Annual Report
September 30, 2021
SPDR® Index Shares Funds
SPDR MSCI ACWI Low Carbon Target ETF
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
SPDR MSCI EAFE StrategicFactors ETF
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
SPDR MSCI Emerging Markets StrategicFactors ETF
SPDR MSCI World StrategicFactors ETF
SPDR S&P Emerging Asia Pacific ETF
SPDR S&P Global Dividend ETF
SPDR S&P Global Infrastructure 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

24

27
Schedules of Investments  

30

51

61

70

81

96

111

133

136

140

148

157

167

168
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 MSCI ACWI Low Carbon Target Index is designed to address two dimensions of carbon exposure - carbon emissions and fossil fuel reserves. By overweighting companies with low carbon emissions relative to sales and per dollar of market capitalization, the index aims to reflect a lower carbon exposure than that of the broad market.
The MSCI EAFE ex Fossil Fuels Index is designed to measure the performance of companies in the MSCI EAFE Index that do not own proved and probable coal, oil or natural gas reserves used for energy purposes. The Parent Index, which serves as the initial universe for eligible securities in the index, captures large and mid-capitalization representation across developed market Europe, Australasia, and Far East countries, excluding the United States and Canada.
The MSCI EAFE (Europe, Australasia, Far East) Factor Mix A-Series Index captures large- and mid-cap representation across 21 developed market Europe, Australasia, and Far East countries and aims to represent the performance of value, low volatility, and quality factor strategies. The index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI EAFE Value Weighted Index, the MSCI EAFE Minimum Volatility Index, and the MSCI EAFE Quality Index.
The MSCI Emerging Markets ex Fossil Fuels Index is designed to measure the performance of companies in the MSCI Emerging Markets Index that do not own proved and probable coal, oil or natural gas reserves used for energy purposes. The Parent Index, which serves as the initial universe for eligible securities in the index, captures large and mid-capitalization representation across 26 emerging market countries.
The MSCI Emerging Markets (EM) Factor Mix A-Series Index captures large- and mid-cap representation across 27 emerging markets countries and aims to represent the performance of value, low volatility, and quality factor strategies. The index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI EM Value Weighted Index, the MSCI EM Minimum Volatility Index, and the MSCI EM Quality Index.
The MSCI World Factor Mix A-Series Index captures large-and mid-cap representation across 23 developed countries and aims to represent the performance of value, low volatility, and quality factor strategies. The index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI World Value Weighted Index, the MSCI World Minimum Volatility Index, and the MSCI World Quality Index.
S&P® Emerging Asia Pacific BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging Asian Pacific markets. The Index is "float-adjusted," meaning that only those shares publicly available to investors are included in the index calculation.
The S&P Global Dividend Aristocrats Index is designed to measure the performance of high dividend-yield companies included in the S&P Global BMI (Broad Market Index) that have followed a managed-dividends policy of increasing or stable dividends for at least ten consecutive years.
The S&P Global Infrastructure Index is comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements. The Index is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, from both developed markets and emerging markets.
See accompanying notes to financial statements.
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Table of Contents
SPDR MSCI ACWI Low Carbon Target ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR MSCI ACWI Low Carbon Target 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 while seeking to minimize carbon exposure. The Fund’s benchmark is the MSCI ACWI Low Carbon Target Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 27.23%, and the Index was 27.10%. 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. Fees and expenses, cash drag, cumulative effect of security misweights, tax withholdings, compounding and corporate actions contributed to the difference between the Fund’s performance and that of the Index.
The Fund performed strongly (+27.10%) during the period in question and exhibited positive returns in each quarter but the last one. Approximately half of the Fund’s return was generated in the fourth quarter ending December 2020 as risk assets rallied on positive news flow on vaccines and U.S. election results. Both Moderna and Pfizer COVID-19 vaccines got the United States Food and Drug Administration’s approval, raising prospects of similar approvals across key economies. China, Taiwan and South Korea continued to contain the virus well near the zero-infection rate. Commodities registered robust returns and oil prices rose as stronger demand outlook offset concerns on increased supply. West Texas Intermediate (WTI) crude oil returning over 18% for the quarter as stronger demand outlook offset concerns of increased supply. Risk assets continued to rally in the first quarter 2021 as economic recovery gathered pace on the back of widespread vaccination, renewed fiscal stimulus and continued monetary policy support. Commodities registered modest gains and oil prices rallied sharply on optimism that demand would rebound even as OPEC+ countries kept a tight rein on additional supplies. Risk assets continued to rally in the second quarter aided by the strong economic recovery across key developed markets (DM). Commodities registered solid gains on the back of strong growth in energy prices. Once again, risk assets continued to rally in the second quarter (ending June 30) aided by the strong economic recovery across key developed markets (DM). Commodities registered solid gains on the back of strong growth in energy prices. On the fiscal front, U.S. President Joe Biden secured an infrastructure package deal worth US$1 trillion, which, however, fell short of the US$2.3 trillion plan proposed in March. On the COVID-19 front, over a fifth of the world’s population received at least one vaccine dose, up from 3.0% in mid-March with DM leading EM economies. On the economic front, incoming U.S. data point to a strong recovery momentum. US Q1 GDP registered solid 6.4% QoQ (annualized) growth though it was lower than consensus estimates of 6.7%. West Texas Intermediate crude oil returned over 24% for the quarter as increasing global oil demand combined with high vaccination rollouts boosted mobility, lifting oil prices to a multi-year high. During the third quarter (ending September 30), Risk assets across developed markets were flat whereas emerging markets underperformed amid sell-off in China. Commodities registered positive returns in the third quarter, driven by higher energy prices. Increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with global energy crunch looked to pose key risks to recovery momentum. The West Texas Intermediate (WTI) crude oil index returned 4.0% for the quarter. Crude prices made a comeback in September, after witnessing the first significant monthly decline in 10 months due to worries about the Delta variant. Growing fuel demand and a supply disruption caused by two hurricanes supported crude prices in September.
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 Alphabet Inc. Class A, Microsoft Corporation, and Apple Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Zoom Video Communications, Inc. Class A, SAP SE, 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 MSCI ACWI Low Carbon Target ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI ACWI Low Carbon Target Index   Net
Asset
Value
Market
Value
MSCI ACWI Low Carbon Target Index
ONE YEAR 27.23% 27.01% 27.10%   27.23% 27.01% 27.10%
FIVE YEARS 86.90% 86.02% 85.86%   13.32% 13.22% 13.20%
SINCE INCEPTION(1) 92.44% 92.32% 90.32%   10.03% 10.02% 9.86%
(1) For the period November 25, 2014 to September 30, 2021. 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 (11/25/14, 11/26/14, 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 MSCI ACWI Low Carbon Target ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30% (0.20% after fee waiver). Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
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 MSCI ACWI Low Carbon Target ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Apple, Inc. 3.6%  
  Microsoft Corp. 3.1  
  Amazon.com, Inc. 2.2  
  Alphabet, Inc. Class A 1.3  
  Alphabet, Inc. Class C 1.2  
  Facebook, Inc. Class A 1.2  
  Tesla, Inc. 0.9  
  NVIDIA Corp. 0.8  
  Taiwan Semiconductor Manufacturing Co., Ltd. 0.8  
  JPMorgan Chase & Co. 0.7  
  TOTAL 15.8%  
(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.
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Table of Contents
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI EAFE ex Fossil Fuels Index. The Fund’s benchmark is the MSCI EAFE ex Fossil Fuels Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 24.65%, and the Index was 24.75%. 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. Fees and expenses, the cumulative effect of security misweights, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.
For the Reporting Period, returns for the Fund and the broader MSCI EAFE Index were strong, as global markets continued to re-open and recover from the shutdowns early in the COVID-19 pandemic. In the first half of the Reporting Period, returns were supported by the release of COVID vaccines, but in the second half returns slowed, as concerns surfaced about additional waves of COVID infections from subsequent variants, along with adverse downstream economic effects such as those impacting inflation, employment and the global supply chain.
The returns of the Fund were slightly lower than the broader MSCI EAFE Index, which managed to produce a return of nearly 26% for the Reporting Period. This slight underperformance was due primarily to the outperformance of Energy sector securities, many of which the Fund did not hold due to its Fossil Fuel exclusions. The Fund was also underweight Utilities due to the same exclusions, but because Utilities underperformed this served to somewhat offset the relative performance detraction from Energy. On the whole, though, the impact from Energy was greater than the impact from Utilities and other sectors.
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 ASML Holding NV, Commonwealth Bank of Australia, and LVMH Moet Hennessy Louis Vuitton SE. The top negative contributors to the Fund’s performance during the Reporting Period were SAP SE, Reckitt Benckiser Group PLC, and Unilever PLC.
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 MSCI EAFE Fossil Fuel Reserves Free ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI EAFE ex Fossil Fuels Index   Net
Asset
Value
Market
Value
MSCI EAFE ex Fossil Fuels Index
ONE YEAR 24.65% 23.70% 24.75%   24.65% 23.70% 24.75%
SINCE INCEPTION(1) 55.99% 55.60% 55.98%   9.42% 9.37% 9.43%
(1) For the period October 24, 2016 to September 30, 2021. 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 (10/24/16, 10/25/16, 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 MSCI EAFE Fossil Fuel Reserves Free ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30% (0.20% after fee waiver). Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
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 MSCI EAFE Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Nestle SA 2.2%  
  ASML Holding NV 2.0  
  Roche Holding AG 1.6  
  LVMH Moet Hennessy Louis Vuitton SE 1.3  
  Toyota Motor Corp. 1.2  
  AstraZeneca PLC 1.2  
  Novartis AG 1.2  
  Novo Nordisk A/S Class B 1.0  
  Unilever PLC 0.9  
  SAP SE 0.9  
  TOTAL 13.5%  
(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.
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Table of Contents
SPDR MSCI EAFE StrategicFactors ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR MSCI EAFE Strategic Factors 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 European, Australasian, and Far Eastern developed equity markets. The Fund’s benchmark is the MSCI EAFE Factor Mix A- Series Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 24.57%, and the Index was 24.60%. 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. Cumulative cash drag, security misweights and tax withholding differences contributed to the difference between the Fund’s performance and that of the Index.
Performance for the period was primarily driven by the ongoing COVID-19 pandemic. Despite the pandemic taking a turn for the worse in the fourth calendar quarter of 2020, the U.S. election results and positive news on COVID-19 vaccines helped markets to recover. Approvals to use vaccines manufactured by Pfizer-BioNTech, Moderna and Oxford-AstraZeneca led to the largest momentum changes in the history of equity markets. This positive momentum carried in to the first calendar quarter of 2021, however the subsequent slow pace of vaccine distribution and concerns around a longer than anticipated timeline for economic recovery led to global markets stumbling for a short period. The sell-offs were short lived as stocks regained some upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli. With the majority of adults receiving at least one dose of the vaccine and the number of people being hospitalized with COVID-19 being much lower than at the start of the year, the continued rally was a signal of investors looking ahead to a sustainable reopening of economies. Economic data in the second calendar quarter of 2021 was strong over the quarter as mobility restrictions were lifted by most countries and economic activity picked up. Vaccine rollouts in the U.S., UK and Europe continued to proceed at speed.
Global reopening continued during in to the third calendar quarter of 2021, with a number of developed markets further lifting restrictions. Economic data remained strong; however, much of the developed markets appeared to be at or just past the peak rate of growth. There, were also concerns regarding a peak in the rate of economic growth, supply disruptions and rising inflation.
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 Novo Nordisk A/S, LVMH Moet Hennessey Louis Vuitton and ASML Holding NV. The top negative contributors to the Fund’s performance during the Reporting Period were Unilever PLC, Reckitt Benckiser Group PLC, and Nippon Paint Holdings.
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 MSCI EAFE StrategicFactors ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI EAFE Factor Mix A-Series Index   Net
Asset
Value
Market
Value
MSCI EAFE Factor Mix A-Series Index
ONE YEAR 24.57% 23.94% 24.60%   24.57% 23.94% 24.60%
FIVE YEARS 53.24% 52.78% 53.37%   8.91% 8.85% 8.93%
SINCE INCEPTION(1) 49.93% 49.48% 50.51%   5.68% 5.64% 5.74%
(1) For the period June 4, 2014 to September 30, 2021. 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 (6/4/14, 6/5/14, 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 MSCI EAFE StrategicFactors ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
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 MSCI EAFE StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Roche Holding AG 2.5%  
  Nestle SA 2.5  
  ASML Holding NV 2.1  
  Novo Nordisk A/S Class B 2.1  
  Novartis AG 1.7  
  Unilever PLC 1.3  
  Sanofi 1.1  
  Keyence Corp. 1.1  
  GlaxoSmithKline PLC 1.0  
  SAP SE 0.9  
  TOTAL 16.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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Table of Contents
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI Emerging Markets ex Fossil Fuels Index. The Fund’s benchmark is the MSCI Emerging Markets ex Fossil Fuels Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 16.00%, and the Index was 16.09%. 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, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
The fund started off the period with strong positive returns over 19% in the first quarter of the reporting period (Q4 2020). As countries around the world grappled with surging coronavirus cases, emerging market (EM) equities became less risky compared with their developed market peers. Within EM, in China, internal controls that had restricted movement between the country’s provinces owing to the pandemic were relaxed. EM equities benefited from renewed hopes of a cyclical recovery, a falling U.S. dollar and increasing global trade activity. Strong demand for medical supplies and tech products lifted Chinese exports. South Korea, another beneficiary of increased technology demand, also showed accelerating momentum in its exports. The start of 2021 revealed new cases registered in China which led to tighter restrictions being extended up to the lunar year season. This resulted in a sell-off of Chinese equities during the quarter over policy tightening. EM equities lagged behind DM counterparts as many countries faced a spike in cases, re-imposition of lockdowns and a slowdown in vaccinations.
During the second quarter of 2021, most EM countries faced challenges in terms of the logistics of supplying vaccines. Within the region, a new outbreak was witnessed in Latin America, Turkey, India and the Philippines. India in particular saw a worsening of the pandemic situation, which intensified pressure on its healthcare infrastructure. South Korea and Taiwan managed to benefit slightly due to strong DM demand. Emerging market equities were majorly dragged down during the quarter by the struggling Chinese equity markets. Despite some markets, including India, continuing to perform well, the flow of negative news from China seemed relentless and weighed heavy on the overall regional performance. It started off with the introduction of tighter regulations on various sectors including increased scrutiny of the technology sector and reforms to stabilize the housing market to ensure equality and fair competition. This was followed by tighter scrutiny on the technology sector, including a ban on children playing computer games for more than three hours per week. As a result of such regulatory efforts, there was continued volatility. In terms of coronavirus spread within the region, China’s mass testing and mobility restrictions continued to prove successful in containing the Delta variant outbreak. In India, cases remained low despite a resumption in mobility. Within rest of the region, the slow pace of vaccination left many countries vulnerable to the Delta variant. As a result, the fund ended the period with its only quarter of negative returns.
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 Samsung Electronics Co., Ltd., Infosys Limited, and Taiwan Semiconductor Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance during the Reporting Period were Alibaba Group Holding Ltd., TAL Education Group Sponsored ADR Class A, and Alibaba Group Holding Ltd. Sponsored ADR.
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 MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI Emerging Markets ex Fossil Fuels Index   Net
Asset
Value
Market
Value
MSCI Emerging Markets ex Fossil Fuels Index
ONE YEAR 16.00% 14.87% 16.09%   16.00% 14.87% 16.09%
SINCE INCEPTION(1) 50.21% 49.60% 51.75%   8.59% 8.50% 8.82%
(1) For the period October 24, 2016 to September 30, 2021. 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 (10/24/16, 10/25/16, 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 MSCI Emerging Markets Fossil Fuel Reserves Free ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
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 MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co., Ltd. 7.3%  
  Tencent Holdings, Ltd. 4.8  
  Samsung Electronics Co., Ltd. 4.2  
  Alibaba Group Holding, Ltd. 3.5  
  Meituan Class B 1.7  
  Infosys, Ltd. 1.2  
  China Construction Bank Corp. Class H 1.0  
  JD.com, Inc. ADR 0.9  
  Sberbank of Russia PJSC ADR 0.9  
  MediaTek, Inc. 0.9  
  TOTAL 26.4%  
(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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Table of Contents
SPDR MSCI Emerging Markets StrategicFactors ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR MSCI Emerging Markets StrategicFactors 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 equity markets of the world. The Fund's benchmark is the MSCI Emerging Markets (EM) Factor Mix A-Series Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 23.25%, and the Index was 24.38%. 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. Fees and expenses, the cumulative effect of security misweights, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.
For the Reporting Period, returns for the Fund and the broader MSCI Emerging Markets Index were strong, as global markets continued to re-open and recover from the shutdowns early in the COVID-19 pandemic. In the first half of the Reporting Period, strong returns were supported by the release of COVID vaccines, but in the second half returns pulled back, as concerns surfaced about additional waves of COVID infections from subsequent variants, along with adverse downstream economic effects such as those impacting inflation, employment and the global supply chain.
The Fund outperformed the broader MSCI Emerging Markets Index during the Reporting Period, as exposure to the intended factors coupled with weight differences for both countries and sectors all benefited the Fund’s relative returns. In regards to factors, although quality underperformed for the Reporting Period, both value and low volatility outperformed, and with the Fund’s exposure to all three factors, this had a net positive effect on the Fund’s relative returns. Differences in country weights, such as the overweight to outperforming India and the underweight to underperforming China, also benefitted the Fund’s relative returns. Differences in sector weights were also beneficial, but none as great as the underweight to the underperforming Consumer Discretionary sector.
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 Tata Consultancy Services Limited, Taiwan Semiconductor Manufacturing Co., Ltd., and Infosys Limited. The top negative contributors to the Fund’s performance during the Reporting Period were Ping An Insurance (Group) Company of China, Ltd. Class H, Yihai International Holding 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.
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SPDR MSCI Emerging Markets StrategicFactors ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI Emerging Markets Factor Mix A-Series Index   Net
Asset
Value
Market
Value
MSCI Emerging Markets Factor Mix A-Series Index
ONE YEAR 23.25% 22.75% 24.38%   23.25% 22.75% 24.38%
FIVE YEARS 43.47% 41.14% 47.38%   7.49% 7.13% 8.07%
SINCE INCEPTION(1) 33.96% 33.27% 40.64%   4.07% 4.00% 4.77%
(1) For the period June 4, 2014 to September 30, 2021. 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 (6/4/14, 6/5/14, 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 MSCI Emerging Markets StrategicFactors ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
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 MSCI Emerging Markets StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co., Ltd. 3.0%  
  Tata Consultancy Services, Ltd. 2.5  
  Al Rajhi Bank 1.8  
  Samsung Electronics Co., Ltd. 1.7  
  Infosys, Ltd. ADR 1.5  
  Hindustan Unilever, Ltd. 1.3  
  Vale SA ADR 1.3  
  Infosys, Ltd. 1.2  
  China Construction Bank Corp. Class H 1.1  
  HCL Technologies, Ltd. 1.1  
  TOTAL 16.5%  
(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.
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SPDR MSCI World StrategicFactors ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR MSCI World StrategicFactors 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 equity markets of the world. The Fund’s benchmark is the MSCI World Factor Mix A-Series Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 26.15%, and the Index was 26.13%. 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. Optimization and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
The broad MSCI World Index enjoyed a fruitful fiscal year climbing over 28% during the first three fiscal quarters before slightly retreating during the final quarter to produce a very healthy return of +28.82% for the entire period. The story of the year throughout the world was the COVID-19 virus. Though unlike the prior fiscal year which was filled with fear and uncertainty, this most recent year was focused on acceptance, adaptation, and recovery. The development and distribution of various vaccines throughout the world allowed economies to re-open with an optimistic view that the collective worst was behind us. Industries such as travel, retail, and construction adapted to new regulations and thrived once again as governments loosened restrictions to local lockdowns. The other big story resided in the US with the rest of the world acting as interested parties. Joe Biden defeated the incumbent, Donald Trump, in the Presidential Election held in November. At the time of the election it was viewed favorably in many parts of the world as Biden’s platform of global inclusivity was a stark contrast to Trump’s domestic focused policies. The global market’s ascension during that period reflected the optimism that the victory presented.
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 Alphabet Inc. Class C, Microsoft Corporation, and Alphabet Inc. Class A. The top negative contributors to the Fund’s performance during the Reporting Period were Vertex Pharmaceuticals Incorporated, Zoom Video Communications, Inc. Class A, and Agnico Eagle Mines Limited.
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 MSCI World StrategicFactors ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI World Factor Mix A-Series Index   Net
Asset
Value
Market
Value
MSCI World Factor Mix A-Series Index
ONE YEAR 26.15% 25.62% 26.13%   26.15% 25.62% 26.13%
FIVE YEARS 81.33% 82.05% 80.84%   12.64% 12.73% 12.58%
SINCE INCEPTION(1) 103.69% 103.01% 101.77%   10.20% 10.15% 10.06%
(1) For the period June 4, 2014 to September 30, 2021. 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 (6/4/14, 6/5/14, 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 MSCI World StrategicFactors ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
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 MSCI World StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Microsoft Corp. 2.4%  
  Apple, Inc. 2.4  
  Facebook, Inc. Class A 1.8  
  Johnson & Johnson 1.5  
  Alphabet, Inc. Class C 1.4  
  Roche Holding AG 1.3  
  Nestle SA 1.3  
  Visa, Inc. Class A 1.2  
  NVIDIA Corp. 1.1  
  Alphabet, Inc. Class A 1.0  
  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 Emerging Asia Pacific ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P Emerging Asia Pacific 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 Asia Pacific region. The Fund’s benchmark is the S&P Asia Pacific Emerging BMI Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 14.73%, and the Index was 15.77%. 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. Fees and expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The S&P Emerging Asia Pacific Index gained 16.22% in the last quarter of 2020 delivering the best performing quarter of the fiscal year. Risk assets rallied in the fourth quarter on positive news flow on vaccines and U.S. election results. China continued its sustained economic recovery, led by growth in exports and manufacturing.  As countries around the world grappled with surging coronavirus cases, emerging market (EM) equities became less risky compared with their developed market peers. Within EM, in China, internal controls that had restricted movement between the country’s provinces owing to the pandemic were relaxed. EM equities benefited from renewed hopes of a cyclical recovery, a falling U.S. dollar and increasing global trade activity. Strong demand for medical supplies and tech products lifted Chinese exports. China’s success in controlling the virus allowed its economic recovery to gather pace with third-quarter GDP growth printing at 4.9% YoY.  After a strong rebound over the summer, China may be one of the only major economy to show aggregate positive economic growth in 2020 relative to 2019. Chinese imports also recovered with the latest data for September showing imports being 13.2% higher YoY.
The Index picked up 2.78% in the first quarter of 2021 as risk assets continued to rally with cyclical and value assets outperforming growth sectors that saw outsized returns in 2020. The quarter started off by overcoming concerns regarding potential virus-driven restrictions as a successful roll out of vaccinations and the promise of a fiscal and monetary stimuli lifted investor sentiments. However, the subsequent slow pace of vaccine distribution and concerns around a longer-than-anticipated timeline for economic recovery led to global markets stumbling for a short period. The sell-offs were short lived as stocks regained some upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli. With majority of adults receiving at least one dose of the vaccine and the number of people being hospitalized with COVID-19 being much lower than at the start of the year, the continued rally was a signal of investors looking ahead to a sustainable reopening of economies. In China, new cases were registered in the northern provinces, which lead to tighter restrictions being extended up to the lunar year season. Chinese equities had a sell-off during the quarter over policy tightening. Despite a strong start to the quarter, the region had a difficult time due to concerns around rising COVID-19 cases in some parts of the region.
The Index added 4.61% in the second quarter of 2021 as the global growth recovery broadened, aided by accelerated vaccine rollout in the United States (U.S.) and Europe and the momentum shifting away from China. Incoming data in the second half of the quarter pointed to continued robust global recovery cycle despite persistent headwinds, including supply chain disruptions, new variants of coronavirus and potential central bank tightening on inflationary concerns. During the quarter, EM equities lagged behind their DM counterparts as many countries faced a spike in cases, re-imposition of lockdowns and a slowdown in vaccination. Although the Chinese economy was less buffeted by the pandemic, it was weighed down by concerns over monetary policy normalization and tougher regulations on the technology sector. China renewed its pledge to make its economy carbon neutral by 2060, which helped to boost investor sentiments. Most EM countries faced challenges in terms of the logistics of supplying vaccines. Within the region, a new outbreak was witnessed in India and the Philippines. India in particular saw a worsening of the pandemic situation, which intensified pressure on its healthcare infrastructure. Taiwan managed to benefit due to strong DM demand.
The Index delivered its worst quarter of the fiscal year by dropping 7.35% during this period. While global growth recovery regained momentum in the first half of the quarter, multiple headwinds in the second half are fueling concerns regarding the outlook. Reopening of the economy — driven by increased vaccination rate, healthy manufacturing, and labor activity — continued to provide support to recovery in the third quarter. However, increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with global energy crunch pose key risks to recovery momentum. Emerging market equities were majorly dragged down during the quarter by the struggling Chinese equity markets. Despite some markets, including India, continuing to perform well, the flow of negative news from China seemed relentless and weighed heavy on the overall regional performance. It started off with the introduction of tighter regulations on various sectors including increased scrutiny of the technology sector and reforms to stabilize the housing market to ensure equality and fair competition. China turned private tutoring companies into non-profit organizations, raising concerns about a similar move for other sectors. This was followed by tighter scrutiny on the technology sector, including a ban on children playing computer games for more than three hours per week. Finally, investors had to contend with fears around the potential default of a large Chinese property developer and the potential spillover effects. As a result of such regulatory efforts, there was continued volatility. In terms of coronavirus spread within the region, China’s mass testing and mobility restrictions continued to prove successful in containing the Delta variant outbreak. In India, cases remained low despite a resumption in mobility. Within rest of the region, the slow pace of vaccination left many countries vulnerable to the Delta variant.
The Fund did not invest in derivatives during the Reporting Period.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Emerging Asia Pacific ETF
Management's Discussion of Fund Performance (Unaudited)  (continued)
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Infosys Limited, Housing Development Finance Corporation Limited, and Taiwan Semiconductor Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance during the Reporting Period were Kuaishou Technology Class B, TAL Education Group Sponsored ADR Class A, 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 Emerging Asia Pacific ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Asia Pacific Emerging BMI Index   Net
Asset
Value
Market
Value
S&P Asia Pacific Emerging BMI Index
ONE YEAR 14.73% 12.89% 15.77%   14.73% 12.89% 15.77%
FIVE YEARS 67.53% 65.06% 68.37%   10.87% 10.54% 10.98%
TEN YEARS 133.97% 141.00% 143.52%   8.87% 9.19% 9.31%
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 Emerging Asia Pacific ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.49%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
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 Emerging Asia Pacific ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co., Ltd. ADR 5.9%  
  Tencent Holdings, Ltd. 5.6  
  Alibaba Group Holding, Ltd. ADR 4.3  
  Meituan Class B 2.1  
  Reliance Industries, Ltd. GDR 1.9  
  Infosys, Ltd. ADR 1.5  
  Housing Development Finance Corp., Ltd. 1.3  
  China Construction Bank Corp. Class H 1.2  
  JD.com, Inc. ADR 1.2  
  MediaTek, Inc. 0.9  
  TOTAL 25.9%  
(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 GLOBAL DIVIDEND ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P Global Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return of an index that tracks stocks of global companies that offer high dividend yields. The Fund’s benchmark is the S&P Global Dividend Aristocrats Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 30.37%, and the Index was 30.31%. 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. Fees, dividend tax withholding differences, cash, and small security misweights contributed to the difference between the Fund’s performance and that of the Index.
The performance throughout Reporting Period was mostly positive, with eight of the twelve months posting positive returns. The best performing quarter was the first quarter of the Reporting Period, Q4 of 2020. This was largely driven by November 2020, when the Fund returned +14.85%. Despite the pandemic taking a turn for the worse over the quarter and equities performing poorly in October, the U.S. election results and positive news on COVID-19 vaccines helped markets to recover. Approvals to use vaccines manufactured by Pfizer-BioNTech, Moderna and Oxford-AstraZeneca led to the largest momentum changes in the history of equity markets. Hard-hit sectors, such as energy, traditional retail, hotels, airlines and financials, rallied, while pandemic winners, such as online retail, health care and home improvement, lagged.
The first quarter of 2021 started off by overcoming concerns regarding potential virus-driven restrictions as a successful roll out of vaccinations and the promise of a fiscal and monetary stimuli lifted investor sentiments. However, the subsequent slow pace of vaccine distribution and concerns around a longer-than-anticipated timeline for economic recovery led to global markets stumbling for a short period. The sell-offs were short lived as stocks regained some upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli. With majority of adults receiving at least one dose of the vaccine and the number of people being hospitalized with COVID-19 being much lower than at the start of the year, the continued rally was a signal of investors looking ahead to a sustainable reopening of economies. The quarter ended up +9.71%.
The next quarter, Q2 of 2020, was a bit more volatile, but still posted a positive return of +4.50%. Economic data was strong over this quarter as mobility restrictions were lifted by most countries and economic activity picked up during the period. Vaccine rollouts in the U.S., UK and Europe continued to proceed at speed. However, a rebound in economic activity led to concerns around a spike in inflation.
Equity markets experienced a poor performance during the last quarter of the Reporting Period; the Fund posted a return of 2.22%. The underperformance was primarily a result of the Chinese equity markets dragging the overall emerging market equities down and the developed market equities having a flat quarter after a moderate decline in September erased the quarter’s prior gains. Globally the vaccine rollout made decent progress and many developed economies had eased restrictions. Global reopening continued during the quarter, with a number of developed markets further lifting restrictions. Economic data remained strong; however, much of the developed markets appeared to be at or just past the peak rate of growth. There were also concerns regarding a peak in the rate of economic growth, supply disruptions and rising inflation.
Throughout the Reporting Period, the performance of the sectors were all positive, ranging from +6.98% to +61.43%. The top performing sectors were Energy, Information Technology and Financials, with returns all over 50%. The bottom performing sectors were Health Care, Consumer Staples and Materials.
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 Bendigo & Adelaide Bank Ltd., Lenovo Group Limited, and Exxon Mobil Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were B&G Foods, Inc., Freenet AG, and Hengan International Group 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 Global Dividend ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Global Dividend Aristocrats Index   Net
Asset
Value
Market
Value
S&P Global Dividend Aristocrats Index
ONE YEAR 30.37% 30.48% 30.31%   30.37% 30.48% 30.31%
FIVE YEARS 29.65% 29.04% 28.34%   5.33% 5.23% 5.12%
SINCE INCEPTION(1) 58.48% 58.38% 55.83%   5.67% 5.67% 5.46%
(1) For the period May 29, 2013 to September 30, 2021. 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 (5/29/13, 5/30/13, 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 Global Dividend 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, 2021.
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 Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Keyera Corp. 2.1%  
  Exxon Mobil Corp. 2.1  
  H&R Block, Inc. 2.0  
  SmartCentres Real Estate Investment Trust REIT 2.0  
  Pembina Pipeline Corp. 1.9  
  Enagas SA 1.9  
  Shaw Communications, Inc. Class B 1.8  
  Japan Tobacco, Inc. 1.5  
  Power Assets Holdings, Ltd. 1.5  
  Brandywine Realty Trust REIT 1.5  
  TOTAL 18.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Global Infrastructure ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P Global Infrastructure 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 infrastructure industry market. The Fund’s benchmark is the S&P Global Infrastructure Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 22.28%, and the Index was 22.13%. 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, cumulative effect of security misweights, tax withholdings and securities lending contributed to the difference between the Fund’s performance and that of the Index.
It is said that the return performance of an Infrastructure index tends to track the broader economic environment. All three sectors within the Index; Energy, Industrials and Utilities posted a positive contribution to the performance of the fund during the Reporting Period. The first quarter of the Reporting Period displayed recovery early in the quarter in key economies such as the United States (U.S.) and Europe, yet economic momentum slowed toward the end of the year amid rising infection rates. However, positive news on vaccine approvals, progress on fiscal stimulus deals and continued monetary support are expected to boost growth momentum in 2021. Risk assets rallied in this time period on positive news from vaccines and U.S. election results. Cyclical sectors registered strong gains with defensive sectors posting modest growth. The Global Infrastructure fund would post its best quarterly return of the period at 14.85% with the energy industry leading the charge. Economic recovery gather pace in the first quarter of 2021, as upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli taking place to help the fund post a positive 2.85% return. The last two quarter of the reporting bring forth more of the same in this space along with modest quarterly gains, U.S. President Joe Biden secured an infrastructure package deal worth US$1 trillion, which, however, fell short of the US$2.3 trillion plan proposed in March. The deal authorizes additional spending for roads, bridges, highway safety and EV charging stations over the next eight years, yet this bill will ultimately be delayed as it is linked to other social spending disagreements. Elsewhere, in Europe, the European Commission started to publish its assessment of recovery plans for member states. Many countries, including Portugal, Spain and Greece, received the green light for the European Union (EU) recovery funding.
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 Aena SME SA, ONEOK, Inc., and Enbridge Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Iberdrola SA, Enel SpA, and Royal Vopak 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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Table of Contents
SPDR S&P Global Infrastructure ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Global Infrastructure Index(1)   Net
Asset
Value
Market
Value
S&P Global Infrastructure Index(1)
ONE YEAR 22.28% 22.02% 22.13%   22.28% 22.02% 22.13%
FIVE YEARS 29.10% 28.13% 27.73%   5.24% 5.08% 5.02%
TEN YEARS 88.40% 89.20% 87.96%   6.54% 6.58% 6.51%
(1) Index returns represent the Fund’s prior investment strategy from September 30, 2008 through April 30, 2013 and the S&P Global Infrastructure Index from May 1, 2013 through September 30, 2021.
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 Global Infrastructure 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, 2021.
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.
28


Table of Contents
SPDR S&P Global Infrastructure ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Aena SME SA 5.0%  
  Enbridge, Inc. 4.8  
  NextEra Energy, Inc. 4.8  
  Transurban Group Stapled Security 4.4  
  Atlantia SpA 3.7  
  TC Energy Corp. 3.4  
  Duke Energy Corp. 3.1  
  Sydney Airport Stapled Security 3.1  
  Southern Co. 2.7  
  Getlink SE 2.7  
  TOTAL 37.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
29


Table of Contents
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
September 30, 2021

Security Description     Shares   Value
COMMON STOCKS — 99.4%        
ARGENTINA — 0.1%          
MercadoLibre, Inc. (a)

    81   $ 136,031
AUSTRALIA — 1.9%          
Afterpay, Ltd. (a)

    477   41,802
Ampol, Ltd.

    2,181   44,034
APA Group Stapled Security

    1,102   6,941
Aristocrat Leisure, Ltd.

    1,398   47,412
ASX, Ltd.

    387   22,644
Australia & New Zealand Banking Group, Ltd.

    4,992   101,508
Brambles, Ltd.

    4,157   32,340
Cochlear, Ltd.

    159   25,314
Coles Group, Ltd.

    1,777   21,809
Commonwealth Bank of Australia

    2,878   216,894
Computershare, Ltd.

    1,740   22,901
Crown Resorts, Ltd. (a)

    1,824   12,622
CSL, Ltd.

    833   176,544
Dexus REIT

    1,896   14,791
Endeavour Group, Ltd.

    2,233   11,259
Evolution Mining, Ltd.

    4,680   11,798
Fortescue Metals Group, Ltd.

    5,205   56,247
Goodman Group REIT

    3,245   50,819
GPT Group REIT

    2,094   7,669
Insurance Australia Group, Ltd.

    5,428   19,291
LendLease Corp., Ltd. Stapled Security

    1,238   9,703
Macquarie Group, Ltd.

    736   96,760
Magellan Financial Group, Ltd. (b)

    211   5,391
Medibank Pvt, Ltd.

    6,132   15,902
Mirvac Group REIT

    11,543   24,931
National Australia Bank, Ltd.

    5,572   112,014
Newcrest Mining, Ltd.

    1,344   21,980
Northern Star Resources, Ltd.

    2,689   16,510
QBE Insurance Group, Ltd. (b)

    3,567   30,043
Ramsay Health Care, Ltd.

    234   11,768
REA Group, Ltd. (b)

    125   14,343
Rio Tinto PLC

    2,220   147,078
Scentre Group REIT

    13,375   28,888
SEEK, Ltd. (b)

    666   14,971
Sonic Healthcare, Ltd.

    1,053   30,927
Stockland REIT

    7,167   23,193
Suncorp Group, Ltd.

    4,111   37,298
Sydney Airport Stapled Security (a)

    5,589   33,267
Tabcorp Holdings, Ltd.

    9,475   33,605
Telstra Corp., Ltd.

    8,658   24,579
Transurban Group Stapled Security (c)

    6,283   64,266
Transurban Group (a)(c)

    698   7,139
Treasury Wine Estates, Ltd.

    1,885   16,898
Vicinity Centres REIT

    7,102   8,567
Wesfarmers, Ltd.

    2,417   97,335
Westpac Banking Corp.

    6,702   125,871
Security Description     Shares   Value
WiseTech Global, Ltd.

    545   $ 21,121
Woolworths Group, Ltd.

    2,233   63,472
          2,082,459
AUSTRIA — 0.1%          
Erste Group Bank AG

    456   20,114
Raiffeisen Bank International AG

    1,128   29,650
Verbund AG

    783   79,584
          129,348
BELGIUM — 0.2%          
Ageas SA/NV

    226   11,216
Anheuser-Busch InBev SA/NV

    1,490   84,865
KBC Group NV

    163   14,742
Proximus SADP

    665   13,210
UCB SA

    172   19,296
Umicore SA

    707   41,985
          185,314
BRAZIL — 0.5%          
Ambev SA

    11,454   32,162
Americanas SA (a)

    1,081   6,134
B3 SA - Brasil Bolsa Balcao

    12,674   29,633
Banco Bradesco SA Preference Shares

    8,111   31,007
Banco Bradesco SA

    2,318   7,598
Banco BTG Pactual SA

    2,976   13,741
Banco do Brasil SA

    2,640   14,002
Banco Inter SA

    337   2,885
Bradespar SA Preference Shares

    5,102   48,941
CCR SA

    5,841   12,542
Cia Energetica de Minas Gerais Preference Shares

    4,533   11,672
Cia Paranaense de Energia Preference Shares

    11,500   15,364
Itau Unibanco Holding SA Preference Shares

    6,839   36,310
Itausa SA Preference Shares

    4,347   8,887
Localiza Rent a Car SA

    1,816   18,154
Lojas Renner SA

    1,644   10,385
Magazine Luiza SA

    3,981   10,477
Natura & Co. Holding SA (a)

    2,147   17,956
Notre Dame Intermedica Participacoes SA

    752   10,297
Raia Drogasil SA

    812   3,483
Suzano SA (a)

    1,447   14,478
Telefonica Brasil SA

    610   4,799
Ultrapar Participacoes SA

    2,946   7,969
Vale SA

    9,312   130,292
WEG SA

    2,796   20,335
Wheaton Precious Metals Corp.

    1,278   48,100
          567,603
CANADA — 3.1%          
Agnico Eagle Mines, Ltd.

    607   31,484
Alimentation Couche-Tard, Inc. Class B

    1,937   74,095
 
See accompanying notes to financial statements.
30


Table of Contents
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
AltaGas, Ltd.

    5,000   $ 98,630
B2Gold Corp.

    1,405   4,802
Ballard Power Systems, Inc. (a)(b)

    600   8,421
Bank of Montreal

    1,265   126,265
Bank of Nova Scotia

    2,339   143,939
Barrick Gold Corp.

    2,287   41,286
BCE, Inc.

    1,147   57,447
BlackBerry, Ltd. (a)(b)

    1,821   17,723
Brookfield Asset Management, Inc. Class A

    2,702   144,757
CAE, Inc. (a)

    514   15,353
Cameco Corp.

    2,612   56,741
Canadian Imperial Bank of Commerce (b)

    815   90,709
Canadian National Railway Co. (b)

    1,182   136,949
Canadian Pacific Railway, Ltd.

    1,130   73,775
Canadian Tire Corp., Ltd. Class A

    143   20,007
Canopy Growth Corp. (a)(b)

    825   11,429
CCL Industries, Inc. Class B

    401   20,765
CGI, Inc. (a)

    324   27,516
Constellation Software, Inc.

    34   55,690
Dollarama, Inc.

    446   19,342
Enbridge, Inc. (c)

    968   38,557
Enbridge, Inc. (c)

    4,090   162,782
Fairfax Financial Holdings, Ltd.

    65   26,235
FirstService Corp.

    28   5,061
Franco-Nevada Corp.

    523   67,932
George Weston, Ltd. (b)

    396   42,706
Great-West Lifeco, Inc.

    1,074   32,673
Hydro One, Ltd. (d)

    4,439   104,909
iA Financial Corp., Inc.

    99   5,616
Imperial Oil, Ltd. (b)

    1,400   44,237
Intact Financial Corp.

    205   27,101
Ivanhoe Mines, Ltd. Class A (a)

    4,700   30,051
Keyera Corp. (b)

    1,652   41,559
Kinross Gold Corp. (b)

    1,202   6,442
Kirkland Lake Gold, Ltd.

    563   23,447
Lightspeed Commerce, Inc. (a)(b)

    200   19,295
Loblaw Cos., Ltd.

    377   25,866
Magna International, Inc.

    300   22,573
Manulife Financial Corp.

    3,584   68,973
Metro, Inc.

    646   31,559
National Bank of Canada (b)

    423   32,482
Onex Corp.

    100   7,068
Open Text Corp. (b)

    397   19,373
Pan American Silver Corp.

    400   9,311
Pembina Pipeline Corp.

    4,100   129,940
Power Corp. of Canada (b)

    1,454   47,918
Restaurant Brands International, Inc.

    530   32,465
RioCan Real Estate Investment Trust

    851   14,537
Ritchie Bros Auctioneers, Inc. (b)

    258   15,918
Security Description     Shares   Value
Rogers Communications, Inc. Class B

    788   $ 36,792
Royal Bank of Canada

    2,445   243,236
Shaw Communications, Inc. Class B

    1,256   36,505
Shopify, Inc. Class A (a)

    199   270,059
Sun Life Financial, Inc. (b)

    674   34,688
TC Energy Corp. (b)

    1,553   74,729
TELUS Corp.

    1,514   33,271
Thomson Reuters Corp. (b)

    548   60,581
Toronto-Dominion Bank

    2,955   195,585
West Fraser Timber Co., Ltd.

    218   18,358
WSP Global, Inc. (b)

    375   44,893
Yamana Gold, Inc. (b)

    4,403   17,378
          3,479,786
CHILE — 0.2%          
Antofagasta PLC

    3,671   67,416
Banco de Credito e Inversiones SA

    243   8,856
Cencosud Shopping SA

    12,550   14,679
Cia Cervecerias Unidas SA

    950   8,445
Falabella SA

    6,285   21,977
Lundin Mining Corp.

    5,101   36,682
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares

    842   45,365
          203,420
CHINA — 4.3%          
3SBio, Inc. (a)(b)(d)

    7,500   7,370
51job, Inc. ADR (a)

    101   7,023
Agricultural Bank of China, Ltd. Class H

    89,000   30,640
Aier Eye Hospital Group Co., Ltd. Class A

    1,037   8,580
Alibaba Group Holding, Ltd. (a)

    26,424   482,680
Alibaba Health Information Technology, Ltd. (a)

    8,000   11,510
Anhui Gujing Distillery Co., Ltd. Class A

    200   7,391
ANTA Sports Products, Ltd.

    1,000   18,858
Baidu, Inc. ADR (a)

    477   73,339
Bank of China, Ltd. Class H

    218,000   77,291
Bank of Communications Co., Ltd. Class A

    31,828   22,192
Bank of Communications Co., Ltd. Class H

    24,000   14,243
BeiGene, Ltd. ADR (a)(b)

    100   36,300
Beijing Capital International Airport Co., Ltd. Class H (a)(b)

    2,000   1,179
Beijing-Shanghai High Speed Railway Co., Ltd. Class A

    12,600   9,293
Bilibili, Inc. ADR (a)(b)

    299   19,785
BOC Hong Kong Holdings, Ltd.

    3,500   10,566
BOE Technology Group Co., Ltd. Class A

    9,200   7,199
 
See accompanying notes to financial statements.
31


Table of Contents
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
Budweiser Brewing Co. APAC, Ltd. (b)(d)

    3,800   $ 9,636
BYD Co., Ltd. Class H (b)

    1,500   46,823
CanSino Biologics, Inc. Class H (a)(b)(d)

    200   7,065
CGN Power Co., Ltd. Class H (b)(d)

    107,000   32,576
China Cinda Asset Management Co., Ltd. Class H

    60,000   10,174
China CITIC Bank Corp., Ltd. Class H

    36,000   16,278
China Common Rich Renewable Energy Investment, Ltd. (a)(b)(e)

    24,000  
China Conch Venture Holdings, Ltd.

    2,500   11,577
China Construction Bank Corp. Class A

    800   740
China Construction Bank Corp. Class H

    191,000   136,908
China Everbright Bank Co., Ltd. Class A

    26,309   13,819
China Evergrande Group (b)

    2,700   1,023
China Feihe, Ltd. (d)

    5,000   8,440
China Huarong Asset Management Co., Ltd. Class H (a)(d)(e)

    65,000   4,258
China Jushi Co., Ltd. Class A

    3,200   8,716
China Life Insurance Co., Ltd. Class H

    18,000   29,550
China Literature, Ltd. (a)(b)(d)

    400   3,052
China Mengniu Dairy Co., Ltd. (a)

    4,000   25,769
China Merchants Bank Co., Ltd. Class A

    4,300   33,612
China Merchants Bank Co., Ltd. Class H

    5,500   43,839
China Merchants Port Holdings Co., Ltd.

    12,378   21,243
China Minsheng Banking Corp., Ltd. Class A

    31,545   19,111
China Minsheng Banking Corp., Ltd. Class H (b)

    22,500   9,047
China Molybdenum Co., Ltd. Class H

    42,000   26,167
China National Nuclear Power Co., Ltd. Class A

    24,300   27,146
China Northern Rare Earth Group High-Tech Co., Ltd. Class A

    4,200   28,809
China Oilfield Services, Ltd. Class H

    60,000   57,267
China Overseas Land & Investment, Ltd.

    9,000   20,510
China Pacific Insurance Group Co., Ltd. Class H

    5,000   14,869
China Resources Beer Holdings Co., Ltd.

    2,000   14,773
Security Description     Shares   Value
China Resources Gas Group, Ltd.

    4,000   $ 21,016
China Resources Land, Ltd.

    2,000   8,440
China Taiping Insurance Holdings Co., Ltd.

    7,600   11,559
China Tourism Group Duty Free Corp., Ltd. Class A

    200   8,057
China Tower Corp., Ltd. Class H (d)

    176,000   23,061
China Vanke Co., Ltd. Class H

    3,496   9,566
China Yangtze Power Co., Ltd. Class A

    13,596   46,345
Chongqing Rural Commercial Bank Co., Ltd. Class H

    28,000   10,215
CITIC Securities Co., Ltd. Class H

    4,500   11,469
Contemporary Amperex Technology Co., Ltd. Class A

    300   24,437
Country Garden Holdings Co., Ltd. (b)

    11,786   12,188
Country Garden Services Holdings Co., Ltd.

    2,000   15,800
CSPC Pharmaceutical Group, Ltd.

    10,720   12,862
Daqo New Energy Corp. ADR (a)

    100   5,700
ENN Energy Holdings, Ltd.

    2,500   41,235
ENN Natural Gas Co., Ltd. Class A

    3,600   10,196
ESR Cayman, Ltd. (a)(d)

    3,800   11,545
Foshan Haitian Flavouring & Food Co., Ltd. Class A

    884   15,067
Fosun International, Ltd.

    7,000   8,515
Futu Holdings, Ltd. ADR (a)(b)

    100   9,102
Ganfeng Lithium Co., Ltd. Class A

    800   20,197
Gaotu Techedu, Inc. ADR (a)(b)

    171   525
Geely Automobile Holdings, Ltd.

    7,000   20,097
GEM Co., Ltd. Class A

    6,900   11,953
Genscript Biotech Corp. (a)

    2,000   7,707
Great Wall Motor Co., Ltd. Class H

    5,000   18,434
Guangdong Hongda Blasting Co., Ltd. Class A

    1,900   7,987
Guangzhou Automobile Group Co., Ltd. Class H

    3,200   2,828
Guangzhou Tinci Materials Technology Co., Ltd. Class A

    800   18,856
Haidilao International Holding, Ltd. (b)(d)

    2,000   7,643
Haier Smart Home Co., Ltd. Class A

    3,100   12,560
Hello Group, Inc. ADR

    298   3,153
HengTen Networks Group, Ltd. (a)(b)

    8,000   2,374
Huafon Chemical Co., Ltd. Class A

    5,500   10,371
Huazhu Group, Ltd. ADR (a)(b)

    271   12,428
Hutchmed China, Ltd. ADR (a)

    397   14,534
 
See accompanying notes to financial statements.
32


Table of Contents
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
HUYA, Inc. ADR (a)

    450   $ 3,753
Iflytek Co., Ltd. Class A

    1,000   8,196
Industrial & Commercial Bank of China, Ltd. Class H

    122,000   67,859
Industrial Bank Co., Ltd. Class A

    3,232   9,164
Innovent Biologics, Inc. (a)(d)

    2,000   19,397
iQIYI, Inc. ADR (a)(b)

    600   4,818
JD Health International, Inc. (a)(b)(d)

    850   8,200
JD.com, Inc. ADR (a)

    1,488   107,493
Jiangsu Eastern Shenghong Co., Ltd. Class A

    3,600   15,685
Jiangsu Expressway Co., Ltd. Class H

    12,000   12,162
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A

    317   8,157
JOYY, Inc. ADR (b)

    99   5,428
Kaisa Group Holdings, Ltd. (a)(b)

    22,857   6,225
KE Holdings, Inc. ADR (a)

    658   12,015
Kingdee International Software Group Co., Ltd. (a)

    6,000   20,078
Kingsoft Corp., Ltd.

    2,000   7,977
Kuaishou Technology (a)(b)(d)

    600   6,374
Kweichow Moutai Co., Ltd. Class A

    202   57,276
Lenovo Group, Ltd.

    12,000   12,902
Li Auto, Inc. ADR (a)

    1,000   26,290
Li Ning Co., Ltd.

    3,500   40,532
Longfor Group Holdings, Ltd. (d)

    1,500   6,917
LONGi Green Energy Technology Co., Ltd. Class A

    980   12,524
Luxi Chemical Group Co., Ltd. Class A

    4,400   12,817
Luzhou Laojiao Co., Ltd. Class A

    300   10,300
Meituan Class B (a)(d)

    6,400   202,737
Microport Scientific Corp.

    1,000   5,639
Midea Group Co., Ltd. Class A

    1,100   11,862
MMG, Ltd. (a)(b)

    20,000   8,453
Muyuan Foods Co., Ltd. Class A

    1,372   11,033
NetEase, Inc. ADR

    715   61,061
New Oriental Education & Technology Group, Inc. ADR (a)

    3,129   6,414
Ningxia Baofeng Energy Group Co., Ltd. Class A

    4,400   10,963
NIO, Inc. ADR (a)

    2,355   83,909
Nongfu Spring Co., Ltd. Class H (d)

    1,800   9,168
NXP Semiconductors NV

    577   113,017
Offshore Oil Engineering Co., Ltd. Class A

    10,700   7,941
People's Insurance Co. Group of China, Ltd. Class H

    51,000   15,854
Pharmaron Beijing Co., Ltd. Class H (d)

    400   9,573
PICC Property & Casualty Co., Ltd. Class H