SPDR INDEX SHARES FUNDS

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 Bloomberg SASB Developed Markets ex US Large & Mid Cap ESG Ex-Controversies Select Index is designed to measure the performance of large- and mid-capitalization companies in developed markets (excluding the United States) that exhibit certain ESG characteristics, while also exhibiting risk and return characteristics that are comparable to those of the Bloomberg Developed Markets ex US Large & Mid Cap Total Return Index, the “parent index", which includes stocks of large- and mid-capitalization companies from developed market countries (excluding the United States).

The Bloomberg SASB Emerging Markets Large & Mid Cap ESG Ex-Controversies Select Index is designed to measure the performance of large- and mid-capitalization companies in emerging markets that exhibit certain ESG characteristics, while also exhibiting risk and return characteristics that are comparable to those of the Bloomberg Emerging Markets Large & Mid Cap Total Return Index, the “parent index", which includes stocks of large- and mid-capitalization companies from emerging markets countries.

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).

See accompanying notes to financial statements.

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SPDR Bloomberg SASB Developed Markets Ex U.S. ESG Select ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Bloomberg SASB Developed Markets Ex U.S. ESG Select 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 stocks of large- and mid-capitalization companies in developed markets, excluding companies in the US, that exhibit certain environmental, social and governance (“ESG”) characteristics. The Fund’s benchmark is the Bloomberg SASB Developed Markets ex U.S. Large & Mid Cap ESG Ex-Controversies Select Index (the “Index”).

For the period since inception on January 10, 2022 ending September 30, 2022 (the “Reporting Period”), the total return for the Fund was –25.71%, and the Index was –26.01%. 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 began as global concerns about the pandemic were renewed with a new Omicron variant, and continued on with new contributions from concerns about war and accelerating inflation during the fourth quarter of 2021.

Many markets were able to rise into the first quarter of 2022, but inflation numbers continued to accelerate, and so did investors’ worries not just about more hawkish central bank actions but also about the length of time they would have to be in place. Markets began to sell off in earnest, but this time, economic concerns were compounded by geopolitical ones. Russia’s late February invasion of Ukraine sent markets reeling, particularly in Europe. Gas prices that were already climbing, particularly in the U.S., only climbed higher. Relief only came from a COVID-19 pandemic that appeared to be dwindling on an Omicron variant that was more contagious but much weaker.

There was no relief from inflation, however, as numbers continued to accelerate in the second quarter of 2022 and hit levels not seen for 40 years. In response, markets continued to decline and push into official bear market territory, with first-half losses also not seen in 40 years. Inflation continued to share headlines with war in Ukraine, COVID-19 resurgence and lockdowns in China, and confirmation that first quarter U.S. GDP growth was indeed negative.

With recession looming in the U.S., investors began to speculate that the Federal Reserve (the “Fed”) would be forced off of its most hawkish position, forcing a pullback in some of its inflation-fighting measures. As a result, markets rose strongly in July and into August in the third quarter of 2022, buoyed by the possibility of this relief. But it did not materialize, as the Fed doubled-down on its commitment to bringing down inflation. In addition, the price of natural gas skyrocketed, particularly in Europe, generating new concerns about what the economic impact would be during a cold winter. As the Reporting Period came to a close, markets continued to fall, ending on lows for the year.

The Fund’s performance was only slightly behind the performance of broader markets, such as those represented by the MSCI World ex-U.S. Index (net) which returned –25.32% over the Reporting Period. Most of the shortfall in relative performance came from the overweighting of ESG names, which in turn resulted in the underweighting of certain Energy sector names which outperformed. This underweighting detracted from relative performance.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were BHP Group Ltd, Canadian Natural Resources Limited, and Keppel Corporation Limited. The top negative contributors to the Fund’s performance during the Reporting Period were Shopify, Inc. Class A, Sony Group Corporation, and ASML Holding NV.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

See accompanying notes to financial statements.

Table of Contents

SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg SASB Developed Markets ex U.S. Large & Mid Cap ESG Ex-Controversies Select Index	Net Asset Value	Market Value	Bloomberg SASB Developed Markets ex U.S. Large & Mid Cap ESG Ex-Controversies Select Index
SINCE INCEPTION⁽¹⁾	(25.71)%	(29.58)%	(26.01)%	(25.71)%	(29.58)%	(26.01)%

(1)

For the period January 10, 2022 to September 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/10/22, 1/11/22, 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 Bloomberg SASB Developed Markets Ex US ESG Select 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, 2022.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.

See accompanying notes to financial statements.

Table of Contents

SPDR Bloomberg SASB Emerging Markets ESG Select ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR Bloomberg SASB Emerging Markets ESG Select 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 stocks of large- and mid-capitalization companies in emerging markets that exhibit certain environmental, social and governance (“ESG”) characteristics. The Fund’s benchmark is the Bloomberg SASB Emerging Markets Large & Mid Cap ESG Ex-Controversies Select Index (the “Index”).

For the period since inception on January 10, 2022 ending September 30, 2022 (the “Reporting Period”), the total return for the Fund was –27.53%, and the Index was –27.06%. 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 and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

Emerging Markets had a difficult start to the calendar year as investor sentiment was weighed down by concerns around the Russia-Ukraine war and the tightening stance adopted by central banks in the wake of surging inflation. Rising geopolitical tensions with Russia pushed energy and commodity prices to extreme levels, which led to a surge in inflation, increased supply chain disruptions, and global growth risks. From inception to the end of the first calendar quarter of 2022, the Index fell by 6.44%. One of the main reasons for this decline was the new wave of Omicron cases of COVID-19 in China leading to lockdowns in multiple cities, putting additional pressure on Chinese equity markets. Central banks in Brazil, Taiwan, Korea, and Hong Kong announced rate hikes in line with their global peers.

Rising concerns over a global recession, domestic policy uncertainty and weaker industrial metals prices in the second calendar quarter of 2022 contributed to further declines. The Index returned –10.37% for the period.

Slowing growth, heightened inflationary pressure and rising interest rates placed further pressures in to the third calendar quarter of 2022. The Index returned –11.06% for the period.

Poland, Hungary, and the Czech Republic were among the weakest performers in the Index due to the energy crisis stemming from the Russia-Ukraine war. Colombia also performed poorly due to the fall in commodity prices. China, South Korea, and Taiwan also underperformed by a wide margin as the outlook for global trade weakened.

The Fund used index futures in order to equitize dividends and cash during the Reporting Period. The Fund’s use of index futures detracted from Fund performance relative to the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Petroleo Brasileiro SA, International Holdings Company PJSC, and Petroleo Brasileiro SA Pfd. The top negative contributors to the Fund’s performance during the Reporting Period were Taiwan Semiconductor Manufacturing Co., Ltd., Samsung Electronics Co., Ltd., and Tencent Holdings Ltd.

See accompanying notes to financial statements.

Table of Contents

SPDR Bloomberg SASB Emerging Markets ESG Select ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Bloomberg SASB Emerging Markets Large & Mid Cap ESG Ex-Controversies Select Index	Net Asset Value	Market Value	Bloomberg SASB Emerging Markets Large & Mid Cap ESG Ex-Controversies Select Index
SINCE INCEPTION⁽¹⁾	(27.53)%	(27.30)%	(27.06)%	(27.53)%	(27.30)%	(27.06)%

(1)

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 Bloomberg SASB Emerging Markets ESG Select ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.16%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.

See accompanying notes to financial statements.

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, 2022 (the “Reporting Period”), the total return for the Fund was –28.73%, and the Index was –28.92%. 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 (“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.

In the fourth quarter of 2021 in Europe, new mobility constraints were reintroduced in several countries to curb the spread of the fourth COVID-19 wave, but equity markets still posted positive returns over the quarter recovering from a decline in November. Industrial production struggled due to semiconductor shortage and the effect was most prominent in the automotive sector. Higher energy prices added to the rise in inflation in the region with inflation rising to 4.9% year-over-year in November, the highest reading since July 1991. The euro area manufacturing PMI flash survey was recorded at 58.0, indicating a healthy expansion in the sector. Leading into the first quarter of 2022 there were concerns over disruptions in energy supplies owing to the Russia-Ukraine War, as around 25% of Europe’s crude oil imports and 40% of natural gas imports come from Russia. Rising prices weighed down consumer sentiment as the inflation rate was revised up to 5.9%. The rise in inflation was primarily attributed to energy prices, which could worsen if disruptions were to accelerate due to the conflict. Over the second quarter of 2022 equities fell 14%. The market priced in significant rate hikes from the European Central Bank (the "ECB"), while the difference between the rate at which the Italian and German governments could borrow widened materially. Consumer confidence fell dramatically, and prices continued to rise significantly because of the reduction in gas supplies from Russia. Continuing with the downward trend of the preceding quarters, equities fell 10% over the third quarter of 2022. Rising inflation and consequent fears about the outlook for economic growth added to the sharp falls during the quarter. The ECB became more hawkish, with inflation reaching 9.1% year-over-year in August and expectations to exceed 10% in the coming months. In efforts to curb inflation, the central bank hiked its policy rate by 0.75% in September, and it is now expected to increase rates by another 0.75% in October and by 0.5% in December to bring inflation to the 2% target by year-end 2022. At the start of September, Russia completely halted gas flows through the critical Nord Stream 1 pipeline, precipitating an energy crisis. Consumer confidence fell dramatically, and prices rose significantly because of Russia's gas supply reduction.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Iberdrola SA, Universal Music Group N.V., and Deutsche Boerse AG. The top negative contributors to the Fund’s performance during the Reporting Period were SAP SE, Siemens AG, and ASML Holding NV.

See accompanying notes to financial statements.

Table of Contents

SPDR EURO STOXX 50 ETF

Performance Summary (Unaudited)

	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	(28.73)%	(29.17)%	(28.92)%	(28.73)%	(29.17)%	(28.92)%
FIVE YEARS	(13.47)%	(14.26)%	(13.87)%	(2.85)%	(3.03)%	(2.94)%
TEN YEARS	35.10%	33.49%	32.79%	3.05%	2.93%	2.88%

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, 2022.

See accompanying notes to financial statements.

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 an 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, 2022 (the “Reporting Period”), the total return for the Fund was –21.38%, and the Index was –21.46%**. 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.

It was a challenging twelve months for the fund as it experienced negative returns in three of the four quarters under review. During the sole positive quarter ending December 31, 2021. Developed Market (DM) equities (of which nearly 90% of Fund is allocated to) performed strongly during the quarter, whereas Emerging Markets (EM) remained flat amid China’s underperformance. Equity markets recovered after a weak start, continuing from the previous quarter, amid strong earnings growth. The emergence of the highly infectious Omicron variant led to a spike in equity market volatility at the end of November and markets stumbled globally as rising hospitalizations in parts of Europe and concerns about the new variant dominated sentiment across regions. However, the recovery was quick as data from South Africa and the UK indicated a lower risk of severe disease and the equity markets continued with its momentum through the quarter with many stocks reaching new highs.

The Fund gave back most of the previous quarter’s gains as global economic growth and equity markets faced multiple headwinds during the quarter ending March 31st 2022. Commodity prices accelerated the trend as western countries imposed strict sanctions on Russia’s economy. On the geopolitical front, western countries stepped up sanctions on Russia’s economy, and several multinational firms continued to wind down their operations in the country in light of the Russia-Ukraine war. On the monetary policy front, the major central banks adopted a more hawkish tone in the quarter amid stubbornly high inflation. Rising geopolitical tensions with Russia pushed energy and commodity prices to extreme levels, which led to a surge in inflation, increased supply chain disruptions, and global growth risks. Energy prices rose sharply amid increasing global demand and tighter global supplies as sanctions mounted on Russia, a significant player in global energy markets.

The Fund gave up over 16% during its worst quarter under review as incoming data from key developed markets pointed toward broad-based deceleration in economic activities during the quarter ending June 30th 2022. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine war and continued escalations between the United States (U.S.) and China over Taiwan. Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Central banks remained in tightening mode with 54 rate-hiking actions globally in June - an all-time high. Unsurprisingly, the actions followed elevated inflation rates around the world. The expectations for the path of interest rates hikes contributed to a decline in equity valuations, along with concerns about the growth outlook. Recession fears rose due to a consumer squeeze from higher prices and borrowing costs.

Global markets declined and growth stumbled during the quarter ending September 30, 2022 as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. After rallying early in the quarter, risk assets declined in August and September as central banks struggled with inflation amid slowing economic growth. Global monetary tightening remained on full tilt in September, with apparent implications for market volatility. Policy rates were raised for 60 countries, the highest on record. Data releases clarified that the global economy is slowing, especially in Europe. Global economic growth expectations ratcheted down amid monetary tightening and sustained high inflation, leading to more hawkish central banks. The equity market continued to be driven by the effects of decades-high inflation, aggressive interest-rate increases by the Fed and other major central banks, rising risks of recession, and lingering ripples from the pandemic and the Russia-Ukraine war.

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 Halliburton Company, Eli Lilly and Company, and UnitedHealth Group Incorporated. The top negative contributors to the Fund’s performance during the Reporting Period were Microsoft Corporation, Amazon.com, Inc., and Meta Platforms Inc. Class A.

*Prior to 4/22/2022, the SPDR^® MSCI ACWI Climate Paris Aligned ETF was known as the SPDR^® MSCI ACWI Low Carbon Target ETF.

**Prior to 4/22/2022, the MSCI ACWI Climate Paris Aligned Index was known as the MSCI ACWI Low Carbon Target Index. 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 until 4/22/2022 and of the MSCI ACWI Climate Paris Aligned Index effective 4/22/2022.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI ACWI Climate Paris Aligned ETF(Formerly, SPDR MSCI ACWI Low Carbon Target ETF)

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(21.38)%	(21.50)%	(21.46)%	(21.38)%	(21.50)%	(21.46)%
FIVE YEARS	24.35%	23.73%	23.75%	4.46%	4.35%	4.35%
SINCE INCEPTION⁽³⁾	51.29%	50.98%	49.48%	5.42%	5.39%	5.26%

(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, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (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%(effective 4/22/22). Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.

See accompanying notes to financial statements.

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, 2022 (the “Reporting Period”), the total return for the Fund was –24.46%, and the Index was –25.17%. 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.

The Fund started off the Reporting Period with a positive return of just under 2% for the first quarter. Equity markets recovered after a weak start, continuing from the previous quarter, amid strong earnings growth. The emergence of the highly infectious Omicron variant of COVID-19 led to a spike in equity market volatility at the end of November and markets stumbled globally as rising hospitalizations in parts of Europe and concerns about the new variant dominated sentiment across regions. However, the recovery was quick as data from South Africa and the UK indicated a lower risk of severe disease and the equity markets continued with their momentum through the quarter with many stocks reaching new highs. Global equities had a rough start in the beginning of 2022 as investor sentiment was weighed down by concerns around the Russia-Ukraine war and the tightening stance adopted by central banks in the wake of surging inflation. Rising geopolitical tensions with Russia pushed energy and commodity prices to extreme levels, which led to a surge in inflation, increased supply chain disruptions, and global growth risks. The challenges continued and developed markets suffered the worst first half of a calendar year in over 50 years. The expectations for the path of interest rates hikes contributed to a decline in equity valuations, along with concerns about the growth outlook. Recession fears rose due to a consumer squeeze from higher prices and borrowing costs. Global markets declined and growth stumbled in the final quarter of the twelve month period, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes.

The Fund 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 Petroleo Brasileiro SA Pfd, Nutrien Ltd., and Shell PLC Class B. The top negative contributors to the Fund’s performance during the Reporting Period were Taiwan Semiconductor Manufacturing Co., Ltd., Tencent Holdings Ltd., and ASML Holding NV.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI ACWI ex-US ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(24.46)%	(24.52)%	(25.17)%	(24.46)%	(24.52)%	(25.17)%
FIVE YEARS	(2.97)%	(4.01)%	(4.00)%	(0.60)%	(0.82)%	(0.81)%
TEN YEARS	37.15%	37.00%	34.48%	3.21%	3.20%	3.01%

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, 2022.

See accompanying notes to financial statements.

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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, 2022 (the “Reporting Period”), the total return for the Fund was –27.02%, and the Index was –27.14%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, the cumulative effect of security misweights, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

The Reporting Period began as global concerns about the pandemic persisted, but continued on with new contributions from concerns about war and accelerating inflation. As the fourth quarter of 2021 began, markets were able to turn in strong performances for October. But market confidence continued to be shaken as inflation persisted, disruptions continued to plague the global supply chain, and the Federal Reserve (the “Fed”) provided indications that stronger measures would be necessary to fight higher inflation that would no longer be described as “transitory”. The emergence of a new Omicron variant also rattled markets and added to the uncertainty.

Inflation numbers continued to accelerate in the new year, and so did investors’ worries not just about more hawkish central bank actions but also about the length of time they would have to be in place. Markets began to sell off in earnest, but this time, economic concerns were compounded by geopolitical ones. Russia’s late February invasion of Ukraine sent markets reeling, particularly in Europe. Gas prices that were already climbing, particularly in the U.S., only climbed higher. Relief only came from a COVID-19 pandemic that appeared to be dwindling on an Omicron variant that was more contagious but much weaker.

But with recession looming in the U.S., investors began to speculate that the Fed would be forced off of its most hawkish position, forcing a pullback in some of its inflation-fighting measures. As a result, markets rose strongly in July and into August in the third quarter of 2022, buoyed by the possibility of this relief. But it did not materialize, as the Fed doubled-down on its commitment to bringing down inflation. In addition, the price of natural gas skyrocketed, particularly in Europe, generating new concerns about what the economic impact would be during a cold winter. As the Reporting Period came to a close, markets continued to fall, ending on lows for the year.

The Fund’s performance was lower than the performance of the standard capitalization weighted MSCI EAFE Index (net), which returned –25.13% during the Reporting Period. The Energy sector was the strongest performing sector during the Reporting Period, and the Fund’s exclusion of fossil fuel names resulted in a significant underweighting to Energy. This underweighting detracted from the Fund’s performance relative to that of 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 Swedish Match AB, BAE Systems plc, and Argenx SE. The top negative contributors to the Fund’s performance during the Reporting Period were Toyota Motor Corp. Sponsored ADR, ASML Holding NV, and Sony Group Corporation.

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.

Table of Contents

SPDR MSCI EAFE Fossil Fuel Reserves Free ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(27.02)%	(27.32)%	(27.14)%	(27.02)%	(27.32)%	(27.14)%
FIVE YEARS	(5.83)%	(7.23)%	(5.85)%	(1.19)%	(1.49)%	(1.20)%
SINCE INCEPTION⁽¹⁾	13.84%	13.08%	13.65%	2.21%	2.09%	2.18%

(1)

For the period October 24, 2016 to September 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (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, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI EAFE StrategicFactors ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

The SPDR MSCI EAFE Strategic Factors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the European, Australasian, and Far Eastern developed equity markets. The Fund’s benchmark is the MSCI EAFE Factor Mix A- Series Index (the “Index”).

For the 12-month period ended September 30, 2022 (the “Reporting Period”), the total return for the Fund was –23.29%, and the Index was –23.37%. 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 Fund’s performance during the Reporting Period was dominated by market volatility. During the fourth quarter of 2021, the emergence of the highly infectious Omicron variant of COVID-19 caused markets to stumble as rising hospitalizations in parts of Europe and concerns about the new variant dominated sentiment across regions. Market volatility was exacerbated in the during the first quarter of 2022 as Western countries imposed sanctions on Russia and several multinational firms wound down their operations in the country in light of the war. Stubbornly high inflation prompted increasingly hawkish tones from major central banks, signaling expectations of six further 25bp hikes for the year.

As the calendar year progressed global economic expectations ratcheted down amid monetary tightening and sustained high inflation. Equity markets had a difficult first half of the calendar year, causing the Index to return –18.17% for the period.

The third calendar quarter of 2022 began with a relief rally but ended back in the doldrums with recession fears and central bank tightening driving market volatility.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Shell Plc, Novo Nordisk A/S Class B, and BHP Group Plc. The top negative contributors to the Fund’s performance during the Reporting Period were Tokyo Electron Ltd., Keyence Corporation, and ASML Holding NV.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI EAFE StrategicFactors ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(23.29)%	(23.42)%	(23.37)%	(23.29)%	(23.42)%	(23.37)%
FIVE YEARS	1.41%	0.37%	1.16%	0.28%	0.07%	0.23%
SINCE INCEPTION⁽¹⁾	15.01%	14.46%	15.34%	1.69%	1.64%	1.73%

(1)

For the period June 4, 2014 to September 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (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, 2022.

See accompanying notes to financial statements.

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, 2022 (the “Reporting Period”), the total return for the Fund was –27.26%, and the Index was –28.06%. 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, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

The Fund had a difficult year with negative returns in all four quarters of the Reporting Period. Within Emerging Markets, mobility picked up as increasing vaccination rates helped boost the economy, but COVID-19 related concerns re-emerged near the middle of the final quarter in 2021, leading to equity markets declining in most countries across the region. Chinese equities, in particular, significantly underperformed amid additional policy rates owing to rising inflation rates.

Early in 2022, the developments around the Russia-Ukraine war within the region remained the highlight for most of the first quarter. The impact of the war was felt most severe on commodity prices, with Russia being a major exporter of crude oil, natural gas, and wheat supplies. Russia was also the subject of several sanctions by developed countries, including the imposition of restrictions on the Central Bank of Russia’s (CBR) international reserves and the removal of some Russian banks from the SWIFT network. Consequently, the CBR hiked the policy rate to 20% to limit currency depreciation and imposed capital controls to limit outflows. Despite these measures, the Ruble collapsed, and the Russian stock exchange was closed for two weeks. On March 2, 2022, MSCI announced that it would remove Russian securities from the MSCI EM indices. The Russian equity market remains uninvestable and no longer meets market accessibility requirements.

Shortly following, the new wave of Omicron cases in China led to lockdowns in multiple cities during the second quarter of 2022, putting additional pressure on Chinese equity markets. Central banks in Brazil, Taiwan, Korea, and Hong Kong announced rate hikes in line with their global peers and the Fund fell over 15% in the three month period.

Emerging markets continued to perform negatively in the final quarter of the Reporting Period, as a result of continued slowing global growth, heightened inflation pressure, and rising interest rates.

Some Eastern Europe countries were among the weakest performers in the region due to the ongoing energy crisis stemming from the Russia-Ukraine war. Colombia performed poorly due to the fall in commodity prices. China, South Korea, and Taiwan also underperformed by a wide margin as the outlook for global trade weakened. Overall, very few countries had positive returns during the end of the Reporting Period, resulting in a Fund return decline of nearly 28% for 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 Saudi Arabian Mining Co., JD.com, Inc. Sponsored ADR Class A, and Netease Inc Sponsored ADR. The top negative contributors to the Fund’s performance during the Reporting Period were Taiwan Semiconductor Manufacturing Co., Ltd., Tencent Holdings Ltd., and Samsung Electronics Co., Ltd.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(27.26)%	(27.69)%	(28.06)%	(27.26)%	(27.69)%	(28.06)%
FIVE YEARS	(9.71)%	(11.25)%	(9.79)%	(2.02)%	(2.36)%	(2.04)%
SINCE INCEPTION⁽¹⁾	9.26%	8.18%	9.17%	1.50%	1.33%	1.49%

(1)

For the period October 24, 2016 to September 30, 2021. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/24/16, 10/25/16, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2022.

See accompanying notes to financial statements.

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, 2022 (the “Reporting Period”), the total return for the Fund was –22.33%, and the Index was –22.16%. 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. Fees and expenses, the cumulative effect of security misweights, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

Inflation numbers continued to accelerate during the first quarter of 2022, and so did investors’ worries not just about more hawkish central bank actions but also about the length of time they would have to be in place. Markets began to sell off in earnest, but this time, economic concerns were compounded by geopolitical ones. Russia’s late February invasion of Ukraine sent markets reeling, particularly in Europe. Gas prices that were already climbing, particularly in the U.S., only climbed higher. Relief only came from a COVID-19 pandemic that appeared to be dwindling on an Omicron variant that was more contagious but much weaker.

The Fund significantly outperformed the standard capitalization weighted MSCI Emerging Markets Index (net), which returned –28.11% for the Reporting Period. This outperformance was driven by the Fund’s bias towards the quality, value and low volatility factors, all of which produced outperformance during the Reporting Period. This was particularly true of the low volatility factor, whose outperformance tends to be outstanding during down-market periods.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were New Oriental Education & Technology Group, Inc., Adani Total Gas Ltd., and Vale S.A. The top negative contributors to the Fund’s performance during the Reporting Period were Taiwan Semiconductor Manufacturing Co., Ltd., MediaTek Inc, and Samsung Electronics Co., Ltd.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI Emerging Markets StrategicFactors ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(22.33)%	(22.77)%	(22.16)%	(22.33)%	(22.77)%	(22.16)%
FIVE YEARS	(3.42)%	(5.04)%	(0.84)%	(0.69)%	(1.03)%	(0.17)%
SINCE INCEPTION⁽¹⁾	4.05%	2.92%	9.47%	0.48%	0.35%	1.09%

(1)

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, 2022.

See accompanying notes to financial statements.

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, 2022 (the “Reporting Period”), the total return for the Fund was –16.24%, and the Index was –16.50%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Optimization and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

After a promising fourth quarter in 2021 (+7.70%), the Index retreated for the rest of the period leading to an overall loss of 16.50% for the fiscal year and essentially giving back a large percentage of the previous fiscal year’s 26.13% gain. The good times early in the period led by humanity’s re-emergence from the COVID-19 pandemic gave way to conflict, global inflation, and supply chain shortcomings. The slide started as the calendar turned to 2022 with the Index returning –4.06% in the first quarter of 2022. Investor sentiment was weighed down by concerns around the Russia-Ukraine war and the tightening stance adopted by central banks in the wake of surging inflation. The third fiscal quarter was the primary source for the overall return losing 13.11% alone during that three month stretch. During that quarter, energy and commodity prices were pushed to extreme levels as a result of the war and the trickle effect of higher fuel prices led to increased supply chain disruptions.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were UnitedHealth Group Incorporated, Eli Lilly and Company, and Vertex Pharmaceuticals Incorporated. The top negative contributors to the Fund’s performance during the Reporting Period were Meta Platforms Inc. Class A, NVIDIA Corporation, and Adobe Incorporated.

See accompanying notes to financial statements.

Table of Contents

SPDR MSCI World StrategicFactors ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(16.24)%	(16.08)%	(16.50)%	(16.24)%	(16.08)%	(16.50)%
FIVE YEARS	31.47%	31.54%	30.62%	5.62%	5.64%	5.49%
SINCE INCEPTION⁽¹⁾	70.61%	70.37%	68.48%	6.63%	6.61%	6.47%

(1)

For the period June 4, 2014 to September 30, 2020. 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, 2022.

See accompanying notes to financial statements.

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, 2022 (the “Reporting Period”), the total return for the Fund was –25.42%, and the Index was –25.46%. 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 and were primary drivers of Fund performance during the Reporting Period.

The Index lost 0.31% in the fourth quarter of 2021. Equity markets recovered after a weak start, continuing from the previous quarter, amid strong earnings growth. The emergence of the highly infectious Omicron variant of COVID-19 led to a spike in equity market volatility at the end of November. Within the region, mobility picked up as increasing vaccination rates helped boost economy, but COVID-19 related concerns re-emerged mid-quarter, leading to equity markets declining in most countries across the region. Chinese equities, in particular, significantly underperformed global equities. Central banks across the region signaled increase in policy rates increase owing to rising inflation risks. The shortage of coal required many countries to take measures for increasing production. China in particular witnessed an improvement in external demand as well as domestic activity. The People's Bank of China showed more easing bias in its operations, while staying cautious on the aggregate level of leverage in the economy, reflecting growing concerns about downside risks to China’s economy.

The Index declined 8.37% in the first quarter of 2022. Global economic growth and equity markets faced multiple headwinds in the first quarter. Investor sentiment was weighed down by concerns around the Russia-Ukraine War and the tightening stance adopted by central banks in the wake of surging inflation. The new wave of Omicron cases in China led to lockdowns in multiple cities, putting additional pressure on Chinese equity markets. Chinese equities, in particular, significantly underperformed global equities. Central banks across the region signaled increase in policy rates increase owing to rising inflation risks.

The Index continued to the downward trend by losing another 7.53% in the second quarter of 2022. Persistent inflation pressure forced central banks to accelerate tightening, risking a hard landing. Incoming data from key developed markets pointed toward broad-based deceleration in economic activities. Geopolitical risks remained elevated amid the ongoing Russia-Ukraine War and continued escalations between the United States (U.S.) and China over Taiwan. The expectations for the path of interest rates hikes contributed to a decline in equity valuations, along with concerns about the growth outlook. Recession fears rose due to a consumer squeeze from higher prices and borrowing costs. The strengthening of the US dollar was a significant key headwind that dragged Asia Pacific equities despite positive news coming out of China. A recent study from the Chinese Center for Disease Control and Prevention raised hopes that China may be able to move beyond the heavy restrictions that have severely affected its economic activities this year.

The Index ended delivering the worst quarter of this fiscal year by dropping 11.76% in the third quarter of 2022. Global markets declined and growth stumbled in the third quarter as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. Global economic growth expectations ratcheted down amid monetary tightening and sustained high inflation, leading to more hawkish central banks. In Asia Pacific, investor sentiment turned increasingly downbeat in the third quarter amid concerns over rising inflation, higher interest rates, and fears over a global slowdown. The Russia-Ukraine war and ongoing tensions between China and Taiwan also added to the negative sentiment during the quarter. In China, the alarming spread of COVID-19 led to fear of further lockdowns, triggering a significant slowdown in economic activity as the country continues to pursue its zero-COVID policy.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were New Oriental Education & Technology Group, Inc. Sponsored ADR, Indian Hotels Co. Ltd., and Mahindra & Mahindra Ltd. The top negative contributors to the Fund’s performance during the Reporting Period were Taiwan Semiconductor Manufacturing Co., Ltd., Tencent Holdings Ltd., and Alibaba Group Holding Ltd.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Emerging Asia Pacific ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(25.42)%	(25.67)%	(25.46)%	(25.42)%	(25.67)%	(25.46)%
FIVE YEARS	1.57%	(0.23)%	2.13%	0.31%	(0.05)%	0.42%
TEN YEARS	52.53%	52.45%	57.15%	4.31%	4.31%	4.62%

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, 2022.

See accompanying notes to financial statements.

Table of Contents

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, 2022 (the “Reporting Period”), the total return for the Fund was –20.86%, and the Index was –21.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Management fees, cash drag, and cumulative effects of security mis-weights 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.

After the quiet first half of the Reporting Period, the Index has dropped double digits in the second half as inflation remained persistently high, and central banks raised aggressively, signaling larger-than-expected future hikes pointing to lower growth. Additionally emerging markets experienced rising risks of recession and lingering ripples from the pandemic and the Russia-Ukraine war. The Index has outperformed broader emerging market benchmarks by over 6% mainly due to stock selection within Information Technology and Financial sectors. On country level the fund has benefited from stocks selection in Taiwan. Russian stocks contributed over 4% of negative performance to the Fund as these stock were removed from the Index at zero. The Fund return in local currencies was higher than in USD evidencing negative impact of a stronger dollar on emerging countries.

The Fund used emerging markets Index futures in order to equitize cash and receivables during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were CEZ as, BizLink Holding Inc., and China Overseas Land & Investment Limited. The top negative contributors to the Fund’s performance during the Reporting Period were Magnit PJSC Sponsored GDR RegS, Inter RAO UES PJSC, and Shimao Group Holdings Limited.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Emerging Markets Dividend ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Emerging Markets Dividend Opportunities Index	Net Asset Value	Market Value	S&P Emerging Markets Dividend Opportunities Index
ONE YEAR	(20.86)%	(21.31)%	(21.61)%	(20.86)%	(21.31)%	(21.61)%
FIVE YEARS	(9.88)%	(11.51)%	(7.04)%	(2.06)%	(2.42)%	(1.45)%
TEN YEARS	(22.08)%	(22.92)%	(14.88)%	(2.46)%	(2.57)%	(1.60)%

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, 2022.

See accompanying notes to financial statements.

Table of Contents

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, 2022 (the “Reporting Period”), the total return for the Fund was –20.33%, and the Index was –20.07%. 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, securities lending income, compounding and cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.

Emerging market small cap securities declined over the Reporting Period due to several factors. Geopolitical risks were elevated due to the ongoing conflict between Russia and Ukraine. The impact of the war was felt most severe on commodity prices, with Russia being a major exporter of crude oil, natural gas, and wheat supplies. In addition, the U.S. and China relationship remained strained and new waves of Omicron variant of COVID-19 cases in China led to lockdowns in multiple cities, putting additional pressure on Chinese equity markets. The Fund outperformed its large mid-cap emerging market equity counterparts, largely due to less exposure to China and Russia. A combination of rising concern over a global recession and slowing global growth, heightened inflation pressure and rising interest rates, and US dollar strength also contributed to the decline in the asset class.

The Fund used Index equity futures in order to equitize cash and dividend receivables during the Reporting Period. The Fund’s use of Index equity futures detracted from Fund performance relative to the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Thungela Resources Limited, Koolearn Technology Holding Limited, and Polaris Group. The top negative contributors to the Fund’s performance during the Reporting Period were AP Memory Technology Corp., ELAN Microelectronics Corp. and Hong Send Consolidated Berhad.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Emerging Markets Small Cap ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Emerging Markets Under USD2 Billion Index	Net Asset Value	Market Value	S&P Emerging Markets Under USD2 Billion Index
ONE YEAR	(20.33)%	(20.03)%	(20.07)%	(20.33)%	(20.03)%	(20.07)%
FIVE YEARS	6.44%	5.65%	8.27%	1.26%	1.11%	1.60%
TEN YEARS	33.67%	33.18%	39.59%	2.94%	2.91%	3.39%

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, 2022.

See accompanying notes to financial statements.

Table of Contents

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, 2022 (the “Reporting Period”), the total return for the Fund was –14.69%, and the Index was –14.93%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, dividend tax withholding differences, cash, and small security mis-weights contributed to the difference between the Fund’s performance and that of the Index.

In the last quarter of 2021, the start of the Reporting Period, equity markets began recovering from the previous quarter amid strong earnings growth. The emergence of the highly infectious Omicron variant of COVID-19 led to a spike in equity market volatility at the end of November and markets stumbled globally as rising hospitalizations in parts of Europe and concerns about the new variant dominated sentiment across regions. However, the recovery was quick as data from South Africa and the UK indicated a lower risk of severe disease and the equity markets continued with its momentum through the quarter. The Fund returned 2.46% over the three months.

Global economic growth and equity markets faced multiple headwinds in the first quarter of 2022. Western countries imposed strict sanctions on Russia’s economy. Hawkish pivot by western central banks amid rising inflation also weighed on stocks. The Fund ended the quarter up 2.39%.

Persistent inflation pressure in Q2 of 2022 forced central banks to accelerate tightening. Incoming data from key developed markets pointed toward broad-based deceleration in economic activities. Markets remained volatile in the quarter and equities posted sharp declines. Concerns over persistent inflation and the ongoing Russia-Ukraine war weighed heavily on sentiment. The Fund returned –7.67% for the quarter.

Global markets declined and growth stumbled in the last quarter of the Reporting Period as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. The overall return of the Fund for the quarter was –11.92%, largely driven by the last two months. August and September 2022 posted returns of –3.63% and –9.58% respectively.

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 South Jersey Industries, Inc., H&R Block, Inc., and Exxon Mobil Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Intrum AB, Brandywine Realty Trust, and Telenor ASA.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Global Dividend ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Global Dividend Aristocrats Index	Net Asset Value	Market Value	S&P Global Dividend Aristocrats Index
ONE YEAR	(14.69)%	(14.87)%	(14.93)%	(14.69)%	(14.87)%	(14.93)%
FIVE YEARS	(0.21)%	(0.87)%	(1.52)%	(0.04)%	(0.18)%	(0.31)%
SINCE INCEPTION	35.19%	34.82%	32.57%	3.28%	3.25%	3.06%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR 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, 2022.

See accompanying notes to financial statements.

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, 2022 (the “Reporting Period”), the total return for the Fund was –6.63%, and the Index was –6.72%. 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 Utilities, showed negative performance while the Energy sector maintained positive performance during the Reporting Period. The Energy sector proved to be the strongest single sector over the last 12 months far outpacing Utilities as the only other positive single performing sector. Much of the strong performance in energy can be attributed to general inflation, higher oil prices, and the Russia-Ukraine war that exacerbated supply chain and inflation problems. Conversely, within the Industrials Sector, investor sentiment was weighed down by concerns around the Russia-Ukraine war and the tightening stance adopted by the U.S. Federal Reserve in the wake of surging inflation. The third fiscal quarter was the worst performing quarter overall within the Reporting Period as energy and commodity prices were being pushed to extreme levels as a result of the war and the trickle effect of higher fuel prices lead to increased supply chain disruptions.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Atlantia S.p.A, Cheniere Energy, Inc., and Williams Companies, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Transurban Group Ltd., Aena SME SA, and Enel SpA.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Global Infrastructure ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Global Infrastructure Index	Net Asset Value	Market Value	S&P Global Infrastructure Index
ONE YEAR	(6.63)%	(6.79)%	(6.72)%	(6.63)%	(6.79)%	(6.72)%
FIVE YEARS	7.28%	6.58%	6.24%	1.42%	1.28%	1.22%
TEN YEARS	62.57%	61.76%	60.19%	4.98%	4.93%	4.82%

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, 2022.

See accompanying notes to financial statements.

Table of Contents

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, 2022 (the “Reporting Period”), the total return for the Fund was –19.98%, and the Index was –20.06%. 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 concerns and the monetary response, geopolitical tensions and market and supply disruptions related to COVID-19 were primary drivers of Fund performance during the Reporting Period The Fund started off the Reporting Period with positive returns of 3% in the first quarter. Equity markets recovered after a weak start, continuing from the previous quarter, amid strong earnings growth. The emergence of the highly infectious Omicron variant of COVID-19 led to a spike in equity market volatility at the end of November and markets stumbled globally as rising hospitalizations in parts of Europe and concerns about the new variant dominated sentiment across regions. However, the recovery was quick as data from South Africa and the UK indicated a lower risk of severe disease and the equity markets continued with its momentum through the quarter with many stocks reaching new highs. Global equities had a rough start in the beginning of 2022 as investor sentiment was weighed down by concerns around the Russia-Ukraine war and the tightening stance adopted by central banks in the wake of surging inflation. Rising geopolitical tensions with Russia pushed energy and commodity prices to extreme levels, which led to a surge in inflation, increased supply chain disruptions, and global growth risks. The challenges continued and developed markets suffered the worst first half of a calendar year in over 50 years. The expectations for the path of interest rates hikes contributed to a decline in equity valuations, along with concerns about the growth outlook. Recession fears rose due to a consumer squeeze from higher prices and borrowing costs. Global markets declined and growth stumbled in the final quarter of the twelve month period, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. The Fund had a negative return of –22.6% for the final three quarters 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 Banque Cantonale Vaudoise, RWE AG, and GSK plc. The top negative contributors to the Fund’s performance during the Reporting Period were Enel SpA, Telenor ASA, and Vonovia SE.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P International Dividend ETF

Performance Summary (Unaudited)

Performance as of September 30, 2022

	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	(19.98)%	(20.24)%	(20.06)%	(19.98)%	(20.24)%	(20.06)%
FIVE YEARS	(10.18)%	(11.17)%	(9.34)%	(2.13)%	(2.34)%	(1.94)%
TEN YEARS	4.40%	3.79%	8.48%	0.43%	0.37%	0.82%

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, 2022.

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF

SCHEDULE OF INVESTMENTS

September 30, 2022

Security Description	Shares	Value
COMMON STOCKS — 99.2%
AUSTRALIA — 7.3%
Australia & New Zealand Banking Group, Ltd.	4,973	$ 72,900
BHP Group, Ltd.	5,032	124,625
Commonwealth Bank of Australia	1,849	107,825
CSL, Ltd.	465	85,213
Dexus REIT	8,015	39,783
Fortescue Metals Group, Ltd.	1,205	13,031
Goodman Group REIT	680	6,899
GPT Group REIT	15,624	38,474
Macquarie Group, Ltd.	293	28,774
Mineral Resources, Ltd.	105	4,439
Mirvac Group REIT	8,289	10,366
National Australia Bank, Ltd.	4,634	85,837
Newcrest Mining, Ltd.	734	7,985
Origin Energy, Ltd.	875	2,908
QBE Insurance Group, Ltd.	529	3,922
Rio Tinto PLC	1,053	57,551
Rio Tinto, Ltd.	316	18,974
Santos, Ltd.	934	4,258
Stockland REIT	9,309	19,572
Suncorp Group, Ltd.	1,459	9,409
Transurban Group Stapled Security	3,389	26,888
Vicinity Centres REIT	8,004	8,929
Wesfarmers, Ltd.	784	21,534
Westpac Banking Corp.	3,852	51,118
Woodside Energy Group, Ltd.	1,846	37,577
Woolworths Group, Ltd.	783	17,091
		905,882
AUSTRIA — 0.4%
Erste Group Bank AG	251	5,567
Mondi PLC	2,122	33,021
OMV AG	250	9,152
Verbund AG	45	3,855
		51,595
BELGIUM — 0.8%
Ageas SA/NV	347	12,727
Anheuser-Busch InBev SA/NV	951	43,550
KBC Group NV	337	16,065
Solvay SA	257	20,051
UCB SA	51	3,553
Umicore SA	156	4,605
		100,551
BRAZIL — 0.1%
Wheaton Precious Metals Corp.	245	7,975
Yara International ASA	165	5,804
		13,779
CANADA — 10.6%
Agnico Eagle Mines, Ltd.	357	15,163
Bank of Montreal	939	82,737
Bank of Nova Scotia	1,272	60,820
Barrick Gold Corp.	2,052	31,974

Security Description	Shares	Value
BCE, Inc.	372	$ 15,681
Brookfield Asset Management, Inc. Class A	621	25,540
CAE, Inc. (a)	374	5,768
Canadian Imperial Bank of Commerce	1,244	54,738
Canadian National Railway Co.	900	97,713
Canadian Natural Resources, Ltd.	1,147	53,675
Canadian Pacific Railway, Ltd.	1,139	76,436
Cenovus Energy, Inc.	1,372	21,188
CGI, Inc. (a)	227	17,180
Enbridge, Inc.	2,578	96,099
Franco-Nevada Corp.	198	23,776
IGM Financial, Inc.	400	10,020
Loblaw Cos., Ltd.	36	2,866
Magna International, Inc.	189	9,014
National Bank of Canada	389	24,511
Nutrien, Ltd.	499	41,836
Open Text Corp.	340	9,034
Pembina Pipeline Corp.	306	9,344
Power Corp. of Canada	684	15,496
Royal Bank of Canada	1,543	139,662
Shopify, Inc. Class A (a)	880	23,818
Sun Life Financial, Inc.	890	35,579
Suncor Energy, Inc.	1,232	34,878
TC Energy Corp.	1,043	42,235
Teck Resources, Ltd. Class B	824	25,193
TELUS Corp.	996	19,883
Thomson Reuters Corp.	210	21,672
Toronto-Dominion Bank	2,108	129,973
Tourmaline Oil Corp.	100	5,225
WSP Global, Inc.	307	33,988
		1,312,715
CHILE — 0.0% (b)
Antofagasta PLC	341	4,246
CHINA — 0.7%
BOC Hong Kong Holdings, Ltd.	1,500	4,997
Budweiser Brewing Co. APAC, Ltd. (c)	1,800	4,712
NXP Semiconductors NV	261	38,500
Prosus NV (a)	709	37,486
		85,695
DENMARK — 2.0%
AP Moller - Maersk A/S Class B	4	7,307
Carlsberg AS Class B	120	14,131
Coloplast A/S Class B	232	23,714
DSV A/S	88	10,389
Novo Nordisk A/S Class B	1,531	153,586
Novozymes A/S Class B	189	9,542
Orsted A/S (c)	168	13,447
Vestas Wind Systems A/S	986	18,398
		250,514
FINLAND — 1.5%
Elisa Oyj	120	5,449

See accompanying notes to financial statements.

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF (RDMX)	3
SPDR Bloomberg SASB Emerging Markets ESG Select ETF (REMG)	6
SPDR EURO STOXX 50 ETF (FEZ)	9
SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) (Formerly, SPDR MSCI ACWI Low Carbon Target ETF)	12
SPDR MSCI ACWI ex-US ETF (CWI)	15
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	18
SPDR MSCI EAFE StrategicFactors ETF (QEFA)	21
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	24
SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM)	27
SPDR MSCI World StrategicFactors ETF (QWLD)	30
SPDR S&P Emerging Asia Pacific ETF (GMF)	33
SPDR S&P Emerging Markets Dividend ETF (EDIV)	36
SPDR S&P Emerging Markets Small Cap ETF (EWX)	39
SPDR S&P Global Dividend ETF (WDIV)	42
SPDR S&P Global Infrastructure ETF (GII)	45
SPDR S&P International Dividend ETF (DWX)	48
Schedules of Investments
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF (RDMX)	51
SPDR Bloomberg SASB Emerging Markets ESG Select ETF (REMG)	57
SPDR EURO STOXX 50 ETF (FEZ)	69
SPDR MSCI ACWI Climate Paris Aligned ETF (NZAC) (Formerly, SPDR MSCI ACWI Low Carbon Target ETF)	71
SPDR MSCI ACWI ex-US ETF (CWI)	84
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (EFAX)	103
SPDR MSCI EAFE StrategicFactors ETF (QEFA)	113
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (EEMX)	122
SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM)	133
SPDR MSCI World StrategicFactors ETF (QWLD)	148
SPDR S&P Emerging Asia Pacific ETF (GMF)	162
SPDR S&P Emerging Markets Dividend ETF (EDIV)	183
SPDR S&P Emerging Markets Small Cap ETF (EWX)	187
SPDR S&P Global Dividend ETF (WDIV)	229
SPDR S&P Global Infrastructure ETF (GII)	232
SPDR S&P International Dividend ETF (DWX)	235
Financial Statements	238
Financial Highlights	253
Notes to Financial Statements	269
Report of Independent Registered Public Accounting Firm	283
Other Information (Unaudited)	286


	Description	% of Net Assets
	Apple, Inc.	4.8%
	Microsoft Corp.	3.5
	Amazon.com, Inc.	2.0
	Tesla, Inc.	1.5
	Alphabet, Inc. Class C	1.4
	UnitedHealth Group, Inc.	1.0
	Johnson & Johnson	0.9
	Alphabet, Inc. Class A	0.9
	Schneider Electric SE	0.8
	JPMorgan Chase & Co.	0.8
	TOTAL	17.6%


	Description	% of Net Assets
	Taiwan Semiconductor Manufacturing Co., Ltd.	6.2%
	Tencent Holdings, Ltd.	4.0
	Samsung Electronics Co., Ltd.	3.5
	Alibaba Group Holding, Ltd.	2.6
	Meituan Class B	1.6
	Infosys, Ltd.	1.2
	China Construction Bank Corp. Class H	1.0
	JD.com, Inc. Class A	1.0
	ICICI Bank, Ltd.	1.0
	Al Rajhi Bank	0.9
	TOTAL	23.0%


	Description	% of Net Assets
	Apple, Inc.	2.6%
	Microsoft Corp.	2.4
	Johnson & Johnson	1.7
	UnitedHealth Group, Inc.	1.4
	Nestle SA	1.3
	Roche Holding AG	1.3
	Merck & Co., Inc.	1.1
	Visa, Inc. Class A	1.1
	Alphabet, Inc. Class C	1.0
	PepsiCo, Inc.	1.0
	TOTAL	14.9%


	Description	% of Net Assets
	Taiwan Semiconductor Manufacturing Co., Ltd. ADR	5.0%
	Tencent Holdings, Ltd.	4.3
	Alibaba Group Holding, Ltd. ADR	3.1
	Reliance Industries, Ltd. GDR	2.2
	Meituan Class B	1.8
	Infosys, Ltd. ADR	1.5
	Housing Development Finance Corp., Ltd.	1.3
	ICICI Bank, Ltd. ADR	1.2
	China Construction Bank Corp. Class H	1.1
	JD.com, Inc. ADR	1.1
	TOTAL	22.6%


	Description	% of Net Assets
	ASML Holding NV	7.0%
	LVMH Moet Hennessy Louis Vuitton SE	6.4
	Linde PLC	5.5
	TotalEnergies SE	5.1
	SAP SE	3.7
	Sanofi	3.6
	L'Oreal SA	3.2
	Siemens AG	3.0
	Schneider Electric SE	2.7
	Allianz SE	2.6
	TOTAL	42.8%


	Description	% of Net Assets
	Banco Bradesco SA Preference Shares	3.7%
	Banco do Brasil SA	3.6
	ASE Technology Holding Co., Ltd.	3.3
	China Resources Land, Ltd.	2.9
	Siam Cement PCL NVDR	2.8
	China Construction Bank Corp. Class H	2.7
	Bank of China, Ltd. Class H	2.7
	Agricultural Bank of China, Ltd. Class H	2.6
	Acer, Inc.	2.6
	SLC Agricola SA	2.4
	TOTAL	29.3%


	Description	% of Net Assets
	Alchip Technologies, Ltd.	0.3%
	Far Eastern International Bank	0.3
	National Industries Group Holding SAK	0.2
	Gigabyte Technology Co., Ltd.	0.2
	Topco Scientific Co., Ltd.	0.2
	Radiant Opto-Electronics Corp.	0.2
	Cia de Minas Buenaventura SAA ADR	0.2
	Motus Holdings, Ltd.	0.2
	AVI, Ltd.	0.2
	TOTAL	2.0%


	Description	% of Net Assets
	H&R Block, Inc.	2.6%
	LTC Properties, Inc. REIT	2.0
	South Jersey Industries, Inc.	1.8
	Unum Group	1.8
	Capital Power Corp.	1.8
	Keyera Corp.	1.8
	Sino Land Co., Ltd.	1.7
	Enagas SA	1.6
	KT&G Corp.	1.6
	Electric Power Development Co., Ltd.	1.5
	TOTAL	18.2%


	Description	% of Net Assets
	Atlantia SpA	5.4%
	NextEra Energy, Inc.	5.1
	Enbridge, Inc.	5.0
	Transurban Group Stapled Security	5.0
	Aena SME SA	3.7
	Southern Co.	3.2
	Duke Energy Corp.	3.2
	Getlink SE	3.0
	Cheniere Energy, Inc.	2.8
	TC Energy Corp.	2.7
	TOTAL	39.1%


	Description	% of Net Assets
	Enel SpA	1.7%
	China Construction Bank Corp. Class H	1.7
	E.ON SE	1.6
	Bouygues SA	1.6
	Enagas SA	1.5
	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	1.5
	Allianz SE	1.5
	SBI Holdings, Inc.	1.5
	Holcim AG	1.5
	Telenor ASA	1.5
	TOTAL	15.6%