Annual Report
September 30, 2022
SPDR® Index Shares Funds
SPDR Dow Jones Global Real Estate ETF
SPDR Dow Jones International Real Estate ETF
SPDR Portfolio Developed World ex-US ETF
SPDR Portfolio Emerging Markets ETF
SPDR Portfolio Europe ETF
SPDR Portfolio MSCI Global Stock Market ETF
SPDR S&P China ETF
SPDR S&P Global Natural Resources ETF
SPDR S&P International Small Cap ETF
SPDR S&P North American Natural Resources 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 https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.





TABLE OF CONTENTS

1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)  

2

5

8

11

14

17

20

23

26

29
Schedules of Investments  

32

37

41

72

122

143

174

193

197

226

228

236

246

259

260
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 https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
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Table of Contents
NOTES TO PERFORMANCE SUMMARIES (UNAUDITED)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Dow Jones Global Select Real Estate Securities Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded global real estate securities. The Index is a measure of the types of global real estate securities that represent the ownership and operation of commercial or residential real estate.
The Dow Jones Global ex-U.S. Select Real Estate Securities Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded real estate securities in countries excluding the United States. The Index is a measure of the types of global real estate securities that represent the ownership and operation of commercial or residential real estate.
The S&P® Developed ex-U.S. BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in developed countries outside the United States. The Index component securities are a subset, based on region, of component securities included in the S&P Global BMI (Broad Market Index). The S&P Global BMI is a rules-based index that measures global stock market performance. A country will be eligible for inclusion in the S&P Global BMI if it is classified as either a developed or emerging market by the S&P Global Equity Index Committee. The Index is "float-adjusted," meaning that only those shares publicly available to investors are included in the Index calculation.
The S&P® Emerging BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging markets. The Index component securities are a subset, based on region, of component securities included in the S&P Global BMI (Broad Market Index). The S&P Global BMI is a comprehensive, float-weighted, rules-based benchmark that is readily divisible and customizable. A country will be eligible for inclusion in the S&P Global BMI if it is classified as either a developed or emerging market by the S&P Global Equity Index Committee. The Index is "float-adjusted," meaning that only those shares publicly available to investors are included in the Index calculation.
The STOXX® Europe Total Market Index is a free-float market capitalization weighted index designed to provide a broad representation of publicly traded Western European companies. The Index represents approximately the top 95% of the free-float market capitalization of each of the following European countries: Austria, Belgium, Poland, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.
The MSCI ACWI IMI Index is a free float-adjusted market capitalization-weighted index that is designed to measure the combined equity market performance of developed and emerging markets. The Index covers approximately 99% of the global equity investment opportunity set.
The S&P China BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in China available to foreign investors. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.
The S&P Global Natural Resources Index is comprised of 90 of the largest U.S. and foreign publicly traded companies, based on market capitalization, in global natural resources and commodities businesses that meet certain investibility requirements. The Index component securities represent a combination of the component securities included in each of the following three sub-indices: the S&P Global Natural Resources - Agriculture Index, the S& P Global Natural Resources - Energy Index and the S&P Global Natural Resources - Metals and Mining Index. The maximum weight of each sub-index is capped at one-third of the total weight of the Index.
The S&P Developed ex-U.S. Under USD2 Billion Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded small-cap companies domiciled in developed countries outside the United States. The Index is a rules-based index that measures global stock market performance.
The S&P BMI North American Natural Resources Index comprises publicly traded large- and mid-capitalization U.S. and Canadian companies in the natural resources and commodities businesses that meet certain investability requirements and are classified within the sub-industries of one of three natural resources categories: energy, materials or agriculture.
See accompanying notes to financial statements.
1


Table of Contents
SPDR Dow Jones Global Real Estate ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR Dow Jones Global Real Estate ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global real estate market. The Fund’s benchmark is the Dow Jones Global Select Real Estate Securities Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 21.53%, and the Index was 21.89%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Positive cash drag and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Similar to the broader world indices, the Dow Jones Global Real Estate Securities Index began the fiscal year still benefitting from a post-pandemic re-emergence of commerce, travel, and occupancies.  Unfortunately, the parallels didn’t end there. As world markets began to retreat during the dawn of 2022, real estate followed suit as well.  The Russia-Ukraine war led to higher energy costs which, in turn, led to supply chain disruptions.  To connect the dots even further, supply chain issues led to inflation, which indirectly accelerated interest rate hikes.  Generally speaking, investors look at REITs as solid income generators given their dividend structure.  As interest rates rise, investors have other options for income.  For this particular period, the headwinds of a tightening monetary policy and inflationary pressures weighed on the Index.  In a sector where there are typically winners and losers (data centers and self-storage gained during the height of the pandemic, for instance), all property sectors within the Index were losers during the second half of the fiscal year.  This phenomenon was a product of the dominating macroeconomic factors that all markets faced throughout the Reporting Period.
The Fund used Index Futures in order to equitize cash and dividend receivables during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were American Campus Communities, Inc., VEREIT, Inc. and Goodman Group. The top negative contributors to the Fund’s performance during the Reporting Period were Digital Realty Trust, Inc. Simon Property Group, Inc. and Prologis, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
2


Table of Contents
SPDR Dow Jones Global Real Estate ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Dow Jones Global Select Real Estate Securities Index   Net
Asset
Value
Market
Value
Dow Jones Global Select Real Estate Securities Index
ONE YEAR (21.53)% (21.56)% (21.89)%   (21.53)% (21.56)% (21.89)%
FIVE YEARS (3.06)% (3.27)% (4.67)%   (0.62)% (0.66)% (0.95)%
TEN YEARS 35.51% 35.53% 31.89%   3.09% 3.09% 2.81%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
3


Table of Contents
SPDR Dow Jones Global Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Prologis, Inc. REIT 6.2%  
  Equinix, Inc. REIT 4.3  
  Public Storage REIT 3.8  
  Realty Income Corp. REIT 2.9  
  Welltower, Inc. REIT 2.4  
  Simon Property Group, Inc. REIT 2.4  
  Digital Realty Trust, Inc. REIT 2.3  
  AvalonBay Communities, Inc. REIT 2.1  
  Extra Space Storage, Inc. REIT 1.9  
  Equity Residential REIT 1.9  
  TOTAL 30.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of September 30, 2022

     
    % of Net Assets  
  Equity Real Estate Investment Trusts (REITs) 91.5%  
  Real Estate Management & Development 7.7  
  Diversified Financial Services 0.0*  
  Short-Term Investments 0.3  
  Other Assets in Excess of Liabilities 0.5  
  TOTAL 100.0%  
    
* Amount shown represents less than 0.05% of net assets.  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Dow Jones International Real Estate ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR Dow Jones International Real Estate ETF (the “Fund”) seeks to provide investment results, before fees and expenses, correspond generally to the total return performance of an index based upon the international real estate market. The Fund’s benchmark is the Dow Jones Global ex-U.S. Select Real Estate Securities Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 28.54%, and the Index was 28.95%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Positive cash drag and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Similar to the broader world indices, the Dow Jones Global ex-US Real Estate Securities Index began the fiscal year still benefitting from a post-pandemic re-emergence of commerce, travel, and occupancies. Unfortunately, the parallels didn’t end there. As world markets began to retreat during the dawn of 2022, real estate followed suit as well. The Russia-Ukraine war led to higher energy costs which, in turn, led to supply chain disruptions. To connect the dots even further, supply chain issues led to inflation, which indirectly accelerated interest rate hikes which negatively affected the Fund’s performance. Generally speaking, investors look at REITs as solid income generators given their dividend structure. As interest rates rise, investors have other options for income. For this particular period, the headwinds of a tightening monetary policy and inflationary pressures weighed on the Index. In a sector where there are typically winners and losers (data centers and self-storage gained during the height of the pandemic, for instance), all property sectors within the Index were losers during the second half of the fiscal year. This phenomenon was a product of the dominating macroeconomic factors that all markets faced throughout the period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Allied Properties Real Estate Investment Trust, Mapletree North Asia Commercial Trust, and Goodman Group. The top negative contributors to the Fund’s performance during the Reporting Period were Samhallsbyggnadsbolaget I Norden AB Class B, SEGRO Plc, and LEG Immobilien SE.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Dow Jones International Real Estate ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Dow Jones Global ex-U.S. Select Real Estate Securities Index   Net
Asset
Value
Market
Value
Dow Jones Global ex-U.S. Select Real Estate Securities Index
ONE YEAR (28.54)% (28.15)% (28.95)%   (28.54)% (28.15)% (28.95)%
FIVE YEARS (19.17)% (19.24)% (18.79)%   (4.17)% (4.18)% (4.08)%
TEN YEARS 1.53% 1.70% 3.65%   0.15% 0.17% 0.36%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.59%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Dow Jones International Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Mitsui Fudosan Co., Ltd. 4.9%  
  Link REIT REIT 4.0  
  Segro PLC REIT 2.8  
  Scentre Group REIT 2.3  
  Nippon Building Fund, Inc. REIT 2.0  
  Wharf Real Estate Investment Co., Ltd. 1.9  
  CapitaLand Integrated Commercial Trust REIT 1.8  
  CapLand Ascendas REIT REIT 1.7  
  Swiss Prime Site AG 1.7  
  Capitaland Investment, Ltd. 1.6  
  TOTAL 24.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of September 30, 2022

     
    % of Net Assets  
  Equity Real Estate Investment Trusts (REITs) 74.3%  
  Real Estate Management & Development 24.9  
  Diversified Financial Services 0.0*  
  Short-Term Investments 1.7  
  Liabilities in Excess of Other Assets (0.9)  
  TOTAL 100.0%  
    
* Amount shown represents less than 0.05% of net assets.  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Developed World ex-US ETF
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR Portfolio Developed World ex-US ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-US) equity markets. The Fund’s benchmark is the S&P Developed ex-U.S. BMI Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 26.07% and the Index was 26.44%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash drag, security misweights, futures, securities lending income, tax withholding differences and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.
The fund started off the Reporting Period with minimal positive returns of 2% the first quarter.  Equity markets recovered after a weak start, continuing from the previous quarter, amid strong earnings growth. The emergence of the highly infectious Omicron variant led to a spike in equity market volatility at the end of November and markets stumbled globally as rising hospitalizations in parts of Europe and concerns about the new variant dominated sentiment across regions. However, the recovery was quick as data from South Africa and the UK indicated a lower risk of severe disease and the equity markets continued with its momentum through the quarter with many stocks reaching new highs.  Global equities had a rough start in the beginning of 2022 as investor sentiment was weighed down by concerns around the Russia-Ukraine war and the tightening stance adopted by central banks in the wake of surging inflation. Rising geopolitical tensions with Russia pushed energy and commodity prices to extreme levels, which led to a surge in inflation, increased supply chain disruptions, and global growth risks.  The challenges continued and developed markets suffered the worst first half of a calendar year in over 50 years.  The expectations for the path of interest rates hikes contributed to a decline in equity valuations, along with concerns about the growth outlook. Recession fears rose due to a consumer squeeze from higher prices and borrowing costs.  Global markets declined and growth stumbled in the final quarter of the twelve month period, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes.
The Fund invested in equity index futures to equitize cash and income receivables during the Reporting Period.  The Fund’s use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Nutrien Ltd., Shell PLC Class B, and BHP Group Plc. The top negative contributors to the Fund’s performance during the Reporting Period were Shopify, Inc. Class A, Samsung Electronics Co. Ltd., and ASML Holding NV.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
8


Table of Contents
SPDR Portfolio Developed World ex-US ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Developed ex-U.S. BMI Index   Net
Asset
Value
Market
Value
S&P Developed ex-U.S. BMI Index
ONE YEAR (26.07)% (26.11)% (26.44)%   (26.07)% (26.11)% (26.44)%
FIVE YEARS (2.60)% (3.40)% (3.66)%   (0.53)% (0.69)% (0.74)%
TEN YEARS 42.81% 42.45% 43.47%   3.63% 3.60% 3.68%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Developed World ex-US ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
9


Table of Contents
SPDR Portfolio Developed World ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Nestle SA 1.6%  
  Roche Holding AG 1.3  
  Shell PLC 1.1  
  Samsung Electronics Co., Ltd. GDR 1.1  
  ASML Holding NV 1.0  
  Novartis AG 1.0  
  AstraZeneca PLC 1.0  
  Novo Nordisk A/S Class B 0.9  
  Toyota Motor Corp. 0.9  
  LVMH Moet Hennessy Louis Vuitton SE 0.9  
  TOTAL 10.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
10


Table of Contents
SPDR Portfolio Emerging Markets ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR Portfolio Emerging Markets ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the world. The Fund’s benchmark is the S&P Emerging BMI Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 24.51%, and the Index was 24.96%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Positive cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
There were a number of factors that contributed to this Fund’s decline during the Reporting Period. One of these was a dramatic uptick in geopolitical tensions most notably the ongoing conflict between Russia and Ukraine and to a lesser degree the growing strains in the U.S. and China relationship. In regard to China, their covid suppression policy also negatively impacted returns via revenue concerns around supply side issues. Though COVID-19 concerns in the other markets had broadly less of an impact, concerns existed still regarding possible variants and the ability of the local medical system to handle a significant uptick in infection rates. The Reporting Period was also marked by rising commodity prices which had a varied impact on the Fund’s constitutes mainly driven by whether a country was a net importer or exporter of commodities. Additionally due to the propensity to have U.S. dollar denominated debt, the dramatic rise in the dollar had a significant negative impact on revenue expectations for much of the emerging markets. Similarly, very heightened inflation acted as a significant drag for many of the emerging market countries. As countries worked to counter inflation, concerns grew over the possibility of a broad global recession.
The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund's use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were New Oriental Education & Technology Group, Inc. Sponsored ADR, Petroleo Brasileiro SA Pfd, and Petroleo Brasileiro SA. The top negative contributors to the Fund’s performance during the Reporting Period were Taiwan Semiconductor Manufacturing Co. Ltd., Tencent Holdings Ltd. and Alibaba Group Holding Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
11


Table of Contents
SPDR Portfolio Emerging Markets ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Emerging BMI Index   Net
Asset
Value
Market
Value
S&P Emerging BMI Index
ONE YEAR (24.51)% (24.35)% (24.96)%   (24.51)% (24.35)% (24.96)%
FIVE YEARS (2.05)% (3.16)% (3.05)%   (0.41)% (0.64)% (0.62)%
TEN YEARS 21.70% 21.71% 22.56%   1.98% 1.98% 2.06%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Emerging Markets ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.11%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
12


Table of Contents
SPDR Portfolio Emerging Markets ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co., Ltd. 3.7%  
  Tencent Holdings, Ltd. 3.1  
  Alibaba Group Holding, Ltd. ADR 2.3  
  Reliance Industries, Ltd. GDR 1.5  
  Meituan Class B 1.3  
  Infosys, Ltd. ADR 1.0  
  ICICI Bank, Ltd. ADR 0.9  
  China Construction Bank Corp. Class H 0.8  
  Housing Development Finance Corp., Ltd. 0.8  
  HDFC Bank, Ltd. 0.8  
  TOTAL 16.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Europe ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR Portfolio Europe ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the STOXX Europe Total Market Index. The Fund’s benchmark is the STOXX Europe Total Market Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 26.62%, and the Index was 26.88%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Management fees, cash drag, and cumulative effects of security misweights contributed to the difference between the Fund’s performance and that of the Index
The Fund’s performance was impacted by a number of economic factors affecting Europe during the Reporting Period. In the fourth quarter of 2021 in Europe, new mobility constraints were reintroduced in several countries to curb the spread of the fourth COVID-19 wave, but equity markets still posted positive returns over the quarter recovering from a decline in November. Industrial production struggled due to a semiconductor shortage and the effect was most prominent in the automotive sector. Higher energy prices added to the rise in inflation in the region with inflation rising to 4.9% year-over-year in November, the highest reading since July 1991. The euro area manufacturing PMI flash survey was recorded at 58.0, indicating a healthy expansion in the sector. Leading into the first quarter of 2022 there were concerns over disruptions in energy supplies owing to the Russia-Ukraine war, as around 25% of Europe’s crude oil imports and 40% of natural gas imports come from Russia. Rising prices weighed down consumer sentiment as the inflation rate was revised up to 5.9%. The rise in inflation was primarily attributed to energy prices, which could worsen if disruptions were to accelerate due to the conflict. Over the second quarter of 2022 equities fell 14%. The market priced in significant rate hikes from the European Central Bank (the “ECB”), while the difference between the rate at which the Italian and German governments could borrow widened materially. Consumer confidence fell dramatically, and prices continued to rise significantly because of the reduction in gas supplies from Russia. Continuing with the downward trend of the preceding quarters, equities fell 10% over the third quarter of 2022. Rising inflation and consequent fears about the outlook for economic growth added to the sharp falls during the quarter. The ECB became more hawkish, with inflation reaching 9.1% year-over-year in August and expectations to exceed 10% in the coming months. In efforts to curb inflation, the central bank hiked its policy rate by 0.75% in September, and it is now expected to increase rates by another 0.75% in October and by 0.5% in December to bring inflation to the 2% target by year-end 2022. At the start of September, Russia completely halted gas flows through the critical Nord Stream 1 pipeline, precipitating an energy crisis. Consumer confidence fell dramatically, and prices rose significantly because of Russia's gas supply reduction.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were BHP Group Plc, Equinor ASA and Shell PLC Class B. The top negative contributors to the Fund’s performance during the Reporting Period were Siemens AG, SAP SE and ASML Holding NV.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR Portfolio Europe ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
STOXX Europe Total Market Index(2)   Net
Asset
Value(1)
Market
Value(1)
STOXX Europe Total Market Index(2)
ONE YEAR (26.62)% (27.03)% (26.88)%   (26.62)% (27.03)% (26.88)%
FIVE YEARS (4.26)% (5.50)% (5.02)%   (0.87)% (1.13)% (1.02)%
TEN YEARS 30.23% 28.34% 29.63%   2.68% 2.53% 2.63%
(1) Effective September 23, 2019, the Fund changed its benchmark index from STOXX Europe 50 Index to the STOXX Europe Total Market Index. The Fund’s performance is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to September 23, 2019.
(2) Index returns represent the Fund’s prior benchmark index from September 30, 2012 through September 22, 2019 and the STOXX Europe Total Market Index from September 23, 2019 through September 30, 2022.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Europe ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.09%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR PORTFOLIO EUROPE ETF
Portfolio Summary (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Nestle SA 3.2%  
  Roche Holding AG 2.5  
  Novartis AG 1.9  
  ASML Holding NV 1.9  
  AstraZeneca PLC 1.9  
  Novo Nordisk A/S Class B 1.8  
  LVMH Moet Hennessy Louis Vuitton SE 1.7  
  Linde PLC 1.5  
  TotalEnergies SE 1.3  
  Unilever PLC 1.3  
  TOTAL 19.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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SPDR Portfolio MSCI Global Stock Market ETF
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR Portfolio MSCI Global Stock Market ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly-traded companies in developed and emerging markets. The Fund’s benchmark is the MSCI ACWI IMI Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 20.04%, and the Index was 21.18%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Positive cash drag, dividend tax withholdings, and portfolio optimization contributed to the difference between the Fund’s performance and that of the Index.
After a promising first fiscal quarter (+6.1%), the MSCI ACWI IMI Index retreated for the rest of the Reporting Period leading to an overall loss of 21.2% for the fiscal year and essentially giving back most of the previous fiscal year’s 29.3% gain. The factors that contributed to the Fund’s overall performance started off good during the quarter in the Reporting Period led by humanity’s re-emergence from the COVID-19 pandemic gave way to conflict, global inflation, and supply chain shortcomings. The slide started as the calendar turned to 2022. Investor sentiment was weighed down by concerns around the Russia-Ukraine war and the tightening stance adopted by central banks in the wake of surging inflation. The third fiscal quarter was the primary source for the overall return losing 15.8% alone during that three month stretch. During that quarter, energy and commodity prices were pushed to extreme levels as a result of the war and the trickle effect of higher fuel prices led to increased supply chain disruptions.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were UnitedHealth Group Inc., Eli Lilly and Co. and Exxon Mobil Corp. The top negative contributors to the Fund’s performance during the Reporting Period were Microsoft Corp., Meta Platforms, Inc., and Amazon.com, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR Portfolio MSCI Global Stock Market ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI ACWI IMI Index   Net
Asset
Value
Market
Value
MSCI ACWI IMI Index
ONE YEAR (20.04)% (20.03)% (21.18)%   (20.04)% (20.03)% (21.18)%
FIVE YEARS 26.33% 26.07% 22.63%   4.79% 4.74% 4.16%
TEN YEARS 113.17% 113.55% 101.34%   7.86% 7.88% 7.25%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio MSCI Global Stock Market ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.09%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio MSCI Global Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Apple, Inc. 4.1%  
  Microsoft Corp. 3.1  
  Amazon.com, Inc. 1.9  
  Tesla, Inc. 1.2  
  Alphabet, Inc. Class C 1.1  
  UnitedHealth Group, Inc. 1.1  
  Alphabet, Inc. Class A 0.9  
  JPMorgan Chase & Co. 0.7  
  Johnson & Johnson 0.7  
  Visa, Inc. Class A 0.6  
  TOTAL 15.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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SPDR S&P China ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P China ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Chinese equity market. The Fund’s benchmark is the S&P China BMI Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 34.60%, and the Index was 34.65%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in return of the Fund and Index was largely due to sampling.
Within the Emerging Market (“EM”) region, mobility picked up during the fourth quarter in 2021 as increasing vaccination rates helped boost economy, but COVID-19 related concerns re-emerged mid-quarter, leading to equity markets declining in most countries across the region. Chinese equities, in particular, significantly underperformed global equities, contributing approximately to the 25% underperformance of EM versus Developed Market equities. The S&P China Index declined 5.66% during the last quarter of 2021. During the first quarter of 2022, The People’s Bank of China kept the policy rates unchanged but adopted a dovish tone amid rising COVID-19 cases and mounting external risks. EM economies fell during the first quarter of 2022 as Omicron cases hit China and put additional pressure on Chinese equity markets. The new wave of Omicron cases in China led to lockdowns in multiple cities, putting additional pressure on Chinese equity markets. The S&P China Index suffered its first negative quarter of the 2022 fiscal year with 14.22% return.
In the second quarter of 2022 the Chinese Center for Disease Control and Prevention raised hopes that China may be able to move beyond the heavy restrictions that have severely affected its economic activities this year. China was the only EM economy to generate a positive return over the second quarter of 2022 as the S&P China index had a 2.90% return. During the third quarter of 2022, tensions between the U.S. and China over Taiwan further blew up. In the APAC region, investor sentiment turned increasingly downbeat in the third quarter amid concerns over rising inflation, higher interest rates, and fears over a global slowdown. The Russia-Ukraine war and ongoing tensions between China and Taiwan also added to the negative sentiment during the quarter. In China, the alarming spread of COVID-19 led to fear of further lockdowns, triggering a significant slowdown in economic activity as the country continues to pursue its zero-COVID policy. All the negative sentiment hurt the S&P China Index as it returned 21.60%.
The Fund used index futures in order to equitize cash accruals during the Reporting Period. The Fund’s use of index futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were New Oriental Education & Technology Group, Inc. Sponsored ADR, Yankuang Energy Group Company Limited Class H, and China Shenhua Energy Co. Ltd. Class H. The top negative contributors to the Fund’s performance during the Reporting Period were Tencent Holdings Ltd, Wuxi Biologics (Cayman) Inc, and Alibaba Group Holding Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P China ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P China BMI Index   Net
Asset
Value
Market
Value
S&P China BMI Index
ONE YEAR (34.60)% (34.62)% (34.65)%   (34.60)% (34.62)% (34.65)%
FIVE YEARS (24.02)% (24.89)% (23.18)%   (5.35)% (5.56)% (5.14)%
TEN YEARS 31.14% 31.02% 34.93%   2.75% 2.74% 3.04%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P China ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.59%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P China ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Tencent Holdings, Ltd. 9.3%  
  Alibaba Group Holding, Ltd. ADR 7.1  
  Meituan Class B 3.9  
  China Construction Bank Corp. Class H 2.6  
  JD.com, Inc. ADR 2.2  
  Pinduoduo, Inc. ADR 1.5  
  Baidu, Inc. ADR 1.5  
  Industrial & Commercial Bank of China, Ltd. Class H 1.5  
  Ping An Insurance Group Co. of China, Ltd. Class H 1.4  
  NetEase, Inc. ADR 1.3  
  TOTAL 32.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of September 30, 2022

     
    % of Net Assets  
  Consumer Discretionary 27.0%  
  Financials 15.1  
  Communication Services 14.5  
  Industrials 8.2  
  Health Care 6.8  
  Information Technology 6.8  
  Consumer Staples 6.7  
  Materials 5.1  
  Real Estate 4.0  
  Energy 2.9  
  Utilities 2.3  
  Short-Term Investments 2.8  
  Liabilities in Excess of Other Assets (2.2)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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SPDR S&P Global Natural Resources ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR S&P Global Natural Resources ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly-traded companies in natural resources and/or commodities businesses. The Fund’s benchmark is the S&P Global Natural Resources Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 0.33%, and the Index was 0.33%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
The Fund had positive performance in two of four quarters of the Reporting Period. Performance in the first and second quarters of the Reporting Period was positive due to increased commodity prices as a result of freezes, flood, drought, the Russia-Ukraine war and pandemic-induced supply-chain bottlenecks. Performance was also helped by the signing of the $1.2 trillion bipartisan Infrastructure Investment and Jobs Act in the United States and strong earnings growth despite the emergence of a new variant of the COVID-19 virus. Performance in the third and fourth quarters of the Reporting Period was negative on the back of rising inflation, tighter monetary policy, declining consumer sentiment and recessionary fears despite lower levels of unemployment and positive earnings.
The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of index futures contracts helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Nutrien Ltd, Chevron Corporation, and Exxon Mobil Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Smurfit Kappa Group Plc, Gazprom PJSC and NOVATEK JSC Sponsored GDR RegS.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Global Natural Resources ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Global Natural Resources Index   Net
Asset
Value
Market
Value
S&P Global Natural Resources Index
ONE YEAR 0.33% 0.30% 0.33%   0.33% 0.30% 0.33%
FIVE YEARS 27.63% 26.87% 27.76%   5.00% 4.87% 5.02%
TEN YEARS 31.23% 31.01% 31.01%   2.75% 2.74% 2.74%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
The total expense ratio for SPDR S& P Global Natural Resources ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Global Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Shell PLC 4.9%  
  BHP Group, Ltd. 4.8  
  Exxon Mobil Corp. 4.1  
  Chevron Corp. 3.2  
  Nutrien, Ltd. 3.1  
  Glencore PLC 3.0  
  TotalEnergies SE 2.9  
  Reliance Industries, Ltd. GDR 2.5  
  Vale SA ADR 2.4  
  Anglo American PLC 2.3  
  TOTAL 33.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P International Small Cap ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR S&P International Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-US) small cap equity markets. The Fund’s benchmark is the S&P Developed Ex-U.S. Under USD2 Billion Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 30.36%, and the Index was 31.50%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash drag, tax withholding differences, securities lending income, and cumulative effects of security misweights contributed to the difference between the Fund’s performance and that of the Index and were primary drivers of Fund performance during the Reporting Period.
The Index lost 1.27% in the fourth quarter of 2021. Equity markets recovered after a weak start, continuing from the previous quarter, amid strong earnings growth. The emergence of the highly infectious Omicron variant led to a spike in equity market volatility at the end of November and markets stumbled globally as rising hospitalizations in parts of Europe and concerns about the new variant dominated sentiment across regions. In Europe, new mobility constraints were reintroduced in several countries to curb the spread of the fourth COVID-19 wave, but equity markets still posted positive returns over the quarter recovering from a decline in November. However, Asia Pacific developed markets underperformed its Europe counterparts during the quarter dragging the Index lower.
The Index declined 6.44% in the first quarter of 2022. Global economic growth and equity markets faced multiple headwinds in the first quarter. Investor sentiment was weighed down by concerns around the Russia-Ukraine war and the tightening stance adopted by central banks in the wake of surging inflation. Rising geopolitical tensions with Russia pushed energy and commodity prices to extreme levels, which led to a surge in inflation, increased supply chain disruptions, and global growth risks.
The Index delivered the worst quarter of this fiscal year by dropping 18.24% in the second quarter of 2022. Persistent inflation pressure forced central banks to accelerate tightening, risking a hard landing. Incoming data from key developed markets pointed toward broad-based deceleration in economic activities. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine war and continued escalations between the United States and China over Taiwan. The expectations for the path of interest rates hikes contributed to a decline in equity valuations, along with concerns about the growth outlook. Recession fears rose due to a consumer squeeze from higher prices and borrowing costs.
The Index ended continued the downward trend by losing 9.30% in the third quarter of 2022. Global markets declined and growth stumbled in the third quarter as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. Global economic growth expectations ratcheted down amid monetary tightening and sustained high inflation, leading to more hawkish central banks. Equity markets had a difficult first half of the year. The third quarter of 2022 began with a relief rally but ended back in doldrums with recession fears and central bank tightening driving market volatility.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were New Hope Corporation Limited, Vermilion Energy Inc., and Whitehaven Coal Limited. The top negative contributors to the Fund’s performance during the Reporting Period were AVZ Minerals Ltd., J D Wetherspoon Plc and BNC Korea Co., Ltd.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P International Small Cap ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Developed Ex-U.S. Under USD2 Billion Index   Net
Asset
Value
Market
Value
S&P Developed Ex-U.S. Under USD2 Billion Index
ONE YEAR (30.36)% (30.01)% (31.50)%   (30.36)% (30.01)% (31.50)%
FIVE YEARS (10.90)% (11.27)% (11.66)%   (2.28)% (2.36)% (2.45)%
TEN YEARS 43.92% 44.64% 42.57%   3.71% 3.76% 3.61%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P International Small Cap ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P International Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Advantage Energy, Ltd. 0.3%  
  NTT UD REIT Investment Corp. REIT 0.2  
  Shochiku Co., Ltd. 0.2  
  Valora Holding AG 0.2  
  Nakanishi, Inc. 0.2  
  NIPPON REIT Investment Corp. REIT 0.2  
  Kotobuki Spirits Co., Ltd. 0.2  
  Fuji Soft, Inc. 0.2  
  Nikkon Holdings Co., Ltd. 0.2  
  Uni-Select, Inc. 0.2  
  TOTAL 2.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P North American Natural Resources ETF
MANAGEMENT DISCUSSION OF FUND PERFORMANCE (Unaudited)
The SPDR S&P North American Natural Resources ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly-traded North American companies in natural resources and/or commodities businesses. The Fund’s benchmark is the S&P BMI North American Natural Resources Index (the “Index”).
For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was 22.91%, and the Index was 22.69%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Positive impact from the treatment of tax withholdings was the primary contributor to the difference between the Fund’s performance and that of the Index.
The Fund had positive performance in two of four quarters of the Reporting Period. Performance in the first and second quarters of the Reporting Period was positive due to increased commodity prices as a result of freezes, flood, drought, the Russia-Ukraine war and pandemic induced supply chain bottlenecks. Performance was also helped by the signing of the $1.2 trillion bipartisan Infrastructure Investment and Jobs Act in the United States and strong earnings growth despite the emergence of a new variant of the COVID virus. Performance in the third and fourth quarters of the Reporting Period was negative on the back of rising inflation, tighter monetary policy, declining consumer sentiment and recessionary fears despite lower levels of unemployment and positive earnings.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were ConocoPhillips, Chevron Corporation and Exxon Mobil Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Newmont Corporation, Agnico Eagle Mines Limited, and Wheaton Precious Metals Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
29


Table of Contents
SPDR S&P North American Natural Resources ETF
Performance Summary (Unaudited)
Performance as of September 30, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P BMI North American Natural Resources Index   Net
Asset
Value
Market
Value
S&P BMI North American Natural Resources Index
ONE YEAR 22.91% 22.70% 22.69%   22.91% 22.70% 22.69%
FIVE YEARS 59.00% 58.51% 57.40%   9.72% 9.65% 9.50%
SINCE INCEPTION(1) 126.32% 125.81% 124.06%   12.77% 12.73% 12.61%
(1) For the period ended December 15, 2015 to September 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/15/15, 12/16/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P North American Natural Resources ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. 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. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
30


Table of Contents
SPDR S&P North American Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2022

     
  Description % of Net Assets  
  Exxon Mobil Corp. 9.4%  
  Freeport-McMoRan, Inc. 7.5  
  Chevron Corp. 7.4  
  Newmont Corp. 6.1  
  Barrick Gold Corp. 4.9  
  Nutrien, Ltd. 4.9  
  Archer-Daniels-Midland Co. 4.8  
  Franco-Nevada Corp. 4.7  
  Corteva, Inc. 4.5  
  ConocoPhillips 4.3  
  TOTAL 58.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
31


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
September 30, 2022

Security Description     Shares   Value
COMMON STOCKS — 99.2%        
AUSTRALIA — 2.6%  
BWP Trust REIT

    439,838   $ 1,046,337
Centuria Industrial REIT

    465,791   775,654
Charter Hall Long Wale REIT

    544,049   1,388,691
Charter Hall Retail REIT

    447,682   1,059,241
Dexus REIT

    936,718   4,649,469
GPT Group REIT

    1,685,083   4,149,514
National Storage REIT

    931,956   1,336,218
Scentre Group REIT

    4,524,364   7,388,707
Shopping Centres Australasia Property Group REIT

    967,612   1,461,996
Vicinity Centres REIT

    3,404,762   3,798,074
Waypoint REIT, Ltd.

    615,051   937,209
          27,991,110
AUSTRIA — 0.1%  
CA Immobilien Anlagen AG (a)

    40,407   1,203,375
BELGIUM — 0.7%  
Aedifica SA REIT

    34,657   2,677,093
Cofinimmo SA REIT

    26,093   2,167,658
Warehouses De Pauw CVA REIT

    124,391   3,061,113
          7,905,864
BRAZIL — 0.3%  
Aliansce Sonae Shopping Centers SA

    113,600   417,952
BR Malls Participacoes SA

    600,321   1,046,623
BR Properties SA

    108,600   166,850
Iguatemi SA (b)

    151,490   570,239
Iguatemi SA (b)

    7,260   3,758
Multiplan Empreendimentos Imobiliarios SA

    231,700   1,035,375
          3,240,797
CANADA — 1.3%  
Artis Real Estate Investment Trust

    54,764   378,232
Boardwalk Real Estate Investment Trust

    19,355   651,623
Canadian Apartment Properties REIT

    75,340   2,308,369
Dream Industrial Real Estate Investment Trust

    112,654   879,719
Dream Office Real Estate Investment Trust

    23,327   276,383
First Capital Real Estate Investment Trust

    90,576   996,695
Granite Real Estate Investment Trust

    28,582   1,386,821
H&R Real Estate Investment Trust

    116,279   880,100
InterRent Real Estate Investment Trust

    64,650   539,671
NorthWest Healthcare Properties Real Estate Investment Trust

    99,928   770,887
Security Description     Shares   Value
Primaris Real Estate Investment Trust

    43,225   $ 402,349
RioCan Real Estate Investment Trust

    128,974   1,747,750
SmartCentres Real Estate Investment Trust

    61,335   1,158,359
Summit Industrial Income REIT

    85,074   1,059,362
          13,436,320
FINLAND — 0.2%  
Kojamo Oyj

    154,559   1,986,547
FRANCE — 1.2%  
Covivio REIT

    40,293   1,954,704
Gecina SA REIT

    47,836   3,770,090
Klepierre SA REIT (a)

    172,268   3,020,845
Unibail-Rodamco-Westfield REIT (a)

    93,031   3,908,445
          12,654,084
GERMANY — 0.7%  
Aroundtown SA

    800,541   1,770,052
Deutsche EuroShop AG

    8,676   196,507
Deutsche Wohnen SE

    44,030   841,328
Grand City Properties SA

    66,560   663,792
LEG Immobilien SE

    64,063   3,850,911
          7,322,590
HONG KONG — 2.3%  
Hang Lung Properties, Ltd.

    1,631,018   2,676,150
Hysan Development Co., Ltd.

    516,731   1,302,047
Link REIT

    1,841,974   12,882,250
Swire Properties, Ltd.

    937,800   2,018,984
Wharf Real Estate Investment Co., Ltd.

    1,349,000   6,135,021
          25,014,452
ISRAEL — 0.2%  
Azrieli Group, Ltd.

    31,605   2,169,759
JAPAN — 10.0%  
Activia Properties, Inc. REIT

    656   1,917,082
Advance Residence Investment Corp. REIT

    1,224   2,997,741
Aeon Mall Co., Ltd.

    86,200   958,803
AEON REIT Investment Corp.

    1,470   1,584,303
Comforia Residential REIT, Inc.

    562   1,277,405
Daiwa House REIT Investment Corp.

    1,859   3,865,826
Daiwa Office Investment Corp. REIT

    262   1,216,374
Daiwa Securities Living Investments Corp. REIT

    1,966   1,559,272
Frontier Real Estate Investment Corp. REIT

    440   1,620,229
Fukuoka REIT Corp.

    620   722,609
Global One Real Estate Investment Corp. REIT

    856   648,749
GLP J-REIT (a)

    3,951   4,370,134
Hoshino Resorts REIT, Inc.

    219   1,015,227
 
See accompanying notes to financial statements.
32


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2022

Security Description     Shares   Value
Hulic Co., Ltd.

    520,700   $ 3,823,995
Hulic REIT, Inc.

    1,105   1,263,446
Ichigo Office REIT Investment Corp.

    1,406   827,602
Industrial & Infrastructure Fund Investment Corp. REIT

    1,832   2,076,971
Invincible Investment Corp. REIT

    5,266   1,658,984
Japan Excellent, Inc. REIT

    1,093   1,007,332
Japan Hotel REIT Investment Corp.

    3,983   1,984,002
Japan Logistics Fund, Inc. REIT

    820   1,759,024
Japan Metropolitan Fund Invest REIT

    6,150   4,622,750
Japan Prime Realty Investment Corp. REIT

    886   2,405,596
Japan Real Estate Investment Corp. REIT

    1,206   4,974,141
Kenedix Office Investment Corp. REIT

    372   1,750,195
Kenedix Residential Next Investment Corp. REIT

    919   1,359,977
Kenedix Retail REIT Corp. (a)

    501   925,887
LaSalle Logiport REIT

    1,591   1,779,563
Mitsubishi Estate Logistics REIT Investment Corp. (a)

    389   1,213,399
Mitsui Fudosan Co., Ltd.

    832,000   15,832,975
Mitsui Fudosan Logistics Park, Inc. REIT (a)

    474   1,620,989
Mori Hills REIT Investment Corp.

    1,408   1,520,401
Mori Trust Sogo REIT, Inc.

    858   816,240
Nippon Accommodations Fund, Inc. REIT

    448   2,030,384
Nippon Building Fund, Inc. REIT

    1,482   6,511,810
Nippon Prologis REIT, Inc. (a)

    2,326   5,086,041
NIPPON REIT Investment Corp.

    388   987,792
Nomura Real Estate Master Fund, Inc. REIT (a)

    4,105   4,529,127
NTT UD REIT Investment Corp.

    1,208   1,232,662
Orix JREIT, Inc.

    2,432   3,108,363
Sekisui House REIT, Inc.

    3,921   2,199,628
Tokyu REIT, Inc.

    843   1,147,917
United Urban Investment Corp. REIT

    2,756   2,846,537
          106,657,484
MALTA — 0.0% (c)  
BGP Holdings PLC (d)

    1,313,937  
MEXICO — 0.2%  
Fibra Uno Administracion SA de CV REIT

    2,469,245   2,545,689
Security Description     Shares   Value
ROMANIA — 0.2%  
NEPI Rockcastle NV

    411,323   $ 1,855,159
SAUDI ARABIA — 0.1%  
Arabian Centres Co., Ltd.

    138,732   716,370
SINGAPORE — 3.3%  
CapitaLand Ascott Trust

    1,672,900   1,142,548
CapitaLand China Trust REIT

    1,065,200   772,045
CapitaLand Integrated Commercial Trust REIT

    4,387,207   5,870,400
Capitaland Investment, Ltd.

    2,140,817   5,177,110
CapLand Ascendas REIT

    2,953,091   5,536,145
Frasers Centrepoint Trust REIT

    925,693   1,399,926
Frasers Logistics & Commercial Trust REIT

    2,507,400   2,149,350
Keppel DC REIT (e)

    1,142,500   1,353,579
Keppel REIT

    1,701,912   1,174,223
Mapletree Industrial Trust REIT

    1,726,832   2,864,214
Mapletree Logistics Trust REIT (e)

    2,827,863   3,074,407
Mapletree Pan Asia Commercial Trust REIT

    2,001,231   2,398,855
Suntec Real Estate Investment Trust

    1,959,295   2,089,150
          35,001,952
SOUTH AFRICA — 0.4%  
Growthpoint Properties, Ltd. REIT

    2,971,424   1,949,261
Hyprop Investments, Ltd. REIT

    321,398   614,630
Redefine Properties, Ltd. REIT

    5,801,633   1,145,962
          3,709,853
SPAIN — 0.3%  
Inmobiliaria Colonial Socimi SA REIT

    256,929   1,242,393
Merlin Properties Socimi SA REIT

    294,883   2,283,613
          3,526,006
SWEDEN — 1.0%  
Castellum AB

    250,831   2,828,700
Fabege AB

    232,741   1,591,804
Hufvudstaden AB Class A

    101,453   1,118,063
Sagax AB Class B

    163,298   2,710,475
Samhallsbyggnadsbolaget i Norden AB

    925,791   1,014,845
Wihlborgs Fastigheter AB

    238,561   1,447,811
          10,711,698
SWITZERLAND — 0.9%  
PSP Swiss Property AG

    40,356   4,059,176
Swiss Prime Site AG

    67,465   5,415,022
          9,474,198
THAILAND — 0.2%  
Central Pattana PCL NVDR

    1,171,400   2,026,348
UNITED KINGDOM — 3.8%  
Assura PLC REIT

    2,582,867   1,545,424
 
See accompanying notes to financial statements.
33


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2022

Security Description     Shares   Value
Big Yellow Group PLC REIT

    153,008   $ 1,810,509
British Land Co. PLC REIT

    825,274   3,230,834
Capital & Counties Properties PLC REIT

    734,297   871,336
Derwent London PLC REIT

    99,196   2,236,795
Grainger PLC

    660,298   1,690,885
Great Portland Estates PLC REIT

    219,365   1,077,459
Hammerson PLC REIT

    2,995,138   598,481
Land Securities Group PLC REIT

    660,764   3,848,851
LondonMetric Property PLC REIT

    857,962   1,671,261
LXI REIT PLC

    1,489,575   2,061,887
Primary Health Properties PLC REIT

    1,200,381   1,519,543
Safestore Holdings PLC REIT

    186,509   1,747,838
Segro PLC REIT

    1,054,258   8,861,813
Shaftesbury PLC REIT (e)

    249,075   1,022,640
Supermarket Income REIT PLC (e)

    1,072,974   1,281,603
Tritax Big Box REIT PLC

    1,645,333   2,494,217
UNITE Group PLC REIT

    351,129   3,365,020
          40,936,396
UNITED STATES — 69.2%  
Acadia Realty Trust REIT

    83,480   1,053,518
Agree Realty Corp. REIT

    69,548   4,700,054
Alexandria Real Estate Equities, Inc. REIT

    129,548   18,161,334
American Assets Trust, Inc. REIT

    45,452   1,169,025
American Homes 4 Rent Class A, REIT

    264,518   8,678,836
Americold Realty Trust, Inc. REIT

    234,674   5,772,980
Apartment Income REIT Corp.

    134,294   5,186,434
Apartment Investment & Management Co. Class A, REIT

    130,819   954,979
Apple Hospitality REIT, Inc.

    188,151   2,645,403
Ashford Hospitality Trust, Inc. REIT (a)(e)

    28,504   194,112
AvalonBay Communities, Inc. REIT

    121,959   22,463,628
Boston Properties, Inc. REIT

    124,338   9,321,620
Brandywine Realty Trust REIT

    147,884   998,217
Brixmor Property Group, Inc. REIT

    263,446   4,865,848
Broadstone Net Lease, Inc. REIT

    150,034   2,330,028
Camden Property Trust REIT

    92,919   11,099,175
CareTrust REIT, Inc.

    86,580   1,567,964
Centerspace REIT

    14,072   947,327
Chatham Lodging Trust REIT (a)

    45,538   449,460
City Office REIT, Inc.

    40,205   400,844
Security Description     Shares   Value
Community Healthcare Trust, Inc. REIT

    20,103   $ 658,373
Corporate Office Properties Trust REIT

    99,437   2,309,921
Cousins Properties, Inc. REIT

    130,995   3,058,733
CubeSmart REIT

    195,699   7,839,702
DiamondRock Hospitality Co. REIT

    182,215   1,368,435
Digital Realty Trust, Inc. REIT

    250,757   24,870,079
DigitalBridge Group, Inc.

    128,278   1,604,758
Diversified Healthcare Trust REIT

    230,427   228,146
Douglas Emmett, Inc. REIT

    155,273   2,784,045
Duke Realty Corp. REIT

    335,808   16,185,946
Easterly Government Properties, Inc. REIT

    78,696   1,241,036
EastGroup Properties, Inc. REIT

    37,972   5,480,878
Empire State Realty Trust, Inc. Class A, REIT

    117,107   768,222
EPR Properties REIT

    66,216   2,374,506
Equinix, Inc. REIT

    79,574   45,264,874
Equity Commonwealth REIT

    96,699   2,355,588
Equity LifeStyle Properties, Inc. REIT

    153,410   9,640,284
Equity Residential REIT

    295,370   19,854,771
Essential Properties Realty Trust, Inc. REIT

    121,777   2,368,563
Essex Property Trust, Inc. REIT

    56,752   13,747,037
Extra Space Storage, Inc. REIT

    116,849   20,180,991
Federal Realty Investment Trust REIT

    63,425   5,715,861
First Industrial Realty Trust, Inc. REIT

    116,127   5,203,651
Four Corners Property Trust, Inc. REIT

    71,661   1,733,480
Franklin Street Properties Corp. REIT

    90,653   238,417
Getty Realty Corp. REIT

    37,089   997,323
Global Medical REIT, Inc.

    55,781   475,254
Global Net Lease, Inc. REIT

    89,745   955,784
Healthcare Realty Trust, Inc. REIT

    331,699   6,915,924
Healthpeak Properties, Inc. REIT

    470,558   10,785,189
Hersha Hospitality Trust Class A, REIT

    27,554   219,881
Highwoods Properties, Inc. REIT

    92,987   2,506,930
Host Hotels & Resorts, Inc. REIT

    623,409   9,899,735
Hudson Pacific Properties, Inc. REIT

    111,672   1,222,808
Independence Realty Trust, Inc. REIT

    194,437   3,252,931
Industrial Logistics Properties Trust REIT

    59,563   327,596
 
See accompanying notes to financial statements.
34


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2022

Security Description     Shares   Value
Innovative Industrial Properties, Inc. REIT

    24,735   $ 2,189,047
Invitation Homes, Inc. REIT

    505,848   17,082,487
JBG SMITH Properties REIT

    86,323   1,603,881
Kilroy Realty Corp. REIT

    92,456   3,893,322
Kimco Realty Corp. REIT

    539,324   9,928,955
Kite Realty Group Trust REIT

    193,438   3,331,002
Life Storage, Inc. REIT

    73,546   8,145,955
LTC Properties, Inc. REIT

    35,943   1,346,065
LXP Industrial Trust REIT

    243,136   2,227,126
Macerich Co. REIT

    191,372   1,519,494
Medical Properties Trust, Inc. REIT

    521,999   6,190,908
Mid-America Apartment Communities, Inc. REIT

    100,663   15,609,811
National Health Investors, Inc. REIT

    38,799   2,193,307
National Retail Properties, Inc. REIT

    154,317   6,151,076
National Storage Affiliates Trust REIT

    74,040   3,078,583
Necessity Retail REIT, Inc.

    116,094   682,633
NETSTREIT Corp. (e)

    41,112   732,205
NexPoint Residential Trust, Inc. REIT

    19,731   911,770
Office Properties Income Trust REIT

    41,592   584,368
Omega Healthcare Investors, Inc. REIT

    203,921   6,013,630
Orion Office REIT, Inc.

    52,603   460,276
Paramount Group, Inc. REIT

    141,371   880,741
Park Hotels & Resorts, Inc. REIT

    195,456   2,200,835
Pebblebrook Hotel Trust REIT

    117,048   1,698,366
Piedmont Office Realty Trust, Inc. Class A, REIT

    106,445   1,124,059
Plymouth Industrial REIT, Inc.

    31,307   526,271
Prologis, Inc. REIT

    647,171   65,752,574
Public Storage REIT

    138,177   40,459,607
Realty Income Corp. REIT

    538,920   31,365,144
Regency Centers Corp. REIT

    134,218   7,227,639
Retail Opportunity Investments Corp. REIT

    111,277   1,531,172
Rexford Industrial Realty, Inc. REIT