund may become diversified for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund has not yet completed a full calendar year of operations and therefore does not report its performance history in this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Once the Fund has completed a full calendar year of operations, a bar chart and table will </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns based on net assets and comparing the Fund's performance to a relevant broad-based securities index. Updated performance information may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting the Fund's website: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund has not yet completed a full calendar year of operations and therefore does not report its performance history in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio S&amp;P 1500</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Composite Stock Market ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio S&amp;P 1500 Composite Stock Market ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the total return performance of </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">an index that tracks a broad universe of exchange traded U.S. equity securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">3</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Composite 1500 Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies). The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the broad exchange-traded U.S. equity securities universe.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks included in the S&amp;P 500 Index, the S&amp;P MidCap 400 Index, and the S&amp;P SmallCap 600 Index. Each underlying index includes U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX that meet specific market capitalization requirements. To be included in an underlying index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the Index; (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is float-adjusted market capitalization weighted. Index constituents are added and removed on an as-needed basis. The Index is rebalanced on a quarterly basis in March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology sector, although this may change from time to time. As of July 31, 2026, the Index comprised 1,505 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the broad exchange-traded U.S. equity securities universe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks included in the S&amp;P 500 Index, the S&amp;P MidCap 400 Index, and the S&amp;P SmallCap 600 Index. Each underlying index includes U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX that meet specific market capitalization requirements. To be included in an underlying index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the Index; (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures </span><span style="color:#000000;font-family:Arial;font-size:10pt;">contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">20.78%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-20.62%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12.56%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2078 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2062 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1256 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective November 16, 2017, the Fund's benchmark index changed from the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Russell 3000 Index to the SSGA Total Stock Market Index.  Effective January 24, 2020, the Fund's benchmark index changed from the SSGA Total Stock Market Index to the S&amp;P Composite 1500 Index.  Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index.  Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1694 0.1394 0.1445 0.1659 0.1354 0.1398 0.1022 0.1110 0.1202 0.1702 0.1396 0.1447 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio S&amp;P 400™ Mid Cap ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio S&amp;P 400 Mid Cap ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of an index that tracks </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">the performance of mid-capitalization exchange traded U.S. equity securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">17</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.17 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P MidCap 400 Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the mid-capitalization segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations between $8 billion and $22.7 billion and float-adjusted market capitalizations of at least $4 billion at the time of inclusion. These capitalization ranges may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter. In selecting securities for inclusion in the Index, the Index Provider also considers sector balance by comparing the weight of each GICS (Global Industry Classification Standard) sector in the Index to its weight in the relevant market capitalization range of the S&amp;P Total Market Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is float-adjusted market capitalization weighted. Index constituents are added and removed on an as-needed basis. The Index is rebalanced on a quarterly basis in March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the industrial and financial sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 400 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC  (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the mid-capitalization segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations between $8 billion and $22.7 billion and float-adjusted market capitalizations of at least $4 billion at the time of inclusion. These capitalization ranges may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter. In selecting securities for inclusion in the Index, the Index Provider also considers sector balance by comparing the weight of each GICS (Global Industry Classification Standard) sector in the Index to its weight in the relevant market capitalization range of the S&amp;P Total Market Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies </span><span style="color:#000000;font-family:Arial;font-size:10pt;">are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">24.31%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-29.75%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9.89%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2431 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2975 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0989 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective August 31, 2016, the Fund's benchmark index changed from the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Russell Small Cap Completeness Index to the S&amp;P 1000 Index.  Effective January 24, 2020, the Fund's benchmark index changed from the S&amp;P 1000 Index to the S&amp;P MidCap 400 Index.  Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index.  Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0748 0.0908 0.1036 0.0702 0.0862 0.0981 0.0458 0.0705 0.0833 0.0750 0.0912 0.1040 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Growth ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio S&amp;P 500 Growth ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of large capitalization exchange traded U.S. equity securities exhibiting </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:0.0pt;">“growth” characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0004 0 0.0000 0.0004 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">21</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.21 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P 500 Growth Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the large-capitalization growth segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P 500 Index exhibiting the strongest growth characteristics based on: (i) sales growth; (ii) changes in earnings over price; and (iii) momentum. The S&amp;P 500 Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). The selection universe for the S&amp;P 500 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. The minimum required capitalization may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Meeting these criteria does not guarantee automatic inclusion into the Index. Given the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">limited number of companies that the Index can have and that it must reflect sector representation, some eligible companies may not be added to the Index at a particular time. S&amp;P Dow Jones Indices LLC's Index Committee makes the final determination and approval of all Index constituents. The Index is market capitalization weighted, subject to capping requirements to comply with the Internal Revenue Code of 1986, as amended (the “Code”). The Index is reconstituted annually after the close of business on the third Friday of December and rebalances quarterly after the close of business on the third Friday of March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology sector, although this may change from time to time. As of July 31, 2026, the Index comprised 147 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the large-capitalization growth segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P 500 Index exhibiting the strongest growth characteristics based on: (i) sales growth; (ii) changes in earnings over price; and (iii) momentum. The S&amp;P 500 Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). The selection universe for the S&amp;P 500 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. The minimum required capitalization may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Stock Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. The Fund may become diversified for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-</span><span style="color:#000000;font-family:Arial;font-size:10pt;">seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">26.19%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-20.82%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">15.83%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2619 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2082 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1583 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.2210 0.1498 0.1690 0.2194 0.1475 0.1658 0.1318 0.1201 0.1431 0.2218 0.1504 0.1699 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> High Dividend ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio S&amp;P 500 High Dividend ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the performance of publicly traded issuers that have high dividend yields.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0007 0 0.0000 0.0007 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 7 23 40 90 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">29</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P 500 High Dividend Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of 80 high dividend-yielding companies within the S&amp;P 500 Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The S&amp;P 500 Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the S&amp;P 500 Index includes all U.S. common equities listed on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. The minimum required capitalization may be revised by the Index Provider (as defined below) at any time. To determine dividend yield: (i) an indicated dividend is measured by taking the latest dividend paid (excluding special payments) multiplied by the annual frequency of the payment; and (ii) the indicated dividend is then divided by the company's share price as of the rebalancing reference date.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Index constituents are equally weighted and the Index is rebalanced semi-annually, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">in January and July. As of August 31, 2026, a significant portion of the Fund comprised companies in the real estate and consumer staples sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 78 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of 80 high dividend-yielding companies within the S&amp;P 500 Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the S&amp;P 500 Index includes all U.S. common equities listed on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. The minimum required capitalization may be revised by the Index Provider (as defined below) at any time. To determine dividend yield: (i) an indicated dividend is measured by taking the latest dividend paid (excluding special payments) multiplied by the annual frequency of the payment; and (ii) the indicated dividend is then divided by the company's share price as of the rebalancing reference date.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Dividend Paying Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities that pay dividends, as a group, can fall out of favor with the market, causing such companies to underperform companies that do not pay dividends. In addition, changes in the dividend policies of the companies held by the Fund or the capital resources available for such company's dividend payments may adversely affect the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Staples Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Consumer staples companies are subject to government regulation affecting their products which may negatively impact such companies' performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Real Estate Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">REIT Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> REITs are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">22.54%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-36.65%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">8.37%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2254 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3665 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0837 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0467 0.1048 0.0898 0.0345 0.0914 0.0755 0.0342 0.0802 0.0683 0.0469 0.1050 0.0904 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Value ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio S&amp;P 500 Value ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of large capitalization exchange traded U.S. equity securities exhibiting </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:0.0pt;">“value” characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0004 0 0.0000 0.0004 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">24</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.24 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P 500 Value Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the large-capitalization value segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P 500 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The S&amp;P 500 Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). The selection universe for the S&amp;P 500 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. The minimum required capitalization may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Meeting these criteria does not guarantee automatic </span><span style="color:#000000;font-family:Arial;font-size:10pt;">inclusion into the Index. Given the limited number of companies that the Index can have and that it must reflect sector representation, some eligible companies may not be added to the Index at a particular time. S&amp;P Dow Jones Indices LLC's Index Committee makes the final determination and approval of all Index constituents. The Index is market capitalization weighted, subject to capping requirements to comply with the Internal Revenue Code of 1986, as amended (the “Code”). The Index is reconstituted annually after the close of business on the third Friday of December and rebalances quarterly after the close of business on the third Friday of March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology and financial sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 437 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the large-capitalization value segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P 500 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The S&amp;P 500 Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). The selection universe for the S&amp;P 500 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. The minimum required capitalization may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Stock Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">A “value” style of investing is subject to the risk that the returns on “value” equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value because the market fails to recognize a stock's intrinsic worth.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">14.45%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-25.31%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">8.97%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1445 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2531 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0897 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1312 0.1289 0.1165 0.1263 0.1230 0.1096 0.0809 0.1019 0.0944 0.1319 0.1296 0.1173 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio S&amp;P 600™ Small Cap ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio S&amp;P 600 Small Cap ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of an index that tracks </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">the performance of small capitalization exchange traded U.S. equity securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">30</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P SmallCap 600 Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the small-capitalization segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations between $1.2 billion and $8 billion and float-adjusted market capitalizations of at least $600 million at the time of inclusion. These capitalization ranges may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter. In selecting securities for inclusion in the Index, the Index Provider also considers sector balance by comparing the weight of each GICS (Global Industry Classification Standard) sector in the Index to its weight in the relevant market capitalization range of the S&amp;P Total Market Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is float-adjusted market capitalization weighted. Index constituents are added and removed on an as-needed basis. The Index is rebalanced on a quarterly basis in March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 602 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the small-capitalization segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations between $1.2 billion and $8 billion and float-adjusted market capitalizations of at least $600 million at the time of inclusion. These capitalization ranges may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter. In selecting securities for inclusion in the Index, the Index Provider also considers sector balance by comparing the weight of each GICS (Global Industry Classification Standard) sector in the Index to its weight in the relevant market capitalization range of the S&amp;P Total Market Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a </span><span style="color:#000000;font-family:Arial;font-size:10pt;">component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">31.29%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-32.74%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">14.09%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3129 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3274 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1409 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective November 16, 2017, the Fund's benchmark index changed from the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Russell 2000 Index to the SSGA Small Cap Index.  Effective January 24, 2020, the Fund's benchmark index changed from the SSGA Small Cap Index to the S&amp;P SmallCap 600 Index.  Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index.  Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0601 0.0728 0.0950 0.0545 0.0677 0.0897 0.0370 0.0558 0.0760 0.0602 0.0731 0.0952 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio S&amp;P Sector Neutral Dividend ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio S&amp;P Sector Neutral Dividend ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the performance of publicly traded issuers that have historically followed a policy of increasing or </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">maintaining dividend payments and mirrors the sector weights of the broad exchange-traded U.S. equity </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">securities universe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0 0.0000 0.0005 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Fund's “Other expenses” and “Total annual Fund operating expenses” have been restated to reflect current fees.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">31</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Sector-Neutral High Yield Dividend Aristocrats Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes.  In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of companies in the S&amp;P Composite 1500 Index (the “Parent Index”) that have followed a policy of increasing or maintaining dividends every year for at least seven consecutive years while maintaining sector weights that correspond to the Parent Index. The Parent Index is designed to measure the performance of the broad exchange-traded U.S. equity securities universe.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To be eligible for inclusion in the Index, a company must also have (i) a float-adjusted market capitalization of at least $3 billion ($1.5 billion for current Index constituents) and (ii) a three-month median daily value traded of at least $5 million ($4 million for current Index constituents). After determining the eligible companies, the Index Provider (defined below) calculates the median annual dividend yield of the eligible companies within each Global Industry Classification Standard (GICS) sector to obtain a sector median dividend yield. Eligible companies with dividend yields above their corresponding sector median dividend yield will be selected for inclusion in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> At each rebalance, companies within the Index are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">weighted by float-adjusted market capitalization within their corresponding sector. Each sector is then weighted to mirror the corresponding sector weight within the Parent Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is reconstituted annually after the closing of the last business day of January and rebalanced quarterly after the closing of the last business day of January, April, July and October. If between annual reviews the Index Provider determines, based on publicly available information, that an Index constituent has omitted a scheduled dividend payment, announced it will cease paying dividends for an undetermined period, or announced a reduced dividend amount and will no longer qualify for the Index at the subsequent reconstitution, the Index constituent will be removed from the Index effective prior to the open of the first business day of the following month. As of August 31, 2026, a significant portion of the Index comprised companies in the technology sector, although this may change from time to time. As of July 31, 2026, the Index comprised 276 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC  (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of companies in the S&amp;P Composite 1500 Index (the “Parent Index”) that have followed a policy of increasing or maintaining dividends every year for at least seven consecutive years while maintaining sector weights that correspond to the Parent Index. The Parent Index is designed to measure the performance of the broad exchange-traded U.S. equity securities universe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">To be eligible for inclusion in the Index, a company must also have (i) a float-adjusted market capitalization of at least $3 billion ($1.5 billion for current Index constituents) and (ii) a three-month median daily value traded of at least $5 million ($4 million for current Index constituents). After determining the eligible companies, the Index Provider (defined below) calculates the median annual dividend yield of the eligible companies within each Global Industry Classification Standard (GICS) sector to obtain a sector median dividend yield. Eligible companies with dividend yields above their corresponding sector median dividend yield will be selected for inclusion in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Dividend Paying Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities that pay dividends, as a group, can fall out of favor with the market, causing such companies to underperform companies that do not pay dividends. In addition, changes in the dividend policies of the companies held by the Fund or the capital resources available for such company's dividend payments may adversely affect the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Limited Track Record Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund has a limited track record and there is no assurance that the Fund will grow quickly. When the Fund's size is small, the Fund may experience low trading volume, which could lead to wider bid/ask spreads. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the listing exchange. Any resulting liquidation of the Fund could cause elevated transaction costs for the Fund and negative tax consequences for its shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-</span><span style="color:#000000;font-family:Arial;font-size:10pt;">seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">10.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q3 2024</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.01%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2024</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">11.64%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1085 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> 0.0001 2024-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1164 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2023-09-12 0.1167 0.1747 0.1089 0.1665 0.0742 0.1352 0.1180 0.1764 0.1788 0.2176 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Russell 1000 Low Volatility Focus ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Russell 1000 Low Volatility Focus ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of the Russell </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">1000 Low Volatility Focused Factor Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0020 0 0.0000 0.0020 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 20 64 113 255 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">22</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.22 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Russell 1000 Low Volatility Focused Factor Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies). The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising low volatility characteristics (the “Factor Characteristics”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To construct the Index, Frank Russell Company (the “Index Provider”) utilizes a rules-based multi-factor scoring process that seeks to increase exposure (or “tilt”) to companies in the Russell 1000 Index demonstrating the Factor Characteristics. The Russell 1000 Index is a market-capitalization index that measures the performance of the large-cap segment of the U.S. equity universe. Within the multi-factor scoring process, a specific focus is applied towards a company's volatility factor. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time. Each stock's factor scores are multiplied by the stock's free float market cap weight in the Russell 1000 Index to determine each constituent's weight in the multi-factor Index. Companies in the Russell 1000 Index are excluded from the Index if they do not meet a minimum weight in the Index. A company's volatility factor score is based on the standard deviation of weekly total returns to a company's stock price over the trailing five years ending on the last business day of the month prior to the Index rebalancing month. A company's value factor score is based on cash flow yield, earnings yield, and country relative sales to price ratio, calculated based on the company's total market capitalization and information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's quality factor score is based on return on assets, change in asset turnover, accruals, and leverage, calculated based on information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's size factor score is based on total market capitalization as of the last business day of the month prior to the Index rebalancing month</span><span style="color:#000000;font-family:Arial;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The weight of each individual stock in the Index is capped at 2000% of the stock's weight in the Russell 1000 Index, and any weight exceeding this limit will be redistributed to all stocks below the limit in proportion to their combination of market capitalization and factor scoring. The weight of each industry in the Index is capped at 120% of the industry's weight in the Russell 1000 Index plus an additional 5%, and any weight exceeding this limit is redistributed to all other industries below the limit in proportion to their combination of market capitalization and factor scoring. The weight of each industry in the Index must be at least 80% of the industry's weight in the Russell 1000 Index less 5%. The weights of any industries below this minimum will be increased to the minimum by redistributing the weights of industries above the minimum in proportion to their combination of market capitalization and factor scoring. The Index is rebalanced annually in June. As of August 31, 2026, a significant portion of the Fund comprised companies in the industrial and financial sectors, although this may change from time to time. As of July 31, 2026 there were approximately 448 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising low volatility characteristics (the “Factor Characteristics”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">To construct the Index, Frank Russell Company (the “Index Provider”) utilizes a rules-based multi-factor scoring process that seeks to increase exposure (or “tilt”) to companies in the Russell 1000 Index demonstrating the Factor Characteristics. The Russell 1000 Index is a market-capitalization index that measures the performance of the large-cap segment of the U.S. equity universe. Within the multi-factor scoring process, a specific focus is applied towards a company's volatility factor. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time. Each stock's factor scores are multiplied by the stock's free float market cap weight in the Russell 1000 Index to determine each constituent's weight in the multi-factor Index. Companies in the Russell 1000 Index are excluded from the Index if they do not meet a minimum weight in the Index. A company's volatility factor score is based on the standard deviation of weekly total returns to a company's stock price over the trailing five years ending on the last business day of the month prior to the Index rebalancing month. A company's value factor score is based on cash flow yield, earnings yield, and country relative sales to price ratio, calculated based on the company's total market capitalization and information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's quality factor score is based on return on assets, change in asset turnover, accruals, and leverage, calculated based on information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's size factor score is based on total market capitalization as of the last business day of the month prior to the Index rebalancing month</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Low Volatility Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels. Low volatility stocks are likely to underperform the broader market during periods of rapidly rising stock prices.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quality Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A “quality” style of investing emphasizes companies with high returns on equity, stable earnings per share growth, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Stock Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">A “value” style of investing is subject to the risk that the returns on “value” equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value because the market fails to recognize a stock's intrinsic worth.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">18.89%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-27.55%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">5.76%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1889 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2755 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0576 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0801 0.1016 0.1134 0.0751 0.0967 0.1053 0.0504 0.0798 0.0908 0.0820 0.1037 0.1157 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Russell 1000 Momentum Focus ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Russell 1000 Momentum Focus ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of the Russell </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">1000 Momentum Focused Factor Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0020 0 0.0000 0.0020 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Fund's “Other expenses” and “Total annual Fund operating expenses” have been restated to reflect current fees.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 20 64 113 255 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">49</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Russell 1000 Momentum Focused Factor Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">depositary receipts and shares of other investment companies). The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high momentum characteristics (the “Factor Characteristics”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To construct the Index, Frank Russell Company (the “Index Provider”) utilizes a rules-based multi-factor scoring process that seeks to increase exposure (or “tilt”) to companies in the Russell 1000 Index demonstrating the Factor Characteristics. The Russell 1000 Index is a market-capitalization index that measures the performance of the large-cap segment of the U.S. equity universe. Within the multi-factor scoring process, a specific focus is applied towards a company's momentum factor. Companies with higher momentum are those whose securities have had higher recent price performance compared to other securities. Each stock's factor scores are multiplied by the stock's free float market cap weight in the Russell 1000 Index to determine each constituent's weight in the multi-factor Index. Companies in the Russell 1000 Index are excluded from the Index if they do not meet a minimum weight in the Index. A company's momentum factor score is based on historical total return over the 11 months ending on the last business day of the month prior to the Index rebalancing month. A company's value factor score is based on cash flow yield, earnings yield, and country relative sales to price ratio, calculated based on the company's total market capitalization and information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's quality factor score is based on return on assets, change in asset turnover, accruals, and leverage, calculated based on information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's size factor score is based on total market capitalization as of the last business day of the month prior to the Index rebalancing month.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The weight of each individual stock in the Index is capped at 2000% of the stock's weight in the Russell 1000 Index, and any weight exceeding this limit will be redistributed to all stocks below the limit in proportion to their combination of market capitalization and factor scoring. The weight of each industry in the Index is capped at 120% of the industry's weight in the Russell 1000 Index plus an additional 5%, and any weight exceeding this limit is redistributed to all other industries below the limit in proportion to their combination of market capitalization and factor scoring. The weight of each industry in the Index must be at least 80% of the industry's weight in the Russell 1000 Index less 5%. The weights of any industries below this minimum will be increased to the minimum by redistributing the weights of industries above the minimum in proportion to their combination of market capitalization and factor scoring. The Index is rebalanced semi-annually in June and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the industrial sector, although this may change from time to time. As of July 31, 2026 there were approximately 933 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high momentum characteristics (the “Factor Characteristics”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">To construct the Index, Frank Russell Company (the “Index Provider”) utilizes a rules-based multi-factor scoring process that seeks to increase exposure (or “tilt”) to companies in the Russell 1000 Index demonstrating the Factor Characteristics. The Russell 1000 Index is a market-capitalization index that measures the performance of the large-cap segment of the U.S. equity universe. Within the multi-factor scoring process, a specific focus is applied towards a company's momentum factor. Companies with higher momentum are those whose securities have had higher recent price performance compared to other securities. Each stock's factor scores are multiplied by the stock's free float market cap weight in the Russell 1000 Index to determine each constituent's weight in the multi-factor Index. Companies in the Russell 1000 Index are excluded from the Index if they do not meet a minimum weight in the Index. A company's momentum factor score is based on historical total return over the 11 months ending on the last business day of the month prior to the Index rebalancing month. A company's value factor score is based on cash flow yield, earnings yield, and country relative sales to price ratio, calculated based on the company's total market capitalization and information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's quality factor score is based on return on assets, change in asset turnover, accruals, and leverage, calculated based on information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's size factor score is based on total market capitalization as of the last business day of the month prior to the Index rebalancing month.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Momentum Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund employs a “momentum” style of investing that emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad cross-section of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quality Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A “quality” style of investing emphasizes companies with high returns on equity, stable earnings per share growth, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Stock Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">A “value” style of investing is subject to the risk that the returns on “value” equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value because the market fails to recognize a stock's intrinsic worth.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">24.58%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-29.13%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">15.57%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2458 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2913 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1557 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1051 0.1037 0.1059 0.1015 0.0998 0.0998 0.0645 0.0816 0.0854 0.1069 0.1054 0.1079 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Russell 1000 Yield Focus ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Russell 1000 Yield Focus ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of the Russell 1000 Yield </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Focused Factor Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0020 0 0.0000 0.0020 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 20 64 113 255 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">37</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.37 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Russell 1000 Yield Focused Factor Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies). The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high yield characteristics (the “Factor Characteristics”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To construct the Index, Frank Russell Company (the “Index Provider”) utilizes a rules-based multi-factor scoring process that seeks to increase exposure (or “tilt”) to companies in the Russell 1000 Index demonstrating the Factor Characteristics. The Russell 1000 Index is a market-capitalization index that measures the performance of the large-cap segment of the U.S. equity universe. Within the multi-factor scoring process, a specific focus is applied towards a company's yield factor. Companies with higher yield are those whose securities have paid higher dividends compared to other securities. Each stock's factor scores are multiplied by the stock's free float market cap weight in the Russell 1000 Index to determine each constituent's weight in the multi-factor Index. Companies in the Russell 1000 Index are excluded from the Index if they do not meet a minimum weight in the Index. A company's yield factor score is based on 12-month trailing dividend yield as of the last business day of the month prior to the Index rebalancing month. A company's value factor score is based on cash flow yield, earnings yield, and country relative sales to price ratio, calculated based on the company's total market capitalization and information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's quality factor score is based on return on assets, change in asset turnover, accruals, and leverage, calculated based on information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's size factor score is based on the total market capitalization as of the last business day of the month prior to the Index rebalancing month.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The weight of each individual stock in the Index is capped at 2000% of the stock's weight in the Russell 1000 Index, and any weight exceeding this limit will be redistributed to all stocks below the limit in proportion to their combination of market capitalization and factor scoring. The weight of each industry in the Index is capped at 120% of the industry's weight in the Russell 1000 Index plus an additional 5%, and any weight exceeding this limit is redistributed to all other industries below the limit in proportion to their combination of market capitalization and factor scoring. The weight of each industry in the Index must be at least 80% of the industry's weight in the Russell 1000 Index less 5%. The weights of any industries below this minimum will be increased to the minimum by redistributing the weights of industries above the minimum in proportion to their combination of market capitalization and factor scoring. The Index is rebalanced annually in June. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2026, there were approximately 299 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by the Index Provider, which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high yield characteristics (the “Factor Characteristics”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">To construct the Index, Frank Russell Company (the “Index Provider”) utilizes a rules-based multi-factor scoring process that seeks to increase exposure (or “tilt”) to companies in the Russell 1000 Index demonstrating the Factor Characteristics. The Russell 1000 Index is a market-capitalization index that measures the performance of the large-cap segment of the U.S. equity universe. Within the multi-factor scoring process, a specific focus is applied towards a company's yield factor. Companies with higher yield are those whose securities have paid higher dividends compared to other securities. Each stock's factor scores are multiplied by the stock's free float market cap weight in the Russell 1000 Index to determine each constituent's weight in the multi-factor Index. Companies in the Russell 1000 Index are excluded from the Index if they do not meet a minimum weight in the Index. A company's yield factor score is based on 12-month trailing dividend yield as of the last business day of the month prior to the Index rebalancing month. A company's value factor score is based on cash flow yield, earnings yield, and country relative sales to price ratio, calculated based on the company's total market capitalization and information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's quality factor score is based on return on assets, change in asset turnover, accruals, and leverage, calculated based on information reported in the company's most recent annual financial statement as of the last business day of the month prior to the Index rebalancing month. A company's size factor score is based on the total market capitalization as of the last business day of the month prior to the Index rebalancing month.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Dividend Paying Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities that pay dividends, as a group, can fall out of favor with the market, causing such companies to underperform companies that do not pay dividends. In addition, changes in the dividend policies of the companies held by the Fund or the capital resources available for such company's dividend payments may adversely affect the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quality Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A “quality” style of investing emphasizes companies with high returns on equity, stable earnings per share growth, and low financial leverage. This style of investing is subject to the risk that the past performance of these companies does not continue or that the returns on “quality” equity securities are less than returns on other styles of investing or the overall stock market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Stock Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">A “value” style of investing is subject to the risk that the returns on “value” equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value because the market fails to recognize a stock's intrinsic worth.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">25.26%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-36.21%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">10.80%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2526 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3621 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1080 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0764 0.1204 0.1156 0.0679 0.1119 0.1021 0.0504 0.0947 0.0901 0.0781 0.1226 0.1180 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> 1500 Momentum Tilt ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P 1500 Momentum Tilt ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of U.S. equity securities exhibiting price momentum.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0012 0 0.0000 0.0012 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 12 39 68 154 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">136</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 1.36 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P 1500 Positive Momentum Tilt Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index applies an alternative weighting methodology to the S&amp;P Composite 1500 Index so that stocks with relatively strong momentum are overweight relative to the S&amp;P Composite 1500 Index and stocks with relatively weak momentum are underweight. The S&amp;P Composite 1500 Index, one of the leading indices of the U.S. equity market, is a capitalization-weighted combination of the large-cap S&amp;P 500 Index, the S&amp;P MidCap 400 Index, and the S&amp;P SmallCap 600 Index. A “momentum” style of investing emphasizes investing in securities that have had higher recent price performance compared to other securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">In constructing the Index, the Index Provider (as defined below) estimates the momentum of each stock in the S&amp;P Composite 1500 Index based on its 11-month total return ending on the rebalancing reference date and ranks all 1,500 Index constituents in order of momentum. S&amp;P then forms 20 sub-portfolios of approximately equal market capitalization, grouped by momentum. S&amp;P determines each sub-portfolio allocation so that a sub-portfolio with relatively high momentum will have a higher allocation than a sub-portfolio with relatively low momentum.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The weight of each stock in the Index is proportional to its market capitalization </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and to its sub-portfolio allocation. The Index is rebalanced quarterly, effective after the close on the third Friday of January, April, July, and October. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology sector, although this may change from time to time. As of July 31, 2026, there were approximately 1,497 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC  (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index applies an alternative weighting methodology to the S&amp;P Composite 1500 Index so that stocks with relatively strong momentum are overweight relative to the S&amp;P Composite 1500 Index and stocks with relatively weak momentum are underweight. The S&amp;P Composite 1500 Index, one of the leading indices of the U.S. equity market, is a capitalization-weighted combination of the large-cap S&amp;P 500 Index, the S&amp;P MidCap 400 Index, and the S&amp;P SmallCap 600 Index. A “momentum” style of investing emphasizes investing in securities that have had higher recent price performance compared to other securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In constructing the Index, the Index Provider (as defined below) estimates the momentum of each stock in the S&amp;P Composite 1500 Index based on its 11-month total return ending on the rebalancing reference date and ranks all 1,500 Index constituents in order of momentum. S&amp;P then forms 20 sub-portfolios of approximately equal market capitalization, grouped by momentum. S&amp;P determines each sub-portfolio allocation so that a sub-portfolio with relatively high momentum will have a higher allocation than a sub-portfolio with relatively low momentum.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Momentum Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund employs a “momentum” style of investing that emphasizes investing in securities that have had higher recent price performance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad cross-section of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investing or the overall stock market. Momentum can turn quickly and cause significant variation from other types of investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible </span><span style="color:#000000;font-family:Arial;font-size:10pt;">that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. The Fund may become diversified for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Frequent purchases and sales of portfolio securities may result in higher Fund expenses and may result in more significant distributions of short-term capital gains to investors, which are taxed to individuals as ordinary income. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">20.53%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-18.56%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">5.79%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2053 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1856 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0579 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1316 0.1377 0.1430 0.1291 0.1345 0.1391 0.0794 0.1098 0.1193 0.1328 0.1394 0.1446 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> 1500 Value Tilt ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P 1500 Value Tilt ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of U.S. equity securities exhibiting </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:0.0pt;">“value” characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0012 0 0.0000 0.0012 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 12 39 68 154 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">14</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.14 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P 1500 Low Valuation Tilt Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index applies an alternative weighting methodology to the S&amp;P Composite 1500 Index so that stocks with relatively low valuations (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, relatively “cheap”) are overweight relative to the S&amp;P Composite 1500 Index and stocks with relatively high valuations (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, relatively “rich”) are underweight. The S&amp;P Composite 1500 Index, one of the leading indices of the U.S. equity market, is a capitalization-weighted combination of the large-cap S&amp;P 500 Index, the S&amp;P MidCap 400 Index, and the S&amp;P SmallCap 600 Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">In constructing the Index, the Index Provider (as defined below) estimates the valuation of each stock in the S&amp;P Composite 1500 Index based on the ratio of its price to its reported book value and last 12 months level of earnings, cash flow, sales, and dividends. S&amp;P weights this data from the last five calendar years to create a composite valuation measure, and ranks all 1,500 index constituents in order of composite valuation. S&amp;P then forms 20 sub-portfolios of approximately equal market capitalization, grouped by composite valuations. S&amp;P derives a sub-portfolio allocation factor using each sub-portfolio's composite valuation, so that a sub-portfolio with relatively low valuation will have a higher allocation factor than a sub-portfolio with relatively high valuation.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The weight of each stock in the Index is proportionate to its market capitalization and to its sub-portfolio</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> allocation factor. The Index is rebalanced annually after the close of business on the third Friday of April. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial and technology sectors, although this may change from time to time. As of July 31, 2026, there were approximately 1,465 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC  (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index applies an alternative weighting methodology to the S&amp;P Composite 1500 Index so that stocks with relatively low valuations (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, relatively “cheap”) are overweight relative to the S&amp;P Composite 1500 Index and stocks with relatively high valuations (</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">, relatively “rich”) are underweight. The S&amp;P Composite 1500 Index, one of the leading indices of the U.S. equity market, is a capitalization-weighted combination of the large-cap S&amp;P 500 Index, the S&amp;P MidCap 400 Index, and the S&amp;P SmallCap 600 Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In constructing the Index, the Index Provider (as defined below) estimates the valuation of each stock in the S&amp;P Composite 1500 Index based on the ratio of its price to its reported book value and last 12 months level of earnings, cash flow, sales, and dividends. S&amp;P weights this data from the last five calendar years to create a composite valuation measure, and ranks all 1,500 index constituents in order of composite valuation. S&amp;P then forms 20 sub-portfolios of approximately equal market capitalization, grouped by composite valuations. S&amp;P derives a sub-portfolio allocation factor using each sub-portfolio's composite valuation, so that a sub-portfolio with relatively low valuation will have a higher allocation factor than a sub-portfolio with relatively high valuation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Stock Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">A “value” style of investing is subject to the risk that the returns on “value” equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value because the market fails to recognize a stock's intrinsic worth.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both </span><span style="color:#000000;font-family:Arial;font-size:10pt;">domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">19.76%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-26.83%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">14.88%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1976 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2683 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1488 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1647 0.1398 0.1305 0.1592 0.1341 0.1243 0.1007 0.1111 0.1072 0.1666 0.1414 0.1322 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P 400™ Mid Cap Growth ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P 400 Mid Cap Growth ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of medium capitalization exchange traded U.S. equity securities exhibiting </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:0.0pt;">“growth” </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0015 0 0.0000 0.0015 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 15 48 85 192 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">53</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P MidCap 400 Growth Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the mid-capitalization growth segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P MidCap 400 Index exhibiting the strongest growth characteristics based on: (i) sales growth; (ii) changes in earnings over price; and (iii) momentum. The selection universe for the S&amp;P MidCap 400 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with market capitalizations between $8 billion and $22.7 billion at the time of inclusion. This capitalization range may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted, subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capping requirements to comply with the Internal Revenue Code of 1986, as amended (the “Code”). The Index is reconstituted annually after the close of business on the third Friday of December and rebalances quarterly after the close of business on the third Friday of March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the industrial, technology and health care sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 245 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the mid-capitalization growth segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P MidCap 400 Index exhibiting the strongest growth characteristics based on: (i) sales growth; (ii) changes in earnings over price; and (iii) momentum. The selection universe for the S&amp;P MidCap 400 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with market capitalizations between $8 billion and $22.7 billion at the time of inclusion. This capitalization range may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Stock Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Health Care Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of health care through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">25.84%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-24.76%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">13.63%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2584 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2476 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1363 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0731 0.0697 0.1027 0.0707 0.0669 0.0990 0.0442 0.0540 0.0835 0.0746 0.0712 0.1044 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P 400™ Mid Cap Value ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P 400 Mid Cap Value ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of medium capitalization exchange traded U.S. equity securities exhibiting </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:0.0pt;">“value” </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0015 0 0.0000 0.0015 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 15 48 85 192 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">38</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P MidCap 400 Value Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the mid-capitalization value segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P MidCap 400 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The selection universe for the S&amp;P MidCap 400 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with market capitalizations between $8 billion and $22.7 billion at the time of inclusion. This capitalization range may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted, subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capping requirements to comply with the Internal Revenue Code of 1986, as amended (the “Code”). The Index is reconstituted annually after the close of business on the third Friday of December and rebalances quarterly after the close of business on the third Friday of March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 297 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the mid-capitalization value segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P MidCap 400 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The selection universe for the S&amp;P MidCap 400 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with market capitalizations between $8 billion and $22.7 billion at the time of inclusion. This capitalization range may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Stock Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">A “value” style of investing is subject to the risk that the returns on “value” equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value because the market fails to recognize a stock's intrinsic worth.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">28.56%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-35.09%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">5.89%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2856 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3509 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0589 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10pt;">hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who </span><span style="color:#000000;font-family:Arial;font-size:10pt;">hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0743 0.1085 0.1054 0.0691 0.1029 0.0990 0.0463 0.0848 0.0846 0.0758 0.1101 0.1069 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> 500 Fossil Fuel Reserves Free ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P 500 Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of the S&amp;P 500 </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Fossil Fuel Reserves Free Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0020 0 0.0000 0.0020 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 20 64 113 255 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">3</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P 500 Fossil Fuel Reserves Free Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index (including common stock, preferred stock, depositary receipts and shares of other investment companies). The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of companies in the S&amp;P 500 Index that are “fossil fuel reserves free,” as determined by S&amp;P Trucost Limited through its review of publicly available information, such as annual reports and other company publications. For purposes of the composition of the Index, fossil fuel reserves are defined as proved and probable (i) thermal coal reserves, (ii) other non-metallurgical coal reserves (e.g., coal for chemical biproducts, coal briquettes, residential use, liquid fuel, cement production, paper manufacturing, pharmaceutical, alumina refineries, ferrochrome, anthracite) (iii) conventional or unconventional oil reserves (e.g., natural gas liquids, oil sands, condensates and liquid petroleum gas), (iv) natural gas reserves, (v) shale gas reserves, and (vi) oil and gas reserves that have not been disclosed transparently as specific types of oil or gas, or are disclosed as one aggregate quantity of oil and gas reserves combined.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a subset of the S&amp;P 500 Index (the “Underlying Index”), which serves as the initial universe of eligible securities for the Index. The Underlying Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). The selection universe for the S&amp;P 500 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. The minimum required capitalization may be revised by the Index Provider (as defined below) at any time. In constructing the Index, the initial universe is screened in an effort to exclude companies with any ownership of proved or probable fossil fuel reserves, including for third-party and in-house power generation.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is weighted by float-adjusted market capitalization. The Index is rebalanced quarterly after the close of business on the third Friday of March, June, September, and December. The rebalancing reference dates are after the close of the third Friday of February, May, August, and November, respectively. New additions to the Underlying Index are reviewed for inclusion in the Index each quarter, provided they have been added to the Underlying Index by the Index rebalancing reference dates. Fossil fuel reserve ownership information is updated as part of each quarterly rebalancing. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 488 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of companies in the S&amp;P 500 Index that are “fossil fuel reserves free,” as determined by S&amp;P Trucost Limited through its review of publicly available information, such as annual reports and other company publications. For purposes of the composition of the Index, fossil fuel reserves are defined as proved and probable (i) thermal coal reserves, (ii) other non-metallurgical coal reserves (e.g., coal for chemical biproducts, coal briquettes, residential use, liquid fuel, cement production, paper manufacturing, pharmaceutical, alumina refineries, ferrochrome, anthracite) (iii) conventional or unconventional oil reserves (e.g., natural gas liquids, oil sands, condensates and liquid petroleum gas), (iv) natural gas reserves, (v) shale gas reserves, and (vi) oil and gas reserves that have not been disclosed transparently as specific types of oil or gas, or are disclosed as one aggregate quantity of oil and gas reserves combined.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a subset of the S&amp;P 500 Index (the “Underlying Index”), which serves as the initial universe of eligible securities for the Index. The Underlying Index focuses on the large capitalization U.S. equity market, including common stock and real estate investment trusts (“REITs”). The selection universe for the S&amp;P 500 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. The minimum required capitalization may be revised by the Index Provider (as defined below) at any time. In constructing the Index, the initial universe is screened in an effort to exclude companies with any ownership of proved or probable fossil fuel reserves, including for third-party and in-house power generation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fossil Fuel Reserves Free Ownership Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The returns on a portfolio of securities that seeks to exclude companies that own fossil fuel reserves may trail the returns on a portfolio of securities that includes such companies. Investing in a portfolio of securities of companies that do not own fossil fuel reserves may affect the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's exposure to certain types of investments and may impact the Fund's relative investment performance depending on whether such investments are in or out of favor in the market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">20.28%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-18.79%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">11.94%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2028 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1879 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1194 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1785 0.1400 0.1477 0.1758 0.1368 0.1437 0.1074 0.1118 0.1235 0.1811 0.1423 0.1502 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Scored and Screened ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> ESG ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P 500 Scored and Screened ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">provides exposure to securities that meet certain sustainability criteria (criteria related to environmental, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">social and governance (</span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:0.0pt;">“ESG”) factors) while maintaining similar overall industry group weights as the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">500 Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0010 0 0.0000 0.0010 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 10 32 56 128 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">16</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.16 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P 500 Scored &amp; Screened Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of securities meeting certain sustainability criteria (criteria related to ESG factors), while maintaining similar overall industry group weights as the S&amp;P 500 Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Securities eligible for inclusion in the Index comprise all constituents of the S&amp;P 500 Index except for:</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that meet any of the following Business Involvement Exclusions, based on revenue levels as determined by S&amp;P Global, Inc. (an affiliate of the Index Provider (defined below)):</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive any amount of revenue from manufacturing tobacco products, 5% or greater of their revenue from supplying products and services essential for the tobacco industry, or 5% or greater of their revenue from the distribution and/or retail sale of tobacco products;</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Controversial Weapons Companies,” defined as companies that derive any amount of revenue from (i) manufacturing components intended solely for use in the production of and are essential for the functioning of anti-personnel mines, biological and chemical weapons, blinding laser weapons, cluster munitions, depleted uranium, incendiary weapons and nuclear weapons (collectively, “Controversial Weapons”), or (ii) products and/or services related to the sale, supply and transfer of Controversial Weapons;</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive 5% or greater of their revenue from the extraction and/or production of fossil fuels from oil/tar sands;</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that (i) derive any amount of revenue from the manufacturing of small arms weapons for civilian or non-civilian use, or key components of assault weapons; or (ii) derive 5% or greater of their revenue from the retail or distribution of small arms weapons for civilian customers; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive 10% or greater of their revenue from (i) manufacturing, assembling, selling and transporting weapons, equipment, structures, and vehicles, or providing vehicle and equipment maintenance services and logistics and operations support, specifically for the purposes of warfare, or (ii) manufacturing and selling military weapon-related products; or</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive 5% or greater of their revenue from (i) owning and/or operating coal mines that engage in thermal coal mining or (ii) electricity generation using coal powered plants. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that hold 25% or greater ownership stakes (as determined by S&amp;P Global, Inc.) in:</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive any amount of revenue from manufacturing tobacco products; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Controversial Weapons Companies; or</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive any amount of revenue from the manufacturing of small arms weapons for civilian and non-civilian use, or key components of assault weapons.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that are classified by Sustainalytics to be non-compliant with the United Nations Global Compact (“UNGC”) principles (“Non-Compliant UNGC Companies”). Non-Compliant UNGC Companies are (i) companies found to have been responsible for egregious and severe violations of commonly accepted international norms related to human rights, labor rights, the environment and business ethics, or (ii) companies deemed to facilitate third parties in human rights violations due to their involvement in certain weapons with disproportional and/or non-discriminatory impact on citizens and society;</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that have an S&amp;P Global ESG Score that falls within the worst 25% of scores from each Global Industry Classification Standard (GICS) industry group in the underlying universe of companies eligible for inclusion in the Index (the “Investment Universe”); or</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that do not have (i) coverage for determining tobacco-, controversial weapons-, oil sands-, small arms-, military weapons- and thermal coal-related involvement or compliance with UNGC principles; or (ii) an S&amp;P Global ESG Score.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">S&amp;P Global ESG Scores are assigned by S&amp;P Global, Inc. using its Corporate Sustainability Assessment, which is an annual evaluation of a company, based on ESG factors that S&amp;P Global, Inc. determines are financially material to the company, relative to its industry peer companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">After implementing the exclusion criteria described above, the remaining companies are then ranked based on their S&amp;P Global ESG Score. For each GICS industry group, companies are selected for inclusion in the Index primarily in decreasing order of S&amp;P Global ESG Score until approximately 75% of the float adjusted market capitalization of the industry group is reached.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is float-adjusted market capitalization weighted. A company's float-adjusted market capitalization is calculated by multiplying the number of shares readily available in the market by the price of such shares. The Index is reconstituted and rebalanced annually on the last business day in April based on information as of the last trading date in March. In addition, companies will be removed from the Index (i) on the last business day of July, October and January, if found to meet a Business Involvement Exclusion as of the last business day of the previous month, or (ii) on the third Friday of March, June, September and December if found to be a Non-Compliant UNGC Company as of the last business day of the previous month. In addition, between Index rebalances, Index constituents may be removed from the Index for their involvement in economic crime and corruption, fraud, illegal commercial practices, human rights abuses, labor disputes, workplace safety catastrophic accidents, environmental disasters, and certain other activities associated with environmental, social and governance risks. Any companies removed from the Index on account of such activities are not eligible for inclusion in the Index until one full calendar year from the next rebalancing of the Index. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology sector, although this may change from time to time. As of July 31, 2026, the Index comprised of 328 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of securities meeting certain sustainability criteria (criteria related to ESG factors), while maintaining similar overall industry group weights as the S&amp;P 500 Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Securities eligible for inclusion in the Index comprise all constituents of the S&amp;P 500 Index except for:</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that meet any of the following Business Involvement Exclusions, based on revenue levels as determined by S&amp;P Global, Inc. (an affiliate of the Index Provider (defined below)):</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive any amount of revenue from manufacturing tobacco products, 5% or greater of their revenue from supplying products and services essential for the tobacco industry, or 5% or greater of their revenue from the distribution and/or retail sale of tobacco products;</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Controversial Weapons Companies,” defined as companies that derive any amount of revenue from (i) manufacturing components intended solely for use in the production of and are essential for the functioning of anti-personnel mines, biological and chemical weapons, blinding laser weapons, cluster munitions, depleted uranium, incendiary weapons and nuclear weapons (collectively, “Controversial Weapons”), or (ii) products and/or services related to the sale, supply and transfer of Controversial Weapons;</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive 5% or greater of their revenue from the extraction and/or production of fossil fuels from oil/tar sands;</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that (i) derive any amount of revenue from the manufacturing of small arms weapons for civilian or non-civilian use, or key components of assault weapons; or (ii) derive 5% or greater of their revenue from the retail or distribution of small arms weapons for civilian customers; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive 10% or greater of their revenue from (i) manufacturing, assembling, selling and transporting weapons, equipment, structures, and vehicles, or providing vehicle and equipment maintenance services and logistics and operations support, specifically for the purposes of warfare, or (ii) manufacturing and selling military weapon-related products; or</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive 5% or greater of their revenue from (i) owning and/or operating coal mines that engage in thermal coal mining or (ii) electricity generation using coal powered plants. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that hold 25% or greater ownership stakes (as determined by S&amp;P Global, Inc.) in:</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive any amount of revenue from manufacturing tobacco products; </span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Controversial Weapons Companies; or</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that derive any amount of revenue from the manufacturing of small arms weapons for civilian and non-civilian use, or key components of assault weapons.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that are classified by Sustainalytics to be non-compliant with the United Nations Global Compact (“UNGC”) principles (“Non-Compliant UNGC Companies”). Non-Compliant UNGC Companies are (i) companies found to have been responsible for egregious and severe violations of commonly accepted international norms related to human rights, labor rights, the environment and business ethics, or (ii) companies deemed to facilitate third parties in human rights violations due to their involvement in certain weapons with disproportional and/or non-discriminatory impact on citizens and society;</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that have an S&amp;P Global ESG Score that falls within the worst 25% of scores from each Global Industry Classification Standard (GICS) industry group in the underlying universe of companies eligible for inclusion in the Index (the “Investment Universe”); or</span><span style="color:#000000;font-family:Arial;font-size:10pt;">•</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Companies that do not have (i) coverage for determining tobacco-, controversial weapons-, oil sands-, small arms-, military weapons- and thermal coal-related involvement or compliance with UNGC principles; or (ii) an S&amp;P Global ESG Score.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">ESG Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index's incorporation of ESG considerations in its methodology may cause the Fund to make different investments than funds that do not incorporate such considerations in their strategy or investment processes. Under certain economic conditions, this could cause the Fund's investment performance to be worse than funds that do not incorporate such considerations. The Index's incorporation of ESG considerations may affect the Fund's exposure to certain sectors and/or types of investments, and may adversely impact the Fund's performance depending on whether such sectors or investments are in or out of favor in the market. The Index methodology incorporates data and scores provided by third parties, which may be unavailable or limited for certain issuers and/or only take into account one or a few of many ESG related components of portfolio companies. In instances where data or scores are unavailable or limited, (i) the Index may include, and the Fund may therefore hold, securities of companies that otherwise would not be included or held if data or scores were available or more complete, or (ii) the Index, and therefore the Fund, may exclude securities of companies that otherwise would have been included or held if data or scores were available or more complete.  In addition, ESG information and scores across third party data providers, indexes and other funds may differ and/or be incomparable.  To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Fund's ESG-related objectives and/or criteria.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-</span><span style="color:#000000;font-family:Arial;font-size:10pt;">seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-16.14%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12.77%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1285 2021-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1614 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1277 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective February 10, 2025, the Fund's benchmark was renamed the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10pt;">500 Scored &amp; Screened Index. Prior to February 10, 2025, the Fund's benchmark was named the S&amp;P 500 ESG Index. The change did not result in any change to the index methodology or to the Fund's investment objective or principal investment strategy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2020-07-28 0.1848 0.1522 0.1711 0.1816 0.1483 0.1670 0.1113 0.1217 0.1383 0.1863 0.1536 0.1725 0.1788 0.1442 0.1650 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P 600™ Small Cap Growth ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P 600 Small Cap Growth ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of an index that tracks </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">the performance of small capitalization exchange traded U.S. equity securities exhibiting </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:0.0pt;">“growth” </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0015 0 0.0000 0.0015 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 15 48 85 192 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">53</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P SmallCap 600 Growth Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the small-capitalization growth segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P SmallCap 600 Index exhibiting the strongest growth characteristics based on: (i) sales growth; (ii) changes in earnings over price; and (iii) momentum. The selection universe for the S&amp;P SmallCap 600 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with market capitalizations between $1.2 billion and $8 billion at the time of inclusion. This capitalization range may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted, subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capping requirements to comply with the Internal Revenue Code of 1986, as amended (the “Code”). The Index is reconstituted annually after the close of business on the third Friday of December and rebalances quarterly after the close of business on the third Friday of March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the industrial and financial sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 347 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the small-capitalization growth segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P SmallCap 600 Index exhibiting the strongest growth characteristics based on: (i) sales growth; (ii) changes in earnings over price; and (iii) momentum. The selection universe for the S&amp;P SmallCap 600 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with market capitalizations between $1.2 billion and $8 billion at the time of inclusion. This capitalization range may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Stock Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The prices of growth stocks may be based largely on expectations of future earnings, and their prices can decline rapidly and significantly in reaction to negative news. Growth stocks may underperform value stocks and stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally, sometimes rapidly, depending on changes in market, economic, and other factors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally </span><span style="color:#000000;font-family:Arial;font-size:10pt;">as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">29.75%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-28.12%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">14.23%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2975 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2812 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1423 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0523 0.0540 0.0968 0.0495 0.0509 0.0925 0.0318 0.0413 0.0783 0.0537 0.0553 0.0982 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P 600™ Small Cap Value ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P 600 Small Cap Value ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of an index that tracks </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">the performance of small capitalization exchange traded U.S. equity securities exhibiting </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:0.0pt;">“value” </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">characteristics.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0015 0 0.0000 0.0015 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 15 48 85 192 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">59</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.59 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P SmallCap 600 Value Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the small-capitalization value segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P SmallCap 600 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The selection universe for the S&amp;P SmallCap 600 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with market capitalizations between $1.2 billion and $8 billion at the time of inclusion. The capitalization range may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">subject to capping requirements to comply with the Internal Revenue Code of 1986, as amended (the “Code”). The Index is reconstituted annually after the close of business on the third Friday of December and rebalances quarterly after the close of business on the third Friday of March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial and consumer discretionary sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 461 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index measures the performance of the small-capitalization value segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index consists of those stocks in the S&amp;P SmallCap 600 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio. The selection universe for the S&amp;P SmallCap 600 Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with market capitalizations between $1.2 billion and $8 billion at the time of inclusion. The capitalization range may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive as-reported earnings over the most recent four consecutive quarters (measured using the sum of earnings over those quarters) and for the most recent quarter.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Stock Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">A “value” style of investing is subject to the risk that the returns on “value” equity securities are less than returns on other styles of investing or the overall stock market. Value stocks present the risk that they may decline in price or never reach their expected full market value because the market fails to recognize a stock's intrinsic worth.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">32.82%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-37.33%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">13.72%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3282 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3733 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1372 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0657 0.0880 0.0952 0.0584 0.0813 0.0870 0.0405 0.0674 0.0747 0.0670 0.0896 0.0964 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Aerospace &amp; Defense ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Aerospace &amp; Defense ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of an index derived </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">from the aerospace and defense segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">33</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.33 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Aerospace &amp; Defense Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the aerospace and defense segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The aerospace &amp; defense segment of the S&amp;P TMI comprises the Aerospace &amp; Defense sub-industry.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Aerospace &amp; Defense sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies. To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is modified equal weighted. The Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 47 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the aerospace and defense segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The aerospace &amp; defense segment of the S&amp;P TMI comprises the Aerospace &amp; Defense sub-industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Aerospace &amp; Defense sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies. To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Aerospace and Defense Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies because companies involved in this industry rely to a significant extent on U.S. (and other) government demand for their products and services. Thus, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">31.63%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-29.93%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-4.03%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3163 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2993 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0403 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.4621 0.1671 0.1728 0.4605 0.1654 0.1706 0.2744 0.1349 0.1472 0.4679 0.1710 0.1769 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bank ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Bank ETF (the “Fund”) seeks to provide investment results that, before fees </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">and expenses, correspond generally to the total return performance of an index that tracks the performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of publicly traded national money centers and leading regional banks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">26</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.26 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Banks Select Industry Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the banks segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The banks segment of the S&amp;P TMI comprises the following sub-industries: Asset Management &amp; Custody Banks, Diversified Banks, Regional Banks, Diversified Financial Services, and Commercial &amp; Residential Mortgage Finance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Asset Management &amp; Custody Banks, Diversified Banks, Regional Banks, Diversified Financial Services, and Commercial &amp; Residential Mortgage Finance sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization above $2 billion with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) above 100%; and (ii) are U.S. based companies. To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $1 billion or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is </span><span style="color:#000000;font-family:Arial;font-size:10pt;">modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 103 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the banks segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The banks segment of the S&amp;P TMI comprises the following sub-industries: Asset Management &amp; Custody Banks, Diversified Banks, Regional Banks, Diversified Financial Services, and Commercial &amp; Residential Mortgage Finance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Asset Management &amp; Custody Banks, Diversified Banks, Regional Banks, Diversified Financial Services, and Commercial &amp; Residential Mortgage Finance sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization above $2 billion with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) above 100%; and (ii) are U.S. based companies. To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $1 billion or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Banking Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The performance of bank stocks may be affected by extensive governmental regulation, which may limit the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, and the amount of capital they must maintain. The impact of changes in regulations and capital requirements on a banking company cannot be predicted and may negatively impact such banking company. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate </span><span style="color:#000000;font-family:Arial;font-size:10pt;">significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can negatively impact banking companies. Banks may also be subject to severe price competition. Competition among banking companies is high and failure to maintain or increase market share may result in lost market value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Regional Bank Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in regional banks, which may be small or medium in size, may involve greater risk than investing in larger, more established banks. Securities of regional banks are often less liquid and subject to greater volatility and less trading volume than is customarily associated with securities of larger banks. A regional bank's financial performance may be dependent upon the business environment in certain geographic regions of the United States and, as a result, adverse economic or employment developments in such regions may negatively impact such regional bank and, in turn, the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Institutions Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Changes in the creditworthiness of financial institutions (such as banks and broker-dealers) may adversely affect the values of instruments of issuers in financial industries. Adverse developments in banking and other financial industries may cause the Fund to underperform relative to other funds that invest more broadly across different industries or have a smaller exposure to financial institutions. Other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy or the Fund. In addition, the Fund may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails. Changes in governmental regulation and oversight of financial institutions may have an adverse effect on the financial condition of a financial institution.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">42.83%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-42.63%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">5.90%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.4283 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.4263 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0590 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1234 0.1074 0.0864 0.1163 0.1001 0.0800 0.0774 0.0839 0.0689 0.1271 0.1110 0.0897 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Biotech ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Biotech ETF (the “Fund”) seeks to provide investment results that, before fees </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">biotechnology segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">71</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.71 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Biotechnology Select Industry Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the biotechnology segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The biotechnology segment of the S&amp;P TMI comprises the Biotechnology sub-industry.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Biotechnology sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies. To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. If there are fewer than 35 stocks, stocks from the Life Sciences Tools &amp; Services sub-industry that meet the market capitalization and liquidity thresholds are included in order of their float-adjusted market capitalization from largest to smallest. If there continues to be fewer than 22 stocks, the market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 147 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the biotechnology segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The biotechnology segment of the S&amp;P TMI comprises the Biotechnology sub-industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Biotechnology sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies. To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. If there are fewer than 35 stocks, stocks from the Life Sciences Tools &amp; Services sub-industry that meet the market capitalization and liquidity thresholds are included in order of their float-adjusted market capitalization from largest to smallest. If there continues to be fewer than 22 stocks, the market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Biotechnology Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Biotech companies invest heavily in research and development which may not necessarily lead to commercially successful products. These companies are also subject to increased governmental regulation which may delay or inhibit the release of new products. Many biotech companies are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dependent upon their ability to use and enforce intellectual property rights and patents. Any impairment of such rights may have adverse financial consequences. Biotech stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Biotech companies can be significantly affected by technological change and obsolescence, product liability lawsuits and consequential high insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Health Care Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of health care through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">44.42%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-26.22%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2016</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">29.42%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.4442 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2622 2016-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.2942 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.3584 -0.0272 0.0584 0.3568 -0.0276 0.0579 0.2126 -0.0206 0.0468 0.3598 -0.0257 0.0591 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Capital Markets ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Capital Markets ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of publicly traded companies that do business as broker-dealers, asset managers, trust and </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">custody banks or exchanges.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">29</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Capital Markets Select Industry Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the capital markets segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The capital markets segment of the S&amp;P TMI comprises the following sub-industries: Asset Management &amp; Custody Banks, Diversified Capital Markets, Financial Exchanges &amp; Data, and Investment Banking &amp; Brokerage.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Asset Management &amp; Custody Banks, Diversified Capital Markets, Financial Exchanges &amp; Data, and Investment Banking &amp; Brokerage sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies. To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is modified equal weighted. The Index rebalances </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 65 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the capital markets segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The capital markets segment of the S&amp;P TMI comprises the following sub-industries: Asset Management &amp; Custody Banks, Diversified Capital Markets, Financial Exchanges &amp; Data, and Investment Banking &amp; Brokerage.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Asset Management &amp; Custody Banks, Diversified Capital Markets, Financial Exchanges &amp; Data, and Investment Banking &amp; Brokerage sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies. To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Capital Markets Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Capital Markets companies may be significantly affected by stock and bank trading activity, changes in governmental regulation, continuing increases in price competition, decreases in fees or fee-related business, including investment banking, brokerage, asset management and other servicing fees, fluctuation in interest rates and other factors which could adversely affect financial markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">31.08%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-22.76%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">4.05%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3108 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2276 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0405 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1066 0.1699 0.1573 0.1022 0.1644 0.1509 0.0660 0.1362 0.1308 0.1106 0.1738 0.1596 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Dividend ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Dividend ETF (the “Fund”) seeks to provide investment results that, before fees </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">and expenses, correspond generally to the total return performance of an index that tracks the performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of publicly traded issuers that have historically followed a policy of making dividend payments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">28</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.28 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P High Yield Dividend Aristocrats Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Swaps and futures contracts (each, a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the highest dividend yielding S&amp;P Composite 1500 Index (the “Parent Index”) constituents that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 consecutive years. The Parent Index is designed to measure the performance of the broad exchange-traded US equity securities universe.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To be eligible for inclusion in the Index, a company must also (i) have a float-adjusted market capitalization of at least $2 billion ($1.5 billion for current Index constituents) and (ii) have a minimum three-month average daily value traded of at least $5 million ($4 million for current Index constituents). Stocks within the Index are weighted by indicated yield (annualized gross dividend payment per share divided by price per share), subject to the following constraints: (i) no stock can have a weight greater than 4% in the Index; (ii) no stock can have a weight greater than 30 times its weight in the Parent Index; and (iii) no stock can have a weight greater than the ratio of its three-month average daily value traded divided by $2 billion.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index components are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reviewed annually in January for continued inclusion in the Index and re-weighted quarterly after the closing of the last business day of January, April, July and October. If between annual reviews the Index Provider (as defined below) determines, based on publicly available information, that an Index constituent has omitted a scheduled dividend payment, announced it will cease paying dividends for an undetermined period, or announced a reduced dividend amount and will no longer qualify for the Index at the subsequent reconstitution, the Index constituent will be removed from the index effective prior to the open of the first business day of the following month. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial, utilities and real estate sectors, although this may change from time to time. As of July 31, 2026, the Index comprised 155 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the highest dividend yielding S&amp;P Composite 1500 Index (the “Parent Index”) constituents that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 consecutive years. The Parent Index is designed to measure the performance of the broad exchange-traded US equity securities universe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">To be eligible for inclusion in the Index, a company must also (i) have a float-adjusted market capitalization of at least $2 billion ($1.5 billion for current Index constituents) and (ii) have a minimum three-month average daily value traded of at least $5 million ($4 million for current Index constituents). Stocks within the Index are weighted by indicated yield (annualized gross dividend payment per share divided by price per share), subject to the following constraints: (i) no stock can have a weight greater than 4% in the Index; (ii) no stock can have a weight greater than 30 times its weight in the Parent Index; and (iii) no stock can have a weight greater than the ratio of its three-month average daily value traded divided by $2 billion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Dividend Paying Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Securities that pay dividends, as a group, can fall out of favor with the market, causing such companies to underperform companies that do not pay dividends. In addition, changes in the dividend policies of the companies held by the Fund or the capital resources available for such company's dividend payments may adversely affect the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Real Estate Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Utilities Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Utility companies are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company's earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility debt securities (and, to a lesser extent, equity securities) may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact profitability.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Among the risks that may affect utility companies are the following: risks of increases in fuel and other operating costs; the high cost of borrowing to finance capital construction during inflationary periods; restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations; and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those related to the construction and operation of nuclear power plants, the effects of energy conservation and the effects of regulatory changes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">15.71%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-25.05%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">7.25%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1571 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2505 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0725 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0818 0.0846 0.0982 0.0749 0.0776 0.0900 0.0529 0.0658 0.0785 0.0856 0.0882 0.1021 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Health Care Equipment ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Health Care Equipment ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of an index derived </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">from the health care equipment and supplies segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">42</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Health Care Equipment Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the health care equipment segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The health care equipment segment of the S&amp;P TMI comprises the following sub-industries: Health Care Equipment and Health Care Supplies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Health Care Equipment and Health Care Services sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 66 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the health care equipment segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The health care equipment segment of the S&amp;P TMI comprises the following sub-industries: Health Care Equipment and Health Care Supplies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Health Care Equipment and Health Care Services sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Health Care Equipment Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Health care equipment companies are affected by rising costs of medical products, devices and services and the increased emphasis on the delivery of health care through outpatient services. Competition among health care equipment companies is high and can be significantly affected by extensive government regulation or government reimbursement for medical expenses. The equipment may be subject to extensive litigation based on malpractice claims, product liability claims or other litigation. Medical </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equipment manufacturers are heavily dependent on patent protection and the expiration of patents may adversely affect their profitability. Many new health care products are subject to the approval of the U.S. Food and Drug Administration (“FDA”). The process of obtaining FDA approval is often long and expensive.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Health Care Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of health care through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">24.37%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-24.11%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">2.80%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2437 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2411 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0280 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> -0.0055 -0.0495 0.0726 -0.0058 -0.0496 0.0722 -0.0032 -0.0368 0.0588 -0.0025 -0.0468 0.0757 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Health Care Services ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Health Care Services ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of an index derived </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">from the health care providers and services segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">49</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Health Care Services Select Industry Index  </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the health care services segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The health care services segment of the S&amp;P TMI comprises the following sub-industries: Health Care Distributors, Health Care Facilities, Health Care Services, and Managed Health Care.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Health Care Distributors, Health Care Facilities, Health Care Services, and Managed Health Care sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 60 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the health care services segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The health care services segment of the S&amp;P TMI comprises the following sub-industries: Health Care Distributors, Health Care Facilities, Health Care Services, and Managed Health Care.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Health Care Distributors, Health Care Facilities, Health Care Services, and Managed Health Care sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Health Care Services Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Health care services companies are affected by rising costs of medical products, devices and services and the increased emphasis on the delivery of health care through outpatient services. Competition is high among health care services companies and can be significantly affected by extensive government regulation or government reimbursement for medical expenses. The equipment may be subject to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extensive litigation based on malpractice claims, product liability claims or other litigation. Medical equipment manufacturers are heavily dependent on patent protection and the expiration of patents may adversely affect their profitability. Many new health care products are subject to the approval of the U.S. Food and Drug Administration (“FDA”). The process of obtaining FDA approval is often long and expensive.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Health Care Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of health care through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">25.18%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-20.68%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">23.98%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2518 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2068 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.2398 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1874 0.0227 0.0693 0.1866 0.0221 0.0680 0.1115 0.0175 0.0558 0.1914 0.0247 0.0722 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Homebuilders ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Homebuilders ETF (the “Fund”) seeks to provide investment results that, before </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">fees and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">homebuilding segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">31</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Homebuilders Select Industry Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the homebuilders segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The homebuilders segment of the S&amp;P TMI comprises the Homebuilding sub-industry.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Homebuilding sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">months of trading history is annualized. If there are fewer than 35 stocks, stocks from the Building Products, Home Furnishings, Home Improvement Retail, Homefurnishing Retail, or Household Appliances sub-industries that meet the market capitalization and liquidity thresholds are included in order of their float-adjusted market capitalization from largest to smallest. If there continues to be fewer than 22 stocks, the market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 33 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the homebuilders segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The homebuilders segment of the S&amp;P TMI comprises the Homebuilding sub-industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Homebuilding sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Homebuilding Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Homebuilding companies can be significantly affected by the national, regional and local real estate markets. This industry is also sensitive to interest rate fluctuations which can cause changes in the availability of mortgage capital and directly affect the purchasing power of potential homebuyers. The building industry can be significantly affected by changes in government spending, consumer confidence, demographic patterns and the level of new and existing home sales.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Retail Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Retail companies can be significantly affected by the performance of the domestic and international economy, consumer confidence and spending, intense competition, changes in demographics, and changing consumer tastes and preferences.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">47.95%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-34.46%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-5.91%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.4795 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3446 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0591 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> -0.0071 0.1320 0.1261 -0.0089 0.1299 0.1238 -0.0029 0.1055 0.1050 -0.0037 0.1361 0.1296 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Insurance ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Insurance ETF (the “Fund”) seeks to provide investment results that, before </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of publicly traded companies in the insurance industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">21</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.21 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Insurance Select Industry Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the insurance segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The insurance segment of the S&amp;P TMI comprises the following sub-industries: Insurance Brokers, Life &amp; Health Insurance, Multi-Line Insurance, Property &amp; Casualty Insurance, and Reinsurance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Insurance Brokers, Life &amp; Health Insurance, Multi-Line Insurance, Property &amp; Casualty Insurance, and Reinsurance sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization above $2 billion with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) above 90%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar </span><span style="color:#000000;font-family:Arial;font-size:10pt;">value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $1 billion or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 53 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the insurance segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The insurance segment of the S&amp;P TMI comprises the following sub-industries: Insurance Brokers, Life &amp; Health Insurance, Multi-Line Insurance, Property &amp; Casualty Insurance, and Reinsurance.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Insurance Brokers, Life &amp; Health Insurance, Multi-Line Insurance, Property &amp; Casualty Insurance, and Reinsurance sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization above $2 billion with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) above 90%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Insurance Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Insurance companies' profits are affected by many factors, including interest rate movements, the imposition of premium rate caps, competition and pressure to compete globally. Certain types of insurance companies may also be affected by weather catastrophes and other disasters and mortality rates. In addition, although insurance companies are currently subject to extensive regulation, such companies may be adversely affected by increased governmental regulations or tax law changes in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">20.58%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-29.20%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-1.53%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2058 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2920 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0153 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0807 0.1432 0.1198 0.0766 0.1385 0.1150 0.0506 0.1143 0.0985 0.0843 0.1474 0.1239 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P Kensho Final Frontiers ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Kensho Final Frontiers ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of the S&amp;P Kensho </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Final Frontiers Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0045 0 0.0000 0.0045 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 46 144 252 567 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">60</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.60 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Kensho Final Frontiers Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Final Frontiers sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind the exploration of deep space and deep sea. In particular, the Index comprises the components of the S&amp;P Kensho Space Index and the deep sea exploration components of the S&amp;P Kensho Drones Index (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Space Index seeks to track companies that produce products and services that enable space travel and exploration, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Drones Index seeks to track companies that produce products and services related to the remotely-operated or unmanned aerial, underwater and surface-level drones market, or are a necessary component of the supply chain for such products and services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Index constituents are then categorized as either “Core” or “Non-Core.” A company is categorized as Core if its products and services related to the Underlying Index's objective are identified in its regulatory filings as principal components of the company's strategy. Products and services are deemed to be principal components of a company's strategy if the company's regulatory filing disclosures regarding such products and services are determined to be sufficiently prominent according to a proprietary algorithm of the Index Provider which calculates prominence based on the frequency and position of such disclosures within regulatory filings. A company may also be categorized as Core if the Index Provider determines that the majority of the company's revenue is derived from products and services related to the Underlying Index's objective as indicated by the company's reported business segments, which is assessed by scanning the S&amp;P Capital IQ Database for annual fiscal year revenue segment reporting. All other companies are categorized as Non-Core, including companies whose products and services are identified as forming a necessary component of the supply chain of the segment targeted by the Underlying Index. An Index constituent categorized as Core by at least one of the Underlying Indexes will be categorized as Core for purposes of the Index. At the time of each rebalance, to tilt the Index's exposure toward Core Index Constituents, the Core Index Constituents are systematically overweighted relative to the Non-Core Index Constituents. Each Core Index Constituent and Non-Core Index Constituent is then equally weighted within the group of Core Index Constituents and Non-Core Index Constituents, respectively, subject to liquidity and diversification adjustments.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is reconstituted and rebalanced after the close of trading on the third Friday in June with a reference date as of the close of the last trading day in May. In addition, the Index is rebalanced after the close of trading on the third Friday of December with a reference date as of the close of the last trading day in November. In connection with the December rebalance, Index constituents are also evaluated for continued inclusion in the Index if a new eligible regulatory filing has been filed since the last reconstitution review.  As of July 31, 2026, the Index comprised 37 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index Provider establishes and maintains rules which are used to determine the composition of the Index and relative weightings of the securities in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Final Frontiers sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind the exploration of deep space and deep sea. In particular, the Index comprises the components of the S&amp;P Kensho Space Index and the deep sea exploration components of the S&amp;P Kensho Drones Index (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Space Index seeks to track companies that produce products and services that enable space travel and exploration, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Drones Index seeks to track companies that produce products and services related to the remotely-operated or unmanned aerial, underwater and surface-level drones market, or are a necessary component of the supply chain for such products and services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Aerospace and Defense Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies because companies involved in this industry rely to a significant extent on U.S. (and other) government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Drone Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Drone companies may have limited product lines, markets, financial resources or personnel and are subject to the risks of changes in business cycles, world economic growth, technological progress, and government regulation. Securities of drone companies, especially smaller, start-up companies, tend to be more volatile than securities of companies that do not rely heavily on technology. These companies may face intense competition and potentially rapid product obsolescence. In addition, drone companies may be dependent on the U.S. government and its agencies for a significant portion of their sales, and their success and growth may be dependent on their ability to win future government contracts. As a result, such companies may be negatively affected by budgetary constraints, spending reductions, congressional appropriations, and administrative allocations of funds that affect the U.S. government and its agencies. Drone companies may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies, and may be adversely affected by loss or impairment of those rights. Legal and regulatory changes may have an impact on a drone company's products or services. In addition, drone companies may also be subject to increasing regulatory constraints that may limit the sale or use of a company's products, including the need to obtain regulatory approvals from certain government agencies. Drone companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Cybersecurity-Related Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The companies included in the Index rely on technologies such as the Internet and depend on computer systems to perform business and operational functions, and therefore may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Successful cyber-attacks against, or security breakdowns of, a company included in the Index may result in material adverse consequences for such company, as well as other companies included in the Index, and may cause the Fund's investments to lose value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, increased potential for market manipulation, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargoes, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few </span><span style="color:#000000;font-family:Arial;font-size:10pt;">key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(year ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">23.55%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-26.64%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">22.38%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2355 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2664 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.2238 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2018-10-22 0.5041 0.1798 0.1644 0.5023 0.1774 0.1622 0.2993 0.1454 0.1358 0.5116 0.1852 0.1696 0.1788 0.1442 0.1533 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P Kensho Future Security ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Kensho Future Security ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of the S&amp;P Kensho </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Future Security Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0045 0 0.0000 0.0045 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 46 144 252 567 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">28</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.28 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Kensho Future Security Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Future Security sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind future security. In particular, the Index comprises the components of the S&amp;P Kensho Cyber Security Index and the S&amp;P Kensho Smart Borders Index, and the military components of the S&amp;P Kensho Robotics Index, the S&amp;P Kensho Drones Index, the S&amp;P Kensho Space Index, the S&amp;P Kensho Wearables Index and the S&amp;P Kensho Virtual Reality Index (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Cyber Security Index seeks to track companies that focus on protecting enterprises and devices from unauthorized access via electronic means and, produce products and services that protect enterprises, homes and portable devices from unauthorized access via electronic means, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Smart Borders Index seeks to track companies that produce products and services that secure borders and critical infrastructure, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Robotics Index seeks to track companies that produce products and services to build robotic products and their subsystems, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Drones Index seeks to track companies that produce products and services related to the remotely-operated or unmanned aerial, underwater and surface-level drones market and related subsystems, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Space Index seeks to track companies that produce products and services that enable space travel and exploration, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Wearables Index seeks to track companies that produce products and services related to wearable technologies for consumer, military or medical uses, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Virtual Reality Index seeks to track companies that produce products and services related to virtual or augmented reality activities, or are a necessary component of the supply chain for such products and services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Index constituents are then categorized as either “Core” or “Non-Core.” A company is categorized as Core if its products and services related to the Underlying Index's objective are identified in its regulatory filings as principal components of the company's strategy. Products and services are deemed to be principal components of a company's strategy if the company's regulatory filing disclosures regarding such products and services are determined to be sufficiently prominent according to a proprietary algorithm of the Index Provider which calculates prominence based on the frequency and position of such disclosures within regulatory filings. A company may also be categorized as Core if the Index Provider determines that the majority of the company's revenue is derived from products and services related to the Underlying Index's objective as indicated by the company's reported business segments, which is assessed by scanning the S&amp;P Capital IQ Database for annual fiscal year revenue segment reporting. All other companies are categorized as Non-Core, including companies whose products and services are identified as forming a necessary component of the supply chain of the segment targeted by the Underlying Index. An Index constituent categorized as Core by at least one of the Underlying Indexes will be categorized as Core for purposes of the Index. To tilt the Index's exposure toward Core Index Constituents, at the time of each rebalance the aggregate weighting of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Core Index Constituents is based on the proportion of the number of Core Index Constituents, plus an overweight factor of up to 20%. At the time of each rebalance, each Core Index Constituent and Non-Core Index Constituent is equally weighted within the group of Core Index Constituents and Non-Core Index Constituents, respectively, subject to liquidity and diversification adjustments.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is reconstituted and rebalanced after the close of trading on the third Friday in June with a reference date as of the close of the last trading day in May. In addition, the Index is rebalanced after the close of trading on the third Friday of December with a reference date as of the close of the last trading day in November. In connection with the December rebalance, Index constituents are also evaluated for continued inclusion in the Index if a new eligible regulatory filing has been filed since the last reconstitution review. As of July 31, 2026, the Index comprised 78 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index Provider establishes and maintains rules which are used to determine the composition of the Index and relative weightings of the securities in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Future Security sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind future security. In particular, the Index comprises the components of the S&amp;P Kensho Cyber Security Index and the S&amp;P Kensho Smart Borders Index, and the military components of the S&amp;P Kensho Robotics Index, the S&amp;P Kensho Drones Index, the S&amp;P Kensho Space Index, the S&amp;P Kensho Wearables Index and the S&amp;P Kensho Virtual Reality Index (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Cyber Security Index seeks to track companies that focus on protecting enterprises and devices from unauthorized access via electronic means and, produce products and services that protect enterprises, homes and portable devices from unauthorized access via electronic means, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Smart Borders Index seeks to track companies that produce products and services that secure borders and critical infrastructure, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Robotics Index seeks to track companies that produce products and services to build robotic products and their subsystems, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Drones Index seeks to track companies that produce products and services related to the remotely-operated or unmanned aerial, underwater and surface-level drones market and related subsystems, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Space Index seeks to track companies that produce products and services that enable space travel and exploration, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Wearables Index seeks to track companies that produce products and services related to wearable technologies for consumer, military or medical uses, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Virtual Reality Index seeks to track companies that produce products and services related to virtual or augmented reality activities, or are a necessary component of the supply chain for such products and services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Aerospace and Defense Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Aerospace and defense companies can be significantly affected by government aerospace and defense regulation and spending policies because companies involved in this industry rely to a significant extent on U.S. (and other) government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Cybersecurity Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the cybersecurity field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Cybersecurity companies may have limited product lines, markets, financial resources or personnel. The products of cybersecurity companies may face obsolescence due to rapid technological developments and frequent new product introduction, and such companies may face unpredictable changes in growth rates, competition for the services of qualified personnel and competition from foreign competitors with lower production costs. Companies in the cybersecurity field are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Cybersecurity-Related Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The companies included in the Index rely on technologies such as the Internet and depend on computer systems to perform business and operational functions, and therefore may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Successful cyber-attacks against, or security breakdowns of, a company included in the Index may result in material adverse consequences for such company, as well as other companies included in the Index, and may cause the Fund's investments to lose value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, increased potential for market manipulation, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargoes, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">25.19%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-20.73%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">29.92%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2519 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2073 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.2992 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2017-12-26 0.2754 0.1338 0.1464 0.2746 0.1329 0.1444 0.1635 0.1071 0.1208 0.2771 0.1349 0.1484 0.1788 0.1442 0.1427 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P Kensho Grid Innovation ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> S&amp;P Kensho Clean Power ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Kensho Grid Innovation ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of the S&amp;P Kensho </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Clean Power Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0045 0 0.0000 0.0045 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 46 144 252 567 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">46</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.46 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Kensho Clean Power Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Clean Power sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind clean power. In particular, the Index comprises the components of the S&amp;P Kensho Cleantech Index focused on clean energy technology (hardware, software, and construction and installation of materials used for capturing energy, as well as advanced energy storage devices), and the S&amp;P Kensho Clean Energy Index focused on clean energy generation (generation and transmission of power derived from clean energy sources) (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Cleantech Index seeks to track companies focused on building technologies or products that enable generation of energy in a clean manner (solar, wind, geothermal, hydrogen and hydroelectric). The S&amp;P Kensho Clean Energy Index seeks to track companies focused on the generation and transmission of energy derived from clean sources (solar, wind, geothermal, hydrogen and hydroelectric).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Index constituents are then categorized as either “Core” or “Non-Core.” A company is categorized as Core if its products and services related to the Underlying Index's objective are identified in its regulatory filings as principal components of the company's strategy. Products and services are deemed to be principal components of a company's strategy if the company's regulatory filing disclosures regarding such products and services are determined to be sufficiently prominent according to a proprietary algorithm of the Index Provider which calculates prominence based on the frequency and position of such disclosures within regulatory filings. A company may also be categorized as Core if the Index Provider determines that the majority of the company's revenue is derived from products and services related to the Underlying Index's objective as indicated by the company's reported business segments, which is assessed by scanning the S&amp;P Capital IQ Database for annual fiscal year revenue segment reporting. All other companies are categorized as Non-Core, including companies whose products and services are identified as forming a necessary component of the supply chain of the segment targeted by the Underlying Index. An Index constituent categorized as Core by at least one of the Underlying Indexes will be categorized as Core for purposes of the Index. At the time of each rebalance, to tilt the Index's exposure toward Core Index Constituents, the Core Index Constituents are systematically overweighted relative to the Non-Core Index Constituents. Each Core Index Constituent and Non-Core Index Constituent is then equally weighted within the group of Core Index Constituents and Non-Core Index Constituents, respectively, subject to liquidity and diversification adjustments.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is reconstituted and rebalanced after the close of trading on the third Friday in June with a reference date as of the close of the last trading day in May. In addition, the Index is rebalanced after the close of trading on the third Friday of December with a reference date as of the close of the last trading day in November. In connection with the December rebalance, Index constituents are also evaluated for continued inclusion in the Index if a new eligible regulatory filing has been filed since the last reconstitution review. As of July 31, 2026, the Index comprised 40 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index Provider establishes and maintains rules which are used to determine the composition of the Index and relative weightings of the securities in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Clean Power sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind clean power. In particular, the Index comprises the components of the S&amp;P Kensho Cleantech Index focused on clean energy technology (hardware, software, and construction and installation of materials used for capturing energy, as well as advanced energy storage devices), and the S&amp;P Kensho Clean Energy Index focused on clean energy generation (generation and transmission of power derived from clean energy sources) (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Cleantech Index seeks to track companies focused on building technologies or products that enable generation of energy in a clean manner (solar, wind, geothermal, hydrogen and hydroelectric). The S&amp;P Kensho Clean Energy Index seeks to track companies focused on the generation and transmission of energy derived from clean sources (solar, wind, geothermal, hydrogen and hydroelectric).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Clean Power Companies Risk</span><span style="color:#000000;font-family:Arial;font-size:10pt;">: Clean power companies may be highly dependent upon government subsidies, contracts with government entities, and the successful development of new and proprietary technologies. Clean power companies may be affected by competition from new and existing market entrants, obsolescence of technology, short product cycles, changes in exchange rates, imposition of import controls, and depletion of resources. In addition, seasonal weather conditions, fluctuations in supply of and demand for clean energy products or services, and international political events may cause fluctuations in the performance of clean power companies and the prices of their securities. Risks associated with fluctuations in energy prices and supply and demand of alternative energy fuels, energy conservation, the success of exploration projects and tax and other government regulations can significantly affect clean power companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Cybersecurity-Related Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The companies included in the Index rely on technologies such as the Internet and depend on computer systems to perform business and operational functions, and therefore may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Successful cyber-attacks against, or security breakdowns of, a company included in the Index may result in material adverse consequences for such company, as well as other companies included in the Index, and may cause the Fund's investments to lose value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, increased potential for market manipulation, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargoes, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Utilities Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Utility companies are affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities, and rate caps or rate changes. Although rate changes of a utility usually fluctuate in approximate correlation with financing costs, due to political and regulatory factors rate changes ordinarily occur only following a delay after the changes in financing costs. This factor will tend to favorably affect a regulated utility company's earnings and dividends in times of decreasing costs, but conversely, will tend to adversely affect earnings and dividends when costs are rising. The value of regulated utility debt securities (and, to a lesser extent, equity securities) may tend to have an inverse relationship to the movement of interest rates. Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to diversify outside of their original geographic regions and their traditional lines of business. These opportunities may permit certain utility companies to earn more than their traditional regulated rates of return. Some companies, however, may be forced to defend their core business and may be less profitable. In addition, natural disasters, terrorist attacks, government intervention or other factors may render a utility company's equipment unusable or obsolete and negatively impact profitability.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Among the risks that may affect utility companies are the following: risks of increases in fuel and other operating costs; the high cost of borrowing to finance capital construction during inflationary periods; restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations; and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those related to the construction and operation of nuclear power plants, the effects of energy conservation and the effects of regulatory changes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(year ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">48.94%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-20.02%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q3 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-5.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.4894 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2002 2023-09-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0585 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2018-10-22 0.5027 -0.0246 0.1805 0.4925 -0.0294 0.1744 0.2968 -0.0205 0.1477 0.5057 -0.0221 0.1835 0.1788 0.1442 0.1533 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P Kensho Intelligent Structures ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Kensho Intelligent Structures ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of the S&amp;P </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Kensho Intelligent Infrastructure Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0045 0 0.0000 0.0045 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Fund's “Other expenses” and “Total annual Fund operating expenses” have been restated to reflect current fees.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 46 144 252 567 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">36</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.36 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Kensho Intelligent Infrastructure Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Intelligent Infrastructure sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind intelligent infrastructure. In particular, the Index comprises the components of the (i) S&amp;P Kensho Smart Grids Index focused on power grid technologies (with an emphasis on efficient management and use of energy, and improved power grid reliability), transportation infrastructure (with an emphasis on enhancing the efficiency of transportation infrastructure, as well as the new infrastructure capabilities required for alternative modes of transportation such as autonomous vehicles), and water infrastructure (with an emphasis on water conversion and increasing the water supply), and (ii) the S&amp;P Kensho Smart Buildings Index focused on intelligent and connected home technologies and building automation infrastructure (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Smart Grids Index seeks to track companies that provide next generation products and services related to power, water and transportation infrastructures, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Smart Buildings Index seeks to track companies that produce products and services that enable buildings to become more connected, intelligent and adaptive, or are a necessary component of the supply chain for such products and services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Index constituents are then categorized as either “Core” or “Non-Core.” A company is categorized as Core if its products and services related to the Underlying Index's objective are identified in its regulatory filings as principal components of the company's strategy. Products and services are deemed to be principal components of a company's strategy if the company's regulatory filing disclosures regarding such products and services are determined to be sufficiently prominent according to a proprietary algorithm of the Index Provider which calculates prominence based on the frequency and position of such disclosures within regulatory filings. A company may also be categorized as Core if the Index Provider determines that the majority of the company's revenue is derived from products and services related to the Underlying Index's objective as indicated by the company's reported business segments, which is assessed by scanning the S&amp;P Capital IQ Database for annual fiscal year revenue segment reporting. All other companies are categorized as Non-Core, including companies whose products and services are identified as forming a necessary component of the supply chain of the segment targeted by the Underlying Index. An Index constituent categorized as Core by at least one of the Underlying Indexes will be categorized as Core for purposes of the Index. To tilt the Index's exposure toward Core Index Constituents, at the time of each rebalance the aggregate weighting of Core Index Constituents is based on the proportion of the number of Core Index Constituents, plus an overweight factor of up to 20%. At the time of each rebalance, each Core Index Constituent and Non-Core Index Constituent is equally weighted within the group of Core Index Constituents and Non-Core Index Constituents, respectively, subject to liquidity and diversification adjustments.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is reconstituted and rebalanced after the close of trading on the third Friday in June with a reference date as of the close of the last trading day in May. In addition, the Index is rebalanced after the close of trading on the third Friday of December with a reference date as of the close of the last trading day in November. In connection with the December rebalance, Index constituents are also evaluated for continued inclusion in the Index if a new eligible regulatory filing has been filed since the last reconstitution review. As of July 31, 2026, the Index comprised 52 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index Provider establishes and maintains rules which are used to determine the composition of the Index and relative weightings of the securities in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Intelligent Infrastructure sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind intelligent infrastructure. In particular, the Index comprises the components of the (i) S&amp;P Kensho Smart Grids Index focused on power grid technologies (with an emphasis on efficient management and use of energy, and improved power grid reliability), transportation infrastructure (with an emphasis on enhancing the efficiency of transportation infrastructure, as well as the new infrastructure capabilities required for alternative modes of transportation such as autonomous vehicles), and water infrastructure (with an emphasis on water conversion and increasing the water supply), and (ii) the S&amp;P Kensho Smart Buildings Index focused on intelligent and connected home technologies and building automation infrastructure (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Smart Grids Index seeks to track companies that provide next generation products and services related to power, water and transportation infrastructures, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Smart Buildings Index seeks to track companies that produce products and services that enable buildings to become more connected, intelligent and adaptive, or are a necessary component of the supply chain for such products and services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Infrastructure-Related Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Infrastructure-related companies include companies that primarily own, manage, develop and/or operate infrastructure assets, including transportation, utility, energy and/or telecommunications assets. Investment in infrastructure-related securities entails exposure to adverse economic, regulatory, political, legal, and other conditions or events affecting the issuers of such securities. Certain infrastructure-related entities, particularly telecommunications and utilities companies, are subject to extensive regulation by various governmental authorities. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect infrastructure-related companies. Infrastructure-related companies may also be affected by service interruption and/or legal challenges due to environmental, operational or other conditions or events, and the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Cybersecurity-Related Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The companies included in the Index rely on technologies such as the Internet and depend on computer systems to perform business and operational functions, and therefore may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Successful cyber-attacks against, or security breakdowns of, a company included in the Index may result in material adverse consequences for such company, as well as other companies included in the Index, and may cause the Fund's investments to lose value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary </span><span style="color:#000000;font-family:Arial;font-size:10pt;">receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, increased potential for market manipulation, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargoes, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their </span><span style="color:#000000;font-family:Arial;font-size:10pt;">products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">30.34%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-28.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.45%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3034 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2885 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0045 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2017-12-26 0.2356 0.0103 0.0536 0.2334 0.0073 0.0507 0.1407 0.0072 0.0418 0.2377 0.0071 0.0522 0.1788 0.1442 0.1427 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P Kensho New Economies Composite ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Kensho New Economies Composite ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the total return performance of </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">the S&amp;P Kensho New Economies Composite Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0020 0 0.0000 0.0020 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 20 64 113 255 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">49</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.49 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Kensho New Economies Composite Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide. The Index is designed to capture companies whose products and services are driving innovation and transforming the global economy through the use of existing and emerging technologies, and rapid developments in robotics, automation, artificial intelligence, connectedness and processing power (“New Economies companies”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">In particular, the Index comprises the components included in the New Economy Subsector Indexes (each, an “Underlying Index”) developed by S&amp;P Dow Jones Indices LLC (the “Index Provider”). Each Underlying Index is comprised of securities of New Economies companies in a specific sector. As of July 31, 2026, the Index was comprised of more than 20 Underlying Indexes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The constituents of each Underlying Index are determined by a classification standard produced by the Index Provider. The classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1 filing, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Index constituents are then categorized as either “Core” or “Non-Core.” A company is categorized as Core if its products and services related to the Underlying Index's objective are identified in its regulatory filings as principal components of the company's strategy. Products and services are deemed to be principal components of a company's strategy if the company's regulatory filing disclosures regarding such products and services are determined to be sufficiently prominent according to a proprietary algorithm of the Index Provider which calculates prominence based on the frequency and position of such disclosures within regulatory filings. A company may also be categorized as Core if the Index Provider determines that the majority of the company's revenue is derived from products and services related to the Underlying Index's objective as indicated by the company's reported business segments, which is assessed by scanning the S&amp;P Capital IQ Database for annual fiscal year revenue segment reporting. All other companies are categorized as Non-Core, including companies whose products and services are identified as forming a necessary component of the supply chain of the segment targeted by the Underlying Index. Each Underlying Index's exposure is then tilted towards Core Index Constituents.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The weight of each security in the Index is based on the relative weight given to each Underlying Index in the Index. The relative weight of each Underlying Index is determined by a proprietary process comparing the ratio of the average daily returns divided by the standard deviation of daily returns among the Underlying Indexes. Underlying Indexes with larger ratios are weighted more heavily than Underlying Indexes with smaller ratios. The weight of each security in each Underlying Index is then multiplied by the relative weight of the respective Underlying Index in the Index to determine the security's initial weight in the Index. The final constituent security weight is subject to liquidity and diversification adjustments.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is reconstituted and rebalanced after the close of trading on the third Friday in June with a reference date as of the close of the last trading day in May. In addition, the Index is rebalanced after the close of trading on the third Friday of December with a reference date as of the close of the last trading day in November. In connection with the December rebalance, Index constituents are also evaluated for continued inclusion in the Index if a new eligible regulatory filing has been filed since the last reconstitution review. As of July 31, 2026, the Index comprised 500 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index Provider establishes and maintains rules which are used to determine the composition of the Index and relative weightings of the securities in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide. The Index is designed to capture companies whose products and services are driving innovation and transforming the global economy through the use of existing and emerging technologies, and rapid developments in robotics, automation, artificial intelligence, connectedness and processing power (“New Economies companies”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In particular, the Index comprises the components included in the New Economy Subsector Indexes (each, an “Underlying Index”) developed by S&amp;P Dow Jones Indices LLC (the “Index Provider”). Each Underlying Index is comprised of securities of New Economies companies in a specific sector. As of July 31, 2026, the Index was comprised of more than 20 Underlying Indexes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The constituents of each Underlying Index are determined by a classification standard produced by the Index Provider. The classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1 filing, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">New Economies Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The companies included in the Index are engaged in emerging industries and new technologies that may be unproven. Such industries and technologies may be adversely affected by technological advances, competition, rapid product or service obsolescence, and new and evolving regulations. Companies included in the Index may rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies, and may be adversely affected by loss or impairment of those rights. In addition, companies in the Index may have limited product lines, markets, financial resources or personnel. The Index may include stocks of smaller, less-seasoned companies that may be more volatile than the overall market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Cybersecurity-Related Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The companies included in the Index rely on technologies such as the Internet and depend on computer systems to perform business and operational functions, and therefore may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Successful cyber-attacks against, or security breakdowns of, a company included in the Index may result in material adverse consequences for such company, as well as other companies included in the Index, and may cause the Fund's investments to lose value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, increased potential for market manipulation, possible trade barriers, currency transfer restrictions, a more limited number of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargoes, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Health Care Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of health care through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(year ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">35.12%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-21.59%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">11.82%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3512 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2159 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1182 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2018-10-22 0.1968 0.0214 0.1132 0.1890 0.0167 0.1088 0.1176 0.0148 0.0904 0.1979 0.0192 0.1121 0.1788 0.1442 0.1533 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P Kensho Smart Mobility ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Kensho Smart Mobility ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the total return performance of the S&amp;P Kensho </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">Smart Transportation Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0045 0 0.0000 0.0045 <span style="color:#000000;font-family:Arial;font-size:8pt;">The Fund's “Other expenses” and “Total annual Fund operating expenses” have been restated to reflect current fees.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 46 144 252 567 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">48</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.48 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Kensho Smart Transportation Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Smart Transportation sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind smart transportation. In particular, the Index comprises the components of the S&amp;P Kensho Autonomous Vehicles Index, the S&amp;P Kensho Advanced Transport Systems Index, the S&amp;P Kensho Electric Vehicles Index and the civilian/commercially focused components of the S&amp;P Kensho Drones Index (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Autonomous Vehicles Index seeks to track companies that build autonomous and connected vehicles and that provide the products and services that enable these vehicles to become more efficient and intelligent, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Advanced Transport Systems Index seeks to track companies that produce products and services that optimize the efficiency of managing large fleets of vehicles, cargo transportation, and mass transit, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Electric Vehicles Index seeks to track companies that produce products and services related to the development of electric vehicles, clean fuel systems, and related systems, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Drones Index seeks to track companies that produce products and services related to the remotely-operated or unmanned aerial, underwater and surface-level drones market and related subsystems, or are a necessary component of the supply chain for such products and services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Underlying Index constituents are then categorized as either “Core” or “Non-Core.” A company is categorized as Core if its products and services related to the Underlying Index's objective are identified in its regulatory filings as principal components of the company's strategy. Products and services are deemed to be principal components of a company's strategy if the company's regulatory filing disclosures regarding such products and services are determined to be sufficiently prominent according to a proprietary algorithm of the Index Provider which calculates prominence based on the frequency and position of such disclosures within regulatory filings. A company may also be categorized as Core if the Index Provider determines that the majority of the company's revenue is derived from products and services related to the Underlying Index's objective as indicated by the company's reported business segments, which is assessed by scanning the S&amp;P Capital IQ Database for annual fiscal year revenue segment reporting. All other companies are categorized as Non-Core, including companies whose products and services are identified as forming a necessary component of the supply chain of the segment targeted by the Underlying Index. An Index constituent categorized as Core by at least one of the Underlying Indexes will be categorized as Core for purposes of the Index. To tilt the Index's exposure toward Core Index Constituents, at the time of each rebalance the aggregate weighting of Core Index Constituents is based on the proportion of the number of Core Index Constituents, plus an overweight factor of up to 20%. At the time of each rebalance, each Core Index Constituent and Non-Core Index Constituent is equally weighted within the group of Core Index Constituents and Non-Core Index Constituents, respectively, subject to liquidity adjustments.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is reconstituted and rebalanced after the close of trading on the third Friday in June with a reference date as of the close of the last trading day in May. In addition, the Index is rebalanced after the close of trading on the third Friday of December with a reference date as of the close of the last trading day in November. In connection with the December rebalance, Index constituents are also evaluated for continued inclusion in the Index if a new eligible regulatory filing has been filed since the last reconstitution review. As of July 31, 2026, the Index comprised 87 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index Provider is not affiliated with the Fund or the Adviser. The Index Provider establishes and maintains rules which are used to determine the composition of the Index and relative weightings of the securities in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Smart Transportation sector as determined by a classification standard produced by S&amp;P Dow Jones Indices LLC (the “Index Provider”). The Index is designed to capture companies whose products and services are driving innovation behind smart transportation. In particular, the Index comprises the components of the S&amp;P Kensho Autonomous Vehicles Index, the S&amp;P Kensho Advanced Transport Systems Index, the S&amp;P Kensho Electric Vehicles Index and the civilian/commercially focused components of the S&amp;P Kensho Drones Index (the “Underlying Indexes”) as of the Index's reconstitution reference date.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Underlying Indexes are subject to the following liquidity thresholds for each component: (i) must have a share price of at least USD $1.00; (ii) must be issued by a company with a minimum float market capitalization of at least $100 million; and (iii) must have a minimum three-month average daily traded value of at least $1 million. The S&amp;P Kensho Autonomous Vehicles Index seeks to track companies that build autonomous and connected vehicles and that provide the products and services that enable these vehicles to become more efficient and intelligent, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Advanced Transport Systems Index seeks to track companies that produce products and services that optimize the efficiency of managing large fleets of vehicles, cargo transportation, and mass transit, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Electric Vehicles Index seeks to track companies that produce products and services related to the development of electric vehicles, clean fuel systems, and related systems, or are a necessary component of the supply chain for such products and services. The S&amp;P Kensho Drones Index seeks to track companies that produce products and services related to the remotely-operated or unmanned aerial, underwater and surface-level drones market and related subsystems, or are a necessary component of the supply chain for such products and services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">To determine the constituents of the Underlying Indexes, the Index Provider's classification standard utilizes an automated scan of companies' most recent regulatory filings with the U.S. Securities and Exchange Commission on Form 10-K, Form 20-F, Form 40-F, or Form S-1, as applicable, maintained in the S&amp;P Market Intelligence United Document Repository, to identify specific search terms and phrases that describe a company as producing products and services related to the particular segment targeted by the Underlying Index. The resulting list of eligible securities for each Underlying Index is then filtered by eliminating companies that do not include in their regulatory filings a reference to a product or service that (i) is related to a search term or phrase and (ii) is used in a manner that is within the scope of the Underlying Index's objective. Each Underlying Index then screens the remaining securities to remove securities that are not listed on NYSE, NASDAQ, or CBOE exchanges (or an affiliate of one of those exchanges) or do not meet certain minimum liquidity thresholds. The Index Provider's Index Committee then reviews each remaining eligible constituent to verify the rules of the automated scan were implemented correctly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Transportation Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Transportation companies can be significantly affected by changes in the economy, fuel prices, labor relations, technology developments, exchange rates, insurance costs, industry competition and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Cybersecurity-Related Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The companies included in the Index rely on technologies such as the Internet and depend on computer systems to perform business and operational functions, and therefore may be prone to operational and information security risks resulting from cyber-attacks and/or technological malfunctions. Cyber-attacks include, among others, stealing or corrupting data maintained online or digitally, preventing legitimate users from accessing information or services on a website, releasing confidential information without authorization, and causing operational disruption. In general, cyber-attacks are deliberate, but unintentional events may have similar effects. Successful cyber-attacks against, or security breakdowns of, a company included in the Index may result in material adverse consequences for such company, as well as other companies included in the Index, and may cause the Fund's investments to lose value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Depositary Receipts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in depositary receipts may be less liquid and more volatile than the underlying securities in their primary trading market. If a depositary receipt is denominated in a different currency than its underlying securities, the Fund will be subject to the currency risk of both the investment in the depositary receipt and the underlying security. Holders of depositary receipts may have limited or no rights to take action with respect to the underlying securities or to compel the issuer of the receipts to take action. The prices of depositary receipts may differ from the prices of securities upon which they are based. To the extent the Fund invests in depositary receipts based on securities included in the Index, such differences in prices may increase index tracking risk. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, increased potential for market manipulation, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargoes, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mid-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of mid-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of mid-sized companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of mid-sized issuers may be illiquid or may be restricted as to resale, and their values may be volatile.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent that the Fund buys securities denominated in a foreign currency, there are special risks such as changes in currency exchange rates and the risk that a foreign government could regulate foreign exchange transactions. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Investments in depositary receipts may be less liquid and more volatile than the underlying shares in their primary trading market. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities </span><span style="color:#000000;font-family:Arial;font-size:10pt;">at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">51.72%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-30.37%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">2.53%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.5172 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3037 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0253 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2017-12-26 0.1956 -0.0753 0.0328 0.1874 -0.0820 0.0262 0.1172 -0.0570 0.0233 0.1859 -0.0885 0.0234 0.1788 0.1442 0.1427 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Metals &amp; Mining ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Metals &amp; Mining ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">metals and mining segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">45</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.45 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Metals &amp; Mining Select Industry Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the metals and mining segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The metals &amp; mining segment of the S&amp;P TMI comprises the following sub-industries: Aluminum, Coal &amp; Consumable Fuels, Copper, Diversified Metals &amp; Mining, Gold, Precious Metals &amp; Minerals, Silver, and Steel.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Aluminum, Coal &amp; Consumable Fuels, Copper, Diversified Metals &amp; Mining, Gold, Precious Metals &amp; Minerals, Silver, and Steel sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To </span><span style="color:#000000;font-family:Arial;font-size:10pt;">evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 39 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the metals and mining segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The metals &amp; mining segment of the S&amp;P TMI comprises the following sub-industries: Aluminum, Coal &amp; Consumable Fuels, Copper, Diversified Metals &amp; Mining, Gold, Precious Metals &amp; Minerals, Silver, and Steel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Aluminum, Coal &amp; Consumable Fuels, Copper, Diversified Metals &amp; Mining, Gold, Precious Metals &amp; Minerals, Silver, and Steel sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Metals and Mining Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Metals and mining companies can be significantly affected by events relating to international political and economic developments, energy conservation, the success of exploration projects, commodity prices, and tax and other government regulations. Investments in metals and mining companies may be speculative and may be subject to greater price volatility than investments in other types of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">companies. Risks of metals and mining investments include: changes in international monetary policies or economic and political conditions that can affect the supply of precious metals and consequently the value of metals and mining company investments; the United States or foreign governments may pass laws or regulations limiting metals investments for strategic or other policy reasons; and increased environmental or labor costs may depress the value of metals and mining investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Materials Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Many materials companies are significantly affected by the level and volatility of commodity prices, exchange rates, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. The Fund may become diversified for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">44.32%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-44.48%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.08%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.4432 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.4448 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0008 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.8354 0.2658 0.2294 0.8333 0.2630 0.2251 0.4954 0.2197 0.1982 0.8419 0.2701 0.2325 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Oil &amp; Gas Equipment &amp; Services ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Oil &amp; Gas Equipment &amp; Services ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of an index </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">derived from the oil and gas equipment and services segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">44</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.44 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Oil &amp; Gas Equipment &amp; Services Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the oil and gas equipment and services segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The oil and gas equipment and services segment of the S&amp;P TMI comprises the Oil &amp; Gas Drilling sub-industry and the Oil &amp; Gas Equipment &amp; Services sub-industry.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Oil &amp; Gas Drilling sub-industry and the Oil &amp; Gas Equipment &amp; Services sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 34 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the oil and gas equipment and services segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The oil and gas equipment and services segment of the S&amp;P TMI comprises the Oil &amp; Gas Drilling sub-industry and the Oil &amp; Gas Equipment &amp; Services sub-industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Oil &amp; Gas Drilling sub-industry and the Oil &amp; Gas Equipment &amp; Services sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Oil and Gas Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Oil and gas companies develop and produce crude oil and natural gas and provide drilling and other energy resources production and distribution related services. Stock prices for these types of companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic conditions will likewise affect the performance of these companies. Correspondingly, securities of companies in the energy field are subject to swift price and supply fluctuations caused by events relating to international politics, energy conservation, the success of exploration projects, and tax and other governmental regulatory policies. Weak demand for the companies' products or services or for energy products and services in general, as well as negative developments in these other areas, would adversely impact the Fund's performance. Oil and gas equipment and services can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Energy Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">60.70%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-71.56%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">32.80%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.6070 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.7156 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.3280 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0577 0.1414 -0.0617 0.0518 0.1380 -0.0647 0.0358 0.1131 -0.0437 0.0603 0.1446 -0.0595 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Oil &amp; Gas Exploration &amp; Production ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the total return performance of </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">an index derived from the oil and gas exploration and production segment of a U.S. total market composite </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">42</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Oil &amp; Gas Exploration &amp; Production Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the oil and gas exploration and production segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The oil and gas exploration and production segment of the S&amp;P TMI comprises the following sub-industries: Integrated Oil &amp; Gas, Oil &amp; Gas Exploration &amp; Production, and Oil &amp; Gas Refining &amp; Marketing.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Integrated Oil &amp; Gas, Oil &amp; Gas Exploration &amp; Production, and Oil &amp; Gas Refining &amp; Marketing sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded </span><span style="color:#000000;font-family:Arial;font-size:10pt;">for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 51 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the oil and gas exploration and production segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The oil and gas exploration and production segment of the S&amp;P TMI comprises the following sub-industries: Integrated Oil &amp; Gas, Oil &amp; Gas Exploration &amp; Production, and Oil &amp; Gas Refining &amp; Marketing.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Integrated Oil &amp; Gas, Oil &amp; Gas Exploration &amp; Production, and Oil &amp; Gas Refining &amp; Marketing sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Oil and Gas Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Oil and gas companies develop and produce crude oil and natural gas and provide drilling and other energy resources production and distribution related services. Stock prices for these types of companies are affected by supply and demand both for their specific product or service and for energy products in general. The price of oil and gas, exploration and production spending, government regulation, world events and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">economic conditions will likewise affect the performance of these companies. Correspondingly, securities of companies in the energy field are subject to swift price and supply fluctuations caused by events relating to international politics, energy conservation, the success of exploration projects, and tax and other governmental regulatory policies. Weak demand for the companies' products or services or for energy products and services in general, as well as negative developments in these other areas, would adversely impact the Fund's performance. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Energy Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Issuers in energy-related industries can be significantly affected by fluctuations in energy prices and supply and demand of energy fuels. Markets for various energy-related commodities can have significant volatility, and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and to incur significant amounts of debt, in order to maintain or expand their reserves. Oil and gas exploration and production can be significantly affected by natural disasters as well as changes in exchange rates, interest rates, government regulation, world events and economic conditions. These companies may be at risk for environmental damage claims.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">59.65%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-64.97%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">43.74%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.5965 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.6497 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.4374 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> -0.0215 0.1946 0.0234 -0.0290 0.1871 0.0184 -0.0100 0.1578 0.0172 -0.0192 0.1982 0.0260 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Pharmaceuticals ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Pharmaceuticals ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">pharmaceuticals segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">69</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.69 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Pharmaceuticals Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the pharmaceuticals segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The pharmaceuticals segment of the S&amp;P TMI comprises the Pharmaceuticals sub-industry.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Pharmaceuticals sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 64 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the pharmaceuticals segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The pharmaceuticals segment of the S&amp;P TMI comprises the Pharmaceuticals sub-industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Pharmaceuticals sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Pharmaceuticals Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Pharmaceutical companies are heavily dependent on patent protection. The expiration of patents may adversely affect the profitability of the companies. Pharmaceutical companies are also subject to extensive litigation based on product liability and other similar claims. Many new products are subject to approval of the U.S. Food and Drug Administration (“FDA”). The process of obtaining FDA approval can be long </span><span style="color:#000000;font-family:Arial;font-size:10pt;">and costly and approved products are susceptible to obsolescence. Pharmaceutical companies are also subject to heavy competitive forces that may make it difficult to raise prices and, in fact, may result in price discounting.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Health Care Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of health care through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Health care companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the health care sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">28.59%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2019</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-24.28%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2018</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">16.36%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2859 2019-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2428 2018-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1636 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.3163 0.0282 0.0188 0.3129 0.0248 0.0164 0.1886 0.0208 0.0140 0.3156 0.0264 0.0186 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Regional Banking ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Regional Banking ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">regional banking segment of the U.S. banking industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">43</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.43 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Regional Banks Select Industry Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the regional banks segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The regional banks segment of the S&amp;P TMI comprises the Regional Banks sub-industry.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Regional Banks sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">dollar value traded for initial public offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 159 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the regional banks segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The regional banks segment of the S&amp;P TMI comprises the Regional Banks sub-industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Regional Banks sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Banking Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The performance of bank stocks may be affected by extensive governmental regulation, which may limit the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, and the amount of capital they must maintain. The impact of changes in regulations and capital requirements on a banking company cannot be predicted and may negatively impact such banking company. Profitability is largely dependent on the availability and cost of capital funds, and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers can </span><span style="color:#000000;font-family:Arial;font-size:10pt;">negatively impact banking companies. Banks may also be subject to severe price competition. Competition among banking companies is high and failure to maintain or increase market share may result in lost market value.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Regional Bank Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in regional banks, which may be small or medium in size, may involve greater risk than investing in larger, more established banks. Securities of regional banks are often less liquid and subject to greater volatility and less trading volume than is customarily associated with securities of larger banks. A regional bank's financial performance may be dependent upon the business environment in certain geographic regions of the United States and, as a result, adverse economic or employment developments in such regions may negatively impact such regional bank and, in turn, the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Institutions Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Changes in the creditworthiness of financial institutions (such as banks and broker-dealers) may adversely affect the values of instruments of issuers in financial industries. Adverse developments in banking and other financial industries may cause the Fund to underperform relative to other funds that invest more broadly across different industries or have a smaller exposure to financial institutions. Other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy or the Fund. In addition, the Fund may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails. Changes in governmental regulation and oversight of financial institutions may have an adverse effect on the financial condition of a financial institution.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">46.60%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-43.46%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">8.90%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.4660 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.4346 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0890 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1021 0.0740 0.0708 0.0948 0.0667 0.0641 0.0642 0.0567 0.0556 0.1063 0.0779 0.0743 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Retail ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Retail ETF (the “Fund”) seeks to provide investment results that, before fees </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">and expenses, correspond generally to the total return performance of an index derived from the retail </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">48</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.48 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Retail Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the retail segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The retail segment of the S&amp;P TMI comprises the following sub-industries: Apparel Retail, Automotive Retail, Broadline Retail, Computer &amp; Electronic Retail, Consumer Staples Merchandise Retail, Drug Retail, Food Retailers, and Other Specialty Retail.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Apparel Retail, Automotive Retail, Broadline Retail, Computer &amp; Electronic Retail, Consumer Staples Merchandise Retail, Drug Retail, Food Retailers, and Other Specialty Retail sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 75 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the retail segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The retail segment of the S&amp;P TMI comprises the following sub-industries: Apparel Retail, Automotive Retail, Broadline Retail, Computer &amp; Electronic Retail, Consumer Staples Merchandise Retail, Drug Retail, Food Retailers, and Other Specialty Retail.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Apparel Retail, Automotive Retail, Broadline Retail, Computer &amp; Electronic Retail, Consumer Staples Merchandise Retail, Drug Retail, Food Retailers, and Other Specialty Retail sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Retail Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Retail companies can be significantly affected by the performance of the domestic and international economy, consumer confidence and spending, intense competition, changes in demographics, and changing consumer tastes and preferences.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Discretionary Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall global economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Also, companies in the consumer discretionary sector may be subject to severe competition, which may have an adverse impact on their respective profitability. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Staples Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Consumer staples companies are subject to government regulation affecting their products which may negatively impact such companies' performance. For instance, government regulations may affect the permissibility of using various food additives and production methods of companies that make food products, which could affect company profitability. Tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Also, the success of food, beverage, household and personal product companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand, including performance of the overall domestic and global economy, interest rates, competition and consumer confidence and spending.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">44.23%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-34.92%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-3.06%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.4423 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3492 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0306 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0803 0.0743 0.0864 0.0774 0.0689 0.0810 0.0481 0.0563 0.0681 0.0821 0.0756 0.0870 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Semiconductor ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Semiconductor ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">semiconductor segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">48</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.48 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Semiconductor Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the semiconductors segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The semiconductors segment of the S&amp;P TMI comprises the Semiconductors sub-industry.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Semiconductors sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not have 12 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">months of trading history is annualized. If there are fewer than 35 stocks, stocks from the Semiconductor Equipment sub-industry that meet the market capitalization and liquidity thresholds are included in order of their float-adjusted market capitalization from largest to smallest. If there continues to be fewer than 22 stocks, the market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 47 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the semiconductors segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The semiconductors segment of the S&amp;P TMI comprises the Semiconductors sub-industry.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Semiconductors sub-industry that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Semiconductor Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is subject to the risk that market or economic factors impacting semiconductor companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of semiconductor companies and companies that rely </span><span style="color:#000000;font-family:Arial;font-size:10pt;">heavily on technology is particularly vulnerable to rapid changes in product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Semiconductor companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Additionally, semiconductor companies may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect </span><span style="color:#000000;font-family:Arial;font-size:10pt;">profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">35.90%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-26.70%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">64.84%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3590 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2670 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.6484 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.2973 0.1382 0.2267 0.2963 0.1375 0.2253 0.1765 0.1109 0.1977 0.3013 0.1419 0.2302 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Software &amp; Services ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Software &amp; Services ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">computer software segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">51</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.51 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Software &amp; Services Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the software and services segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The software and services segment of the S&amp;P TMI comprises the following sub-industries: Application Software, Interactive Home Entertainment, IT Consulting &amp; Other Services, and Systems Software.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Application Software, Interactive Home Entertainment, IT Consulting &amp; Other Services, and Systems Software sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 132 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the software and services segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The software and services segment of the S&amp;P TMI comprises the following sub-industries: Application Software, Interactive Home Entertainment, IT Consulting &amp; Other Services, and Systems Software.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Application Software, Interactive Home Entertainment, IT Consulting &amp; Other Services, and Systems Software sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Computer Software/Services Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Computer software/services companies can be significantly affected by competitive pressures, aggressive pricing, technological developments, changing domestic demand, the ability to attract and retain skilled employees and availability and price of components. The market for products produced by computer software/services companies is characterized by rapidly changing technology, rapid product </span><span style="color:#000000;font-family:Arial;font-size:10pt;">obsolescence, cyclical market patterns, evolving industry standards and frequent new product introductions. The success of computer software/services companies depends in substantial part on the timely and successful introduction of new products and the ability to service such products. An unexpected change in one or more of the technologies affecting an issuer's products or in the market for products based on a particular technology could have a material adverse effect on a participant's operating results.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Many computer software/services companies rely on a combination of patents, copyrights, trademarks and trade secret laws to establish and protect their proprietary rights in their products and technologies. There can be no assurance that the steps taken by computer software/services companies to protect their proprietary rights will be adequate to prevent misappropriation of their technology or that competitors will not independently develop technologies that are substantially equivalent or superior to such companies' technology.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid </span><span style="color:#000000;font-family:Arial;font-size:10pt;">changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">35.77%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-24.54%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3.96%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.3577 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2454 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0396 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> -0.0091 0.0410 0.1437 -0.0092 0.0407 0.1429 -0.0053 0.0317 0.1213 -0.0079 0.0426 0.1462 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Telecom ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Telecom ETF (the “Fund”) seeks to provide investment results that, before fees </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">telecommunications segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">50</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Telecom Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the telecommunications segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The telecommunications segment of the S&amp;P TMI comprises the following sub-industries: Alternative Carriers, Communications Equipment, Integrated Telecommunication Services, and Wireless Telecommunication Services.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Alternative Carriers, Communications Equipment, Integrated Telecommunication Services, and Wireless Telecommunication Services sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public offerings or spin-offs that do not </span><span style="color:#000000;font-family:Arial;font-size:10pt;">have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float-adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 40 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the telecommunications segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The telecommunications segment of the S&amp;P TMI comprises the following sub-industries: Alternative Carriers, Communications Equipment, Integrated Telecommunication Services, and Wireless Telecommunication Services.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Alternative Carriers, Communications Equipment, Integrated Telecommunication Services, and Wireless Telecommunication Services sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Telecommunications Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The telecommunications industry is subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to receive required regulatory approvals or the enactment of new adverse regulatory requirements may adversely affect the business of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">telecommunications companies. The telecommunications industry can also be significantly affected by intense competition, including competition with alternative technologies such as wireless communications, product compatibility, consumer preferences, rapid product obsolescence and research and development of new products. Technological innovations may make the products and services of telecommunications companies obsolete. Other risks include uncertainties resulting from such companies' diversification into new domestic and international businesses, as well as agreements by any such companies linking future rate increases to inflation or other factors not directly related to the actual operating profits of the enterprise.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">29.24%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q3 2024</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-17.11%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2018</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">33.70%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2924 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1711 2018-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.3370 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.4507 0.1365 0.1192 0.4464 0.1338 0.1156 0.2690 0.1087 0.0979 0.4549 0.1396 0.1204 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> S&amp;P</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Transportation ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR S&amp;P Transportation ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the total return performance of an index derived from the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">transportation segment of a U.S. total market composite index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">32</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.32 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P Transportation Select Industry Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the transportation segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The transportation segment of the S&amp;P TMI comprises the following sub-industries: Air Freight &amp; Logistics, Airport Services, Cargo Ground Transportation, Highways &amp; Rail Tracks, Marine Transportation, Marine Ports &amp; Services, Passenger Airlines, Passenger Ground Transportation, and Rail Transportation.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Air Freight &amp; Logistics, Airport Services, Cargo Ground Transportation, Highways &amp; Rail Tracks, Marine Transportation, Marine Ports &amp; Services, Passenger Airlines, Passenger Ground Transportation, and Rail Transportation sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> To evaluate liquidity, the dollar value traded for initial public </span><span style="color:#000000;font-family:Arial;font-size:10pt;">offerings or spin-offs that do not have 12 months of trading history is annualized. The market capitalization threshold may be relaxed to ensure that there are at least 22 stocks in the Index as of the rebalancing effective date. Existing Index constituents are removed at the quarterly rebalancing effective date if either their float adjusted market capitalization falls below $300 million or their float-adjusted liquidity ratio falls below 50%. The market capitalization threshold and the liquidity threshold are each reviewed from time to time based on market conditions. The Index is modified equal weighted. The Index rebalances and reconstitutes quarterly on the third Friday of the quarter ending month and a secondary reweighting is performed on the third to last business day of the quarter ending month. The reference date for additions and deletions is after the close of the last trading date of the previous month. The S&amp;P TMI tracks all eligible U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX exchanges. As of July 31, 2026, the Index comprised 43 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index represents the transportation segment of the S&amp;P Total Market Index (“S&amp;P TMI”). The S&amp;P TMI is designed to track the broad U.S. equity market. The transportation segment of the S&amp;P TMI comprises the following sub-industries: Air Freight &amp; Logistics, Airport Services, Cargo Ground Transportation, Highways &amp; Rail Tracks, Marine Transportation, Marine Ports &amp; Services, Passenger Airlines, Passenger Ground Transportation, and Rail Transportation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is one of twenty-one (21) of the S&amp;P Select Industry Indices (the “Select Industry Indices”), each designed to measure the performance of a narrow sub-industry or group of sub-industries determined based on the Global Industry Classification Standard (“GICS”). Membership in the Select Industry Indices is based on the GICS classification, as well as liquidity and market cap requirements. Companies in the Select Industry Indices are classified according to GICS which determines classifications primarily based on revenues; however, earnings and market perception are also considered. The Index consists of the S&amp;P TMI constituents belonging to the Air Freight &amp; Logistics, Airport Services, Cargo Ground Transportation, Highways &amp; Rail Tracks, Marine Transportation, Marine Ports &amp; Services, Passenger Airlines, Passenger Ground Transportation, and Rail Transportation sub-industries that satisfy the following criteria: (i) have a float-adjusted market capitalization greater than or equal to $500 million with a float-adjusted liquidity ratio (defined by dollar value traded over the previous 12 months divided by the float-adjusted market capitalization as of the index rebalancing reference date) greater than or equal to 90% or have a float-adjusted market capitalization greater than or equal to $400 million with a float-adjusted liquidity ratio (as defined above) greater than or equal to 150%; and (ii) are U.S. based companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Transportation Companies Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Transportation companies can be significantly affected by changes in the economy, fuel prices, labor relations, technology developments, exchange rates, insurance costs, industry competition and government regulation.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Concentration Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> When the Fund focuses its investments in a particular industry or sector, financial, economic, business, and other developments affecting issuers in that industry, market, or economic sector will have a greater effect on the Fund than if it had not done so. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">23.57%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-31.84%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">7.90%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2357 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3184 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0790 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0632 0.0607 0.0886 0.0610 0.0581 0.0861 0.0387 0.0470 0.0721 0.0665 0.0639 0.0921 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> US Large Cap Low Volatility Index ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR US Large Cap Low Volatility Index ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of a large cap, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">low volatility index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0012 0 0.0000 0.0012 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 12 39 68 154 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">38</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;line-height:12pt;position:relative;top:-2.75pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">US Large Cap Low Volatility Index (previously known as the SSGA US Large Cap Low Volatility Index)</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the stocks of U.S. large capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">In selecting constituents from the Index Universe (defined herein), the Index utilizes a proprietary rules-based process that seeks to increase exposure to stocks in the Index Universe that exhibit low volatility. The initial universe of securities eligible for inclusion in the Index (the “Index Universe”) is comprised of the largest 1,000 U.S. stocks, based on market capitalization, listed on a U.S. national securities exchange that have trailing six-month average daily trading volumes of at least 250,000 shares and free float factors (percentage of common shares outstanding readily available in the market) greater than 50% as of the Index rebalance determination date. Eligible stocks are assigned to a sector and ranked within each sector according to their volatility. A stock's volatility is measured by the standard deviation of monthly total returns to that stock's price over the trailing 5 years as of the Index rebalance determination date. For stocks with less than 5 years of monthly returns, volatility is measured by available monthly returns if the stock has at least 2.5 years of monthly returns or by the average volatility of stocks in the same sector in the Investment Universe if the stock has fewer than 2.5 years of monthly returns. For each sector, stocks with the lowest volatility whose combined free float sector market capitalization equals 30% are selected for inclusion in the Index, including the first stock that brings the combined sector market capitalization above 30%. The Index weights constituent securities such that securities with the lowest volatility receive the highest weights in the Index, subject to liquidity constraints limiting a constituent's weighting in the Index to 5% and to 20 times the constituent's weight within the Index Universe.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">rebalance determination date is 10 business days prior to the last business day of March. Index rebalancings are effective after the close of the last business day of March. As of August 31, 2026, a significant portion of the Fund comprised companies in the industrial and real estate sectors, although this may change from time to time. As of July 31, 2026, there were 171 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index was created and is sponsored by State Street Investment Management (the “Index Provider”), an affiliate of the Fund and of SSGA FM, the Fund's Adviser. The Index Provider establishes and maintains rules which are used to determine the composition of the Index and relative weightings of the securities in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the stocks of U.S. large capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In selecting constituents from the Index Universe (defined herein), the Index utilizes a proprietary rules-based process that seeks to increase exposure to stocks in the Index Universe that exhibit low volatility. The initial universe of securities eligible for inclusion in the Index (the “Index Universe”) is comprised of the largest 1,000 U.S. stocks, based on market capitalization, listed on a U.S. national securities exchange that have trailing six-month average daily trading volumes of at least 250,000 shares and free float factors (percentage of common shares outstanding readily available in the market) greater than 50% as of the Index rebalance determination date. Eligible stocks are assigned to a sector and ranked within each sector according to their volatility. A stock's volatility is measured by the standard deviation of monthly total returns to that stock's price over the trailing 5 years as of the Index rebalance determination date. For stocks with less than 5 years of monthly returns, volatility is measured by available monthly returns if the stock has at least 2.5 years of monthly returns or by the average volatility of stocks in the same sector in the Investment Universe if the stock has fewer than 2.5 years of monthly returns. For each sector, stocks with the lowest volatility whose combined free float sector market capitalization equals 30% are selected for inclusion in the Index, including the first stock that brings the combined sector market capitalization above 30%. The Index weights constituent securities such that securities with the lowest volatility receive the highest weights in the Index, subject to liquidity constraints limiting a constituent's weighting in the Index to 5% and to 20 times the constituent's weight within the Index Universe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Low Volatility Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels. Low volatility stocks are likely to underperform the broader market during periods of rapidly rising stock prices.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Real Estate Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An investment in a real property company may be subject to risks similar to those associated with direct ownership of real estate, including, by way of example, the possibility of declines in the value of real estate, losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, environmental liability, zoning laws, regulatory limitations on rents, property taxes, and operating expenses. Some real property companies have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">REIT Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> real estate investment trusts (“REITs”) are subject to the risks associated with investing in the securities of real property companies. In particular, REITs may be affected by changes in the values of the underlying properties that they own or operate. Further, REITs are dependent upon specialized management skills, and their investments may be concentrated in relatively few properties, or in a small geographic area or a single property type. REITs are also subject to heavy cash flow dependency and, as a result, are particularly reliant on the proper functioning of capital markets. A variety of economic and other factors may adversely affect a lessee's ability to meet its obligations to a REIT. In the event of a default by a lessee, the REIT may experience delays in enforcing its rights as a lessor and may incur substantial costs associated in protecting its investments. In addition, a REIT could fail to qualify for favorable regulatory treatment.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">13.41%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-20.26%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.88%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1341 2021-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.2026 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0088 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective December 13, 2016 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Russell 1000 Low Volatility Index (the “Previous Benchmark Index”) to the State Street US Large Cap Low Volatility Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0830 0.1005 0.1161 0.0776 0.0950 0.1087 0.0522 0.0786 0.0936 0.0846 0.1019 0.1175 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> US Small Cap Low Volatility Index ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR US Small Cap Low Volatility Index ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the total return performance of a small cap, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">low volatility index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0012 0 0.0000 0.0012 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 12 39 68 154 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">39</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the State Street US Small Cap Low Volatility Index (previously known as the SSGA US Small Cap Low Volatility Index)</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the stocks of U.S. small capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">In selecting constituents from the Index Universe (defined herein), the Index utilizes a proprietary rules-based process that seeks to increase exposure to stocks in the Index Universe that exhibit low volatility. The initial universe of securities eligible for inclusion in the Index (the “Index Universe”) is comprised of the 2,000 U.S. stocks listed on a U.S. national securities exchange whose market capitalizations rank from 1,001 to 3,000 that have trailing six-month average daily trading volumes of at least 250,000 shares and free float factors (percentage of common shares outstanding readily available in the market) greater than 50% as of the Index rebalance determination date. Eligible stocks are assigned to a sector and ranked within each sector according to their volatility. A stock's volatility is measured by the standard deviation of monthly total returns to that stock's price over the trailing 5 years as of the Index rebalance determination date. For stocks with less than 5 years of monthly returns, volatility is measured by available monthly returns if the stock has at least 2.5 years of monthly returns or by the average volatility of stocks in the same sector in the Investment Universe if the stock has fewer than 2.5 years of monthly returns. For each sector, stocks with the lowest volatility whose combined free float sector market capitalization equals 30% are selected for inclusion in the Index, including the first stock that brings the combined sector market capitalization above 30%. The Index weights constituent securities such that securities with the lowest volatility receive the highest weights in the Index, subject to liquidity constraints limiting a constituent's weighting in the Index to 5% and to 20 times the constituent's weight within the Index Universe.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index rebalance determination date is 10 business days prior to the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">last business day of March. Index rebalancings are effective after the close of the last business day of March. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial sector, although this may change from time to time. As of July 31, 2026, there were 394 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index was created and is sponsored by State Street Investment Management (the “Index Provider”), an affiliate of the Fund and of SSGA FM, the Fund's Adviser. The Index Provider establishes and maintains rules which are used to determine the composition of the Index and relative weightings of the securities in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the stocks of U.S. small capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In selecting constituents from the Index Universe (defined herein), the Index utilizes a proprietary rules-based process that seeks to increase exposure to stocks in the Index Universe that exhibit low volatility. The initial universe of securities eligible for inclusion in the Index (the “Index Universe”) is comprised of the 2,000 U.S. stocks listed on a U.S. national securities exchange whose market capitalizations rank from 1,001 to 3,000 that have trailing six-month average daily trading volumes of at least 250,000 shares and free float factors (percentage of common shares outstanding readily available in the market) greater than 50% as of the Index rebalance determination date. Eligible stocks are assigned to a sector and ranked within each sector according to their volatility. A stock's volatility is measured by the standard deviation of monthly total returns to that stock's price over the trailing 5 years as of the Index rebalance determination date. For stocks with less than 5 years of monthly returns, volatility is measured by available monthly returns if the stock has at least 2.5 years of monthly returns or by the average volatility of stocks in the same sector in the Investment Universe if the stock has fewer than 2.5 years of monthly returns. For each sector, stocks with the lowest volatility whose combined free float sector market capitalization equals 30% are selected for inclusion in the Index, including the first stock that brings the combined sector market capitalization above 30%. The Index weights constituent securities such that securities with the lowest volatility receive the highest weights in the Index, subject to liquidity constraints limiting a constituent's weighting in the Index to 5% and to 20 times the constituent's weight within the Index Universe.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities of small-capitalization companies may be more volatile and may involve more risk than the securities of larger companies. These companies may have limited product lines, markets or financial resources, may lack the competitive strength of larger companies, and may depend on a few key employees. In addition, these companies may have been recently organized and may have little or no track record of success. The securities of smaller companies may trade less frequently and in smaller volumes than more widely held securities. Some securities of smaller issuers may be illiquid or may be restricted as to resale, and their values may have significant volatility. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. Returns on investments in securities of small-capitalization companies could trail the returns on investments in securities of larger companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Low Volatility Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Although subject to the risks of common stocks, low volatility stocks are seen as having a lower risk profile than the overall markets. However, a portfolio comprised of low volatility stocks may not produce investment exposure that has lower variability to changes in such stocks' price levels. Low volatility stocks are likely to underperform the broader market during periods of rapidly rising stock prices.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">27.70%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-33.18%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">16.34%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2770 2020-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.3318 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1634 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective December 13, 2016 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Russell 2000 Low Volatility Index (the “Previous Benchmark Index”) to the State Street US Small Cap Low Volatility Index, consistent with a change in the Fund's principal investment strategy to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0569 0.0936 0.0943 0.0485 0.0857 0.0831 0.0370 0.0720 0.0725 0.0584 0.0950 0.0954 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;">Fund Summaries</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bloomberg 1-3 Month T-Bill ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Bloomberg 1-3 Month T-Bill ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the price and yield performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the 1-3 month sector of the United States Treasury Bill market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.001345 0 0.000007 0.001352 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 14 44 76 173 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg 1-3 Month U.S. Treasury Bill Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. Treasury Bills that have a remaining maturity of less than 3 months and at least 1 month, and are rated investment-grade. In addition, the securities must be denominated in U.S. dollars and must have a fixed rate.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capitalization weighted, with securities held in the Federal Reserve System Open Market Account (the portfolio of U.S. Treasuries, Federal Agency securities, and foreign currency investments held by the U.S. Federal Reserve Bank) deducted from the total amount outstanding. Securities in the Index are updated on the last business day of each month. As of July 31, 2026, there were approximately 17 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. Treasury Bills that have a remaining maturity of less than 3 months and at least 1 month, and are rated investment-grade. In addition, the securities must be denominated in U.S. dollars and must have a fixed rate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which </span><span style="color:#000000;font-family:Arial;font-size:10pt;">typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">1.34%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-0.03%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">2.66%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0134 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0003 2021-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0266 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0415 0.0309 0.0203 0.0242 0.0181 0.0120 0.0244 0.0182 0.0120 0.0429 0.0324 0.0218 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bloomberg 3-12 Month T-Bill ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Bloomberg 3-12 Month T-Bill ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the price and yield performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the 3-12 month sector of the United States Treasury Bill market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.001345 0 0.000008 0.001353 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 14 44 76 173 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg 3-12 Month U.S. Treasury Bill Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 3 months and less than 12 months.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Treasury Bills that have a remaining maturity of less than 12 months and at least 3 months, and are rated investment-grade. In addition, the securities must be denominated in U.S. dollars and must have a fixed rate.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capitalization weighted, with securities held in the Federal Reserve System Open Market Account deducted from the total amount outstanding. Securities in the Index are reconstituted and rebalanced on the last business day of each month. As of July 31, 2026, there were approximately 23 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 3 months and less than 12 months.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Treasury Bills that have a remaining maturity of less than 12 months and at least 3 months, and are rated investment-grade. In addition, the securities must be denominated in U.S. dollars and must have a fixed rate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">1.52%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q3 2024</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-0.16%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">2.54%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0152 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0016 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0254 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2020-09-23 0.0421 0.0300 0.0285 0.0249 0.0170 0.0161 0.0247 0.0173 0.0165 0.0431 0.0312 0.0297 0.0730 -0.0036 -0.0024 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bloomberg 1-10 Year TIPS ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Bloomberg 1-10 Year TIPS ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the price and yield performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the 1-10 year inflation protected sector of the United States Treasury market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0015 0 0.0000 0.0015 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 15 48 85 192 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">20</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.20 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg 1-10 Year U.S. Government Inflation-Linked Bond Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the inflation protected public obligations of the U.S. Treasury commonly known as “TIPS” that have a remaining maturity greater than or equal to 1 year and less than 10 years. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued TIPS that have at least 1 year and less than 10 years remaining to maturity on the index rebalancing date, with an issue size equal to or in excess of $500 million. The total amount outstanding for each issue is reflected, there are no adjustments made for sums held in the Federal Reserve System Open Market Account (SOMA) account. Bonds must be capital-indexed and linked to a domestic inflation index. The securities must be issued by the U.S. Government and must be denominated in U.S. dollars and pay coupon and principal in U.S. dollars.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">New bonds/reopening's entering the Index must settle on or before the index rebalancing date. The Index is rebalanced on the last business day of each month. As of July 31, 2026, the Index comprised 31 securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the inflation protected public obligations of the U.S. Treasury commonly known as “TIPS” that have a remaining maturity greater than or equal to 1 year and less than 10 years. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued TIPS that have at least 1 year and less than 10 years remaining to maturity on the index rebalancing date, with an issue size equal to or in excess of $500 million. The total amount outstanding for each issue is reflected, there are no adjustments made for sums held in the Federal Reserve System Open Market Account (SOMA) account. Bonds must be capital-indexed and linked to a domestic inflation index. The securities must be issued by the U.S. Government and must be denominated in U.S. dollars and pay coupon and principal in U.S. dollars.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Inflation-Indexed Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The principal amount of an inflation-indexed security typically increases with inflation and decreases with deflation, as measured by a specified index. It is possible that, in a period of declining inflation rates, the Fund could receive at maturity less than the initial principal amount of an inflation-indexed security. Changes in the values of inflation-indexed securities may be difficult to predict, and it is possible that an investment in such securities will have an effect different from that anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3.89%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2025</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-3.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q3 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-0.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0389 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0385 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0085 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0715 0.0237 0.0319 0.0552 0.0065 0.0192 0.0422 0.0106 0.0190 0.0737 0.0252 0.0335 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bloomberg Convertible Securities ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Bloomberg Convertible Securities ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the price and yield performance of an index </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that tracks United States convertible securities markets.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0040 0 0.0000 0.0040 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 41 128 224 505 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">51</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.51 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Convertible Liquid Bond Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to represent the market of U.S. convertible securities, such as convertible bonds and convertible preferred stock. Convertible bonds are bonds that can be exchanged, at the option of the holder or issuer, for a specific number of shares of the issuer's equity securities. Convertible preferred stock is preferred stock that includes an option for the holder to convert to common stock.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index components are a subset of issues in the Bloomberg Convertible Composite Index. To be included in the Index, a security must meet the following requirements: (i) have an issue amount of at least $350 million and a par amount outstanding of at least $250 million; (ii) be a non-called, non-defaulted security; (iii) have at least 31 days until maturity; (iv) be U.S. dollar denominated; and (v) be a registered or a convertible tranche issued under Rule 144A of the Securities Act of 1933, as amended.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index may include </span><span style="color:#000000;font-family:Arial;font-size:10pt;">investment grade, below investment grade and unrated securities. The Index is rebalanced on a monthly basis on the last business day of the month. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology sector, although this may change from time to time. As of July 31, 2026, there were 339 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to represent the market of U.S. convertible securities, such as convertible bonds and convertible preferred stock. Convertible bonds are bonds that can be exchanged, at the option of the holder or issuer, for a specific number of shares of the issuer's equity securities. Convertible preferred stock is preferred stock that includes an option for the holder to convert to common stock.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index components are a subset of issues in the Bloomberg Convertible Composite Index. To be included in the Index, a security must meet the following requirements: (i) have an issue amount of at least $350 million and a par amount outstanding of at least $250 million; (ii) be a non-called, non-defaulted security; (iii) have at least 31 days until maturity; (iv) be U.S. dollar denominated; and (v) be a registered or a convertible tranche issued under Rule 144A of the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Convertible securities may be subordinate to other debt securities issued by the same issuer. Issuers of convertible securities are often not as strong financially as issuers with higher credit ratings. Convertible securities typically provide yields lower than comparable non-convertible securities. Their values may be more volatile than those of non-convertible securities, reflecting changes in the values of the securities into which they are convertible. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Below Investment-Grade Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lower-quality debt securities (“high yield” or “junk” bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and </span><span style="color:#000000;font-family:Arial;font-size:10pt;">settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Certain countries may institute negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Preferred Stock Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Generally, preferred stock holders have no or limited voting rights with respect to the issuing company. In addition, preferred stock is generally senior to common stock, but may be subordinated to bonds and other debt instruments in a company's capital structure and therefore may be subject to greater credit risk than those debt instruments. In the event an issuer of preferred stock experiences economic difficulties, the issuer's preferred stock may lose substantial value due to the increased likelihood of deferred dividend payments and the fact that the preferred stock may be subordinated to other securities of the same issuer. Further, because preferred stocks pay dividends at a fixed rate, their market price can be sensitive to changes in interest rates in a manner similar to bonds — that is, as interest rates rise, the value of preferred stock held by the Fund is likely to decline. In addition, to the extent preferred stocks allow holders to convert the preferred stock into common stock of the issuer, their market price can be sensitive to changes in the value of the issuer's common stock and, therefore, declining common stock values may also cause the value of the Fund's investments to decline. Preferred stock often have call features which allow the issuer to redeem the security at its discretion. The redemption of a preferred stock having a higher than average yield may cause a decrease in the Fund's yield.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close </span><span style="color:#000000;font-family:Arial;font-size:10pt;">out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">26.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-15.86%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">14.67%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2685 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1586 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1467 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1655 0.0356 0.1087 0.1583 0.0281 0.0964 0.0989 0.0242 0.0831 0.1695 0.0400 0.1140 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bloomberg Emerging Markets USD Bond ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Bloomberg Emerging Markets USD Bond ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks fixed and floating-rate US dollar-denominated debt issued by sovereign and quasi-</span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">sovereign emerging market issuers.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0023 0 0.0000 0.0023 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 24 74 130 293 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">22</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.22 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg Emerging Market USD Sovereign and Sovereign Owned Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes.  In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent the Index concentrates in a particular industry or group of industries. Swaps and futures contracts (each, a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to its Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of fixed and floating-rate US dollar-denominated debt issued by emerging market sovereigns, as well as government guaranteed emerging market issuers and 100% government owned emerging market issuers (i.e., quasi-sovereign emerging market issuers). An emerging market is a country that the World Bank Income group classifies as low/middle income or the International Monetary Fund (IMF) classifies as a non-advanced country.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">In addition, the Index Provider (defined below) may classify a country as an emerging market based on factors such as investability concerns, the presence of capital controls, and/or geographic considerations. The Index includes bonds of any credit quality with a minimum par amount outstanding of $1 billion, a remaining maturity of at least one year and an original maturity of greater than two and a half years. SEC-registered, Rule 144A and Regulation S bonds are each eligible for inclusion in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As of July 31, 2026, there were approximately 696 </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is calculated by the Index Provider (as defined below) using a capped weighting methodology. At each rebalance, each constituent country within the Index is capped at 5% with respect to the total market value of the Index. Any country weight exceeding the 5% limit will be redistributed on a pro rata basis to the bonds of all other countries in the Index that are below the 5% cap. The Index is rebalanced and reconstituted monthly on the last business day of the month.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of fixed and floating-rate US dollar-denominated debt issued by emerging market sovereigns, as well as government guaranteed emerging market issuers and 100% government owned emerging market issuers (i.e., quasi-sovereign emerging market issuers). An emerging market is a country that the World Bank Income group classifies as low/middle income or the International Monetary Fund (IMF) classifies as a non-advanced country.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In addition, the Index Provider (defined below) may classify a country as an emerging market based on factors such as investability concerns, the presence of capital controls, and/or geographic considerations. The Index includes bonds of any credit quality with a minimum par amount outstanding of $1 billion, a remaining maturity of at least one year and an original maturity of greater than two and a half years. SEC-registered, Rule 144A and Regulation S bonds are each eligible for inclusion in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Certain countries may institute negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Risks of investing in emerging markets include, among others, greater political and economic instability, greater volatility in currency exchange rates, less developed securities markets, increased potential for market manipulation, possible trade barriers, currency transfer restrictions, a more limited number of potential buyers and issuers, an emerging market country's dependence on revenue from particular commodities or international aid, less governmental supervision and regulation, unavailability of currency hedging techniques, differences in auditing and financial reporting standards, and less developed legal systems. There is also the potential for unfavorable action such as expropriation, nationalization, embargoes, and acts of war. The securities of emerging market companies may trade less frequently and in smaller volumes than more widely held securities. Market disruptions or substantial market corrections may limit very significantly the liquidity of securities of certain companies in a particular country or geographic region, or of all companies in the country or region. The Fund may be unable to liquidate its positions in such securities at any time, or at a favorable price, in order to meet the Fund's obligations. These risks are generally greater for investments in frontier market countries, which typically have smaller economies or less developed capital markets than traditional emerging market countries.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sovereign Debt Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in debt securities issued by governments or by government agencies and instrumentalities involve the risk that the governmental entities responsible for repayment may be unable or unwilling to pay interest and repay principal when due. Any restructuring of a sovereign debt obligation held by the Fund will likely have a significant adverse effect on the value of the obligation. In the event of default of sovereign debt, the Fund may be unable to pursue legal action against the sovereign issuer or to realize on collateral securing the debt.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Below Investment-Grade Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lower-quality debt securities (“high yield” or “junk” bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures </span><span style="color:#000000;font-family:Arial;font-size:10pt;">contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Variable and Floating Rate Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> During periods of increasing interest rates, changes in the coupon rates of variable or floating rate securities may lag behind the changes in market rates or may have limits on the maximum increases in coupon rates. Alternatively, during periods of declining interest rates, the coupon rates on such securities will typically readjust downward resulting in a lower yield. In addition, investment in derivative variable rate securities, such as inverse floaters, whose rates vary inversely with market rates of interest, or range floaters or capped floaters, whose rates are subject to periodic or lifetime caps, or in securities that pay a rate of interest determined by applying a multiple to the variable rate involves special risks as compared to investment in a fixed-rate security and may involve leverage. Floating rate notes are generally subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9.37%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-11.18%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.38%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0937 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1118 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0238 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  Effective October 31, 2024 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Bloomberg Emerging USD Bond Core Index (the “Previous Benchmark Index”) to the Bloomberg Emerging Market USD Sovereign and Sovereign Owned Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2021-04-07 0.1354 0.0189 0.1065 -0.0031 0.0792 0.0043 0.1362 0.0166 0.0817 -0.0144 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bloomberg High Yield Bond ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Bloomberg High Yield Bond ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the price and yield performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the U.S. high yield corporate bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0040 0 0.0000 0.0040 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 41 128 224 505 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">78</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.78 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg High Yield Very Liquid Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investment exposure that the Adviser expects to correlate closely with the Index, or a portion of the Index, and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment-grade and are commonly referred to as “junk bonds.”</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued U.S. dollar denominated, non-investment-grade, fixed-rate, taxable corporate bonds that have a remaining maturity of at least one year, but not more than fifteen years, regardless of optionality; are rated high-yield (Ba1/BB+/BB+ or below) using the middle rating of Moody's Investors Service, Inc., Fitch Ratings Inc., or S&amp;P Global Ratings, respectively; and have $500 million or more of outstanding face value. To be eligible for inclusion in the Index, a bond must have been issued within the past five years. Exposure to each eligible issuer will be capped at two percent of the Index. In addition, securities must be registered, exempt from registration at the time of issuance or issued under Rule 144A of the Securities Act of 1933, as amended. Original issue zero coupon bonds, step-up coupons that change according to a predetermined schedule, and payment-in-kind (“PIK”) securities and toggle notes paying interest in cash are also eligible. In addition, callable fixed-to-floating rate and fixed-to-variable bonds are eligible during their fixed-rate term only. The Index includes only corporate categories. The corporate categories are Industrial, Utility, and Financial Institutions. Securities excluded from the Index include non-corporate bonds, structured notes, private placements, bonds with equity-type features (e.g., warrants, convertibility), floating-rate issues, Eurobonds, defaulted bonds, partial PIK securities, PIK securities and toggle notes paying interest in-kind, and emerging market bonds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is issuer capped and the securities in the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index are updated on the last business day of each month. As of August 31, 2026, a significant portion of the Fund comprised companies in the consumer cyclical sector, although this may change from time to time. As of July 31, 2026, there were 1,056 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment-grade and are commonly referred to as “junk bonds.”</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued U.S. dollar denominated, non-investment-grade, fixed-rate, taxable corporate bonds that have a remaining maturity of at least one year, but not more than fifteen years, regardless of optionality; are rated high-yield (Ba1/BB+/BB+ or below) using the middle rating of Moody's Investors Service, Inc., Fitch Ratings Inc., or S&amp;P Global Ratings, respectively; and have $500 million or more of outstanding face value. To be eligible for inclusion in the Index, a bond must have been issued within the past five years. Exposure to each eligible issuer will be capped at two percent of the Index. In addition, securities must be registered, exempt from registration at the time of issuance or issued under Rule 144A of the Securities Act of 1933, as amended. Original issue zero coupon bonds, step-up coupons that change according to a predetermined schedule, and payment-in-kind (“PIK”) securities and toggle notes paying interest in cash are also eligible. In addition, callable fixed-to-floating rate and fixed-to-variable bonds are eligible during their fixed-rate term only. The Index includes only corporate categories. The corporate categories are Industrial, Utility, and Financial Institutions. Securities excluded from the Index include non-corporate bonds, structured notes, private placements, bonds with equity-type features (e.g., warrants, convertibility), floating-rate issues, Eurobonds, defaulted bonds, partial PIK securities, PIK securities and toggle notes paying interest in-kind, and emerging market bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Below Investment-Grade Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lower-quality debt securities (“high yield” or “junk” bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Cyclical Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the consumer cyclical sector are largely impacted by the performance of the overall global economy, changes in interest rates, fluctuations in supply and demand, and changes in consumer preferences. Success depends heavily on disposable household income and consumer spending. As a result, consumer cyclical companies may be adversely affected and lose value quickly in periods of economic downturns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular </span><span style="color:#000000;font-family:Arial;font-size:10pt;">security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">8.34%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-12.75%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-0.13%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0834 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1275 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0013 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0867 0.0381 0.0554 0.0579 0.0132 0.0304 0.0507 0.0178 0.0314 0.0879 0.0418 0.0616 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bloomberg Investment Grade Floating Rate ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Bloomberg Investment Grade Floating Rate ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks the market for U.S. dollar-denominated, investment grade floating rate notes with </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">maturities greater than or equal to one month and less than five years.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0015 0 0.0000 0.0015 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 15 48 85 192 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">31</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Dollar Floating Rate Note ˂ 5 Years Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of U.S. dollar-denominated, investment grade floating rate notes.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Securities in the Index must have a remaining maturity of greater than or equal to one month and less than five years, and have $300 million or more of outstanding face value. In addition, securities in the Index must be rated investment grade (Baa3, BBB- or BBB- by Moody's Investors Service (“Moody's”), S&amp;P Global Ratings or Fitch Ratings Inc., respectively). The Index consists of debt instruments that pay a variable coupon rate with a fixed spread. The Index may include U.S. registered, dollar denominated bonds of non-U.S. corporations, governments and supranational entities, as well as securities that are subject to restrictions on resale under the U.S. federal securities laws (“restricted securities”). Excluded from the Index are fixed rate bullet bonds, fixed-rate puttable and fixed-rate callable bonds, fixed rate and fixed to floating capital securities, bonds with equity-linked features (e.g. warrants and convertibles), inflation linked bonds and securitized bonds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted and the securities in the Index are </span><span style="color:#000000;font-family:Arial;font-size:10pt;">updated on the last calendar day of each month. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2026, there were 550 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of U.S. dollar-denominated, investment grade floating rate notes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Securities in the Index must have a remaining maturity of greater than or equal to one month and less than five years, and have $300 million or more of outstanding face value. In addition, securities in the Index must be rated investment grade (Baa3, BBB- or BBB- by Moody's Investors Service (“Moody's”), S&amp;P Global Ratings or Fitch Ratings Inc., respectively). The Index consists of debt instruments that pay a variable coupon rate with a fixed spread. The Index may include U.S. registered, dollar denominated bonds of non-U.S. corporations, governments and supranational entities, as well as securities that are subject to restrictions on resale under the U.S. federal securities laws (“restricted securities”). Excluded from the Index are fixed rate bullet bonds, fixed-rate puttable and fixed-rate callable bonds, fixed rate and fixed to floating capital securities, bonds with equity-linked features (e.g. warrants and convertibles), inflation linked bonds and securitized bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Variable and Floating Rate Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> During periods of increasing interest rates, changes in the coupon rates of variable or floating rate securities may lag behind the changes in market rates or may have limits on the maximum increases in coupon rates. Alternatively, during periods of declining interest rates, the coupon rates on such securities will typically readjust downward resulting in a lower yield. In addition, investment in derivative variable rate securities, such as inverse floaters, whose rates vary inversely with market rates of interest, or range </span><span style="color:#000000;font-family:Arial;font-size:10pt;">floaters or capped floaters, whose rates are subject to periodic or lifetime caps, or in securities that pay a rate of interest determined by applying a multiple to the variable rate involves special risks as compared to investment in a fixed-rate security and may involve leverage. Floating rate notes are generally subject to legal or contractual restrictions on resale, may trade infrequently, and their value may be impaired when the Fund needs to liquidate such securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general </span><span style="color:#000000;font-family:Arial;font-size:10pt;">civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Certain countries may institute negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any </span><span style="color:#000000;font-family:Arial;font-size:10pt;">portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3.06%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.94%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3.16%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0306 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0294 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0316 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0502 0.0386 0.0291 0.0295 0.0230 0.0175 0.0295 0.0228 0.0173 0.0511 0.0399 0.0310 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Bloomberg Short Term High Yield Bond ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Bloomberg Short Term High Yield Bond ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks the U.S. high yield short term corporate bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0040 0 0.0000 0.0040 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 41 128 224 505 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">76</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.76 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investment exposure that the Adviser expects to correlate closely with the Index, or a portion of the Index, and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of short-term publicly issued U.S. dollar-denominated high yield corporate bonds. High yield securities are generally rated below investment-grade and are commonly referred to as “junk” bonds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued U.S. dollar denominated, non-investment-grade, fixed rate, taxable corporate bonds that have a remaining maturity of less than 5 years regardless of optionality, are rated between Caa3/CCC-/CCC- and Ba1/BB+/BB+ using the middle rating of Moody's Investors Service, Inc., Fitch Ratings Inc., or S&amp;P Global Ratings, respectively, and have at least a $350 million outstanding par value. The Index includes only corporate categories. The corporate categories are Industrial, Utility and Financial Institutions. Securities included in the Index may include securities that are subject to restrictions on resale under the U.S. federal securities laws (“restricted securities”). Excluded from the Index are non-corporate bonds, structured notes with embedded swaps or other special features, bonds with equity-type features (e.g., warrants, convertibility), floating-rate securities and securities that move from fixed to floating-rate, Emerging Market Bonds, defaulted bonds, original issue zero coupon bonds, private placements and payment in kind securities.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is issuer-capped and the securities in the Index are updated on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the index rebalancing date. The securities in the Index are updated on the last business day of each month. As of August 31, 2026, a significant portion of the Fund comprised companies in the consumer cyclical sector, although this may change from time to time. As of July 31, 2026, there were 1,141 securities in the Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of short-term publicly issued U.S. dollar-denominated high yield corporate bonds. High yield securities are generally rated below investment-grade and are commonly referred to as “junk” bonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued U.S. dollar denominated, non-investment-grade, fixed rate, taxable corporate bonds that have a remaining maturity of less than 5 years regardless of optionality, are rated between Caa3/CCC-/CCC- and Ba1/BB+/BB+ using the middle rating of Moody's Investors Service, Inc., Fitch Ratings Inc., or S&amp;P Global Ratings, respectively, and have at least a $350 million outstanding par value. The Index includes only corporate categories. The corporate categories are Industrial, Utility and Financial Institutions. Securities included in the Index may include securities that are subject to restrictions on resale under the U.S. federal securities laws (“restricted securities”). Excluded from the Index are non-corporate bonds, structured notes with embedded swaps or other special features, bonds with equity-type features (e.g., warrants, convertibility), floating-rate securities and securities that move from fixed to floating-rate, Emerging Market Bonds, defaulted bonds, original issue zero coupon bonds, private placements and payment in kind securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Below Investment-Grade Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lower-quality debt securities (“high yield” or “junk” bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Cyclical Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the consumer cyclical sector are largely impacted by the performance of the overall global economy, changes in interest rates, fluctuations in supply and demand, and changes in consumer preferences. Success depends heavily on disposable household income and consumer spending. As a result, consumer cyclical companies may be adversely affected and lose value quickly in periods of economic downturns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">8.81%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-11.82%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.48%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0881 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1182 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0048 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0753 0.0528 0.0603 0.0445 0.0259 0.0345 0.0439 0.0284 0.0349 0.0785 0.0554 0.0630 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Nuveen ICE High Yield Municipal Bond ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks the U.S. high yield municipal bond market and to provide income that is exempt from </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">federal income taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0035 0 0.0000 0.0035 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 36 113 197 443 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">10</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the ICE US Select High Yield Crossover Municipal Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, Nuveen Asset Management, LLC (“Nuveen Asset Management” or the “Sub-Adviser”), the investment sub-adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Sub-Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Additionally, the Fund intends to invest, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">under normal circumstances, at least 80% of its net assets, plus the amount of borrowings for investment purposes, in investments the income of which is exempt from Federal income tax.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In addition, in seeking to track the Index, the Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is market capitalization-weighted and designed to measure the performance of lower-rated (A3/A+ or lower) and unrated U.S. dollar-denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states, U.S. territories and their political subdivisions. Bonds included in the Index may include private activity bonds, which are typically issued by or on behalf of local or state governments for the purpose of financing the project of a private user.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a blend of the following indices: (i) 70% ICE Core High Yield &amp; Unrated Municipal Index; (ii) 20% ICE 1+ Year BBB AMT-Free Broad National Municipal Index; and (iii) 10% ICE 1+ Year Single-A AMT-Free Broad National Municipal Index. Constituents of the ICE Core High Yield &amp; Unrated Municipal Index must be non-rated or rated below investment grade (Ba1/BB+ or lower) by Moody's Investors Service, Inc. (“Moody's”), Standard &amp; Poor's (“S&amp;P”) and Fitch Ratings Inc. (“Fitch”) (if rated by all three agencies, two of the three ratings must be Ba1/BB+ or lower; if rated by two agencies, the lowest rating must be Ba1/BB+ or lower; and if rated by a single agency, the security must be rated Ba1/BB+ or lower), have at least a $3 million currently outstanding face value, be issued as part of a deal with an original offering size of at least $15 million, and have a remaining term to final maturity of at least one year. Constituents of the ICE 1+ Year BBB AMT-Free Broad National Municipal Index must be rated Baa3, Baa2, or Baa1 by Moody's or BBB-, BBB, or BBB+ by S&amp;P or Fitch (based on the middle rating of the three agencies), have at least a $10 million currently outstanding face value, be issued as part of a deal with an original offering size of at least $100 million, and have a remaining term to final maturity of at least one year. Constituents of the ICE 1+ Year Single-A AMT-Free Broad National Municipal Index must be rated A3, A2, or A1 by Moody's or A-, A, or A+ by S&amp;P or Fitch, (based on the middle rating of the three agencies) have at least a $10 million currently outstanding face value, be issued as part of a deal with an original offering size of at least $100 million, and have a remaining term to final maturity of at least one year. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Only fixed-rate coupon bonds (including zero coupon bonds) are eligible for inclusion in the Index. Securities included in the Index may include when-issued securities. Private placements, variable rate demand obligations, securities in legal default, floating rate debt, municipal commercial paper, and debt issued under the municipal liquidity facility are excluded from the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is rebalanced and reconstituted on the last calendar day of each month. As of July </span><span style="color:#000000;font-family:Arial;font-size:10pt;">31, 2026, there were 16,777 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by ICE Data Indices, LLC (the “Index Provider”), which is not affiliated with the Fund, the Adviser or the Sub-Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is market capitalization-weighted and designed to measure the performance of lower-rated (A3/A+ or lower) and unrated U.S. dollar-denominated tax-exempt debt publicly issued in the U.S. domestic market by U.S. states, U.S. territories and their political subdivisions. Bonds included in the Index may include private activity bonds, which are typically issued by or on behalf of local or state governments for the purpose of financing the project of a private user.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a blend of the following indices: (i) 70% ICE Core High Yield &amp; Unrated Municipal Index; (ii) 20% ICE 1+ Year BBB AMT-Free Broad National Municipal Index; and (iii) 10% ICE 1+ Year Single-A AMT-Free Broad National Municipal Index. Constituents of the ICE Core High Yield &amp; Unrated Municipal Index must be non-rated or rated below investment grade (Ba1/BB+ or lower) by Moody's Investors Service, Inc. (“Moody's”), Standard &amp; Poor's (“S&amp;P”) and Fitch Ratings Inc. (“Fitch”) (if rated by all three agencies, two of the three ratings must be Ba1/BB+ or lower; if rated by two agencies, the lowest rating must be Ba1/BB+ or lower; and if rated by a single agency, the security must be rated Ba1/BB+ or lower), have at least a $3 million currently outstanding face value, be issued as part of a deal with an original offering size of at least $15 million, and have a remaining term to final maturity of at least one year. Constituents of the ICE 1+ Year BBB AMT-Free Broad National Municipal Index must be rated Baa3, Baa2, or Baa1 by Moody's or BBB-, BBB, or BBB+ by S&amp;P or Fitch (based on the middle rating of the three agencies), have at least a $10 million currently outstanding face value, be issued as part of a deal with an original offering size of at least $100 million, and have a remaining term to final maturity of at least one year. Constituents of the ICE 1+ Year Single-A AMT-Free Broad National Municipal Index must be rated A3, A2, or A1 by Moody's or A-, A, or A+ by S&amp;P or Fitch, (based on the middle rating of the three agencies) have at least a $10 million currently outstanding face value, be issued as part of a deal with an original offering size of at least $100 million, and have a remaining term to final maturity of at least one year. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Only fixed-rate coupon bonds (including zero coupon bonds) are eligible for inclusion in the Index. Securities included in the Index may include when-issued securities. Private placements, variable rate demand obligations, securities in legal default, floating rate debt, municipal commercial paper, and debt issued under the municipal liquidity facility are excluded from the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Below Investment-Grade Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lower-quality debt securities (“high yield” or “junk” bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Municipal Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations may be adversely affected by local political and economic conditions and developments. In addition, the values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may cause interest received and distributed by the Fund to shareholders to be taxable and may result in a significant decline in the values of such municipal obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Political Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of tax-exempt income to investors. Lower income tax rates could reduce the advantage of owning municipals.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Private Activity Bonds Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place limitations on the size of such issues. The credit and quality of private activity bonds are usually related to the credit of the corporate user of the facilities. Payment of interest on and repayment of principal of such bonds are the responsibility of the corporate user (and/or any guarantor), which means that the holder of the private activity bond is exposed to the risk that the corporate user (and/or any guarantor) may default on the private activity bond. Conditions such as regulatory and environmental restrictions and economic downturns may lower the need for and the ability of corporate users to pay for the projects financed by private activity bonds. The Fund's distributions of its interest income from private activity bonds may subject certain investors to the federal alternative minimum tax applicable to noncorporate taxpayers. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Sub-Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Tax Exemption Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> There is no guarantee that the Fund's income will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to decline in value. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">When-Issued Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may purchase securities on a when-issued or forward commitment basis. The purchase price of such securities is typically fixed at the time of the commitment, with delivery and payment taking place in the future. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchase of securities on a when-issued or forward commitment basis may give rise to investment leverage, and may result in increased volatility of the Fund's NAV. Default by, or bankruptcy of, a counterparty to a when-issued transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. Financial Industry Regulatory Authority, Inc. rules impose mandatory margin requirements for certain types of when-issued or forward commitment transactions, with limited exceptions. Such transactions require mandatory collateralization which may increase the cost of such transactions and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Zero-Coupon Bond Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Zero-coupon bonds usually trade at a deep discount from their face or par values and are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current distributions of interest.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">7.78%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-7.50%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-3.20%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0778 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0750 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0320 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  Effective October 1, 2019, the Fund's benchmark index changed from the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">S&amp;P Municipal Yield Index to the Bloomberg Municipal Yield Index. Effective June 1, 2025, the Fund's benchmark index changed from the Bloomberg Municipal Yield Index to the ICE US Select High Yield Crossover Municipal Index. Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index. Performance of the Fund shown below is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0208 0.0067 0.0260 0.0206 0.0065 0.0258 0.0307 0.0137 0.0288 0.0358 0.0208 0.0400 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Nuveen ICE Municipal Bond ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Nuveen ICE Municipal Bond ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the price and yield performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the U.S. municipal bond market and provides income that is exempt from federal income taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0023 0 0.0000 0.0023 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 24 74 130 293 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">38</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the ICE 1+ Year AMT-Free Broad Municipal Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, Nuveen Asset Management, LLC (“Nuveen Asset Management” or the “Sub-Adviser”), the investment sub-adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Sub-Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Additionally, the Fund intends to invest, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">under normal circumstances, at least 80% of its net assets, plus the amount of borrowings for investment purposes, in investments the income of which is exempt from Federal income tax.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to track the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. The Index includes state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. A general obligation bond is secured by the full faith and credit of its issuer. A revenue bond is payable from a specific source of revenue. A pre-refunded bond is a revenue bond that the issuer has allocated funds to fully retire. An insured bond is protected from issuer default or rating downgrade by an insurance company. The Index also includes municipal lease obligations, which are securities issued by state and local governments and authorities to finance the acquisition of equipment and facilities. They may take the form of a lease, an installment purchase contract, a conditional sales contract, or a participation interest in a lease or contract.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a rules-based, market-capitalization weighted index engineered for the tax-exempt bond market. All bonds in the Index must be exempt from federal taxes, U.S. dollar denominated and have an average rating of Baa3/BBB- or higher by the following statistical ratings agencies: Moody's Investors Service, Inc., S&amp;P Global Ratings, and Fitch Ratings Inc. In addition, to be included in the Index, a security must (i) not be subject to alternative minimum tax; (ii) have a fixed coupon schedule; (iii) have at least one year remaining term to final maturity; (iv) have at least 18 months to final maturity at the time of issuance; and (v) meet the following minimum size requirements: (a) have a minimum current amount outstanding of $5 million for bonds with an initial term to final maturity of less than 3 years; (b) have a minimum current amount outstanding of $7 million for bonds with an initial term to final maturity of 3 to 15 years; and (c) have a minimum current amount outstanding of $10 million for bonds with an initial term to final maturity of 15 or more years. Securities included in the Index may include when-issued securities and zero-coupon bonds. Secondarily insured bonds, Rule 144A bonds, bonds issued under the municipal liquidity facility or a municipal commercial paper program are excluded from the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is rebalanced and reconstituted monthly on the last calendar day of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the month. As of July 31, 2026, there were 64,007 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by ICE Data Indices, LLC (the “Index Provider”), which is not affiliated with the Fund, the Adviser or the Sub-Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to track the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. The Index includes state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. A general obligation bond is secured by the full faith and credit of its issuer. A revenue bond is payable from a specific source of revenue. A pre-refunded bond is a revenue bond that the issuer has allocated funds to fully retire. An insured bond is protected from issuer default or rating downgrade by an insurance company. The Index also includes municipal lease obligations, which are securities issued by state and local governments and authorities to finance the acquisition of equipment and facilities. They may take the form of a lease, an installment purchase contract, a conditional sales contract, or a participation interest in a lease or contract.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a rules-based, market-capitalization weighted index engineered for the tax-exempt bond market. All bonds in the Index must be exempt from federal taxes, U.S. dollar denominated and have an average rating of Baa3/BBB- or higher by the following statistical ratings agencies: Moody's Investors Service, Inc., S&amp;P Global Ratings, and Fitch Ratings Inc. In addition, to be included in the Index, a security must (i) not be subject to alternative minimum tax; (ii) have a fixed coupon schedule; (iii) have at least one year remaining term to final maturity; (iv) have at least 18 months to final maturity at the time of issuance; and (v) meet the following minimum size requirements: (a) have a minimum current amount outstanding of $5 million for bonds with an initial term to final maturity of less than 3 years; (b) have a minimum current amount outstanding of $7 million for bonds with an initial term to final maturity of 3 to 15 years; and (c) have a minimum current amount outstanding of $10 million for bonds with an initial term to final maturity of 15 or more years. Securities included in the Index may include when-issued securities and zero-coupon bonds. Secondarily insured bonds, Rule 144A bonds, bonds issued under the municipal liquidity facility or a municipal commercial paper program are excluded from the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Municipal Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations may be adversely affected by local political and economic conditions and developments. In addition, the values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may cause interest received and distributed by the Fund to shareholders to be taxable and may result in a significant decline in the values of such municipal obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Political Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of tax-exempt income to investors. Lower income tax rates could reduce the advantage of owning municipals.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Sub-Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Tax Exemption Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> There is no guarantee that the Fund's income will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to decline in value. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">When-Issued Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may purchase securities on a when-issued or forward commitment basis. The purchase price of such securities is typically fixed at the time of the commitment, with delivery and payment taking place in the future. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchase of securities on a when-issued or forward commitment basis may give rise to investment leverage, and may result in increased volatility of the Fund's NAV. Default by, or bankruptcy of, a counterparty to a when-issued transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. Financial Industry Regulatory Authority, Inc. rules impose mandatory margin requirements for certain types of when-issued or forward commitment transactions, with limited exceptions. Such transactions require mandatory collateralization which may increase the cost of such transactions and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Zero-Coupon Bond Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Zero-coupon bonds usually trade at a deep discount from their face or par values and are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current distributions of interest.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">8.56%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-7.11%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-4.28%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0856 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0711 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0428 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  Effective January 2, 2019, the Fund's benchmark index changed from the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Bloomberg Municipal Managed Money Index to the Bloomberg Municipal Managed Money 1-25 Years Index. Effective June 1, 2025, the Fund's benchmark index changed from the Bloomberg Municipal Managed Money 1-25 Years Index to the ICE 1+ Year AMT-Free Broad Municipal Index. Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index. Performance of the Fund shown below is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0349 -0.0029 0.0171 0.0345 -0.0030 0.0170 0.0341 0.0032 0.0184 0.0423 0.0033 0.0219 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Nuveen ICE Short Term Municipal Bond ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Nuveen ICE Short Term Municipal Bond ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks the short term tax exempt municipal bond market and provides income that is exempt </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">from federal income taxes.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0020 0 0.0000 0.0020 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 20 64 113 255 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">34</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.34 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the ICE 1-5 Year AMT-Free Broad Municipal Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, Nuveen Asset Management, LLC (“Nuveen Asset Management” or the “Sub-Adviser”), the investment sub-adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Sub-Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Additionally, the Fund intends to invest, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">under normal circumstances, at least 80% of its net assets, plus the amount of borrowings for investment purposes, in investments the income of which is exempt from Federal income tax. In addition, in seeking to track the Index, the Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to track the performance of U.S. dollar denominated investment grade, short-term tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. The Index includes state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. A general obligation bond is secured by the full faith and credit of its issuer. A revenue bond is payable from a specific source of revenue. A pre-refunded bond is a revenue bond that the issuer has allocated funds to fully retire. An insured bond is protected from issuer default or rating downgrade by an insurance company. The Index also includes municipal lease obligations, which are securities issued by state and local governments and authorities to finance the acquisition of equipment and facilities. They may take the form of a lease, an installment purchase contract, a conditional sales contract, or a participation interest in a lease or contract.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a rules-based, market-capitalization weighted index engineered for the tax-exempt bond market. All bonds in the Index must be exempt from federal taxes, U.S. dollar denominated and have an average rating of Baa3/BBB- or higher by the following statistical ratings agencies: Moody's Investors Service, Inc., S&amp;P Global Ratings and Fitch Ratings Inc. In addition, to be included in the Index, a security must (i) not be subject to alternative minimum tax; (ii) have a fixed coupon schedule; (iii) have a remaining term to final maturity between 1 and 5 years; (iv) have at least 18 months to final maturity at the time of issuance; and (v) meet the following minimum size requirements: (a) have a minimum current amount outstanding of $5 million for bonds with an initial term to final maturity of less than 3 years; (b) have a minimum current amount outstanding of $7 million for bonds with an initial term to final maturity of 3 to 15 years; and (c) have a minimum current amount outstanding of $10 million for bonds with an initial term to final maturity of 15 or more years. Securities included in the Index may include when-issued securities and zero-coupon bonds. Secondarily insured bonds, Rule 144A bonds, bonds issued under the municipal liquidity facility or a municipal commercial paper program are excluded from the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is rebalanced and reconstituted monthly on the last </span><span style="color:#000000;font-family:Arial;font-size:10pt;">calendar day of the month. As of July 31, 2026, there were 15,054 securities in the Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by ICE Data Indices, LLC (the “Index Provider”), which is not affiliated with the Fund, the Adviser or the Sub-Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to track the performance of U.S. dollar denominated investment grade, short-term tax-exempt debt publicly issued by U.S. states and territories, and their political subdivisions, in the U.S. domestic market. The Index includes state and local general obligation bonds, revenue bonds, pre-refunded bonds, and insured bonds. A general obligation bond is secured by the full faith and credit of its issuer. A revenue bond is payable from a specific source of revenue. A pre-refunded bond is a revenue bond that the issuer has allocated funds to fully retire. An insured bond is protected from issuer default or rating downgrade by an insurance company. The Index also includes municipal lease obligations, which are securities issued by state and local governments and authorities to finance the acquisition of equipment and facilities. They may take the form of a lease, an installment purchase contract, a conditional sales contract, or a participation interest in a lease or contract.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a rules-based, market-capitalization weighted index engineered for the tax-exempt bond market. All bonds in the Index must be exempt from federal taxes, U.S. dollar denominated and have an average rating of Baa3/BBB- or higher by the following statistical ratings agencies: Moody's Investors Service, Inc., S&amp;P Global Ratings and Fitch Ratings Inc. In addition, to be included in the Index, a security must (i) not be subject to alternative minimum tax; (ii) have a fixed coupon schedule; (iii) have a remaining term to final maturity between 1 and 5 years; (iv) have at least 18 months to final maturity at the time of issuance; and (v) meet the following minimum size requirements: (a) have a minimum current amount outstanding of $5 million for bonds with an initial term to final maturity of less than 3 years; (b) have a minimum current amount outstanding of $7 million for bonds with an initial term to final maturity of 3 to 15 years; and (c) have a minimum current amount outstanding of $10 million for bonds with an initial term to final maturity of 15 or more years. Securities included in the Index may include when-issued securities and zero-coupon bonds. Secondarily insured bonds, Rule 144A bonds, bonds issued under the municipal liquidity facility or a municipal commercial paper program are excluded from the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Municipal Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Issuers, including governmental issuers, may be unable to pay their obligations as they come due. The values of municipal obligations may be adversely affected by local political and economic conditions and developments. In addition, the values of municipal obligations that depend on a specific revenue source to fund their payment obligations may fluctuate as a result of actual or anticipated changes in the cash flows generated by the revenue source or changes in the priority of the municipal obligation to receive the cash flows generated by the revenue source. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may cause interest received and distributed by the Fund to shareholders to be taxable and may result in a significant decline in the values of such municipal obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Political Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A significant restructuring of federal income tax rates or even serious discussion on the topic in Congress could cause municipal bond prices to fall. The demand for municipal securities is strongly influenced by the value of tax-exempt income to investors. Lower income tax rates could reduce the advantage of owning municipals.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Sub-Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Sub-Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Low Short-Term Interest Rates Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> During market conditions in which short-term interest rates are at low levels, the Fund's yield can be very low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). During these conditions, it is possible that the Fund will generate an insufficient amount of income to pay its expenses, and will not be able to pay its scheduled dividend. In addition, it is possible that during these conditions the Fund may experience difficulties purchasing and/or selling securities with respect to scheduled rebalances, and may, as a result, maintain a portion of its assets in cash, on which it may earn little, if any, income. Such market conditions may adversely affect the Fund's ability to achieve a high degree of correlation with the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Tax Exemption Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> There is no guarantee that the Fund's income will be exempt from federal or state income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal or state changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to decline in value. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">When-Issued Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may purchase securities on a when-issued or forward commitment basis. The purchase price of such securities is typically fixed at the time of the commitment, with delivery and payment taking place in the future. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchase of securities on a when-issued or forward commitment basis may give rise to investment leverage, and may result in increased volatility of the Fund's NAV. Default by, or bankruptcy of, a counterparty to a when-issued transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. Financial Industry Regulatory Authority, Inc. rules impose mandatory margin requirements for certain types of when-issued or forward commitment transactions, with limited exceptions. Such transactions require mandatory collateralization which may increase the cost of such transactions and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Zero-Coupon Bond Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Zero-coupon bonds usually trade at a deep discount from their face or par values and are subject to greater market value fluctuations from changing interest rates than debt obligations of comparable maturities that make current distributions of interest.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">3.83%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-3.70%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-1.00%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0383 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0370 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0100 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">  Effective June 1, 2025 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Bloomberg Managed Money Municipal Short Term Index (the “Previous Benchmark Index”) to the ICE 1-5 Year AMT-Free Broad Municipal Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund shown below is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0375 0.0074 0.0121 0.0374 0.0073 0.0120 0.0330 0.0089 0.0123 0.0400 0.0101 0.0147 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Aggregate Bond Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Aggregate Bond ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Aggregate Bond Index ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the price and yield performance of an index </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that tracks the U.S. dollar denominated investment grade bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">18</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.18 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Aggregate Bond Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice. TBA Transactions (as defined below) are included within the above-noted investment policy.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the Fund may invest in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investment exposure that the Adviser expects to correlate closely with the Index, or a portion of the Index, and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., S&amp;P Global Ratings, and Fitch Ratings Inc.) government bonds, investment grade corporate bonds, mortgage pass-through securities, commercial mortgage backed securities and other asset backed securities that are publicly for sale in the United States.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The securities in the Index must have at least 1 year remaining to maturity and must have $300 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the Index. In addition, the securities must be U.S. dollar denominated, fixed rate, non-convertible, and taxable. Certain types of securities, such as flower bonds, targeted investor notes, and state and local government series bonds are excluded from the Index. Also excluded from the Index are structured notes with embedded swaps or other special features, private placements, floating rate securities and Eurobonds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted and the securities in the Index are updated on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the last business day of each month. As of July 31, 2026, there were 14,173 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">As of July 31, 2026, approximately 29% of the bonds represented in the Index were U.S. agency mortgage pass-through securities. U.S. agency mortgage pass-through securities are securities issued by entities such as Government National Mortgage Association (“GNMA”) and Federal National Mortgage Association (“FNMA”) that are backed by pools of mortgages. Transactions in mortgage pass-through securities may occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement, referred to as a “to-be-announced transaction” or “TBA Transaction.” In a TBA Transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date; however, it is not anticipated that the Fund will receive pools, but instead will participate in rolling TBA Transactions. The Fund expects to enter into such contracts on a regular basis. The Fund, pending settlement of such contracts, will invest its assets in high-quality, liquid short term instruments, including shares of affiliated money market funds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice. TBA Transactions (as defined below) are included within the above-noted investment policy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., S&amp;P Global Ratings, and Fitch Ratings Inc.) government bonds, investment grade corporate bonds, mortgage pass-through securities, commercial mortgage backed securities and other asset backed securities that are publicly for sale in the United States.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The securities in the Index must have at least 1 year remaining to maturity and must have $300 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the Index. In addition, the securities must be U.S. dollar denominated, fixed rate, non-convertible, and taxable. Certain types of securities, such as flower bonds, targeted investor notes, and state and local government series bonds are excluded from the Index. Also excluded from the Index are structured notes with embedded swaps or other special features, private placements, floating rate securities and Eurobonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an </span><span style="color:#000000;font-family:Arial;font-size:10pt;">operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Money Market Fund Investment Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> An investment in a money market fund is not a deposit of any bank and is not insured or guaranteed by the FDIC or any other government agency. Certain money market funds seek to preserve the value of their shares at $1.00 per share, although there can be no assurance that they will do so, and it is possible to lose money by investing in such a money market fund. A major or unexpected change in interest rates or a decline in the credit quality of an issuer or entity providing credit support, an inactive trading market for money market instruments, or adverse market, economic, industry, political, regulatory, geopolitical, and other conditions could cause the share price of such a money market fund to fall below $1.00. Other money market funds price and transact at a “floating” NAV that will fluctuate along with changes in the market-based value of </span><span style="color:#000000;font-family:Arial;font-size:10pt;">fund assets. Shares sold utilizing a floating NAV may be worth more or less than their original purchase price. Recent changes in the regulation of money market funds may affect the operations and structures of money market funds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed-income investments. The liquidity of mortgage-related and asset-backed securities may change over time. During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Government Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Certain U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, are not supported by the full faith and credit of the U.S. government, and involve increased credit risks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">When-Issued, TBA and Delayed Delivery Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may purchase securities on a when-issued, to-be-announced (“TBA”) or delayed delivery basis and may purchase securities on a forward commitment basis. The purchase price of the securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchase of securities on a when-issued, TBA, delayed delivery, or forward commitment basis may give rise to investment leverage, and may result in increased volatility of the Fund's NAV. Default by, or bankruptcy of, a counterparty to a when-issued, TBA or delayed delivery transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. The Financial Industry Regulatory Authority, Inc. imposes mandatory margin requirements for certain types of when-issued, TBA, delayed delivery or forward commitment transactions, with limited exceptions. Such transactions require mandatory collateralization which may increase the cost of such transactions and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">6.71%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-5.91%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.85%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0671 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0591 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0285 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0719 -0.0041 0.0195 0.0546 -0.0168 0.0072 0.0423 -0.0086 0.0096 0.0730 -0.0036 0.0201 0.0817 -0.0215 0.0126 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Corporate Bond Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly,  State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Corporate Bond ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Corporate Bond Index ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the price and yield performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the U.S. corporate bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">25</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.25 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Corporate Bond Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investment exposure that the Adviser expects to correlate closely with the Index, or a portion of the Index, and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the investment grade corporate bond market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued, investment grade, fixed-rate, taxable, U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. industrial, utility, and financial institutions. Bonds included in the Index must have $300 million or more of par amount outstanding and a remaining maturity of at least 1 year. The Index considers investment grade securities to be rated Baa3/BBB- or higher, using the middle rating of Moody's Investors Service, Inc., Fitch Ratings Inc., or S&amp;P Global Ratings. If only two of the three agencies rate the security, then the more conservative (lower) rating will be used to determine Index eligibility. If only one of the agencies rates the security, then that rating will be used. SEC-registered securities, bonds exempt from registration at the time of issuance and SEC Rule 144A securities with registration rights are eligible for inclusion.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is rebalanced monthly on the last business day of the month. As </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of August 31, 2026, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2026, there were 8,779 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the investment grade corporate bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued, investment grade, fixed-rate, taxable, U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. industrial, utility, and financial institutions. Bonds included in the Index must have $300 million or more of par amount outstanding and a remaining maturity of at least 1 year. The Index considers investment grade securities to be rated Baa3/BBB- or higher, using the middle rating of Moody's Investors Service, Inc., Fitch Ratings Inc., or S&amp;P Global Ratings. If only two of the three agencies rate the security, then the more conservative (lower) rating will be used to determine Index eligibility. If only one of the agencies rates the security, then that rating will be used. SEC-registered securities, bonds exempt from registration at the time of issuance and SEC Rule 144A securities with registration rights are eligible for inclusion.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they </span><span style="color:#000000;font-family:Arial;font-size:10pt;">must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may </span><span style="color:#000000;font-family:Arial;font-size:10pt;">also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Certain countries may institute negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9.40%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-7.52%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.92%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0940 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0752 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0292 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective July 31, 2018 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Bloomberg Issuer Scored Corporate Index (the “Previous Benchmark Index”) to the Bloomberg U.S. Corporate Bond Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0787 0.0005 0.0330 0.0564 -0.0166 0.0172 0.0462 -0.0071 0.0184 0.0777 -0.0009 0.0325 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio High Yield Bond Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio High Yield Bond ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio High Yield Bond Index ETF (the “Fund”) seeks to provide investment results </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that, before fees and expenses, correspond generally to the price and yield performance of an index that </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">tracks the broad U.S. corporate high yield market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0 0.0000 0.0005 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">71</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.71 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the ICE BofA US High Yield Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash </span><span style="color:#000000;font-family:Arial;font-size:10pt;">equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investment exposure that the Adviser expects to correlate closely with the Index, or a portion of the Index, and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes securities rated below investment grade (based on an average of Moody's Investors Service, Inc., Fitch Ratings Inc., and S&amp;P Global Ratings) with at least 18 months remaining to final maturity at the time of issuance and at least one year remaining term to final maturity as of the Index's rebalancing date. In addition, individual securities of qualifying issuers must have a fixed coupon schedule and a minimum amount outstanding of $250 million. Qualifying corporate issuers must have risk exposure to an FX-G10 or Western European country, or a territory of the United States or a Western European country. As of July 31, 2026, the FX-G10 includes all Eurozone members, the United States, Japan, the United Kingdom, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. Securities included in the Index may include securities that are subject to restrictions on resale under the U.S. federal securities laws (“restricted securities”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is market capitalization weighted, and is rebalanced on the last calendar day of the month based on information available up to and including the third business day before the last business day of the month. As of August 31, 2026, a significant portion of the Fund comprised companies in the consumer cyclical sector, although this may change from time to time. As of July 31, 2026, there were approximately 1,890 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by ICE Data Indices, LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes securities rated below investment grade (based on an average of Moody's Investors Service, Inc., Fitch Ratings Inc., and S&amp;P Global Ratings) with at least 18 months remaining to final maturity at the time of issuance and at least one year remaining term to final maturity as of the Index's rebalancing date. In addition, individual securities of qualifying issuers must have a fixed coupon schedule and a minimum amount outstanding of $250 million. Qualifying corporate issuers must have risk exposure to an FX-G10 or Western European country, or a territory of the United States or a Western European country. As of July 31, 2026, the FX-G10 includes all Eurozone members, the United States, Japan, the United Kingdom, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. Securities included in the Index may include securities that are subject to restrictions on resale under the U.S. federal securities laws (“restricted securities”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Below Investment-Grade Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lower-quality debt securities (“high yield” or “junk” bonds) are considered predominantly speculative, and can involve a substantially greater risk of default than higher quality debt securities. Issuers of lower-quality debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities. They can be illiquid, and their values can have significant </span><span style="color:#000000;font-family:Arial;font-size:10pt;">volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, or the market or economy in general.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Consumer Cyclical Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Companies in the consumer cyclical sector are largely impacted by the performance of the overall global economy, changes in interest rates, fluctuations in supply and demand, and changes in consumer preferences. Success depends heavily on disposable household income and consumer spending. As a result, consumer cyclical companies may be adversely affected and lose value quickly in periods of economic downturns.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Geographic Focus Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The performance of a fund that invests significantly in one or more countries or geographic regions will be closely tied to market, currency, economic, political, environmental, or regulatory conditions and developments in the countries or regions in which the fund invests, and may be more volatile than the performance of a fund that does not invest significantly in such countries or regions.</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Europe:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Countries in Europe will be significantly affected by the fiscal and monetary controls of the Economic and Monetary Union of the European Union (“EMU”). Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries. In addition, one or more countries may abandon the euro and/or withdraw from the European Union (“EU”). On January 31, 2020, the United Kingdom (“UK”) formally withdrew from the EU (commonly known as “Brexit”). An agreement between the UK and the EU governing their future trade relationship became effective January 1, 2021, but that agreement does not include an agreement on financial services. In June 2023, the UK and the EU entered into a memorandum of understanding establishing a framework for regulatory cooperation in financial services. Moreover, the UK government has undertaken a program of financial services law reform pursuant to which many EU financial services laws that were assimilated into UK law following Brexit are being repealed or replaced with legislation or rules made by the UK government or financial services regulators. Accordingly, uncertainty remains in certain areas as to the future relationship between the UK and the EU. Brexit has already had a significant impact on the UK, Europe, and global economies, and could continue to result in volatility and illiquidity, legal, political, economic and regulatory uncertainties and lower economic growth for these economies that could in turn have an adverse effect on the value of the Fund's investments. Any further exits from the EU, or the possibility of such exits, or the abandonment of the euro, may cause additional market disruption globally and introduce new legal and regulatory uncertainties. In addition, a number of countries in Europe have suffered terrorist attacks and additional attacks may occur in the future. Such attacks may cause uncertainty in financial markets and may adversely affect the performance of the issuers to which the Fund has exposure.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to </span><span style="color:#000000;font-family:Arial;font-size:10pt;">reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Certain countries may institute negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9.62%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-13.09%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.17%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0962 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1309 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0017 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective April 1, 2019 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the ICE BofAML US Diversified Crossover Corporate Index (the “Previous Benchmark Index”) to the ICE BofA US High Yield Index (formerly known as ICE BofAML US High Yield Index), consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0852 0.0473 0.0567 0.0530 0.0187 0.0316 0.0497 0.0232 0.0324 0.0850 0.0450 0.0561 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Intermediate Term Corporate Bond Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Intermediate Term Corporate Bond ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Intermediate Term Corporate Bond Index ETF (the “Fund”) seeks to </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">provide investment results that, before fees and expenses, correspond generally to the price and yield </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of an index that tracks the intermediate term (1-10 years) sector of the United States corporate </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0004 0 0.0000 0.0004 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">34</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.34 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Intermediate Corporate Bond Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investment exposure that the Adviser expects to correlate closely with the Index, or a portion of the Index, and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 1 year and less than 10 years.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a component of the Bloomberg U.S. Corporate Index and includes investment grade, fixed-rate, taxable, U.S. dollar denominated debt with $300 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. Subordinated issues, securities with normal call and put provisions and sinking funds, medium-term notes (if they are publicly underwritten), 144A securities with registration rights, and global issues that are SEC-registered are included. Structured notes with embedded swaps or other special features, as well as private placements, floating- rate securities, and Eurobonds are excluded from the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is rebalanced monthly, on the last business day of the month. As of August 31, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">2026, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2026, there were 5,646 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 1 year and less than 10 years.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a component of the Bloomberg U.S. Corporate Index and includes investment grade, fixed-rate, taxable, U.S. dollar denominated debt with $300 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. Subordinated issues, securities with normal call and put provisions and sinking funds, medium-term notes (if they are publicly underwritten), 144A securities with registration rights, and global issues that are SEC-registered are included. Structured notes with embedded swaps or other special features, as well as private placements, floating- rate securities, and Eurobonds are excluded from the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Certain countries may institute negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">7.82%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-5.26%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-1.55%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0782 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0526 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0155 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0790 0.0151 0.0323 0.0595 0.0012 0.0194 0.0464 0.0054 0.0191 0.0795 0.0160 0.0329 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Intermediate Term Treasury Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Intermediate Term Treasury ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Intermediate Term Treasury Index ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks the intermediate-term sector of the United States Treasury market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">26</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.26 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg 3-10 Year U.S. Treasury Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of intermediate term (3-10 years) public obligations of the U.S. Treasury.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 3 years and less than 10 years, are rated investment grade and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. Securities excluded from the Index include state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” floating rate bonds and coupon issues that have been stripped from bonds included in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted and the securities in the Index are updated on the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">last business day of each month. As of July 31, 2026, there were 103 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of intermediate term (3-10 years) public obligations of the U.S. Treasury.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 3 years and less than 10 years, are rated investment grade and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. Securities excluded from the Index include state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” floating rate bonds and coupon issues that have been stripped from bonds included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">7.05%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-5.38%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.93%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0705 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0538 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0293 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective April 30, 2018 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Bloomberg Intermediate U.S. Treasury Index (the “Previous Benchmark Index”) to the Bloomberg 3-10 Year U.S. Treasury Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0739 -0.0024 0.0164 0.0574 -0.0125 0.0081 0.0435 -0.0062 0.0089 0.0751 -0.0019 0.0170 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Long Term Corporate Bond Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Long Term Corporate Bond ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Long Term Corporate Bond Index ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks the long term (10+ years) sector of the United States corporate bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0004 0 0.0000 0.0004 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">26</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.26 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Long Term Corporate Bond Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 10 years.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a component of the Bloomberg U.S. Corporate Index and includes investment grade, fixed-rate, taxable, U.S. dollar-denominated debt with $300 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. Subordinated issues, securities with normal call and put provisions and sinking funds, medium-term notes (if they are publicly underwritten), 144A securities with registration rights, and global issues that are SEC-registered are included. Structured notes with embedded swaps or other special features, as well as private placements, floating-rate securities, and Eurobonds are excluded from the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index </span><span style="color:#000000;font-family:Arial;font-size:10pt;">is rebalanced monthly, on the last business day of the month. As of August 31, 2026, a significant portion of the Fund comprised companies in the industrial and financial sectors, although this may change from time to time. As of July 31, 2026, there were 3,133 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 10 years.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is a component of the Bloomberg U.S. Corporate Index and includes investment grade, fixed-rate, taxable, U.S. dollar-denominated debt with $300 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. Subordinated issues, securities with normal call and put provisions and sinking funds, medium-term notes (if they are publicly underwritten), 144A securities with registration rights, and global issues that are SEC-registered are included. Structured notes with embedded swaps or other special features, as well as private placements, floating-rate securities, and Eurobonds are excluded from the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Certain countries may institute negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Restricted Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may hold securities that have not been registered for sale to the public under the U.S. federal securities laws. There can be no assurance that a trading market will exist at any time for any particular restricted security. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. The Fund may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Also, restricted securities may be difficult to value because market quotations may not be readily available, and the securities may have significant volatility.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">13.79%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-12.78%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-6.38%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.1379 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1278 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0638 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0709 -0.0311 0.0329 0.0482 -0.0485 0.0150 0.0416 -0.0305 0.0177 0.0744 -0.0298 0.0342 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Long Term Treasury Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Long Term Treasury ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Long Term Treasury Index ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the price and yield performance of an index </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that tracks the long term (10+ years) sector of the United States Treasury market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">4</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg Long U.S. Treasury Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of 10 years or more.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 years or more, are rated investment grade, and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non-convertible. Excluded from the Index are certain special issues, such as flower bonds, targeted investor notes, state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” and coupon issues that have been stripped from bonds included in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted and the securities in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the Index are updated on the last business day of each month. As of July 31, 2026, there were 99 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of 10 years or more.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 years or more, are rated investment grade, and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non-convertible. Excluded from the Index are certain special issues, such as flower bonds, targeted investor notes, state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” and coupon issues that have been stripped from bonds included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">20.89%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-13.51%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2021</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-7.40%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2089 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1351 2021-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0740 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0534 -0.0732 -0.0005 0.0360 -0.0847 -0.0117 0.0315 -0.0578 -0.0046 0.0559 -0.0723 0.0002 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Mortgage Backed Bond Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Mortgage Backed Bond ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Mortgage Backed Bond Index ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks the U.S. agency mortgage pass-through sector of the U.S. investment grade bond </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0004 0 0.0000 0.0004 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">15</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.15 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. MBS Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice. TBA Transactions (as defined below) are included within the above-noted investment policy.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the Fund may invest in </span><span style="color:#000000;font-family:Arial;font-size:10pt;">debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the U.S. agency mortgage pass-through segment of the U.S. investment grade bond market. The term “U.S. agency mortgage pass-through security” refers to a category of pass-through securities backed by pools of mortgages and issued by one of the following U.S. government-sponsored enterprises: Government National Mortgage Association (“GNMA”); Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”).</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is formed by grouping the universe of individual fixed rate mortgage backed securities pools into generic aggregates according to the following parameters: (i) agency; (ii) program; (iii) pass-through coupon; and (iv) origination year. Index maturity and liquidity criteria are then applied to these aggregates to determine which qualify for inclusion in the Index. To be included in the Index, securities must be fixed rate, denominated in U.S. dollars, and be part of a cohort that has $1 billion or more of outstanding face value and have a weighted average maturity of at least one year. Excluded from the Index are buydowns, graduated equity mortgages, project loans, manufactured homes (dropped in January 1992), graduated payment mortgages (dropped in January 1995), non-agency (whole loan) securities, jumbo securities, collateralized mortgage obligations, and hybrid adjustable-rate mortgages.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted and the securities in the Index are updated on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">the last calendar day of each month. As of July 31, 2026, there were 1,101 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Transactions in mortgage pass-through securities may occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement, referred to as a “to-be announced transaction” or “TBA Transaction.” In a TBA Transaction, the buyer and seller agree upon general trade parameters such as agency, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to the settlement date. The Fund expects to enter into such contracts on a regular basis, and pending settlement of such contracts, the Fund will invest its assets in liquid, short-term instruments, including shares of money market funds advised by the Adviser or its affiliates.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice. TBA Transactions (as defined below) are included within the above-noted investment policy.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the U.S. agency mortgage pass-through segment of the U.S. investment grade bond market. The term “U.S. agency mortgage pass-through security” refers to a category of pass-through securities backed by pools of mortgages and issued by one of the following U.S. government-sponsored enterprises: Government National Mortgage Association (“GNMA”); Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”).</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is formed by grouping the universe of individual fixed rate mortgage backed securities pools into generic aggregates according to the following parameters: (i) agency; (ii) program; (iii) pass-through coupon; and (iv) origination year. Index maturity and liquidity criteria are then applied to these aggregates to determine which qualify for inclusion in the Index. To be included in the Index, securities must be fixed rate, denominated in U.S. dollars, and be part of a cohort that has $1 billion or more of outstanding face value and have a weighted average maturity of at least one year. Excluded from the Index are buydowns, graduated equity mortgages, project loans, manufactured homes (dropped in January 1992), graduated payment mortgages (dropped in January 1995), non-agency (whole loan) securities, jumbo securities, collateralized mortgage obligations, and hybrid adjustable-rate mortgages.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Investments in mortgage-related and other asset-backed securities are subject to the risk of significant credit downgrades, illiquidity, and defaults to a greater extent than many other types of fixed-income investments. The liquidity of mortgage-related and asset-backed securities may change over time. During periods of falling interest rates, mortgage- and asset-backed securities may be called or prepaid, which may result in the Fund having to reinvest proceeds in other investments at a lower interest rate. During periods of rising interest rates, the average life of mortgage- and asset-backed securities may extend, which may lock in a below-market interest rate, increase the security's duration and interest rate sensitivity, and reduce the value of the security. Enforcing rights against the underlying assets or collateral may be difficult, and the underlying assets or collateral may be insufficient if the issuer defaults.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Cash Transaction Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may sell portfolio securities to meet some or all of a redemption request with cash. In such cases, the Fund may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due </span><span style="color:#000000;font-family:Arial;font-size:10pt;">to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Government Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Certain U.S. government securities are supported by the full faith and credit of the United States; others are supported by the right of the issuer to borrow from the U.S. Treasury; others are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the issuing agency, instrumentality, or enterprise. Although U.S. government-sponsored enterprises such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association may be chartered or sponsored by Congress, they are not funded by Congressional appropriations, and their securities are not issued by the U.S. Treasury, are not supported by the full faith and credit of the U.S. government, and involve increased credit risks.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">When-Issued, TBA and Delayed Delivery Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may purchase securities on a when-issued, to-be-announced (“TBA”) or delayed delivery basis and may purchase securities on a forward commitment basis. The purchase price of the securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchase of securities on a when-issued, TBA, delayed delivery, or forward commitment basis may give rise to investment leverage, and may result in increased volatility of the Fund's NAV. Default by, or bankruptcy of, a counterparty to a when-issued, TBA or delayed delivery transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction. The Financial Industry Regulatory Authority, Inc. imposes mandatory margin requirements for certain types of when-issued, TBA, delayed delivery or forward commitment transactions, with limited exceptions. Such transactions require mandatory collateralization which may increase the cost of such transactions and impose added operational complexity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">7.40%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2023</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-5.34%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q3 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-3.31%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0740 2023-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0534 2022-09-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0331 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0840 -0.0001 0.0145 0.0664 -0.0134 0.0013 0.0494 -0.0058 0.0053 0.0858 0.0015 0.0159 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Short Term Corporate Bond Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Short Term Corporate Bond ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Short Term Corporate Bond Index ETF (the “Fund”) seeks to provide </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">investment results that, before fees and expenses, correspond generally to the price and yield performance </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">of an index that tracks the short-term U.S. corporate bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0004 0 0.0000 0.0004 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 4 13 23 51 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">56</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.56 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. 1-3 Year Corporate Bond Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. The Fund may use derivatives, including credit default swaps and credit default index swaps, to obtain investment exposure that the Adviser expects to correlate closely with the Index, or a portion of the Index, and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the short term U.S. corporate bond market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued U.S. dollar denominated corporate issues that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Fitch Ratings Inc., or S&amp;P Global Ratings), and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. The Index includes only corporate categories. The corporate categories are Industrial, Utility, and Financial Institutions, which include both U.S. and non-U.S. corporations. The following instruments are excluded from the Index: structured notes with embedded swaps or other special features; private placements; floating rate securities; and Eurobonds.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Index is market capitalization weighted and the securities in the Index are updated on the last business day of each month. As of August 31, 2026, a significant portion of the Fund comprised companies in the financial and industrial sectors, although this may change from time to time. As of July 31, 2026, there were 1,667 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the short term U.S. corporate bond market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued U.S. dollar denominated corporate issues that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Fitch Ratings Inc., or S&amp;P Global Ratings), and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. The Index includes only corporate categories. The corporate categories are Industrial, Utility, and Financial Institutions, which include both U.S. and non-U.S. corporations. The following instruments are excluded from the Index: structured notes with embedded swaps or other special features; private placements; floating rate securities; and Eurobonds.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation, which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financial sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Industrial Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products and services in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrial sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, another component of the industrial sector, are cyclical and have occasional sharp price movements which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-U.S. Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Non-U.S. securities are subject to political, regulatory, and economic risks not present in domestic investments. There may be less information publicly available about a non-U.S. entity than about a U.S. entity, and many non-U.S. entities are not subject to accounting, auditing, legal and financial report standards comparable to those in the United States. Further, such entities and/or their securities may be subject to risks associated with currency controls; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. To the extent underlying securities held by the Fund trade on foreign exchanges that are closed when the exchange on which the Fund's shares trade is open, there may be deviations between the current price of an underlying security and the last quoted price for the underlying security on the closed foreign market. These deviations could result in the Fund experiencing premiums or discounts greater than those of ETFs that invest in domestic securities. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. Foreign governments may impose restrictions on the repatriation of capital to the U.S. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Certain countries may institute negative interest rates on certain fixed-income securities, and similar interest rate conditions may be experienced in other regions. Investments in fixed-income securities with very low or negative interest rates may magnify the Fund's susceptibility to interest rate risk and diminish yield and performance, and such investments may be subject to heightened volatility and reduced liquidity.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Swaps Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A swap is a two-party contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty's defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). It may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">4.03%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.46%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.91%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0403 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0246 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0091 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0586 0.0258 0.0271 0.0391 0.0120 0.0157 0.0344 0.0137 0.0158 0.0588 0.0257 0.0277 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Short Term Treasury Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Short Term Treasury ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Short Term Treasury Index ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the price and yield performance of an index </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that tracks the short term sector of the United States Treasury market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">53</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg 1-3 Year U.S. Treasury Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of short term (1-3 years) public obligations of the U.S. Treasury.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. Securities excluded from the Index include state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” floating rate bonds and coupon issues that have been stripped from bonds included in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted and the securities in the Index are updated on the last business day </span><span style="color:#000000;font-family:Arial;font-size:10pt;">of each month. As of July 31, 2026, there were 96 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of short term (1-3 years) public obligations of the U.S. Treasury.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. Securities excluded from the Index include state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” floating rate bonds and coupon issues that have been stripped from bonds included in the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">2.90%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q3 2024</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.52%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.48%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0290 2024-09-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0252 2022-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.0048 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective April 30, 2018 (the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">“Benchmark Index Change Date”), the Fund's benchmark index changed from the Bloomberg 1-5 Year U.S. Treasury Index (the “Previous Benchmark Index”) to the Bloomberg 1-3 Year U.S. Treasury Index, consistent with a change in the Fund's principal investment strategy to track the performance of the current index. Performance of the Fund prior to the Benchmark Index Change Date is therefore based on the Fund's investment strategy to track the Previous Benchmark Index and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0515 0.0173 0.0179 0.0346 0.0063 0.0094 0.0303 0.0084 0.0100 0.0517 0.0175 0.0183 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio TIPS Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio TIPS ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio TIPS Index ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the price and yield performance of an index that tracks </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">the inflation protected sector of the United States Treasury market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0012 0 0.0000 0.0012 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 12 39 68 154 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">17</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.17 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Government Inflation-Linked Bond Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS.” TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued TIPS that have at least 1 year remaining to maturity on the Index rebalancing date, with an issue size equal to or in excess of $500 million. Bonds must be capital-indexed and linked to an eligible inflation index. The securities must be denominated in U.S. dollars and pay coupon and principal in U.S. dollars. The notional coupon of a bond must be fixed or zero. Bonds must settle on or before the Index rebalancing date.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The securities in the Index are updated on the last business day of each month. As of July 31, 2026, </span><span style="color:#000000;font-family:Arial;font-size:10pt;">there were 48 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS.” TIPS are securities issued by the U.S. Treasury that are designed to provide inflation protection to investors.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes publicly issued TIPS that have at least 1 year remaining to maturity on the Index rebalancing date, with an issue size equal to or in excess of $500 million. Bonds must be capital-indexed and linked to an eligible inflation index. The securities must be denominated in U.S. dollars and pay coupon and principal in U.S. dollars. The notional coupon of a bond must be fixed or zero. Bonds must settle on or before the Index rebalancing date.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Inflation-Indexed Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The principal amount of an inflation-indexed security typically increases with inflation and decreases with deflation, as measured by a specified index. It is possible that, in a period of declining inflation rates, the Fund could receive at maturity less than the initial principal amount of an inflation-indexed security. Changes in the values of inflation-indexed securities may be difficult to predict, and it is possible that an investment in such securities will have an effect different from that anticipated.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">4.61%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2016</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-6.57%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2022</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.21%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0461 2016-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.0657 2022-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0221 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.0667 0.0078 0.0294 0.0492 -0.0101 0.0150 0.0394 -0.0017 0.0164 0.0688 0.0091 0.0308 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Treasury Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Treasury ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Treasury Index ETF (the “Fund”) seeks to provide investment results that, </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">before fees and expenses, correspond generally to the price and yield performance of an index that tracks </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">the United States Treasury market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0 0.0000 0.0003 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 3 10 17 39 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">19</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.19 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Treasury Index (the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the Fund may invest in debt </span><span style="color:#000000;font-family:Arial;font-size:10pt;">securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year, are rated investment grade and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. Securities excluded from the Index include state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” floating rate bonds, and coupon issues that have been stripped from bonds included in the Index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is market </span><span style="color:#000000;font-family:Arial;font-size:10pt;">capitalization weighted and the securities in the Index are reconstituted and rebalanced on the last business day of each month. As of July 31, 2026, there were 298 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by Bloomberg Index Services Limited (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the Bloomberg U.S. Treasury Index (the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective. The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year, are rated investment grade and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. Securities excluded from the Index include state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” floating rate bonds, and coupon issues that have been stripped from bonds included in the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Limited Track Record Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund has a limited track record and there is no assurance that the Fund will grow quickly. When the Fund's size is small, the Fund may experience low trading volume, which could lead to wider bid/ask spreads. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the listing exchange. Any resulting liquidation of the Fund could cause elevated transaction costs for the Fund and negative tax consequences for its shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Lack of a ready market, stressed market conditions, or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid investments may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. If the liquidity of the Fund's holdings deteriorates, it may lead to differences between the market price of Fund Shares and the NAV of Fund Shares, and could result in the Fund Shares being less liquid. Illiquidity of the Fund's holdings may also limit the ability of the Fund to obtain cash to meet redemptions on a timely basis.  In addition, the Fund, due to limitations on investments in any illiquid investments and/or the difficulty in purchasing and selling such investments, may be unable to achieve its desired level of exposure to a certain market or sector.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">2.92%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2025</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">0.80%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q4 2025</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-2.67%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.0292 2025-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> 0.0080 2025-12-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> -0.0267 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 2024-05-20 0.0621 0.0531 0.0440 0.0349 0.0366 0.0328 0.0632 0.0537 0.0730 0.0626 <span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio Ultra Short T-Bill Index ETF</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">(formerly, State Street</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> Portfolio Ultra Short T-Bill ETF)</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio Ultra Short T-Bill Index ETF (the “Fund”) seeks to provide investment </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">results that, before fees and expenses, correspond generally to the price and yield performance of an index </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">that tracks the 1–12 month sector of the United States Treasury Bill market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0 0.0000 0.0005 <span style="color:#000000;font-family:Arial;font-size:8pt;">“Other expenses” are based on estimated amounts for the current fiscal year.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 5 16 28 64 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">From the Fund's commencement of operations on October 8, 2025 to the most recent fiscal year end, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">0</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the ICE BofA U.S. Treasury Bill Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in debt securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury issued in the US market that have a remaining maturity of greater than or equal to one month and less than 12 months.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">In addition, qualifying securities must be U.S. dollar denominated and have a minimum amount outstanding of $1 billion. Securities issued or marketed primarily to retail investors are excluded from the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Index is market capitalization weighted.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is rebalanced on the last calendar day of the month, based on data available up to and including the third business day before the last business day of the month. New issues each month must settle on or before the following calendar month end in order to qualify for inclusion for the coming month. As of July 31, 2026, there were approximately 41 securities in the Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by ICE Data Indices, LLC (the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of public obligations of the U.S. Treasury issued in the US market that have a remaining maturity of greater than or equal to one month and less than 12 months.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In addition, qualifying securities must be U.S. dollar denominated and have a minimum amount outstanding of $1 billion. Securities issued or marketed primarily to retail investors are excluded from the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Fund's fixed income securities to decrease, an adverse impact on the liquidity of the Fund's fixed income securities, and increased volatility of the fixed income markets. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis). To the extent that interest rates fall, certain underlying obligations may be paid off substantially faster than originally anticipated. If the principal on a debt obligation is prepaid before expected, the prepayments of principal may have to be reinvested in obligations paying interest at lower rates. During periods of falling interest rates, the income received by the Fund may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">U.S. Treasury Obligations Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's income may decline due to falling interest rates or other factors. Issuers of securities held by the Fund may call or redeem the securities during periods of falling interest rates, and the Fund would likely be required to reinvest in securities paying lower interest rates. If an obligation held by the Fund is prepaid, the Fund may have to reinvest the prepayment in other obligations paying income at lower rates. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Limited Track Record Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund has a limited track record and there is no assurance that the Fund will grow quickly. When the Fund's size is small, the Fund may experience low trading volume, which could lead to wider bid/ask spreads. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the listing exchange. Any resulting liquidation of the Fund could cause elevated transaction costs for the Fund and negative tax consequences for its shareholders.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risk: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Certain portfolio holdings may be valued on the basis of factors other than market quotations. This may occur more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used to value a portfolio holding when market quotations are not readily available. The value established for any portfolio holding at a point in time might differ from what would be produced using a different methodology or if it had been priced using market quotations. Portfolio holdings that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. In addition, there is no assurance that the Fund could sell or close out a portfolio position for the value established for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is sold or closed out at a discount to the valuation established by the Fund at that time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund has not yet completed a full calendar year of operations and therefore does not report its performance history in this Prospectus.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Once the Fund has completed a full calendar year of operations, a bar chart and table will </span><span style="color:#000000;font-family:Arial;font-size:10pt;">be included that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund's returns based on net assets and comparing the Fund's performance to a relevant broad-based securities index. Updated performance information may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting the Fund's website: </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund has not yet completed a full calendar year of operations and therefore does not report its performance history in this Prospectus.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:12pt;text-transform:uppercase;">Fund Summary</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;">State Street</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> SPDR</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> Portfolio S&amp;P 500</span><span style="color:#000000;font-family:Arial;font-size:11.5pt;font-weight:bold;position:relative;top:-5pt;">®</span><span style="color:#000000;font-family:Arial;font-size:18pt;font-weight:bold;"> ETF</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;font-weight:bold;margin-left:10.5pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">The State Street SPDR Portfolio S&amp;P 500 ETF (the “Fund”) seeks to provide investment results that, before </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">fees and expenses, correspond generally to the total return performance of an index that tracks the </span><span style="color:#000000;font-family:Arial;font-size:10.5pt;margin-left:10.5pt;">performance of large capitalization exchange traded U.S. equity securities.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“Fund Shares”). </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Fund Operating Expenses </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(expenses that you pay each year as a percentage of the value of your investment):</span> 0.0002 0 0.0000 0.0002 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Example:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then sell or hold all of your Fund Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 2 6 11 26 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#000000;font-family:Arial;font-size:10pt;">3</span><span style="color:#000000;font-family:Arial;font-size:10pt;">% of the average value of its portfolio.</span> 0.03 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">The Fund's Principal Investment Strategy</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">In seeking to track the performance of the S&amp;P 500 Index</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index”), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Fund, either may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index, as determined by the Adviser to be in the best interest of the Fund in pursuing its objective.</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended; however, the Fund may become “non-diversified” solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). When the Fund is non-diversified, it may invest a relatively high percentage of its assets in a limited number of issuers.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> In addition, in seeking to track the Index, the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund may invest in equity securities that are not included in the Index. The Fund may also invest in cash and cash equivalents or money market instruments (including money market funds advised by the Adviser) for cash management purposes. In seeking to track the Index, the Fund's assets may be concentrated in an industry or group of industries, but only to the extent that the Index concentrates in a particular industry or group of industries. Futures contracts (a type of derivative instrument) may be used by the Fund in seeking performance that corresponds to the Index and in managing cash flows.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the large-capitalization segment of the U.S. equity market.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. These capitalization ranges may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter. In selecting securities for inclusion in the Index, the Index Provider also considers sector balance by comparing the weight of each GICS (Global Industry Classification Standard) sector in the Index to its weight in the relevant market capitalization range of the S&amp;P Total Market Index.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is float-adjusted market capitalization weighted. Index constituents are added and removed on an as-needed basis. The Index is rebalanced on a quarterly basis in March, June, September and December. As of August 31, 2026, a significant portion of the Fund comprised companies in the technology sector, although this may change from time to time. As of July 31, 2026, the Index comprised 503 stocks.</span><span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is sponsored by S&amp;P Dow Jones Indices LLC</span><span style="color:#000000;font-family:Arial;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial;font-size:10pt;">(the “Index Provider”), which is not affiliated with the Fund or the Adviser. The Index Provider determines the composition of the Index, relative weightings of the securities in the Index and publishes information regarding the market value of the Index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Under normal market conditions, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the securities comprising the index it seeks to track. Prior to any change in this 80% investment policy, the Fund will provide shareholders with 60 days' notice.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The Index is designed to measure the performance of the large-capitalization segment of the U.S. equity market.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The selection universe for the Index includes all U.S. common equities listed on the NYSE, NYSE Arca, NYSE American, NASDAQ Global Select Market, NASDAQ Global Market, NASDAQ Capital Market, Cboe BZX, Cboe BYX, Cboe EDGA, or Cboe EDGX with unadjusted market capitalizations of at least $22.7 billion and float-adjusted market capitalizations of at least $11.35 billion at the time of inclusion. These capitalization ranges may be revised by the Index Provider (as defined below) at any time. To be included in the Index, a security (or issuer of a security, as applicable) should (i) have an annual dollar value traded to float-adjusted market capitalization ratio of 0.75 or greater at the time of addition to the S&amp;P Composite 1500 Index (the Index's parent index); (ii) trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date; (iii) have a public float of at least 10%; and (iv) have positive aggregate earnings over the four most recent quarters and for the most recent quarter. In selecting securities for inclusion in the Index, the Index Provider also considers sector balance by comparing the weight of each GICS (Global Industry Classification Standard) sector in the Index to its weight in the relevant market capitalization range of the S&amp;P Total Market Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">As with all investments, there are certain risks of investing in the Fund. Fund Shares will change in value, and you could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, military conflicts, acts of terrorism, trade policy changes or disputes, the threat or actual imposition of tariffs, natural disasters, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Equity Investing Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The market prices of equity securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. The value of a security may decline for a number of reasons that may directly relate to the issuer and also may decline due to general industry or market conditions that are not specifically related to a particular company. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Large-Capitalization Securities Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Returns on investments in securities of large companies could trail the returns on investments in securities of smaller and mid-sized companies. Larger companies may be unable to respond as quickly as smaller and mid-sized companies to competitive challenges or to changes in business, product, financial, or other market conditions. Larger companies may not be able to maintain growth at the high rates that may be achieved by well-managed smaller and mid-sized companies.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Fluctuation of Net Asset Value, Share Premiums and Discounts Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> As with all exchange-traded funds, Fund Shares may be bought and sold in the secondary market at market prices. The trading prices of Fund Shares in the secondary market may differ from the Fund's daily net asset value (“NAV”) per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). This risk is heightened in times of market volatility or periods of steep market declines.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> A futures contract is a standardized agreement that calls for the purchase or sale of a specific asset at a specific price at a specific future time, or cash settlement of the terms of the contract. Transactions in futures contracts can create investment leverage and may have significant volatility. It is possible that a futures contract transaction will result in a much greater loss than the principal amount invested, and the Fund may not be able to close out the futures contract at a favorable time or price. There is no assurance that a liquid secondary market on an exchange will exist for any particular futures contract. In the event no such market exists, it might not be possible to effect closing transactions, and the Fund will be unable to terminate its exposure to the futures contract. There is also a risk of imperfect correlation between movements in the prices of the futures contract and movements in the price of the underlying assets. The counterparty to a futures contract may be unable or unwilling to make timely settlement payments, return the Fund's margin, or otherwise honor its obligations.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Indexing Strategy/Index Tracking Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund is managed with an indexing investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the Index or of the actual securities comprising the Index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a portfolio managed using an active investment strategy. The structure and composition of the Index will affect the performance, volatility, and risk of the Index and, consequently, the performance, volatility, and risk of the Fund. Errors in index data, index computations or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. To the extent circumstances evolve in between reconstitutions, the Index may include, and the Fund may therefore hold for a period of time, securities of companies that do not align with the Index's objective and/or criteria. When there are changes made to the component securities of the Index and the Fund in turn makes similar changes to its portfolio, any transaction costs and market exposure arising from such portfolio changes will be borne directly by the Fund and its shareholders. The Fund may recognize gains as a result of rebalancing or reconstituting its securities holdings to reflect changes in the securities included in the Index. The Fund also may be required to distribute any such gains to its shareholders to avoid adverse federal income tax consequences. While the Adviser seeks to track the performance of the Index (i.e., achieve a high degree of correlation with the Index), the Fund's return may not match the return of the Index. The Fund incurs a number of operating expenses not applicable to the Index, and may incur costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Adviser may attempt to track the Index return by investing in fewer than all of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence between the Fund's return and that of the Index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may become “non-diversified” for periods of time solely as a result of tracking the Index (e.g., changes in weightings of one or more component securities). To the extent the Fund becomes non-diversified, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of Fund Shares may be more volatile than the values of shares of more diversified funds. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Technology Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a major effect on the value of the Fund's investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Unconstrained Sector Risk:</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> The Fund may invest a substantial portion of its assets within one or more economic sectors or industries, which may change from time to time. Greater investment focus on one or more sectors or industries increases the potential for volatility and the risk that events negatively affecting such sectors or industries could reduce returns, potentially causing the value of the Fund's Shares to decrease, perhaps significantly.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;text-transform:uppercase;">Fund Performance</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Updated performance information is available </span><span style="color:#000000;font-family:Arial;font-size:10pt;">by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> or visiting our website at </span><span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span><span style="color:#000000;font-family:Arial;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The following bar chart and table provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for certain time periods compare with the average annual returns of the Index and of a relevant broad-based securities index. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">1-866-787-2257</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">www.statestreet.com/im</span> <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(years ended 12/31)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Returns</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Quarter/Year</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">20.54%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q2 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span><span style="color:#000000;font-family:Arial;font-size:10pt;">-19.54%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">Q1 2020</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span><span style="color:#000000;font-family:Arial;font-size:10pt;">12.72%</span><span style="color:#000000;font-family:Arial;font-size:10pt;">9/30/2026</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Highest Quarterly Return</span> 0.2054 2020-06-30 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Lowest Quarterly Return</span> -0.1954 2020-03-31 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Year-to-Date</span> 0.1272 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:8pt;font-weight:bold;text-transform:uppercase;">Average Annual Total Returns </span><span style="color:#000000;font-family:Arial;font-size:8pt;">(for periods ended 12/31/25)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span><span style="color:#000000;font-family:Arial;font-size:10pt;"> Effective November 16, 2017, the Fund's benchmark index changed from the </span><span style="color:#000000;font-family:Arial;font-size:10pt;">Russell 1000 Index to the SSGA Large Cap Index.  Effective January 24, 2020, the Fund's benchmark index changed from the SSGA Large Cap Index to the S&amp;P 500 Index.  Each benchmark index change was consistent with a change in the Fund's principal investment strategy to track the performance of a new index.  Performance of the Fund prior to January 24, 2020 is therefore based on the Fund's investment strategy to track the applicable prior indexes and may have been different had the Fund tracked the current index.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The after-tax returns presented in the table below are calculated using highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">Your actual after-tax returns will depend on </span><span style="color:#000000;font-family:Arial;font-size:10pt;">your specific tax situation and may differ from those shown below. After-tax returns are not relevant to investors who hold Fund Shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#000000;font-family:Arial;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial;font-size:10pt;">returns after taxes can exceed the returns before taxes due to an assumed tax benefit for a shareholder from realizing a capital loss on a sale of Fund Shares.</span> 0.1785 0.1439 0.1481 0.1749 0.1398 0.1430 0.1076 0.1147 0.1231 0.1788 0.1442 0.1485 0.1788 0.1442 0.1482 “Other expenses” are based on estimated amounts for the current fiscal year. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. The Fund's “Other expenses” and “Total annual Fund operating expenses” have been restated to reflect current fees. Returns shown are reflective of the S&P Composite 1500 Index for the period from January 24, 2020 to December 31, 2024, the SSGA Total Stock Market Index for the period from November 16, 2017 to January 23, 2020, and the Russell 3000 Index for the period from January 1, 2016 to November 15, 2017. The Fund's “Other expenses” and “Total annual Fund operating expenses” have been restated to reflect current fees. The Fund's “Other expenses” and “Total annual Fund operating expenses” have been restated to reflect current fees. Returns shown are reflective of the S&P MidCap 400 Index for the period January 24, 2020 to December 31, 2024, the S&P 1000 Index for the period from August 31, 2016 to January 23, 2020, and the Russell Small Cap Completeness Index for the period from January 1, 2016 to August 30, 2016. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. “Other expenses” are based on estimated amounts for the current fiscal year. Returns shown are reflective of the ICE US Select High Yield Crossover Municipal Index for the period from June 1, 2025 to December 31, 2025, the Bloomberg Municipal Yield Index for the period from October 1, 2019 to May 31, 2025 and the S&P Municipal Yield Index for the period from January 1, 2016 to September 30, 2019. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. The Fund's “Other expenses” and “Total annual Fund operating expenses” have been restated to reflect current fees. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. Returns shown are reflective of the S&P SmallCap 600 Index for the period January 24, 2020 to December 31, 2024, the SSGA Small Cap Index for the period from November 16, 2017 to January 23, 2020, and the Russell 2000 Index for periods prior to November 16, 2017. Returns shown are reflective of the S&P 500 Index for the period January 24, 2020 to December 31, 2024, the SSGA Large Cap Index for the period from November 16, 2017 to January 23, 2020, and the Russell 1000 Index for the period from January 1, 2016 to November 15, 2017. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date. Returns shown are reflective of the ICE 1+ Year AMT-Free Broad Municipal Index for the period from June 1, 2025 to December 31, 2025, the Bloomberg Municipal Managed Money 1-25 Years Index for the period from January 2, 2019 to May 31, 2025 and the Bloomberg Municipal Managed Money Index for the period from January 1, 2016 to January 1, 2019. Returns shown are reflective of the Index for periods beginning on the Benchmark Index Change Date and the Previous Benchmark Index for periods prior to the Benchmark Index Change Date.