SSgA Active Trust
03/09/2026 | Press release | Distributed by Public on 03/09/2026 14:43
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22542
SSGA ACTIVE TRUST
(Exact name of registrant as specified in charter)
One Congress Street, Boston, Massachusetts 02114
(Address of principal executive offices) (zip code)
Andrew J. DeLorme, Esq.
Chief Legal Officer
c/o SSGA Funds Management, Inc.
One Congress Street
Boston, Massachusetts 02114
(Name and address of agent for service)
Copy to:
W. John McGuire, Esq.
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Registrant's telephone number, including area code: (617) 664-3920
Date of fiscal year end: December 31
Date of reporting period: December 31, 2025
Item 1. Report to Stockholders.
(a) The Reports to Shareholders are attached herewith.
State Street® US Equity Premium Income ETF
SPIN
Principal Listing Exchange: Cboe BZX Exchange, Inc.
Annual Shareholder Report
December 31, 2025
This annual shareholder report contains important information about the State Street® US Equity Premium Income ETF (the "Fund") for the period of July 1, 2025 through December 31, 2025. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs. You can also request this information about the Fund by contacting us at 1-866-787-2257. This report describes changes to the Fund that occurred duringthe reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 Investment)
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
State Street®US Equity Premium Income ETF
|
$13
|
0.25%
|
The dollar amount above reflect expenses paid since the commencement of operations. Expenses for the full reporting period would be higher.
How did the Fund perform last year and what affected its performance?
The Fund reported generated positive returns from July to December in 2025. In this time period, the Fund delivered strong performance, rising approximately over 12%. Momentum strengthened through the second half of the year as the U.S. Federal Reserve implemented three interest-rate cuts. Technology remained the primary engine of market gains, driven by ongoing investment in Artificial Intelligence ("A.I.") and robust earnings across mega-cap names, while other sectors experienced more uneven results. Overall, 2025 underscored the durability of the bull market, with resilient corporate earnings, increased productivity expectations, and optimism around A.I. deployment contributing to a strong finish.
Fund Performance
The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
|
SPIN
|
S&P 500 Index
|
|
|
09/04/24
|
$10,000
|
$10,000
|
|
09/30/24
|
$10,301
|
$10,450
|
|
10/31/24
|
$10,273
|
$10,355
|
|
11/30/24
|
$10,775
|
$10,963
|
|
12/31/24
|
$10,589
|
$10,701
|
|
01/31/25
|
$10,788
|
$10,999
|
|
02/28/25
|
$10,601
|
$10,856
|
|
03/31/25
|
$10,091
|
$10,244
|
|
04/30/25
|
$10,056
|
$10,175
|
|
05/31/25
|
$10,356
|
$10,815
|
|
06/30/25
|
$10,772
|
$11,365
|
|
07/31/25
|
$11,129
|
$11,620
|
|
08/31/25
|
$11,324
|
$11,856
|
|
09/30/25
|
$11,618
|
$12,288
|
|
10/31/25
|
$11,961
|
$12,576
|
|
11/30/25
|
$12,035
|
$12,607
|
|
12/31/25
|
$12,086
|
$12,615
|
Average Annual Total Returns (%)
|
Name
|
1 Year
|
Since Inception 09/04/24
|
|
SPIN
|
14.14%
|
15.39%
|
|
S&P 500 Index
|
17.88%
|
19.19%
|
For the 6-month period from July 1, 2025 through December 31, 2025, the total return for the Fund was 12.20% and for the Index was 11.00%.
The Fund's past performance is not necessarily an indication of how the Fund will perform in the future. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. Updated performance information is available by calling 1-866-787-2257 or visiting our website at www.ssga.com.
Key Fund Statistics as of 12/31/2025
- Total Net Assets$55,693,057
- Number of Portfolio Holdings100
- Portfolio Turnover Rate18%
- Total Advisory Fees Paid$42,455
What did the Fund invest in as of 12/31/2025?(as a percentage of total net assets)
Top Ten Industries
|
Industries
|
%
|
|
Semiconductors & Semiconductor Equipment
|
16.0%
|
|
Software
|
12.4%
|
|
Interactive Media & Services
|
10.2%
|
|
Technology Hardware, Storage & Peripherals
|
6.1%
|
|
Broadline Retail
|
4.6%
|
|
Capital Markets
|
4.4%
|
|
Financial Services
|
3.9%
|
|
Banks
|
3.8%
|
|
Pharmaceuticals
|
3.7%
|
|
Machinery
|
2.4%
|
Top Ten Holdings
|
Holdings
|
%
|
|
NVIDIA Corp.
|
9.3%
|
|
Microsoft Corp.
|
7.6%
|
|
Apple, Inc.
|
6.1%
|
|
Alphabet, Inc., Class A
|
5.9%
|
|
Amazon.com, Inc.
|
4.6%
|
|
Broadcom, Inc.
|
3.5%
|
|
Meta Platforms, Inc., Class A
|
3.4%
|
|
Visa, Inc., Class A
|
2.2%
|
|
JPMorgan Chase & Co.
|
1.9%
|
|
Eli Lilly & Co.
|
1.6%
|
Material Fund Changes
This is a summary of certain changes of the Fund that occurred during the reporting period ended December 31, 2025. For more information contact 1-866-787-2257 (toll free) or refer to the Prospectus, which can be found on the Fund's website below.
Effective October 31, 2025, the Fund's name changed from the SPDR® SSGA US Equity Premium Income ETF to the State Street® US Equity Premium Income ETF. This change did not result in any changes to the Fund's Investment Objective, Principal Investment Strategies or Principal Risks of Investing in the Fund.
Effective August 14, 2025, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31. These changes did not result in any changes to the Fund's Investment Objectives, Principal Investment Strategies or Principal Risks of Investing in the Fund.
Availability of Additional Information
For additional information about the Fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and
proxy information please visit: www.ssga.com/us/en/institutional/fund-finder?tab=documents&type=etfs.
TSR AR SPIN
(b) Not applicable.
Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics"). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics.
The Code of Ethics is attached hereto as Exhibit 19(a)(1).
Item 3. Audit Committee Financial Expert.
(a)(1) The Board of Trustees of the registrant has determined that the registrant has six Board members serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSRto qualify as an "audit committee financial expert."
(2) Dwight Churchill, Clare Richer, Kristi Rowsell, James Ross, Sandra Sponem and Carl Verboncoeur are the registrant's audit committee financial experts. The Board also determined that each of the foregoing persons are not "interested person(s)" of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "1940 Act").
Item 4. Principal Accountant Fees and Services.
| (a) |
Audit Fees. |
For the fiscal periods ended December 31, 2025 and June 30, 2025, the aggregate audit fees billed for professional services rendered by the principal accountant, Ernst & Young LLP ("EY"), were $20,293 and $23,897, respectively. Audit fees include the performance of the annual audits, security counts performed during the course of the period for each series of the registrant and routine regulatory filings (one for each SEC registrant).
| (b) |
Audit-Related Fees. |
For the fiscal periods ended December 31, 2025 and June 30, 2025, EY did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.
| (c) |
Tax Fees. |
For the fiscal period ended December 31, 2025, the aggregate tax fees billed for professional services rendered by EY for tax preparation and tax compliance services were $10,688. For the fiscal period ended June 30, 2025, the aggregated tax fees billed for professional services rendered by EY for the review of year-enddistribution requirements were $2,778.
| (d) |
All Other Fees. |
For the fiscal years ended December 31, 2025 and December 31, 2024 there were no fees billed for professional services rendered by EY for products and services provided by EY to the Trust, other than the services reported in paragraphs (a)through (c).
For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees for professional services rendered by EY for products and services provided by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Trust that (i) relate directly to the operations and financial reporting of the Trust and (ii) were pre-approvedby the Audit Committee were approximately $9,761,443 and $9,556,710, respectively.
(e)(1) Audit Committee Pre-ApprovalPolicies and Procedures.
The registrant's Audit Committee Charter states the following with respect to pre-approvalprocedures:
Before the independent auditors are engaged by the Trust to render audit, audit-related or permissible non-auditservices, either:
| (a) |
The Audit Committee shall pre-approveall audit, audit-related and permissible non-auditservices provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals.Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting; |
or
| (b) |
The engagement to render the audit, audit-related or permissible non-auditservice is entered into pursuant to pre-approvalpolicies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee's responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter. |
| (c) |
Pre-Approvalfor a service provided to the Trust other than audit or audit-related services is not required if: (1) the aggregate amount of all such permissible non-auditservices provided to the Trust constitutes not more than five percent (5%) of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the permissible non-auditservices are provided; (2) such services were not recognized by the Trust at the time of the engagement to be permissible non-auditservices; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit. |
| (d) |
The Audit Committee shall pre-approveany permissible non-auditservices proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors' engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any permissible non-auditservices that need to be pre-approved. |
Notwithstanding the above, Pre-Approvalfor any permissible non-auditservices under this Sub-sectionis not required if: (1) the aggregate amount of all such permissible non-auditservices constitutes not more than five percent (5%) of the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person) during the fiscal year in which the permissible non-auditservices are provided; (2) such services were not recognized by the Trust at the time of the engagement to be permissible non-auditservices; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit.
(e)(2) Percentage of Services.
None of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01of Regulation S-X.
(f) Not applicable.
(g) The aggregate non-auditfees billed for by EY for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviserwhose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser were as follows:
|
FY 2025 (in millions) |
FY 2024 (in millions) |
|||||||
|
Non audit services billed to: |
||||||||
|
Registrant: |
See Item 4 | (c) | See Item 4 | (c) | ||||
|
Investment Adviser: |
- | - | ||||||
|
Other entities in the Investment Company Complex (1)(2): |
||||||||
|
Audit Related Fees |
$ | 18.6 | $ | 18.5 | ||||
|
Tax Fees |
$ | 3.6 | $ | 3.3 | ||||
|
All Other Fees |
$ | 15.8 | $ | 15.8 | ||||
| (1) |
Information is for the calendar years 2025 and 2024, respectively. |
| (2) |
Services under the caption Audit-Related Fees consisted principally of reports on the processing of transactions by servicing organizations, audits of employee benefit plan, non-statutoryaudits and due diligence procedures. Services under the caption Tax Fees consisted principally of expatriate, compliance and corporate tax advisory services. Services under the caption All Other Fees primarily related to statutory and financial statement audits and the requirement to opine on the design and operating effectiveness of internal control over financial reporting. |
(h) EY notified the registrant's Audit Committee of all non-auditservices that were rendered by EY to the Adviser and any entity controlling, controlled by, or under common control with the Adviser that provides services to the registrant, which services were not required to be pre-approvedpursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-X,allowing the registrant's Audit Committee to consider whether such services were compatible with maintaining EY's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committees of Listed Registrants.
The registrant has an audit committee which was established by the Board of Trustees of the Trust in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (the "1934 Act"). The members of the registrant's Audit Committee are Dwight Churchill, Carolyn Clancy, Clare Richer, James Ross, Kristi Rowsell, Sandra Sponem and Carl Verboncoeur.
Item 6. Investments.
(a) Schedules of Investments are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.
(b) Not applicable to the registrant.
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies
(a) The registrant's Financial Statements are attached herewith.
(b) The registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.
Annual Financial Statements and Other Information
December 31, 2025
SSGA Active Trust
| State Street US Equity Premium Income ETF (formerly SPDR SSGA US Equity Premium Income ETF) |
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com.Please read the prospectus carefully before you invest.
TABLE OF CONTENTS
| Schedule of Investments (N-CSR Item 6) | |
|
State Street US Equity Premium Income ETF (SPIN) (formerly SPDR SSGA US Equity Premium Income ETF)
|
1 |
|
Financial Statements (N-CSR Item 7)
|
4 |
|
Financial Highlights (N-CSR Item 7)
|
7 |
|
Notes to Financial Statements (N-CSR Item 7)
|
8 |
|
Report of Independent Registered Public Accounting Firm (N-CSR Item 7)
|
14 |
|
Other Information (Unaudited) (N-CSR Item 7)
|
15 |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) - Not Applicable
Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)- Not Applicable
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies (N-CSR Item 10)- Please see Statement of Operations in the Financial Statements under Item 7 above
Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (N-CSR Item 11)- Not Applicable
Table of Contents
STATE STREET US EQUITY PREMIUM INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
| Security Description | Shares | Value | ||||
| COMMON STOCKS - 100.0% | ||||||
| AEROSPACE & DEFENSE - 0.6% | ||||||
|
RTX Corp.
|
1,910 | $350,294 | ||||
| AUTOMOBILES - 1.4% | ||||||
|
General Motors Co.
|
4,610 | 374,885 | ||||
|
Tesla, Inc. (a)
|
867 | 389,907 | ||||
| 764,792 | ||||||
| BANKS - 3.8% | ||||||
|
Bank of America Corp.
|
15,218 | 836,990 | ||||
|
JPMorgan Chase & Co.
|
3,367 | 1,084,915 | ||||
|
Regions Financial Corp.
|
6,808 | 184,497 | ||||
| 2,106,402 | ||||||
| BEVERAGES - 0.8% | ||||||
|
Monster Beverage Corp. (a)
|
3,351 | 256,921 | ||||
|
PepsiCo, Inc.
|
1,284 | 184,280 | ||||
| 441,201 | ||||||
| BIOTECHNOLOGY - 0.3% | ||||||
|
Vertex Pharmaceuticals, Inc. (a)
|
394 | 178,624 | ||||
| BROADLINE RETAIL - 4.6% | ||||||
|
Amazon.com, Inc. (a)
|
11,123 | 2,567,411 | ||||
| BUILDING PRODUCTS - 0.4% | ||||||
|
Trane Technologies PLC
|
580 | 225,736 | ||||
| CAPITAL MARKETS - 4.4% | ||||||
|
CME Group, Inc.
|
1,008 | 275,265 | ||||
|
Goldman Sachs Group, Inc.
|
454 | 399,066 | ||||
|
Intercontinental Exchange, Inc.
|
4,581 | 741,939 | ||||
|
Robinhood Markets, Inc. Class A (a)
|
1,846 | 208,782 | ||||
|
S&P Global, Inc.
|
1,588 | 829,873 | ||||
| 2,454,925 | ||||||
| CHEMICALS - 1.4% | ||||||
|
Ecolab, Inc.
|
314 | 82,431 | ||||
|
International Flavors & Fragrances, Inc.
|
839 | 56,540 | ||||
|
Linde PLC
|
1,553 | 662,184 | ||||
| 801,155 | ||||||
| COMMERCIAL SERVICES & SUPPLIES - 1.3% | ||||||
|
Tetra Tech, Inc.
|
3,218 | 107,932 | ||||
|
Waste Management, Inc.
|
2,804 | 616,067 | ||||
| 723,999 | ||||||
| CONSTRUCTION MATERIALS - 0.9% | ||||||
|
Martin Marietta Materials, Inc.
|
785 | 488,788 | ||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9% | ||||||
|
BJ's Wholesale Club Holdings, Inc. (a)
|
4,413 | 397,302 | ||||
|
Costco Wholesale Corp.
|
172 | 148,323 | ||||
|
Walmart, Inc.
|
4,751 | 529,309 | ||||
| 1,074,934 | ||||||
| ELECTRIC UTILITIES - 1.1% | ||||||
|
NextEra Energy, Inc.
|
7,900 | 634,212 | ||||
| ELECTRICAL EQUIPMENT - 1.9% | ||||||
|
Eaton Corp. PLC
|
1,121 | 357,050 | ||||
| Security Description | Shares | Value | ||||
|
Emerson Electric Co.
|
5,341 | $708,857 | ||||
| 1,065,907 | ||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS - 0.4% | ||||||
|
Amphenol Corp. Class A
|
1,814 | 245,144 | ||||
| ENTERTAINMENT - 0.9% | ||||||
|
Netflix, Inc. (a)
|
2,722 | 255,215 | ||||
|
Walt Disney Co.
|
2,072 | 235,731 | ||||
| 490,946 | ||||||
| FINANCIAL SERVICES - 3.9% | ||||||
|
Berkshire Hathaway, Inc. Class B (a)
|
1,267 | 636,858 | ||||
|
Mastercard, Inc. Class A
|
556 | 317,409 | ||||
|
Visa, Inc. Class A
|
3,504 | 1,228,888 | ||||
| 2,183,155 | ||||||
| FOOD PRODUCTS - 0.2% | ||||||
|
Mondelez International, Inc. Class A
|
1,732 | 93,234 | ||||
| GROUND TRANSPORTATION - 1.3% | ||||||
|
Uber Technologies, Inc. (a)
|
8,910 | 728,036 | ||||
| HEALTH CARE EQUIPMENT & SUPPLIES - 1.7% | ||||||
|
Abbott Laboratories
|
1,925 | 241,183 | ||||
|
Becton Dickinson & Co.
|
1,006 | 195,234 | ||||
|
Cooper Cos., Inc. (a)
|
2,704 | 221,620 | ||||
|
Dexcom, Inc. (a)
|
839 | 55,684 | ||||
|
Intuitive Surgical, Inc. (a)
|
432 | 244,668 | ||||
| 958,389 | ||||||
| HEALTH CARE PROVIDERS & SERVICES - 0.3% | ||||||
|
UnitedHealth Group, Inc.
|
519 | 171,327 | ||||
| HOTELS, RESTAURANTS & LEISURE - 0.5% | ||||||
|
McDonald's Corp.
|
897 | 274,150 | ||||
| HOUSEHOLD PRODUCTS - 0.5% | ||||||
|
Procter & Gamble Co.
|
2,065 | 295,935 | ||||
| INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS - 0.3% | ||||||
|
Vistra Corp.
|
863 | 139,228 | ||||
| INSURANCE - 1.7% | ||||||
|
American International Group, Inc.
|
1,213 | 103,772 | ||||
|
Chubb Ltd.
|
690 | 215,363 | ||||
|
Marsh & McLennan Cos., Inc.
|
2,395 | 444,320 | ||||
|
Progressive Corp.
|
827 | 188,325 | ||||
| 951,780 | ||||||
| INTERACTIVE MEDIA & SERVICES - 10.2% | ||||||
|
Alphabet, Inc. Class A
|
10,560 | 3,305,280 | ||||
|
Alphabet, Inc. Class C
|
1,499 | 470,386 | ||||
|
Meta Platforms, Inc. Class A
|
2,847 | 1,879,276 | ||||
| 5,654,942 | ||||||
| IT SERVICES - 0.2% | ||||||
|
Accenture PLC Class A
|
484 | 129,857 | ||||
| LIFE SCIENCES TOOLS & SERVICES - 2.3% | ||||||
|
Agilent Technologies, Inc.
|
871 | 118,517 | ||||
|
Danaher Corp.
|
2,291 | 524,456 | ||||
1
Table of Contents
STATE STREET US EQUITY PREMIUM INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
| Security Description | Shares | Value | ||||
|
Repligen Corp. (a)
|
709 | $116,177 | ||||
|
Thermo Fisher Scientific, Inc.
|
886 | 513,392 | ||||
| 1,272,542 | ||||||
| MACHINERY - 2.4% | ||||||
|
Parker-Hannifin Corp.
|
899 | 790,185 | ||||
|
Westinghouse Air Brake Technologies Corp.
|
2,444 | 521,672 | ||||
| 1,311,857 | ||||||
| MULTI-UTILITIES - 1.2% | ||||||
|
CMS Energy Corp.
|
1,698 | 118,741 | ||||
|
Sempra
|
6,340 | 559,759 | ||||
| 678,500 | ||||||
| OIL, GAS & CONSUMABLE FUELS - 2.0% | ||||||
|
Chevron Corp.
|
2,071 | 315,641 | ||||
|
ConocoPhillips
|
1,769 | 165,596 | ||||
|
EQT Corp.
|
2,954 | 158,335 | ||||
|
Exxon Mobil Corp.
|
3,777 | 454,524 | ||||
| 1,094,096 | ||||||
| PHARMACEUTICALS - 3.7% | ||||||
|
AstraZeneca PLC ADR
|
2,930 | 269,355 | ||||
|
Eli Lilly & Co.
|
811 | 871,565 | ||||
|
Johnson & Johnson
|
2,837 | 587,117 | ||||
|
Merck & Co., Inc.
|
3,337 | 351,253 | ||||
| 2,079,290 | ||||||
| PROFESSIONAL SERVICES - 0.9% | ||||||
|
Broadridge Financial Solutions, Inc.
|
2,208 | 492,759 | ||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6% | ||||||
|
CBRE Group, Inc. Class A (a)
|
2,104 | 338,302 | ||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 16.0% | ||||||
|
Advanced Micro Devices, Inc. (a)
|
3,411 | 730,500 | ||||
|
Applied Materials, Inc.
|
2,292 | 589,021 | ||||
|
Broadcom, Inc.
|
5,689 | 1,968,963 | ||||
|
Micron Technology, Inc.
|
735 | 209,776 | ||||
|
NVIDIA Corp.
|
27,707 | 5,167,356 | ||||
|
Texas Instruments, Inc.
|
1,527 | 264,919 | ||||
| 8,930,535 | ||||||
| SOFTWARE - 12.4% | ||||||
|
Adobe, Inc. (a)
|
1,495 | 523,235 | ||||
|
Crowdstrike Holdings, Inc. Class A (a)
|
294 | 137,815 | ||||
|
Intuit, Inc.
|
245 | 162,293 | ||||
|
Microsoft Corp.
|
8,695 | 4,205,076 | ||||
|
Oracle Corp.
|
1,839 | 358,440 | ||||
|
Salesforce, Inc.
|
2,572 | 681,349 | ||||
|
ServiceNow, Inc. (a)
|
1,180 | 180,764 | ||||
|
Synopsys, Inc. (a)
|
1,342 | 630,364 | ||||
| 6,879,336 | ||||||
| Security Description | Shares | Value | ||||
| SPECIALIZED REITs - 1.2% | ||||||
|
American Tower Corp. REIT
|
952 | $167,143 | ||||
|
Equinix, Inc. REIT
|
627 | 480,382 | ||||
| 647,525 | ||||||
| SPECIALTY RETAIL - 2.1% | ||||||
|
Home Depot, Inc.
|
2,429 | 835,819 | ||||
|
Lowe's Cos., Inc.
|
356 | 85,853 | ||||
|
O'Reilly Automotive, Inc. (a)
|
2,787 | 254,202 | ||||
| 1,175,874 | ||||||
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS - 6.1% | ||||||
|
Apple, Inc.
|
12,466 | 3,389,007 | ||||
| TOBACCO - 0.7% | ||||||
|
Philip Morris International, Inc.
|
2,418 | 387,847 | ||||
| TRADING COMPANIES & DISTRIBUTORS - 1.3% | ||||||
|
United Rentals, Inc.
|
618 | 500,160 | ||||
|
WW Grainger, Inc.
|
204 | 205,846 | ||||
| 706,006 | ||||||
| WIRELESS TELECOMMUNICATION SERVICES - 0.2% | ||||||
|
T-Mobile U.S., Inc.
|
529 | 107,408 | ||||
|
TOTAL COMMON STOCKS
(Cost $53,944,780)
|
55,685,387 | |||||
| SHORT-TERM INVESTMENT - 0.0% * | ||||||
|
State Street Institutional U.S. Government Money Market Fund, Class G Shares 3.78% (b) (c)
(Cost $24,024)
|
24,024 | 24,024 | ||||
|
TOTAL INVESTMENTS - 100.0%
(Cost $53,968,804)
|
55,709,411 | |||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)% *
|
(16,354) | |||||
|
NET ASSETS - 100.0%
|
$55,693,057 | |||||
| The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov. | |
| (a) | Non-income producing security. |
| (b) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended December 31, 2025 are shown in the Affiliate Table below. |
| (c) | The rate shown is the annualized seven-day yield at December 31, 2025. |
| * | Amount is less than 0.05% of net assets. |
| Abbreviations: | |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
2
Table of Contents
STATE STREET US EQUITY PREMIUM INCOME ETF
SCHEDULE OF INVESTMENTS
December 31, 2025
The Fund had the following written option contracts at December 31, 2025 :
| Description | Counterparty |
Strike Price |
Expiration Date |
Number of Contracts |
Notional Amount |
Market Value |
Premiums Received |
Unrealized Appreciation/ Depreciation |
||||||||
| S&P 500 Index |
N/A
|
USD 7,150 | 01/09/2026 | (2,000) | USD (14,300,000) | $ (300) | $(25,840) | $25,540 | ||||||||
| S&P 500 Index |
N/A
|
USD 6,990 | 01/16/2026 | (2,100) | USD (14,679,000) | (28,980) | (35,367) | 6,387 | ||||||||
| S&P 500 Index |
N/A
|
USD 7,150 | 01/23/2026 | (2,000) | USD (14,300,000) | (4,950) | (20,740) | 15,790 | ||||||||
| S&P 500 Index |
N/A
|
USD 7,135 | 01/30/2026 | (4,000) | USD (28,540,000) | (34,800) | (33,460) | (1,340) | ||||||||
| $(69,030) | $(115,407) | $46,377 |
During the six-month period ended December 31, 2025, average value related to written option contracts was $150,169.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2025.
| Description |
Level 1 - Quoted Prices |
Level 2 - Other Significant Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||
| ASSETS: | ||||||||
| INVESTMENTS: | ||||||||
|
Common Stocks
|
$55,685,387 | $- | $- | $55,685,387 | ||||
|
Short-Term Investment
|
24,024 | - | - | 24,024 | ||||
|
TOTAL INVESTMENTS
|
$55,709,411 | $- | $- | $55,709,411 | ||||
| OTHER FINANCIAL INSTRUMENTS: | ||||||||
|
Call Options Written
|
$(69,030) | $- | $- | $(69,030) | ||||
|
TOTAL OTHER FINANCIAL INSTRUMENTS:
|
$(69,030) | $- | $- | $(69,030) |
Affiliate Table
|
Number of Shares Held at 6/30/25 |
Value at 6/30/25 |
Cost of Purchases |
Proceeds from Shares Sold |
Realized Gain (Loss) |
Change in Unrealized Appreciation/ Depreciation |
Number of Shares Held at 12/31/25 |
Value at 12/31/25 |
Dividend Income |
|||||||||
|
State Street Institutional U.S. Government Money Market Fund, Class G Shares
|
- | $- | $1,074,985 | $1,050,961 | $- | $- | 24,024 | $24,024 | $1,525 |
3
Table of Contents
SSGA ACTIVE TRUST
STATE STREET US EQUITY PREMIUM INCOME ETF
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2025
| ASSETS | |
|
Investments in unaffiliated issuers, at value
|
$55,685,387 |
|
Investments in affiliated issuers, at value
|
24,024 |
|
Total Investments
|
55,709,411 |
|
Cash
|
16,610 |
|
Receivable for investments sold
|
16,730 |
|
Dividends receivable - unaffiliated issuers
|
31,017 |
|
Dividends receivable - affiliated issuers
|
364 |
|
TOTAL ASSETS
|
55,774,132 |
| LIABILITIES | |
|
Payable for investments purchased
|
120 |
|
Written options, at value
|
69,030 |
|
Advisory fee payable
|
11,925 |
|
TOTAL LIABILITIES
|
81,075 |
|
NET ASSETS
|
$55,693,057 |
| NET ASSETS CONSIST OF: | |
|
Paid-in capital
|
$54,029,128 |
|
Total distributable earnings (loss)
|
1,663,929 |
|
NET ASSETS
|
$55,693,057 |
| NET ASSET VALUE PER SHARE | |
|
Net asset value per share
|
$32.38 |
|
Shares outstanding (unlimited amount authorized, $0.01 par value)
|
1,720,000 |
| COST OF INVESTMENTS: | |
|
Investments in unaffiliated issuers
|
$53,944,780 |
|
Investments in affiliated issuers
|
24,024 |
|
Total cost of investments
|
$53,968,804 |
|
Written options premium received
|
$115,407 |
See accompanying notes to financial statements.
4
Table of Contents
SSGA ACTIVE TRUST
STATE STREET US EQUITY PREMIUM INCOME ETF
STATEMENT OF OPERATIONS
For the Period from July 1, 2025 through December 31, 2025 and for the Period September 5, 2024 through June 30, 2025
|
Six-month Period Ended 12/31/25 (a) |
Period Ended 6/30/25 (b) |
||
| INVESTMENT INCOME | |||
|
Dividend income - unaffiliated issuers
|
$170,197 | $74,285 | |
|
Dividend income - affiliated issuers
|
1,525 | 1,251 | |
|
Foreign taxes withheld
|
- | (20) | |
|
TOTAL INVESTMENT INCOME (LOSS)
|
171,722 | 75,516 | |
| EXPENSES | |||
|
Advisory fee
|
42,455 | 16,016 | |
|
Trustees' fees and expenses
|
60 | 1,790 | |
|
TOTAL EXPENSES
|
42,515 | 17,806 | |
|
NET INVESTMENT INCOME (LOSS)
|
$129,207 | $57,710 | |
| REALIZED AND UNREALIZED GAIN (LOSS) | |||
| Net realized gain (loss) on: | |||
|
Investments - unaffiliated issuers
|
(19,145) | (212,773) | |
|
In-kind redemptions - unaffiliated issuers
|
1,516,916 | 177,392 | |
|
Written options
|
318,237 | (283,631) | |
|
Net realized gain (loss)
|
1,816,008 | (319,012) | |
| Net change in unrealized appreciation/depreciation on: | |||
|
Investments - unaffiliated issuers
|
1,030,915 | 709,692 | |
|
Written options
|
157,795 | (111,418) | |
|
Net change in unrealized appreciation/depreciation
|
1,188,710 | 598,274 | |
|
NET REALIZED AND UNREALIZED GAIN (LOSS)
|
3,004,718 | 279,262 | |
|
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
|
$3,133,925 | $336,972 |
| (a) | Effective August 14, 2025, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31. |
| (b) | For the period September 5, 2024 (commencement of operations) through June 30, 2025. |
5
Table of Contents
SSGA ACTIVE TRUST
STATE STREET US EQUITY PREMIUM INCOME ETF
STATEMENTS OF CHANGES IN NET ASSETS
|
Six-month Period Ended 12/31/25(a) |
For the Period 9/5/24*- 6/30/25 |
||
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |||
|
Net investment income (loss)
|
$129,207 | $57,710 | |
|
Net realized gain (loss)
|
1,816,008 | (319,012) | |
|
Net change in unrealized appreciation/depreciation
|
1,188,710 | 598,274 | |
|
Net increase (decrease) in net assets resulting from operations
|
3,133,925 | 336,972 | |
|
Distributions to shareholders:
|
(940,946) | (256,885) | |
|
Return of capital
|
- | (475,035) | |
|
Total Distributions to shareholders
|
(940,946) | (731,920) | |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | |||
|
Proceeds from shares sold
|
51,930,570 | 13,974,868 | |
|
Cost of shares redeemed
|
(9,722,218) | (2,288,194) | |
|
Net increase (decrease) from share transactions
|
42,208,352 | 11,686,674 | |
|
Net increase (decrease) in net assets from beneficial interest transactions
|
42,208,352 | 11,686,674 | |
|
Net increase (decrease) in net assets during the period
|
44,401,331 | 11,291,726 | |
|
Net assets at beginning of period
|
11,291,726 | - | |
|
NET ASSETS AT END OF PERIOD
|
$55,693,057 | $11,291,726 | |
| SHARES OF BENEFICIAL INTEREST: | |||
|
Shares sold
|
1,650,000 | 460,000 | |
|
Shares redeemed
|
(310,000) | (80,000) | |
|
Net increase (decrease) from share transactions
|
1,340,000 | 380,000 |
| * | Commencement of operations. |
| (a) | Effective August 14, 2025, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31. |
6
Table of Contents
SSGA ACTIVE TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| State Street US Equity Premium Income ETF | |||
|
Six-month Period Ended 12/31/25(a) |
For the Period 9/5/24*- 6/30/25 |
||
|
Net asset value, beginning of period
|
$29.72 | $30.00 | |
| Income (loss) from investment operations: | |||
|
Net investment income (loss) (b)
|
0.18 | 0.22 | |
|
Net realized and unrealized gain (loss) (c)
|
3.39 | 1.98 | |
|
Total from investment operations
|
3.57 | 2.20 | |
| Distributions to shareholders from: | |||
|
Net investment income
|
(0.91) | (0.86) | |
|
Return of capital
|
- | (1.62) | |
|
Total distributions
|
(0.91) | (2.48) | |
|
Net asset value, end of period
|
$32.38 | $29.72 | |
|
Total return (d)
|
12.20% | 7.72% | |
| Ratios and Supplemental Data: | |||
|
Net assets, end of period (in 000s)
|
$55,693 | $11,292 | |
| Ratios to average net assets: | |||
|
Total expenses
|
0.25%(e) | 0.28%(e) | |
|
Net investment income (loss)
|
0.76%(e) | 0.90%(e) | |
|
Portfolio turnover rate (f)
|
18%(g) | 43%(g) | |
| * | Commencement of operations. |
| (a) | Effective August 14, 2025, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (e) | Annualized. |
| (f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (g) | Not annualized. |
7
Table of Contents
SSGA ACTIVE TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2025
1. Organization
SSGA Active Trust (the "Trust"), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended ("1940 Act"), is an open-end management investment company.
As of December 31, 2025, the Trust consists of thirty-seven (37) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the "Board") to authorize the issuance of an unlimited number of shares of beneficial interest with no par value. The financial statements herein relate to the State Street US Equity Premium Income ETF (formerly SPDR SSGA US Equity Premium Income ETF) (the "Fund"), a non-diversified investment company under the 1940 Act, formed on September 4, 2024 and commenced operations on September 5, 2024.
Effective August 14, 2025, the Board of Trustees approved a change in the fiscal year end for the Fund from June 30 to December 31.
Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2. Segment Reporting
The Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Fund's investments in accordance with its investment objective. The Fund's chief operating decision maker ("CODM") is the President of the Trust. The CODM assesses performance based on the Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. The Fund's Total Return is utilized by the CODM to compare results, including the impact of the Fund's costs, to the Fund's competitors and to the Fund's benchmark index.
3. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
The Fund's investments are valued at fair value each day that the New York Stock Exchange ("NYSE") is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the "Committee") and approved by the Board. The Committee provides oversight of the valuation of investments for the Fund. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund's investments by major category are as follows:
• Equity investments (including registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day's published net asset value
8
Table of Contents
SSGA ACTIVE TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2025
("NAV") per share or unit.
• Options are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Various inputs are used in determining the value of the Fund's investments.
The Fund values its assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
• Level 1 - Unadjusted quoted prices in active markets for an identical asset or liability;
• Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
• Level 3 - Unobservable inputs for the asset or liability, including the Committee's assumptions used in determining the fair value of investments.
The value of the Fund's investments, according to the fair value hierarchy as of December 31, 2025, is disclosed in the Fund's Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses from the sale and disposition of investments are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Fund within the Trust.
Distributions
Distributions from net investment income are declared and paid monthly.
Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986 (the "Internal Revenue Code"), as amended. The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
9
Table of Contents
SSGA ACTIVE TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2025
4. Derivative Financial Instruments
Options Contracts
The Fund may purchase and sell put and call options. Such options may relate to particular securities and may or may not be listed on a national securities exchange and issued by the Options Clearing Corporation Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options on particular securities may be more volatile than the underlying securities, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying securities themselves.
The following tables summarize the value of the Fund derivative instruments as of December 31, 2025, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
| Liability Derivatives | |||||||||||
|
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street US Equity Premium Income ETF | |||||||||||
|
Written Options
|
$- | $- | $- | $69,030 | $- | $69,030 | |||||
| Net Realized Gain (Loss) | |||||||||||
|
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street US Equity Premium Income ETF | |||||||||||
|
Written Options
|
$- | $- | $- | $318,237 | $- | $318,237 | |||||
| Net Change in Unrealized Appreciation/Depreciation | |||||||||||
|
Interest Rate Risk |
Foreign Exchange Risk |
Credit Risk |
Equity Risk |
Commodity Risk |
Total | ||||||
| State Street US Equity Premium Income ETF | |||||||||||
|
Written Options
|
$- | $- | $- | $157,795 | $- | $157,795 | |||||
5. Fees and Transactions with Affiliates
Advisory Fee
For its advisory services, the Fund pays SSGA Funds Management, Inc.'s (the "Adviser" or "SSGA FM") a management fee at an annual rate of 0.25% of its average daily net assets. The fees are accrued daily and paid monthly.
From time to time, the Adviser may waive all or a portion of it's Management fee. The Adviser pays all expenses of the Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trusts's trustees, who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees") (including any Trustee's counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC ("SSGA FD" or the "Distributor"), an affiliate of the Adviser, serves as the Distributor of the Trust.
10
Table of Contents
SSGA ACTIVE TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2025
Other Transactions with Affiliates
The Fund may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Fund owning more than five percent of the entity's voting securities or outstanding shares. Amounts relating to these transactions during the six-month period ended December 31, 2025 are disclosed in the Schedule of Investments.
6. Trustees' Fees
The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
7. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the six-month period ended December 31, 2025 were as follows:
| Purchases | Sales | ||
|
State Street US Equity Premium Income ETF
|
$6,524,586 | $6,886,541 |
For the six-month period ended December 31, 2025, the Fund had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
|
In-kind Contributions |
In-kind Redemptions |
In-kind Net Realized Gains/(Losses) |
|||
|
State Street US Equity Premium Income ETF
|
$51,836,152 | $9,689,988 | $1,516,916 |
For the period ended June 30, 2025, the Fund had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
|
In-kind Contributions |
In-kind Redemptions |
In-kind Net Realized Gains/(Losses) |
|||
|
State Street US Equity Premium Income ETF
|
$10,630,157 | $2,279,623 | $177,392 | ||
8. Shareholder Transactions
The Fund issues and redeems its shares, at NAV, by the Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units"). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of the Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in "Other Capital" on the Statements of Changes in Net Assets.
9. Income Tax Information
The Fund has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
11
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SSGA ACTIVE TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2025
The Fund files federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service (the "IRS") for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed the Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for in-kind transactions, options contracts, and wash sale loss deferrals.
The tax character of distributions paid during the six-month period ended December 31, 2025 was as follows:
|
Ordinary Income |
Long-Term Capital Gains |
Total | |||
|
State Street US Equity Premium Income ETF
|
$926,796 | $14,150 | $940,946 |
The tax character of distributions paid during the period ended June 30, 2025 was as follows:
|
Ordinary Income |
Long-Term Capital Gains |
Tax Return of Capital |
Total | ||||
|
State Street US Equity Premium Income ETF
|
$ 256,885 | $ - | $ 475,035 | $ 731,920 |
At December 31, 2025, the components of distributable earnings on a tax basis were as follows:
|
Undistributed Ordinary Income |
Capital Loss Carryforwards |
Undistributed Long-Term Capital Gains |
Net Unrealized Gains (Losses) |
Total | |||||
|
State Street US Equity Premium Income ETF
|
$- | $- | $- | $1,663,929 | $1,663,929 |
As of December 31, 2025, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
|
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||
|
State Street US Equity Premium Income ETF
|
$54,091,859 | $3,176,880 | $1,512,951 | $1,663,929 |
10. Risks
Concentration Risk
As a result of the Fund's ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Fund's investments more than if the were more broadly diversified.
Market Risk
The Fund's investments are subject to changes in general economic conditions, and 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, 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, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
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SSGA ACTIVE TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2025
11. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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SSGA ACTIVE TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders of State Street US Equity Premium Income ETF and the Board of Trustees of SSGA Active Trust
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of State Street US Equity Premium Income ETF (formerly, SPDR SSGA US Equity Premium Income ETF) (the "Fund") (one of the series constituting SSGA Active Trust (the "Trust")), including the schedule of investments, as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for the period from July 1, 2025 to December 31, 2025 and the period from September 5, 2024 (commencement of operations) to June 30, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting SSGA Active Trust) at December 31, 2025, and the results of its operations, the changes in its net assets and its financial highlights for the period from July 1, 2025 to December 31, 2025 and the period from September 5, 2024 (commencement of operations) to June 30, 2025, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more State Street Investment Management (formerly, State Street Global Advisors) investment companies since 2000.
Boston, Massachusetts
February 25, 2026
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SSGA ACTIVE TRUST
OTHER INFORMATION
December 31, 2025 (Unaudited)
Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Fund for its fiscal period ended December 31, 2025.
Dividends Received Deduction
The Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.
Qualified Dividend Income
A portion of dividends distributed by the Fund during the fiscal period ended December 31, 2025 are considered qualified dividend income and are eligible Fund for reduced tax rates. The Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Capital Gain Dividend
Long-term capital gains dividends were paid from the following Fund during the fiscal period ended December 31, 2025:
| Amount | |
|
State Street US Equity Premium Income ETF
|
$14,150 |
15
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies
Renumeration Paid to Directors, Officers, and Others of Open-EndInvestment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End ManagementInvestment Companies
Not applicable to the registrant.
Item 13. Portfolio Managers of Closed-End ManagementInvestment Companies
Not applicable to the registrant.
Item 14. Purchases of Equity Securities by Closed-End ManagementInvestment Company and Affiliated Purchasers
Not applicable to the registrant.
Item 15. Submission of Matters to a Vote of Security Holders
The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board.
Item 16. Controls and Procedures
(a) Within 90 days of the filing date of this Form N-CSR,Ann M. Carpenter, the registrant's President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant's Treasurer and Principal Financial Officer, reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)under the 1940 Act) and evaluated their effectiveness. Based on their review, Ms. Carpenter and Mr. Rosenberg determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End ManagementInvestment Companies
(a) Not applicable to the registrant.
(b) Not applicable to the registrant.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the registrant.
Item 19. Exhibits
(a)(1)
(a)(2) Not applicable to the registrant.
(a)(3) Separate certifications required by Rule 30a-2(a) under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.
(a)(4) Not applicable to the registrant.
(a)(5) Not applicable.
(b) A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the 1934 Act, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.
(101) Inline Interactive Data File-the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SSGA Active Trust
|
By: |
/s/ Ann M. Carpenter |
|
| Ann M. Carpenter | ||
| President and Principal Executive Officer | ||
| Date: | March 9, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: |
/s/ Ann M. Carpenter |
|
| Ann M. Carpenter | ||
| President and Principal Executive Officer | ||
| Date: | March 9, 2026 | |
| By: |
/s/ Bruce S. Rosenberg |
|
| Bruce S. Rosenberg | ||
| Treasurer and Principal Financial Officer | ||
| Date: | March 9, 2026 | |
SSgA Active Trust published this content on March 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 09, 2026 at 20:44 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]