Annual Report
September 30, 2023
SPDR® Index Shares Funds
SPDR EURO STOXX 50 ETF
SPDR MSCI ACWI Climate Paris Aligned ETF
SPDR MSCI ACWI ex-US 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 Emerging Markets Dividend ETF
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P Global Dividend ETF
SPDR S&P Global Infrastructure ETF
SPDR S&P International Dividend 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

32

35

38

41
Schedules of Investments  

44

46

59

79

89

98

109

124

138

159

163

214

217

220

223

237

251

264

265
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
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 EURO STOXX 50® Index is a market capitalization weighted index designed to represent the performance of some of the largest companies across components of the 20 EURO STOXX Supersector Indexes. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index. The EURO STOXX Index is a broad yet liquid subset of the STOXX Europe 600 Index. The Index captures approximately 60% of the free-float market capitalization of the EURO STOXX Total Market Index, which in turn covers approximately 95% of the free float market capitalization of the represented countries.
The MSCI ACWI Climate Paris Aligned Index is based on the MSCI ACWI Index, its parent index, and includes large and midcap securities across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. The index is designed to support investors seeking to reduce their exposure to transition and physical climate risks and who wish to pursue opportunities arising from the transition to a lower-carbon economy while aligning with the Paris Agreement requirements. The index incorporates the TCFD recommendations and are designed to exceed the minimum standards of the EU Paris-Aligned Benchmark.
The MSCI ACWI ex USA Index is a float-adjusted market capitalization index that is designed to measure the combined equity market performance of large- and mid-cap securities in developed and emerging market countries excluding the United States.
The MSCI EAFE ex Fossil Fuels Index is designed to measure the performance of companies in the MSCI EAFE Index that are "fossil fuel reserves free", which are defined as companies that do not own fossil fuel reserves. For purposes of the composition of the Index, fossil fuel are defined as proved and probable coal, oil or natural gas reserves used for energy purposes, but do not include metallurgical or coking coal, which is primarily used in connection with steel production.
The MSCI EAFE (Europe, Australasia, Far East) Factor Mix A-Series Index captures large- and mid-cap representation across 21 developed market EAFE 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 and the MSCI EAFE Quality Index.
The MSCI Emerging Markets ex-Fossil Fuel Index is designed to measure the performance of companies in the MSI Emerging Markets Index that are "fossil fuel reserves free," which are defined as companies that do not won fossil fuel reserves.
The MSCI Emerging Markets (EM) Factor Mix-A-Series captures large- and mid-cap representation across 27 emerging market countries and aims to represent the performance of value, low volatility and quality factor strategies.
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.
The S&P® Emerging Asia Pacific BMI Index is a float-adjusted, market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging Asian Pacific markets.
The S&P Emerging Markets Dividend Opportunities Index is comprised of 100 of the highest yielding emerging markets stocks that meet certain investability requirements. The stocks must have stable or increasing three-year dividend growth and stocks must be profitable, as measured by positive earnings per share before extraordinary items, over the latest 12-month period as of the rebalancing reference date.
The S&P ® Emerging Markets Under USD2 Billion Index is a float-adjusted market capitalization weighted index designed to represent the small capitalization segment of emerging countries included in the S&P Global BMI (Broad Market Index).
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 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 and emerging markets.
The S&P International Dividend Opportunities® Index is designed to measure the performance of the 100 high-yielding international common stocks. The selection universe for the Index is the S&P Global ex-U.S. BMI (Broad Market Index) excluding China A shares.
See accompanying notes to financial statements.
1


Table of Contents
SPDR EURO STOXX 50 ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR EURO STOXX 50 ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the EURO STOXX 50 Index. The Fund’s benchmark is the EURO STOXX 50 Index (the “Index”).
For the 12-month period ended September 30, 2023 (the “Reporting Period”), the total return for the Fund was 40.03%, and the Index was 39.41%. 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, the cumulative effect of security misweights and the impact of European Union (the ”EU”) reclaims received 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.
Keeping in line with the U.S. Federal Reserve’s (the “Fed”) move, the European Central Bank (the “ECB”) also announced a lower-than-expected deposit facility rate hike of 50 bps in December 2022. Additionally, in what was being seen a positive measure to fight against the soaring energy prices in the region, the EU nations agreed to cap the rising wholesale gas prices if it were to breach €180. This will be implemented from February 2023 onward for a period of 1 year. Spain and France announced aid packages for citizens in the face of soaring inflation. Despite rapidly rising interest rates and the turmoil in the banking sector in March, economic activity in Europe surprised on the upside throughout the quarter, driven by falling energy prices and the resilience of services activity. In June, the Eurozone manufacturing sector saw its decline worsening, with the S&P Global Eurozone Manufacturing PMI coming in at 43.4, down from preliminary estimate of 43.6 and in the previous month estimate of 48.5. The demand for goods produced in the Eurozone drastically decreased, with dismal sales performances particularly noticeable in Austria, Germany and Italy. The European Central Bank’s (ECB) monetary stance appeared to be bearing fruit, as Eurozone inflation slowed to two-year lows. However, the higher interest rate took a toll on the disposable income of consumers, reflecting on the fortunes of Consumer Discretionary stocks. Although the purchasing managers indices (PMI) showed that the Eurozone was in contraction, the overall trend remained positive.
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 on an absolute basis during the Reporting Period were ASML Holding NV, LVMH Moet Hennessy Louis Vuitton SE, and TotalEnergies SE. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Adyen NV, Pernod Ricard SA, and CRH 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.
2


Table of Contents
SPDR EURO STOXX 50 ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
EURO STOXX 50 Index   Net
Asset
Value
Market
Value
EURO STOXX 50 Index
ONE YEAR 40.03% 40.85% 39.41%   40.03% 40.85% 39.41%
FIVE YEARS 26.75% 26.39% 25.89%   4.86% 4.80% 4.71%
TEN YEARS 47.69% 46.73% 45.01%   3.98% 3.91% 3.79%
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 EURO STOXX 50 ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.29%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2023.
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 EURO STOXX 50 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  ASML Holding NV 7.6%  
  LVMH Moet Hennessy Louis Vuitton SE 6.2  
  TotalEnergies SE 5.2  
  SAP SE 4.2  
  Sanofi 3.9  
  Siemens AG 3.4  
  L'Oreal SA 3.2  
  Allianz SE 3.1  
  Schneider Electric SE 3.0  
  Air Liquide SA 2.8  
  TOTAL 42.6%  
(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.
4


Table of Contents
SPDR MSCI ACWI Climate Paris Aligned ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR MSCI ACWI Climate Paris Aligned ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI ACWI Climate Paris Aligned Index. The Fund’s benchmark is the MSCI ACWI Climate Paris Aligned Index (the “Index”).
For the 12-month period ended September 30, 2023 (the “Reporting Period”), the total return for the Fund was 19.07%, and the Index was 18.83%. 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, transaction costs, cash drag, cumulative effect of security misweights, tax withholdings, compounding and securities lending income contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”) as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases and speculation on when and if those rate increases would have to be halted, or even reversed. But there were other themes connected to tech and the prospects of artificial intelligence that were also impactful.
The Reporting Period began with markets reacting to the latest Fed rumors, moving back and forth as investors evaluated various indicators. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps at December’s meeting. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets moved higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related. The energy sector was down 18.7% for this quarter ending March 2023. Excess inventory and declining demand due to warmer-than-normal weather conditions pushed gas prices lower.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted by chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. The energy sector fell modestly during the quarter ending June 30, as higher natural gas prices partially offset declines in brent and crude.
Markets continued to climb after June’s U.S. inflation number came in at only 3%, which was its slowest pace in more than two years and which reinvigorated investors on the idea that a soft landing might indeed be possible. But a downgrade of the United States’ credit rating on August 1st put an end to the euphoria. That, combined with record high mortgage interest rates, additional regional bank downgrades and concerns about the Chinese property market and its impact on China’s overall economy, put newfound fear into investor sentiment. Tech names sold off particularly strongly as the Fed communicated that it might hold rates higher for longer than expected, giving markets a tough September to end the year-long period. The energy sector posted robust gains during this last quarter ending September 2023. Crude oil prices were supported by OPEC+ production cuts that squeezed global crude supply. Tighter-than-expected crude supplies in the U.S. also weighed on oil prices.
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 on an absolute basis during the Reporting Period were NVIDIA Corp., Rolls-Royce Holdings PLC, and Advantest Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were SVB Financial Group, First Republic Bank, and Americanas SA.
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 Climate Paris Aligned ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
MSCI ACWI Climate Paris Aligned Index(2)   Net
Asset
Value(1)
Market
Value(1)
MSCI ACWI Climate Paris Aligned Index(2)
ONE YEAR 19.07% 19.28% 18.83%   19.07% 19.28% 18.83%
FIVE YEARS 35.39% 35.72% 34.78%   6.25% 6.30% 6.15%
SINCE INCEPTION(3) 80.14% 80.08% 77.63%   6.88% 6.87% 6.71%
(1) Effective 4/22/22, the Fund’s benchmark index changed from the MSCI ACWI Low Carbon Target Index. The Fund’s performance in the tables is based on the Fund’s prior investment strategy to track a different benchmark index for respective periods prior to 4/22/22.
(2) The MSCI ACWI Climate Paris Aligned Index reflects linked performance returns of both the MSCI ACWI Climate Paris Aligned Index and the MSCI ACWI Low Carbon Target Index. The index returns are reflective of the MSCI ACWI Low Carbon Target Index from fund inception until 4/22/2022 and of the MSCI ACWI Climate Paris Aligned Index effective 4/22/2022.
(3) For the period November 25, 2014 to September 30, 2023. 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 Climate Paris Aligned ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2023.
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.
6


Table of Contents
SPDR MSCI ACWI Climate Paris Aligned ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 4.8%  
  Microsoft Corp. 4.0  
  NVIDIA Corp. 2.0  
  Amazon.com, Inc. 1.9  
  Alphabet, Inc. Class C 1.6  
  Tesla, Inc. 1.3  
  Meta Platforms, Inc. Class A 1.2  
  Alphabet, Inc. Class A 1.0  
  Eli Lilly & Co. 1.0  
  UnitedHealth Group, Inc. 0.9  
  TOTAL 19.7%  
(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.
7


Table of Contents
SPDR MSCI ACWI ex-US ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR MSCI ACWI 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 broad based world (ex-U.S.) equity markets. The Fund’s benchmark is the MSCI ACWI ex USA Index (the “Index”).
For the 12-month period ended September 30, 2023 (the “Reporting Period”), the total return for the Fund was 20.80%, and the Index was 20.39%. 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. Fund expenses, cash drag, securities lending income, compounding and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.
After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities, largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war. Despite the tough ending to the last quarter of 2022, the fund still enjoyed gains of over 15% for the same three month period.
Global equity markets proved to be resilient in the first quarter of 2023. Markets started the year with a strong January rally for equities driven by a decline in inflation and prospects of easier monetary policy. February saw a moderate pullback due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The fund completed the first quarter of the new calendar year with positive returns of almost 8%.
During the second quarter of 2023, the positive momentum continued to decline, but the Fund still managed to finish in positive territory with returns close to 3%. April saw an increase in global shares, backed by some solid economic data. In May, global markets showed mixed reactions, as investors were worried about the potential for further rate hikes in the U.S. and Europe. Global equity markets were generally higher in June as the turmoil of the U.S. debt ceiling negotiations faded. Instead, investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy. Corporate earnings held up better than expected as there was a possibility that the U.S. Federal Reserve (the “Fed”) did enough to get inflation under control. The yield curve was still warning of a possible recession, but investors were happy to add to holdings in the U.S. Data from Europe was mixed with some countries seeing steady falls in inflation while for others it remained stubbornly high. In local currency, Japan was the strongest of all , but a weakening yen detracted in common currency terms.
Global equity markets hit 2023 highs in July, as inflation showed signs of easing in many regions. In August, Chinese real estate worries dampened investor sentiments. By September, investors were further spooked by the prospects of the high interest rates regime persisting. Over the course of the quarter, crude oil prices rose by almost 30%. While this boosted oil-producers and regions such as the United Kingdom (UK), investors weighed in on its potential impact on inflation.
The Fund used equity index futures in order to track the index 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 Novo Nordisk AS Class B, ASML Holding NV, and Samsung Electronics Co., Ltd. The top negative contributors to the Fund’s performance during the Reporting Period were Meituan Class B, Roche Holding AG, and JD.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.
8


Table of Contents
SPDR MSCI ACWI ex-US ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI ACWI ex USA Index   Net
Asset
Value
Market
Value
MSCI ACWI ex USA Index
ONE YEAR 20.80% 20.92% 20.39%   20.80% 20.92% 20.39%
FIVE YEARS 15.18% 14.89% 13.57%   2.87% 2.82% 2.58%
TEN YEARS 42.87% 42.24% 38.99%   3.63% 3.59% 3.35%
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 ex-US 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, 2023.
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 ACWI ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co. Ltd. ADR 1.6%  
  Nestle SA 1.4  
  Novo Nordisk AS Class B 1.3  
  Samsung Electronics Co. Ltd. GDR 1.1  
  Tencent Holdings Ltd. 1.1  
  ASML Holding NV 1.1  
  Shell PLC 1.0  
  LVMH Moet Hennessy Louis Vuitton SE 1.0  
  Novartis AG 0.9  
  Roche Holding AG 0.9  
  TOTAL 11.4%  
(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 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, 2023 (the “Reporting Period”), the total return for the Fund was 24.61%, and the Index was 24.74%. 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, the cumulative effect of security misweights, and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”) and central banks, as their efforts to combat the highest inflation rates around the globe in decades took center stage, as did the immediate downstream effects of these large rate increases and speculation on when and if those rate increases would have to be halted, or even reversed. But there were other themes connected to tech and the prospects of artificial intelligence that were also impactful.
The Reporting Period began with markets reacting to the latest Fed rumors, moving back and forth as investors evaluated various indicators. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps at December’s meeting. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As the first quarter of 2023 began, markets moved higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors.
Markets continued to climb after June’s U.S. inflation number came in at only 3%, which was its slowest pace in more than two years and which reinvigorated investors on the idea that a soft landing might indeed be possible. But a downgrade of the United States’ credit rating on August 1st put an end to the euphoria. That, combined with record high mortgage interest rates, additional regional bank downgrades and concerns about the Chinese property market and its impact on China’s overall economy, put newfound fear into investor sentiment. Tech names sold off particularly strongly as the Fed communicated that it might hold rates higher for longer than expected, giving markets a tough September to end the year-long period.
During the Reporting Period, the Fund slightly underperformed the MSCI EAFE Index’s return of 25.65%. This difference was driven primarily by the exclusion of Fossil Fuel companies, the majority of which come from the energy sector. Given the energy sector’s outperformance during the Reporting Period, the exclusion of many of these names naturally detracted from the Fund’s performance compared to the MSCI EAFE Index.
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 AS Class B, ASML Holding NV, and Novartis AG. The top negative contributors to the Fund’s performance during the Reporting Period were Roche Holding AG, Anglo American Platinum, Ltd., and Credit Suisse.
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, 2023
  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 24.61% 25.27% 24.74%   24.61% 25.27% 24.74%
FIVE YEARS 15.64% 15.12% 15.84%   2.95% 2.86% 2.98%
SINCE INCEPTION(1) 41.87% 41.66% 41.77%   5.17% 5.15% 5.16%
(1) For the period October 24, 2016 to September 30, 2023. 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 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2023.
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, 2023

     
  Description % of Net Assets  
  Nestle SA 2.2%  
  Novo Nordisk AS Class B 2.2  
  ASML Holding NV 1.8  
  Novartis AG 1.6  
  AstraZeneca PLC 1.6  
  LVMH Moet Hennessy Louis Vuitton SE 1.6  
  Roche Holding AG 1.4  
  Toyota Motor Corp. 1.4  
  HSBC Holdings PLC 1.1  
  SAP SE 1.0  
  TOTAL 15.9%  
(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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Table of Contents
SPDR MSCI EAFE StrategicFactors ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR MSCI EAFE 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 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, 2023 (the “Reporting Period”), the total return for the Fund was 23.45%, and the Index was 23.73%. 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.
The global economy decelerated further in the fourth quarter of 2022, with inflation showing signs of slowing down in the U.S. and peaking in the Eurozone and Japan. However, key central banks continued with their hawkish tone, which further dented market sentiments toward the end of the calendar quarter. After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war.
Global equity markets continued to prove resilient in the first quarter of 2023. Markets started the calendar year with a strong January rally for equities driven by a decline in inflation and prospects of easier monetary policy. February saw a moderate pullback due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector.
This momentum continued in to the second quarter of 2023 as the global economy expanded. April saw an increase in global shares, backed by some solid economic data. In May, global markets showed mixed reactions, as investors were worried about the potential for further rate hikes in the U.S. and Europe and slow growth in China. Global equity markets were generally higher in June as the turmoil of the U.S. debt ceiling negotiations faded. Instead, investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy.
Global equity markets hit 2023 highs in July, as inflation showed signs of easing in many regions. In August, Chinese real estate worries dampened investor sentiments. By September, investors were further spooked by the prospects of the high interest rates regime persisting. Over the course of the third quarter of 2023, crude oil prices rose by almost 30%. While this boosted oil-producers and regions such as the United Kingdom (UK), investors weighed in on its potential impact on 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 on an absolute basis during the Reporting Period were Novo Nordisk AS Class B, ASML Holding NV, and Novartis AG. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Credit Suisse Group AG, Roche Holding AG, and Hang Seng Bank, 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 EAFE StrategicFactors ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  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 23.45% 23.50% 23.73%   23.45% 23.50% 23.73%
FIVE YEARS 20.44% 19.67% 20.60%   3.79% 3.66% 3.82%
SINCE INCEPTION(1) 41.98% 41.36% 42.71%   3.83% 3.78% 3.89%
(1) For the period June 4, 2014 to September 30, 2023. 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, 2023.
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 StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Novo Nordisk AS Class B 2.6%  
  Nestle SA 2.4  
  Roche Holding AG 2.1  
  Novartis AG 2.0  
  ASML Holding NV 1.6  
  BHP Group Ltd. 1.4  
  LVMH Moet Hennessy Louis Vuitton SE 1.3  
  Unilever PLC 1.2  
  GSK PLC 1.0  
  Zurich Insurance Group AG 0.8  
  TOTAL 16.4%  
(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.
16


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, 2023 (the “Reporting Period”), the total return for the Fund was 11.20%, and the Index was 11.15%. 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, securities lending income, tax withholding differences 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 out the Reporting Period with positive returns, alongside the overall MSCI Emerging Markets Index, both which gained close to 10% in USD terms. Commodity producing Latin American and Middle Eastern countries contributed to the positive gains within the broad Index. During the same period, Turkey, Poland and Hungary were also among the best MSCI Emerging Markets ex Fossil Fuels Index performers.
Emerging Markets (the “EM”) equities had a positive second quarter of the Reporting Period, though not as strong as the final three months of 2022. Both the Fund and the Index gained slightly more than 4%. Czech Republic, Mexico and Greece were among the best MSCI EM countries. Columbia was the worst performer, losing over 13% during the same period. Following closely behind in losses were Turkey and UAE. China doing away with its zero-COVID-19 policy led to a strong rebound in its economy beginning in January, while inflation remained surprisingly low, allowing the People’s Bank of China to maintain an easy monetary policy.
The Index was flat during the third quarter of the Reporting Period. Although Hungary was able to top EM country performance, returning a solid 24.8%, Poland was not far behind with gains of 24.5%. Greece also outperformed, as the ruling New Democracy party won a second term in office in May, indicating a continuation of market friendly policies. Korea and Taiwan outperformance was led by technology names on optimism about AI growth. Despite many other countries’ following with positive returns, EM stocks were held back by the underperformance in China. Debt ceiling uncertainty in the U.S. also added to the negative mood, which was resolved in June. South Africa was one of the worst performers as crippling power cuts, volatile commodity prices and a challenging external environment continued to weaken the country’s growth performance. Turkey was another laggard as President Recep Tayyip Erdogan won the re-election in May, extending his two-decade rule.
Although the Fund ended the final quarter in Reporting Period in the red, EM stocks still managed to perform marginally better than their developed market (the “DM”) counterparts. China continued to be a laggard, with debt concerns around the domestic real estate sector spooking investors. A few countries that outperformed the broader EM were Turkey, Egypt, and India, while Poland, Chile, and South Africa underperformed. The crippling power cuts that plagued South Africa in the second quarter of 2023 continued through the third quarter of 2023, dragging down local markets. While Turkey had a forgettable the second quarter from President Recep Tayyip Erdogan’s re-election, the fact that central bank hiked rates lent confidence to investors, driving stronger returns in stocks.
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., Taiwan Semiconductor Manufacturing Co., Ltd. and Tencent Holdings, Ltd. The top negative contributors to the Fund’s performance during the Reporting Period were Meituan Class B, JD.com, Inc. and Saudi National Bank.
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, 2023
  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 11.20% 12.12% 11.15%   11.20% 12.12% 11.15%
FIVE YEARS 2.88% 2.80% 3.17%   0.57% 0.55% 0.63%
SINCE INCEPTION(1) 21.51% 21.29% 21.34%   2.85% 2.82% 2.83%
(1) For the period October 24, 2016 to September 30, 2023. 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, 2023.
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 Emerging Markets Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co. Ltd. 6.6%  
  Tencent Holdings Ltd. 4.1  
  Samsung Electronics Co. Ltd. 3.9  
  Alibaba Group Holding Ltd. 2.9  
  Meituan Class B 1.3  
  Infosys Ltd. 1.1  
  ICICI Bank Ltd. 1.0  
  China Construction Bank Corp. Class H 0.9  
  SK Hynix, Inc. 0.9  
  PDD Holdings, Inc. ADR 0.9  
  TOTAL 23.6%  
(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, 2023 (the “Reporting Period”), the total return for the Fund was 11.03%, and the Index was 11.99%. 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 cumulative effect of security misweights, fees and expenses, cash drag, and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”) and central banks, as their efforts to combat the highest inflation rates around the globe in decades took center stage, as did the immediate downstream effects of these large rate increases and speculation on when and if those rate increases would have to be halted, or even reversed. But there were other themes connected to tech and the prospects of artificial intelligence that were also impactful.
The Reporting Period began with markets reacting to the Fed’s rumors, moving back and forth as investors evaluated various indicators. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps at December’s meeting. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the last quarter of 2022.
As first quarter of 2023 began, markets moved higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI-lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors.
Markets continued to climb after June’s U.S. inflation number came in at only 3%, which was its slowest pace in more than two years and which reinvigorated investors on the idea that a soft landing might indeed be possible. But a downgrade of the United States’ credit rating on August 1st put an end to the euphoria. That, combined with record high mortgage interest rates, additional regional bank downgrades and concerns about the Chinese property market and its impact on China’s overall economy, put newfound fear into investor sentiment. Tech names sold off particularly strongly as the Fed communicated that it might hold rates higher for longer than expected, giving markets a tough September to end the year-long period.
During the Reporting Period, the Index’s return of 11.99% was somewhat similar to the MSCI Emerging Markets Index return of 11.70%. Although value names in emerging markets generally outperformed for the year, both quality names and low volatility names tended to underperform. These disparate performances tended to offset each other, resulting in performance differences between the Index and the MSCI Emerging Markets Index that were not drastic.
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 Taiwan Semiconductor Manufacturing Co. Ltd., Samsung Electronics Co. Ltd., and PDD Holdings, Inc. ADR.. The top negative contributors to the Fund’s performance during the Reporting Period were Adani Total Gas Ltd., Al Rajhi Bank, and Masraf Al-Rayan QSC.
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.
20


Table of Contents
SPDR MSCI Emerging Markets StrategicFactors ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  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 11.03% 11.98% 11.99%   11.03% 11.98% 11.99%
FIVE YEARS 6.99% 7.19% 10.06%   1.36% 1.40% 1.94%
SINCE INCEPTION(1) 15.53% 15.24% 22.60%   1.56% 1.53% 2.21%
(1) For the period June 4, 2014 to September 30, 2023. 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, 2023.
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 Emerging Markets StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co. Ltd. 2.7%  
  Tata Consultancy Services Ltd. 2.3  
  Vale SA ADR 1.9  
  PDD Holdings, Inc. ADR 1.7  
  Samsung Electronics Co. Ltd. 1.7  
  MediaTek, Inc. 1.4  
  Bank Central Asia Tbk PT 1.4  
  Saudi Arabian Oil Co. 1.3  
  Infosys Ltd. 1.3  
  China Construction Bank Corp. Class H 1.2  
  TOTAL 16.9%  
(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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Table of Contents
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, 2023 (the “Reporting Period”), the total return for the Fund was 21.40%, and the Index was 21.16%. 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 Index returned a positive 11.24% in the last quarter of 2022. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by speculation that the U.S. Federal Reserve (the “Fed”) would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped.
As 2023 began, markets moved higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. When regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related. The Index had its second positive return of 5.87% in the first quarter of 2023.
This enthusiasm continued into the second quarter of 2023 as the Index returned its third consecutive positive return of 5.51%, which was assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too.
A downgrade of the United States’ credit rating on August 1st put an end to the previous quarter returns. That, combined with record high mortgage interest rates, additional regional bank downgrades and concerns about the Chinese property market and its impact on China’s overall economy, put newfound fear into investor sentiment. Tech names sold off particularly strongly as the U.S. Federal Reserve communicated that it might hold rates higher for longer than expected, giving markets a tough September to end the year-long period with a negative return of 2.48% for the Index.
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 NVIDIA Corp., Meta Platforms, Inc., and Microsoft Corp.. The top negative contributors to the Fund’s performance during the Reporting Period were Roche Holding AG, Pfizer, Inc., and Dollar General 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.
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Table of Contents
SPDR MSCI World StrategicFactors ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  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 21.40% 21.75% 21.16%   21.40% 21.75% 21.16%
FIVE YEARS 42.59% 43.13% 41.79%   7.35% 7.44% 7.23%
SINCE INCEPTION(1) 107.12% 107.42% 104.13%   8.12% 8.14% 7.95%
(1) For the period June 4, 2014 to September 30, 2023. 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, 2023.
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 World StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Microsoft Corp. 2.3%  
  Apple, Inc. 2.3  
  NVIDIA Corp. 2.0  
  Meta Platforms, Inc. Class A 1.5  
  Eli Lilly & Co. 1.4  
  UnitedHealth Group, Inc. 1.4  
  Johnson & Johnson 1.3  
  Alphabet, Inc. Class A 1.2  
  Visa, Inc. Class A 1.2  
  Merck & Co., Inc. 1.1  
  TOTAL 15.7%  
(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.
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Table of Contents
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 Emerging Asia Pacific BMI Index (the “Index”).
For the 12-month period ended September 30, 2023 (the “Reporting Period”), the total return for the Fund was 11.28%, and the Index was 10.66%. 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 mis-weights contributed to the difference between the Fund’s performance and that of the Index. Security misweights, and tax withholdings were primary drivers of Fund performance during the Reporting Period.
The Index delivered the best quarter by gaining 8.6% in last quarter of 2022. This quarter’s most significant news driving this positive momentum was China moving away from its zero-COVID-19 policy and lifting its COVID-19 restrictions after three years. This, of course, meant a spike in COVID-19 cases in the region, but the easing also implied a resurgence of trade from China. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war.
The Index sustained its upward trend during the first quarter of 2023 by adding another 3.5% during this period. Notwithstanding the ongoing geopolitical tensions, elevated energy and food prices, and the effects of global monetary policy tightening, the global economy proved more resilient than expected in this quarter. China’s quick recovery provided a further boost. Economic activity rose across advanced economies. The manufacturing sector performed less well, while the service sector continued to exhibit strength. Inflation continued to slow down but remained elevated. Global equity markets proved to be resilient during the quarter as markets started the year with a strong January rally for equities driven by a decline in inflation and prospects of easier monetary policy. February saw a moderate pullback due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of several banks sparked fears of financial instability, but investors took comfort as regulators and central banks once again intervened to stabilize the sector.
The Index modestly lost 0.5% in the second quarter of 2023. Markets in India were strong, driven by foreign inflows and steady earnings whereas Taiwan and Indonesia also advanced moderately. The Philippines and Singapore ended the quarter with negative returns. China was the worst performer and had the largest impact to the Index given that the country weight is over 40% of the Index. In China, record high youth unemployment, consumer unwillingness to spend and soft demand at home and abroad were some of the major concerns.
The Index finished the last quarter of the fiscal year on a downward trend by losing another 1% amid higher interest rates and risk of financial instability in China. Additionally, global economic growth remained lackluster during this quarter, with manufacturing activities contracting for the fourth month running and services sector growth also slowing down. Global equity markets were boosted in July as inflation showed signs of easing in many regions. In August, Chinese real estate worries dampened investor sentiments. Many markets, including Taiwan saw spillover effects from Evergrande and the broader debt concerns around Chinese real estate names. By September, investors were further spooked by the prospects of the high interest rates regime persisting. Over the course of the quarter, crude oil prices rose by almost 30%.
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 on an absolute basis during the Reporting Period were Taiwan Semiconductor Manufacturing Co., Ltd., Tencent Holdings Ltd. and Quanta Computer, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Meituan Class B, JD.com, Inc. Class A, and NIO, Inc. Class A.
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 S&P Emerging Asia Pacific ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  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 11.28% 11.49% 10.66%   11.28% 11.49% 10.66%
FIVE YEARS 12.31% 11.96% 13.27%   2.35% 2.29% 2.52%
TEN YEARS 61.79% 60.93% 63.59%   4.93% 4.87% 5.04%
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 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, 2023.
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 S&P Emerging Asia Pacific ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co. Ltd. ADR 5.4%  
  Tencent Holdings Ltd. 4.1  
  Alibaba Group Holding Ltd. 2.9  
  HDFC Bank Ltd. 1.7  
  Reliance Industries Ltd. GDR 1.6  
  Taiwan Semiconductor Manufacturing Co. Ltd. 1.2  
  ICICI Bank Ltd. ADR 1.2  
  PDD Holdings, Inc. ADR 1.1  
  Meituan Class B 1.1  
  Infosys Ltd. ADR 1.0  
  TOTAL 21.3%  
(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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SPDR S&P Emerging Markets Dividend ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Emerging Markets Dividend 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 dividend paying securities of publicly-traded companies in emerging markets. The Fund’s benchmark is the S&P Emerging Markets Dividend Opportunities Index (the “Index”).
For the 12-month period ended September 30, 2023 (the “Reporting Period”), the total return for the Fund was 39.27%, and the Index was 41.63%. 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 contributed to the difference between the Fund’s performance and that of the Index.
Global economic growth remained lackluster in the past 12 months, with manufacturing activities contracting for four straight months and services sector growth also slowing down. Broad emerging stocks performed significantly worse than their developed market (the “DM”) counterparts over the Reporting Period. China continued to be a laggard, with debt concerns around the domestic real estate sector spooking investors. In China, the economy stalled somewhat in September, with retail sales, pricing power, and loan growth weakening, compared to August numbers. The Index outperformed MSCI Emerging Markets by nearly 30% with most of outperformance coming from the dividend stock selection in Taiwan and China. Information technology sector was the strongest performing sector in the Index and drove majority of the returns for the Reporting Period. Technology names led strong performance was based on optimism about AI growth. Behind Information Technology, Financials, Energy, and Utilities, were the strongest sectors contributing to the Fund’s return.
The Fund used emerging markets Index futures in order to equitize cash and receivables in the fund 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 on an absolute basis during the Reporting Period were Quanta Computer, Inc., Wistron Corp., and Lite-On Technology Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Saudi Telecom Co., Banco Bradesco SA Pfd, and Wiwynn 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.
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SPDR S&P Emerging Markets Dividend ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Emerging Markets Dividend Opportunities Index   Net
Asset
Value
Market
Value
S&P Emerging Markets Dividend Opportunities Index
ONE YEAR 39.27% 41.24% 41.63%   39.27% 41.24% 41.63%
FIVE YEARS 19.24% 19.62% 23.57%   3.58% 3.65% 4.32%
TEN YEARS 11.65% 11.59% 22.68%   1.11% 1.10% 2.07%
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 Markets Dividend 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, 2023.
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 Markets Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  PetroChina Co. Ltd. Class H 3.3%  
  Quanta Computer, Inc. 3.3  
  NTPC Ltd. 3.3  
  Power Grid Corp. of India Ltd. 3.1  
  Advanced Info Service PCL NVDR 2.9  
  Hero MotoCorp Ltd. 2.7  
  Saudi Telecom Co. 2.5  
  Kunlun Energy Co. Ltd. 2.4  
  TMBThanachart Bank PCL NVDR 2.3  
  Getac Holdings Corp. 2.2  
  TOTAL 28.0%  
(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 S&P Emerging Markets Small Cap ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Emerging Markets 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 that tracks the small capitalization segment of global emerging market countries. The Fund’s benchmark is the S&P Emerging Markets Under USD2 Billion Index (the “Index”).
For the 12-month period ended September 30, 2023 (the “Reporting Period”), the total return for the Fund was 20.50%, and the Index was 21.40%. 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, transaction costs, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
With an overall risk positive environment, emerging market small cap equities outperformed their large and mid-cap equity counterparts over the Reporting Period. Taiwan (the largest country weight in the Fund) was the top performing country, led by the information technology sector and the optimism about the growth of artificial intelligence. India small cap companies also performed well, led by the industrials sector, as the rapidly growing local economy provides demand for capital goods and transportation. China faced challenges as consumption spending and industrial activity remained weak and geopolitical tensions with China and U.S. persisted. The Fund had less exposure to China which also contributed to the outperformance compared to large and mid-cap equities.
The Fund used index equity futures in order to equitize dividend receivables and cash 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 Alchip Technologies Ltd., Gigabyte Technology Co., and MINISO Group Holding. The top negative contributors to the Fund’s performance during the Reporting Period were Transaction Capital Ltd., Grupo Casas Bahia S.A, and Telkom SA.
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 S&P Emerging Markets Small Cap ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Emerging Markets Under USD2 Billion Index   Net
Asset
Value
Market
Value
S&P Emerging Markets Under USD2 Billion Index
ONE YEAR 20.50% 20.84% 21.40%   20.50% 20.84% 21.40%
FIVE YEARS 37.16% 37.21% 41.55%   6.52% 6.53% 7.20%
TEN YEARS 51.54% 53.42% 58.42%   4.24% 4.37% 4.71%
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 Markets Small Cap ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.65%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2023.
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 Markets Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Compeq Manufacturing Co. Ltd. 0.2%  
  Mr Price Group Ltd. 0.2  
  Truworths International Ltd. 0.2  
  Chinasoft International Ltd. 0.2  
  Foschini Group Ltd. 0.2  
  Macronix International Co. Ltd. 0.2  
  Sanyang Motor Co. Ltd. 0.2  
  KRUK SA 0.2  
  Radiant Opto-Electronics Corp. 0.2  
  Silicon Motion Technology Corp. ADR 0.2  
  TOTAL 2.0%  
(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 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, 2023 (the “Reporting Period”), the total return for the Fund was 7.87%, and the Index was 7.51%. 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, futures, cash, and small security mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Seven of the twelve months in the Reporting Period posted positive returns. The market environment during this time was significantly influenced by the U.S. Federal Reserve (the “Fed”). Its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases and speculation on when and if those rate increases would have to be halted, or even reversed. But there were other themes connected to tech and the prospects of artificial intelligence that were also impactful.
The Reporting Period began with markets reacting to the latest Fed rumors, moving back and forth as investors evaluated various indicators. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps at December’s meeting. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets moved higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors.
Markets continued to climb after June’s U.S. inflation number came in at only 3%, which was its slowest pace in more than two years and which reinvigorated investors on the idea that a soft landing might indeed be possible. But a downgrade of the United States’ credit rating on August 1st put an end to the euphoria. That, combined with record high mortgage interest rates, additional regional bank downgrades and concerns about the Chinese property market and its impact on China’s overall economy, put newfound fear into investor sentiment. Tech names sold off particularly strongly as the Fed communicated that it might hold rates higher for longer than expected, giving markets a tough September to end the year-long period.
The Fund used futures in order to equitize cash and receivables during the Reporting Period. The Fund’s use of futures helped the performance of the Fund relative to the index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Adecco Group AG, Mitsubishi UFJ Financial Group, Inc., and Ashmore Group. The top negative contributors to the Fund’s performance during the Reporting Period were Newell Brands, Inc., New World Development Co, Ltd., and Allied Properties Real Estate Investment Trust.
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, 2023
  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 7.87% 7.70% 7.51%   7.87% 7.70% 7.51%
FIVE YEARS 3.27% 2.88% 1.93%   0.65% 0.57% 0.38%
TEN YEARS 36.79% 36.33% 33.62%   3.18% 3.15% 2.94%
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, 2023.
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 Summary (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Adecco Group AG 2.1%  
  A2A SpA 2.0  
  Lenovo Group Ltd. 1.7  
  Sumitomo Forestry Co. Ltd. 1.7  
  Toyo Tire Corp. 1.6  
  Toyo Seikan Group Holdings Ltd. 1.6  
  Bouygues SA 1.5  
  Russel Metals, Inc. 1.5  
  Keyera Corp. 1.5  
  Great-West Lifeco, Inc. 1.3  
  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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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, 2023 (the “Reporting Period”), the total return for the Fund was 6.24%, and the Index was 5.90%. 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, securities lending income, cumulative effects of security mis-weights and compounding (the exponential growth of outperformance or underperformance) also 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.
It is said that the return performance of an Infrastructure Index tends to track the broader economic environment. Two Sectors within the Index, Industrials and Energy, showed positive performance while the utilities sector maintained negative performance during the Reporting Period. The Industrials Sector tends to benefit from a stronger economy which can lead to increased demand for capital goods and transportation. Much like the broad market, industrials have been sensitive to the overall inflationary environment. Additionally, the Energy Sector began the Reporting Period with concern over global inflation and energy prices with the backdrop of the Ukraine war contributing to the concern, yet the mild winter in 2022 helped ease concerns and reduced natural gas pricing. Finally, while there was a boosting effect on crude oil pricing that drove profits for large oil companies, the utilities sector of this fund did not fair as well. The defensive nature of this sector is highly susceptible to interest rate changes which raised profitability concerns for many of its constituents over the Reporting 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 Aena SME SA, Grupo Aeroportuario del Pacifico SAB, and Enel SpA. The top negative contributors to the Fund’s performance during the Reporting Period were NextEra Energy, Inc., Dominion Energy, and Eversource Energy.
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, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Global Infrastructure Index   Net
Asset
Value
Market
Value
S&P Global Infrastructure Index
ONE YEAR 6.24% 6.23% 5.90%   6.24% 6.23% 5.90%
FIVE YEARS 18.02% 17.54% 16.92%   3.37% 3.29% 3.18%
TEN YEARS 54.21% 53.92% 50.88%   4.43% 4.41% 4.20%
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, 2023.
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 Infrastructure ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  Aena SME SA 5.1%  
  Transurban Group Stapled Security 5.0  
  Enbridge, Inc. 4.6  
  NextEra Energy, Inc. 4.5  
  Grupo Aeroportuario del Pacifico SAB de CV ADR 3.2  
  Southern Co. 3.2  
  Auckland International Airport Ltd. 3.1  
  Duke Energy Corp. 3.1  
  Iberdrola SA 2.9  
  Williams Cos., Inc. 2.7  
  TOTAL 37.4%  
(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 International Dividend ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P International Dividend 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 exchange-listed common stocks of companies domiciled in countries outside the United States that offer high dividend yields. The Fund’s benchmark is the S&P International Dividend Opportunities Index (the “Index”).
For the 12-month period ended September 30, 2023 (the “Reporting Period”), the total return for the Fund was 18.58%, and the Index was 18.94%. 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. Fund expenses, income from securities lending, cash drag, transaction costs, compounding differences resulting from performance volatility, and slight variations between the Fund’s holdings and the Index constituents contributed to the difference between the Fund’s performance and that of the Index.
Inflation, interest rates and concerns over a recession were primary drivers of Fund performance during the Reporting Period. The Fund started off the Reporting Period with strong performance returning 12.75% in the fourth quarter of 2022 setting the baseline for performance over the rest of the Reporting Period. Inflation had started to show signs of slowing in the Eurozone and Japan. However, key central banks continued with their hawkish tone, which further dented market sentiments toward the end of the fourth quarter. During this period, 48 countries saw higher interest rates as policy rates were hiked by all major central banks putting pressure on the global economy. Monetary tightening was continuing but there was some relief in the pace of tightening. Despite this, economic growth remained resilient. Heading into 2023, global equites had the headwinds of continued global monetary policy tightening, coupled with elevated energy and food prices, and the continued geopolitical tensions. The yield curve continued to warn of a possible recession. The U.S. market faced an upheaval in the banking sector that resulted in acute liquidity stress in the financial sector in the United States and Europe. Despite this, global equities finished on a positive note for the remainder of the Reporting Period adding an additional 5.17% in the final 9 months of the Reporting 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 Wistron Corp., Enel SpA, and E.ON SE. The top negative contributors to the Fund’s performance during the Reporting Period were Telefonica Deutschland Holding AG, TAG Immobilien AG, and Canadian Utilities Limited Class A.
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.
41


Table of Contents
SPDR S&P International Dividend ETF
Performance Summary (Unaudited)
Performance as of September 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P International Dividend Opportunities Index   Net
Asset
Value
Market
Value
S&P International Dividend Opportunities Index
ONE YEAR 18.58% 18.91% 18.94%   18.58% 18.91% 18.94%
FIVE YEARS 8.11% 8.09% 8.92%   1.57% 1.57% 1.72%
TEN YEARS 12.30% 11.57% 16.23%   1.17% 1.10% 1.52%
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 Dividend ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2023.
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.
42


Table of Contents
SPDR S&P International Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2023

     
  Description % of Net Assets  
  British American Tobacco PLC 2.1%  
  TC Energy Corp. 1.6  
  KT&G Corp. 1.6  
  Bouygues SA 1.6  
  SoftBank Corp. 1.6  
  BCE, Inc. 1.5  
  Mapletree Logistics Trust REIT 1.5  
  Redeia Corp. SA 1.5  
  Allianz SE 1.5  
  Zurich Insurance Group AG 1.4  
  TOTAL 15.9%  
(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.
43


Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
September 30, 2023 

Security Description     Shares   Value
COMMON STOCKS — 99.8%        
AUSTRALIA — 0.9%  
Flutter Entertainment PLC (a)

    131,921   $ 21,635,094
BELGIUM — 1.6%  
Anheuser-Busch InBev SA

    668,868   37,185,693
CHINA — 1.4%  
Prosus NV

    1,152,735   34,075,194
FINLAND — 1.9%  
Nokia Oyj

    3,964,086   14,974,811
Nordea Bank Abp

    2,666,662   29,396,496
          44,371,307
FRANCE — 36.0%  
Air Liquide SA

    391,291   66,218,413
Airbus SE

    438,202   58,911,912
AXA SA

    1,415,070   42,219,429
BNP Paribas SA

    874,928   55,978,125
Cie de Saint-Gobain SA

    383,693   23,106,646
Danone SA

    479,216   26,515,154
EssilorLuxottica SA

    229,817   40,186,526
Hermes International SCA

    26,263   48,098,736
Kering SA

    53,746   24,576,656
L'Oreal SA

    181,278   75,466,125
LVMH Moet Hennessy Louis Vuitton SE

    193,164   146,512,678
Pernod Ricard SA

    149,482   24,981,984
Safran SA

    283,345   44,590,741
TotalEnergies SE

    1,866,481   123,133,086
Vinci SA

    446,208   49,613,836
          850,110,047
GERMANY — 25.6%  
adidas AG

    124,135   21,898,523
Allianz SE

    301,313   72,001,720
BASF SE

    666,740   30,318,877
Bayer AG

    733,916   35,316,177
Bayerische Motoren Werke AG

    222,787   22,733,704
Deutsche Boerse AG

    141,929   24,598,763
Deutsche Post AG

    735,601   30,011,736
Deutsche Telekom AG

    2,590,553   54,492,919
Infineon Technologies AG

    975,117   32,371,064
Mercedes-Benz Group AG

    597,504   41,682,500
Muenchener Rueckversicherungs-Gesellschaft AG

    101,949   39,840,103
SAP SE

    764,178   99,370,406
Siemens AG

    559,545   80,367,465
Volkswagen AG Preference Shares

    153,922   17,753,399
          602,757,356
ITALY — 6.5%  
Enel SpA

    5,803,331   35,759,692
Eni SpA

    1,704,776   27,536,037
Security Description     Shares   Value
Ferrari NV

    87,989   $ 26,056,392
Intesa Sanpaolo SpA

    12,045,975   31,118,971
UniCredit SpA

    1,343,259   32,326,050
          152,797,142
NETHERLANDS — 10.7%  
Adyen NV (a)(b)

    21,354   15,954,853
ASML Holding NV

    301,127   178,251,269
ING Groep NV

    2,703,937   35,928,057
Koninklijke Ahold Delhaize NV

    725,092   21,894,552
          252,028,731
SPAIN — 6.9%  
Banco Bilbao Vizcaya Argentaria SA

    4,456,439   36,377,746
Banco Santander SA

    12,090,539   46,319,907
Iberdrola SA

    4,330,895   48,581,627
Industria de Diseno Textil SA

    830,243   31,020,609
          162,299,889
UNITED STATES — 8.3%  
Sanofi

    856,393   92,012,537
Schneider Electric SE

    427,960   71,128,057
Stellantis NV

    1,707,047   32,911,590
          196,052,184
TOTAL COMMON STOCKS

(Cost $2,445,022,903)

        2,353,312,637
       
SHORT-TERM INVESTMENT — 0.0% (c)  
State Street Institutional Liquid Reserves Fund, Premier Class 5.45% (d)(e)

(Cost $517,645)

517,541 517,645
TOTAL INVESTMENTS — 99.8%

(Cost $2,445,540,548)

2,353,830,282
OTHER ASSETS IN EXCESS OF

LIABILITIES — 0.2%

5,588,555
NET ASSETS — 100.0%

$ 2,359,418,837
(a) Non-income producing security.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.7% of net assets as of September 30, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Amount is less than 0.05% of net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at September 30, 2023.
 
See accompanying notes to financial statements.
44


Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2023 

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $2,353,312,637   $—   $—   $2,353,312,637
Short-Term Investment

  517,645       517,645
TOTAL INVESTMENTS

  $2,353,830,282   $—   $—   $2,353,830,282
Sector Breakdown as of September 30, 2023

   
    % of Net Assets
  Consumer Discretionary 19.9
  Financials 19.6
  Industrials 15.1
  Information Technology 13.8
  Consumer Staples 7.9
  Health Care 7.1
  Energy 6.4
  Materials 4.1
  Utilities 3.6
  Communication Services 2.3
  Short-Term Investment 0.0(a)
  Other Assets in Excess of Liabilities 0.2
  TOTAL 100.0
(a) Amount is less than 0.05% of net assets.  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at
9/30/22
  Value at

9/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
9/30/23
  Value at

9/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

922,874   $ 923,059   $ 87,718,771   $ 88,124,008   $(49)   $(128)   517,541   $517,645   $ 53,715
State Street Navigator Securities Lending Portfolio II

11,059,238   11,059,238   651,348,629   662,407,867           188,365
Total

    $11,982,297   $739,067,400   $750,531,875   $(49)   $(128)       $517,645   $242,080
See accompanying notes to financial statements.
45


Table of Contents
SPDR MSCI ACWI CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS
September 30, 2023 

Security Description     Shares   Value
COMMON STOCKS — 98.9%        
AUSTRALIA — 1.3%  
ANZ Group Holdings Ltd.

    19,045   $ 315,403
ASX Ltd.

    869   32,036
Cochlear Ltd.

    279   45,975
Commonwealth Bank of Australia

    5,589   360,606
Dexus REIT

    60,407   284,603
Goodman Group REIT (a)

    25,056   346,871
GPT Group REIT

    25,578   64,381
Macquarie Group Ltd.

    716   77,509
Medibank Pvt Ltd.

    16,664   36,997
Mineral Resources Ltd.

    2,370   103,447
National Australia Bank Ltd.

    6,306   118,312
Pilbara Minerals Ltd. (a)

    6,977   19,363
QBE Insurance Group Ltd.

    9,790   99,263
REA Group Ltd. (a)

    361   35,955
Scentre Group REIT

    39,580   62,840
Stockland REIT

    8,523   21,563
Suncorp Group Ltd.

    17,403   156,910
Transurban Group Stapled Security

    60,829   498,197
Treasury Wine Estates Ltd.

    3,848   30,621
Vicinity Ltd. REIT

    25,307   27,685
Wesfarmers Ltd.

    5,044   172,080
          2,910,617
AUSTRIA — 0.1%  
Verbund AG

    3,897   317,904
BELGIUM — 0.2%  
Anheuser-Busch InBev SA

    1,319   73,330
Elia Group SA

    2,235   219,238
Groupe Bruxelles Lambert NV

    361   26,969
KBC Group NV

    1,335   83,590
UCB SA

    743   60,997
          464,124
BRAZIL — 1.1%  
B3 SA - Brasil Bolsa Balcao

    37,111   91,124
Banco BTG Pactual SA 

    11,056   68,631
BB Seguridade Participacoes SA

    23,151   144,358
CCR SA

    76,822   197,841
Hapvida Participacoes e Investimentos SA (b)(c)

    32,094   30,137
Hypera SA

    7,647   56,743
Localiza Rent a Car SA

    10,570   123,667
Lojas Renner SA

    30,241   80,962
Magazine Luiza SA (c)

    36,837   15,603
MercadoLibre, Inc. (c)

    226   286,541
Natura & Co. Holding SA (c)

    9,376   27,275
Raia Drogasil SA

    10,670   58,880
TIM SA

    17,356   51,632
WEG SA

    32,246   233,669
Security Description     Shares   Value
Wheaton Precious Metals Corp. (a)

    24,043   $ 980,215
          2,447,278
CANADA — 3.8%  
Agnico Eagle Mines Ltd.

    4,611   210,496
Bank of Montreal

    1,520   128,818
BCE, Inc. (a)

    4,437   170,162
Canadian Imperial Bank of Commerce

    13,536   524,920
CGI, Inc. (c)

    3,501   346,682
Dollarama, Inc.

    6,315   437,099
Element Fleet Management Corp. (a)

    20,842   300,452
GFL Environmental, Inc. (a)

    810   25,840
Great-West Lifeco, Inc. (a)

    13,168   378,483
Hydro One Ltd. (a)(b)

    25,268   646,278
iA Financial Corp., Inc.

    1,996   125,783
IGM Financial, Inc. (a)

    3,287   83,755
Intact Financial Corp.

    1,664   243,717
Ivanhoe Mines Ltd. Class A (a)(c)

    2,903   24,993
Loblaw Cos. Ltd. (a)

    12,342   1,053,452
Manulife Financial Corp. (a)

    3,654   67,080
National Bank of Canada (a)

    1,541   102,843
Northland Power, Inc. (a)

    19,083   312,216
Onex Corp. (a)

    4,146   244,804
Pan American Silver Corp. (a)

    3,026   44,002
Power Corp. of Canada (a)

    13,384   342,322
Quebecor, Inc. Class B (a)

    3,279   70,600
Restaurant Brands International, Inc. (a)

    1,565   104,700
RioCan Real Estate Investment Trust

    11,194   149,612
Rogers Communications, Inc. Class B (a)

    3,807   146,845
Royal Bank of Canada (a)

    12,286   1,078,660
Shopify, Inc. Class A (c)

    3,161   173,341
Sun Life Financial, Inc. (a)

    7,140   349,976
Thomson Reuters Corp. (a)

    2,349   288,691
TMX Group Ltd. (a)

    4,805   103,741
Toromont Industries Ltd.

    681   55,719
Toronto-Dominion Bank (a)

    10,001   605,312
          8,941,394
CHILE — 0.3%  
Antofagasta PLC

    12,458   217,288
Banco de Chile

    555,871   56,306
Banco de Credito e Inversiones SA

    1,307   33,293
Banco Santander Chile

    2,031,033   93,554
Falabella SA

    36,642   81,450
Lundin Mining Corp. (a)

    15,556   116,555
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares

    865   51,175
          649,621
 
See accompanying notes to financial statements.
46


Table of Contents
SPDR MSCI ACWI CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2023 

Security Description     Shares   Value
CHINA — 3.7%  
Advanced Micro-Fabrication Equipment, Inc. China Class A

    1,149   $ 23,742
Alibaba Group Holding Ltd. (c)

    64,824   708,509
Alibaba Health Information Technology Ltd. (a)(c)

    40,000   24,924
Anhui Gujing Distillery Co. Ltd. Class A

    600   22,383
Anhui Gujing Distillery Co. Ltd. Class B

    4,400   73,597
Anhui Yingjia Distillery Co. Ltd. Class A

    3,100   31,295
Baidu, Inc. Class A (c)

    9,622   163,892
Bank of Chengdu Co. Ltd. Class A

    12,300   23,230
Beijing-Shanghai High Speed Railway Co. Ltd. Class A

    151,200   106,462
Bosideng International Holdings Ltd.

    52,000   22,375
Budweiser Brewing Co. APAC Ltd. (b)

    7,700   15,200
BYD Co. Ltd. Class A

    2,600   84,469
BYD Co. Ltd. Class H

    8,500   262,645
C&D International Investment Group Ltd.

    12,911   31,421
China Conch Venture Holdings Ltd.