Semi-Annual Report
March 31, 2022
SPDR® Index Shares Funds
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
SPDR EURO STOXX 50 ETF
SPDR MSCI ACWI ex-US ETF
SPDR S&P Emerging Markets Dividend ETF
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P International Dividend ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
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Schedules of Investments (Unaudited)  
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The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

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Table of Contents
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co., Ltd. 5.9%  
  Tencent Holdings, Ltd. 3.4  
  Samsung Electronics Co., Ltd. 2.9  
  Alibaba Group Holding, Ltd. ADR 2.4  
  Infosys, Ltd. ADR 1.3  
  Reliance Industries, Ltd. GDR 1.1  
  Al Rajhi Bank 1.1  
  HDFC Bank, Ltd. ADR 1.1  
  Meituan Class B 0.9  
  Kweichow Moutai Co., Ltd. Class A 0.9  
  TOTAL 21.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
1

Table of Contents
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Nestle SA 2.4%  
  Roche Holding AG 1.7  
  ASML Holding NV 1.6  
  Novartis AG 1.5  
  AstraZeneca PLC 1.2  
  Toyota Motor Corp. 1.2  
  Diageo PLC 1.0  
  BHP Group, Ltd. 1.0  
  L'Oreal SA 1.0  
  Novo Nordisk A/S Class B 0.9  
  TOTAL 13.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
2

Table of Contents
SPDR EURO STOXX 50 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  ASML Holding NV 8.4%  
  LVMH Moet Hennessy Louis Vuitton SE 5.8  
  Linde PLC 5.0  
  TotalEnergies SE 4.1  
  SAP SE 3.8  
  Sanofi 3.6  
  Siemens AG 3.2  
  Allianz SE 3.0  
  L'Oreal SA 3.0  
  Schneider Electric SE 2.9  
  TOTAL 42.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
3

Table of Contents
SPDR MSCI ACWI ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co., Ltd. ADR 1.9%  
  Nestle SA 1.6  
  ASML Holding NV 1.2  
  Roche Holding AG 1.2  
  Samsung Electronics Co., Ltd. GDR 1.1  
  Tencent Holdings, Ltd. 1.1  
  Shell PLC 0.9  
  Novo Nordisk A/S Class B 0.9  
  LVMH Moet Hennessy Louis Vuitton SE 0.8  
  Novartis AG 0.8  
  TOTAL 11.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
4

Table of Contents
SPDR S&P Emerging Markets Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Wal-Mart de Mexico SAB de CV 3.7%  
  First Abu Dhabi Bank PJSC 3.7  
  Emirates Telecommunications Group Co. PJSC 3.5  
  Advanced Info Service PCL NVDR 3.3  
  Haci Omer Sabanci Holding A/S 3.3  
  Saudi Electricity Co. 3.1  
  AcBel Polytech, Inc. 3.0  
  Quanta Computer, Inc. 2.8  
  Shimao Group Holdings, Ltd. 2.8  
  Anhui Conch Cement Co., Ltd. Class H 2.6  
  TOTAL 31.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
5

Table of Contents
SPDR S&P Emerging Markets Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Faraday Technology Corp. 0.4%  
  Royal Bafokeng Platinum, Ltd. 0.3  
  Sappi, Ltd. 0.3  
  Gigabyte Technology Co., Ltd. 0.3  
  Alchip Technologies, Ltd. 0.3  
  Sinbon Electronics Co., Ltd. 0.3  
  Lotes Co., Ltd. 0.3  
  AVI, Ltd. 0.3  
  Netcare, Ltd. 0.3  
  Truworths International, Ltd. 0.3  
  TOTAL 3.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
6

Table of Contents
SPDR S&P International Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Endesa SA 2.8%  
  TC Energy Corp. 2.3  
  BCE, Inc. 2.3  
  Red Electrica Corp. SA 2.0  
  Koninklijke KPN NV 1.9  
  GlaxoSmithKline PLC 1.9  
  Zurich Insurance Group AG 1.9  
  TELUS Corp. 1.9  
  APA Group Stapled Security 1.9  
  Swisscom AG 1.8  
  TOTAL 20.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
7

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.5%        
BRAZIL — 3.9%          
Ambev SA
     18,600   $ 60,278
B3 SA - Brasil Bolsa Balcao
     27,200   89,923
Banco Bradesco SA Preference Shares
     18,600   86,973
Banco Bradesco SA
     1,600   6,152
Banco BTG Pactual SA  (a)
     2,100   11,508
Banco BTG Pactual SA Preference Shares
     2,200   2,500
Banco BTG Pactual SA (a)
     1,600   5,125
Banco do Brasil SA
     6,500   47,465
Banco Inter SA Preference Shares (b)
     1,000   1,511
Banco Inter SA
     2,100   9,369
Banco Santander Brasil SA
     14,900   115,639
Banco Santander Brasil SA Preference Shares
     100   397
Braskem SA Class A, Preference Shares
     2,000   18,645
BRF SA (c)
     2,970   11,619
Centrais Eletricas Brasileiras SA
     1,300   10,390
Centrais Eletricas Brasileiras SA Class B, Preference Shares
     600   4,735
Cia Energetica de Minas Gerais Preference Shares
     10,000   32,008
Cia Energetica de Minas Gerais
     600   2,567
Energisa SA
     1,000   10,272
Engie Brasil Energia SA
     6,800   61,876
Gerdau SA Preference Shares
     2,300   14,912
Itau Unibanco Holding SA Preference Shares
     25,300   146,307
Klabin SA
     3,900   19,796
Klabin SA Preference Shares
     6,000   5,884
Natura & Co. Holding SA (c)
     5,200   28,506
Petroleo Brasileiro SA Preference Shares
     8,000   56,314
Petroleo Brasileiro SA
     5,700   42,271
Rede D'Or Sao Luiz SA (b)
     1,400   14,701
Suzano SA
     2,700   31,335
Telefonica Brasil SA
     3,300   37,285
TIM SA
     10,700   31,051
Vibra Energia SA
     4,200   20,664
WEG SA
     4,700   34,489
          1,072,467
CHILE — 0.9%          
Banco de Chile
     189,141   20,247
Banco de Credito e Inversiones SA (c)
     224   8,068
Banco Santander Chile
     867,735   48,860
Cencosud SA
     4,351   8,570
See accompanying notes to financial statements.
8

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Cia Cervecerias Unidas SA
     2,148   $ 16,075
Empresas CMPC SA
     5,445   10,082
Empresas COPEC SA
     3,065   25,317
Enel Americas SA
     327,168   39,497
Enel Chile SA
     757,417   22,619
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares
     525   45,373
          244,708
CHINA — 34.8%          
AAC Technologies Holdings, Inc. (c)
     3,500   8,483
AECC Aviation Power Co., Ltd. Class A
     1,200   8,488
Agricultural Bank of China, Ltd. Class H
     81,000   31,132
Aier Eye Hospital Group Co., Ltd. Class A
     3,600   17,892
Air China, Ltd. Class A (c)
     6,800   9,759
Alibaba Group Holding, Ltd. ADR (c)
     6,100   663,680
Alibaba Health Information Technology, Ltd. (c)
     12,000   7,784
Aluminum Corp. of China, Ltd. Class A (c)
     19,900   18,245
Angang Steel Co., Ltd. Class A
     23,700   13,254
Angel Yeast Co., Ltd. Class A
     1,000   6,566
Anhui Conch Cement Co., Ltd. Class A
     5,500   34,214
ANTA Sports Products, Ltd.
     4,400   55,285
Asymchem Laboratories Tianjin Co., Ltd. Class A
     300   17,344
Avary Holding Shenzhen Co., Ltd. Class A
     3,400   15,436
Baidu, Inc. ADR (c)
     1,000   132,300
Bank of Beijing Co., Ltd. Class A
     16,900   12,193
Bank of Communications Co., Ltd. Class A
     72,000   57,958
Bank of Hangzhou Co., Ltd. Class A
     9,300   20,642
Bank of Nanjing Co., Ltd. Class A
     20,600   34,625
Bank of Ningbo Co., Ltd. Class A
     5,800   34,162
Baoshan Iron & Steel Co., Ltd. Class A
     36,900   39,236
BeiGene, Ltd. ADR (c)
     200   37,720
Beijing New Building Materials PLC Class A
     1,600   7,639
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. Class A
     200   8,759
BGI Genomics Co., Ltd. Class A
     500   6,355
Bilibili, Inc. ADR (c)
     600   15,348
BOE Technology Group Co., Ltd. Class A
     84,100   57,099
BYD Co., Ltd. Class A
     2,000   72,400
Caitong Securities Co., Ltd. Class A
     4,700   6,278
CGN Power Co., Ltd. Class A
     95,200   40,941
Chaozhou Three-Circle Group Co., Ltd. Class A
     1,500   6,614
China Baoan Group Co., Ltd. Class A
     3,700   6,522
China CITIC Bank Corp., Ltd. Class H
     138,000   69,957
See accompanying notes to financial statements.
9

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
China Construction Bank Corp. Class H
     281,000   $ 211,340
China Eastern Airlines Corp., Ltd. Class A (c)
     18,000   13,270
China Feihe, Ltd. (b)
     8,000   7,927
China Gas Holdings, Ltd.
     9,400   12,051
China Hongqiao Group, Ltd.
     8,000   10,685
China International Marine Containers Group Co., Ltd. Class H
     21,900   35,850
China Jushi Co., Ltd. Class A
     3,100   7,442
China Lesso Group Holdings, Ltd.
     10,000   12,156
China Life Insurance Co., Ltd. Class H
     35,000   53,809
China Literature, Ltd. (b)(c)
     2,000   8,338
China Longyuan Power Group Corp., Ltd. Class H
     11,000   25,058
China Mengniu Dairy Co., Ltd. (c)
     12,000   64,663
China Merchants Bank Co., Ltd. Class A
     21,000   154,818
China Merchants Port Holdings Co., Ltd.
     8,000   14,506
China Merchants Securities Co., Ltd. Class A
     2,900   6,610
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
     10,700   25,553
China Minsheng Banking Corp., Ltd. Class A
     58,800   35,383
China Molybdenum Co., Ltd. Class A
     36,100   29,628
China National Building Material Co., Ltd. Class H
     16,000   19,899
China National Chemical Engineering Co., Ltd. Class A
     7,900   11,997
China National Nuclear Power Co., Ltd. Class A
     15,100   19,291
China Oilfield Services, Ltd. Class H
     16,000   16,406
China Overseas Land & Investment, Ltd.
     30,500   91,328
China Pacific Insurance Group Co., Ltd. Class A
     11,500   41,521
China Resources Beer Holdings Co., Ltd.
     6,000   36,813
China Resources Cement Holdings, Ltd.
     28,000   23,347
China Resources Land, Ltd.
     8,000   37,286
China Resources Power Holdings Co., Ltd.
     8,000   15,057
China State Construction Engineering Corp., Ltd. Class A
     104,000   89,123
China Suntien Green Energy Corp., Ltd. Class H
     12,000   6,788
China Taiping Insurance Holdings Co., Ltd.
     10,600   12,980
China Three Gorges Renewables Group Co., Ltd. Class A
     21,900   21,182
China Tourism Group Duty Free Corp., Ltd. Class A
     900   23,304
China Tower Corp., Ltd. Class H (b)
     280,000   31,463
China United Network Communications, Ltd. Class A
     40,500   22,776
China Vanke Co., Ltd. Class A
     17,400   52,490
China Yangtze Power Co., Ltd. Class A
     11,900   41,241
China Zhenhua Group Science & Technology Co., Ltd. Class A
     800   14,291
Chongqing Brewery Co., Ltd. Class A (c)
     600   10,135
Chongqing Zhifei Biological Products Co., Ltd. Class A
     1,400   30,434
CIFI Holdings Group Co., Ltd.
     26,000   15,305
See accompanying notes to financial statements.
10

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
CITIC Securities Co., Ltd. Class A
     12,910   $ 42,504
CITIC, Ltd.
     8,000   8,898
CNOOC Energy Technology & Services, Ltd. Class A
     76,400   31,652
Contemporary Amperex Technology Co., Ltd. Class A
     2,300   185,613
COSCO SHIPPING Development Co., Ltd. Class A
     31,800   16,531
COSCO SHIPPING Holdings Co., Ltd. Class A (c)
     13,300   32,474
Country Garden Holdings Co., Ltd.
     53,000   40,809
Country Garden Services Holdings Co., Ltd.
     6,000   25,743
CSPC Pharmaceutical Group, Ltd.
     26,000   30,046
Dali Foods Group Co., Ltd. (b)
     23,000   12,071
Datang International Power Generation Co., Ltd. Class A
     37,900   14,209
Dongfeng Motor Group Co., Ltd. Class H
     12,000   9,025
East Money Information Co., Ltd. Class A
     4,400   17,564
ENN Energy Holdings, Ltd.
     2,500   37,509
Eve Energy Co., Ltd. Class A
     1,600   20,332
Flat Glass Group Co., Ltd. Class A
     2,100   14,886
Foshan Haitian Flavouring & Food Co., Ltd. Class A
     1,100   15,148
Foxconn Industrial Internet Co., Ltd. Class A
     26,200   41,891
Fuyao Glass Industry Group Co., Ltd. Class A
     3,900   21,859
Ganfeng Lithium Co., Ltd. Class A
     1,500   29,690
G-bits Network Technology Xiamen Co., Ltd. Class A
     300   17,037
GD Power Development Co., Ltd. Class A
     37,500   14,886
GDS Holdings, Ltd. ADR (c)
     600   23,550
Geely Automobile Holdings, Ltd.
     19,000   29,987
GEM Co., Ltd. Class A
     12,600   16,633
Genscript Biotech Corp. (c)
     4,000   12,820
Ginlong Technologies Co., Ltd. Class A
     200   6,605
GoerTek, Inc. Class A
     3,000   16,257
Great Wall Motor Co., Ltd. Class H
     9,000   14,434
Gree Electric Appliances, Inc. of Zhuhai Class A
     4,900   24,932
Guangdong Investment, Ltd.
     26,000   35,590
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A
     4,800   23,712
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
     1,100   12,727
Guangzhou Tinci Materials Technology Co., Ltd. Class A
     600   8,885
Guoxuan High-Tech Co., Ltd. Class A (c)
     2,000   10,841
Guoyuan Securities Co., Ltd. Class A
     8,900   10,024
Haidilao International Holding, Ltd. (b)(c)
     4,000   7,845
Haier Smart Home Co., Ltd. Class A
     10,800   39,300
Haitong Securities Co., Ltd. Class A
     21,100   34,235
Hang Zhou Great Star Industrial Co., Ltd. Class A (c)
     2,500   6,482
Hangzhou First Applied Material Co., Ltd. Class A
     800   14,302
See accompanying notes to financial statements.
11

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hangzhou Tigermed Consulting Co., Ltd. Class A
     1,400   $ 23,730
Hansoh Pharmaceutical Group Co., Ltd. (b)
     8,000   13,402
Henan Shuanghui Investment & Development Co., Ltd. Class A
     2,200   10,071
Hengan International Group Co., Ltd.
     9,000   41,602
Hengli Petrochemical Co., Ltd. Class A
     3,600   11,790
Hua Hong Semiconductor, Ltd. (b)(c)
     4,000   17,008
Huadong Medicine Co., Ltd. Class A
     2,000   10,529
Huafon Chemical Co., Ltd. Class A
     6,400   9,185
Huaneng Power International, Inc. Class H (c)
     30,000   12,833
Huatai Securities Co., Ltd. Class A
     20,400   47,818
Huaxin Cement Co., Ltd. Class A
     4,900   15,252
Huayu Automotive Systems Co., Ltd. Class A
     5,000   15,713
Huazhu Group, Ltd. ADR
     300   9,897
Hunan Valin Steel Co., Ltd. Class A
     14,100   12,216
Hundsun Technologies, Inc. Class A
     2,100   14,708
Iflytek Co., Ltd. Class A
     2,800   20,541
Industrial & Commercial Bank of China, Ltd. Class H
     198,000   121,610
Industrial Bank Co., Ltd. Class A
     22,700   73,913
Industrial Securities Co., Ltd. Class A
     16,500   19,962
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
     10,300   59,855
Innovent Biologics, Inc. (b)(c)
     2,500   8,603
Inspur Electronic Information Industry Co., Ltd. Class A
     1,600   6,843
JA Solar Technology Co., Ltd. Class A
     1,300   16,113
Jason Furniture Hangzhou Co., Ltd. Class A
     1,400   13,521
JCET Group Co., Ltd. Class A
     2,800   10,842
JD Logistics, Inc. (b)(c)
     3,700   9,137
JD.com, Inc. ADR (c)
     2,700   156,249
Jiangsu Hengli Hydraulic Co., Ltd. Class A
     600   4,920
Jiangsu Hengrui Medicine Co., Ltd. Class A
     5,100   29,581
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
     1,200   25,639
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A
     1,500   6,576
Jiangxi Copper Co., Ltd. Class A
     2,400   7,289
KE Holdings, Inc. ADR (c)
     1,100   13,607
Kingdee International Software Group Co., Ltd. (c)
     13,000   28,917
Kingsoft Corp., Ltd.
     3,400   11,027
Kuaishou Technology (b)(c)
     1,900   18,002
Kunlun Energy Co., Ltd.
     26,000   22,675
Kweichow Moutai Co., Ltd. Class A
     900   243,711
LB Group Co., Ltd. Class A
     2,300   8,380
Lenovo Group, Ltd.
     52,000   56,572
Lens Technology Co., Ltd. Class A
     3,600   6,618
Li Auto, Inc. ADR (c)
     1,700   43,877
See accompanying notes to financial statements.
12

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Li Ning Co., Ltd.
     8,000   $ 69,055
Lingyi iTech Guangdong Co. Class A (c)
     6,900   5,522
Livzon Pharmaceutical Group, Inc. Class A
     3,500   21,227
Logan Group Co., Ltd.
     28,000   7,973
Longfor Group Holdings, Ltd. (b)
     8,000   41,168
LONGi Green Energy Technology Co., Ltd. Class A
     6,800   77,329
Lufax Holding, Ltd. ADR (c)
     1,600   8,912
Luxshare Precision Industry Co., Ltd. Class A
     8,000   39,949
Luzhou Laojiao Co., Ltd. Class A
     700   20,497
Mango Excellent Media Co., Ltd. Class A
     1,400   6,872
Maxscend Microelectronics Co., Ltd. Class A
     400   13,227
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A (c)
     12,200   11,320
Meituan Class B (b)(c)
     12,700   252,333
Microport Scientific Corp. (c)
     3,600   8,173
Ming Yang Smart Energy Group, Ltd. Class A
     2,100   7,334
Minth Group, Ltd.
     2,000   4,934
Muyuan Foods Co., Ltd. Class A
     5,700   51,055
NARI Technology Co., Ltd. Class A
     3,200   15,874
NAURA Technology Group Co., Ltd. Class A
     700   30,214
NavInfo Co., Ltd. Class A (c)
     2,800   6,162
NetEase, Inc. ADR
     1,300   116,597
New China Life Insurance Co., Ltd. Class A
     2,300   12,801
New Hope Liuhe Co., Ltd. Class A (c)
     7,400   19,794
Ninestar Corp. Class A
     1,200   8,079
Ningbo Tuopu Group Co., Ltd. Class A
     1,200   10,737
NIO, Inc. ADR (c)
     3,800   79,990
Nongfu Spring Co., Ltd. Class H (b)
     5,000   26,656
Orient Securities Co., Ltd. Class A
     8,300   14,356
Pharmaron Beijing Co., Ltd. Class A
     700   13,012
PICC Property & Casualty Co., Ltd. Class H
     66,000   67,589
Pinduoduo, Inc. ADR (c)
     1,100   44,121
Ping An Bank Co., Ltd. Class A
     22,200   53,786
Ping An Healthcare & Technology Co., Ltd. (b)(c)
     3,200   8,417
Ping An Insurance Group Co. of China, Ltd. Class A
     20,400   155,697
Poly Developments & Holdings Group Co., Ltd. Class A
     14,000   39,035
Postal Savings Bank of China Co., Ltd. Class H (b)
     39,000   31,623
Power Construction Corp. of China, Ltd. Class A
     8,100   9,302
Proya Cosmetics Co., Ltd. Class A
     500   14,849
Red Star Macalline Group Corp., Ltd. Class A (c)
     8,900   11,370
Rongsheng Petrochemical Co., Ltd. Class A
     3,600   8,110
Sangfor Technologies, Inc. Class A
     700   12,302
Sany Heavy Industry Co., Ltd. Class A
     10,400   28,703
See accompanying notes to financial statements.
13

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SF Holding Co., Ltd. Class A
     4,600   $ 33,115
SG Micro Corp. Class A
     200   10,287
Shandong Gold Mining Co., Ltd. Class A
     3,600   12,193
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A
     2,000   10,261
Shandong Linglong Tyre Co., Ltd. Class A
     2,900   10,082
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
     8,000   8,571
Shanghai Electric Group Co., Ltd. Class A
     10,000   6,364
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
     3,700   31,083
Shanghai Pudong Development Bank Co., Ltd. Class A
     56,100   70,698
Shanxi Taigang Stainless Steel Co., Ltd. Class A
     16,600   17,520
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
     900   36,138
Shennan Circuits Co., Ltd. Class A
     900   12,866
Shenzhen Inovance Technology Co., Ltd. Class A
     2,400   21,550
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A
     1,400   67,760
Shenzhen Overseas Chinese Town Co., Ltd. Class A
     11,300   13,101
Shenzhen Transsion Holdings Co., Ltd. Class A
     394   5,934
Shenzhou International Group Holdings, Ltd.
     2,600   34,793
Sichuan Kelun Pharmaceutical Co., Ltd. Class A
     6,400   17,472
Sinolink Securities Co., Ltd. Class A
     6,600   9,981
Sinopec Shanghai Petrochemical Co., Ltd. Class A
     39,300   21,792
Sinopharm Group Co., Ltd. Class H
     5,600   12,785
Skshu Paint Co., Ltd. Class A
     500   6,982
Sunac China Holdings, Ltd.
     11,000   6,433
Sungrow Power Supply Co., Ltd. Class A
     2,000   33,793
Sunny Optical Technology Group Co., Ltd.
     2,000   32,204
Sunwoda Electronic Co., Ltd. Class A
     2,800   12,130
TCL Technology Group Corp Class A
     49,600   38,364
Tencent Holdings, Ltd.
     19,200   917,415
Tencent Music Entertainment Group ADR (c)
     1,200   5,844
Tianfeng Securities Co., Ltd. Class A
     24,200   13,228
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A
     3,400   22,870
Tianma Microelectronics Co., Ltd. Class A
     22,500   37,039
Tingyi Cayman Islands Holding Corp.
     4,000   6,742
Tongcheng Travel Holdings, Ltd. (c)
     9,200   16,447
Tongwei Co., Ltd. Class A
     2,900   19,502
Topsports International Holdings, Ltd. (b)
     16,000   13,382
Trip.com Group, Ltd. ADR (c)
     1,700   39,304
Tsingtao Brewery Co., Ltd. Class A
     1,300   16,180
Universal Scientific Industrial Shanghai Co., Ltd. Class A
     5,900   11,264
Vipshop Holdings, Ltd. ADR (c)
     2,200   19,800
Walvax Biotechnology Co., Ltd. Class A
     1,000   8,644
Wanhua Chemical Group Co., Ltd. Class A
     4,100   52,244
See accompanying notes to financial statements.
14

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Want Want China Holdings, Ltd.
     48,000   $ 44,375
Weichai Power Co., Ltd. Class A
     13,400   28,180
Weihai Guangwei Composites Co., Ltd. Class A
     1,300   12,074
Wens Foodstuffs Group Co., Ltd. Class A (c)
     7,200   25,009
Will Semiconductor Co., Ltd. Shanghai Class A
     900   27,419
Wingtech Technology Co., Ltd. Class A
     1,300   16,649
Wuchan Zhongda Group Co., Ltd. Class A
     14,200   11,945
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
     4,400   16,254
Wuliangye Yibin Co., Ltd. Class A
     3,700   90,377
WUS Printed Circuit Kunshan Co., Ltd. Class A
     5,500   11,471
WuXi AppTec Co., Ltd. Class A
     2,900   51,339
Wuxi Biologics Cayman, Inc. (b)(c)
     11,000   91,369
Wuxi Lead Intelligent Equipment Co., Ltd. Class A
     1,300   11,968
Xiamen Faratronic Co., Ltd. Class A
     300   9,498
Xiaomi Corp. Class B (b)(c)
     51,600   91,849
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
     12,100   25,027
Xinyi Solar Holdings, Ltd.
     18,000   31,764
XPeng, Inc. ADR (c)
     1,500   41,385
Yadea Group Holdings, Ltd. (b)
     10,000   15,476
Yihai International Holding, Ltd. (c)
     2,000   5,746
Yonyou Network Technology Co., Ltd. Class A
     3,300   11,904
YTO Express Group Co., Ltd. Class A
     3,900   10,598
Yunda Holding Co., Ltd. Class A
     2,800   7,745
Yunnan Baiyao Group Co., Ltd. Class A
     700   9,022
Zai Lab, Ltd. ADR (c)
     200   8,796
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A
     500   24,986
Zhejiang Century Huatong Group Co., Ltd. Class A (c)
     8,800   8,692
Zhejiang Chint Electrics Co., Ltd. Class A
     1,800   11,223
Zhejiang Huayou Cobalt Co., Ltd. Class A
     1,300   20,028
Zhejiang Jiuzhou Pharmaceutical Co., Ltd. Class A
     1,000   7,637
Zhuzhou CRRC Times Electric Co., Ltd.
     1,600   6,282
Zoomlion Heavy Industry Science & Technology Co., Ltd. Class A (c)
     6,700   7,008
ZTE Corp. Class A
     14,700   55,344
ZTO Express Cayman, Inc. ADR
     2,000   50,000
          9,506,378
COLOMBIA — 0.3%          
Bancolombia SA
     441   5,096
Bancolombia SA Preference Shares
     1,292   13,874
Ecopetrol SA
     35,325   33,295
Grupo Argos SA
     4,414   16,322
See accompanying notes to financial statements.
15

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Grupo de Inversiones Suramericana SA
     1,029   $ 9,765
          78,352
CZECH REPUBLIC — 0.4%          
CEZ A/S
     1,973   83,225
Komercni banka A/S
     573   22,369
          105,594
EGYPT — 0.1%          
Commercial International Bank Egypt SAE (c)
     6,566   16,591
GREECE — 0.7%          
Alpha Services & Holdings SA (c)
     15,090   18,738
Eurobank Ergasias Services & Holdings SA Class A (c)
     20,408   24,126
Hellenic Telecommunications Organization SA
     4,817   87,898
National Bank of Greece SA (c)
     6,245   23,305
OPAP SA
     1,966   28,875
Public Power Corp. SA (c)
     866   7,323
          190,265
HONG KONG — 0.1%          
Nine Dragons Paper Holdings, Ltd.
     15,000   13,101
Sino Biopharmaceutical, Ltd.
     14,000   8,742
          21,843
HUNGARY — 0.3%          
MOL Hungarian Oil & Gas PLC
     7,117   63,179
OTP Bank Nyrt (c)
     538   19,797
          82,976
INDIA — 13.0%          
ABB India, Ltd.
     1,111   31,640
ACC, Ltd.
     1,189   33,757
Adani Green Energy, Ltd. (c)
     2,082   52,608
Adani Power, Ltd. (c)
     4,041   9,871
Adani Total Gas, Ltd.
     784   22,243
Adani Transmission, Ltd. (c)
     761   23,783
Ambuja Cements, Ltd.
     7,563   29,868
Apollo Hospitals Enterprise, Ltd.
     315   18,774
Ashok Leyland, Ltd.
     8,077   12,498
Asian Paints, Ltd.
     1,693   68,814
Axis Bank, Ltd. (c)
     8,857   88,967
Bajaj Auto, Ltd.
     366   17,644
Bajaj Finance, Ltd.
     723   69,270
Bajaj Finserv, Ltd.
     57   12,833
See accompanying notes to financial statements.
16

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Balkrishna Industries, Ltd.
     315   $ 8,880
Bharat Electronics, Ltd.
     5,515   15,342
Bharat Petroleum Corp., Ltd.
     6,084   28,852
Bharti Airtel, Ltd. (c)
     7,460   74,324
Bosch, Ltd.
     49   9,337
Britannia Industries, Ltd.
     148   6,263
Cipla, Ltd.
     2,371   31,855
Dabur India, Ltd.
     1,580   11,180
Dalmia Bharat, Ltd.
     427   8,428
Divi's Laboratories, Ltd.
     307   17,835
DLF, Ltd.
     4,308   21,630
Dr Reddy's Laboratories, Ltd. ADR
     618   34,441
Eicher Motors, Ltd.
     526   17,057
Godrej Consumer Products, Ltd. (c)
     2,054   20,257
Grasim Industries, Ltd.
     1,413   31,029
Havells India, Ltd.
     1,557   23,682
HCL Technologies, Ltd.
     4,386   67,360
HDFC Bank, Ltd. ADR
     4,762   292,053
Hero MotoCorp, Ltd.
     673   20,376
Hindalco Industries, Ltd.
     7,743   58,194
Hindustan Petroleum Corp., Ltd.
     2,980   10,593
Hindustan Unilever, Ltd.
     2,908   78,621
Housing Development Finance Corp., Ltd.
     5,618   177,226
ICICI Bank, Ltd. ADR
     9,997   189,343
ICICI Lombard General Insurance Co., Ltd. (b)
     593   10,395
IDFC First Bank, Ltd. (c)
     52,193   27,345
Indian Oil Corp., Ltd.
     13,127   20,606
Indus Towers, Ltd. (c)
     2,777   8,138
IndusInd Bank, Ltd.
     1,406   17,356
Info Edge India, Ltd.
     159   9,462
Infosys, Ltd. ADR
     13,938   346,917
JSW Energy, Ltd.
     1,528   6,094
JSW Steel, Ltd.
     6,157   59,531
Jubilant Foodworks, Ltd.
     184   6,402
Kotak Mahindra Bank, Ltd.
     3,879   89,781
Mahindra & Mahindra, Ltd. GDR
     3,958   43,934
Marico, Ltd.
     5,945   39,518
Maruti Suzuki India, Ltd.
     317   31,632
Nestle India, Ltd.
     181   41,516
NTPC, Ltd.
     8,865   15,794
Power Grid Corp. of India, Ltd.
     3,619   10,354
REC, Ltd.
     9,353   15,188
See accompanying notes to financial statements.
17

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Reliance Industries, Ltd. GDR (b)
     4,584   $ 316,296
SBI Cards & Payment Services, Ltd.
     706   7,935
Shree Cement, Ltd.
     153   48,525
Siemens, Ltd.
     481   15,033
SRF, Ltd.
     208   7,355
State Bank of India GDR
     1,058   68,029
Sun Pharmaceutical Industries, Ltd.
     1,842   22,236
Tata Consumer Products, Ltd.
     3,491   35,815
Tata Motors, Ltd. ADR (c)
     1,039   29,040
Tata Motors, Ltd. (c)
     254   692
Tata Power Co., Ltd.
     7,597   23,926
Tata Steel, Ltd. GDR
     3,543   59,877
Tech Mahindra, Ltd.
     3,614   71,515
Titan Co., Ltd.
     1,240   41,502
UltraTech Cement, Ltd.
     546   47,573
United Spirits, Ltd. (c)
     3,260   38,219
Vedanta, Ltd.
     6,488   34,536
Voltas, Ltd.
     1,227   20,166
Wipro, Ltd. ADR
     10,441   80,500
Yes Bank, Ltd. (c)
     127,379   20,677
          3,536,138
INDONESIA — 1.3%          
Aneka Tambang Tbk
     71,700   12,181
Bank Central Asia Tbk PT
     219,900   122,103
Bank Jago Tbk PT (c)
     18,300   18,666
Bank Mandiri Persero Tbk PT
     36,600   20,131
Bank Rakyat Indonesia Persero Tbk PT
     311,900   101,198
Barito Pacific Tbk PT
     120,100   7,568
Chandra Asri Petrochemical Tbk PT
     13,600   9,564
Indah Kiat Pulp & Paper Tbk PT
     12,800   7,040
Indocement Tunggal Prakarsa Tbk PT
     23,400   17,555
Telkom Indonesia Persero Tbk PT
     56,000   17,858
Unilever Indonesia Tbk PT
     110,500   28,159
          362,023
KUWAIT — 0.3%          
Agility Public Warehousing Co. KSC
     13,614   49,518
National Bank of Kuwait SAKP
     12,395   44,839
          94,357
MALAYSIA — 1.7%          
CIMB Group Holdings Bhd
     7,700   9,761
See accompanying notes to financial statements.
18

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
DiGi.Com Bhd
     22,700   $ 21,055
Hong Leong Bank Bhd
     3,200   15,373
IOI Corp. Bhd
     15,100   14,796
Malayan Banking Bhd
     23,300   49,540
MISC Bhd
     33,500   58,559
Nestle Malaysia Bhd
     3,900   123,917
Petronas Chemicals Group Bhd
     10,500   23,973
Petronas Gas Bhd
     6,100   24,169
Press Metal Aluminium Holdings Bhd
     16,700   24,624
RHB Bank Bhd
     11,600   16,442
Sime Darby Plantation Bhd
     8,400   9,929
Top Glove Corp. Bhd
     12,900   5,890
Westports Holdings Bhd
     61,200   58,220
          456,248
MEXICO — 2.8%          
Alfa SAB de CV Class A
     22,700   17,200
America Movil SAB de CV Series L
     125,200   132,596
Arca Continental SAB de CV
     6,300   42,728
Cemex SAB de CV Series CPO (c)
     97,900   52,480
Coca-Cola Femsa SAB de CV
     8,735   47,976
Fibra Uno Administracion SA de CV REIT
     40,300   47,086
Fomento Economico Mexicano SAB de CV
     7,500   62,190
Grupo Aeroportuario del Sureste SAB de CV Class B
     1,315   29,273
Grupo Bimbo SAB de CV Class A
     15,300   46,079
Grupo Financiero Banorte SAB de CV Series O
     10,800   80,992
Industrias Penoles SAB de CV
     700   8,821
Kimberly-Clark de Mexico SAB de CV Class A
     27,000   37,883
Orbia Advance Corp. SAB de CV
     9,200   24,225
Wal-Mart de Mexico SAB de CV
     32,700   134,329
          763,858
PERU — 0.2%          
Banco BBVA Peru SA
     20,975   12,647
Credicorp, Ltd.
     200   34,374
          47,021
PHILIPPINES — 0.8%          
Ayala Corp.
     4,000   63,697
Ayala Land, Inc.
     28,500   19,305
Bank of the Philippine Islands
     29,130   56,070
BDO Unibank, Inc.
     5,300   13,592
Globe Telecom, Inc.
     145   7,118
See accompanying notes to financial statements.
19

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
International Container Terminal Services, Inc.
     3,160   $ 13,728
Manila Electric Co.
     1,820   13,140
SM Investments Corp.
     1,190   20,905
SM Prime Holdings, Inc.
     11,800   8,631
          216,186
POLAND — 0.7%          
KGHM Polska Miedz SA
     541   22,446
mBank SA (c)
     59   5,000
Orange Polska SA (c)
     16,316   30,892
Polski Koncern Naftowy ORLEN SA
     1,601   29,206
Powszechna Kasa Oszczednosci Bank Polski SA (c)
     3,867   36,969
Powszechny Zaklad Ubezpieczen SA
     4,547   36,935
Santander Bank Polska SA
     585   42,816
          204,264
QATAR — 0.5%          
Qatar Fuel QSC
     6,012   29,517
Qatar National Bank QPSC
     16,251   102,948
          132,465
RUSSIA — 0.0%          
Alrosa PJSC (c)(d)
     23,690   —
Gazprom PJSC (d)
     33,540   —
Inter RAO UES PJSC (c)(d)
     542,800   —
LUKOIL PJSC (d)
     1,136   —
Magnitogorsk Iron & Steel Works PJSC (c)(d)
     35,790   —
Moscow Exchange MICEX (c)(d)
     30,730   —
Novatek PJSC (d)
     6,699   —
Novolipetsk Steel PJSC (c)(d)
     20,650   —
PhosAgro PJSC GDR (d)
     2,604   —
Polyus PJSC (c)(d)
     290   —
Rosneft Oil Co PJSC (d)
     9,809   —
Sberbank of Russia PJSC (d)
     29,150   —
Severstal PAO (d)
     2,334   —
Surgutneftegas PJSC (d)
     37,500   —
Tatneft PJSC (d)
     160   —
TCS Group Holding PLC GDR (c)(d)
     258   —
Yandex NV Class A (c)(d)
     1,000   —
          —
SAUDI ARABIA — 4.0%          
Al Rajhi Bank
     7,288   311,996
Alinma Bank
     4,868   50,412
See accompanying notes to financial statements.
20

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Almarai Co. JSC
     5,467   $ 74,613
Bank AlBilad (c)
     2,099   34,690
Bank Al-Jazira
     2,453   17,229
Banque Saudi Fransi
     2,940   42,084
Bupa Arabia for Cooperative Insurance Co.
     144   6,871
Etihad Etisalat Co.
     2,178   24,094
Jarir Marketing Co.
     293   15,386
Riyad Bank
     2,755   27,576
Sahara International Petrochemical Co.
     4,357   62,367
Saudi Arabian Mining Co. (c)
     2,001   71,474
Saudi British Bank
     2,005   21,271
Saudi Electricity Co.
     5,471   38,646
Saudi Investment Bank
     10,043   48,615
Saudi National Bank
     6,286   118,800
Saudi Research & Media Group (c)
     115   7,719
Saudi Telecom Co.
     2,858   82,125
Savola Group
     2,306   22,405
Yanbu National Petrochemical Co.
     1,341   23,914
          1,102,287
SOUTH AFRICA — 3.4%          
Absa Group, Ltd.
     2,825   36,817
Anglo American Platinum, Ltd.
     330   45,314
Aspen Pharmacare Holdings, Ltd.
     1,540   20,933
FirstRand, Ltd.
     12,061   63,943
Gold Fields, Ltd.
     3,671   57,291
Growthpoint Properties, Ltd. REIT
     55,416   55,824
Impala Platinum Holdings, Ltd.
     3,040   46,816
Investec, Ltd.
     5,719   38,163
Kumba Iron Ore, Ltd.
     1,036   46,465
MultiChoice Group, Ltd.
     838   7,554
Naspers, Ltd. Class N
     433   49,312
Nedbank Group, Ltd.
     3,626   57,835
Northam Platinum Holdings, Ltd. (c)
     620   9,253
Old Mutual, Ltd.
     34,213   32,240
Sanlam, Ltd.
     8,879   43,871
Sasol, Ltd. (c)
     1,753   42,588
Shoprite Holdings, Ltd.
     2,038   33,007
Sibanye Stillwater, Ltd.
     9,277   37,965
Standard Bank Group, Ltd.
     5,873   73,205
Vodacom Group, Ltd.
     8,804   96,400
See accompanying notes to financial statements.
21

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Woolworths Holdings, Ltd.
     8,349   $ 33,013
          927,809
SOUTH KOREA — 9.1%          
Amorepacific Corp.
     230   30,362
AMOREPACIFIC Group
     659   23,869
CJ CheilJedang Corp.
     57   17,377
Coway Co., Ltd.
     707   39,957
DB Insurance Co., Ltd.
     198   11,419
Doosan Heavy Industries & Construction Co., Ltd. (c)
     973   16,417
Hana Financial Group, Inc.
     1,045   41,902
Hankook Tire & Technology Co., Ltd.
     752   20,878
Hanon Systems
     1,426   13,883
HMM Co., Ltd.
     1,291   31,049
Hyundai Engineering & Construction Co., Ltd.
     222   8,773
Hyundai Mobis Co., Ltd.
     287   50,910
Hyundai Motor Co.
     407   60,611
Hyundai Motor Co. Preference Shares
     43   3,072
Hyundai Steel Co.
     515   17,655
Kakao Corp.
     682   59,926
KakaoBank Corp. (c)
     335   14,262
Kangwon Land, Inc. (c)
     360   8,272
KB Financial Group, Inc.
     1,465   74,093
KCC Corp.
     28   7,901
Kia Corp.
     1,020   62,275
Korea Gas Corp.
     458   14,964
Korean Air Lines Co., Ltd. (c)
     869   21,652
Krafton, Inc. (c)
     40   9,092
KT Corp.
     897   26,420
L&F Co., Ltd. (c)
     58   10,805
LG Chem, Ltd.
     131   57,499
LG Display Co., Ltd.
     1,584   26,987
LG Electronics, Inc.
     704   69,990
LG Household & Health Care, Ltd.
     50   35,394
LG Innotek Co., Ltd.
     68   21,712
NAVER Corp.
     461   129,508
NCSoft Corp.
     22   8,486
POSCO Holdings, Inc.
     297   71,796
Samsung Card Co., Ltd.
     879   23,424
Samsung Electro-Mechanics Co., Ltd.
     286   38,934
Samsung Electronics Co., Ltd. Preference Shares
     446   23,182
Samsung Electronics Co., Ltd.
     13,638   783,140
Samsung Engineering Co., Ltd. (c)
     661   14,288
See accompanying notes to financial statements.
22

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SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Samsung Fire & Marine Insurance Co., Ltd.
     268   $ 48,424
Samsung SDI Co., Ltd.
     178   87,528
Samsung SDS Co., Ltd.
     103   11,770
Shinhan Financial Group Co., Ltd.
     2,388   81,764
SK Hynix, Inc.
     1,665   162,097
SK IE Technology Co., Ltd. (b)(c)
     158   16,490
SK Innovation Co., Ltd. (c)
     154   27,317
SK Telecom Co., Ltd.
     897   42,110
          2,479,636
TAIWAN — 15.3%          
Acer, Inc.
     55,000   57,493
Advantech Co., Ltd.
     1,000   12,896
ASE Technology Holding Co., Ltd.
     15,000   54,186
Asia Cement Corp.
     9,000   15,266
Asustek Computer, Inc.
     5,000   65,180
AU Optronics Corp.
     35,000   24,248
Cathay Financial Holding Co., Ltd.
     20,000   45,024
Chailease Holding Co., Ltd.
     2,000   17,695
Chang Hwa Commercial Bank, Ltd.
     27,000   18,046
China Airlines, Ltd. (c)
     15,000   13,952
China Development Financial Holding Corp.
     83,000   55,620
China Steel Corp.
     53,000   72,050
Chunghwa Telecom Co., Ltd.
     23,000   101,949
Compal Electronics, Inc. (c)
     39,000   36,480
CTBC Financial Holding Co., Ltd.
     142,000   145,710
Delta Electronics, Inc.
     8,000   74,970
E Ink Holdings, Inc.
     2,000   12,914
E.Sun Financial Holding Co., Ltd.
     123,000   141,883
Evergreen Marine Corp. Taiwan, Ltd. (c)
     12,000   56,542
First Financial Holding Co., Ltd.
     102,000   101,283
Formosa Chemicals & Fibre Corp.
     11,000   30,330
Formosa Petrochemical Corp.
     3,000   9,874
Formosa Plastics Corp.
     13,000   48,322
Foxconn Technology Co., Ltd.
     3,000   6,576
Fubon Financial Holding Co., Ltd.
     32,000   85,441
Globalwafers Co., Ltd.
     1,000   23,419
Hon Hai Precision Industry Co., Ltd.
     35,000   129,487
Hua Nan Financial Holdings Co., Ltd.
     24,000   20,397
Innolux Corp.
     37,000   21,695
Inventec Corp.
     19,000   16,380
Lite-On Technology Corp.
     24,000   57,044
Macronix International Co., Ltd.
     7,000   9,797
See accompanying notes to financial statements.
23

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
MediaTek, Inc. (c)
     5,000   $ 157,932
Mega Financial Holding Co., Ltd.
     47,000   70,373
Micro-Star International Co., Ltd.
     4,000   18,149
Nan Ya Plastics Corp.
     6,000   19,517
Nan Ya Printed Circuit Board Corp.
     1,000   18,289
Nanya Technology Corp.
     10,000   24,152
Pegatron Corp.
     9,000   22,742
Powertech Technology, Inc.
     5,000   16,579
Quanta Computer, Inc.
     9,000   27,737
Shanghai Commercial & Savings Bank, Ltd.
     10,000   17,521
Shin Kong Financial Holding Co., Ltd.
     46,000   17,339
SinoPac Financial Holdings Co., Ltd.
     76,000   48,807
Taishin Financial Holding Co., Ltd.
     117,000   83,713
Taiwan Cement Corp.
     20,000   34,832
Taiwan Mobile Co., Ltd.
     9,000   32,983
Taiwan Semiconductor Manufacturing Co., Ltd.
     77,000   1,604,419
Unimicron Technology Corp.
     3,000   26,072
Uni-President Enterprises Corp.
     11,000   25,185
United Microelectronics Corp.
     45,000   84,812
Vanguard International Semiconductor Corp.
     6,000   26,072
Walsin Lihwa Corp.
     11,000   11,287
Wan Hai Lines, Ltd.
     3,000   16,596
Win Semiconductors Corp.
     2,000   18,568
Winbond Electronics Corp.
     14,000   15,245
Wistron Corp.
     14,000   14,537
Yang Ming Marine Transport Corp. (c)
     6,000   26,072
Yuanta Financial Holding Co., Ltd.
     112,000   103,199
          4,164,878
TANZANIA, UNITED REPUBLIC OF — 0.1%          
AngloGold Ashanti, Ltd.
     1,596   38,282
THAILAND — 3.2%          
Advanced Info Service PCL NVDR
     11,600   81,287
Airports of Thailand PCL NVDR (c)
     16,315   32,507
Bangkok Bank PCL
     3,700   15,245
Bangkok Dusit Medical Services PCL NVDR
     15,200   11,429
Bangkok Expressway & Metro PCL
     31,800   8,321
Central Pattana PCL NVDR
     17,500   31,053
Charoen Pokphand Foods PCL NVDR
     46,245   33,519
CP ALL PCL NVDR
     18,049   35,284
Delta Electronics Thailand PCL NVDR
     1,800   21,004
Energy Absolute PCL
     4,300   12,674
See accompanying notes to financial statements.
24

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Global Power Synergy PCL NVDR
     7,500   $ 16,297
Home Product Center PCL NVDR
     62,530   29,901
Indorama Ventures PCL NVDR
     26,605   37,207
Kasikornbank PCL NVDR
     10,500   51,000
Minor International PCL NVDR (c)
     15,360   15,475
Muangthai Capital PCL NVDR
     4,264   6,733
PTT Exploration & Production PCL NVDR
     15,200   65,829
PTT Global Chemical PCL NVDR
     37,350   57,008
PTT PCL NVDR
     64,700   74,916
SCG Packaging PCL NVDR
     15,500   28,203
Siam Cement PCL NVDR
     6,626   76,323
Siam Commercial Bank PCL NVDR
     15,800   54,171
Siam Makro PCL
     9,400   11,238
Thai Oil PCL NVDR
     9,700   15,097
Thai Union Group PCL NVDR
     20,591   11,704
TMBThanachart Bank PCL NVDR
     541,485   21,496
True Corp. PCL NVDR
     107,128   16,593
          871,514
TURKEY — 0.4%          
Aselsan Elektronik Sanayi Ve Ticaret A/S
     8,183   13,467
Enka Insaat ve Sanayi A/S
     11,186   12,263
Ford Otomotiv Sanayi A/S
     703   14,316
Turk Hava Yollari AO (c)
     7,443   16,370
Turkcell Iletisim Hizmetleri A/S
     4,857   7,464
Turkiye Garanti Bankasi A/S
     8,041   6,688
Turkiye Petrol Rafinerileri AS (c)
     1,034   15,114
Turkiye Sise ve Cam Fabrikalari A/S
     18,466   19,149
          104,831
UNITED ARAB EMIRATES — 1.2%          
Aldar Properties PJSC
     22,219   29,823
Emaar Properties PJSC
     6,608   10,794
Emirates Telecommunications Group Co. PJSC
     8,635   86,889
First Abu Dhabi Bank PJSC
     18,756   120,511
International Holding Co. PJSC (c)
     1,292   66,235
          314,252
TOTAL COMMON STOCKS

(Cost $29,287,466)
         27,135,223
    
See accompanying notes to financial statements.
25

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (e)(f)

(Cost $22,986)
   22,991   $ 22,989
TOTAL INVESTMENTS — 99.6%

(Cost $29,310,452)
   27,158,212  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%
  121,514  
NET ASSETS — 100.0%
  $ 27,279,726  
(a) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.9% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Non-income producing security.
(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2022, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at March 31, 2022.
ADR American Depositary Receipt
GDR Global Depositary Receipt
NVDR Non-Voting Depositary Receipt
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $27,087,745   $47,478   $ 0(a)   $27,135,223
Short-Term Investment
   22,989   —   —   22,989
TOTAL INVESTMENTS
   $ 27,110,734   $47,478   $ 0   $27,158,212
(a) The Fund held Level 3 securities that were valued at $0 at March 31, 2022.
See accompanying notes to financial statements.
26

Table of Contents
SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Financials 25.0%
  Information Technology 19.8
  Consumer Discretionary 9.9
  Communication Services 9.6
  Materials 8.9
  Consumer Staples 8.3
  Industrials 5.9
  Energy 3.4
  Utilities 3.2
  Health Care 3.2
  Real Estate 2.3
  Short-Term Investment 0.1
  Other Assets in Excess of Liabilities 0.4
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at
1/11/2022* 		  Value at

1/11/2022* 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 —   $—   $7,741,092   $7,718,075   $(31)   $3   22,991   $22,989   $117
* Commencement of operations.
See accompanying notes to financial statements.
27

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.4%        
AUSTRALIA — 7.3%          
Australia & New Zealand Banking Group, Ltd.
     6,836   $ 141,684
BHP Group, Ltd.
     7,222   280,659
Coles Group, Ltd.
     860   11,567
Commonwealth Bank of Australia
     2,513   199,602
CSL, Ltd.
     870   175,189
Dexus REIT
     10,914   89,745
Evolution Mining, Ltd.
     2,430   8,029
Fortescue Metals Group, Ltd.
     2,200   34,132
Glencore PLC (a)
     16,276   107,149
GPT Group REIT
     26,228   102,025
Macquarie Group, Ltd.
     590   90,061
National Australia Bank, Ltd.
     9,470   230,057
Qantas Airways, Ltd. (a)
     2,560   10,016
Rio Tinto PLC
     1,772   141,876
Rio Tinto, Ltd.
     331   29,606
Santos, Ltd.
     3,015   17,524
Stockland REIT
     11,130   35,689
Suncorp Group, Ltd.
     1,890   15,783
Transurban Group Stapled Security
     2,669   27,158
Wesfarmers, Ltd.
     316   11,962
Westpac Banking Corp.
     7,918   144,132
Woodside Petroleum, Ltd.
     613   14,777
Woolworths Group, Ltd.
     2,590   72,469
          1,990,891
AUSTRIA — 0.4%          
Erste Group Bank AG
     270   9,941
EVN AG
     245   6,352
Mondi PLC
     3,562   69,950
OMV AG
     300   14,483
Verbund AG
     77   8,182
          108,908
BELGIUM — 1.0%          
Ageas SA/NV
     775   39,528
Anheuser-Busch InBev SA/NV
     1,272   76,794
KBC Group NV
     977   71,072
Solvay SA
     450   44,792
UCB SA
     350   42,233
See accompanying notes to financial statements.
28

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Umicore SA
     152   $ 6,657
          281,076
BRAZIL — 0.1%          
Wheaton Precious Metals Corp.
     310   14,755
Yara International ASA
     250   12,637
          27,392
CANADA — 10.1%          
Agnico Eagle Mines, Ltd.
     211   12,923
Bank of Montreal
     1,460   171,956
Bank of Nova Scotia
     2,800   200,857
Barrick Gold Corp.
     4,080   100,150
BCE, Inc.
     1,960   108,745
Brookfield Asset Management, Inc. Class A
     990   56,021
CAE, Inc. (a)
     630   16,413
Canadian Imperial Bank of Commerce
     960   116,633
Canadian National Railway Co.
     1,421   190,786
Canadian Natural Resources, Ltd.
     2,340   145,022
Canadian Pacific Railway, Ltd.
     1,815   149,931
CGI, Inc. (a)
     479   38,192
Enbridge, Inc.
     3,890   179,232
Fortis, Inc.
     832   41,185
Franco-Nevada Corp.
     330   52,560
Intact Financial Corp.
     20   2,958
Magna International, Inc.
     250   16,064
National Bank of Canada
     200   15,345
Nutrien, Ltd.
     610   63,107
Pembina Pipeline Corp.
     850   31,964
Power Corp. of Canada
     2,020   62,587
Royal Bank of Canada
     2,180   240,227
Shopify, Inc. Class A (a)
     143   96,795
Sun Life Financial, Inc.
     790   44,147
Suncor Energy, Inc.
     1,800   58,653
TC Energy Corp.
     2,887   162,974
Teck Resources, Ltd. Class B (a)
     1,380   55,772
Thomson Reuters Corp.
     350   38,033
Toronto-Dominion Bank
     3,100   246,178
West Fraser Timber Co., Ltd.
     80   6,588
WSP Global, Inc.
     250   33,207
          2,755,205
See accompanying notes to financial statements.
29

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
CHINA — 0.5%          
BOC Hong Kong Holdings, Ltd.
     5,000   $ 18,962
NXP Semiconductors NV
     441   81,620
Prosus NV (a)
     840   45,400
          145,982
DENMARK — 1.7%          
AP Moller - Maersk A/S Class A
     1   2,984
AP Moller - Maersk A/S Class B
     2   6,094
Carlsberg A/S Class B
     220   27,314
Coloplast A/S Class B
     530   81,220
Novo Nordisk A/S Class B
     2,334   261,457
Orsted A/S (b)
     280   35,567
Vestas Wind Systems A/S
     1,433   42,816
          457,452
FINLAND — 1.4%          
Elisa Oyj
     200   12,155
Fortum Oyj
     239   4,396
Kone Oyj Class B
     170   9,002
Neste Oyj
     439   20,261
Nokia Oyj (a)
     13,146   72,922
Nordea Bank Abp
     2,810   29,338
Sampo Oyj Class A
     1,140   56,292
Stora Enso Oyj Class R
     4,593   91,042
UPM-Kymmene Oyj
     2,202   72,669
          368,077
FRANCE — 10.1%          
Aeroports de Paris (a)
     50   7,566
Air Liquide SA
     449   79,393
Alstom SA
     420   9,940
Arkema SA
     590   71,390
AXA SA
     5,682   167,946
BNP Paribas SA
     2,854   164,904
Bureau Veritas SA
     993   28,660
Capgemini SE
     672   151,409
Carrefour SA
     3,257   71,192
Cie de Saint-Gobain
     607   36,653
Cie Generale des Etablissements Michelin SCA
     441   60,329
CNP Assurances
     1,260   30,562
Danone SA
     2,605   145,010
Eiffage SA
     160   16,599
See accompanying notes to financial statements.
30

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Electricite de France SA
     3,090   $ 29,341
Engie SA
     4,440   58,956
EssilorLuxottica SA
     451   83,450
Gecina SA REIT
     160   20,348
Hermes International
     6   8,622
Kering SA
     168   107,613
Legrand SA
     155   14,897
L'Oreal SA
     674   272,861
LVMH Moet Hennessy Louis Vuitton SE
     361   260,842
Orange SA
     5,771   68,732
Pernod Ricard SA
     388   86,039
Renault SA (a)
     420   11,157
Sanofi
     1,776   182,806
SEB SA
     62   8,733
Societe Generale SA
     1,946   52,961
Teleperformance
     174   67,044
TotalEnergies SE
     3,392   173,722
Veolia Environnement SA
     1,460   47,256
Vinci SA
     1,237   127,987
Vivendi SE
     1,010   13,306
Worldline SA (a)(b)
     170   7,469
          2,745,695
GERMANY — 7.5%          
Adidas AG
     255   60,122
Allianz SE
     1,044   251,546
BASF SE
     1,749   100,726
Bayerische Motoren Werke AG
     620   54,222
Bayerische Motoren Werke AG Preference Shares
     40   3,129
Beiersdorf AG
     250   26,481
Carl Zeiss Meditec AG
     50   8,175
Continental AG (a)
     270   19,647
Covestro AG (b)
     550   28,052
Deutsche Bank AG (a)
     3,296   42,211
Deutsche Boerse AG
     375   68,011
Deutsche Lufthansa AG (a)
     3,374   27,623
Deutsche Post AG
     2,514   121,818
Deutsche Telekom AG
     5,062   95,365
Deutsche Wohnen SE
     535   18,096
E.ON SE
     4,313   50,590
HeidelbergCement AG
     130   7,472
Henkel AG & Co. KGaA Preference Shares
     291   19,647
Henkel AG & Co. KGaA
     239   15,942
See accompanying notes to financial statements.
31

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Infineon Technologies AG
     2,018   $ 69,572
KION Group AG
     70   4,673
Mercedes-Benz Group AG
     1,440   102,237
Merck KGaA
     325   68,652
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     398   107,609
Puma SE
     320   27,572
RWE AG
     1,370   60,257
SAP SE
     2,086   234,698
Sartorius AG Preference Shares
     32   14,302
Siemens AG
     1,422   198,818
Siemens Healthineers AG (b)
     150   9,386
Symrise AG
     290   35,122
Telefonica Deutschland Holding AG
     5,698   15,653
Volkswagen AG Preference Shares
     230   40,178
Vonovia SE
     640   30,129
Zalando SE (a)(b)
     393   20,115
          2,057,848
HONG KONG — 1.5%          
AIA Group, Ltd.
     18,800   197,929
CLP Holdings, Ltd.
     1,500   14,624
Hang Lung Properties, Ltd.
     6,000   12,105
Hong Kong Exchanges & Clearing, Ltd.
     1,700   80,621
New World Development Co., Ltd.
     2,000   8,134
Sun Hung Kai Properties, Ltd.
     2,000   23,904
Swire Pacific, Ltd. Class A
     1,000   6,116
Swire Properties, Ltd.
     8,800   21,867
Techtronic Industries Co., Ltd.
     2,000   32,408
          397,708
IRELAND — 0.4%          
CRH PLC
     1,580   63,903
Flutter Entertainment PLC (a)
     138   16,122
Kerry Group PLC Class A
     180   20,248
          100,273
ISRAEL — 0.2%          
Bank Hapoalim BM
     5,080   50,541
ITALY — 2.6%          
Assicurazioni Generali SpA
     5,273   121,858
Coca-Cola HBC AG (a)
     822   17,311
Enel SpA
     17,749   119,833
Eni SpA
     4,690   69,372
See accompanying notes to financial statements.
32

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Intesa Sanpaolo SpA
     40,838   $ 94,671
Mediobanca Banca di Credito Finanziario SpA
     760   7,797
Nexi SpA (a)(b)
     3,500   40,890
Poste Italiane SpA (b)
     3,265   37,491
Prysmian SpA
     270   9,301
Telecom Italia SpA (a)
     21,670   8,041
UniCredit SpA
     5,002   54,848
UnipolSai Assicurazioni SpA
     46,130   137,863
          719,276
JAPAN — 19.0%          
Advantest Corp.
     200   15,934
Aeon Co., Ltd.
     500   10,750
AGC, Inc.
     700   28,288
Aisin Corp.
     300   10,369
Ajinomoto Co., Inc.
     1,700   48,671
ANA Holdings, Inc. (a)
     1,000   21,141
Asahi Group Holdings, Ltd.
     1,200   44,105
Asahi Kasei Corp.
     4,000   35,015
Astellas Pharma, Inc.
     5,200   81,872
Azbil Corp.
     700   23,588
Bridgestone Corp.
     2,100   82,322
Canon, Inc.
     2,000   49,318
Chugai Pharmaceutical Co., Ltd.
     700   23,628
Dai Nippon Printing Co., Ltd.
     300   7,114
Daifuku Co., Ltd.
     500   36,210
Dai-ichi Life Holdings, Inc.
     1,700   35,001
Daiichi Sankyo Co., Ltd.
     3,000   66,241
Daikin Industries, Ltd.
     500   92,317
Daiwa House Industry Co., Ltd.
     900   23,736
Daiwa House REIT Investment Corp.
     6   16,214
Daiwa Securities Group, Inc.
     6,000   34,243
Denso Corp.
     500   32,379
Eisai Co., Ltd.
     600   28,029
ENEOS HoldingS, Inc.
     19,400   73,205
FANUC Corp.
     200   35,666
Fast Retailing Co., Ltd.
     100   51,897
Fuji Electric Co., Ltd.
     400   20,301
FUJIFILM Holdings Corp.
     800   49,447
Fujitsu, Ltd.
     300   45,516
Hamamatsu Photonics KK
     300   16,190
Hirose Electric Co., Ltd.
     100   14,715
Hitachi Construction Machinery Co., Ltd.
     500   13,162
See accompanying notes to financial statements.
33

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hitachi Metals, Ltd. (a)
     900   $ 15,134
Hitachi, Ltd.
     2,100   106,665
Honda Motor Co., Ltd.
     3,300   94,806
Hoya Corp.
     400   46,237
Inpex Corp.
     2,000   23,728
Isuzu Motors, Ltd.
     1,000   13,083
ITOCHU Corp.
     1,500   51,213
Itochu Techno-Solutions Corp.
     1,000   25,870
Japan Real Estate Investment Corp. REIT
     12   63,176
Kao Corp.
     2,100   86,941
KDDI Corp.
     2,500   82,492
Keyence Corp.
     200   94,336
Kirin Holdings Co., Ltd.
     2,500   37,673
Koito Manufacturing Co., Ltd.
     400   16,395
Komatsu, Ltd.
     3,000   72,742
Kubota Corp.
     3,400   64,512
Kyocera Corp.
     700   39,690
Mitsubishi Chemical Holdings Corp.
     3,200   21,543
Mitsubishi Electric Corp.
     6,000   69,701
Mitsubishi Estate Co., Ltd.
     4,000   59,946
Mitsubishi Heavy Industries, Ltd.
     400   13,248
Mitsubishi UFJ Financial Group, Inc.
     17,000   106,489
Mitsui & Co., Ltd.
     2,200   60,322
Mitsui Chemicals, Inc.
     600   15,275
Mitsui Fudosan Co., Ltd.
     1,400   30,220
Mitsui OSK Lines, Ltd.
     300   8,453
MS&AD Insurance Group Holdings, Inc.
     2,400   78,659
Murata Manufacturing Co., Ltd.
     900   60,188
NEC Corp.
     1,100   46,674
NGK Insulators, Ltd.
     3,000   43,329
Nidec Corp.
     500   40,157
Nintendo Co., Ltd.
     200   101,619
Nippon Steel Corp.
     1,400   25,041
Nippon Telegraph & Telephone Corp.
     4,000   116,828
Nippon Yusen KK
     200   17,730
Nissan Motor Co., Ltd. (a)
     3,500   15,797
Nomura Holdings, Inc.
     2,000   8,489
Nomura Real Estate Master Fund, Inc. REIT (a)
     10   13,281
Nomura Research Institute, Ltd.
     1,600   52,993
NTT Data Corp.
     1,200   23,906
Obayashi Corp.
     3,000   22,245
Oji Holdings Corp.
     4,000   20,004
See accompanying notes to financial statements.
34

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Olympus Corp.
     2,000   $ 38,542
Omron Corp.
     700   47,372
Ono Pharmaceutical Co., Ltd.
     1,800   45,469
Oriental Land Co., Ltd.
     100   19,370
Panasonic Corp.
     4,600   45,043
Rakuten Group, Inc.
     1,000   7,967
Recruit Holdings Co., Ltd.
     1,900   84,751
Renesas Electronics Corp. (a)
     1,300   15,338
Ricoh Co., Ltd.
     2,000   17,500
Rohm Co., Ltd.
     300   23,703
Secom Co., Ltd.
     400   29,225
Seiko Epson Corp.
     800   12,134
Sekisui Chemical Co., Ltd.
     2,500   36,231
Sekisui House, Ltd.
     4,000   78,138
SG Holdings Co., Ltd.
     500   9,524
Shimadzu Corp.
     500   17,446
Shin-Etsu Chemical Co., Ltd.
     400   61,924
Shionogi & Co., Ltd.
     600   37,224
Shiseido Co., Ltd.
     1,000   51,230
SoftBank Group Corp.
     1,400   64,120
Sompo Holdings, Inc.
     100   4,433
Sony Group Corp.
     2,200   230,739
Subaru Corp.
     800   12,840
Sumitomo Corp.
     3,800   66,342
Sumitomo Electric Industries, Ltd.
     1,300   15,659
Sumitomo Mitsui Financial Group, Inc.
     1,800   57,941
Sumitomo Realty & Development Co., Ltd.
     700   19,545
Suzuki Motor Corp.
     200   6,942
Sysmex Corp.
     400   29,406
Takeda Pharmaceutical Co., Ltd.
     3,200   92,223
TDK Corp.
     500   18,373
Terumo Corp.
     1,400   42,955
TIS, Inc.
     400   9,481
Tokio Marine Holdings, Inc.
     1,600   93,963
Tokyo Electron, Ltd.
     200   104,222
Toray Industries, Inc.
     2,000   10,526
TOTO, Ltd.
     900   36,630
Toyota Industries Corp.
     200   13,957
Toyota Motor Corp.
     17,400   318,612
Toyota Tsusho Corp.
     600   25,013
Unicharm Corp.
     600   21,548
Yamaha Corp.
     400   17,631
See accompanying notes to financial statements.
35

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Yamaha Motor Co., Ltd.
     1,000   $ 22,707
Z Holdings Corp.
     2,000   8,839
          5,196,192
LUXEMBOURG — 0.2%          
ArcelorMittal SA
     1,660   54,117
MACAU — 0.1%          
Sands China, Ltd. (a)
     5,200   12,603
NETHERLANDS — 4.5%          
ABN AMRO Bank NV (b)
     557   7,215
Adyen NV (a)(b)
     20   40,256
Aegon NV
     8,540   45,629
Akzo Nobel NV
     821   71,453
ASML Holding NV
     628   426,234
Heineken Holding NV
     1,006   79,584
Heineken NV
     1,291   124,366
ING Groep NV
     8,605   91,062
Koninklijke Ahold Delhaize NV
     2,636   85,393
Koninklijke DSM NV
     360   65,090
Koninklijke KPN NV
     5,434   19,003
Koninklijke Philips NV
     1,629   50,261
Randstad NV
     651   39,577
Wolters Kluwer NV
     705   75,759
          1,220,882
NORWAY — 0.7%          
Equinor ASA
     910   34,468
Mowi ASA
     1,133   30,839
Nordic Semiconductor ASA (a)
     269   6,989
Norsk Hydro ASA
     4,431   43,631
Orkla ASA
     7,940   71,155
Telenor ASA
     500   7,248
          194,330
PORTUGAL — 0.4%          
EDP - Energias de Portugal SA
     15,466   76,835
Jeronimo Martins SGPS SA
     1,820   44,004
          120,839
SINGAPORE — 0.7%          
CapitaLand Integrated Commercial Trust REIT
     15,000   24,938
DBS Group Holdings, Ltd.
     2,800   74,130
Keppel Corp., Ltd.
     11,000   52,182
See accompanying notes to financial statements.
36

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
STMicroelectronics NV
     750   $ 33,037
          184,287
SPAIN — 3.2%          
Acciona SA
     183   35,327
Aena SME SA (a)(b)
     80   13,445
Amadeus IT Group SA (a)
     710   46,751
Banco Bilbao Vizcaya Argentaria SA
     17,643   102,275
Banco Santander SA
     31,550   108,823
CaixaBank SA
     11,385   38,978
Cellnex Telecom SA (b)
     720   35,016
EDP Renovaveis SA
     700   18,178
Endesa SA
     3,479   76,547
Iberdrola SA
     13,644   150,596
Industria de Diseno Textil SA
     2,311   50,861
Naturgy Energy Group SA
     2,257   68,206
Repsol SA
     2,832   37,573
Siemens Gamesa Renewable Energy SA (a)
     985   17,508
Telefonica SA
     13,070   63,819
          863,903
SWEDEN — 2.3%          
Alfa Laval AB
     1,290   45,028
Assa Abloy AB Class B
     1,409   38,538
Atlas Copco AB Class A
     633   33,398
Atlas Copco AB Class B
     196   9,033
Boliden AB
     230   11,799
Electrolux AB Class B
     633   9,720
Epiroc AB Class A
     595   12,910
Epiroc AB Class B
     177   3,239
EQT AB
     190   7,586
Essity AB Class B
     734   17,501
Evolution AB (b)
     100   10,388
H & M Hennes & Mauritz AB Class B
     707   9,572
Hexagon AB Class B
     2,570   36,608
Investor AB Class A
     212   5,014
Investor AB Class B
     1,908   42,206
Sandvik AB
     2,376   51,245
Skanska AB Class B
     510   11,569
SKF AB Class B
     1,370   22,631
Svenska Cellulosa AB SCA Class B
     1,932   38,031
Svenska Handelsbanken AB Class A
     2,356   21,969
Tele2 AB Class B
     749   11,437
See accompanying notes to financial statements.
37

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Telefonaktiebolaget LM Ericsson Class B
     6,206   $ 57,469
Telia Co. AB
     13,350   54,062
Trelleborg AB Class B
     1,073   25,215
Volvo AB Class A
     172   3,341
Volvo AB Class B
     2,347   44,475
          633,984
SWITZERLAND — 10.1%          
ABB, Ltd.
     5,052   165,628
Alcon, Inc.
     670   53,658
Chocoladefabriken Lindt & Spruengli AG
     3   35,925
Cie Financiere Richemont SA
     590   75,653
Credit Suisse Group AG (a)
     4,359   34,768
Geberit AG
     216   134,306
Givaudan SA
     25   103,966
Holcim, Ltd. (a)
     2,769   136,276
Logitech International SA
     370   27,823
Lonza Group AG (a)
     133   97,150
Nestle SA
     5,010   654,390
Novartis AG
     4,570   403,491
Partners Group Holding AG
     16   20,056
Roche Holding AG
     1,150   457,938
Schindler Holding AG (c)
     54   11,677
Schindler Holding AG (c)
     12   2,581
SGS SA
     22   61,583
Sika AG
     130   43,425
Sonova Holding AG
     196   82,553
Straumann Holding AG
     11   17,769
UBS Group AG
     5,508   108,604
Zurich Insurance Group AG (a)
     76   37,725
          2,766,945
TAIWAN — 0.0% (d)          
Sea, Ltd. ADR (a)
     100   11,979
UNITED KINGDOM — 11.2%          
3i Group PLC
     2,092   38,245
Abrdn PLC
     7,650   21,646
Ashtead Group PLC
     536   34,108
AstraZeneca PLC
     2,432   324,436
Aviva PLC
     9,808   58,383
Barclays PLC
     34,680   67,716
Barratt Developments PLC
     3,306   22,739
BP PLC
     28,296   139,840
See accompanying notes to financial statements.
38

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
BT Group PLC
     16,990   $ 40,758
CNH Industrial NV
     3,100   49,651
Coca-Cola Europacific Partners PLC
     700   34,027
Compass Group PLC
     1,820   39,539
Croda International PLC
     678   70,344
Diageo PLC
     5,606   285,170
DS Smith PLC
     6,160   26,124
Experian PLC
     1,200   46,625
HSBC Holdings PLC
     30,970   214,241
Informa PLC (a)
     3,890   30,823
International Consolidated Airlines Group SA (a)
     6,058   11,345
Intertek Group PLC
     370   25,449
J Sainsbury PLC
     5,610   18,665
Kingfisher PLC
     4,840   16,276
Land Securities Group PLC REIT
     4,850   50,167
Legal & General Group PLC
     32,634   116,872
Lloyds Banking Group PLC
     95,178   58,968
London Stock Exchange Group PLC
     489   51,289
National Grid PLC
     2,840   43,839
Natwest Group PLC
     6,720   19,103
Pearson PLC
     1,105   10,921
Prudential PLC
     4,621   68,995
Reckitt Benckiser Group PLC
     1,299   99,746
RELX PLC
     4,700   147,466
Rentokil Initial PLC
     2,310   15,998
Rolls-Royce Holdings PLC (a)
     8,560   11,395
Segro PLC REIT
     930   16,475
Smith & Nephew PLC
     3,480   55,900
Smiths Group PLC
     1,290   24,670
Spirax-Sarco Engineering PLC
     452   74,599
SSE PLC
     1,026   23,620
Standard Chartered PLC
     3,340   22,437
Tesco PLC
     22,360   81,255
Unilever PLC
     5,313   241,690
United Utilities Group PLC
     4,410   65,293
Vodafone Group PLC
     53,790   88,415
Whitbread PLC (a)
     500   18,808
WPP PLC
     1,410   18,621
          3,042,692
UNITED STATES — 2.1%          
Ferguson PLC
     60   8,200
GlaxoSmithKline PLC
     11,280   244,639
See accompanying notes to financial statements.
39

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Schneider Electric SE
     1,174   $ 198,759
Stellantis NV
     5,390   88,758
Swiss Re AG
     425   40,697
          581,053
ZAMBIA — 0.1%          
First Quantum Minerals, Ltd.
     800   27,720
TOTAL COMMON STOCKS

(Cost $28,238,274)
         27,117,850
       
RIGHTS — 0.0% (d)    
FRANCE — 0.0% (d)      
Electricite de France SA (expiring 04/04/22) (a)

(Cost: $0)
   3,090 1,155
TOTAL INVESTMENTS — 99.4%

(Cost $28,238,274)
 27,119,005
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%
164,499
NET ASSETS — 100.0%
$ 27,283,504
(a) Non-income producing security.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.0% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) Amount is less than 0.05% of net assets.
ADR American Depositary Receipt
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $27,117,850   $ —   $—   $27,117,850
Rights
   —   1,155   —   1,155
TOTAL INVESTMENTS
   $27,117,850   $1,155   $—   $27,119,005
See accompanying notes to financial statements.
40

Table of Contents
SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Financials 21.3%
  Industrials 14.1
  Health Care 11.6
  Consumer Staples 11.2
  Materials 9.1
  Consumer Discretionary 9.0
  Information Technology 8.4
  Energy 4.4
  Communication Services 4.0
  Utilities 3.8
  Real Estate 2.5
  Other Assets in Excess of Liabilities 0.6
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at
1/11/2022* 		  Value at

1/11/2022* 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
3/31/22 		  Value at

3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 —   $—   $139,422   $139,418   $(4)   $—   —   $—   $42
* Commencement of operations.
See accompanying notes to financial statements.
41

Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.5%        
BELGIUM — 1.6%          
Anheuser-Busch InBev SA/NV
     512,943   $ 30,967,602
CHINA — 1.4%          
Prosus NV (a)
     501,127   27,084,405
FINLAND — 0.7%          
Kone Oyj Class B
     231,919   12,280,349
FRANCE — 35.5%          
Air Liquide SA
     273,380   48,339,703
Airbus SE (a)
     334,874   41,119,877
AXA SA
     1,184,933   35,023,722
BNP Paribas SA
     654,229   37,801,305
Danone SA
     374,343   20,838,137
EssilorLuxottica SA
     173,475   32,098,728
Hermes International
     20,301   29,172,290
Kering SA
     41,810   26,781,511
L'Oreal SA
     139,224   56,363,138
LVMH Moet Hennessy Louis Vuitton SE
     151,445   109,427,356
Pernod Ricard SA
     117,999   26,166,420
Safran SA
     218,118   26,030,828
Sanofi
     658,718   67,802,685
TotalEnergies SE
     1,500,773   76,862,528
Vinci SA
     340,953   35,276,821
          669,105,049
GERMANY — 26.6%          
Adidas AG
     102,540   24,175,917
Allianz SE
     234,926   56,604,108
BASF SE
     528,236   30,421,522
Bayer AG
     565,026   39,040,801
Bayerische Motoren Werke AG
     184,303   16,118,092
Deutsche Boerse AG
     109,278   19,818,876
Deutsche Post AG
     566,602   27,455,221
Deutsche Telekom AG
     1,994,303   37,571,461
Infineon Technologies AG
     751,064   25,893,284
Mercedes-Benz Group AG
     482,824   34,279,642
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     80,584   21,787,820
SAP SE
     628,198   70,679,308
Siemens AG
     431,514   60,332,403
Volkswagen AG Preference Shares
     105,279   18,390,777
See accompanying notes to financial statements.
42

Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Vonovia SE
     401,457   $ 18,899,083
          501,468,315
IRELAND — 1.6%          
CRH PLC
     445,097   18,001,876
Flutter Entertainment PLC (a)(b)
     101,020   11,801,993
          29,803,869
ITALY — 4.0%          
Enel SpA
     4,467,811   30,164,703
Eni SpA
     1,444,728   21,369,799
Intesa Sanpaolo SpA
     10,491,093   24,320,524
          75,855,026
NETHERLANDS — 13.3%          
Adyen NV (a)(c)
     16,432   33,074,073
ASML Holding NV
     233,742   158,644,592
ING Groep NV
     2,245,343   23,761,155
Koninklijke Ahold Delhaize NV
     601,422   19,482,953
Koninklijke Philips NV
     508,158   15,678,601
          250,641,374
SPAIN — 5.7%          
Banco Bilbao Vizcaya Argentaria SA
     3,834,884   22,230,470
Banco Santander SA
     9,973,084   34,399,319
Iberdrola SA
     3,381,055   37,318,363
Industria de Diseno Textil SA
     639,189   14,067,414
          108,015,566
UNITED KINGDOM — 5.0%          
Linde PLC (a)
     291,964   94,370,036
UNITED STATES — 4.1%          
Schneider Electric SE
     327,268   55,406,756
Stellantis NV
     1,301,348   21,429,589
          76,836,345
TOTAL COMMON STOCKS

(Cost $1,975,920,538)
         1,876,427,936
    
See accompanying notes to financial statements.
43

Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (d)(e)
   858,169   $ 858,083
State Street Navigator Securities Lending Portfolio II (f)(g)
   171,780   171,780
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,029,773)
   1,029,863  
TOTAL INVESTMENTS — 99.6%

(Cost $1,976,950,311)
   1,877,457,799  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%
  8,167,411  
NET ASSETS — 100.0%
  $ 1,885,625,210  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.8% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at March 31, 2022.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $1,876,427,936   $—   $—   $1,876,427,936
Short-Term Investments
   1,029,863   —   —   1,029,863
TOTAL INVESTMENTS
   $1,877,457,799   $—   $—   $1,877,457,799
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Consumer Discretionary 19.3%
  Information Technology 15.3
  Financials 14.6
See accompanying notes to financial statements.
44

Table of Contents
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)

    
    % of Net Assets
  Industrials 13.7%
  Materials 10.1
  Consumer Staples 8.2
  Health Care 6.5
  Energy 5.2
  Utilities 3.6
  Communication Services 2.0
  Real Estate 1.0
  Short-Term Investments 0.1
  Other Assets in Excess of Liabilities 0.4
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 152,090   $152,121   $ 38,997,700   $ 38,291,665   $(163)   $90   858,169   $ 858,083   $ 328
State Street Navigator Securities Lending Portfolio II
 —   —   89,564,496   89,392,716   —   —   171,780   171,780   14,083
Total
     $152,121   $128,562,196   $127,684,381   $(163)   $90       $1,029,863   $ 14,411
See accompanying notes to financial statements.
45

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.0%        
AUSTRALIA — 5.7%          
Aristocrat Leisure, Ltd.
     26,152   $ 720,745
Australia & New Zealand Banking Group, Ltd.
     225,155   4,666,610
BHP Group, Ltd. (a)
     230,887   8,972,650
BHP Group, Ltd. (a)
     150,507   5,849,834
Brambles, Ltd.
     189,193   1,407,958
Cochlear, Ltd.
     726   122,847
Coles Group, Ltd.
     98,166   1,320,285
Commonwealth Bank of Australia
     139,561   11,085,045
CSL, Ltd.
     33,991   6,844,672
Endeavour Group, Ltd.
     123,526   676,234
Evolution Mining, Ltd.
     72,687   240,171
Fortescue Metals Group, Ltd.
     133,612   2,072,940
Glencore PLC (b)
     871,168   5,735,119
Goodman Group REIT
     87,239   1,499,572
Insurance Australia Group, Ltd.
     287,904   946,962
LendLease Corp., Ltd. Stapled Security
     100,327   843,814
Macquarie Group, Ltd.
     34,017   5,192,544
Medibank Pvt, Ltd.
     228,412   528,300
National Australia Bank, Ltd.
     224,458   5,452,809
Newcrest Mining, Ltd.
     61,562   1,236,189
Northern Star Resources, Ltd.
     48,463   390,864
Origin Energy, Ltd.
     232,538   1,087,910
QBE Insurance Group, Ltd.
     91,985   794,375
Rio Tinto PLC
     84,926   6,799,644
Rio Tinto, Ltd.
     29,966   2,680,328
Santos, Ltd.
     189,136   1,099,325
Scentre Group REIT
     220,557   505,163
Sonic Healthcare, Ltd.
     80,180   2,136,292
South32, Ltd. (a)(c)
     168,979   647,435
South32, Ltd. (a)
     302,139   1,138,994
Suncorp Group, Ltd.
     190,086   1,587,325
Telstra Corp., Ltd.
     333,474   991,672
Transurban Group Stapled Security
     219,001   2,228,416
Vicinity Centres REIT
     483,228   676,771
Wesfarmers, Ltd.
     98,166   3,716,111
Westpac Banking Corp.
     281,141   5,117,616
WiseTech Global, Ltd.
     6,599   253,128
Woodside Petroleum, Ltd.
     84,167   2,028,886
Woolworths Group, Ltd.
     123,526   3,456,305
          102,751,860
See accompanying notes to financial statements.
46

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
AUSTRIA — 0.2%          
Erste Group Bank AG
     43,815   $ 1,613,163
OMV AG
     24,438   1,179,815
Raiffeisen Bank International AG (b)
     29,424   423,965
Verbund AG
     767   81,500
          3,298,443
BELGIUM — 0.5%          
Ageas SA/NV
     23,855   1,216,698
Anheuser-Busch InBev SA/NV
     55,601   3,356,766
KBC Group NV
     24,027   1,747,846
Solvay SA (c)
     11,421   1,136,820
UCB SA
     15,709   1,895,556
Umicore SA (c)
     4,562   199,788
          9,553,474
BRAZIL — 1.7%          
Ambev SA ADR (b)
     488,003   1,576,250
Americanas SA
     61,760   424,344
Americanas SA RCP
     1,578   10,666
B3 SA - Brasil Bolsa Balcao
     501,242   1,657,112
Banco Bradesco SA ADR
     553,411   2,567,827
Banco do Brasil SA
     69,254   505,711
Banco Inter SA
     46,223   206,216
BB Seguridade Participacoes SA
     60,125   323,403
BRF SA (b)
     62,321   243,805
Centrais Eletricas Brasileiras SA
     23,973   191,604
Cia Energetica de Minas Gerais ADR
     228,344   735,268
Cia Siderurgica Nacional SA ADR (b)(c)
     150,752   817,076
Cosan SA
     85,014   423,107
Energisa SA
     4,517   46,397
Equatorial Energia SA
     46,118   264,075
Gerdau SA ADR
     112,818   725,420
Hapvida Participacoes e Investimentos SA (d)
     227,642   567,195
Itau Unibanco Holding SA Preference Shares ADR (b)
     468,945   2,677,676
Klabin SA
     15,501   78,680
Localiza Rent a Car SA
     44,135   567,482
Lojas Renner SA
     157,289   910,247
Magazine Luiza SA
     367,604   527,585
Natura & Co. Holding SA (b)
     88,831   486,968
Petroleo Brasileiro SA Preference Shares ADR
     283,226   3,959,499
Raia Drogasil SA
     167,086   841,768
Rumo SA (b)
     43,710   170,629
See accompanying notes to financial statements.
47

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Suzano SA
     47,749   $ 554,163
Vale SA ADR
     261,492   5,227,225
Vale SA
     10,622   213,694
WEG SA
     100,376   736,563
Wheaton Precious Metals Corp.
     33,963   1,616,509
Yara International ASA
     21,220   1,072,649
          30,926,813
CANADA — 8.2%          
Agnico Eagle Mines, Ltd.
     27,870   1,706,941
Algonquin Power & Utilities Corp. (c)
     6,082   94,416
Alimentation Couche-Tard, Inc.
     49,350   2,225,205
Ballard Power Systems, Inc. (b)(c)
     7,568   88,159
Bank of Montreal
     60,549   7,131,311
Bank of Nova Scotia
     92,087   6,605,817
Barrick Gold Corp.
     138,314   3,395,146
BlackBerry, Ltd. (b)(c)
     49,275   365,701
Brookfield Asset Management, Inc. Class A
     107,301   6,071,842
CAE, Inc. (b)
     41,066   1,069,843
Cameco Corp.
     40,895   1,192,096
Canadian Apartment Properties REIT
     2,743   117,819
Canadian Imperial Bank of Commerce
     36,364   4,417,947
Canadian National Railway Co.
     59,718   8,017,861
Canadian Natural Resources, Ltd.
     98,231   6,087,876
Canadian Pacific Railway, Ltd.
     64,911   5,362,089
Canadian Tire Corp., Ltd. Class A
     11,268   1,702,852
Canopy Growth Corp. (b)(c)
     13,989   106,173
Cenovus Energy, Inc.
     91,650   1,529,151
CGI, Inc. (b)
     12,758   1,017,229
Constellation Software, Inc.
     1,489   2,547,531
Dollarama, Inc.
     19,973   1,133,730
Enbridge, Inc.
     111,949   5,158,052
Fairfax Financial Holdings, Ltd.
     1,331   726,778
FirstService Corp.
     1,936   280,283
Franco-Nevada Corp.
     14,016   2,232,371
George Weston, Ltd.
     5,540   682,825
GFL Environmental, Inc. (c)
     1,864   60,678
Gildan Activewear, Inc.
     30,567   1,147,501
IGM Financial, Inc.
     21,071   745,131
Imperial Oil, Ltd.
     41,724   2,020,978
Intact Financial Corp.
     448   66,254
Kinross Gold Corp.
     125,137   735,363
Lightspeed Commerce, Inc. (b)(c)
     6,738   205,692
See accompanying notes to financial statements.
48

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Loblaw Cos., Ltd.
     41,352   $ 3,713,917
Magna International, Inc.
     17,939   1,152,703
Manulife Financial Corp.
     145,425   3,103,983
National Bank of Canada
     44,476   3,412,301
Nutrien, Ltd.
     57,092   5,906,432
Nuvei Corp. (b)(c)(d)
     3,618   272,281
Onex Corp.
     7,244   485,891
Open Text Corp.
     21,071   894,259
Pan American Silver Corp.
     11,732   320,480
Parkland Corp.
     1,882   55,704
Pembina Pipeline Corp.
     3,072   115,521
Restaurant Brands International, Inc.
     17,937   1,048,892
Ritchie Bros Auctioneers, Inc.
     256   15,134
Rogers Communications, Inc. Class B
     49,271   2,791,254
Royal Bank of Canada
     116,329   12,818,961
Shaw Communications, Inc. Class B
     54,474   1,692,159
Shopify, Inc. Class A (b)
     7,732   5,233,717
Sun Life Financial, Inc.
     58,675   3,278,904
Suncor Energy, Inc.
     123,854   4,035,753
TC Energy Corp. (c)
     63,509   3,585,140
Teck Resources, Ltd. Class B (b)
     44,297   1,790,251
TELUS Corp.
     77,323   2,021,832
Thomson Reuters Corp.
     28,526   3,099,823
Toronto-Dominion Bank
     148,862   11,821,482
          148,715,415
CHILE — 0.1%          
Enel Americas SA ADR (c)
     112,147   669,517
Enel Chile SA ADR
     245,684   388,181
Sociedad Quimica y Minera de Chile SA ADR
     14,306   1,224,594
          2,282,292
CHINA — 8.7%          
360 DigiTech, Inc. ADR
     7,398   113,855
3SBio, Inc. (b)(d)
     251,500   205,532
51job, Inc. ADR (b)(c)
     2,773   162,359
AAC Technologies Holdings, Inc. (b)(c)
     95,000   230,240
Addsino Co., Ltd. Class A
     2,200   3,771
Agile Group Holdings, Ltd. (c)
     130,000   65,901
Agricultural Bank of China, Ltd. Class H
     2,314,000   889,386
Air China, Ltd. Class H (b)(c)
     216,000   151,421
Airtac International Group
     17,789   578,035
Akeso, Inc. (b)(c)(d)
     35,000   74,546
See accompanying notes to financial statements.
49

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Alibaba Group Holding, Ltd. ADR (b)
     6,511   $ 708,397
Alibaba Group Holding, Ltd. (b)
     997,100   14,272,660
Alibaba Health Information Technology, Ltd. (b)(c)
     384,000   249,090
A-Living Smart City Services Co., Ltd. (c)(d)
     63,250   88,518
Aluminum Corp. of China, Ltd. Class A (b)
     96,000   88,014
Anhui Conch Cement Co., Ltd. Class H
     33,500   172,389
Anhui Gujing Distillery Co., Ltd. Class B
     10,800   139,616
Anhui Honglu Steel Construction Group Co., Ltd. Class A
     6,500   43,281
Anjoy Foods Group Co., Ltd. Class A
     5,300   92,089
ANTA Sports Products, Ltd.
     70,600   887,075
Asymchem Laboratories Tianjin Co., Ltd. Class A
     8,300   479,844
Autobio Diagnostics Co., Ltd. Class A
     11,890   90,204
Autohome, Inc. ADR
     6,309   191,857
AviChina Industry & Technology Co., Ltd. Class H
     628,000   348,827
Baidu, Inc. ADR (b)
     21,228   2,808,464
Baidu, Inc. Class A (b)
     2,950   53,301
Bank of Chengdu Co., Ltd. Class A
     73,000   172,723
Bank of China, Ltd. Class H
     6,348,436   2,553,512
Bank of Communications Co., Ltd. Class H
     1,264,710   907,586
BeiGene, Ltd. ADR (b)(c)
     3,187   601,068
Beijing BDStar Navigation Co., Ltd. Class A (b)
     5,300   27,668
Beijing Enterprises Water Group, Ltd.
     408,000   125,556
Beijing Shunxin Agriculture Co., Ltd. Class A
     26,800   98,620
Beijing Sinnet Technology Co., Ltd. Class A
     75,100   156,870
Beijing Tiantan Biological Products Corp., Ltd. Class A
     90,848   353,197
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. Class A
     4,400   89,038
Bilibili, Inc. ADR (b)(c)
     12,843   328,524
BOC Hong Kong Holdings, Ltd.
     185,500   703,495
BYD Co., Ltd. Class A
     7,900   285,978
BYD Co., Ltd. Class H
     47,500   1,361,059
BYD Electronic International Co., Ltd. (c)
     42,000   84,736
CanSino Biologics, Inc. Class A (b)
     1,686   61,641
CanSino Biologics, Inc. Class H (b)(c)(d)
     5,200   83,597
CGN Power Co., Ltd. Class H (d)
     137,400   35,967
Changchun High & New Technology Industry Group, Inc. Class A
     1,400   37,017
Chengxin Lithium Group Co., Ltd. Class A (b)
     6,200   49,644
Chifeng Jilong Gold Mining Co., Ltd. Class A (b)
     56,000   159,934
China Baoan Group Co., Ltd. Class A
     28,100   49,533
China CITIC Bank Corp., Ltd. Class H
     611,000   309,736
China Common Rich Renewable Energy Investment, Ltd. (c)(e)
     448,000   —
See accompanying notes to financial statements.
50

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
China Conch Venture Holdings, Ltd.
     42,500   $ 124,275
China Construction Bank Corp. Class H
     5,225,720   3,930,267
China Eastern Airlines Corp., Ltd. Class A (b)
     270,100   199,125
China Everbright Bank Co., Ltd. Class H
     36,000   13,653
China Everbright Environment Group, Ltd.
     189,628   114,773
China Evergrande Group (c)
     365,000   76,902
China Feihe, Ltd. (d)
     136,000   134,760
China Galaxy Securities Co., Ltd. Class H
     210,500   117,999
China Gas Holdings, Ltd.
     89,200   114,356
China Greatwall Technology Group Co., Ltd. Class A
     74,600   135,260
China Hongqiao Group, Ltd. (c)
     6,500   8,682
China Jinmao Holdings Group, Ltd. (b)
     254,000   75,570
China Life Insurance Co., Ltd. Class H
     639,000   982,399
China Literature, Ltd. (b)(c)(d)
     31,800   132,578
China Longyuan Power Group Corp., Ltd. Class H
     215,000   489,772
China Medical System Holdings, Ltd.
     34,000   53,574
China Meidong Auto Holdings, Ltd.
     72,000   275,813
China Mengniu Dairy Co., Ltd. (b)
     437,000   2,354,802
China Merchants Bank Co., Ltd. Class H
     476,014   3,741,178
China Merchants Port Holdings Co., Ltd.
     461,129   836,125
China Minmetals Rare Earth Co., Ltd. Class A
     11,100   50,935
China Minsheng Banking Corp., Ltd. Class H (c)
     378,200   142,464
China Northern Rare Earth Group High-Tech Co., Ltd. Class A
     21,500   131,172
China Oilfield Services, Ltd. Class H
     378,000   387,586
China Overseas Land & Investment, Ltd.
     354,000   1,060,002
China Overseas Property Holdings, Ltd.
     195,000   232,066
China Pacific Insurance Group Co., Ltd. Class H
     209,200   510,752
China Petroleum & Chemical Corp. Class H
     2,573,800   1,291,600
China Railway Group, Ltd. Class H
     246,000   137,899
China Resources Beer Holdings Co., Ltd.
     205,670   1,261,900
China Resources Gas Group, Ltd.
     20,000   84,915
China Resources Land, Ltd.
     142,000   661,823
China Resources Mixc Lifestyle Services, Ltd. (d)
     47,400   234,537
China Resources Power Holdings Co., Ltd.
     88,000   165,631
China Ruyi Holdings, Ltd. (b)(c)
     248,000   67,135
China Shenhua Energy Co., Ltd. Class H
     210,500   674,662
China Southern Airlines Co., Ltd. Class A (b)
     172,000   167,716
China Southern Airlines Co., Ltd. Class H (b)(c)
     220,000   128,100
China Suntien Green Energy Corp., Ltd. Class H
     206,000   116,528
China Taiping Insurance Holdings Co., Ltd.
     151,200   185,153
China Tourism Group Duty Free Corp., Ltd. Class A
     7,500   194,196
China Traditional Chinese Medicine Holdings Co., Ltd.
     410,000   214,649
See accompanying notes to financial statements.
51

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
China TransInfo Technology Co., Ltd. Class A
     57,100   $ 96,245
China Vanke Co., Ltd. Class H
     75,600   171,252
China Yangtze Power Co., Ltd. Class A
     126,000   436,666
Chinasoft International, Ltd. (b)
     182,000   150,826
Chindata Group Holdings, Ltd. ADR (b)(c)
     24,992   157,949
Chongqing Brewery Co., Ltd. Class A (b)
     25,055   423,221
Chongqing Zhifei Biological Products Co., Ltd. Class A
     6,400   139,128
CIFI Holdings Group Co., Ltd.
     396,099   233,166
CITIC Securities Co., Ltd. Class H
     128,225   296,027
CITIC, Ltd.
     426,000   473,793
Contemporary Amperex Technology Co., Ltd. Class A
     7,800   629,470
COSCO SHIPPING Holdings Co., Ltd. Class A (b)
     67,120   163,885
COSCO SHIPPING Holdings Co., Ltd. Class H (b)
     129,149   225,269
COSCO SHIPPING Ports, Ltd.
     559,259   435,616
Country Garden Holdings Co., Ltd. (c)
     526,248   405,199
Country Garden Services Holdings Co., Ltd.
     124,000   532,012
CSPC Pharmaceutical Group, Ltd.
     722,800   835,271
Daan Gene Co., Ltd. Class A
     2,720   7,991
Dada Nexus, Ltd. ADR (b)
     8,943   81,650
Daqo New Energy Corp. ADR (b)
     4,828   199,493
DaShenLin Pharmaceutical Group Co., Ltd. Class A
     8,140   38,391
Dongyue Group, Ltd.
     104,000   143,157
Ecovacs Robotics Co., Ltd. Class A
     3,600   61,621
ENN Energy Holdings, Ltd.
     50,300   754,686
ESR Cayman, Ltd. (b)(d)
     123,400   383,685
Eve Energy Co., Ltd. Class A
     6,300   80,059
Flat Glass Group Co., Ltd. Class H (c)
     31,000   119,940
Foshan Haitian Flavouring & Food Co., Ltd. Class A
     9,400   129,448
Fosun International, Ltd.
     95,000   103,474
Futu Holdings, Ltd. ADR (b)(c)
     4,040   131,542
Ganfeng Lithium Co., Ltd. Class A
     7,100   140,533
Ganfeng Lithium Co., Ltd. Class H (d)
     12,200   174,477
G-bits Network Technology Xiamen Co., Ltd. Class A
     4,700   266,907
GDS Holdings, Ltd. ADR (b)
     7,450   292,412
Geely Automobile Holdings, Ltd.
     568,000   896,453
Genscript Biotech Corp. (b)
     152,000   487,167
GF Securities Co., Ltd. Class H
     151,600   215,261
Giant Network Group Co., Ltd. Class A
     228,580   362,957
Ginlong Technologies Co., Ltd. Class A
     1,100   36,326
GoerTek, Inc. Class A
     98,600   534,308
GOME Retail Holdings, Ltd. (b)(c)
     1,674,000   104,740
Great Wall Motor Co., Ltd. Class H
     282,500   453,074
See accompanying notes to financial statements.
52

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Guangdong Kinlong Hardware Products Co., Ltd. Class A
     4,000   $ 67,592
Guangzhou Automobile Group Co., Ltd. Class H
     179,600   149,984
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
     31,100   359,839
Guangzhou Tinci Materials Technology Co., Ltd. Class A
     8,500   125,864
Haidilao International Holding, Ltd. (b)(c)(d)
     129,000   253,012
Haier Smart Home Co., Ltd. Class H
     197,200   640,848
Haitong Securities Co., Ltd. Class H
     167,200   127,673
Hangzhou First Applied Material Co., Ltd. Class A
     6,200   110,842
Hangzhou Silan Microelectronics Co., Ltd. Class A
     14,300   109,253
Hangzhou Tigermed Consulting Co., Ltd. Class A
     18,800   318,659
Hello Group, Inc. ADR
     16,460   95,139
Hengan International Group Co., Ltd.
     64,000   295,835
Hopson Development Holdings, Ltd. (c)
     42,210   80,309
Hoshine Silicon Industry Co., Ltd. Class A
     2,200   36,268
Hua Hong Semiconductor, Ltd. (b)(c)(d)
     28,000   119,059
Huadian Power International Corp., Ltd. Class A
     75,900   42,325
Hualan Biological Engineering, Inc. Class A
     60,720   194,266
Huaneng Power International, Inc. Class H (b)(c)
     1,008,000   431,187
Huatai Securities Co., Ltd. Class H (d)
     163,800   252,245
Huaxi Securities Co., Ltd. Class A
     14,400   19,032
Huazhu Group, Ltd. ADR
     13,635   449,819
Humanwell Healthcare Group Co., Ltd. Class A
     1,800   4,891
Hygeia Healthcare Holdings Co., Ltd. (c)(d)
     28,800   112,348
Iflytek Co., Ltd. Class A
     10,000   73,361
I-Mab ADR (b)
     3,212   52,163
Industrial & Commercial Bank of China, Ltd. Class H
     5,470,045   3,359,670
Ingenic Semiconductor Co., Ltd. Class A
     3,600   51,873
Innovent Biologics, Inc. (b)(d)
     84,500   290,788
Intco Medical Technology Co., Ltd. Class A
     6,750   49,167
iQIYI, Inc. ADR (b)(c)
     42,815   194,380
JA Solar Technology Co., Ltd. Class A
     11,200   138,816
Jafron Biomedical Co., Ltd. Class A
     29,180   208,642
JD Health International, Inc. (b)(c)(d)
     23,400   143,721
JD.com, Inc. Class A (b)
     136,402   4,075,653
Jiangsu Expressway Co., Ltd. Class H
     14,000   14,659
Jiangsu Hengli Hydraulic Co., Ltd. Class A
     3,200   26,238
Jiangsu King's Luck Brewery JSC, Ltd. Class A
     24,200   160,492
Jiangxi Zhengbang Technology Co., Ltd. Class A
     28,200   34,250
Jinke Properties Group Co., Ltd. Class A
     764,100   591,001
Jinxin Fertility Group, Ltd. (b)(c)(d)
     80,000   61,598
JiuGui Liquor Co., Ltd. Class A
     2,900   67,565
Jiumaojiu International Holdings, Ltd. (c)(d)
     113,000   242,409
See accompanying notes to financial statements.
53

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Joinn Laboratories China Co., Ltd. Class A
     7,000   $ 126,909
Jointown Pharmaceutical Group Co., Ltd. Class A
     137,700   288,064
JOYY, Inc. ADR
     5,466   200,766
Kanzhun, Ltd. ADR (b)
     5,005   124,675
KE Holdings, Inc. ADR (b)
     27,401   338,950
Kingdee International Software Group Co., Ltd. (b)
     251,000   558,319
Kingsoft Cloud Holdings, Ltd. ADR (b)(c)
     11,468   69,611
Kingsoft Corp., Ltd.
     137,000   444,339
Kuaishou Technology (b)(d)
     37,600   356,248
Kuang-Chi Technologies Co., Ltd. Class A (b)
     27,200   73,569
Kweichow Moutai Co., Ltd. Class A
     5,245   1,420,292
Lenovo Group, Ltd. (c)
     504,000   548,316
Lens Technology Co., Ltd. Class A
     12,600   23,163
Li Auto, Inc. ADR (b)
     36,159   933,264
Li Ning Co., Ltd.
     147,000   1,268,892
Lingyi iTech Guangdong Co. Class A (b)
     105,100   84,105
Logan Group Co., Ltd. (c)
     44,000   12,529
Longfor Group Holdings, Ltd. (d)
     73,000   375,654
LONGi Green Energy Technology Co., Ltd. Class A
     19,080   216,976
Luoyang Xinqianglian Slewing Bearing Co., Ltd. Class A
     1,100   19,631
Luxshare Precision Industry Co., Ltd. Class A
     60,718   303,203
Luzhou Laojiao Co., Ltd. Class A
     6,200   181,543
Mango Excellent Media Co., Ltd. Class A
     29,300   143,821
Maxscend Microelectronics Co., Ltd. Class A
     1,400   46,295
Meituan Class B (b)(d)
     281,800   5,599,009
Microport Scientific Corp. (b)(c)
     57,241   129,957
Ming Yuan Cloud Group Holdings, Ltd. (c)
     65,000   89,473
Muyuan Foods Co., Ltd. Class A
     30,562   273,744
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
     49,375   244,071
NAURA Technology Group Co., Ltd. Class A
     11,700   505,001
NetEase, Inc.
     138,775   2,548,184
New China Life Insurance Co., Ltd. Class H
     80,300   224,554
New Hope Liuhe Co., Ltd. Class A (b)
     55,000   147,115
New Oriental Education & Technology Group, Inc. ADR (b)
     131,820   151,593
NIO, Inc. ADR (b)
     94,329   1,985,625
Noah Holdings, Ltd. ADR (b)
     4,870   114,591
Ovctek China, Inc. Class A
     54,069   311,139
Perfect World Co., Ltd. Class A
     40,250   81,539
PetroChina Co., Ltd. Class H
     1,512,000   783,860
Pharmaron Beijing Co., Ltd. Class A
     6,800   126,400
Pharmaron Beijing Co., Ltd. Class H (d)
     7,100   86,536
See accompanying notes to financial statements.
54

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PICC Property & Casualty Co., Ltd. Class H
     697,415   $ 714,211
Pinduoduo, Inc. ADR (b)
     30,208   1,211,643
Ping An Healthcare & Technology Co., Ltd. (b)(c)(d)
     36,800   96,800
Ping An Insurance Group Co. of China, Ltd. Class H
     379,000   2,693,177
Prosus NV (b)
     81,196   4,388,399
Raytron Technology Co., Ltd. Class A
     7,761   55,089
RLX Technology, Inc. ADR (b)
     58,740   105,145
Sangfor Technologies, Inc. Class A
     3,100   54,479
Seazen Group, Ltd. (b)
     266,095   143,387
SF Holding Co., Ltd. Class A
     1,300   9,359
SG Micro Corp. Class A
     1,200   61,723
Shandong Gold Mining Co., Ltd. Class A
     52,041   176,255
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
     282,400   302,543
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
     15,240   86,498
Shanghai Baosight Software Co., Ltd. Class A
     45,960   352,948
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
     6,600   55,446
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H (c)
     22,000   107,593
Shanghai Jinjiang International Hotels Co., Ltd. Class A
     19,413   152,109
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
     496,089   464,339
Shanghai M&G Stationery, Inc. Class A
     18,800   144,759
Shanghai Medicilon, Inc. Class A
     1,276   90,959
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
     34,700   66,906
Shanghai RAAS Blood Products Co., Ltd. Class A
     128,700   121,440
Shanxi Meijin Energy Co., Ltd. Class A (b)
     199,400   402,375
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
     19,200   770,952
Shenghe Resources Holding Co., Ltd. Class A
     13,400   35,821
Shengyi Technology Co., Ltd. Class A
     50,200   127,475
Shennan Circuits Co., Ltd. Class A
     8,680   124,086
Shenzhen Capchem Technology Co., Ltd. Class A
     3,200   41,108
Shenzhen Energy Group Co., Ltd. Class A
     282,940   286,590
Shenzhen Goodix Technology Co., Ltd. Class A
     2,900   32,389
Shenzhen Kangtai Biological Products Co., Ltd. Class A
     19,551   287,193
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A
     4,900   237,161
Shenzhen MTC Co., Ltd. Class A (b)
     41,600   23,919
Shenzhen SC New Energy Technology Corp. Class A
     6,000   69,375
Shenzhen Senior Technology Material Co., Ltd. Class A
     7,700   45,826
Shenzhou International Group Holdings, Ltd.
     41,500   555,354
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A
     9,100   48,022
Sichuan Chuantou Energy Co., Ltd. Class A
     120,918   204,574
Silergy Corp.
     5,000   598,572
Sinopharm Group Co., Ltd. Class H
     76,000   173,517
See accompanying notes to financial statements.
55

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Skshu Paint Co., Ltd. Class A
     4,900   $ 68,420
Smoore International Holdings, Ltd. (c)(d)
     120,000   288,071
StarPower Semiconductor, Ltd. Class A
     900   54,810
Sun Art Retail Group, Ltd. (c)
     251,500   91,526
Sunac China Holdings, Ltd. (c)
     211,300   123,574
Sunac Services Holdings, Ltd. (b)(c)(d)
     151,000   93,515
Sungrow Power Supply Co., Ltd. Class A
     5,100   86,172
Sunny Optical Technology Group Co., Ltd.
     59,800   962,890
Suzhou TA&A Ultra Clean Technology Co., Ltd. Class A
     3,600   40,604
TAL Education Group ADR (b)
     43,826   131,916
Tencent Holdings, Ltd.
     415,900   19,872,536
Tencent Music Entertainment Group ADR (b)
     58,233   283,595
Thunder Software Technology Co., Ltd. Class A
     4,600   71,883
Tianjin 712 Communication & Broadcasting Co., Ltd. Class A
     10,800   59,001
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A
     12,400   83,408
Tingyi Cayman Islands Holding Corp.
     382,000   643,870
Tongcheng Travel Holdings, Ltd. (b)
     137,600   245,984
Tongwei Co., Ltd. Class A
     17,500   117,685
Topchoice Medical Corp. Class A (b)
     3,500   78,887
TravelSky Technology, Ltd. Class H
     56,000   80,803
Trip.com Group, Ltd. ADR (b)
     35,824   828,251
Tsingtao Brewery Co., Ltd. Class H
     60,000   477,309
Venus MedTech Hangzhou, Inc. Class H (b)(c)(d)
     38,500   79,641
Vipshop Holdings, Ltd. ADR (b)
     44,860   403,740
Walvax Biotechnology Co., Ltd. Class A
     64,998   561,812
Want Want China Holdings, Ltd.
     191,000   176,576
Weibo Corp. ADR (b)
     7,133   174,830
Weimob, Inc. (b)(c)(d)
     199,000   131,118
Wens Foodstuffs Group Co., Ltd. Class A (b)
     18,780   65,232
Wharf Holdings, Ltd.
     12,000   36,622
Will Semiconductor Co., Ltd. Shanghai Class A
     6,000   182,795
Winning Health Technology Group Co., Ltd. Class A
     91,840   135,848
Wuhan Guide Infrared Co., Ltd. Class A
     91,532   245,841
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
     24,600   90,873
Wuliangye Yibin Co., Ltd. Class A
     18,800   459,213
WuXi AppTec Co., Ltd. Class A
     26,202   463,852
WuXi AppTec Co., Ltd. Class H (d)
     5,100   81,077
Wuxi Biologics Cayman, Inc. (b)(d)
     251,500   2,089,036
Wuxi Shangji Automation Co., Ltd. Class A
     3,400   73,430
Xiaomi Corp. Class B (b)(d)
     956,000   1,701,693
Xinyi Solar Holdings, Ltd.
     286,961   506,397
See accompanying notes to financial statements.
56

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
XPeng, Inc. ADR (b)
     26,640   $ 734,998
Yadea Group Holdings, Ltd. (d)
     92,000   142,381
Yankuang Energy Group Co., Ltd. Class H (c)
     380,000   1,128,151
Yantai Eddie Precision Machinery Co., Ltd. Class A
     12,180   45,761
Yealink Network Technology Corp., Ltd. Class A
     23,150   283,536
Yifeng Pharmacy Chain Co., Ltd. Class A
     6,122   38,575
Yihai International Holding, Ltd. (b)(c)
     40,000   114,922
Yonyou Network Technology Co., Ltd. Class A
     21,130   76,224
Youngor Group Co., Ltd. Class A
     104,760   111,887
Yum China Holdings, Inc.
     27,903   1,159,091
Yunda Holding Co., Ltd. Class A
     11,570   32,005
Yunnan Energy New Material Co., Ltd. Class A
     3,400   117,831
Zai Lab, Ltd. ADR (b)(c)
     5,741   252,489
Zhejiang Huayou Cobalt Co., Ltd. Class A
     3,800   58,543
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class A
     8,100   76,558
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
     12,700   77,623
Zhejiang Yongtai Technology Co., Ltd. Class A (b)
     6,000   36,143
ZhongAn Online P&C Insurance Co., Ltd. Class H (b)(c)(d)
     34,900   118,986
Zhongsheng Group Holdings, Ltd.
     24,500   173,315
Zhuzhou CRRC Times Electric Co., Ltd.
     83,500   327,863
Zijin Mining Group Co., Ltd. Class H
     990,000   1,524,555
ZTE Corp. Class H
     72,600   148,511
ZTO Express Cayman, Inc. ADR
     17,601   440,025
          157,021,487
COLOMBIA — 0.1%          
Bancolombia SA ADR
     37,507   1,600,049
DENMARK — 1.8%          
Ambu A/S Class B
     12,408   185,600
AP Moller - Maersk A/S Class B
     856   2,608,198
Chr. Hansen Holding A/S
     2,233   165,905
Coloplast A/S Class B
     5,076   777,874
Danske Bank A/S
     66,841   1,125,789
DSV A/S
     22,127   4,304,362
Genmab A/S (b)
     5,698   2,100,948
GN Store Nord A/S
     2,968   147,704
Novo Nordisk A/S Class B
     138,600   15,526,119
Novozymes A/S Class B
     15,510   1,074,159
Orsted A/S (d)
     8,083   1,026,735
Pandora A/S
     9,365   907,174
Vestas Wind Systems A/S
     87,880   2,625,746
          32,576,313
See accompanying notes to financial statements.
57

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)

Security Description     Shares   Value
EGYPT — 0.0% (f)          
Commercial International Bank Egypt SAE (b)
     324,457   $ 819,840
Fawry for Banking & Payment Technology Services SAE (b)
     105,218   57,041
          876,881
FINLAND — 0.8%          
Elisa Oyj
     11,239   683,027
Fortum Oyj
     12,403   228,117
Kone Oyj Class B
     33,293   1,762,899
Neste Oyj
     30,095   1,388,966
Nokia Oyj (a)(b)
     223,555   1,240,086
Nokia Oyj (a)(b)
     118,445   655,711
Nordea Bank Abp (a)(c)
     231,248   2,414,365
Nordea Bank Abp (a)
     3,559   37,144
Sampo Oyj Class A
     35,167   1,736,526
Stora Enso Oyj Class R
     74,146   1,469,712
UPM-Kymmene Oyj (c)
     64,233   2,119,767
Wartsila OYJ Abp
     34,970   323,181
          14,059,501
FRANCE — 6.6%          
Accor SA (b)
     26,485   861,365
Adevinta ASA (b)
     15,101   139,646
Air Liquide SA
     42,912   7,587,802
Airbus SE (b)
     42,663   5,238,679
Alstom SA
     29,456   697,108
AXA SA
     135,989   4,019,502
BioMerieux
     718   77,284
BNP Paribas SA
     79,962   4,620,199
Bouygues SA
     25,535   898,657
Capgemini SE
     16,593   3,738,597
Carrefour SA
     74,936   1,637,952
Cie de Saint-Gobain
     38,147   2,303,451
Cie Generale des Etablissements Michelin SCA
     12,882   1,762,262
Credit Agricole SA
     90,856   1,100,476
Danone SA
     52,838   2,941,274
Dassault Systemes SE
     48,378   2,406,910
Edenred
     13,373   668,386
Electricite de France SA
     7,335   69,648
Engie SA
     99,038   1,315,063
EssilorLuxottica SA
     22,403   4,145,311
Faurecia SE (a)
     1,076   28,314
Faurecia SE (a)
     1,452   38,144
See accompanying notes to financial statements.
58

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hermes International
     1,087   $ 1,562,006
Kering SA
     6,534   4,185,372
Klepierre SA REIT (b)
     11,153   300,059
La Francaise des Jeux SAEM (d)
     389   15,564
Legrand SA
     21,187   2,036,298
L'Oreal SA
     20,632   8,352,614
LVMH Moet Hennessy Louis Vuitton SE
     20,878   15,085,505
Orange SA
     183,793   2,188,939
Pernod Ricard SA
     19,543   4,333,684
Publicis Groupe SA
     29,230   1,797,208
Renault SA (b)
     7,279   193,363
Safran SA
     23,964   2,859,933
Sanofi
     86,786   8,932,994
Sartorius Stedim Biotech
     1,077   446,376
Societe Generale SA
     41,955   1,141,823
Sodexo SA
     13,357   1,096,791
Teleperformance
     1,609   619,965
TotalEnergies SE
     183,331   9,389,351
Ubisoft Entertainment SA (b)
     1,377   61,208
Unibail-Rodamco-Westfield CDI (b)
     53,764   203,485
Unibail-Rodamco-Westfield REIT (b)
     6,321   479,514
Valeo
     18,111   337,634
Veolia Environnement SA
     53,916   1,745,099
Vinci SA
     43,016   4,450,665
Vivendi SE
     98,946   1,303,493
Worldline SA (b)(d)
     8,651   380,064
          119,795,037
GERMANY — 5.2%          
Adidas AG
     15,655   3,690,989
Allianz SE
     34,214   8,243,672
BASF SE
     71,392   4,111,521
Bayer AG
     75,577   5,222,037
Bayerische Motoren Werke AG
     27,270   2,384,879
Commerzbank AG (b)
     56,902   438,562
Continental AG (b)
     7,401   538,551
Covestro AG (d)
     13,181   672,282
Daimler Truck Holding AG (b)
     32,353   908,219
Deutsche Bank AG (b)
     139,871   1,791,273
Deutsche Boerse AG
     20,972   3,803,524
Deutsche Lufthansa AG (b)
     57,859   473,685
Deutsche Post AG
     95,784   4,641,302
Deutsche Telekom AG
     285,482   5,378,308
See accompanying notes to financial statements.
59

Table of Contents
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
E.ON SE
     182,413   $ 2,139,624
Fresenius Medical Care AG & Co. KGaA
     21,401   1,446,807
Fresenius SE & Co. KGaA
     31,987   1,186,760
HelloFresh SE (b)
     11,870   540,965
Henkel AG & Co. KGaA Preference Shares
     8,081   545,594
Infineon Technologies AG
     61,628   2,124,654
Mercedes-Benz Group AG
     65,344   4,639,307
Merck KGaA
     16,918   3,573,702
MTU Aero Engines AG
     1,528   358,217
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     14,351   3,880,138
Porsche Automobil Holding SE Preference Shares
     11,685   1,142,816
Puma SE
     6,458   556,445
RWE AG
     47,057   2,069,711
SAP SE
     82,439   9,275,310
Sartorius AG Preference Shares
     1,960   876,025
Scout24 SE (d)
     1,735   100,383
Siemens AG
     63,094   8,821,528
Siemens Energy AG (b)
     32,733   754,630
Siemens Healthineers AG (d)
     20,702   1,295,437
Symrise AG
     9,824   1,189,804
United Internet AG
     6,360   220,644
Volkswagen AG
     4,682   1,178,373
Volkswagen AG Preference Shares
     10,486   1,831,758
Vonovia SE
     38,609   1,817,566
Zalando SE (b)(d)
     7,716   394,920
          94,259,922
GREECE — 0.1%          
Hellenic Telecommunications Organization SA
     2,869   52,352
JUMBO SA
     31,381   471,367
OPAP SA
     52,176   766,308
          1,290,027
HONG KONG — 1.7%          
AIA Group, Ltd.
     894,200   9,414,254
Alibaba Pictures Group, Ltd. (b)
     1,660,000   137,779
China Huishan Dairy Holdings Co., Ltd. (c)(e)
     1,418,000   —
CK Asset Holdings, Ltd.
     125,832   862,831
CLP Holdings, Ltd.
     114,000   1,111,410
Hang Lung Properties, Ltd.
     426,000   859,463
Hang Seng Bank, Ltd.
     61,600   1,189,305
Henderson Land Development Co., Ltd.
     263,317   1,096,117
See accompanying notes to financial statements.
60

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hong Kong & China Gas Co., Ltd.
     851,057   $ 1,031,301
Hong Kong Exchanges & Clearing, Ltd.
     102,940   4,881,875
Huabao International Holdings, Ltd. (c)
     51,000   28,459
Jardine Matheson Holdings, Ltd.
     3,800   209,000
Link REIT
     313,752   2,684,243
Melco Resorts & Entertainment, Ltd. ADR (b)
     28,376   216,793
New World Development Co., Ltd.
     196,601   799,569
Sino Biopharmaceutical, Ltd.
     1,445,500   902,584
Sun Hung Kai Properties, Ltd.
     130,685   1,561,932
Swire Pacific, Ltd. Class A
     95,006   581,095
Techtronic Industries Co., Ltd.
     139,500   2,260,458
Vinda International Holdings, Ltd. (c)
     10,000   22,627
WH Group, Ltd. (d)
     295,205   186,590
Wharf Real Estate Investment Co., Ltd. (c)
     12,000   59,530
          30,097,215
HUNGARY — 0.1%          
MOL Hungarian Oil & Gas PLC
     89,221   792,033
OTP Bank Nyrt (b)
     26,211   964,472
          1,756,505
INDIA — 3.7%          
ACC, Ltd.
     15,174   430,809
Adani Enterprises, Ltd.
     20,248   538,366
Adani Green Energy, Ltd. (b)
     33,922   857,149
Adani Ports & Special Economic Zone, Ltd.
     56,713   579,442
Adani Total Gas, Ltd.
     20,999   595,759
Adani Transmission, Ltd. (b)
     23,861   745,713
Ambuja Cements, Ltd.
     146,235   577,510
Apollo Hospitals Enterprise, Ltd.
     7,533   448,958
Asian Paints, Ltd.
     20,407   829,463
Aurobindo Pharma, Ltd.
     32,850   289,830
Avenue Supermarts, Ltd. (b)(d)
     7,715   407,599
Axis Bank, Ltd. (b)
     161,028   1,617,505
Bajaj Auto, Ltd.
     6,690   322,515
Bajaj Finance, Ltd.
     12,963   1,241,976
Bajaj Finserv, Ltd.
     3,327   749,061
Balkrishna Industries, Ltd.
     5,284   148,963
Bandhan Bank, Ltd. (d)
     58,377   236,821
Bharat Electronics, Ltd.
     138,118   384,233
Bharat Forge, Ltd.
     12,283   113,566
Bharat Petroleum Corp., Ltd.
     52,237   247,725
Bharti Airtel, Ltd. (b)
     159,593   1,590,033
See accompanying notes to financial statements.
61

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Biocon, Ltd. (b)
     28,571   $ 126,538
Cholamandalam Investment & Finance Co., Ltd.
     55,060   522,044
Cipla, Ltd.
     20,770   279,048
Dabur India, Ltd.
     69,051   488,620
Divi's Laboratories, Ltd.
     8,910   517,615
DLF, Ltd.
     84,251   423,006
Dr Reddy's Laboratories, Ltd. ADR
     21,050   1,173,116
Eicher Motors, Ltd.
     11,222   363,895
Godrej Consumer Products, Ltd. (b)
     44,716   440,993
HCL Technologies, Ltd.
     91,588   1,406,606
HDFC Life Insurance Co., Ltd. (d)
     68,651   487,601
Hero MotoCorp, Ltd.
     1,873   56,707
Hindalco Industries, Ltd.
     125,875   946,035
Hindustan Petroleum Corp., Ltd.
     64,228   228,305
Hindustan Unilever, Ltd.
     84,780   2,292,109
Housing Development Finance Corp., Ltd.
     98,278   3,100,280
ICICI Bank, Ltd. ADR
     173,762   3,291,052
ICICI Lombard General Insurance Co., Ltd. (d)
     24,424   428,141
Indian Oil Corp., Ltd.
     61,711   96,873
Indraprastha Gas, Ltd.
     15,278   75,236
Indus Towers, Ltd. (b)
     78,400   229,742
Info Edge India, Ltd.
     9,305   553,750
Infosys, Ltd. ADR
     317,531   7,903,347
ITC, Ltd.
     213,988   707,834
JSW Steel, Ltd.
     61,713   596,688
Jubilant Foodworks, Ltd.
     12,438   432,765
Kotak Mahindra Bank, Ltd.
     35,730   826,989
Larsen & Toubro Infotech, Ltd. (d)
     7,095   576,345
Lupin, Ltd.
     26,084   257,157
Mahindra & Mahindra, Ltd. GDR
     57,914   642,845
Marico, Ltd.
     108,805   723,261
Maruti Suzuki India, Ltd.
     5,071   506,016
Mindtree, Ltd.
     4,860   275,976
Motherson Sumi Systems, Ltd.
     75,961   139,792
Motherson Sumi Wiring India, Ltd. (b)
     13,819   11,754
Muthoot Finance, Ltd.
     17,527   307,853
Nestle India, Ltd.
     4,737   1,086,528
Petronet LNG, Ltd.
     34,987   89,459
PI Industries, Ltd.
     6,911   257,164
Piramal Enterprises, Ltd.
     8,797   253,885
Power Grid Corp. of India, Ltd.
     134,935   386,063
Reliance Industries, Ltd. GDR (d)
     119,964   8,277,516
See accompanying notes to financial statements.
62

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SBI Life Insurance Co., Ltd. (d)
     39,092   $ 578,551
Shree Cement, Ltd.
     2,286   725,022
Shriram Transport Finance Co., Ltd.
     34,775   520,810
State Bank of India
     126,035   820,912
Sun Pharmaceutical Industries, Ltd.
     63,938   771,855
Tata Consultancy Services, Ltd.
     58,290   2,876,961
Tata Consumer Products, Ltd.
     38,367   393,619
Tata Motors, Ltd. ADR (b)(c)
     42,617   1,191,145
Tata Power Co., Ltd.
     83,903   264,249
Tata Steel, Ltd.
     44,652   770,295
Tech Mahindra, Ltd.
     46,966   929,372
Torrent Pharmaceuticals, Ltd.
     1,217   44,841
Trent, Ltd.
     13,123   220,896
UltraTech Cement, Ltd.
     7,657   667,157
United Spirits, Ltd. (b)
     58,958   691,196
UPL, Ltd.
     48,971   497,368
Vedanta, Ltd.
     48,581   258,596
Wipro, Ltd.
     97,305   760,077
Yes Bank, Ltd. (b)
     901,362   146,311
          67,868,778
INDONESIA — 0.5%          
Adaro Energy Indonesia Tbk PT
     421,400   78,925
Astra International Tbk PT
     2,151,300   984,842
Bank Central Asia Tbk PT
     3,689,000   2,048,374
Bank Mandiri Persero Tbk PT
     1,753,100   964,281
Bank Rakyat Indonesia Persero Tbk PT
     6,407,776   2,079,042
Barito Pacific Tbk PT
     593,600   37,404
Charoen Pokphand Indonesia Tbk PT
     1,324,200   520,921
Gudang Garam Tbk PT
     105,800   232,778
Indah Kiat Pulp & Paper Tbk PT
     170,800   93,947
Merdeka Copper Gold Tbk PT (b)
     511,900   161,456
Telkom Indonesia Persero Tbk PT
     5,338,700   1,702,437
United Tractors Tbk PT
     58,700   104,424
          9,008,831
IRELAND — 0.4%          
CRH PLC
     77,722   3,143,454
Flutter Entertainment PLC (b)
     9,725   1,136,155
Kerry Group PLC Class A
     18,529   2,084,308
Kingspan Group PLC
     1,892   187,441
Smurfit Kappa Group PLC
     19,306   868,899
          7,420,257
See accompanying notes to financial statements.
63

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
ISRAEL — 0.5%          
Bank Hapoalim BM
     236,036   $ 2,348,341
Bank Leumi Le-Israel BM
     260,090   2,815,044
Check Point Software Technologies, Ltd. (b)
     6,763   935,052
Nice, Ltd. (b)
     8,741   1,919,802
Teva Pharmaceutical Industries, Ltd. ADR (b)
     80,300   754,017
Wix.com, Ltd. (b)
     3,635   379,712
          9,151,968
ITALY — 1.1%          
Assicurazioni Generali SpA (c)
     99,632   2,302,470
Atlantia SpA (b)
     55,628   1,169,806
Coca-Cola HBC AG (b)
     13,809   290,815
DiaSorin SpA (c)
     682   107,678
Enel SpA
     568,801   3,840,295
Eni SpA
     196,011   2,899,311
Ferrari NV
     13,166   2,910,787
FinecoBank Banca Fineco SpA
     1,508   23,197
Intesa Sanpaolo SpA
     1,026,125   2,378,770
Mediobanca Banca di Credito Finanziario SpA
     68,163   699,259
Snam SpA
     193,193   1,124,651
Telecom Italia SpA (b)(c)
     685,687   254,437
UniCredit SpA
     131,545   1,442,413
          19,443,889
JAPAN — 14.0%          
Advantest Corp. (c)
     5,400   430,220
Aeon Co., Ltd.
     63,600   1,367,367
AGC, Inc.
     26,000   1,050,711
Aisin Corp.
     23,100   798,389
Ajinomoto Co., Inc.
     25,200   721,483
Asahi Group Holdings, Ltd.
     51,400   1,889,149
Asahi Intecc Co., Ltd.
     4,200   83,256
Asahi Kasei Corp.
     150,300   1,315,705
Astellas Pharma, Inc.
     192,500   3,030,834
Bandai Namco Holdings, Inc.
     4,300   329,191
Bridgestone Corp.
     60,600   2,375,570
Canon, Inc. (c)
     84,100   2,073,832
Capcom Co., Ltd.
     6,800   166,281
Central Japan Railway Co.
     9,200   1,210,117
Chiba Bank, Ltd. (c)
     183,600   1,096,684
Chubu Electric Power Co., Inc.
     84,300   877,206
Chugai Pharmaceutical Co., Ltd.
     34,700   1,171,295
See accompanying notes to financial statements.
64

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Concordia Financial Group, Ltd.
     212,700   $ 802,608
CyberAgent, Inc.
     11,800   148,357
Dai-ichi Life Holdings, Inc.
     61,200   1,260,052
Daiichi Sankyo Co., Ltd.
     133,400   2,945,516
Daikin Industries, Ltd.
     19,400   3,581,907
Daiwa House REIT Investment Corp.
     64   172,952
Daiwa Securities Group, Inc. (c)
     205,100   1,170,527
Denso Corp.
     41,500   2,687,456
Dentsu Group, Inc.
     2,200   90,991
East Japan Railway Co.
     26,200   1,534,764
Eisai Co., Ltd.
     20,400   952,980
ENEOS HoldingS, Inc.
     331,408   1,250,545
FANUC Corp.
     18,000   3,209,969
Fast Retailing Co., Ltd.
     4,100   2,127,778
FUJIFILM Holdings Corp.
     37,600   2,323,998
Fujitsu, Ltd.
     20,400   3,095,085
GLP J-REIT (b)
     258   394,094
GMO Payment Gateway, Inc.
     1,500   155,469
Hitachi, Ltd.
     76,900   3,905,981
Honda Motor Co., Ltd.
     117,700   3,381,420
Hoya Corp.
     33,700   3,895,456
Idemitsu Kosan Co., Ltd.
     12,500   347,580
Inpex Corp.
     83,700   993,022
ITOCHU Corp.
     124,700   4,257,523
Japan Exchange Group, Inc.
     36,100   679,914
Japan Metropolitan Fund Invest REIT
     1,296   1,099,798
Japan Real Estate Investment Corp. REIT
     243   1,279,316
Japan Tobacco, Inc.
     84,400   1,451,576
JFE Holdings, Inc.
     44,900   637,386
JSR Corp. (c)
     43,700   1,306,950
Kajima Corp.
     93,800   1,152,262
Kakaku.com, Inc. (c)
     2,700   61,330
Kansai Electric Power Co., Inc.
     107,200   1,014,812
Kao Corp.
     41,600   1,722,266
KDDI Corp.
     128,200   4,230,204
Keyence Corp.
     10,400   4,905,458
Kintetsu Group Holdings Co., Ltd. (c)
     32,800   947,180
Kirin Holdings Co., Ltd.
     12,700   191,376
Komatsu, Ltd.
     85,200   2,065,859
Kose Corp.
     2,200   233,640
Kubota Corp.
     115,800   2,197,219
Kyocera Corp.
     42,700   2,421,103
See accompanying notes to financial statements.
65

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Lasertec Corp.
     3,900   $ 667,860
Lixil Corp.
     43,000   811,287
M3, Inc.
     30,300   1,115,639
Makita Corp.
     32,800   1,063,382
Marubeni Corp.
     196,100   2,303,923
Mazda Motor Corp.
     19,400   145,290
McDonald's Holdings Co. Japan, Ltd.
     2,400   100,251
MEIJI Holdings Co., Ltd.
     3,200   174,270
Mercari, Inc. (b)
     3,800   100,968
Mitsubishi Chemical Holdings Corp.
     167,400   1,126,942
Mitsubishi Corp.
     121,500   4,605,738
Mitsubishi Electric Corp.
     194,100   2,254,838
Mitsubishi Estate Co., Ltd.
     138,518   2,075,916
Mitsubishi Heavy Industries, Ltd.
     33,000   1,092,976
Mitsubishi UFJ Financial Group, Inc.
     822,900   5,154,693
Mitsui & Co., Ltd.
     139,800   3,833,198
Mitsui Chemicals, Inc.
     34,900   888,494
Mitsui Fudosan Co., Ltd.
     26,300   567,712
Mizuho Financial Group, Inc.
     123,680   1,596,758
MonotaRO Co., Ltd.
     8,400   182,291
MS&AD Insurance Group Holdings, Inc.
     64,000   2,097,565
Murata Manufacturing Co., Ltd.
     57,500   3,845,335
NEC Corp.
     22,300   946,200
Nexon Co., Ltd.
     27,500   664,305
Nidec Corp.
     37,300   2,995,678
Nihon M&A Center Holdings, Inc.
     8,200   116,675
Nintendo Co., Ltd.
     7,900   4,013,949
Nippon Building Fund, Inc. REIT
     38   216,651
Nippon Paint Holdings Co., Ltd.
     30,600   272,784
Nippon Prologis REIT, Inc. (b)
     190   558,064
Nippon Steel Corp.
     69,600   1,244,915
Nippon Telegraph & Telephone Corp.
     117,000   3,417,219
Nippon Yusen KK
     19,400   1,719,827
Nissan Motor Co., Ltd. (b)
     202,200   912,586
Nitori Holdings Co., Ltd.
     4,100   518,855
Nitto Denko Corp.
     20,300   1,475,147
Nomura Holdings, Inc.
     235,900   1,001,324
Nomura Real Estate Master Fund, Inc. REIT (b)
     79   104,921
Nomura Research Institute, Ltd.
     4,500   149,042
NTT Data Corp.
     107,800   2,147,563
Obayashi Corp.
     153,000   1,134,501
Obic Co., Ltd.
     2,200   333,874
See accompanying notes to financial statements.
66

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Olympus Corp.
     59,500   $ 1,146,616
Ono Pharmaceutical Co., Ltd.
     25,400   641,618
Oriental Land Co., Ltd.
     9,400   1,820,754
ORIX Corp.
     129,800   2,617,388
Orix JREIT, Inc.
     48   65,371
Osaka Gas Co., Ltd.
     76,900   1,325,436
Otsuka Holdings Co., Ltd.
     19,400   676,423
Panasonic Corp.
     213,900   2,094,502
Rakuten Group, Inc.
     58,600   466,869
Recruit Holdings Co., Ltd.
     73,800   3,291,890
Renesas Electronics Corp. (b)
     34,000   401,137
Resona Holdings, Inc.
     64,000   276,353
Rohm Co., Ltd.
     19,400   1,532,820
Ryohin Keikaku Co., Ltd.
     19,500   229,903
SBI Holdings, Inc.
     20,600   526,138
Secom Co., Ltd.
     20,400   1,490,482
Seven & i Holdings Co., Ltd.
     64,800   3,103,460
SG Holdings Co., Ltd.
     11,800   224,771
Sharp Corp. (c)
     40,300   381,501
Shimano, Inc.
     2,300   533,524
Shin-Etsu Chemical Co., Ltd.
     30,900   4,783,613
Shionogi & Co., Ltd.
     19,400   1,203,559
Shiseido Co., Ltd.
     23,500   1,203,897
Shizuoka Bank, Ltd.
     167,100   1,188,114
SMC Corp.
     4,200   2,382,105
Softbank Corp.
     8,500   100,004
SoftBank Group Corp.
     87,800   4,021,258
Sompo Holdings, Inc.
     37,700   1,671,380
Sony Group Corp.
     96,300   10,100,095
Subaru Corp.
     24,100   386,791
Sumitomo Chemical Co., Ltd.
     212,700   984,860
Sumitomo Corp.
     107,700   1,880,258
Sumitomo Electric Industries, Ltd.
     84,400   1,016,625
Sumitomo Mitsui Financial Group, Inc.
     68,300   2,198,543
Sumitomo Mitsui Trust Holdings, Inc.
     20,300   669,168
Suzuki Motor Corp.
     19,500   676,857
Sysmex Corp.
     11,600   852,785
T&D Holdings, Inc.
     43,400   597,499
Takeda Pharmaceutical Co., Ltd.
     121,999   3,515,984
TDK Corp.
     56,200   2,065,104
Terumo Corp.
     73,800   2,264,315
Tokio Marine Holdings, Inc.
     62,400   3,664,570
See accompanying notes to financial statements.
67

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Tokyo Electric Power Co. Holdings, Inc. (b)
     148,300   $ 492,399
Tokyo Electron, Ltd.
     10,400   5,419,567
Tokyo Gas Co., Ltd.
     67,300   1,237,599
Tokyu Corp.
     101,400   1,330,000
TOPPAN, INC.
     68,800   1,227,772
Toray Industries, Inc.
     212,700   1,119,446
Toshiba Corp.
     34,200   1,310,237
Toyota Motor Corp.
     749,500   13,724,109
Toyota Tsusho Corp.
     34,500   1,438,270
Unicharm Corp.
     9,500   341,178
Welcia Holdings Co., Ltd.
     1,400   34,661
West Japan Railway Co.
     20,100   843,082
Yakult Honsha Co., Ltd. (c)
     3,400   182,641
Yamaha Corp.
     27,800   1,225,376
Yamaha Motor Co., Ltd.
     40,600   921,883
Z Holdings Corp.
     280,100   1,237,863
ZOZO, Inc.
     10,800   292,301
          254,673,099
KUWAIT — 0.1%          
Agility Public Warehousing Co. KSC
     24,451   88,935
Boubyan Bank KSCP (b)
     389,155   1,202,819
Kuwait Finance House KSCP
     54,886   193,492
Mabanee Co. KPSC
     189,493   573,219
Mobile Telecommunications Co. KSCP
     181,130   374,423
          2,432,888
LUXEMBOURG — 0.1%          
ArcelorMittal SA
     33,987   1,107,999
Eurofins Scientific SE
     4,228   422,962
          1,530,961
MACAU — 0.1%          
Galaxy Entertainment Group, Ltd.
     189,000   1,134,280
Sands China, Ltd. (b)
     247,200   599,108
          1,733,388
MALAYSIA — 0.3%          
AMMB Holdings Bhd (b)
     240,400   212,114
CIMB Group Holdings Bhd
     544,370   690,051
Dialog Group Bhd
     1,007,300   656,401
Fraser & Neave Holdings Bhd
     5,000   24,972
Genting Bhd
     216,400   240,859
Genting Malaysia Bhd
     631,900   447,842
See accompanying notes to financial statements.
68

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hartalega Holdings Bhd
     162,300   $ 187,206
Hong Leong Financial Group Bhd
     43,239   201,554
Malaysia Airports Holdings Bhd (b)
     216,100   357,190
Nestle Malaysia Bhd
     12,300   390,815
Petronas Chemicals Group Bhd
     19,400   44,293
Petronas Dagangan Bhd
     3,800   18,454
PPB Group Bhd
     156,940   638,248
Press Metal Aluminium Holdings Bhd
     252,700   372,612
Public Bank Bhd
     594,500   660,281
QL Resources Bhd
     38,400   45,845
RHB Bank Bhd
     139,209   197,321
Tenaga Nasional Bhd
     183,900   393,626
Top Glove Corp. Bhd
     408,100   186,349
Westports Holdings Bhd
     355,700   338,379
          6,304,412
MEXICO — 0.7%          
America Movil SAB de CV Series L (c)
     3,070,397   3,251,769
Cemex SAB de CV Series CPO (b)
     1,792,919   961,102
Fomento Economico Mexicano SAB de CV
     223,945   1,856,963
Grupo Financiero Banorte SAB de CV Series O
     283,394   2,125,242
Grupo Mexico SAB de CV Class B
     250,641   1,495,651
Grupo Televisa SAB Series CPO
     315,351   739,435
Industrias Penoles SAB de CV
     18,012   226,970
Kimberly-Clark de Mexico SAB de CV Class A
     351,807   493,610
Wal-Mart de Mexico SAB de CV
     333,666   1,370,671
          12,521,413
NETHERLANDS — 3.7%          
Adyen NV (b)(d)
     1,510   3,039,304
Akzo Nobel NV
     21,535   1,874,223
Argenx SE (b)
     1,706   536,236
ASM International NV
     1,410   521,011
ASML Holding NV
     32,238   21,880,468
Heineken NV
     27,176   2,617,953
ING Groep NV
     263,142   2,784,678
Koninklijke Ahold Delhaize NV
     107,676   3,488,144
Koninklijke DSM NV
     20,926   3,783,539
Koninklijke KPN NV
     512,771   1,793,191
Koninklijke Philips NV
     91,729   2,830,188
Shell PLC
     565,540   15,700,282
Universal Music Group NV
     96,021   2,584,940
See accompanying notes to financial statements.
69

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Wolters Kluwer NV
     39,453   $ 4,239,610
          67,673,767
NEW ZEALAND — 0.1%          
Fisher & Paykel Healthcare Corp., Ltd.
     29,803   504,763
Meridian Energy, Ltd.
     251,994   885,136
Spark New Zealand, Ltd.
     193,974   617,927
Xero, Ltd. (b)
     6,816   525,923
          2,533,749
NORWAY — 0.5%          
DNB Bank ASA
     113,015   2,586,265
Equinor ASA
     97,710   3,701,001
Norsk Hydro ASA
     162,639   1,601,466
Telenor ASA
     83,060   1,204,009
          9,092,741
PERU — 0.1%          
Cia de Minas Buenaventura SAA ADR (b)(c)
     20,870   210,161
Credicorp, Ltd.
     8,059   1,385,100
          1,595,261
PHILIPPINES — 0.2%          
AC Energy Corp.
     442,000   74,571
Ayala Land, Inc.
     512,800   347,350
BDO Unibank, Inc.
     43,047   110,394
Globe Telecom, Inc.
     2,610   128,117
GT Capital Holdings, Inc.
     8,188   87,347
JG Summit Holdings, Inc.
     242,171   286,889
Jollibee Foods Corp.
     99,940   434,564
Metro Pacific Investments Corp.
     3,437,500   252,440
PLDT, Inc. ADR (c)
     17,592   618,183
SM Prime Holdings, Inc.
     618,400   452,342
Universal Robina Corp.
     58,610   137,053
          2,929,250
POLAND — 0.1%          
Allegro.eu SA (b)(d)
     16,450   140,411
CD Projekt SA
     7,417   309,228
LPP SA
     48   132,116
Orange Polska SA (b)
     102,584   194,226
Polski Koncern Naftowy ORLEN SA
     19,796   361,123
Powszechna Kasa Oszczednosci Bank Polski SA (b)
     53,552   511,971
See accompanying notes to financial statements.
70

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Santander Bank Polska SA
     4,032   $ 295,101
          1,944,176
PORTUGAL — 0.1%          
EDP - Energias de Portugal SA
     196,367   975,548
Jeronimo Martins SGPS SA
     22,968   555,318
          1,530,866
QATAR — 0.2%          
Commercial Bank PQSC
     314,629   645,371
Qatar Electricity & Water Co. QSC
     116,722   586,535
Qatar National Bank QPSC
     271,626   1,720,714
          2,952,620
ROMANIA — 0.0% (f)          
NEPI Rockcastle PLC
     32,396   215,205
RUSSIA — 0.0%          
Gazprom PJSC ADR (e)
     471,490   —
LUKOIL PJSC ADR (e)
     44,561   —
Magnit PJSC GDR (e)
     16,239   —
MMC Norilsk Nickel PJSC ADR (e)
     45,503   —
Mobile TeleSystems PJSC ADR (e)
     100,152   —
Novatek PJSC GDR (e)
     6,921   —
Sberbank of Russia PJSC ADR (e)
     136,111   —
Surgutneftegas PJSC ADR (e)
     139,649   —
Tatneft PJSC ADR (e)
     38,413   —
TCS Group Holding PLC GDR (b)(e)
     7,745   —
Yandex NV Class A (b)(e)
     23,001   —
          —
SAUDI ARABIA — 1.1%          
Abdullah Al Othaim Markets Co.
     15,547   484,873
Advanced Petrochemical Co.
     27,108   509,427
Al Rajhi Bank
     64,320   2,753,510
Alinma Bank
     13,409   138,862
Arab National Bank
     32,843   243,379
Bank AlBilad (b)
     70,261   1,161,184
Bank Al-Jazira
     14,312   100,525
Banque Saudi Fransi
     26,385   377,682
Bupa Arabia for Cooperative Insurance Co.
     17,111   816,439
Co. for Cooperative Insurance
     20,280   390,302
Dar Al Arkan Real Estate Development Co. (b)
     80,432   234,553
Delivery Hero SE (b)(d)
     8,771   388,996
See accompanying notes to financial statements.
71

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Dr Sulaiman Al Habib Medical Services Group Co.
     9,193   $ 466,573
Emaar Economic City (b)
     584,338   1,819,290
Etihad Etisalat Co.
     61,139   676,334
Jarir Marketing Co.
     26,836   1,409,221
Mobile Telecommunications Co. (b)
     49,437   175,530
Rabigh Refining & Petrochemical Co. (b)
     39,161   294,895
Riyad Bank
     80,965   810,405
SABIC Agri-Nutrients Co.
     10,077   488,338
Sahara International Petrochemical Co.
     17,857   255,610
Saudi Arabian Mining Co. (b)
     26,068   931,124
Saudi British Bank
     27,315   289,787
Saudi Electricity Co.
     85,850   606,431
Saudi Industrial Investment Group
     16,408   153,080
Saudi Kayan Petrochemical Co. (b)
     15,139   91,201
Saudi National Bank
     113,475   2,144,576
Saudi Telecom Co.
     21,341   613,237
Savola Group
     20,792   202,017
          19,027,381
SINGAPORE — 1.0%          
Ascendas Real Estate Investment Trust
     91,300   197,664
CapitaLand Integrated Commercial Trust REIT
     156,640   260,420
Capitaland Investment, Ltd. (b)
     447,856   1,320,387
DBS Group Holdings, Ltd.
     206,168   5,458,307
Mapletree Logistics Trust REIT
     188,082   257,104
Singapore Exchange, Ltd.
     252,000   1,856,460
Singapore Telecommunications, Ltd.
     909,900   1,774,955
STMicroelectronics NV
     46,416   2,044,617
United Overseas Bank, Ltd.
     216,629   5,125,400
Venture Corp., Ltd.
     5,700   74,001
          18,369,315
SOUTH AFRICA — 1.3%          
Anglo American Platinum, Ltd.
     6,332   869,481
Anglo American PLC
     102,928   5,383,540
Aspen Pharmacare Holdings, Ltd.
     37,107   504,401
Bid Corp., Ltd.
     24,876   541,390
Bidvest Group, Ltd. (c)
     30,267   463,352
Capitec Bank Holdings, Ltd.
     7,989   1,280,181
Discovery, Ltd. (b)(c)
     81,548   1,016,636
Exxaro Resources, Ltd.
     22,404   339,652
FirstRand, Ltd. (c)
     384,091   2,036,307
Gold Fields, Ltd.
     81,816   1,276,861
See accompanying notes to financial statements.
72

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Harmony Gold Mining Co., Ltd.
     26,464   $ 133,801
Impala Platinum Holdings, Ltd. (c)
     46,651   718,417
Mr. Price Group, Ltd.
     33,519   496,643
MTN Group, Ltd. (c)
     134,593   1,750,054
MultiChoice Group, Ltd.
     35,390   319,037
Naspers, Ltd. Class N
     13,484   1,535,603
Nedbank Group, Ltd.
     19,984   318,746
Old Mutual, Ltd. (c)
     245,292   228,497
Rand Merchant Investment Holdings, Ltd.
     39,060   139,507
Remgro, Ltd.
     41,489   425,381
Sanlam, Ltd.
     243,538   1,203,315
Sasol, Ltd. (b)
     36,631   889,923
Sibanye Stillwater, Ltd. (c)
     162,658   665,659
Standard Bank Group, Ltd.
     119,321   1,487,297
Woolworths Holdings, Ltd. (c)
     66,504   262,967
          24,286,648
SOUTH KOREA — 3.5%          
Alteogen, Inc. (b)
     1,763   82,328
Amorepacific Corp.
     670   88,445
AMOREPACIFIC Group
     556   20,138
BGF retail Co., Ltd.
     915   131,733
Celltrion Healthcare Co., Ltd.
     3,917   210,061
Celltrion Pharm, Inc. (b)
     1,559   125,795
Celltrion, Inc.
     8,566   1,212,053
CJ CheilJedang Corp.
     2,444   745,067
CJ Corp.
     882   61,417
Coway Co., Ltd.
     3,671   207,470
Doosan Heavy Industries & Construction Co., Ltd. (b)
     14,454   243,871
Ecopro BM Co., Ltd.
     411   134,858
E-MART, Inc.
     3,211   373,542
Hana Financial Group, Inc.
     27,921   1,119,558
Hanmi Pharm Co., Ltd.
     537   121,396
Hanwha Solutions Corp. (b)
     3,369   99,926
HLB, Inc. (b)
     7,900   199,773
HMM Co., Ltd.
     12,537   301,517
Hotel Shilla Co., Ltd.
     3,965   265,631
Hyundai Engineering & Construction Co., Ltd.
     3,331   131,641
Hyundai Heavy Industries Holdings Co., Ltd.
     4,848   215,191
Hyundai Mobis Co., Ltd.
     4,494   797,170
Hyundai Motor Co.
     12,390   1,845,134
Hyundai Steel Co.
     7,684   263,413
Kakao Corp.
     20,679   1,817,015
See accompanying notes to financial statements.
73

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
KB Financial Group, Inc.
     35,251   $ 1,782,836
Kia Corp.
     23,122   1,411,681
Korea Aerospace Industries, Ltd.
     5,315   185,491
Korea Electric Power Corp. ADR (b)
     51,606   480,452
Korea Shipbuilding & Offshore Engineering Co., Ltd. (b)
     5,441   399,080
Korea Zinc Co., Ltd.
     2,468   1,191,188
Krafton, Inc. (b)
     1,206   274,125
KT&G Corp.
     15,980   1,063,971
L&F Co., Ltd. (b)
     1,451   270,315
LG Chem, Ltd.
     2,746   1,205,290
LG Chem, Ltd. Preference Shares
     675   152,036
LG Electronics, Inc.
     12,150   1,207,933
LG Household & Health Care, Ltd.
     1,203   851,594
Lotte Chemical Corp.
     2,163   373,869
NAVER Corp.
     12,327   3,463,012
NCSoft Corp.
     1,999   771,035
Pearl Abyss Corp. (b)
     4,507   369,990
POSCO Holdings, Inc. ADR
     25,570   1,515,534
Samsung Biologics Co., Ltd. (b)(d)
     744   507,642
Samsung C&T Corp.
     5,224   491,346
Samsung Electro-Mechanics Co., Ltd.
     3,230   439,710
Samsung Electronics Co., Ltd. GDR
     14,421   20,463,399
Samsung Electronics Co., Ltd. Preference Shares
     31,424   1,633,358
Samsung Fire & Marine Insurance Co., Ltd.
     4,976   899,092
Samsung Heavy Industries Co., Ltd. (b)
     50,144   234,989
Samsung SDI Co., Ltd.
     3,046   1,497,806
Samsung SDS Co., Ltd.
     2,051   234,366
Samsung Securities Co., Ltd.
     27,120   937,526
Seegene, Inc.
     2,498   105,316
Shinhan Financial Group Co., Ltd.
     39,499   1,352,426
SK Bioscience Co., Ltd. (b)
     1,355   175,517
SK Chemicals Co., Ltd.
     835   93,693
SK Hynix, Inc.
     40,865   3,978,442
SK Innovation Co., Ltd. (b)
     4,592   814,554
SK Square Co., Ltd. (b)
     4,360   204,322
SK Telelcom Co., Ltd. ADR
     12,672   324,783
SK, Inc.
     3,672   733,158
          62,905,020
SPAIN — 1.4%          
ACS Actividades de Construccion y Servicios SA
     25,389   692,102
Aena SME SA (b)(d)
     1,079   181,343
Amadeus IT Group SA (b)
     26,192   1,724,655
See accompanying notes to financial statements.
74

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Banco Bilbao Vizcaya Argentaria SA (c)
     453,891   $ 2,631,164
Banco Santander SA
     1,154,939   3,983,634
CaixaBank SA (c)
     91,586   313,556
Cellnex Telecom SA (d)
     20,090   977,056
Ferrovial SA
     52,755   1,416,380
Iberdrola SA
     544,606   6,011,084
Industria de Diseno Textil SA
     98,952   2,177,758
Naturgy Energy Group SA (c)
     31,979   966,392
Repsol SA
     133,687   1,773,658
Telefonica SA
     458,541   2,238,994
          25,087,776
SWEDEN — 1.7%          
Assa Abloy AB Class B
     111,890   3,060,364
Atlas Copco AB Class B
     92,756   4,274,814
Embracer Group AB (b)(c)
     21,282   181,274
Epiroc AB Class B
     92,756   1,697,484
EQT AB
     15,123   603,823
Essity AB Class B (c)
     5,861   139,742
Evolution AB (d)
     12,090   1,255,910
H & M Hennes & Mauritz AB Class B (c)
     78,993   1,069,526
Hexagon AB Class B
     5,171   73,658
Husqvarna AB Class B
     131,044   1,387,300
Industrivarden AB Class A
     2,347   67,695
Kinnevik AB Class B (b)
     1,875   49,795
Sandvik AB
     104,797   2,260,252
Securitas AB Class B
     69,653   795,605
Sinch AB (b)(c)(d)
     32,919   227,693
Skandinaviska Enskilda Banken AB Class A
     124,627   1,370,049
Skanska AB Class B (c)
     69,434   1,575,031
SKF AB Class B (c)
     45,670   754,437
Svenska Handelsbanken AB Class A (c)
     153,044   1,427,079
Swedbank AB Class A (c)
     75,910   1,148,498
Swedish Match AB
     159,251   1,211,206
Tele2 AB Class B
     76,754   1,171,974
Telefonaktiebolaget LM Ericsson Class B (c)
     291,986   2,703,864
Telia Co. AB (c)
     168,461   682,203
Volvo AB Class B
     119,832   2,270,783
          31,460,059
SWITZERLAND — 6.6%          
ABB, Ltd.
     175,903   5,766,904
Adecco Group AG (b)
     17,258   787,839
See accompanying notes to financial statements.
75

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Alcon, Inc.
     37,177   $ 2,977,392
Cie Financiere Richemont SA
     43,655   5,597,707
Credit Suisse Group AG (b)
     146,060   1,164,988
Geberit AG
     4,676   2,907,479
Givaudan SA
     1,248   5,189,998
Holcim, Ltd. (b)
     29,685   1,460,944
Julius Baer Group, Ltd.
     15,499   907,456
Kuehne + Nagel International AG
     6,782   1,938,978
Logitech International SA
     6,606   496,751
Lonza Group AG (b)
     5,540   4,046,713
Nestle SA
     223,879   29,242,332
Novartis AG
     166,952   14,740,397
Roche Holding AG
     53,053   21,126,076
SGS SA
     844   2,362,558
Sika AG (c)
     9,975   3,332,046
Sonova Holding AG
     2,549   1,073,613
Swatch Group AG Bearer Shares
     4,896   1,402,961
Temenos AG
     4,873   471,282
UBS Group AG
     310,411   6,120,519
Zurich Insurance Group AG (b)
     13,541   6,721,574
          119,836,507
TAIWAN — 4.3%          
Accton Technology Corp.
     40,000   310,629
Acer, Inc.
     442,000   462,032
Advantech Co., Ltd.
     36,954   476,572
ASE Technology Holding Co., Ltd.
     227,000   820,009
ASMedia Technology, Inc.
     4,000   271,539
Asustek Computer, Inc.
     36,000   469,295
AU Optronics Corp. ADR
     157,595   1,092,133
Catcher Technology Co., Ltd.
     43,000   216,865
Cathay Financial Holding Co., Ltd.
     261,595   588,900
Chailease Holding Co., Ltd.
     88,650   784,349
China Development Financial Holding Corp.
     812,742   544,636
China Steel Corp.
     719,000   977,438
Chunghwa Telecom Co., Ltd. ADR
     76,304   3,391,713
Compal Electronics, Inc. (b)
     260,000   243,198
CTBC Financial Holding Co., Ltd.
     669,558   687,050
Delta Electronics, Inc.
     187,785   1,759,778
E.Sun Financial Holding Co., Ltd.
     1,247,021   1,438,460
Eclat Textile Co., Ltd.
     18,650   310,817
eMemory Technology, Inc. (b)
     5,000   322,845
Evergreen Marine Corp. Taiwan, Ltd. (b)
     174,000   819,852
See accompanying notes to financial statements.
76

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Far EasTone Telecommunications Co., Ltd. (b)
     76,000   $ 194,964
Feng TAY Enterprise Co., Ltd.
     54,166   362,033
Formosa Plastics Corp.
     409,000   1,520,287
Foxconn Technology Co., Ltd.
     24,240   53,131
Fubon Financial Holding Co., Ltd.
     508,320   1,357,223
Giant Manufacturing Co., Ltd.
     88,000   800,098
Globalwafers Co., Ltd.
     28,000   655,742
Hiwin Technologies Corp.
     29,866   250,173
Hon Hai Precision Industry Co., Ltd. GDR
     667,374   4,898,525
Hotai Motor Co., Ltd.
     14,000   292,201
Innolux Corp.
     603,000   353,573
Largan Precision Co., Ltd.
     7,000   460,534
MediaTek, Inc. (b)
     112,000   3,537,686
Mega Financial Holding Co., Ltd.
     25,948   38,852
Micro-Star International Co., Ltd.
     79,000   358,445
momo.com, Inc.
     4,000   131,372
Nan Ya Printed Circuit Board Corp.
     21,000   384,064
Novatek Microelectronics Corp.
     43,000   640,089
Oneness Biotech Co., Ltd. (b)
     22,000   164,703
Pegatron Corp.
     48,000   121,292
Pou Chen Corp.
     127,000   139,848
President Chain Store Corp. (b)
     35,000   321,275
Quanta Computer, Inc.
     46,000   141,766
Realtek Semiconductor Corp.
     35,000   525,889
Ruentex Development Co., Ltd.
     148,916   412,161
Sea, Ltd. ADR (b)
     9,081   1,087,813
Taishin Financial Holding Co., Ltd.
     1,048,717   750,352
Taiwan High Speed Rail Corp.
     112,000   112,776
Taiwan Mobile Co., Ltd.
     60,000   219,884
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
     320,367   33,401,463
Unimicron Technology Corp.
     86,000   747,395
Uni-President Enterprises Corp.
     438,000   1,002,838
United Microelectronics Corp. ADR (c)
     285,017   2,599,355
Vanguard International Semiconductor Corp.
     86,000   373,698
Wan Hai Lines, Ltd.
     31,900   176,471
Win Semiconductors Corp.
     42,000   389,927
Winbond Electronics Corp.
     324,000   352,819
Wiwynn Corp.
     8,000   284,802
Yageo Corp.
     37,169   563,019
Yang Ming Marine Transport Corp. (b)
     104,000   451,914
Zhen Ding Technology Holding, Ltd.
     127,000   476,502
          77,095,064
See accompanying notes to financial statements.
77

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
TANZANIA, UNITED REPUBLIC OF — 0.1%          
AngloGold Ashanti, Ltd.
     38,568   $ 925,104
THAILAND — 0.4%          
Advanced Info Service PCL
     25,500   178,692
Airports of Thailand PCL (b)
     101,200   201,639
Asset World Corp. PCL (b)
     2,754,700   422,525
B Grimm Power PCL
     84,500   89,583
Bangkok Expressway & Metro PCL
     548,100   143,413
Bumrungrad Hospital PCL (c)
     83,700   393,956
Central Pattana PCL
     257,500   456,917
CP ALL PCL NVDR
     385,000   752,632
Delta Electronics Thailand PCL
     31,300   365,245
Electricity Generating PCL
     7,700   39,368
Energy Absolute PCL
     91,100   268,505
Global Power Synergy PCL Class F
     84,200   182,961
Gulf Energy Development PCL
     229,720   354,080
Home Product Center PCL
     253,300   121,127
Indorama Ventures PCL
     155,200   217,047
Land & Houses PCL
     103,800   29,657
Minor International PCL (b)
     488,209   491,880
Osotspa PCL
     138,300   155,977
PTT Global Chemical PCL
     7,100   10,837
PTT PCL
     1,225,320   1,418,792
Ratch Group PCL
     44,100   58,358
Siam Cement PCL
     8,300   95,606
Siam Commercial Bank PCL NVDR
     124,400   426,514
Sri Trang Gloves Thailand PCL
     26,000   19,744
Srisawad Corp. PCL
     57,900   99,257
Thai Union Group PCL Class F
     299,700   170,356
          7,164,668
TURKEY — 0.1%          
Akbank T.A.S.
     608,204   301,039
Aselsan Elektronik Sanayi Ve Ticaret A/S
     37,156   61,151
BIM Birlesik Magazalar A/S
     23,844   137,607
Turkiye Garanti Bankasi A/S
     410,924   341,789
Turkiye Is Bankasi A/S Class C
     571,091   343,797
          1,185,383
UNITED ARAB EMIRATES — 0.3%          
Abu Dhabi Commercial Bank PJSC
     148,423   423,483
Abu Dhabi Islamic Bank PJSC
     258,061   614,757
Aldar Properties PJSC
     519,419   697,169
See accompanying notes to financial statements.
78

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Dubai Islamic Bank PJSC
     67,495   $ 113,378
Emaar Properties PJSC
     167,675   273,900
Emirates NBD Bank PJSC
     45,577   186,127
Emirates Telecommunications Group Co. PJSC
     170,226   1,712,896
First Abu Dhabi Bank PJSC
     131,062   842,097
          4,863,807
UNITED KINGDOM — 7.6%          
3i Group PLC
     112,859   2,063,253
Abrdn PLC
     243,961   690,283
Admiral Group PLC
     567   19,134
Ashtead Group PLC
     7,933   504,806
Associated British Foods PLC
     12,863   281,478
AstraZeneca PLC
     95,501   12,740,123
Auto Trader Group PLC (d)
     69,725   580,932
Aviva PLC
     310,921   1,850,781
BAE Systems PLC
     266,434   2,516,642
Barclays PLC
     1,284,354   2,507,820
Barratt Developments PLC
     47,955   329,843
Berkeley Group Holdings PLC (b)
     3,912   192,638
BP PLC
     1,512,175   7,473,241
British American Tobacco PLC
     172,045   7,236,281
British Land Co. PLC REIT
     231,930   1,619,686
BT Group PLC (c)
     605,069   1,451,523
Burberry Group PLC
     46,664   1,028,509
CK Hutchison Holdings, Ltd.
     151,032   1,109,877
CNH Industrial NV
     72,224   1,156,783
Compass Group PLC
     162,296   3,525,837
Diageo PLC
     189,738   9,651,743
Entain PLC (b)
     33,391   722,553
Experian PLC
     81,564   3,169,117
Hargreaves Lansdown PLC
     5,409   71,787
HSBC Holdings PLC
     1,444,094   9,989,783
Imperial Brands PLC
     85,340   1,809,605
InterContinental Hotels Group PLC
     13,705   936,520
J Sainsbury PLC
     214,448   713,506
Just Eat Takeaway.com NV (b)(d)
     7,478   255,894
Kingfisher PLC
     66,619   224,021
Land Securities Group PLC REIT
     108,041   1,117,534
Legal & General Group PLC
     97,268   348,345
Lloyds Banking Group PLC
     4,341,001   2,689,467
London Stock Exchange Group PLC
     22,971   2,409,299
M&G PLC
     147,288   428,966
See accompanying notes to financial statements.
79

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Melrose Industries PLC
     182,606   $ 300,175
National Grid PLC
     383,977   5,927,227
Natwest Group PLC
     236,397   671,994
Next PLC
     16,014   1,271,838
Ocado Group PLC (b)
     30,567   471,281
Pearson PLC
     96,679   955,457
Persimmon PLC
     15,696   444,529
Prudential PLC
     147,288   2,199,130
Reckitt Benckiser Group PLC
     50,166   3,852,099
RELX PLC (a)
     140,725   4,415,357
RELX PLC (a)
     44,496   1,398,120
Rentokil Initial PLC
     34,887   241,613
Rolls-Royce Holdings PLC (b)
     672,287   894,904
Sage Group PLC
     194,326   1,794,086
Segro PLC REIT
     104,169   1,845,409
Severn Trent PLC
     63,113   2,557,749
Smith & Nephew PLC
     107,304   1,723,639
Smiths Group PLC
     32,106   614,006
SSE PLC
     137,934   3,175,466
Standard Chartered PLC
     219,379   1,473,690
Taylor Wimpey PLC
     190,003   326,969
Tesco PLC
     618,616   2,248,023
Unilever PLC
     203,089   9,238,574
United Utilities Group PLC
     94,179   1,394,389
Vodafone Group PLC
     2,129,071   3,499,568
Whitbread PLC (b)
     20,725   779,606
WPP PLC
     114,701   1,514,742
          138,647,250
UNITED STATES — 1.5%          
Bausch Health Cos., Inc. (b)
     30,364   694,284
Ferguson PLC
     20,167   2,756,190
GlaxoSmithKline PLC
     367,997   7,981,070
Inmode, Ltd. (b)
     2,240   82,678
James Hardie Industries PLC CDI
     77,668   2,367,986
JBS SA
     62,460   489,354
Parade Technologies, Ltd.
     6,000   379,038
QIAGEN NV (b)
     269   13,328
Schneider Electric SE
     46,938   7,946,644
Stellantis NV (a)
     64,300   1,058,700
Stellantis NV (a)
     84,840   1,397,079
See accompanying notes to financial statements.
80

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Swiss Re AG
     28,400   $ 2,719,487
          27,885,838
ZAMBIA — 0.1%          
First Quantum Minerals, Ltd.
     63,549   2,201,994
TOTAL COMMON STOCKS

(Cost $1,649,952,340)
         1,794,360,567
       
RIGHTS — 0.0% (f)    
FRANCE — 0.0% (f)      
Electricite de France SA (expiring 04/04/22) (b)
   7,335 2,742
SOUTH KOREA — 0.0% (f)      
Samsung Biologics Co., Ltd. (expiring 4/8/22) (b)
   49 7,601
TOTAL RIGHTS

(Cost $0)
     10,343
WARRANTS — 0.0% (f)    
THAILAND — 0.0% (f)      
Srisawad Corp. PCL (expiring 8/29/25) (b)

(Cost: $0)
   900 212
SHORT-TERM INVESTMENTS — 2.0%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (g)(h)
 1,639,258 1,639,258
State Street Navigator Securities Lending Portfolio II (i)(j)
 35,221,016 35,221,016
TOTAL SHORT-TERM INVESTMENTS

(Cost $36,860,274)
 36,860,274
TOTAL INVESTMENTS — 101.0%

(Cost $1,686,812,614)
 1,831,231,396
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%
(17,686,444)
NET ASSETS — 100.0%
$ 1,813,544,952
(a) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(b) Non-income producing security.
(c) All or a portion of the shares of the security are on loan at March 31, 2022.
(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.1% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See accompanying notes to financial statements.
81

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2022, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(f) Amount is less than 0.05% of net assets.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2022.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
CDI CREST Depository Interest
GDR Global Depositary Receipt
NVDR Non-Voting Depositary Receipt
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $1,788,274,224   $6,086,343   $ 0(a)   $1,794,360,567
Rights
   —   10,343   —   10,343
Warrants
   212   —   —   212
Short-Term Investments
   36,860,274   —   —   36,860,274
TOTAL INVESTMENTS
   $1,825,134,710   $6,096,686   $ 0   $1,831,231,396
(a) The Fund held Level 3 securities that were valued at $0 at March 31, 2022.
See accompanying notes to financial statements.
82

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SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Financials 20.1%
  Industrials 11.9
  Information Technology 11.9
  Consumer Discretionary 11.2
  Health Care 9.4
  Materials 8.8
  Consumer Staples 8.6
  Communication Services 6.4
  Energy 5.3
  Utilities 3.1
  Real Estate 2.3
  Short-Term Investments 2.0
  Liabilities in Excess of Other Assets (1.0)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 806,165   $ 806,165   $ 57,202,189   $ 56,369,096   $—   $—   1,639,258   $ 1,639,258   $ 725
State Street Navigator Securities Lending Portfolio II
 29,761,465   29,761,465   176,437,172   170,977,621   —   —   35,221,016   35,221,016   96,859
Total
     $30,567,630   $233,639,361   $227,346,717   $—   $—       $36,860,274   $97,584
See accompanying notes to financial statements.
83

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SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%        
CHILE — 0.2%          
Aguas Andinas SA Class A
     2,132,494   $ 455,237
CHINA — 30.1%          
Agile Group Holdings, Ltd. (a)
     4,254,000   2,156,496
Agricultural Bank of China, Ltd. Class H
     9,358,000   3,596,749
Anhui Conch Cement Co., Ltd. Class H
     1,427,000   7,343,272
Bank of China, Ltd. Class H
     9,456,000   3,803,458
Bank of Communications Co., Ltd. Class H
     5,109,000   3,666,341
CGN Power Co., Ltd. Class H (b)
     19,661,000   5,146,596
China Cinda Asset Management Co., Ltd. Class H
     6,281,000   1,074,717
China CITIC Bank Corp., Ltd. Class H
     5,538,000   2,807,398
China Construction Bank Corp. Class H
     4,019,000   3,022,692
China Overseas Land & Investment, Ltd.
     2,108,000   6,312,103
China Power International Development, Ltd.
     9,878,000   5,259,757
China Resources Land, Ltd.
     1,012,000   4,716,653
China Vanke Co., Ltd. Class H
     2,697,300   6,110,032
Chongqing Rural Commercial Bank Co., Ltd. Class H
     2,215,000   871,134
CITIC Securities Co., Ltd. Class H (a)
     406,950   939,507
CITIC Telecom International Holdings, Ltd.
     796,000   292,729
CITIC, Ltd.
     4,824,000   5,365,202
Far East Horizon, Ltd. (a)
     1,019,000   910,820
Guangdong Investment, Ltd.
     2,430,000   3,326,302
Hengan International Group Co., Ltd. (a)
     946,500   4,375,118
Industrial & Commercial Bank of China, Ltd. Class H
     5,269,000   3,236,189
Jiangsu Expressway Co., Ltd. Class H
     958,000   1,003,090
Lonking Holdings, Ltd.
     1,443,000   394,313
Shenzhen Expressway Corp., Ltd. Class H
     900,000   948,106
Shimao Group Holdings, Ltd. (a)
     13,993,500   7,897,856
Yanlord Land Group, Ltd.
     392,500   359,626
Yuexiu Property Co., Ltd.
     1,165,800   1,159,637
Zhenro Properties Group, Ltd.
     3,495,000   272,231
          86,368,124
CZECH REPUBLIC — 1.9%          
CEZ A/S
     128,484   5,419,710
GREECE — 1.0%          
Hellenic Telecommunications Organization SA
     151,873   2,771,297
INDONESIA — 0.8%          
Indofood CBP Sukses Makmur Tbk PT
     2,046,000   1,047,039
See accompanying notes to financial statements.
84

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SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Indofood Sukses Makmur Tbk PT
     3,182,500   $ 1,318,425
          2,365,464
KUWAIT — 0.7%          
Mobile Telecommunications Co. KSCP
     1,015,406   2,098,996
MALAYSIA — 0.3%          
Petronas Gas Bhd
     253,300   1,003,622
MEXICO — 5.6%          
Bolsa Mexicana de Valores SAB de CV
     320,979   676,982
Kimberly-Clark de Mexico SAB de CV Class A
     1,205,848   1,691,888
Megacable Holdings SAB de CV
     352,019   1,057,893
Qualitas Controladora SAB de CV (a)
     338,527   1,935,046
Wal-Mart de Mexico SAB de CV
     2,631,229   10,808,860
          16,170,669
PHILIPPINES — 1.2%          
Globe Telecom, Inc.
     33,300   1,634,593
PLDT, Inc.
     48,785   1,744,173
          3,378,766
QATAR — 1.3%          
Masraf Al Rayan QSC
     2,084,458   2,959,195
Qatar Electricity & Water Co. QSC
     127,499   640,689
          3,599,884
RUSSIA — 0.0%          
Federal Grid Co. (c)(d)
     767,865,898   —
Inter RAO UES PJSC (c)(d)
     110,161,174   —
Magnit PJSC (c)
     138,660   —
Unipro PJSC (c)
     23,862,428   —
          —
SAUDI ARABIA — 3.1%          
Saudi Electricity Co.
     1,262,302   8,916,701
SOUTH AFRICA — 5.7%          
AVI, Ltd.
     342,144   1,688,184
Equites Property Fund, Ltd. REIT
     336,354   528,038
Sanlam, Ltd.
     1,203,503   5,946,479
SPAR Group, Ltd.
     272,704   3,167,192
Vodacom Group, Ltd.
     448,139   4,906,911
          16,236,804
TAIWAN — 32.4%          
AcBel Polytech, Inc.
     6,928,000   8,583,983
See accompanying notes to financial statements.
85

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SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Bizlink Holding, Inc.
     407,000   $ 4,211,839
Charoen Pokphand Enterprise
     165,000   468,195
Chicony Electronics Co., Ltd.
     666,000   2,087,388
Compal Electronics, Inc. (d)
     5,668,000   5,301,726
CTBC Financial Holding Co., Ltd.
     3,153,000   3,235,370
E.Sun Financial Holding Co., Ltd.
     1,571,739   1,813,028
Far Eastern International Bank
     816,471   347,659
Farglory Land Development Co., Ltd.
     353,000   842,720
First Financial Holding Co., Ltd.
     3,222,380   3,199,718
Getac Holdings Corp.
     371,000   644,198
Hua Nan Financial Holdings Co., Ltd.
     1,243,887   1,057,140
Huaku Development Co., Ltd.
     150,000   472,227
King's Town Bank Co., Ltd.
     850,000   1,195,574
Lien Hwa Industrial Holdings Corp.
     522,762   1,171,363
Lite-On Technology Corp.
     1,832,000   4,354,369
Mega Financial Holding Co., Ltd.
     2,647,000   3,963,363
Pegatron Corp.
     1,883,000   4,758,187
Quanta Computer, Inc.
     2,635,000   8,120,709
Radiant Opto-Electronics Corp.
     747,000   2,698,445
Shanghai Commercial & Savings Bank, Ltd.
     955,000   1,673,246
Simplo Technology Co., Ltd.
     293,000   3,175,279
SinoPac Financial Holdings Co., Ltd.
     5,917,000   3,799,899
Standard Foods Corp.
     342,000   593,246
Sunny Friend Environmental Technology Co., Ltd.
     28,000   200,827
Supreme Electronics Co., Ltd.
     1,136,000   2,061,742
Synnex Technology International Corp.
     1,584,000   4,162,965
Systex Corp.
     105,000   296,477
Taishin Financial Holding Co., Ltd.
     3,146,503   2,251,307
Taiwan Cogeneration Corp.
     204,000   274,122
Taiwan Cooperative Financial Holding Co., Ltd.
     2,724,477   2,809,916
Taiwan Hon Chuan Enterprise Co., Ltd.
     314,000   863,592
Taiwan Secom Co., Ltd.
     82,000   311,956
Taiwan Union Technology Corp.
     781,000   2,276,094
Teco Electric and Machinery Co., Ltd.
     897,000   1,006,528
Topco Scientific Co., Ltd.
     112,000   664,538
Tripod Technology Corp.
     363,000   1,697,712
Wistron Corp.
     2,700,000   2,803,518
Zhen Ding Technology Holding, Ltd.
     968,000   3,631,922
          93,082,087
THAILAND — 4.1%          
Advanced Info Service PCL NVDR
     1,352,700   9,479,070
Pruksa Holding PCL NVDR
     37,000   15,245
See accompanying notes to financial statements.
86

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SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Ratch Group PCL NVDR (a)
     952,700   $ 1,260,716
Ratch Group PCL
     476,600   630,689
TTW PCL NVDR
     1,106,800   369,488
          11,755,208
TURKEY — 4.2%          
Enka Insaat ve Sanayi A/S
     2,422,075   2,655,279
Haci Omer Sabanci Holding A/S
     7,893,729   9,444,867
          12,100,146
UNITED ARAB EMIRATES — 7.2%          
Emirates Telecommunications Group Co. PJSC
     991,837   9,980,342
First Abu Dhabi Bank PJSC
     1,660,672   10,670,113
          20,650,455
TOTAL COMMON STOCKS

(Cost $284,060,703)
         286,373,170
       
SHORT-TERM INVESTMENTS — 0.3%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (e)(f)
 29,179 29,176
State Street Navigator Securities Lending Portfolio II (g)(h)
 958,524 958,524
TOTAL SHORT-TERM INVESTMENTS

(Cost $987,697)
 987,700
TOTAL INVESTMENTS — 100.1%

(Cost $285,048,400)
 287,360,870
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%
(341,688)
NET ASSETS — 100.0%
$ 287,019,182
(a) All or a portion of the shares of the security are on loan at March 31, 2022.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.8% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2022, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(d) Non-income producing security.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at March 31, 2022.
See accompanying notes to financial statements.
87

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SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(h) Investment of cash collateral for securities loaned.
NVDR Non-Voting Depositary Receipt
REIT Real Estate Investment Trust
At March 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
Mini MSCI Emerging Markets (long)   1   06/17/2022   $53,673   $56,275   $2,602
During the period ended March 31, 2022, average notional value related to futures contracts was $466,854.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $285,742,481   $630,689   $ 0(a)   $286,373,170
Short-Term Investments
   987,700   —   —   987,700
TOTAL INVESTMENTS
   $286,730,181   $630,689   $ 0   $287,360,870
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(b)
   2,602   —   —   2,602
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 2,602   $ —   $—   $ 2,602
(a) The Fund held a Level 3 security that was valued at $0 at March 31, 2022.
(b) Futures Contracts are valued at unrealized appreciation (depreciation).
See accompanying notes to financial statements.
88

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SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Financials 28.2%
  Information Technology 17.0
  Communication Services 11.8
  Utilities 11.4
  Real Estate 10.7
  Consumer Staples 9.2
  Industrials 8.6
  Materials 2.9
  Short-Term Investments 0.3
  Liabilities in Excess of Other Assets (0.1)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 101,985   $102,005   $ 8,881,177   $ 8,953,732   $(277)   $ 3   29,179   $ 29,176   $ —
State Street Navigator Securities Lending Portfolio II
 814,398   814,398   7,231,011   7,086,885   —   —   958,524   958,524   3,804
Total
     $916,403   $16,112,188   $16,040,617   $(277)   $ 3       $987,700   $3,804
See accompanying notes to financial statements.
89

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.7%        
BRAZIL — 6.3%          
3R Petroleum Oleo e Gas S.A. (a)
     99,682   $ 877,891
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA
     185,859   226,851
AES Brasil Energia SA
     92,363   234,020
Afya, Ltd. Class A (a)(b)
     27,358   394,229
Agrogalaxy Participacoes SA (a)
     26,200   64,508
Aliansce Sonae Shopping Centers SA
     126,728   617,112
Alper Consultoria e Corretora de Seguros SA (a)
     14,775   117,063
Alupar Investimento SA
     101,790   590,997
Ambipar Participacoes e Empreendimentos S/A
     35,227   272,434
Anima Holding SA (a)
     261,586   399,650
Arco Platform, Ltd. Class A (a)(b)
     24,634   519,777
Arezzo Industria e Comercio SA
     50,246   953,542
Armac Locacao Logistica E Servicos SA
     183,390   738,662
Atento SA (a)(b)
     1,700   47,005
Auren Energia SA
     153,354   516,025
Banco ABC Brasil SA Preference Shares
     24,048   87,195
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares
     221,147   506,335
Banco Modal SA
     96,753   224,578
Banco Pan SA Preference Shares
     213,925   476,744
Bemobi Mobile Tech SA
     57,042   197,224
BK Brasil Operacao e Assessoria a Restaurantes SA (a)
     27,554   43,662
Blau Farmaceutica SA (a)
     34,642   209,152
Boa Vista Servicos SA
     171,621   308,791
BR Malls Participacoes SA (a)
     650,428   1,270,209
BrasilAgro - Co. Brasileira de Propriedades Agricolas
     39,223   262,975
Brisanet Participacoes SA (a)
     141,700   119,277
Camil Alimentos SA
     151,746   308,158
Cia Brasileira de Aluminio (a)
     296,200   1,249,763
Cia Brasileira de Distribuicao
     108,673   552,290
Cia de Saneamento de Minas Gerais-COPASA
     171,761   495,553
Cia de Saneamento do Parana
     173,316   742,947
Cia Energetica do Ceara Class A, Preference Shares
     6,900   78,003
Cia Ferro Ligas da Bahia - FERBASA Preference Shares
     52,777   528,886
Cielo SA
     907,730   594,080
Clear Sale SA (a)
     63,800   79,080
CM Hospitalar SA
     96,027   323,327
Cogna Educacao (a)
     1,398,287   832,743
Construtora Tenda SA
     96,250   173,787
See accompanying notes to financial statements.
90

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Cury Construtora e Incorporadora SA
     200,865   $ 319,984
CVC Brasil Operadora e Agencia de Viagens SA (a)
     93,094   326,969
Cyrela Brazil Realty SA Empreendimentos e Participacoes
     210,163   773,525
Desktop - Sigmanet Comunicacao Multimidia S.A (a)(c)
     17,800   65,252
Dexxos Participacoes SA
     42,562   77,386
Direcional Engenharia SA
     143,077   366,127
EcoRodovias Infraestrutura e Logistica SA (a)
     238,733   383,323
EDP - Energias do Brasil SA
     182,584   903,708
Eletromidia SA (a)
     47,550   147,795
Empreendimentos Pague Menos S/A (a)
     85,818   174,275
Enauta Participacoes SA
     103,519   451,811
Eternit SA
     37,067   126,756
Even Construtora e Incorporadora SA
     150,154   201,914
Ez Tec Empreendimentos e Participacoes SA
     95,994   378,768
Fleury SA
     149,904   505,048
Fras-Le SA
     39,084   117,533
Gafisa SA (a)
     302,507   124,773
Grupo De Mona Soma SA (a)
     260,246   834,636
Grupo SBF SA (a)
     52,452   279,261
Guararapes Confeccoes SA
     109,248   265,076
Hidrovias do Brasil SA (a)
     201,700   140,071
Hospital Mater Dei SA (a)
     79,789   273,186
Iguatemi SA (a)
     186,845   804,083
Industrias Romi SA
     34,562   101,534
Infracommerce CXAAS SA (a)
     105,422   317,246
Instituto Hermes Pardini SA
     52,246   212,636
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira
     60,553   430,068
International Meal Co. Alimentacao SA Class A (a)
     423,860   266,699
Iochpe Maxion SA
     30,962   83,726
Irani Papel e Embalagem SA
     113,950   163,062
IRB Brasil Resseguros SA (a)
     685,939   505,221
Jalles Machado SA
     113,817   236,882
JHSF Participacoes SA
     295,509   408,568
JSL SA
     107,886   181,628
Kepler Weber SA
     13,440   153,577
Kora Saude Participacoes SA (a)
     57,100   39,533
Lavvi Empreendimentos Imobiliarios Ltda
     166,979   180,966
Light SA
     118,859   258,881
LOG Commercial Properties e Participacoes SA
     67,741   413,122
Log-in Logistica Intermodal SA (a)
     4,816   28,570
Lojas Quero Quero S/A
     137,425   296,427
Mahle-Metal Leve SA
     14,100   76,109
See accompanying notes to financial statements.
91

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Marisa Lojas SA (a)
     201,411   $ 137,327
Meliuz SA (c)
     223,655   120,489
Mills Estruturas e Servicos de Engenharia SA
     139,519   223,726
Minerva SA
     74,200   197,681
Mitre Realty Empreendimentos E Participacoes LTDA (c)
     109,334   142,191
Moura Dubeux Engenharia S/A (a)
     103,092   144,704
Movida Participacoes SA
     138,493   509,154
MPM Corporeos SA
     144,958   167,777
MRV Engenharia e Participacoes SA
     31,598   85,446
Multilaser Industrial SA (a)
     43,400   52,607
Neogrid Participacoes SA
     155,918   85,966
Nexa Resources SA (b)
     17,976   167,896
Odontoprev SA
     205,975   543,551
Oi SA (a)
     3,557,976   613,967
Omega Energia SA (a)
     194,710   490,059
Oncoclinicas do Brasil Servicos Medicos SA (a)
     61,600   136,890
Orizon Valorizacao de Residuos SA (a)
     42,904   281,696
Pet Center Comercio e Participacoes SA
     203,424   798,807
Petroreconcavo SA (a)
     87,502   444,512
Portobello SA
     48,859   101,996
Positivo Tecnologia SA
     59,395   115,617
Qualicorp Consultoria e Corretora de Seguros SA
     152,583   514,716
Raizen SA
     782,900   1,158,217
Randon SA Implementos e Participacoes Preference Shares
     107,222   240,981
Santos Brasil Participacoes SA
     462,796   742,118
Schulz SA Preference Shares
     104,840   202,755
Sequoia Logistica e Transportes SA (a)
     42,000   110,481
Sinqia SA
     59,497   248,658
SLC Agricola SA
     85,694   898,065
Tegma Gestao Logistica SA
     47,517   167,291
Tupy SA
     67,197   252,416
Unipar Carbocloro SA
     5,465   114,545
Unipar Carbocloro SA Class B, Preference Shares
     30,976   678,259
Vasta Platform, Ltd. (a)(b)
     12,200   69,784
Vinci Partners Investments, Ltd. Class A (b)
     27,911   386,567
Vitru, Ltd. (a)(b)
     3,500   55,300
Vivara Participacoes SA
     79,071   460,753
Vulcabras Azaleia SA
     127,237   267,222
Wilson Sons Holdings Brasil SA
     17,119   224,797
Wiz Solucoes e Corretagem de Seguros SA
     94,214   171,498
YDUQS Participacoes SA
     205,565   905,845
          42,062,567
See accompanying notes to financial statements.
92

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
BRITISH VIRGIN ISLANDS — 0.0% (d)          
SF Real Estate Investment Trust
     407,000   $ 169,423
CHILE — 0.7%          
Aguas Andinas SA Class A
     2,673,588   570,748
Embotelladora Andina SA Class B, Preference Shares
     376,374   835,563
Empresa Nacional de Telecomunicaciones SA
     76,226   333,121
Engie Energia Chile SA
     186,997   113,825
Grupo Security SA
     478,552   77,093
Hortifrut SA
     158,376   160,486
Inversiones Aguas Metropolitanas SA
     286,154   144,727
Inversiones La Construccion SA
     14,845   63,951
Parque Arauco SA (a)
     641,299   671,513
Ripley Corp. SA
     442,497   79,792
Salfacorp SA
     83,671   28,389
SMU SA
     880,745   100,730
Sociedad Matriz SAAM SA
     2,221,478   155,264
SONDA SA
     222,620   88,762
Vina Concha y Toro SA
     593,401   957,073
          4,381,037
CHINA — 13.0%          
111, Inc. ADR (a)(b)
     14,900   39,634
361 Degrees International, Ltd. (a)(b)
     358,000   183,311
5I5J Holding Group Co., Ltd. Class A
     157,290   93,907
9F, Inc. ADR (a)
     87,564   77,494
Advanced Technology & Materials Co., Ltd. Class A
     46,600   58,800
Aerospace Hi-Tech Holdings Grp, Ltd. Class A (a)
     36,538   53,068
AK Medical Holdings, Ltd. (b)(c)
     454,739   270,588
Allmed Medical Products Co., Ltd. Class A
     47,300   95,373
Alpha Group Class A (a)
     113,100   88,369
Anhui Construction Engineering Group Co., Ltd. Class A
     249,900   200,373
Anhui Expressway Co., Ltd. Class A
     91,000   111,096
Anhui Expressway Co., Ltd. Class H
     268,000   261,792
Anhui Genuine New Materials Co., Ltd. Class A
     11,200   35,762
Anhui Jiangnan Chemical Industry Co., Ltd. Class A
     87,640   88,909
Anhui Transport Consulting & Design Institute Co., Ltd. Class A
     38,140   58,879
Antengene Corp., Ltd. (a)(c)
     411,580   350,017
Archermind Technology Nanjing Co., Ltd. Class A
     10,300   81,776
Archosaur Games, Inc. (b)(c)
     137,000   142,049
Ascentage Pharma Group International (a)(b)(c)
     129,419   278,953
Ascletis Pharma, Inc. (a)(c)
     273,000   181,270
Asia Cement China Holdings Corp.
     528,270   339,301
See accompanying notes to financial statements.
93

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Asia Cuanon Technology Shanghai Co., Ltd. Class A
     23,700   $ 63,729
Asiainfo Technologies, Ltd. (c)
     250,314   441,088
Austar Lifesciences, Ltd. (a)
     55,000   19,805
BAIOO Family Interactive, Ltd. (c)
     1,650,901   101,187
Bairong, Inc. (a)(c)
     136,865   170,046
Baozun, Inc. ADR (a)
     46,238   396,722
BC Technology Group, Ltd. (a)
     153,026   133,654
Bear Electric Appliance Co., Ltd. Class A
     13,045   92,699
Beibuwan Port Co., Ltd. Class A
     121,400   143,237
Beijing Airdoc Technology Co., Ltd. (a)(c)
     20,500   46,280
Beijing Aosaikang Pharmaceutical Co., Ltd. Class A
     51,300   96,166
Beijing Bohui Innovation Biotechnology Group Co., Ltd. Class A (a)
     69,000   84,673
Beijing Capital Development Co., Ltd. Class A
     292,600   304,211
Beijing Career International Co., Ltd. Class A
     8,800   64,391
Beijing Certificate Authority Co., Ltd. Class A
     8,800   68,439
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H (a)(b)
     92,500   111,264
Beijing Ctrowell Technology Corp., Ltd. Class A
     36,600   53,792
Beijing Enterprises Urban Resources Group, Ltd. (a)
     1,320,000   124,729
Beijing Funshine Culture Media Co., Ltd. Class A
     15,220   122,468
Beijing Jetsen Technology Co., Ltd. Class A (a)
     123,200   114,115
Beijing North Star Co., Ltd. Class A
     1,004,000   457,075
Beijing Orient Landscape & Environment Co., Ltd. Class A (a)
     416,200   169,808
Beijing Orient National Communication Science & Technology Co., Ltd. Class A (a)
     63,800   113,769
Beijing SL Pharmaceutical Co., Ltd. Class A
     69,300   116,808
Beijing Strong Biotechnologies, Inc. Class A
     41,900   120,523
Beijing SuperMap Software Co., Ltd. Class A
     16,700   55,429
Beijing Ultrapower Software Co., Ltd. Class A (a)
     78,800   57,473
Beijing VRV Software Corp., Ltd. Class A
     68,500   56,111
Beijing Watertek Information Technology Co., Ltd. Class A (a)
     78,900   44,496
Beijing Zhidemai Technology Co., Ltd. Class A
     12,200   105,317
Beijing Zhong Ke San Huan High-Tech Co., Ltd. Class A
     39,100   76,684
Beken Corp. Class A
     9,000   50,911
Berry Genomics Co., Ltd. Class A (a)
     28,500   76,142
BEST, Inc. ADR (a)(b)
     138,900   89,590
Bestway Marine & Energy Technology Co., Ltd. Class A (a)
     112,500   79,748
Better Life Commercial Chain Share Co., Ltd. Class A
     67,000   63,537
Binjiang Service Group Co., Ltd.
     58,284   164,848
Bit Digital, Inc. (a)(b)
     32,329   116,384
BIT Mining, Ltd. ADR (a)(b)
     29,252   81,613
Black Peony Group Co., Ltd. Class A
     84,800   154,957
See accompanying notes to financial statements.
94

Table of Contents
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Boshiwa International Holding, Ltd. (a)(b)(e)
     1,843,000   $ —
B-Soft Co., Ltd. Class A
     115,300   137,857
C&D Property Management Group Co., Ltd. (a)(b)
     81,000   41,579
Caissa Tosun Development Co., Ltd. Class A (a)
     96,900   153,713
Canaan, Inc. (a)(b)
     90,061   489,031
Cango, Inc. ADR (a)(b)
     54,327   140,707
Cangzhou Mingzhu Plastic Co., Ltd. Class A
     90,100   80,476
Canny Elevator Co., Ltd. Class A
     31,800   35,817
Cathay Media And Education Group, Inc. (c)
     198,000   31,604
Cayman Engley Industrial Co., Ltd.
     77,313   195,364
Central China Management Co., Ltd. (b)
     658,000   104,186
CETC Digital Technology Co., Ltd. Class A
     20,177   82,957
CGN Mining Co., Ltd. (b)
     1,800,004   197,666
CGN Nuclear Technology Development Co., Ltd. Class A
     45,100   74,384
Changsha Broad Homes Industrial Group Co., Ltd. Class H (a)(c)
     39,000   48,505
Chanjet Information Technology Co., Ltd. Class H
     6,800   6,773
Chaoju Eye Care Holdings, Ltd. (a)
     76,000   36,489
Cheerwin Group, Ltd. (c)
     510,970   172,250
ChemPartner PharmaTech Co., Ltd. Class A
     28,700   61,260
Chengdu ALD Aviation Manufacturing Corp. Class A
     14,900   116,466
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
     76,600   142,989
Chengdu Tianjian Technology Co., Ltd. Class A
     7,500   70,568
Chengdu Wintrue Holding Co., Ltd. Class A
     48,800   103,933
Chenguang Biotech Group Co., Ltd. Class A
     18,900   52,430
China Aircraft Leasing Group Holdings, Ltd. (b)
     141,500   98,472
China Animal Healthcare, Ltd. (a)(e)
     1,059,700   —
China Aoyuan Group, Ltd. (b)
     538,000   81,063
China BlueChemical, Ltd. Class H
     1,818,000   624,463
China CAMC Engineering Co., Ltd. Class A (a)
     188,000   260,021
China Datang Corp. Renewable Power Co., Ltd. Class H (b)
     1,792,343   743,815
China Design Group Co., Ltd. Class A
     31,320   41,937
China Dongxiang Group Co., Ltd.
     608,000   38,818
China Everbright, Ltd.
     630,902   625,150
China Express Airlines Co., Ltd. Class A
     106,400   172,470
China Fangda Group Co., Ltd. Class B (a)
     338,565   92,948
China Foods, Ltd.
     722,000   249,843
China Forestry Holdings Co., Ltd. (a)(b)(e)
     1,642,000   —
China Hanking Holdings, Ltd.
     799,891   155,251
China Harmony Auto Holding, Ltd.
     497,000   253,215
China Harzone Industry Corp., Ltd. Class A
     45,300   58,230
China High Speed Railway Technology Co., Ltd. Class A (a)
     183,900   73,582
See accompanying notes to financial statements.
95

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
China Hongxing Sports, Ltd. (a)(b)(e)
     4,053,000   $ —
China Isotope & Radiation Corp. (b)
     78,603   217,299
China Kings Resources Group Co., Ltd. Class A
     10,270   47,709
China Leadshine Technology Co., Ltd. Class A
     22,300   64,847
China Lilang, Ltd.
     161,000   78,121
China Meheco Co., Ltd. Class A
     41,000   234,836
China Modern Dairy Holdings, Ltd. (b)
     3,514,791   569,986
China New Higher Education Group, Ltd. (b)(c)
     910,093   290,527
China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. Class A (a)
     73,700   53,521
China Nonferrous Mining Corp., Ltd. (b)
     932,746   469,267
China Oriental Group Co., Ltd.
     1,188,882   338,535
China Publishing & Media Co., Ltd. Class A
     107,900   86,006
China Railway Tielong Container Logistics Co., Ltd. Class A
     56,800   45,454
China Rare Earth Holdings, Ltd. (a)(b)
     836,400   73,693
China Renaissance Holdings, Ltd. (a)(c)
     178,940   221,407
China Resources Medical Holdings Co., Ltd.
     303,000   181,845
China Sanjiang Fine Chemicals Co., Ltd. (b)
     742,097   167,724
China SCE Group Holdings, Ltd. (b)
     1,111,307   201,504
China Science Publishing & Media, Ltd. Class A
     99,600   138,854
China Shengmu Organic Milk, Ltd. (a)(c)
     2,298,000   108,571
China Shineway Pharmaceutical Group, Ltd.
     426,138   341,176
China Silver Group, Ltd. (a)
     614,000   46,257
China Singyes Solar Technologies Holdings, Ltd. (b)
     546,132   80,197
China South City Holdings, Ltd. (b)
     1,828,000   161,059
China Testing & Certification International Group Co., Ltd. Class A
     33,488   75,806
China Tianying, Inc. Class A (a)
     263,200   213,111
China Travel International Investment Hong Kong, Ltd. (a)(b)
     882,000   167,809
China Water Affairs Group, Ltd. (b)
     849,357   930,547
China West Construction Group Co., Ltd. Class A
     79,800   113,639
China XLX Fertiliser, Ltd.
     351,118   341,192
China Yuhua Education Corp., Ltd. (c)
     1,404,653   319,264
China Yurun Food Group, Ltd. (a)(b)
     982,000   81,505
China ZhengTong Auto Services Holdings, Ltd. (a)
     1,445,385   94,127
China Zhongwang Holdings, Ltd. (a)(b)(e)
     346,000   37,112
Chlitina Holding, Ltd.
     82,417   583,936
Chongqing Department Store Co., Ltd. Class A
     19,300   79,412
Chongqing Dima Industry Co., Ltd. Class A
     344,700   153,125
Chongqing Fuling Electric Power Industrial Co., Ltd. Class A
     30,240   67,644
Chongqing Gas Group Corp., Ltd. Class A
     61,400   69,059
Chongqing Lummy Pharmaceutical Co., Ltd. Class A (a)
     75,800   64,837
Chongqing Zaisheng Technology Corp., Ltd. Class A
     34,200   49,618
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Chongqing Zongshen Power Machinery Co., Ltd. Class A
     37,500   $ 34,971
Chongyi Zhangyuan Tungsten Industry Co., Ltd. Class A (a)
     52,400   62,816
CITIC Guoan Information Industry Co., Ltd. Class A (a)
     422,600   151,116
CITIC Press Corp. Class A
     23,483   88,744
CITIC Resources Holdings, Ltd. (a)
     780,000   52,787
CITIC Telecom International Holdings, Ltd.
     2,636,287   969,495
Client Service International, Inc. Class A
     23,550   77,497
Cloopen Group Holding, Ltd. ADR (a)(b)
     31,400   54,008
Clover Biopharmaceuticals, Ltd. (a)
     91,500   80,618
CMGE Technology Group, Ltd. (a)
     1,207,338   351,499
CMST Development Co., Ltd. Class A
     117,500   99,026
COFCO Joycome Foods., Ltd. (a)(b)
     1,918,236   854,846
Cogobuy Group (a)(b)(c)
     468,000   119,519
Confidence Intelligence Holdings, Ltd. (a)
     36,829   124,152
CPMC Holdings, Ltd.
     499,000   264,429
CPT Technology Group Co., Ltd. Class A (a)
     238,100   78,015
CQ Pharmaceutical Holding Co., Ltd. Class A
     68,800   64,919
CSG Smart Science&Technology Co., Ltd. Class A (a)
     40,600   52,508
CSSC Hong Kong Shipping Co., Ltd. (b)
     1,472,321   203,042
CSSC Science & Technology Co., Ltd. Class A
     33,900   68,942
DaFa Properties Group, Ltd. (b)
     213,225   105,640
Dalian Huarui Heavy Industry Group Co., Ltd. Class A
     103,500   63,423
Dare Power Dekor Home Co., Ltd. Class A
     34,900   59,265
Datang Group Holdings, Ltd.
     182,244   89,826
Dazhong Transportation Group Co., Ltd. Class B (a)
     304,135   85,158
Dazzle Fashion Co., Ltd. Class A
     18,480   47,451
DBG Technology Co., Ltd. Class A
     54,900   94,525
Deppon Logistics Co., Ltd. Class A
     56,200   142,800
Dexin China Holdings Co., Ltd. (a)(b)
     170,000   65,122
Digital China Group Co., Ltd. Class A
     39,200   88,983
Dongfang Electronics Co., Ltd. Class A (a)
     58,700   55,574
Dongguan Aohai Technology Co., Ltd. Class A
     17,300   75,380
Dongguan Development Holdings Co., Ltd. Class A
     62,500   107,414
Dongjiang Environmental Co., Ltd. Class A
     127,400   138,677
Dongwu Cement International, Ltd.
     176,930   106,862
DouYu International Holdings, Ltd. ADR (a)(b)
     138,536   288,155
Dynagreen Environmental Protection Group Co., Ltd. Class A
     49,900   68,073
Dynagreen Environmental Protection Group Co., Ltd. Class H (b)
     656,058   301,582
Eastern Communications Co., Ltd. Class A
     54,000   93,231
Eastern Communications Co., Ltd. Class B
     109,400   49,230
Ebang International Holdings, Inc. Class A (a)
     75,600   87,696
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Edan Instruments, Inc. Class A
     52,900   $ 96,998
Edvantage Group Holdings, Ltd.
     481,798   174,721
EEKA Fashion Holdings, Ltd. (b)
     230,604   385,744
E-House China Enterprise Holdings, Ltd.
     646,800   72,680
EIT Environmental Development Group Co., Ltd. Class A
     16,500   61,913
Essex Bio-technology, Ltd. (b)
     418,612   231,986
E-Star Commercial Management Co., Ltd.
     243,991   83,497
Eternal Asia Supply Chain Management, Ltd. Class A
     132,900   102,374
EVA Precision Industrial Holdings, Ltd. (b)
     1,009,189   167,524
Excellence Commercial Property & Facilities Management Group, Ltd. (b)
     333,784   169,633
Fanhua, Inc. ADR (b)
     30,774   224,035
FAWER Automotive Parts Co., Ltd. Class A
     124,900   107,033
Feitian Technologies Co., Ltd. Class A
     16,300   38,336
FIH Mobile, Ltd. (a)(b)
     3,161,198   435,949
FinVolution Group ADR
     108,032   428,887
Fire Rock Holdings, Ltd. (b)
     958,700   68,554
Fosun Tourism Group (a)(b)(c)
     256,193   361,812
FriendTimes, Inc.
     262,000   43,492
Fufeng Group, Ltd. (a)
     451,000   179,101
Fujian Boss Software Development Co., Ltd. Class A
     14,840   47,993
Fujian Longking Co., Ltd. Class A
     53,900   90,087
Fulongma Group Co., Ltd. Class A
     26,780   46,953
Future FinTech Group, Inc. (a)
     35,700   27,068
Ganglong China Property Group, Ltd. (b)
     602,992   355,725
Gaotu Techedu, Inc. ADR (a)
     107,623   185,112
GCI Science & Technology Co., Ltd. Class A
     25,177   85,350
Genertec Universal Medical Group Co., Ltd. (c)
     1,032,636   680,389
Genetron Holdings, Ltd. ADR (a)
     22,400   49,056
Genimous Technology Co., Ltd. Class A (a)
     91,160   99,803
Genor Biopharma Holdings, Ltd. (a)(b)(c)
     169,000   107,899
Getein Biotech, Inc. Class A
     42,036   135,549
Global New Material International Holdings, Ltd. (a)
     540,000   319,943
GoldenHome Living Co., Ltd. Class A
     10,192   51,922
Goldenmax International Technology, Ltd. Class A
     25,100   42,030
Greatview Aseptic Packaging Co., Ltd.
     695,725   197,220
Greentown Management Holdings Co., Ltd. (c)
     648,904   555,986
Guangdong Advertising Group Co., Ltd. Class A (a)
     129,900   104,770
Guangdong Aofei Data Technology Co., Ltd. Class A
     33,800   119,001
Guangdong Dongfang Precision Science & Technology Co., Ltd. Class A (a)
     105,000   78,401
Guangdong Great River Smarter Logistics Co., Ltd. Class A
     36,400   104,817
See accompanying notes to financial statements.
98

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A
     116,400   $ 85,997
Guangdong Hybribio Biotech Co., Ltd. Class A
     20,300   104,984
Guangdong Sirio Pharma Co., Ltd. Class A
     13,500   62,012
Guangdong South New Media Co., Ltd. Class A
     12,500   79,354
Guangdong Topstar Technology Co., Ltd. Class A
     19,200   36,385
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A
     33,500   87,073
Guanglian Aviation Industry Co., Ltd. Class A
     14,900   60,111
Guangxi Liugong Machinery Co., Ltd. Class A
     96,120   98,269
Guangxi Wuzhou Zhongheng Group Co., Ltd. Class A
     118,600   64,829
Guangzhou Hi-Target Navigation Tech Co., Ltd. Class A
     38,700   46,759
Guangzhou Jet Biofiltration Co., Ltd. Class A
     8,290   80,692
Guangzhou KDT Machinery Co., Ltd. Class A
     15,900   56,506
Guangzhou Metro Design & Research Institute Co., Ltd. Class A
     30,900   84,745
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A (a)
     70,800   111,083
Guizhou Gas Group Corp., Ltd. Class A
     46,500   57,794
Guocheng Mining Co., Ltd. Class A
     52,600   135,061
Haichang Ocean Park Holdings, Ltd. (a)(b)(c)
     1,291,789   643,305
Hainan Development Holdings Nanhai Co., Ltd. Class A (a)
     46,300   71,768
Hainan Meilan International Airport Co., Ltd. Class H (a)(b)
     121,940   279,337
Hainan Strait Shipping Co., Ltd. Class A
     139,800   117,599
Haitong UniTrust International Leasing Co., Ltd. Class H (b)(c)
     310,000   32,063
Hand Enterprise Solutions Co., Ltd. Class A
     97,900   110,729
Hangxiao Steel Structure Co., Ltd. Class A
     230,300   149,468
Hangzhou Electronic Soul Network Technology Co., Ltd. Class A
     26,300   104,776
Hangzhou Haoyue Personal Care Co., Ltd. Class A
     11,200   74,454
Hangzhou Onechance Tech Corp. Class A
     13,500   81,896
Hangzhou Shunwang Technology Co., Ltd. Class A
     71,900   147,467
Hangzhou Steam Turbine Co., Ltd. Class B
     161,400   306,255
Harbin Electric Co., Ltd. Class H (b)
     414,000   117,887
HBIS Resources Co., Ltd. Class A
     40,800   93,193
HBM Holdings, Ltd. (a)(b)(c)
     501,842   228,127
Healthcare Co., Ltd. Class A
     39,800   77,304
Henan Jindan Lactic Acid Technology Co., Ltd. Class A
     12,600   60,339
Henan Lingrui Pharmaceutical Co. Class A
     38,700   80,654
Henan Thinker Automatic Equipment Co., Ltd. Class A
     35,900   115,989
Henan Yicheng New Energy Co., Ltd. Class A (a)
     66,300   46,685
Henan Yuguang Gold & Lead Co., Ltd. Class A
     67,600   57,823
Henan Yuneng Holdings Co., Ltd. Class A (a)
     82,700   75,039
Hexing Electrical Co., Ltd. Class A
     48,300   89,325
Holitech Technology Co., Ltd. Class A (a)
     291,300   149,594
Hollysys Automation Technologies, Ltd.
     51,082   815,780
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Homeland Interactive Technology, Ltd. (a)
     210,000   $ 38,077
Hong Kong Aerospace Technology Group, Ltd. (a)
     35,238   59,484
Hongli Zhihui Group Co., Ltd. Class A (a)
     47,000   70,558
Hope Education Group Co., Ltd. (b)(c)
     3,546,597   335,123
Hua Medicine (a)(c)
     578,898   285,332
Huafon Microfibre Shanghai Technology Co., Ltd. (a)
     80,500   62,517
Huafu Fashion Co., Ltd. Class A
     85,500   56,433
Huangshan Tourism Development Co., Ltd. Class B (a)
     413,361   305,474
Huapont Life Sciences Co., Ltd. Class A
     92,200   89,032
Huazhong In-Vehicle Holdings Co., Ltd. (b)
     351,687   122,148
Huijing Holdings Co., Ltd. (b)
     1,096,068   263,121
Hunan Er-Kang Pharmaceutical Co., Ltd. Class A
     153,700   102,901
Hunan TV & Broadcast Intermediary Co., Ltd. Class A (a)
     139,700   121,696
Hwa Create Co., Ltd. Class A
     26,300   35,340
iClick Interactive Asia Group, Ltd. ADR (a)(b)
     45,840   54,091
iDreamSky Technology Holdings, Ltd. (a)(b)(c)
     612,880   351,384
IKD Co., Ltd. Class A
     68,700   127,377
Immunotech Biopharm, Ltd. (a)(b)
     244,109   173,620
INESA Intelligent Tech, Inc. Class B
     143,800   76,502
Inke, Ltd. (a)(b)
     1,367,494   275,895
Innuovo Technology Co., Ltd. Class A (a)
     54,300   59,277
Intron Technology Holdings, Ltd.
     255,172   122,187
IReader Technology Co., Ltd. Class A
     29,900   81,720
Jacobio Pharmaceuticals Group Co., Ltd. (a)(b)(c)
     291,790   295,836
Jade Bird Fire Co., Ltd. Class A
     21,500   140,825
Jh Educational Technology, Inc. (a)
     396,000   167,878
Jiajiayue Group Co., Ltd. Class A
     39,900   80,452
Jiangshan Oupai Door Industry Co., Ltd. Class A
     8,900   89,181
Jiangsu Akcome Science & Technology Co., Ltd. Class A (a)
     253,800   142,730
Jiangsu Canlon Building Materials Co., Ltd. Class A
     23,600   55,393
Jiangsu Huaxicun Co., Ltd. Class A
     47,000   40,943
Jiangsu Jiangyin Rural Commercial Bank Co., Ltd. Class A
     206,000   139,538
Jiangsu Lihua Animal Husbandry Stock Co., Ltd. Class A
     26,700   144,854
Jiangsu ToLand Alloy Co., Ltd. Class A
     11,200   84,775
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd. Class A
     133,400   131,128
Jiangxi Fushine Pharmaceutical Co., Ltd. Class A
     30,700   80,231
Jiangxi Huangshanghuang Group Food Co., Ltd. Class A
     44,600   79,531
Jiangxi Xinyu Guoke Technology Co., Ltd. Class A
     13,800   65,651
Jiangyin Hengrun Heavy Industries Co., Ltd. Class A
     12,600   58,732
Jiaozuo Wanfang Aluminum Manufacturing Co., Ltd. Class A
     57,100   56,308
Jiayou International Logistics Co., Ltd. Class A
     19,292   55,705
Jiayuan International Group, Ltd. (b)
     1,013,774   203,236
See accompanying notes to financial statements.
100

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Jinchuan Group International Resources Co., Ltd. (b)
     2,152,000   $ 313,262
Jingrui Holdings, Ltd. (b)
     440,000   93,266
JinkoSolar Holding Co., Ltd. ADR (a)(b)
     29,178   1,409,006
Jinlei Technology Co., Ltd. Class A (a)
     16,000   84,762
Jinneng Holding Shanxi Electric Power Co., Ltd. Class A (a)
     180,800   101,677
Jiuzhitang Co., Ltd. Class A
     60,000   98,203
JNBY Design, Ltd.
     183,770   219,874
Jointo Energy Investment Co., Ltd. Hebei Class A
     60,400   39,010
Jushri Technologies, Inc. Class A
     21,952   64,216
JW Cayman Therapeutics Co., Ltd. (a)(b)(c)
     199,350   206,696
Kama Co., Ltd. Class B (a)
     147,100   46,336
Kandi Technologies Group, Inc. (a)(b)
     60,998   195,194
Kangji Medical Holdings, Ltd. (b)
     345,069   341,923
Keeson Technology Corp., Ltd. Class A
     12,285   35,744
Keymed Biosciences, Inc. (a)(b)(c)
     133,000   367,680
Koolearn Technology Holding, Ltd. (a)(b)(c)
     385,137   195,239
KPC Pharmaceuticals, Inc. Class A
     34,900   66,852
Kunming Yunnei Power Co., Ltd. Class A
     159,500   79,899
KWG Living Group Holdings, Ltd.
     835,203   311,412
Lanzhou Lishang Guochao Industrial Group Co., Ltd. Class A (a)
     56,400   47,266
Leading Holdings Group, Ltd. (a)
     159,193   82,733
Lemtech Holdings Co., Ltd.
     29,336   166,894
LexinFintech Holdings, Ltd. ADR (a)
     61,140   160,187
Lizhong Sitong Light Alloys Group Co., Ltd. Class A
     22,900   81,346
Longhua Technology Group Luoyang Co., Ltd. Class A
     50,000   64,035
Lonking Holdings, Ltd.
     802,000   219,154
Lu Thai Textile Co., Ltd. Class B
     44,743   21,710
Luokung Technology Corp. (a)
     200,900   103,202
Luolai Lifestyle Technology Co., Ltd. Class A
     52,500   107,182
Luoniushan Co., Ltd. Class A (a)
     57,900   60,471
Luoxin Pharmaceuticals Group Stock Co., Ltd. Class A
     70,700   98,787
Luoyang Glass Co., Ltd. Class A (a)
     40,400   141,983
Luoyang Glass Co., Ltd. Class H (a)(b)
     167,261   250,313
Lushang Health Industry Development Co., Ltd. Class A
     46,600   80,602
Luye Pharma Group, Ltd. (a)(b)(c)
     1,577,721   604,383
Maoyan Entertainment (a)(b)(c)
     340,396   283,395
Markor International Home Furnishings Co., Ltd. Class A (a)
     126,100   66,744
Maxvision Technology Corp. Class A
     22,500   86,128
Meitu, Inc. (a)(b)(c)
     2,101,598   249,570
Mobvista, Inc. (a)(b)(c)
     355,399   240,067
Monalisa Group Co., Ltd. Class A
     23,800   67,110
Morimatsu International Holdings Co., Ltd. (a)
     64,000   70,281
See accompanying notes to financial statements.
101

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Mulsanne Group Holding, Ltd. (a)(b)(c)
     107,000   $ 50,553
Nam Tai Property, Inc. (a)(b)
     16,400   102,500
Nanjing Chervon Auto Precision Technology Co., Ltd. Class A
     12,400   47,447
Nanjing Sample Technology Co., Ltd. Class H (a)
     34,500   23,789
Nanjing Yunhai Special Metals Co., Ltd. Class A
     15,500   48,296
National Agricultural Holdings, Ltd. (a)(b)(e)
     396,000   —
NetDragon Websoft Holdings, Ltd.
     194,000   406,262
Netjoy Holdings, Ltd. (a)(b)
     472,752   127,373
New Hope Dairy Co., Ltd. Class A
     42,900   80,014
Newborn Town, Inc. (a)(b)
     429,315   189,676
Ningbo Huaxiang Electronic Co., Ltd. Class A
     23,700   60,668
Ningbo Jifeng Auto Parts Co., Ltd. Class A
     39,700   57,098
Niu Technologies ADR (a)
     34,973   337,839
North Huajin Chemical Industries Co., Ltd. Class A
     76,200   75,142
Northking Information Technology Co., Ltd. Class A
     22,300   137,985
Oceanwide Holdings Co., Ltd. Class A (a)
     751,700   233,274
Ocumension Therapeutics (a)(b)(c)
     228,064   291,800
Olympic Circuit Technology Co., Ltd.
     25,870   68,790
OneConnect Financial Technology Co., Ltd. (a)
     71,300   100,533
Orient Group, Inc. Class A (a)
     423,500   223,488
Ourpalm Co., Ltd. Class A (a)
     155,900   89,393
PhiChem Corp. Class A
     25,300   117,411
Powerlong Commercial Management Holdings, Ltd. (b)
     96,000   76,369
Pujiang International Group, Ltd.
     130,000   48,638
Q Technology Group Co., Ltd. (b)
     381,137   294,927
Qingdao East Steel Tower Stock Co., Ltd. Class A
     53,100   95,274
Qingdao Eastsoft Communication Technology Co., Ltd. Class A
     14,700   31,331
Qingdao Gon Technology Co., Ltd. Class A
     16,100   56,887
Qingdao Hiron Commercial Cold Chain Co., Ltd. Class A
     19,000   90,629
Qingling Motors Co., Ltd. Class H
     1,532,528   289,621
Qinhuangdao Port Co., Ltd. Class A
     630,200   274,988
Qudian, Inc. ADR (a)(b)
     83,500   98,530
Realcan Pharmaceutical Group Co., Ltd. Class A
     130,100   103,496
Redco Properties Group, Ltd. (b)(c)
     300,000   93,087
Redsun Properties Group, Ltd. (b)
     1,167,427   389,073
ReneSola, Ltd. ADR (a)(b)
     37,307   216,754
Renhe Pharmacy Co., Ltd. Class A
     47,500   58,738
Renrui Human Resources Technology Holdings, Ltd. (a)
     58,200   61,682
Rianlon Corp. Class A
     9,000   64,990
Richinfo Technology Co., Ltd. Class A
     18,100   38,349
Ronshine China Holdings, Ltd. (a)(b)
     576,466   171,510
Ruida Futures Co., Ltd. Class A
     23,400   70,921
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sanxun Holdings Group, Ltd. (a)
     122,000   $ 44,242
SciClone Pharmaceuticals Holdings, Ltd. (a)(c)
     73,480   76,282
SGIS Songshan Co., Ltd. Class A
     124,800   86,501
Shaanxi Construction Machinery Co., Ltd. Class A
     59,900   79,828
Shandong Airlines Co., Ltd. Class B (a)
     117,600   47,152
Shandong Fengxiang Co., Ltd. Class H
     204,000   20,839
Shandong Hi-Speed Road & Bridge Co., Ltd. Class A
     92,700   124,708
Shandong Jincheng Pharmaceutical Group Co., Ltd. Class A
     15,900   92,523
Shandong Longda Meishi Co, Ltd. Class A
     42,700   64,305
Shandong Molong Petroleum Machinery Co., Ltd. Class A (a)
     174,100   119,850
Shandong Molong Petroleum Machinery Co., Ltd. Class H (a)
     135,892   64,377
Shandong Publishing & Media Co., Ltd. Class A
     181,500   184,985
Shandong Xinhua Pharmaceutical Co., Ltd. Class A
     49,010   75,969
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd. Class A (a)
     61,700   88,253
Shang Gong Group Co., Ltd. Class B (a)
     162,600   61,300
Shanghai 2345 Network Holding Group Co., Ltd. Class A (a)
     314,000   112,777
Shanghai AJ Group Co., Ltd. Class A
     85,900   89,173
Shanghai AtHub Co., Ltd. Class A
     17,200   97,433
Shanghai Baolong Automotive Corp. Class A
     21,400   137,979
Shanghai CDXJ Digital Technology Co., Ltd. Class A
     72,200   116,009
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
     438,100   286,079
Shanghai Daimay Automotive Interior Co., Ltd. Class A
     48,900   110,462
Shanghai Environment Group Co., Ltd. Class A
     47,000   78,628
Shanghai Fengyuzhu Culture & Technology Co., Ltd. Class A
     30,605   109,488
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class A
     77,278   148,881
Shanghai Ganglian E-Commerce Holdings Co., Ltd. Class A
     11,340   60,647
Shanghai Gench Education Group, Ltd. (a)
     118,500   57,348
Shanghai Haixin Group Co. Class B
     646,808   208,919
Shanghai Hanbell Precise Machinery Co., Ltd. Class A
     25,300   73,173
Shanghai HeartCare Medical Technology Corp., Ltd. (a)
     18,400   94,216
Shanghai Highly Group Co., Ltd. Class B
     180,991   91,038
Shanghai Industrial Holdings, Ltd.
     253,062   380,010
Shanghai Jin Jiang Capital Co., Ltd. Class H
     608,000   236,790
Shanghai Jin Jiang Online Network Service Co., Ltd. Class B
     84,500   49,939
Shanghai Jinjiang International Travel Co., Ltd. Class B
     33,700   49,404
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class A
     107,400   252,085
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
     81,300   76,178
Shanghai Kehua Bio-Engineering Co., Ltd. Class A
     25,000   59,388
Shanghai Kindly Medical Instruments Co., Ltd. Class H
     32,400   67,022
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shanghai Kinetic Medical Co., Ltd. Class A
     61,100   $ 80,561
Shanghai Lingyun Industries Development Co., Ltd. Class B (a)
     234,600   134,191
Shanghai Maling Aquarius Co., Ltd. Class A
     38,000   44,357
Shanghai Moons' Electric Co., Ltd. Class A
     52,500   133,977
Shanghai New Power Automotive Technology Co., Ltd. Class B
     388,660   214,152
Shanghai Pret Composites Co., Ltd. Class A
     44,520   86,542
Shanghai Pudong Construction Co., Ltd. Class A
     127,725   142,451
Shanghai Runda Medical Technology Co., Ltd. Class A
     32,300   62,228
Shanghai Shibei Hi-Tech Co., Ltd. Class B
     182,600   52,589
Shanghai Shyndec Pharmaceutical Co., Ltd. Class A
     69,300   120,520
Shanghai Tongji Science & Technology Industrial Co., Ltd. Class A
     41,000   54,382
Shanghai Yaoji Technology Co., Ltd. Class A
     35,700   106,064
Shanxi Blue Flame Holding Co., Ltd. Class A
     61,600   75,301
Shengda Resources Co., Ltd. Class A (a)
     35,100   72,654
Shengyuan Environmental Protection Co., Ltd. Class A
     20,500   91,648
Shenyang Xingqi Pharmaceutical Co., Ltd. Class A
     6,300   89,526
Shenzhen Anche Technologies Co., Ltd. Class A
     13,400   35,209
Shenzhen Center Power Tech Co., Ltd. Class A
     14,300   33,632
Shenzhen Cereals Holdings Co., Ltd. Class A
     88,365   118,598
Shenzhen Colibri Technologies Co., Ltd. Class A
     26,200   63,146
Shenzhen Das Intellitech Co., Ltd. Class A
     86,093   44,890
Shenzhen Desay Battery Technology Co. Class A
     15,225   88,044
Shenzhen Ellassay Fashion Co., Ltd. Class A
     31,985   62,276
Shenzhen Envicool Technology Co., Ltd. Class A
     15,400   85,756
Shenzhen FRD Science & Technology Co., Ltd.
     32,600   76,363
Shenzhen Infogem Technologies Co., Ltd. Class A
     41,500   83,221
Shenzhen Jieshun Science And Technology Industry Co., Ltd. Class A
     29,000   41,389
Shenzhen Jufei Optoelectronics Co., Ltd. Class A
     78,800   60,824
Shenzhen Kingdom Sci-Tech Co., Ltd. Class A
     47,200   99,782
Shenzhen Laibao Hi-tech Co., Ltd. Class A
     31,800   44,834
Shenzhen Leaguer Co., Ltd. Class A
     83,900   141,021
Shenzhen Microgate Technology Co., Ltd. Class A (a)
     34,100   51,246
Shenzhen Neptunus Bioengineering Co., Ltd. Class A (a)
     127,695   77,445
Shenzhen New Nanshan Holding Group Co., Ltd. Class A
     240,000   164,459
Shenzhen Properties & Resources Development Group, Ltd. Class A
     50,100   102,282
Shenzhen Rongda Photosensitive & Technology Co., Ltd. Class A
     14,800   75,211
Shenzhen Sinovatio Technology Co., Ltd. Class A
     18,000   73,723
Shenzhen Sunline Tech Co., Ltd. Class A
     39,900   85,355
Shenzhen Suntak Circuit Technology Co., Ltd. Class A
     50,500   95,541
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shenzhen Tagen Group Co., Ltd. Class A
     161,900   $ 175,975
Shenzhen Weiguang Biological Products Co., Ltd. Class A
     28,620   136,651
Shenzhen Yan Tian Port Holding Co., Ltd. Class A
     168,600   135,983
Shenzhen Yitoa Intelligent Control Co., Ltd. Class A (a)
     62,300   54,467
Shenzhen Ysstech Info-tech Co., Ltd. Class A
     35,000   67,485
Shenzhen Zhenye Group Co., Ltd. Class A
     79,700   64,658
Shijiazhuang Changshan BeiMing Technology Co., Ltd. Class A (a)
     87,400   91,281
Shoucheng Holdings, Ltd. (b)
     2,924,895   433,240
Shougang Fushan Resources Group, Ltd.
     2,725,718   1,071,994
Shui On Land, Ltd.
     1,369,000   209,771
Sichuan Chengfei Integration Technology Corp. Class A
     22,900   96,461
Sichuan Expressway Co., Ltd. Class A
     594,510   425,178
Sichuan Haite High-tech Co., Ltd. Class A (a)
     32,700   57,023
Sichuan Languang Development Co., Ltd. Class A (a)
     364,400   131,453
Sichuan Lutianhua Co., Ltd. Class A (a)
     62,600   60,153
Sinic Holdings Group Co., Ltd. Class H (a)(b)
     347,921   22,213
Sinofert Holdings, Ltd. (a)(b)
     1,422,000   241,497
Sino-Ocean Group Holding, Ltd.
     3,010,447   641,960
Sino-Ocean Service Holding, Ltd. (c)
     151,500   73,899
Sinoseal Holding Co., Ltd. Class A
     15,100   88,011
Sinosteel Engineering & Technology Co., Ltd. Class A
     58,300   61,899
Sinovac Biotech, Ltd. (a)(b)
     67,578   437,230
Skyfame Realty Holdings, Ltd.
     2,638,073   235,801
Skyworth Digital Co., Ltd. Class A
     49,900   110,992
Sobute New Materials Co., Ltd.
     28,500   95,672
Sohu.com, Ltd. ADR (a)(b)
     16,680   280,558
Sonoscape Medical Corp. Class A (a)
     16,800   73,042
SOS, Ltd. (a)(b)
     109,900   58,972
South Manganese Investment, Ltd. (a)(b)
     776,139   100,097
STO Express Co., Ltd. Class A (a)
     142,800   167,137
Strawbear Entertainment Group (a)
     122,000   74,153
Streamax Technology Co., Ltd. Class A
     13,500   61,162
Sun King Technology Group, Ltd. (a)(b)
     699,018   247,246
Sunflower Pharmaceutical Group Co., Ltd. Class A
     35,900   91,049
Sunjuice Holdings Co., Ltd.
     20,917   213,904
Sunkwan Properties Group, Ltd. (a)(b)
     824,310   188,410
Sunpower Group, Ltd.
     623,200   211,824
Sunward Intelligent Equipment Co., Ltd. Class A
     180,625   209,417
Suzhou Anjie Technology Co., Ltd. Class A
     53,600   104,277
Suzhou Basecare Medical Corp., Ltd. Class H (a)
     127,500   80,589
Suzhou Good-Ark Electronics Co., Ltd. Class A
     46,300   77,093
See accompanying notes to financial statements.
105

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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Suzhou Secote Precision Electronic Co., Ltd. Class A
     14,100   $ 44,512
Suzhou TFC Optical Communication Co., Ltd. Class A
     11,520   50,358
SY Holdings Group, Ltd. (b)
     288,639   217,454
SYoung Group Co., Ltd. Class A (a)
     34,000   73,376
Taiji Computer Corp., Ltd. Class A
     28,900   96,924
Talkweb Information System Co., Ltd. Class A (a)
     79,100   85,354
Tansun Technology Co., Ltd. Class A
     19,800   103,739
TCL Electronics Holdings, Ltd.
     981,988   420,060
Tech-Bank Food Co., Ltd. Class A
     63,400   87,488
Three's Co Media Group Co., Ltd. Class A
     3,700   91,275
Tian Lun Gas Holdings, Ltd.
     511,765   363,334
Tiangong International Co., Ltd. (b)
     1,516,000   619,455
Tianjin Capital Environmental Protection Group Co., Ltd. Class A
     202,270   238,017
Tianjin Guangyu Development Co., Ltd. Class A
     48,500   129,958
Tianjin Ringpu Bio-Technology Co., Ltd. Class A
     13,800   41,325
Tianjin Teda Co., Ltd. Class A
     63,300   44,473
Tianli Education International Holdings, Ltd. (b)
     1,093,667   107,532
Tibet Tianlu Co., Ltd. Class A
     54,900   53,014
Times Neighborhood Holdings, Ltd. (b)
     143,000   42,363
Tong Ren Tang Technologies Co., Ltd. Class H (b)
     413,000   352,807
Tongdao Liepin Group (a)
     133,200   300,369
TRS Information Technology Corp., Ltd. Class A
     28,500   49,968
Tus Environmental Science And Technology Development Co., Ltd. Class A (a)
     93,000   52,154
UE Furniture Co., Ltd. Class A
     31,698   46,138
Unilumin Group Co., Ltd. Class A
     48,540   52,225
United Strength Power Holdings, Ltd. (b)
     98,296   155,890
Uxin, Ltd. ADR (a)(b)
     133,474   136,143
Vats Liquor Chain Store Management JSC, Ltd. Class A
     17,900   107,517
Vatti Corp., Ltd. Class A
     51,100   44,273
Virscend Education Co., Ltd. (c)
     140,000   8,223
Visionox Technology, Inc. Class A (a)
     95,600   106,773
Visual China Group Co., Ltd. Class A
     33,900   86,511
Viva Biotech Holdings (b)(c)
     748,051   296,110
Wanbangde Pharmaceutical Holding Group Co., Ltd. Class A
     59,200   103,701
Wangneng Environment Co., Ltd. Class A
     25,400   73,862
Weiqiao Textile Co. Class H
     409,819   120,883
Wellhope Foods Co., Ltd. Class A
     67,700   102,167
West China Cement, Ltd.
     3,224,761   514,717
Western Region Gold Co., Ltd. Class A
     25,500   56,719
Wondershare Technology Group Co., Ltd. Class A
     6,100   39,849
Wuhan Fingu Electronic Technology Co., Ltd. Class A
     25,900   47,817
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Wuxi Boton Technology Co., Ltd. Class A
     17,900   $ 56,310
Wuxi Xinje Electric Co., Ltd. Class A
     13,065   66,847
X Financial ADR (a)
     23,723   65,475
Xiabuxiabu Catering Management China Holdings Co., Ltd. (a)(b)(c)
     566,344   286,376
Xiamen Comfort Science & Technology Group Co., Ltd. Class A
     69,100   104,062
Xiamen Jihong Technology Co., Ltd. Class A
     35,700   83,794
Xilinmen Furniture Co., Ltd. Class A
     31,400   143,346
Xinhua Winshare Publishing and Media Co., Ltd. Class H
     332,522   241,598
Xinhuanet Co., Ltd. Class A
     36,200   99,223
Xinjiang Communications Construction Group Co., Ltd. Class A
     26,500   63,661
Xinjiang Xintai Natural Gas Co., Ltd. Class A
     18,720   64,581
Xinjiang Xinxin Mining Industry Co., Ltd. Class H (a)
     663,724   118,652
YaGuang Technology Group Co., Ltd. Class A (a)
     61,900   65,331
Yankershop Food Co., Ltd. Class A
     11,200   106,511
Yanlord Land Group, Ltd.
     487,949   447,081
Yantai China Pet Foods Co., Ltd. Class A
     21,100   69,003
Yantai Zhenghai Bio-tech Co., Ltd.
     6,200   62,312
Yantai Zhenghai Magnetic Material Co., Ltd. Class A
     38,900   81,010
Yeahka, Ltd. (a)(b)
     183,821   565,683
YGSOFT, Inc. Class A
     51,522   61,439
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (a)(b)(c)
     140,600   86,894
Yincheng International Holding Co., Ltd. (b)
     317,628   102,612
Yixin Group, Ltd. (a)(b)(c)
     1,036,500   108,528
Yotrio Group Co., Ltd. Class A
     169,780   96,282
Youdao, Inc. ADR (a)(b)
     22,300   158,330
Youzu Interactive Co., Ltd. Class A (a)
     48,300   83,923
Yuexiu Transport Infrastructure, Ltd.
     1,341,013   905,835
Yunnan Lincang Xinyuan Germanium Industrial Co., Ltd. Class A (a)
     27,100   58,144
Yusys Technologies Co., Ltd. Class A
     40,000   115,751
Yuzhou Group Holdings Co., Ltd. (b)
     1,924,188   99,509
Zall Smart Commerce Group, Ltd. (a)(b)
     1,680,000   104,043
ZBOM Home Collection Co., Ltd. Class A
     28,300   112,922
Zepp Health Corp. ADR
     10,400   29,952
Zhejiang Communications Technology Co., Ltd.
     92,200   99,780
Zhejiang Huace Film & Television Co., Ltd. Class A
     107,500   86,026
Zhejiang Jiemei Electronic & Technology Co., Ltd. Class A
     16,680   68,448
Zhejiang Jingu Co., Ltd. Class A (a)
     54,800   59,219
Zhejiang Jingxin Pharmaceutical Co., Ltd. Class A
     39,960   63,263
Zhejiang Jinke Culture Industry Co., Ltd. Class A (a)
     181,779   122,272
Zhejiang Meida Industrial Co., Ltd. Class A
     39,300   84,257
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Zhejiang Orient Financial Holdings Group Co., Ltd. Class A
     213,200   $ 142,736
Zhejiang Qianjiang Motorcycle Co., Ltd. Class A (a)
     41,500   78,449
Zhejiang Runtu Co., Ltd. Class A
     50,600   68,709
Zhejiang Southeast Space Frame Co., Ltd. Class A
     43,700   82,539
Zhejiang Starry Pharmaceutical Co., Ltd. Class A
     14,800   137,110
Zhejiang Wanfeng Auto Wheel Co., Ltd. Class A
     113,900   76,614
Zhejiang Wanliyang Co., Ltd. Class A
     100,100   119,683
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A
     42,500   69,627
Zhejiang Yasha Decoration Co., Ltd. Class A
     104,200   94,711
Zhejiang Yinlun Machinery Co., Ltd. Class A
     28,000   40,579
Zhende Medical Co., Ltd. Class A
     7,600   47,170
Zhenro Services Group, Ltd. (b)
     312,908   38,357
Zhongfu Information, Inc. Class A
     11,400   49,403
Zhongshan Public Utilities Group Co., Ltd. Class A
     33,600   42,661
Zhuhai Bojay Electronics Co., Ltd. Class A
     10,300   70,580
Zhuhai Huafa Properties Co., Ltd. Class A
     99,800   113,665
Zhuhai Orbita Aerospace Science & Technology Co., Ltd. Class A (a)
     47,100   66,182
Zylox-Tonbridge Medical Technology Co., Ltd. (a)(c)
     79,500   128,720
          86,597,117
COLOMBIA — 0.1%          
Cementos Argos SA
     310,641   515,569
Geopark, Ltd. (b)
     30,555   456,492
          972,061
CZECH REPUBLIC — 0.1%          
Philip Morris CR A/S
     655   519,166
EGYPT — 0.6%          
Cairo Investment & Real Estate Development Co. SAE
     130,522   73,544
Cleopatra Hospital (a)
     495,931   135,648
Eastern Co SAE
     663,544   435,950
Egypt Kuwait Holding Co. SAE (a)
     634,418   837,432
Egyptian Financial Group-Hermes Holding Co. (a)
     591,830   572,728
ElSewedy Electric Co.
     112,794   50,967
Emaar Misr for Development SAE (a)
     1,135,840   175,222
Ezz Steel Co SAE (a)
     108,197   85,291
Fawry for Banking & Payment Technology Services SAE (a)
     414,605   224,767
Ghabbour Auto
     401,753   87,691
Heliopolis Housing
     279,369   89,098
MM Group for Industry & International Trade SAE (a)
     266,479   60,643
Palm Hills Developments SAE
     1,693,677   144,908
Pioneers Properties (a)
     203,576   20,981
See accompanying notes to financial statements.
108

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sidi Kerir Petrochemicals Co. (a)
     192,942   $ 91,827
Six of October Development & Investment
     179,644   117,437
Talaat Moustafa Group
     914,577   422,767
Telecom Egypt Co.
     159,925   153,014
          3,779,915
GREECE — 0.8%          
Athens Water Supply & Sewage Co. SA
     5,103   38,950
Danaos Corp.
     10,142   1,040,366
Diana Shipping, Inc.
     43,605   235,467
Ellaktor SA (a)
     148,623   205,218
FF Group (a)(e)
     24,815   —
Fourlis Holdings SA (a)
     54,684   224,211
GEK Terna Holding Real Estate Construction SA (a)
     55,156   578,099
Hellenic Exchanges - Athens Stock Exchange SA
     47,254   194,010
Holding Co. ADMIE IPTO SA
     126,982   316,482
Intracom Holdings SA (a)
     64,753   123,201
LAMDA Development SA (a)
     54,282   376,877
Motor Oil Hellas Corinth Refineries SA
     58,383   914,635
Safe Bulkers, Inc.
     80,243   381,957
Sarantis SA
     9,245   73,754
Terna Energy SA
     33,350   615,974
Tsakos Energy Navigation, Ltd.
     250   2,197
          5,321,398
HONG KONG — 0.8%          
CT Environmental Group Ltd (a)(b)(e)
     3,217,900   —
AAG Energy Holdings, Ltd. (c)
     1,071,923   172,463
Anxin-China Holdings, Ltd. (a)(e)
     2,248,000   —
China Boton Group Co., Ltd. (a)(b)
     192,000   79,434
China High Precision Automation Group, Ltd. (a)(e)
     1,226,000   —
China High Speed Transmission Equipment Group Co., Ltd. (a)
     482,000   292,349
China Investment Fund Co., Ltd. (a)
     784,464   398,673
China Lumena New Materials Corp. (a)(b)(e)
     104,532   —
China Metal Recycling Holdings, Ltd. (a)(b)(e)
     693,675   —
Chongsing Holdings,Ltd. (a)(b)(e)
     9,212,000   —
Citychamp Watch & Jewellery Group, Ltd. (a)
     396,000   51,071
Comba Telecom Systems Holdings, Ltd. (a)(b)
     2,042,690   352,125
Concord New Energy Group, Ltd.
     7,610,000   709,362
Crystal International Group, Ltd. (c)
     201,000   80,078
Dawnrays Pharmaceutical Holdings, Ltd.
     456,000   75,695
Digital China Holdings, Ltd.
     672,000   326,930
GR Properties, Ltd. (a)
     382,000   55,607
See accompanying notes to financial statements.
109

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Guotai Junan International Holdings, Ltd. (b)
     2,940,973   $ 330,472
Hi Sun Technology China, Ltd. (a)(b)
     942,000   119,082
Huiyuan Juice Group, Ltd. (a)(e)
     1,494,400   —
IMAX China Holding, Inc. (c)
     32,300   38,770
IVD Medical Holding, Ltd. (b)
     136,000   48,625
Joy Spreader Group, Inc. (a)(b)
     1,270,607   371,542
Kingkey Financial International Holdings, Ltd. (a)(b)
     2,770,191   201,625
Meilleure Health International Industry Group, Ltd. (a)
     858,000   43,824
Melco Resorts And Entertainment Philippines Corp. (a)
     1   70,055
Perennial Energy Holdings, Ltd. (b)
     832,162   179,579
Pou Sheng International Holdings, Ltd. (a)
     1,526,812   175,464
Realgold Mining (a)(b)(e)
     251,500   —
Skyworth Group, Ltd. (a)
     934,000   479,439
Solargiga Energy Holdings, Ltd. (a)
     962,000   47,293
Tech Pro Technology Development, Ltd. (a)(b)(e)
     6,035,100   —
TROOPS, Inc. (a)(b)
     24,622   105,628
United Laboratories International Holdings, Ltd.
     886,500   466,376
Untrade MH Development NPV (a)(b)(e)
     276,000   —
UNTRADE.AGRITRADE RES (a)(e)
     1,595,000   —
Wasion Holdings, Ltd.
     116,000   41,770
Zhaoke Ophthalmology, Ltd. (a)(c)
     292,375   130,668
          5,443,999
HUNGARY — 0.1%          
Magyar Telekom Telecommunications PLC
     587,396   718,987
Opus Global Nyrt (a)
     70,518   47,965
          766,952
INDIA — 15.5%          
3i Infotech, Ltd. (a)
     200,000   135,269
Aarti Drugs, Ltd.
     30,389   172,087
Acrysil, Ltd.
     11,877   130,040
Action Construction Equipment, Ltd.
     30,518   96,860
Advanced Enzyme Technologies, Ltd.
     29,208   108,737
Aegis Logistics, Ltd.
     115,104   312,235
Affle India, Ltd. (a)
     38,928   647,327
Akzo Nobel India, Ltd.
     8,468   213,284
Alembic, Ltd.
     80,620   77,082
Alok Industries, Ltd. (a)
     777,595   260,139
Amara Raja Batteries, Ltd.
     54,772   387,723
Amber Enterprises India, Ltd. (a)
     12,685   589,804
Amrutanjan Health Care, Ltd.
     11,994   125,773
Angel One, Ltd.
     13,793   279,728
See accompanying notes to financial statements.
110

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Anupam Rasayan India, Ltd.
     13,441   $ 146,241
Apar Industries, Ltd.
     17,483   149,797
Apollo Tyres, Ltd.
     242,578   611,447
Arvind Fashions, Ltd. (a)
     47,274   177,086
Arvind, Ltd. (a)
     123,272   187,816
Asahi India Glass, Ltd.
     60,550   344,402
Ashoka Buildcon, Ltd. (a)
     143,729   162,744
Aster DM Healthcare, Ltd. (a)(c)
     146,341   381,423
Astra Microwave Products, Ltd.
     56,574   167,949
AstraZeneca Pharma India, Ltd.
     5,699   191,923
Avanti Feeds, Ltd.
     14,658   79,765
Azure Power Global, Ltd. (a)(b)
     11,506   191,460
Bajaj Consumer Care, Ltd.
     49,887   107,510
Bajaj Electricals, Ltd. (a)
     31,032   440,120
Bajaj Hindusthan Sugar, Ltd. (a)
     547,160   102,536
Balaji Amines, Ltd.
     6,957   266,758
Balmer Lawrie & Co., Ltd.
     63,262   94,089
Balrampur Chini Mills, Ltd.
     162,175   1,047,423
Bank of Maharashtra (a)
     494,730   109,033
Barbeque Nation Hospitality, Ltd. (a)
     13,727   229,641
BEML, Ltd.
     14,426   346,272
Bhansali Engineering Polymers, Ltd.
     40,467   67,770
Bharat Dynamics, Ltd.
     53,089   384,847
Bharat Rasayan, Ltd.
     258   41,521
Birla Corp., Ltd.
     18,472   288,190
Birlasoft, Ltd.
     188,650   1,132,647
Black Box, Ltd. (a)
     6,297   62,658
Blue Dart Express, Ltd.
     6,497   588,374
Blue Star, Ltd.
     46,501   645,614
Bombay Dyeing & Manufacturing Co., Ltd. (a)
     104,085   135,232
Borosil Renewables, Ltd. (a)
     30,740   235,393
Brigade Enterprises, Ltd.
     99,252   676,983
Brightcom Group, Ltd.
     435,590   566,798
Brookfield India Real Estate Trust REIT (c)
     80,204   331,443
Camlin Fine Sciences, Ltd. (a)
     70,782   130,261
Can Fin Homes, Ltd.
     74,065   617,200
Caplin Point Laboratories, Ltd.
     20,590   184,284
Capri Global Capital, Ltd.
     24,183   196,336
Carborundum Universal, Ltd.
     77,598   816,942
Cartrade Tech, Ltd. (a)
     8,712   66,638
Castrol India, Ltd.
     337,765   449,982
CCL Products India, Ltd.
     57,110   304,260
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Ceat, Ltd.
     9,151   $ 112,571
Central Bank of India, Ltd. (a)
     610,329   147,800
Century Plyboards India, Ltd.
     48,946   462,686
Century Textiles & Industries, Ltd.
     39,932   450,358
Cera Sanitaryware, Ltd.
     3,514   230,593
CESC, Ltd.
     424,072   424,492
CG Power & Industrial Solutions, Ltd. (a)
     402,123   1,005,374
Chalet Hotels, Ltd. (a)
     76,056   303,471
Chambal Fertilizers and Chemicals, Ltd.
     107,683   599,842
Chemplast Sanmar, Ltd. (a)
     7,660   67,239
Chennai Super Kings Cricket, Ltd. (a)(e)
     418,560   —
Cholamandalam Financial Holdings, Ltd.
     73,898   603,228
Cigniti Technologies, Ltd.
     16,593   94,105
City Union Bank, Ltd.
     295,274   502,287
Cochin Shipyard, Ltd. (c)
     48,318   187,597
Cosmo Films, Ltd.
     6,760   154,630
Craftsman Automation, Ltd. (a)
     4,057   126,269
CreditAccess Grameen, Ltd. (a)
     35,948   403,101
CSB Bank, Ltd. (a)
     39,491   110,278
Cyient, Ltd.
     58,549   716,844
Dalmia Bharat Sugar & Industries, Ltd.
     17,672   112,177
DCB Bank, Ltd. (a)
     43,988   40,287
DCM Shriram, Ltd.
     35,075   523,105
Deepak Fertilisers & Petrochemicals Corp., Ltd.
     32,376   239,845
Delta Corp., Ltd.
     70,102   305,340
Dhampur Sugar Mills, Ltd.
     26,588   187,616
Dhani Services, Ltd. (a)
     232,569   191,365
Dhanuka Agritech, Ltd.
     3,829   36,266
Dilip Buildcon, Ltd. (c)
     21,608   68,752
Dish TV India, Ltd. (a)
     1,021,413   220,391
Dishman Carbogen Amcis, Ltd. (a)
     77,303   188,475
Dwarikesh Sugar Industries, Ltd.
     108,083   179,080
Easy Trip Planners, Ltd.
     49,672   223,401
eClerx Services, Ltd.
     8,364   261,732
Edelweiss Financial Services, Ltd.
     283,057   219,273
EID Parry India, Ltd.
     72,930   435,463
EIH, Ltd. (a)
     59,080   120,577
Elgi Equipments, Ltd.
     128,169   472,843
Engineers India, Ltd.
     147,813   124,941
EPL ,Ltd.
     46,761   119,471
Equitas Holdings, Ltd. (a)
     119,561   168,040
Equitas Small Finance Bank, Ltd. (a)(c)
     199,762   134,712
See accompanying notes to financial statements.
112

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Eris Lifesciences, Ltd. (c)
     17,471   $ 158,790
ESAB India, Ltd.
     4,953   197,496
Eveready Industries India, Ltd. (a)
     51,606   228,149
Exide Industries, Ltd.
     334,863   667,737
FDC, Ltd. (a)
     46,832   158,898
Filatex India, Ltd.
     68,429   114,236
Fine Organic Industries, Ltd.
     6,296   332,822
Finolex Cables, Ltd.
     67,821   338,009
Finolex Industries, Ltd.
     144,881   295,689
Firstsource Solutions, Ltd.
     222,974   367,970
Future Consumer, Ltd. (a)
     1,396,805   83,873
Future Retail, Ltd. (a)
     144,037   59,307
Gabriel India, Ltd.
     76,195   112,520
Galaxy Surfactants, Ltd.
     7,327   276,971
Garware Technical Fibres, Ltd.
     4,185   155,843
Gati, Ltd. (a)
     51,213   110,739
GE T&D India, Ltd. (a)
     76,261   92,238
GHCL, Ltd.
     58,703   424,188
Globus Spirits, Ltd.
     8,411   170,024
GMM Pfaudler, Ltd.
     5,427   326,268
Godawari Power and Ispat, Ltd.
     29,076   148,287
Godfrey Phillips India, Ltd.
     22,090   294,320
Godrej Agrovet, Ltd. (c)
     26,275   153,316
Granules India, Ltd.
     140,292   567,463
Graphite India, Ltd.
     51,869   344,208
Great Eastern Shipping Co., Ltd.
     88,706   404,284
Greaves Cotton, Ltd.
     95,036   239,487
Greenpanel Industries, Ltd.
     42,279   326,654
Greenply Industries, Ltd.
     62,049   180,067
Grindwell Norton, Ltd.
     22,012   522,870
Gujarat Ambuja Exports, Ltd.
     74,371   255,379
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.
     48,292   538,175
Gujarat Pipavav Port, Ltd.
     52,236   52,667
Gujarat State Fertilizers & Chemicals, Ltd.
     208,261   445,380
Hathway Cable & Datacom, Ltd. (a)
     488,003   111,093
HealthCare Global Enterprises, Ltd. (a)
     46,795   166,677
HEG, Ltd.
     9,358   169,938
HeidelbergCement India, Ltd.
     57,846   144,739
Hemisphere Properties India, Ltd. (a)
     75,733   114,287
Heranba Industries, Ltd.
     9,571   76,391
Heritage Foods, Ltd.
     21,229   89,721
Hester Biosciences, Ltd.
     4,218   151,044
See accompanying notes to financial statements.
113

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
HFCL, Ltd.
     516,881   $ 536,833
HG Infra Engineering, Ltd.
     13,377   98,498
Hikal, Ltd.
     26,044   138,271
HIL, Ltd.
     2,870   150,520
Himadri Speciality Chemical, Ltd.
     169,788   166,483
Himatsingka Seide, Ltd.
     30,078   59,739
Hinduja Global Solutions, Ltd.
     9,788   132,233
Hindustan Construction Co., Ltd. (a)
     840,308   174,105
Hindustan Copper, Ltd.
     233,646   350,739
Hindustan Foods, Ltd. (a)
     2,904   70,060
Hindustan Oil Exploration Co., Ltd. (a)
     77,677   225,420
Hitachi Energy India, Ltd.
     8,396   390,161
Hle Glascoat, Ltd.
     2,619   188,226
Home First Finance Co. India, Ltd. (a)(c)
     23,048   234,039
Housing & Urban Development Corp., Ltd.
     295,020   127,508
IDFC, Ltd. (a)
     1,012,080   824,757
IFB Industries, Ltd. (a)
     10,116   138,934
IFCI, Ltd. (a)
     655,316   95,995
IIFL Finance, Ltd.
     86,480   325,948
IIFL Securities, Ltd.
     84,001   98,163
IIFL Wealth Management, Ltd.
     14,055   309,553
India Cements, Ltd.
     259,708   718,031
India Glycols, Ltd.
     10,494   139,902
Indiabulls Housing Finance, Ltd.
     251,320   523,369
Indiabulls Real Estate, Ltd. (a)
     250,064   334,629
Indian Energy Exchange, Ltd. (c)
     289,228   857,665
Indigo Paints, Ltd. (a)
     7,386   156,527
Indo Count Industries, Ltd.
     61,378   128,750
Indoco Remedies, Ltd.
     30,348   151,009
Infibeam Avenues, Ltd.
     1,215,974   310,513
Ingersoll Rand India, Ltd.
     8,335   175,736
Inox Leisure, Ltd. (a)
     71,062   496,848
Inox Wind, Ltd. (a)
     69,942   102,271
Intellect Design Arena, Ltd. (a)
     59,871   747,252
ION Exchange India, Ltd.
     4,177   90,599
IRB Infrastructure Developers, Ltd. (a)
     67,214   222,864
IRCON International, Ltd. (c)
     360,162   189,171
ISGEC Heavy Engineering Ltd.
     5,960   40,373
ITD Cementation India, Ltd.
     119,981   99,912
J Kumar Infraprojects, Ltd.
     59,590   131,251
Jain Irrigation Systems, Ltd. (a)
     328,496   177,091
Jaiprakash Associates, Ltd. (a)
     1,217,301   133,337
See accompanying notes to financial statements.
114

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Jaiprakash Power Ventures, Ltd. (a)
     2,757,634   $ 247,468
Jammu & Kashmir Bank, Ltd. (a)
     240,108   102,349
Jamna Auto Industries, Ltd.
     181,161   237,882
JB Chemicals & Pharmaceuticals, Ltd.
     27,232   565,987
Jindal Poly Films, Ltd.
     7,895   115,823
Jindal Saw, Ltd.
     126,571   150,499
Jindal Stainless, Ltd. (a)
     97,011   259,315
JK Lakshmi Cement, Ltd.
     42,066   263,610
JK Paper, Ltd.
     59,536   238,812
JK Tyre & Industries, Ltd.
     83,057   128,627
JM Financial, Ltd.
     244,645   218,251
Johnson Controls-Hitachi Air Conditioning India, Ltd. (a)
     7,133   166,688
Jubilant Ingrevia, Ltd.
     54,608   324,189
Jubilant Pharmova, Ltd.
     71,398   365,729
Just Dial, Ltd. (a)
     17,802   167,131
Jyothy Labs, Ltd.
     103,883   202,145
Kalpataru Power Transmission, Ltd.
     60,444   292,548
Kalyan Jewellers India, Ltd. (a)
     185,388   143,735
Karur Vysya Bank, Ltd.
     1   1
KCP Ltd
     54,716   83,654
KEC International, Ltd.
     105,013   525,169
KEI Industries, Ltd.
     39,729   661,145
Kiri Industries, Ltd. (a)
     23,924   154,579
KNR Constructions, Ltd.
     96,892   363,337
KPIT Technologies, Ltd.
     109,714   870,255
KPR Mill, Ltd.
     58,268   478,717
KRBL, Ltd.
     14,668   39,024
Krishna Institute of Medical Sciences, Ltd. (a)(c)
     2,512   45,854
KSB, Ltd.
     8,131   141,583
LA Opala RG, Ltd.
     44,802   205,223
Lakshmi Machine Works, Ltd.
     3,535   448,699
Laxmi Organic Industries, Ltd.
     32,540   171,514
Lemon Tree Hotels, Ltd. (a)(c)
     243,207   203,488
LG Balakrishnan & Bros, Ltd.
     21,268   150,778
LT Foods, Ltd.
     139,198   143,469
LUX Industries, Ltd.
     5,277   152,579
Mahanagar Gas, Ltd.
     38,014   390,826
Maharashtra Scooters, Ltd.
     3,558   172,728
Mahindra CIE Automotive, Ltd. (a)
     84,488   191,610
Mahindra Holidays & Resorts India, Ltd. (a)
     71,779   217,303
Mahindra Lifespace Developers, Ltd. (a)
     61,518   320,843
Mahindra Logistics, Ltd. (c)
     24,135   160,720
See accompanying notes to financial statements.
115

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Maithan Alloys, Ltd.
     7,559   $ 132,441
Manali Petrochemicals, Ltd.
     79,934   114,297
Manappuram Finance, Ltd.
     508,003   761,250
Mangalam Cement, Ltd.
     15,799   80,814
Mangalore Refinery & Petrochemicals, Ltd. (a)
     256,903   141,038
Marksans Pharma, Ltd.
     198,872   119,415
MAS Financial Services, Ltd. (c)
     11,640   82,359
Mastek, Ltd.
     9,874   432,853
Matrimony.com, Ltd. (c)
     13,244   117,234
Mazagon Dock Shipbuilders, Ltd.
     55,472   175,475
Metropolis Healthcare, Ltd. (c)
     18,293   491,455
Minda Corp., Ltd.
     106,169   289,749
Mishra Dhatu Nigam, Ltd. (c)
     55,782   121,944
MMTC, Ltd. (a)
     158,820   92,431
MOIL, Ltd.
     65,555   159,486
Morepen Laboratories, Ltd. (a)
     224,184   108,135
Motherson Sumi Wiring India, Ltd. (a)
     863,956   734,833
Motilal Oswal Financial Services, Ltd.
     21,379   245,446
Mrs Bectors Food Specialities, Ltd.
     24,243   89,693
MTAR Technologies, Ltd.
     9,541   220,819
Multi Commodity Exchange of India, Ltd.
     23,499   438,953
Narayana Hrudayalaya, Ltd. (a)
     54,013   531,291
National Fertilizers, Ltd. (a)
     135,015   94,524
Nava Bharat Ventures, Ltd.
     92,074   171,207
Navneet Education, Ltd.
     93,205   109,964
Nazara Technologies, Ltd. (a)
     7,498   162,111
NBCC India, Ltd.
     185,611   88,917
NCC, Ltd.
     171,848   132,784
Neogen Chemicals, Ltd.
     6,914   159,166
NESCO, Ltd.
     23,930   174,481
Network18 Media & Investments, Ltd. (a)
     235,888   265,072
Neuland Laboratories, Ltd.
     5,576   75,731
NIIT, Ltd.
     65,690   538,957
Nilkamal, Ltd.
     2,818   75,431
NLC India, Ltd.
     229,457   189,410
NOCIL, Ltd.
     82,770   271,877
Nuvoco Vistas Corp., Ltd. (a)
     31,527   164,323
Olectra Greentech, Ltd. (a)
     26,516   234,296
Orient Cement, Ltd.
     86,464   162,373
Orient Electric, Ltd.
     92,610   392,622
Orissa Minerals Development Co. Ltd (a)
     3,017   113,452
Paisalo Digital, Ltd.
     14,728   153,888
See accompanying notes to financial statements.
116

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PCBL, Ltd.
     60,036   $ 181,197
Phoenix Mills, Ltd.
     71,077   1,031,754
PNB Housing Finance, Ltd. (a)(c)
     26,410   131,344
PNC Infratech, Ltd.
     84,132   287,731
Poly Medicure, Ltd.
     39,606   496,284
Polyplex Corp., Ltd.
     11,167   357,359
Poonawalla Fincorp, Ltd. (a)
     147,684   529,830
Praj Industries, Ltd.
     87,880   462,102
Prakash Industries, Ltd. (a)
     138,154   138,564
Prestige Estates Projects, Ltd.
     116,289   757,816
Prince Pipes & Fittings, Ltd.
     19,722   165,077
Privi Speciality Chemicals, Ltd.
     6,365   157,510
Procter & Gamble Health, Ltd.
     6,023   318,132
PTC India, Ltd.
     404,866   439,462
Punjab Chemicals & Crop Protection, Ltd.
     4,943   95,197
PVR, Ltd. (a)
     37,905   961,594
Quess Corp., Ltd. (c)
     51,136   444,753
Radico Khaitan, Ltd.
     54,780   641,925
Rail Vikas Nigam, Ltd.
     488,066   210,620
Railtel Corp. of India, Ltd.
     85,922   95,362
Rain Industries, Ltd.
     76,659   196,263
Rallis India, Ltd.
     84,492   265,435
Ramco Systems, Ltd. (a)
     15,786   55,050
Ramkrishna Forgings, Ltd.
     60,300   125,255
Rashtriya Chemicals & Fertilizers, Ltd.
     128,878   152,136
Ratnamani Metals & Tubes, Ltd.
     5,243   179,438
RattanIndia Infrastructure, Ltd. (a)
     236,808   144,226
RattanIndia Power, Ltd. (a)
     862,568   60,901
Raymond, Ltd. (a)
     40,420   455,889
RBL Bank, Ltd. (a)(c)
     331,295   569,246
Redington India, Ltd.
     538,412   1,029,928
Reliance Infrastructure, Ltd. (a)
     190,447   282,246
Reliance Power, Ltd. (a)
     1,857,345   330,903
Religare Enterprises, Ltd. (a)
     69,200   118,903
Restaurant Brands Asia, Ltd. (a)
     137,449   182,751
RITES, Ltd.
     70,688   244,878
Rossari Biotech, Ltd.
     10,039   120,773
Route Mobile, Ltd.
     16,423   334,268
RPSG Ventures, Ltd. (a)
     13,814   106,702
Rupa & Co., Ltd.
     17,749   102,629
Safari Industries India, Ltd. (a)
     10,525   134,523
Saregama India, Ltd.
     2,897   184,554
See accompanying notes to financial statements.
117

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sasken Technologies, Ltd.
     8,008   $ 96,941
Schneider Electric Infrastructure, Ltd. (a)
     64,490   100,895
Sequent Scientific, Ltd.
     71,680   126,569
Sharda Cropchem, Ltd.
     32,314   262,265
Sheela Foam, Ltd. (a)
     4,834   221,672
Shilpa Medicare, Ltd.
     29,294   153,941
Shipping Corp. of India, Ltd.
     156,688   238,521
Shoppers Stop, Ltd. (a)
     45,701   283,796
Shree Renuka Sugars, Ltd. (a)
     440,832   207,108
Shriram City Union Finance, Ltd.
     16,912   362,478
SIS, Ltd. (a)
     31,671   202,732
SKF India, Ltd.
     23,254   1,084,644
Sobha, Ltd.
     32,167   300,445
Solara Active Pharma Sciences, Ltd.
     12,499   109,872
Sonata Software, Ltd.
     43,255   422,075
SpiceJet, Ltd. (a)
     257,976   185,205
Star Cement, Ltd. (a)
     144,407   170,754
Sterling and Wilson Renewable (a)
     43,050   180,694
Sterlite Technologies, Ltd.
     133,155   394,413
Stove Kraft, Ltd. (a)
     10,825   87,707
Strides Pharma Science, Ltd.
     64,040   292,923
Subex, Ltd.
     389,378   165,206
Sudarshan Chemical Industries
     28,516   196,046
Sun Pharma Advanced Research Co., Ltd. (a)
     12,674   49,667
Sunteck Realty, Ltd.
     49,486   285,226
Suprajit Engineering, Ltd.
     62,966   284,355
Surya Roshni, Ltd.
     14,329   78,183
Suryoday Small Finance Bank, Ltd. (a)
     77,012   89,182
Suven Pharmaceuticals, Ltd.
     69,303   565,628
Suzlon Energy, Ltd. (a)
     3,360,405   405,776
Swan Energy, Ltd.
     48,338   123,915
Symphony, Ltd.
     18,259   264,554
Tamilnadu Petroproducts, Ltd.
     64,088   96,544
Tanla Platforms, Ltd.
     42,809   862,084
Tata Coffee, Ltd.
     57,208   163,678
Tata Investment Corp., Ltd.
     17,838   319,330
Tata Metaliks, Ltd.
     7,640   77,781
Tata Teleservices Maharashtra, Ltd. (a)
     360,983   794,139
TCI Express, Ltd.
     9,857   221,953
TCNS Clothing Co., Ltd. (a)(c)
     19,195   194,116
TeamLease Services, Ltd. (a)
     7,875   450,925
Tejas Networks, Ltd. (a)(c)
     36,946   208,073
See accompanying notes to financial statements.
118

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Thirumalai Chemicals, Ltd.
     42,371   $ 148,739
Thyrocare Technologies, Ltd. (c)
     13,215   135,211
Tide Water Oil Co. India, Ltd.
     3,944   57,842
Time Technoplast, Ltd.
     152,130   128,289
Timken India, Ltd.
     20,198   570,715
Trident, Ltd.
     1,835,939   1,292,608
Triveni Engineering & Industries, Ltd.
     63,543   260,923
Triveni Turbine, Ltd.
     93,766   250,146
TTK Prestige, Ltd.
     34,270   373,906
TV18 Broadcast, Ltd. (a)
     298,845   292,042
UCO Bank (a)
     946,305   147,987
Uflex, Ltd.
     38,167   306,419
Ujjivan Small Finance Bank, Ltd. (a)(c)
     606,785   118,514
Usha Martin, Ltd. (a)
     111,139   197,271
UTI Asset Management Co., Ltd.
     28,877   379,031
VA Tech Wabag, Ltd. (a)
     34,855   128,978
Vaibhav Global, Ltd.
     37,431   184,722
Vakrangee, Ltd.
     374,583   171,535
Valiant Organics, Ltd. (a)(c)
     9,006   109,451
Vardhman Textiles, Ltd.
     79,950   460,022
Varroc Engineering, Ltd. (a)(c)
     45,174   206,122
Venky's India, Ltd.
     4,694   132,717
V-Guard Industries, Ltd.
     123,031   350,381
VIP Industries, Ltd.
     54,469   535,992
V-Mart Retail, Ltd. (a)
     7,530   394,144
VRL Logistics, Ltd.
     24,244   158,150
VST Industries, Ltd.
     1,616   65,369
VST Tillers Tractors, Ltd.
     4,164   131,924
WABCO India, Ltd.
     3,783   381,006
Welspun Corp., Ltd.
     70,415   155,559
Welspun India, Ltd.
     299,856   359,511
West Coast Paper Mills, Ltd.
     51,305   226,311
Westlife Development, Ltd. (a)
     60,729   384,170
Wockhardt, Ltd. (a)
     39,590   137,723
Zensar Technologies, Ltd.
     62,556   302,935
Zydus Wellness, Ltd.
     17,442   345,537
          103,742,618
INDONESIA — 2.9%          
Ace Hardware Indonesia Tbk PT
     6,065,614   432,881
Adi Sarana Armada Tbk PT (a)
     1,439,775   261,641
Astra Agro Lestari Tbk PT
     455,722   398,211
Bank BTPN Syariah Tbk PT
     3,033,424   696,975
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Bank Bukopin Tbk PT (a)
     2,963,100   $ 50,752
Bank CIMB Niaga Tbk PT
     3,376,600   262,135
Bank Danamon Indonesia Tbk PT
     2,867,788   487,199
Bank Ina Perdana PT (a)
     318,300   81,334
Bank Neo Commerce Tbk PT
     1,913,000   297,023
Bank Pan Indonesia Tbk PT (a)
     1,832,100   96,947
Bank Pembangunan Daerah Jawa Timur Tbk PT
     6,256,800   344,151
Bank Tabungan Negara Persero Tbk PT
     7,801,562   931,570
BFI Finance Indonesia Tbk PT
     7,341,595   654,290
Bintang Oto Global Tbk PT (a)
     3,246,463   308,541
Bukit Asam Tbk PT
     6,020,310   1,379,065
Bumi Serpong Damai Tbk PT (a)
     7,749,100   550,328
Ciputra Development Tbk PT
     9,784,799   708,525
Digital Mediatama Maxima Tbk PT (a)
     987,234   116,509
Erajaya Swasembada Tbk PT
     5,908,000   238,582
Harum Energy Tbk PT
     438,974   327,034
Indo Tambangraya Megah Tbk PT
     545,736   1,084,822
Industri Jamu Dan Farmasi Sido Muncul Tbk PT
     2,678,465   190,220
Inti Agri Resources Tbk PT (a)(e)
     258,200   —
Japfa Comfeed Indonesia Tbk PT
     6,679,047   767,306
Jasa Marga Persero Tbk PT (a)
     1,931,314   517,706
Kimia Farma Tbk PT
     266,100   32,238
Link Net Tbk PT
     1,383,335   413,195
M Cash Integrasi PT (a)
     327,016   280,625
Matahari Department Store Tbk PT
     521,100   224,948
Medco Energi Internasional Tbk PT (a)
     5,707,292   220,543
Media Nusantara Citra Tbk PT
     808,100   55,983
Medikaloka Hermina Tbk PT
     3,196,053   261,470
Metro Healthcare Indonesia Tbk PT (a)
     4,237,000   156,352
Metrodata Electronics Tbk PT
     6,015,345   284,800
Mitra Adiperkasa Tbk PT (a)
     9,313,400   570,638
Pabrik Kertas Tjiwi Kimia Tbk PT
     1,405,985   687,697
Pacific Strategic Financial Tbk PT (a)
     2,695,000   198,900
Pakuwon Jati Tbk PT (a)
     7,865,500   265,058
Perusahaan Gas Negara Tbk PT (a)
     14,425,977   1,411,210
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT
     1,330,823   131,113
Prodia Widyahusada Tbk PT
     470,636   262,147
Rimo International Lestari Tbk PT (a)(e)
     100,200   —
Saratoga Investama Sedaya Tbk PT
     1,823,955   346,694
Siloam International Hospitals Tbk PT
     95,300   53,249
Summarecon Agung Tbk PT (a)
     9,605,415   514,964
Surya Citra Media Tbk PT (a)
     28,292,035   575,197
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Timah Tbk PT (a)
     3,748,312   $ 474,982
Trada Alam Minera Tbk PT (a)(e)
     6,757,200   —
Tunas Baru Lampung Tbk PT
     955,300   54,874
XL Axiata Tbk PT
     5,073,232   936,053
          19,596,677
KUWAIT — 1.7%          
A'ayan Leasing & Investment Co. KSCP (a)
     223,100   122,639
Al Ahli Bank of Kuwait KSCP (a)
     759,577   707,572
Al Mazaya Holding Co. KSCP (a)
     615,849   155,077
ALAFCO Aviation Lease & Finance Co. KSCP (a)
     317,554   226,824
Alimtiaz Investment Group KSC (a)
     967,805   430,065
Arzan Financial Group for Financing & Investment KPSC (a)
     219,759   115,739
Boubyan Petrochemicals Co. KSCP
     271,743   894,480
Boursa Kuwait Securities Co. KPSC
     70,789   631,462
Commercial Real Estate Co. KSC
     1,011,810   402,992
First Investment Co. KSCP (a)
     378,852   102,258
Gulf Cable & Electrical Industries Co. KSCP
     125,166   600,286
Heavy Engineering & Ship Building Co. KSCP Class B
     184,941   357,342
Humansoft Holding Co. KSC
     67,213   714,387
Integrated Holding Co. KCSC (a)
     181,464   237,731
Jazeera Airways Co. KSCP (a)
     102,485   569,773
Kuwait Financial Centre SAK (a)
     255,922   155,845
Kuwait International Bank KSCP (a)
     663,966   550,755
Kuwait Investment Co. SAK (a)
     120,868   116,173
Kuwait Projects Co. Holding KSCP
     179,953   119,060
Kuwait Real Estate Co. KSC (a)
     288,891   152,148
Mezzan Holding Co. KSCC
     131,909   252,268
National Industries Group Holding SAK (a)
     1,108,496   1,025,304
National Investments Co. KSCP
     217,294   317,573
National Real Estate Co. KPSC (a)
     616,297   468,613
Noor Financial Investment Co. KSC
     172,882   187,222
Qurain Petrochemical Industries Co.
     341,978   432,257
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC
     344,895   253,165
Warba Bank KSCP (a)
     1,013,961   941,202
          11,240,212
MALAYSIA — 4.4%          
Aemulus Holdings Bhd (a)
     685,378   123,066
Aeon Co. M Bhd
     168,800   63,429
AEON Credit Service M Bhd
     14,300   51,422
Alliance Bank Malaysia Bhd
     477,800   427,262
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Astro Malaysia Holdings Bhd
     2,047,591   $ 535,668
Awanbiru Technology Bhd (a)
     662,182   85,042
Axis Real Estate Investment Trust
     626,556   277,161
Bahvest Resources Bhd (a)
     415,700   41,029
Bank Islam Malaysia Bhd
     688,618   483,126
Berjaya Corp. Bhd (a)
     2,123,945   118,706
Berjaya Sports Toto Bhd
     437,185   199,630
Bermaz Auto Bhd
     419,700   178,670
British American Tobacco Malaysia Bhd
     116,136   343,595
Bumi Armada Bhd (a)
     624,900   60,933
Bursa Malaysia Bhd
     622,647   1,046,938
Cahya Mata Sarawak Bhd
     245,200   63,563
CAPITAL A Bhd (a)
     1,072,400   187,458
Careplus Group Bhd
     160,500   25,193
Carlsberg Brewery Malaysia Bhd Class B
     112,600   581,645
Comfort Glove Bhd
     155,800   28,531
CTOS Digital Bhd
     470,600   176,835
D&O Green Technologies Bhd
     487,124   521,329
Dagang NeXchange Bhd (a)
     2,124,718   510,367
Datasonic Group Bhd
     1,257,400   142,045
Dayang Enterprise Holdings Bhd
     871,500   186,539
DRB-Hicom Bhd
     279,800   97,819
Dufu Technology Corp. Bhd
     307,677   212,204
Duopharma Biotech Bhd
     740,806   262,513
Eco World Development Group Bhd
     246,200   57,967
FGV Holdings Bhd
     610,100   287,294
Frontken Corp. Bhd
     951,315   685,531
Gamuda Bhd
     1,660,719   1,366,571
GDEX Bhd
     578,000   30,242
Genetec Technology Bhd (a)
     344,688   206,579
Genting Plantations Bhd
     155,947   317,105
GHL Systems Bhd (a)
     85,900   31,053
Globetronics Technology Bhd
     253,600   91,675
Heineken Malaysia Bhd
     128,300   685,935
Hextar Global Bhd
     746,552   282,304
Hiap Teck Venture Bhd
     1,252,544   128,092
Hibiscus Petroleum Bhd
     884,600   241,938
Hong Leong Capital Bhd
     136,711   207,761
Hong Seng Consolidated Bhd (a)
     1,147,487   712,276
IGB Real Estate Investment Trust
     1,157,200   421,075
IJM Corp. Bhd
     2,869,985   1,139,872
IOI Properties Group Bhd
     1,062,400   247,613
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Iris Corp. Bhd (a)
     1,684,000   $ 74,092
JAKS Resources Bhd (a)
     3,320,687   260,616
JF Technology Bhd
     549,441   137,205
JHM Consolidation Bhd (a)
     504,702   159,642
Kelington Group Bhd
     630,642   205,477
Kossan Rubber Industries Bhd
     1,110,804   517,790
KPJ Healthcare Bhd
     2,267,964   544,775
Leong Hup International Bhd
     330,600   40,885
Lotte Chemical Titan Holding Bhd (c)
     711,331   377,256
Magnum Bhd
     724,290   313,504
Mah Sing Group Bhd
     747,400   120,871
Malakoff Corp. Bhd
     668,700   95,421
Malayan Flour Mills Bhd
     881,919   131,090
Malaysia Building Society Bhd
     456,307   65,113
Malaysian Resources Corp. Bhd
     581,400   50,469
Mega First Corp. BHD
     477,619   422,556
Mi Technovation Bhd
     358,985   169,898
Muda Holdings Bhd
     75,800   41,823
My EG Services Bhd
     3,146,387   763,259
Padini Holdings Bhd
     543,000   445,532
Pavilion Real Estate Investment Trust
     1,041,600   326,990
Pentamaster Corp. Bhd
     618,659   554,693
Pentamaster International, Ltd.
     372,000   51,776
PIE Industrial Bhd
     230,179   157,111
Revenue Group Bhd (a)
     221,955   79,708
Rubberex Corp. M Bhd (a)
     651,126   87,493
Scientex Bhd
     801,064   773,487
Sime Darby Property Bhd
     1,262,600   177,165
SKP Resources Bhd
     923,915   309,821
SP Setia Bhd Group
     1,441,009   431,814
Sunway Bhd
     1,260,514   524,621
Sunway Real Estate Investment Trust
     1,985,400   665,774
Supermax Corp. Bhd
     1,264,093   354,749
Syarikat Takaful Malaysia Keluarga Bhd
     270,114   233,192
Ta Ann Holdings Bhd
     300,311   367,823
Taliworks Corp. Bhd
     400,200   88,516
Thong Guan Industries Bhd
     281,711   155,436
TIME dotCom Bhd
     1,010,596   1,033,489
TSH Resources Bhd
     998,372   398,898
Unisem M Bhd
     431,682   322,369
United Plantations Bhd
     38,300   136,631
UOA Development Bhd
     434,100   181,703
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
UWC Bhd
     362,327   $ 336,928
VS Industry Bhd
     2,890,600   708,084
Widad Group Bhd (a)
     2,460,941   213,626
Yinson Holdings Bhd
     784,530   895,593
YTL Corp. Bhd
     3,502,284   491,432
YTL Power International Bhd
     1,118,893   175,627
          29,344,424
MEXICO — 1.8%          
Alsea SAB de CV (a)
     496,110   1,240,399
Betterware de Mexico SAB de CV
     3,100   52,793
Bolsa Mexicana de Valores SAB de CV
     553,102   1,166,557
Concentradora Fibra Danhos SA de CV REIT
     389,975   462,291
Corp. Inmobiliaria Vesta SAB de CV (b)
     661,697   1,262,208
Genomma Lab Internacional SAB de CV Class B
     798,426   874,817
Gentera SAB de CV (a)
     424,195   359,275
Grupo Comercial Chedraui SA de CV
     40,541   104,005
Grupo Herdez SAB de CV
     74,933   117,799
Grupo Traxion SAB de CV (a)(b)(c)
     255,814   409,723
Macquarie Mexico Real Estate Management SA de CV REIT (c)
     275,580   329,032
Nemak SAB de CV (a)(c)
     1,362,509   366,214
PLA Administradora Industrial S de RL de CV REIT
     617,858   867,827
Prologis Property Mexico SA de CV REIT
     442,814   1,153,111
Qualitas Controladora SAB de CV (b)
     213,876   1,222,532
Regional SAB de CV (b)
     144,668   1,014,025
Unifin Financiera SAB de CV (a)(b)
     44,679   54,152
Vista Oil & Gas SAB de CV ADR (a)
     86,965   790,512
          11,847,272
MONACO — 0.1%          
Costamare, Inc.
     30,001   511,517
PAKISTAN — 0.7%          
Bank Al Habib, Ltd.
     571,985   211,948
Bank Alfalah, Ltd.
     608,192   112,516
Cherat Cement Co., Ltd.
     71,400   54,861
DG Khan Cement Co., Ltd.
     403,355   167,304
Engro Corp., Ltd.
     169,355   247,174
Engro Fertilizers, Ltd.
     410,104   205,265
Fauji Fertilizer Co., Ltd.
     499,551   309,839
Habib Bank, Ltd.
     470,285   289,609
Hub Power Co. Ltd
     645,048   251,827
Lucky Cement, Ltd. (a)
     154,527   536,315
Maple Leaf Cement Factory, Ltd. (a)
     672,511   132,228
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Mari Petroleum Co., Ltd.
     18,412   $ 177,695
MCB Bank, Ltd.
     442,416   351,472
Meezan Bank, Ltd.
     440,277   314,473
Millat Tractors, Ltd.
     31,314   148,065
National Bank of Pakistan
     575,000   97,814
Nishat Mills, Ltd.
     146,000   68,226
Pakistan Oilfields, Ltd.
     25,337   51,500
Pakistan Petroleum, Ltd.
     234,872   93,257
Pakistan State Oil Co., Ltd.
     59,760   54,324
Searle Co., Ltd.
     108,466   73,350
SUI Northern Gas Pipeline
     252,314   43,734
Systems, Ltd.
     94,882   196,062
TRG Pakistan
     286,500   121,647
United Bank, Ltd.
     184,985   137,606
Unity Foods, Ltd. (a)
     629,622   90,074
          4,538,185
PERU — 0.1%          
Alicorp SAA
     217,553   325,012
Ferreycorp SAA
     291,171   198,294
Volcan Cia Minera SAA Class B (a)
     1,961,244   459,295
          982,601
PHILIPPINES — 1.2%          
AllHome Corp.
     871,000   127,927
Alliance Global Group, Inc.
     3,027,283   732,468
AREIT, Inc.
     111,300   98,513
AyalaLand Logistics Holdings Corp. (a)
     1,728,140   169,992
Bloomberry Resorts Corp. (a)
     2,567,000   339,323
Century Pacific Food, Inc.
     654,555   297,266
Cosco Capital, Inc.
     117,600   11,227
D&L Industries, Inc.
     3,881,952   599,416
DITO CME Holdings Corp. (a)
     1,741,529   180,733
DMCI Holdings, Inc.
     5,555,296   969,452
Filinvest Land, Inc.
     3,022,000   63,074
First Gen Corp.
     76,700   39,132
Integrated Micro-Electronics, Inc. (a)
     43,300   6,778
LT Group, Inc.
     3,484,768   599,371
Manila Water Co., Inc.
     420,600   163,786
Megaworld Corp.
     6,559,000   381,536
MREIT, Inc.
     141,000   50,956
Petron Corp. (a)
     735,000   46,874
Philcomsat Holdings Corp. (a)
     36,115   29,139
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Philippine National Bank (a)
     364,700   $ 135,322
Pilipinas Shell Petroleum Corp. (a)
     251,900   88,307
RL Commercial REIT, Inc.
     1,514,500   215,124
Robinsons Land Corp.
     1,846,672   731,603
Security Bank Corp.
     242,669   511,178
Semirara Mining & Power Corp.
     1,524,915   904,723
SM Prime Holdings, Inc.
     1   1
Wilcon Depot, Inc.
     850,620   443,845
          7,937,066
POLAND — 1.7%          
11 bit studios SA (a)
     3,714   525,829
Alior Bank SA (a)
     89,365   983,235
Amica SA
     1,088   26,630
Asseco Poland SA
     62,466   1,208,923
Bank Handlowy w Warszawie SA
     28,449   436,915
Bank Millennium SA (a)
     638,219   1,014,626
Benefit Systems SA (a)
     764   110,917
Biomed-Lublin Wytwornia Surowic i Szczepionek SA (a)
     24,773   21,413
Budimex SA
     8,449   453,141
CCC SA (a)
     34,290   489,593
Celon Pharma SA
     4,583   29,144
Ciech SA
     49,496   513,103
Datawalk SA (a)
     1,925   86,382
Develia SA
     315,452   250,560
Dom Development SA
     1,423   33,874
Enea SA (a)
     76,444   168,581
Famur SA (a)
     149,278   104,062
Grupa Azoty SA (a)
     9,046   92,864
Grupa Kety SA
     5,019   729,861
Jastrzebska Spolka Weglowa SA (a)
     34,294   640,248
KRUK SA
     16,767   1,255,337
LiveChat Software SA
     10,710   263,172
Mabion SA (a)
     10,953   79,113
Mercator Medical SA (a)
     1,902   32,871
Mo-BRUK SA
     1,073   104,538
Neuca SA
     250   49,793
PCF Group SA
     3,189   45,303
PlayWay SA
     4,462   341,563
Serinus Energy PLC (a)
     317,589   71,257
Tauron Polska Energia SA (a)
     1,070,769   740,526
TEN Square Games SA
     2,070   97,459
Wirtualna Polska Holding SA
     7,267   200,890
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
XTB SA (c)
     60,593   $ 281,500
          11,483,223
QATAR — 0.7%          
Aamal Co.
     452,581   144,657
Al Meera Consumer Goods Co. QSC
     131,056   694,911
Baladna
     938,498   372,384
Gulf International Services QSC (a)
     1,178,659   635,652
Gulf Warehousing Co.
     184,604   214,676
Investment Holding Group (a)
     357,332   227,248
Mazaya Real Estate Development QPSC
     820,631   194,919
Medicare Group
     115,435   224,927
Qatar First Bank (a)
     631,331   255,185
Qatari Investors Group QSC
     575,849   406,379
Salam International Investment, Ltd. QSC (a)
     602,257   183,732
United Development Co. QSC
     1,778,454   717,877
Vodafone Qatar QSC
     1,339,091   586,490
          4,859,037
RUSSIA — 0.0%          
Detsky Mir PJSC (c)(e)
     414,207   —
Etalon Group PLC GDR (e)
     205,302   —
Globaltrans Investment PLC GDR (e)
     121,419   —
M.Video PJSC (e)
     61,705   —
MOSENERGO PJSC (a)(e)
     8,150,848   —
OGK-2 PJSC (e)
     21,527,092   —
QIWI PLC ADR (b)(e)
     30,735   —
          —
SAUDI ARABIA — 4.0%          
Abdul Mohsen Al-Hokair Tourism & Development Co. (a)
     50,906   220,912
Al Alamiya for Cooperative Insurance Co. (a)
     15,416   86,870
Al Babtain Power & Telecommunication Co. (a)
     22,131   169,308
Al Hammadi Co. for Development & Investment
     50,519   610,699
Al Hassan Ghazi Ibrahim Shaker Co. (a)
     12,583   73,522
Al Jouf Agricultural Development Co. (a)
     8,210   121,459
Al Jouf Cement Co. (a)
     53,681   158,260
Al Khaleej Training & Education Co.
     41,054   204,203
Al Moammar Information Systems Co.
     5,261   211,758
Al Rajhi Co. for Co-operative Insurance (a)
     14,115   319,436
Al Rajhi REIT
     135,772   398,829
Al Yamamah Steel Industries Co.
     7,446   84,255
AlAbdullatif Industrial Investment Co. (a)
     15,974   103,896
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Alahli REIT Fund 1
     80,252   $ 258,843
Alandalus Property Co.
     22,001   105,563
Alaseel Co.
     10,896   128,812
Aldrees Petroleum & Transport Services Co.
     29,229   605,383
Al-Etihad Cooperative Insuarnce Co. (a)
     27,270   150,470
Alkhabeer REIT
     46,369   109,758
AlKhorayef Water & Power Technologies Co.
     3,302   84,849
Alujain Holding
     24,975   430,730
Amana Cooperative Insurance Co. (a)
     7,138   56,130
Arab Sea Information Systems Co. (a)
     2,510   137,025
Arabian Cement Co.
     39,978   456,100
Arabian Pipes Co. (a)
     4,603   69,201
Arabian Shield Cooperative Insurance Co. (a)
     15,089   86,878
Arriyadh Development Co.
     50,665   373,421
Aseer Trading Tourism & Manufacturing Co. (a)
     40,927   207,281
Astra Industrial Group
     24,938   310,105
Ataa Educational Co.
     14,015   211,075
AXA Cooperative Insurance Co. (a)
     10,052   100,748
Ayyan Investment Co. (a)
     14,332   72,968
Baazeem Trading Co.
     2,825   75,228
Basic Chemical Industries, Ltd. (a)
     8,738   95,264
Batic Investments & Logistic Co. (a)
     20,206   122,696
Bawan Co.
     26,788   237,068
Buruj Cooperative Insurance Co. (a)
     16,504   104,616
City Cement Co.
     58,738   434,487
Dallah Healthcare Co.
     26,735   722,625
Derayah REIT
     108,620   370,608
Dur Hospitality Co. (a)
     52,721   397,709
Eastern Province Cement Co.
     38,191   499,848
Fawaz Abdulaziz Al Hokair & Co. (a)
     62,313   247,491
Fitaihi Holding Group
     8,171   87,667
Gulf General Cooperative Insurance Co. (a)
     24,079   70,475
Hail Cement Co.
     30,754   119,360
Halwani Brothers Co.
     5,533   128,314
Herfy Food Services Co.
     24,533   368,829
Jadwa REIT Saudi Fund
     112,807   437,817
Jazan Energy & Development Co. (a)
     36,557   188,656
L'Azurde Co. for Jewelry (a)
     14,896   74,649
Leejam Sports Co. JSC
     21,860   734,202
Maharah Human Resources Co.
     10,174   215,603
Mediterranean & Gulf Insurance & Reinsurance Co. (a)
     20,218   91,618
Methanol Chemicals Co. (a)
     20,607   246,910
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Middle East Healthcare Co. (a)
     18,767   $ 162,332
Middle East Paper Co. (a)
     10,083   155,888
Musharaka Real Estate Income Fund REIT
     115,060   300,263
Najran Cement Co.
     49,286   257,499
National Agriculture Development Co (a)
     29,960   241,980
National Co. for Glass Industries
     31,867   348,698
National Co. for Learning & Education
     18,535   249,999
National Gas & Industrialization Co.
     27,519   371,908
National Gypsum
     7,222   81,624
National Medical Care Co.
     21,258   470,889
Northern Region Cement Co.
     47,918   185,720
Qassim Cement Co.
     33,225   745,714
Raydan Food Co. (a)
     15,349   73,973
Red Sea International Co. (a)
     18,489   98,174
Riyad REIT Fund
     157,069   451,341
Riyadh Cement Co.
     36,211   347,487
Sadr Logistics Co.
     2,340   43,725
Saudi Advanced Industries Co.
     26,131   324,591
Saudi Airlines Catering Co. (a)
     30,314   694,115
Saudi Arabia Refineries Co.
     3,774   126,353
Saudi Arabian Amiantit Co. (a)
     5,294   64,138
Saudi Automotive Services Co.
     25,190   268,922
Saudi Ceramic Co.
     24,991   351,733
Saudi Chemical Co. Holding
     32,207   297,474
Saudi Co. For Hardware CJSC (a)
     10,775   126,663
Saudi Fisheries Co. (a)
     11,746   138,860
Saudi Ground Services Co. (a)
     82,062   733,888
Saudi Industrial Services Co.
     30,429   230,762
Saudi Paper Manufacturing Co. (a)
     5,809   75,564
Saudi Pharmaceutical Industries & Medical Appliances Corp.
     27,126   269,705
Saudi Printing & Packaging Co. (a)
     14,965   80,978
Saudi Public Transport Co. (a)
     49,776   298,006
Saudi Re for Cooperative Reinsurance Co. (a)
     21,938   100,465
Saudi Real Estate Co. (a)
     51,721   291,728
Saudi Steel Pipe Co. (a)
     11,784   79,314
Saudi Vitrified Clay Pipe Co., Ltd.
     7,438   138,787
Saudia Dairy & Foodstuff Co.
     13,235   608,214
Sedco Capital REIT Fund
     62,052   179,631
Seera Group Holding (a)
     115,325   648,021
Tabuk Agriculture (a)
     9,120   65,273
Tabuk Cement Co. (a)
     34,147   165,296
Takween Advanced Industries Co. (a)
     17,188   76,238
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Theeb Rent A Car Co.
     5,483   $ 96,462
Tihama Advertising & Public Relations Co. (a)
     2,020   73,014
Umm Al-Qura Cement Co.
     29,023   211,203
United Co-operative Assurance Co. (a)
     13,411   120,472
United International Transportation Co.
     18,426   253,932
United Wire Factories Co.
     10,519   80,333
Wafrah for Industry and Development (a)
     2,326   80,726
Walaa Cooperative Insurance Co. (a)
     23,644   106,009
Wataniya Insurance Co. (a)
     7,084   63,825
Yamama Cement Co. (a)
     83,352   719,873
Yanbu Cement Co.
     61,814   695,335
Zamil Industrial Investment Co. (a)
     23,550   161,645
          26,475,249
SINGAPORE — 0.2%          
Geo Energy Resources, Ltd.
     638,200   221,638
Grindrod Shipping Holdings, Ltd. (b)
     12,319   313,395
Guan Chong Bhd
     361,010   227,523
Japfa, Ltd. (b)
     950,600   488,172
Riverstone Holdings, Ltd.
     221,300   161,885
          1,412,613
SOUTH AFRICA — 5.4%          
Adcock Ingram Holdings, Ltd. (b)
     35,980   128,900
Advtech, Ltd.
     524,449   642,798
AECI, Ltd.
     34,009   271,094
Afrimat, Ltd.
     79,632   378,746
ArcelorMittal South Africa, Ltd. (a)
     255,339   170,372
Astral Foods, Ltd.
     7,168   74,478
AVI, Ltd.
     353,099   1,742,237
Barloworld, Ltd.
     212,784   1,696,447
Cashbuild, Ltd. (b)
     14,189   267,409
Coronation Fund Managers, Ltd.
     71,828   227,834
DataTec, Ltd.
     45,815   127,514
Dis-Chem Pharmacies, Ltd. (c)
     540,802   1,410,804
DRDGOLD, Ltd.
     518,558   489,725
Equites Property Fund, Ltd. REIT
     570,021   894,870
Fortress REIT, Ltd. Class A,
     954,648   812,717
Fortress REIT, Ltd. Class B, (a)
     1,212,039   308,557
Grindrod, Ltd.
     1   —
Hudaco Industries, Ltd.
     20,741   211,505
Hyprop Investments, Ltd. REIT (b)
     129,807   310,915
Investec Property Fund, Ltd. REIT
     110,465   90,715
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Italtile, Ltd. (b)
     342,475   $ 390,697
JSE, Ltd.
     19,651   150,282
KAP Industrial Holdings, Ltd.
     1,162,754   388,314
Libstar Holdings, Ltd. (b)
     400,285   178,057
Long4Life, Ltd.
     623,055   255,831
Metair Investments, Ltd.
     177,987   365,414
MiX Telematics, Ltd. ADR
     9,674   108,446
Motus Holdings, Ltd.
     167,230   1,227,631
Mpact, Ltd.
     25,844   58,365
Murray & Roberts Holdings, Ltd. (a)
     302,127   260,723
Nampak, Ltd. (a)
     210,714   49,173
Net 1 UEPS Technologies, Inc. (a)(b)
     14,100   82,767
Netcare, Ltd.
     1,547,864   1,705,431
Ninety One, Ltd.
     169,113   567,201
Oceana Group, Ltd. (b)
     35,389   138,044
Omnia Holdings, Ltd.
     127,590   656,614
Pick n Pay Stores, Ltd.
     415,694   1,529,356
PPC, Ltd. (a)
     763,124   221,952
PSG Group, Ltd. (a)
     88,153   577,994
PSG Konsult, Ltd. (b)
     265,575   238,086
Raubex Group, Ltd.
     203,380   549,074
Redefine Properties, Ltd. REIT
     5,076,893   1,605,149
Resilient REIT, Ltd.
     383,242   1,599,060
Reunert, Ltd.
     39,050   120,203
Royal Bafokeng Platinum, Ltd. (b)
     195,200   2,157,386
Santam, Ltd. (b)
     31,412   621,254
Sappi, Ltd. (a)(b)
     548,570   2,136,091
Steinhoff International Holdings NV (a)(b)
     3,536,797   803,570
Stor-Age Property REIT, Ltd.
     161,090   162,936
Sun International, Ltd. (a)(b)
     96,367   197,647
Super Group, Ltd.
     433,998   873,194
Telkom SA SOC, Ltd. (a)(b)
     345,645   1,052,133
Thungela Resources, Ltd. (a)(b)
     130,360   1,640,506
Transaction Capital, Ltd.
     396,728   1,342,563
Truworths International, Ltd.
     425,902   1,700,693
Tsogo Sun Gaming, Ltd. (a)
     125,340   103,274
Vukile Property Fund, Ltd. REIT
     271,719   261,445
Wilson Bayly Holmes-Ovcon, Ltd.
     23,296   129,039
          36,463,232
SPAIN — 0.0% (d)          
AmRest Holdings SE (a)
     57,883   280,578
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
TAIWAN — 29.3%          
91APP, Inc. (a)
     26,000   $ 146,101
Abico Avy Co., Ltd.
     81,000   67,284
Ability Opto-Electronics Technology Co., Ltd. (a)(b)
     56,070   133,269
Abnova Corp.
     30,000   47,799
AcBel Polytech, Inc. (b)
     740,000   916,880
ACES Electronic Co., Ltd.
     62,238   101,335
Actron Technology Corp.
     34,877   287,888
ADATA Technology Co., Ltd. (b)
     239,652   706,790
Addcn Technology Co., Ltd.
     19,090   150,580
Adimmune Corp.
     214,362   299,268
Adlink Technology, Inc.
     22,000   45,303
Advanced Ceramic X Corp. (b)
     51,642   488,455
Advanced International Multitech Co., Ltd.
     78,805   216,462
Advanced Optoelectronic Technology, Inc. (a)
     109,946   92,097
Advanced Power Electronics Corp. (b)
     27,793   107,674
Advanced Wireless Semiconductor Co. (b)
     85,426   299,646
Advancetek Enterprise Co., Ltd.
     200,042   164,075
AGV Products Corp. (a)
     1,624,414   651,999
Alchip Technologies, Ltd.
     52,000   1,996,405
Alcor Micro Corp.
     51,466   110,112
ALI Corp. (a)(b)
     135,943   161,083
All Ring Tech Co., Ltd. (b)
     36,802   172,119
Allied Circuit Co., Ltd. (b)
     23,750   164,542
Allied Supreme Corp.
     6,000   52,144
Allis Electric Co., Ltd.
     147,906   143,510
Alltop Technology Co., Ltd.
     16,607   113,316
Alpha Networks, Inc. (b)
     456,285   498,463
Altek Corp. (b)
     213,516   319,326
Amazing Microelectronic Corp. (b)
     40,545   254,720
Ambassador Hotel (a)
     44,000   51,292
AMPACS Corp.
     61,412   142,108
AmTRAN Technology Co., Ltd. (b)
     849,088   496,387
Amulaire Thermal Technology, Inc.
     50,201   79,722
Andes Technology Corp.
     21,089   298,101
Anpec Electronics Corp.
     32,582   291,687
AP Memory Technology Corp.
     85,324   938,068
APCB, Inc.
     170,684   121,826
Apex Biotechnology Corp.
     64,000   58,412
Apex International Co., Ltd.
     95,366   352,819
Applied BioCode Corp. (a)
     36,000   45,861
Arcadyan Technology Corp. (b)
     192,318   815,547
See accompanying notes to financial statements.
132

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Ardentec Corp.
     235,083   $ 411,066
Argosy Research, Inc.
     37,368   140,856
Asia Optical Co., Inc. (b)
     202,540   558,458
Asia Pacific Telecom Co., Ltd. (a)
     1,447,995   338,606
Asia Polymer Corp. (b)
     875,020   1,151,362
Asia Vital Components Co., Ltd.
     156,527   636,455
ASIX Electronics Corp.
     20,703   155,355
ASROCK, Inc.
     30,801   231,130
Aten International Co., Ltd.
     179,000   512,294
Auden Techno Corp. (b)
     23,861   149,904
AURAS Technology Co., Ltd. (b)
     48,227   345,062
Avermedia Technologies
     40,000   38,811
Bafang Yunji International Co., Ltd.
     33,661   155,667
Bank of Kaohsiung Co., Ltd.
     1,214   627
Baotek Industrial Materials, Ltd. (a)(b)
     90,100   100,473
Basso Industry Corp.
     110,800   165,321
BenQ Materials Corp. (b)
     104,822   133,536
BES Engineering Corp.
     2,485,356   871,781
Biostar Microtech International Corp. (b)
     131,251   99,407
Bioteque Corp.
     26,729   101,220
Bizlink Holding, Inc.
     75,764   784,044
Bora Pharmaceuticals Co., Ltd.
     23,553   145,503
Brave C&H Supply Co., Ltd.
     14,000   41,582
Brighton-Best International Taiwan, Inc.
     265,227   355,469
Brogent Technologies, Inc. (a)
     35,136   145,319
Browave Corp.
     71,337   119,138
C Sun Manufacturing, Ltd.
     68,187   117,685
Calin Technology Co., Ltd. (a)(b)
     62,317   117,232
Capital Securities Corp.
     2,126,771   1,221,066
Career Technology MFG. Co., Ltd. (a)
     279,943   227,167
Cashbox Partyworld Co., Ltd.
     35,069   107,466
Caswell, Inc.
     45,166   144,870
Cathay Real Estate Development Co., Ltd.
     722,332   476,487
Center Laboratories, Inc. (b)
     309,919   677,135
Central Reinsurance Co., Ltd.
     103,126   113,559
Century Iron & Steel Industrial Co., Ltd. (b)
     84,000   325,428
Chang Wah Electromaterials, Inc.
     614,190   797,441
Chang Wah Technology Co., Ltd.
     50,000   174,511
Channel Well Technology Co., Ltd.
     112,937   148,998
Charoen Pokphand Enterprise
     174,675   495,649
Cheng Loong Corp. (b)
     866,128   1,058,042
Cheng Mei Materials Technology Corp. (a)(b)
     378,856   158,014
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Cheng Uei Precision Industry Co., Ltd. (b)
     328,915   $ 434,512
Chia Chang Co., Ltd.
     82,000   137,089
Chia Hsin Cement Corp.
     419,867   307,007
Chicony Power Technology Co., Ltd.
     40,000   115,596
Chief Telecom, Inc.
     7,000   67,187
Chieftek Precision Co., Ltd.
     52,061   151,723
China Bills Finance Corp.
     795,394   491,370
China Chemical & Pharmaceutical Co., Ltd.
     640,000   495,890
China Electric Manufacturing Corp. (b)
     64,000   42,776
China General Plastics Corp. (b)
     190,557   232,780
China Man-Made Fiber Corp. (b)
     1,817,828   589,415
China Metal Products
     172,727   206,779
China Motor Corp. (b)
     218,000   461,086
China Petrochemical Development Corp. (a)(b)
     2,092,225   887,232
China Steel Chemical Corp.
     144,000   585,519
China Steel Structure Co., Ltd. (b)
     71,808   144,360
Chinese Maritime Transport, Ltd.
     50,832   91,014
Chin-Poon Industrial Co., Ltd.
     193,000   223,976
Chipbond Technology Corp. (b)
     519,000   1,251,694
ChipMOS Techinologies, Inc. (b)
     284,875   511,058
CHO Pharma, Inc. (a)
     68,092   537,102
Chong Hong Construction Co., Ltd.
     252,275   644,522
Chun YU Works & Co., Ltd.
     112,738   119,225
Chun Yuan Steel Industry Co., Ltd. (b)
     289,034   245,136
Chung Hwa Pulp Corp. (a)(b)
     316,488   247,433
Chung Lien Co., Ltd.
     17,000   47,170
Chung-Hsin Electric & Machinery Manufacturing Corp.
     232,461   443,803
Chunghwa Chemical Synthesis & Biotech Co., Ltd.
     34,723   64,110
Chunghwa Precision Test Tech Co., Ltd.
     11,000   231,506
Cleanaway Co., Ltd.
     29,000   201,421
Clevo Co.
     320,212   359,870
CMC Magnetics Corp. (a)(b)
     1,158,263   416,387
Compeq Manufacturing Co., Ltd.
     701,193   1,182,054
Concord Securities Co., Ltd.
     280,594   147,390
Concraft Holding Co., Ltd.
     42,000   38,626
Continental Holdings Corp.
     411,233   378,917
Coremax Corp. (b)
     43,516   247,565
Coretronic Corp.
     384,652   943,791
Co-Tech Development Corp.
     107,511   269,420
CSBC Corp. Taiwan (a)(b)
     368,717   272,180
CTCI Corp. (b)
     465,000   752,238
Cub Elecparts, Inc.
     20,001   110,296
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
CyberTAN Technology, Inc. (b)
     192,000   $ 184,619
Cypress Technology Co., Ltd.
     49,523   109,930
DA CIN Construction Co., Ltd.
     99,682   121,943
Dadi Early-Childhood Education Group, Ltd.
     8,000   33,646
Da-Li Development Co., Ltd. (a)
     107,246   117,908
Darfon Electronics Corp.
     132,000   228,972
Darwin Precisions Corp. (a)(b)
     392,576   165,791
Delpha Construction Co., Ltd. (a)
     95,000   48,741
Dimerco Express Corp.
     71,633   262,516
D-Link Corp.
     722,390   424,839
Dynamic Electronics Co., Ltd.
     148,189   128,786
Dynapack International Technology Corp. (b)
     167,000   649,896
E&R Engineering Corp.
     41,393   111,965
Eastern Media International Corp. (b)
     128,350   139,767
eCloudvalley Digital Technology Co., Ltd.
     17,434   183,154
Egis Technology, Inc. (b)
     49,000   191,543
EirGenix, Inc. (a)
     135,977   436,148
Elan Microelectronics Corp. (b)
     267,029   1,603,022
E-Lead Electronic Co., Ltd. (a)
     85,145   317,977
Elite Advanced Laser Corp.
     92,600   159,496
Elite Semiconductor Microelectronics Technology, Inc. (b)
     258,674   1,453,554
Elitegroup Computer Systems Co., Ltd. (b)
     261,147   182,748
Energenesis Biomedical Co., Ltd. (a)
     15,223   22,847
Ennoconn Corp.
     21,311   150,248
Episil Technologies, Inc. (a)(b)
     148,711   690,315
Episil-Precision, Inc.
     40,000   164,040
Eternal Materials Co., Ltd. (b)
     884,805   1,122,547
Etron Technology, Inc. (a)(b)
     159,671   448,616
Ever Fortune AI Co., Ltd. (a)
     26,046   103,633
Ever Supreme Bio Technology Co., Ltd. (a)
     20,755   153,572
Everest Textile Co., Ltd. (a)
     405,658   121,337
Evergreen International Storage & Transport Corp. (b)
     358,214   461,340
EVERGREEN Steel Corp.
     105,445   227,072
Everlight Chemical Industrial Corp. (b)
     541,304   491,210
Everlight Electronics Co., Ltd.
     423,000   720,465
Everspring Industry Co., Ltd. (a)(b)
     124,124   87,510
Excelliance Mos Corp.
     8,000   53,331
Excelsior Medical Co., Ltd. (b)
     151,432   349,887
Far Eastern Department Stores, Ltd.
     715,490   529,410
Far Eastern International Bank
     3,242,893   1,380,845
Faraday Technology Corp. (b)
     268,385   2,861,687
Farglory F T Z Investment Holding Co., Ltd.
     78,221   156,161
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Farglory Land Development Co., Ltd.
     226,464   $ 540,640
Federal Corp. (b)
     239,806   227,239
Feng Hsin Steel Co., Ltd.
     354,270   1,193,203
Firich Enterprises Co., Ltd. (a)(b)
     118,291   124,065
First Copper Technology Co., Ltd.
     83,756   130,524
First Steamship Co., Ltd. (a)(b)
     333,000   134,239
FIT Holding Co., Ltd.
     145,533   156,192
FIT Hon Teng, Ltd. (a)(b)(c)
     1,054,987   157,614
Fitipower Integrated Technology, Inc.
     76,151   546,185
Fittech Co., Ltd.
     37,117   251,968
FLEXium Interconnect, Inc. (a)
     253,099   896,621
FocalTech Systems Co., Ltd. (b)
     137,405   700,177
Forcecon Tech Co., Ltd.
     53,433   161,316
Foresee Pharmaceuticals Co., Ltd. (a)
     69,127   272,633
Formosa International Hotels Corp.
     41,562   249,504
Formosa Laboratories, Inc. (a)
     55,724   110,470
Formosa Taffeta Co., Ltd. (b)
     665,000   654,521
Formosan Rubber Group, Inc.
     345,610   271,407
Formosan Union Chemical
     170,409   164,750
Fortune Electric Co., Ltd. (b)
     128,330   184,087
Fositek Corp.
     28,552   318,390
Foxsemicon Integrated Technology, Inc. (b)
     61,050   498,602
Froch Enterprise Co., Ltd. (b)
     105,799   121,856
Fulgent Sun International Holding Co., Ltd.
     98,082   422,775
Fulltech Fiber Glass Corp. (a)
     221,814   118,062
Fusheng Precision Co., Ltd.
     77,364   548,135
Fwusow Industry Co., Ltd.
     150,805   105,005
G Shank Enterprise Co., Ltd.
     72,548   144,329
G Tech Optoelectronics Corp. (a)
     107,173   102,679
Gallant Precision Machining Co., Ltd.
     78,375   87,945
GEM Services Inc/Tw
     25,879   82,014
Gemtek Technology Corp. (b)
     433,234   498,987
General Interface Solution Holding, Ltd.
     154,416   516,849
GeneReach Biotechnology Corp.
     16,000   55,508
Genesys Logic, Inc. (b)
     50,553   532,852
Genius Electronic Optical Co., Ltd.
     70,972   1,128,309
Getac Holdings Corp.
     241,000   418,468
Gigabyte Technology Co., Ltd. (b)
     440,000   1,996,405
Gigasolar Materials Corp.
     24,675   159,324
Gigastorage Corp. (a)
     136,446   122,152
Ginko International Co., Ltd.
     23,000   223,165
Global Brands Manufacture, Ltd. (a)
     144,608   172,107
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Global Lighting Technologies, Inc.
     30,000   $ 70,677
Global Mixed Mode Technology, Inc.
     36,860   306,186
Global PMX Co., Ltd.
     53,412   278,697
Global Unichip Corp.
     79,669   1,404,214
Gloria Material Technology Corp. (b)
     253,909   224,208
Gold Circuit Electronics, Ltd.
     236,904   702,820
Golden Biotechnology Corp. (a)
     86,711   484,225
Goldsun Building Materials Co., Ltd.
     1,216,044   1,262,667
Gongwin Biopharm Holdings Co., Ltd. (a)
     39,130   340,748
Gourmet Master Co., Ltd.
     39,000   127,407
Grand Pacific Petrochemical (b)
     826,000   787,037
Grand Plastic Technology Corp.
     11,181   130,145
Grape King Bio, Ltd.
     87,000   444,846
Great Wall Enterprise Co., Ltd.
     554,623   1,047,244
Greatek Electronics, Inc.
     159,474   412,997
Gudeng Precision Industrial Co., Ltd.
     38,175   315,777
Hai Kwang Enterprise Corp. (b)
     71,529   85,006
Hannstar Board Corp.
     208,674   308,078
HannStar Display Corp. (b)
     2,017,599   1,087,968
HannsTouch Solution, Inc.
     247,987   118,577
Harvatek Corp. (b)
     97,969   83,090
Hey Song Corp.
     79,000   97,883
Hiwin Mikrosystem Corp.
     46,000   170,986
Hiyes International Co., Ltd.
     29,688   104,654
Ho Tung Chemical Corp.
     1,254,351   457,497
Holtek Semiconductor, Inc.
     91,648   382,247
Holy Stone Enterprise Co., Ltd.
     99,000   414,638
Hong TAI Electric Industrial
     133,559   149,867
Hong YI Fiber Industry Co. (b)
     117,985   101,301
Horizon Securities Co., Ltd.
     144,757   80,585
Hota Industrial Manufacturing Co., Ltd. (b)
     88,106   250,620
Hotai Finance Co., Ltd.
     63,261   261,642
Hsin Kuang Steel Co., Ltd. (b)
     148,000   350,223
Hsin Yung Chien Co., Ltd.
     26,547   119,525
HTC Corp. (a)(b)
     472,515   976,315
Hu Lane Associate, Inc.
     48,527   209,172
HUA ENG Wire & Cable Co., Ltd.
     246,429   194,381
Huaku Development Co., Ltd.
     155,260   488,786
Huang Hsiang Construction Corp.
     144,000   274,918
Hung Ching Development & Construction Co., Ltd.
     120,644   126,322
Ibase Technology, Inc.
     341,817   563,104
IBF Financial Holdings Co., Ltd.
     2,314,489   1,353,077
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Ichia Technologies, Inc.
     186,709   $ 103,613
I-Chiun Precision Industry Co., Ltd. (a)(b)
     102,429   168,025
Innodisk Corp.
     43,205   324,209
Inpaq Technology Co., Ltd. (a)(b)
     63,370   133,811
Insyde Software Corp.
     37,099   143,079
Intai Technology Corp.
     24,000   67,850
Integrated Service Technology, Inc.
     56,083   104,135
International CSRC Investment Holdings Co. (b)
     803,767   785,490
International Games System Co., Ltd.
     38,000   1,015,933
Iron Force Industrial Co., Ltd.
     14,000   33,031
ITE Technology, Inc.
     258,992   1,012,411
ITEQ Corp. (b)
     148,640   622,543
Jarllytec Co., Ltd.
     30,000   77,064
Jentech Precision Industrial Co., Ltd.
     44,339   634,487
Jess-Link Products Co., Ltd.
     81,000   121,706
Jih Lin Technology Co., Ltd.
     29,885   108,477
Jih Sun Financial Holdings Co., Ltd.
     112,000   48,472
Jiin Yeeh Ding Enterprise Co., Ltd. (b)
     71,810   89,852
JMicron Technology Corp. (a)
     31,797   198,651
Johnson Health Tech Co., Ltd. (b)
     91,121   173,328
K Laser Technology, Inc.
     127,885   104,668
Kaimei Electronic Corp. (b)
     67,438   196,537
KEE TAI Properties Co., Ltd. (b)
     784,076   351,653
Kenda Rubber Industrial Co., Ltd. (b)
     686,579   769,216
Kenmec Mechanical Engineering Co., Ltd. (a)(b)
     158,313   143,938
Kerry TJ Logistics Co., Ltd. (b)
     205,000   313,387
Keystone Microtech Corp.
     15,586   153,132
Kindom Development Co., Ltd.
     191,327   241,066
King Slide Works Co., Ltd.
     56,000   854,126
King Yuan Electronics Co., Ltd.
     962,656   1,439,709
King's Town Bank Co., Ltd.
     748,000   1,052,105
Kinik Co.
     75,869   336,295
Kinko Optical Co., Ltd. (a)(b)
     140,338   146,943
Kinpo Electronics (b)
     1,484,371   878,142
KMC Kuei Meng International, Inc.
     43,220   283,593
KNH Enterprise Co., Ltd.
     59,000   53,540
KS Terminals, Inc.
     66,712   199,543
Kung Sing Engineering Corp.
     322,724   93,377
Kuo Toong International Co., Ltd.
     199,917   152,808
Kuo Yang Construction Co., Ltd. (b)
     330,662   267,170
L&K Engineering Co., Ltd.
     63,000   70,143
Land Mark Optoelectronics Corp.
     43,526   278,765
See accompanying notes to financial statements.
138

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Leadtrend Technology Corp. (b)
     22,033   $ 108,813
Lealea Enterprise Co., Ltd. (a)
     176,000   68,492
Leatec Fine Ceramics Co., Ltd. (a)
     99,389   88,977
LEE CHI Enterprises Co., Ltd. (b)
     116,648   97,914
Lelon Electronics Corp.
     45,818   104,105
Li Peng Enterprise Co., Ltd. (a)
     547,985   177,297
Lian HWA Food Corp.
     39,698   113,061
Lin BioScience, Inc. (a)
     44,442   397,087
Lingsen Precision Industries, Ltd. (a)(b)
     799,694   682,426
Lion Travel Service Co., Ltd. (a)
     33,542   114,025
Liton Technology Corp.
     52,551   79,785
Long Da Construction & Development Corp.
     140,846   123,387
Longchen Paper & Packaging Co., Ltd. (b)
     293,663   219,339
Longwell Co. (b)
     203,000   371,262
Lotes Co., Ltd.
     75,418   1,845,209
Lotus Pharmaceutical Co., Ltd. (b)
     72,905   344,786
Lumax International Corp., Ltd.
     147,322   384,611
Lumosa Therapeutics Co., Ltd. (a)
     35,000   42,877
Lung Yen Life Service Corp.
     31,000   47,931
M31 Technology Corp.
     10,299   122,216
Macauto Industrial Co., Ltd.
     43,114   110,601
Machvision, Inc.
     6,915   52,373
Macroblock, Inc.
     21,381   119,399
Makalot Industrial Co., Ltd. (b)
     129,472   928,625
Marketech International Corp.
     42,750   231,271
Materials Analysis Technology, Inc.
     20,053   101,135
Mayer Steel Pipe Corp.
     84,796   95,742
Mechema Chemicals International Corp.
     37,803   199,231
Medigen Biotechnology Corp. (a)
     88,000   160,634
Mercuries & Associates Holding, Ltd.
     546,505   405,327
Mercuries Life Insurance Co., Ltd. (a)
     793,895   232,753
Merry Electronics Co., Ltd.
     92,640   276,450
Microbio Co., Ltd. (a)
     258,674   551,628
Microelectronics Technology, Inc. (a)
     105,145   253,216
MIN AIK Technology Co., Ltd. (a)
     122,736   98,526
Mirle Automation Corp.
     285,331   407,310
Mitac Holdings Corp. (b)
     1,028,544   1,060,799
MOSA Industrial Corp.
     108,800   135,756
Mosel Vitelic, Inc.
     61,289   92,517
Motech Industries, Inc.
     189,982   220,805
MPI Corp. (b)
     44,095   156,979
MSSCORPS Co., Ltd.
     8,158   50,540
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Mycenax Biotech, Inc. (a)
     108,106   $ 152,812
Nak Sealing Technologies Corp.
     43,102   134,038
Namchow Holdings Co., Ltd.
     64,215   109,149
Nan Kang Rubber Tire Co., Ltd. (b)
     482,204   713,591
Nan Liu Enterprise Co., Ltd.
     17,000   58,978
Nantex Industry Co., Ltd. (b)
     252,504   577,248
Netronix, Inc.
     58,228   105,272
Nichidenbo Corp.
     86,000   164,487
Nidec Chaun-Choung Technology Corp.
     34,000   148,334
Nuvoton Technology Corp. (b)
     107,810   718,696
O-Bank Co., Ltd.
     1,051,970   376,340
OBI Pharma, Inc. (a)
     86,580   335,423
Optimax Technology Corp. (a)(b)
     156,656   140,792
OptoTech Corp. (b)
     263,900   472,508
Orient Semiconductor Electronics, Ltd. (a)(b)
     357,704   280,280
Oriental Union Chemical Corp. (a)(b)
     688,500   547,888
O-TA Precision Industry Co., Ltd.
     34,105   169,028
Pan Jit International, Inc. (b)
     214,000   761,845
Pan-International Industrial Corp.
     485,539   680,397
Panion & BF Biotech, Inc.
     56,785   213,056
PChome Online, Inc.
     59,394   189,056
Pegavision Corp.
     19,882   351,126
PharmaEngine, Inc.
     20,000   62,545
Pharmally International Holding Co., Ltd. (a)(e)
     38,461   —
Phihong Technology Co., Ltd. (a)(b)
     174,099   284,377
Phoenix Silicon International Corp. (b)
     62,242   127,953
Phytohealth Corp. (a)
     399,493   283,047
Pixart Imaging, Inc.
     105,060   515,189
Polaris Group/Tw (a)
     234,853   983,626
Polytronics Technology Corp. (b)
     35,266   128,009
Poya International Co., Ltd.
     47,689   647,471
President Securities Corp. (b)
     1,378,604   1,106,675
Primax Electronics, Ltd. (b)
     393,000   714,633
Prince Housing & Development Corp.
     1,454,996   667,790
Princeton Technology Corp. (a)(b)
     92,988   116,026
Pro Hawk Corp.
     8,000   50,259
Promate Electronic Co., Ltd. (b)
     346,000   553,088
Prosperity Dielectrics Co., Ltd. (b)
     68,000   131,721
Quanta Storage, Inc.
     42,000   64,499
Quintain Steel Co., Ltd.
     117,473   79,336
Radiant Opto-Electronics Corp.
     369,331   1,334,163
Radium Life Tech Co., Ltd.
     343,981   125,459
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Rafael Microelectronics, Inc.
     8,000   $ 55,145
Raydium Semiconductor Corp.
     33,349   593,616
RDC Semiconductor Co., Ltd. (a)(b)
     38,737   507,678
Rexon Industrial Corp., Ltd. (b)
     112,000   176,689
Rich Development Co., Ltd.
     162,000   52,527
RichWave Technology Corp.
     49,149   325,927
Ritek Corp. (a)
     389,693   124,586
Roo Hsing Co., Ltd. (a)
     34,000   7,286
Ruentex Engineering & Construction Co.
     39,526   200,724
Sampo Corp.
     675,221   761,204
Sanyang Motor Co., Ltd. (b)
     789,945   794,039
Savior Lifetec Corp. (a)
     76,500   48,594
SCI Pharmtech, Inc.
     35,218   102,145
Scientech Corp.
     40,639   126,662
SciVision Biotech, Inc.
     11,000   16,298
SDI Corp. (b)
     99,570   569,935
Sea Sonic Electronics Co., Ltd.
     29,592   63,932
Senhwa Biosciences, Inc. (a)
     46,000   125,871
Sensortek Technology Corp.
     14,000   214,265
Sercomm Corp.
     229,000   632,215
Sesoda Corp.
     95,914   186,127
Sheng Yu Steel Co., Ltd.
     66,906   79,512
ShenMao Technology, Inc. (b)
     57,853   153,257
Shih Wei Navigation Co., Ltd. (a)(b)
     89,876   136,297
Shihlin Paper Corp. (a)
     139,558   295,175
Shin Foong Specialty & Applied Materials Co., Ltd.
     36,188   164,827
Shin Zu Shing Co., Ltd.
     123,464   358,091
Shinfox Energy Co., Ltd.
     21,265   73,477
Shining Building Business Co., Ltd. (a)
     251,127   96,414
Shinkong Insurance Co., Ltd.
     357,841   685,670
Shinkong Synthetic Fibers Corp.
     1,844,796   1,348,916
Shiny Chemical Industrial Co., Ltd.
     44,614   348,796
Shun On Electronic Co., Ltd. (a)
     58,030   77,774
Shuttle, Inc. (a)
     87,000   42,511
Sigurd Microelectronics Corp. (b)
     649,144   1,350,330
Silicon Integrated Systems Corp. (b)
     803,793   676,105
Silicon Optronics, Inc.
     12,000   42,511
Sinbon Electronics Co., Ltd. (b)
     209,444   1,900,614
Sincere Navigation Corp. (b)
     203,709   198,366
Sinmag Equipment Corp.
     37,271   139,190
Sinon Corp.
     739,662   871,284
Sinphar Pharmaceutical Co., Ltd. (a)
     259,879   256,237
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sinyi Realty, Inc.
     635,828   $ 819,987
Sirtec International Co., Ltd.
     54,000   49,191
Sitronix Technology Corp. (b)
     69,000   699,597
Softstar Entertainment, Inc.
     45,504   150,878
Soft-World International Corp.
     103,848   330,919
Solar Applied Materials Technology Corp. (b)
     310,736   554,198
Sonix Technology Co., Ltd. (b)
     67,123   210,847
Speed Tech Corp.
     32,000   65,560
Sporton International, Inc.
     49,685   326,881
St Shine Optical Co., Ltd.
     37,000   371,272
Standard Foods Corp.
     246,000   426,721
Sunny Friend Environmental Technology Co., Ltd.
     37,447   268,585
Sunonwealth Electric Machine Industry Co., Ltd.
     77,000   115,696
Sunplus Technology Co., Ltd. (b)
     260,747   335,359
Sunspring Metal Corp.
     132,380   124,981
Superalloy Industrial Co., Ltd.
     173,812   391,284
Supreme Electronics Co., Ltd.
     66,679   121,017
Swancor Holding Co., Ltd.
     25,000   92,927
Symtek Automation Asia Co., Ltd.
     23,746   101,112
Syncmold Enterprise Corp.
     48,932   122,964
SyneuRx International Taiwan Corp. (a)
     35,751   82,978
Sysgration (a)
     126,760   188,913
Systex Corp.
     281,000   793,428
T3EX Global Holdings Corp. (b)
     49,518   211,715
Ta Liang Technology Co., Ltd.
     42,008   101,166
Ta Ya Electric Wire & Cable (b)
     373,481   374,765
Taichung Commercial Bank Co., Ltd.
     2,549,132   1,347,900
TaiDoc Technology Corp.
     30,294   216,752
Taiflex Scientific Co., Ltd.
     310,699   489,068
Taigen Biopharmaceuticals Holdings, Ltd. (a)
     238,000   141,214
TaiMed Biologics, Inc. (a)
     80,000   176,186
Tainan Spinning Co., Ltd. (b)
     1,201,105   980,956
Tainergy Tech Co., Ltd. (a)
     105,569   109,432
TaiSol Electronics Co., Ltd.
     32,000   60,199
Taisun Enterprise Co., Ltd. (b)
     694,549   678,756
Taita Chemical Co., Ltd. (b)
     87,613   103,662
TAI-TECH Advanced Electronics Co., Ltd.
     40,474   169,516
Taiwan Chinsan Electronic Industrial Co., Ltd.
     18,000   27,109
Taiwan Cogeneration Corp.
     690,469   927,807
Taiwan Fertilizer Co., Ltd.
     474,000   1,212,649
Taiwan Fire & Marine Insurance Co., Ltd.
     69,000   49,971
Taiwan Hon Chuan Enterprise Co., Ltd.
     222,218   611,164
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Taiwan Hopax Chemicals Manufacturing Co., Ltd.
     82,148   $ 166,294
Taiwan Mask Corp. (b)
     93,778   317,159
Taiwan Navigation Co., Ltd. (b)
     84,000   106,131
Taiwan Paiho, Ltd.
     175,000   439,157
Taiwan PCB Techvest Co., Ltd.
     38,000   67,375
Taiwan Sakura Corp.
     62,283   144,124
Taiwan Secom Co., Ltd.
     277,961   1,057,458
Taiwan Semiconductor Co., Ltd.
     139,000   419,646
Taiwan Shin Kong Security Co., Ltd.
     90,470   125,988
Taiwan Styrene Monomer
     257,373   150,912
Taiwan Surface Mounting Technology Corp.
     238,308   981,461
Taiwan TEA Corp. (a)
     437,616   299,366
Taiwan Union Technology Corp.
     195,000   568,295
Taiyen Biotech Co., Ltd.
     343,979   411,192
Tanvex BioPharma, Inc. (a)
     102,636   198,455
TCI Co., Ltd. (b)
     55,672   369,184
Tehmag Foods Corp.
     5,000   49,212
Test Rite International Co., Ltd.
     435,896   333,941
Thermaltake Technology Co., Ltd.
     57,707   73,615
Thinking Electronic Industrial Co., Ltd.
     41,573   216,197
Thye Ming Industrial Co., Ltd.
     206,974   333,742
Tien Li Offshore Wind Technology Co., Ltd. (a)
     60,218   177,807
Ton Yi Industrial Corp.
     739,000   465,559
Tong Hsing Electronic Industries, Ltd.
     109,517   1,108,491
Tong Yang Industry Co., Ltd.
     347,872   390,349
Topco Scientific Co., Ltd.
     259,299   1,538,517
Topkey Corp.
     73,033   339,019
TPK Holding Co., Ltd.
     91,000   117,992
Transcend Information, Inc.
     149,484   388,168
Transcom, Inc.
     21,020   118,850
Tsann Kuen Enterprise Co., Ltd.
     64,425   90,168
TSC Auto ID Technology Co., Ltd.
     14,305   99,106
TSEC Corp. (a)(b)
     218,848   308,968
TSRC Corp.
     675,028   822,242
Ttet Union Corp.
     17,584   96,661
TTY Biopharm Co., Ltd.
     216,436   521,232
Tul Corp. (b)
     24,343   126,594
Tung Ho Steel Enterprise Corp.
     450,392   1,106,664
Tung Thih Electronic Co., Ltd. (b)
     46,475   244,934
TURVO International Co., Ltd.
     37,245   138,443
TXC Corp. (b)
     350,080   1,252,402
Tyntek Corp. (b)
     141,667   129,546
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
U-Ming Marine Transport Corp. (b)
     433,000   $ 893,157
Union Bank Of Taiwan (a)
     1,098,257   659,303
Unitech Printed Circuit Board Corp. (a)(b)
     382,880   237,868
United Integrated Services Co., Ltd.
     105,183   715,868
United Orthopedic Corp.
     90,000   92,351
United Renewable Energy Co., Ltd. (a)
     882,952   708,790
Unity Opto Technology Co., Ltd. (a)(e)
     771,307   —
Universal Cement Corp.
     66,000   49,181
Universal Microwave Technology, Inc.
     40,963   271,643
Universal Vision Biotechnology Co., Ltd.
     29,068   283,563
Unizyx Holding Corp. (a)(b)
     516,694   546,423
UPC Technology Corp. (b)
     992,632   635,736
UPI Semiconductor Corp. (a)
     25,069   555,601
Userjoy Technology Co., Ltd.
     30,891   89,272
USI Corp. (b)
     1,012,590   1,063,782
Utechzone Co., Ltd. (b)
     48,244   167,035
VIA Labs, Inc.
     18,650   277,294
Via Technologies, Inc.
     128,000   294,407
Viking Tech Corp.
     66,313   212,931
Visco Vision, Inc.
     10,193   72,575
Visual Photonics Epitaxy Co., Ltd. (b)
     181,371   718,483
Vizionfocus, Inc. (a)
     10,336   44,553
Wafer Works Corp. (b)
     440,536   1,059,384
Wah Lee Industrial Corp.
     64,620   246,964
Walton Advanced Engineering, Inc. (a)
     157,184   91,617
WEI Chih Steel Industrial Co., Ltd. (a)(b)
     83,980   122,373
Wei Chuan Foods Corp.
     491,899   368,261
Weikeng Industrial Co., Ltd.
     107,998   121,939
Weltrend Semiconductor (b)
     78,619   236,531
WinWay Technology Co., Ltd.
     12,000   186,378
Wistron NeWeb Corp.
     269,249   672,852
Wowprime Corp. (b)
     47,354   201,636
WT Microelectronics Co., Ltd. (b)
     299,090   827,804
WUS Printed Circuit Co., Ltd.
     174,187   188,465
XinTec, Inc. (b)
     100,000   455,474
Xxentria Technology Materials Corp.
     82,000   193,184
Yankey Engineering Co., Ltd.
     11,599   79,144
YC INOX Co., Ltd.
     195,770   239,831
Yem Chio Co., Ltd.
     230,629   124,364
Yieh United Steel Corp. (a)
     495,571   221,395
Young Optics, Inc. (a)
     59,000   161,649
Yulon Motor Co., Ltd.
     412,115   585,417
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
YungShin Global Holding Corp.
     37,000   $ 54,561
Yungtay Engineering Co., Ltd.
     26,000   58,622
Zeng Hsing Industrial Co., Ltd.
     21,662   105,469
Zenitron Corp.
     417,348   574,643
Zig Sheng Industrial Co., Ltd. (b)
     264,260   157,718
ZillTek Technology Corp.
     18,727   264,387
Zinwell Corp. (a)
     70,000   45,076
          195,941,681
THAILAND — 5.0%          
AAPICO Hitech PCL NVDR
     232,945   173,745
Absolute Clean Energy PCL (b)
     412,700   38,725
AEON Thana Sinsap Thailand PCL NVDR
     66,354   390,142
Amata Corp. PCL
     147,500   98,038
AP Thailand PCL NVDR
     1,478,423   489,102
Asia Plus Group Holdings PCL NVDR (b)
     1,555,555   160,936
Asia Sermkij Leasing PCL
     173,544   250,530
Asiasoft Corp. PCL NVDR (b)
     220,799   162,030
Bangchak Corp. PCL NVDR
     616,197   551,334
Bangkok Airways PCL NVDR (a)(b)
     1,009,059   309,546
Bangkok Aviation Fuel Services PCL NVDR (a)
     516,219   399,779
Bangkok Chain Hospital PCL NVDR
     928,834   575,458
Bangkok Commercial Asset Management PCL NVDR
     1,331,545   824,957
Bangkok Life Assurance PCL NVDR
     446,154   580,336
Banpu Power PCL NVDR (b)
     591,971   295,540
BCPG PCL
     410,800   148,259
BEC World PCL NVDR (a)
     256,700   129,701
Beyond Securities PC NVDR (a)(b)
     552,288   325,559
Cal-Comp Electronics Thailand PCL NVDR
     1,598,446   131,722
Central Plaza Hotel PCL NVDR (a)
     591,847   716,446
CH Karnchang PCL NVDR
     677,292   411,468
Chayo Group PCL NVDR (b)
     494,610   190,406
Chularat Hospital PCL NVDR
     8,402,900   975,495
CK Power PCL NVDR (b)
     2,083,448   325,832
CPN Retail Growth Leasehold REIT
     857,800   528,869
Dhipaya Group Holdings PCL NVDR (a)
     210,280   362,061
Dohome PCL NVDR (b)
     511,951   329,496
Dynasty Ceramic PCL NVDR (b)
     3,135,761   281,040
Eastern Polymer Group PCL NVDR
     712,148   203,471
Eastern Water Resources Development and Management PCL NVDR
     801,734   176,020
Esso Thailand PCL NVDR (a)(b)
     179,000   42,798
Exotic Food PCL NVDR
     164,778   85,239
See accompanying notes to financial statements.
145

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Forth Corp. PCL NVDR
     369,668   $ 350,212
Forth Smart Service PCL
     491,872   226,335
Frasers Property Thailand Industrial Freehold & Leasehold REIT
     354,370   125,761
Gunkul Engineering PCL NVDR
     5,723,304   1,049,990
Hana Microelectronics PCL NVDR
     437,167   640,959
Ichitan Group PCL NVDR
     780,180   274,529
IMPACT Growth Real Estate Investment Trust
     334,500   172,029
Inter Far East Energy Corp. NVDR (a)(e)
     283,900   —
International Engineering PCL (a)(e)
     63,855,934   —
Italian-Thai Development PCL NVDR (a)
     2,692,059   168,405
Jay Mart PCL
     168,210   299,743
JMT Network Services PCL NVDR
     552,109   1,278,568
JWD Infologistics PCL NVDR
     433,572   236,020
KGI Securities Thailand PCL NVDR
     1,013,246   204,173
Khon Kaen Sugar Industry PCL
     424,800   47,782
Kiatnakin Phatra Bank PCL NVDR
     417,204   865,777
Lotus's Retail Growth Freehold & Leasehold Property Fund
     1,616,700   690,440
Major Cineplex Group PCL NVDR (b)
     756,221   454,870
MC Group PCL NVDR
     241,400   65,704
MCS Steel PCL NVDR
     339,784   140,001
Mega Lifesciences PCL
     181,200   247,958
MK Restaurants Group PCL NVDR
     305,706   494,186
Nex Point Parts PCL NVDR (a)(b)
     525,111   300,063
Next Capital PCL NVDR (a)
     317,671   97,451
Noble Development PCL NVDR
     852,847   129,530
Northeast Rubber PCL
     462,496   99,454
NR Instant Produce PCL NVDR
     587,670   123,720
Origin Property PCL NVDR
     1,147,679   393,490
Plan B Media Pcl NVDR (a)
     1,049,100   249,260
Polyplex Thailand PCL (b)
     180,000   133,714
Precious Shipping PCL
     668,700   343,903
Prima Marine PCL NVDR (b)
     1,474,263   263,815
PTG Energy PCL NVDR
     384,100   155,950
R&B Food Supply PCL
     187,400   91,305
Rajthanee Hospital PCL NVDR
     160,211   154,188
Ratch Group PCL NVDR
     318,704   421,744
Ratchthani Leasing PCL NVDR
     2,362,565   295,587
Regional Container Lines PCL (b)
     186,652   244,191
Rojana Industrial Park PCL NVDR (b)
     779,754   148,915
RS PCL NVDR (a)(b)
     454,464   230,991
S Hotels & Resorts PCL NVDR (a)
     2,400,513   257,017
Sabuy Technology PCL NVDR (b)
     366,664   283,958
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Saksiam Leasing PCL NVDR
     1,083,847   $ 296,632
Sermsang Power Corp. Co., Ltd. NVDR
     359,651   124,391
Siam City Cement PCL NVDR
     67,273   310,569
Siamgas & Petrochemicals PCL NVDR
     903,483   334,221
Singer Thailand PCL
     27,100   44,012
Singer Thailand PCL NVDR (b)
     190,235   308,953
SiS Distribution Thailand PCL
     112,963   136,745
Somboon Advance Technology PCL NVDR
     351,789   220,066
SPCG PCL NVDR (b)
     539,505   280,705
Sri Trang Agro-Industry PCL NVDR
     888,532   701,473
Star Petroleum Refining PCL NVDR
     1,807,640   524,623
STARK Corp. PCL NVDR (a)(b)
     2,816,225   398,083
Stars Microelectronics Thailand PCL NVDR (a)
     569,840   82,605
Supalai PCL NVDR
     1,169,200   763,057
Super Energy Corp. PCL NVDR
     6,890,100   184,427
SVI PCL
     426,940   107,216
Synnex Thailand PCL
     214,673   171,093
Thai Vegetable Oil PCL NVDR
     510,300   479,605
Thaicom PCL NVDR (b)
     302,279   83,184
Thanachart Capital PCL NVDR
     90,000   116,391
Thonburi Healthcare Group PCL NVDR
     323,443   809,823
Thoresen Thai Agencies PCL (b)
     1,287,387   365,889
Tipco Asphalt PCL NVDR (b)
     802,663   400,728
TQM Corp. PCL NVDR
     222,732   267,948
TTW PCL NVDR
     1,264,676   422,193
United Paper PCL
     80,600   39,755
Vanachai Group PCL NVDR
     644,801   143,505
VGI PCL NVDR (b)
     5,023,765   770,562
Vibhavadi Medical Center PCL NVDR
     2,745,500   203,126
WHA Corp. PCL NVDR
     7,024,139   714,033
WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust Class F,
     613,723   204,882
WHA Utilities and Power PCL NVDR
     1,749,323   215,706
Workpoint Entertainment PCL NVDR (b)
     272,358   235,497
          33,577,466
TURKEY — 1.6%          
AG Anadolu Grubu Holding A/S
     33,596   83,923
Aksa Akrilik Kimya Sanayii A/S
     191,845   570,261
Aksa Enerji Uretim A/S (a)
     101,928   99,372
Alarko Holding A/S (b)
     152,917   249,792
Albaraka Turk Katilim Bankasi A/S (a)
     1,418,057   174,021
Alkim Alkali Kimya A/S
     88,391   141,616
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Anadolu Efes Biracilik Ve Malt Sanayii A/S
     202,347   $ 370,268
Bera Holding A/S (a)
     288,519   199,063
Borusan Yatirim ve Pazarlama A/S (b)
     3,391   86,903
Brisa Bridgestone Sabanci Sanayi ve Ticaret A/S
     54,107   106,239
Cemas Dokum Sanayi A/S (a)
     1   —
Cimsa Cimento Sanayi VE Ticaret A/S
     53,359   123,978
Deva Holding A/S
     50,201   109,590
D-MARKET Elektronik Hizmetler ve Ticaret A/S (a)
     38,400   87,168
Dogan Sirketler Grubu Holding A/S
     788,142   177,856
Dogus Otomotiv Servis ve Ticaret A/S
     32,383   135,998
EGE Endustri VE Ticaret A/S
     1,196   150,579
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S
     297,446   193,258
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT
     708,665   113,539
Enerjisa Enerji AS (c)
     256,245   283,887
Erbosan Erciyas Boru Sanayii ve Ticaret A/S
     7,809   60,107
Hektas Ticaret TAS (a)(b)
     251,762   304,667
Ihlas Gayrimenkul Proje Gelistirme Ve Ticaret A/S (a)
     —   —
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret A/S
     133,525   79,108
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim A/S (a)
     124,379   142,545
Is Gayrimenkul Yatirim Ortakligi A/S REIT (a)
     753,260   576,715
Is Yatirim Menkul Degerler A/S Class A
     98,686   129,650
Isbir Holding A/S
     16,583   58,790
Izmir Demir Celik Sanayi A/S (a)
     284,643   42,693
Jantsa Jant Sanayi Ve Ticaret A/S
     15,321   66,850
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a)
     917,409   956,954
Karsan Otomotiv Sanayii Ve Ticaret A/S (a)(b)
     130,121   48,792
Kartonsan Karton Sanayi ve Ticaret A/S
     17,030   65,309
Kerevitas Gida Sanayi ve Ticaret A/S (a)
     283,472   80,397
Kordsa Teknik Tekstil A/S (a)
     63,983   155,642
Koza Altin Isletmeleri A/S (a)(b)
     52,645   514,328
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
     180,383   318,024
Logo Yazilim Sanayi Ve Ticaret A/S
     63,945   199,058
Mavi Giyim Sanayi Ve Ticaret A/S Class B (c)
     39,115   204,805
Migros Ticaret A/S (a)
     26,996   84,074
MLP Saglik Hizmetleri A/S (a)(c)
     132,580   273,878
Nuh Cimento Sanayi A/S
     31,006   97,239
ODAS Elektrik Uretim ve Sanayi Ticaret A/S (a)
     490,907   56,562
Otokar Otomotiv Ve Savunma Sanayi A/S
     5,487   159,772
Pegasus Hava Tasimaciligi A/S (a)
     14,439   106,020
Petkim Petrokimya Holding A/S (a)(b)
     882,993   543,602
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S
     218,761   289,340
See accompanying notes to financial statements.
148

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sekerbank Turk A/S (a)(b)
     935,874   $ 64,443
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.
     145,431   120,269
Sinpas Gayrimenkul Yatirim Ortakligi A/S REIT (a)
     182,344   87,021
Sok Marketler Ticaret A/S (b)
     194,597   165,705
Tat Gida Sanayi A/S
     118,562   96,513
TAV Havalimanlari Holding A/S (a)
     71,414   198,257
Turk Traktor ve Ziraat Makineleri A/S
     20,661   327,500
Ulker Biskuvi Sanayi A/S
     36,718   38,376
Vakif Gayrimenkul Yatirim Ortakligi A/S REIT (a)
     405,659   52,824
Vestel Beyaz Esya Sanayi ve Ticaret A/S
     265,410   143,673
Yeni Gimat Gayrimenkul Ortakligi A/S
     45,799   71,004
Ziraat Gayrimenkul Yatirim Ortakligi A/S (a)
     283,927   56,136
          10,493,953
UNITED ARAB EMIRATES — 0.7%          
Agthia Group PJSC
     137,940   171,249
Air Arabia PJSC
     2,278,681   998,809
Al Waha Capital PJSC
     437,855   196,693
AL Yah Satellite Communications Co-PJSC-Yah Sat (a)
     200,000   152,462
Amanat Holdings PJSC (a)
     1,247,048   397,230
Arabtec Holding PJSC (a)(e)
     483,581   —
Dana Gas PJSC
     2,994,003   961,850
Deyaar Development PJSC (a)
     4,146,978   521,611
Manazel PJSC (a)
     2,177,307   279,199
RAK Properties PJSC (a)
     973,431   202,740
Ras Al Khaimah Ceramics
     344,425   256,932
SHUAA Capital PSC
     1,011,854   169,972
Union Properties PJSC (a)
     2,754,315   190,467
          4,499,214
UNITED STATES — 0.2%          
CBAK Energy Technology, Inc. (a)(b)
     50,259   64,331
Huisen Household International Group, Ltd. (b)
     766,357   80,243
IBEX Holdings, Ltd. (a)(b)
     3,200   51,008
Ideanomics, Inc. (a)(b)
     293,901   329,169
Newegg Commerce, Inc. (a)(b)
     8,500   53,720
Seanergy Maritime Holdings Corp. (b)
     74,300   84,702
Titan Cement International SA (a)
     25,509   380,327
          1,043,500
TOTAL COMMON STOCKS

(Cost $602,925,458)
         666,283,953
    
See accompanying notes to financial statements.
149

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
RIGHTS — 0.0% (d)        
KUWAIT — 0.0% (d)          
National Industries Group (expiring 04/21/22) (a)
     387,973   $ 36,205
QATAR — 0.0% (d)          
Qatar First Investment Bank LLC (expiring 04/19/22) (a)
     378,798   28,292
TOTAL RIGHTS

(Cost $0)
         64,497
WARRANTS — 0.0% (d)        
BRAZIL — 0.0% (d)          
Marisa Lojas SA (expiring 11/15/22) (a)
     47,709   3,615
MALAYSIA — 0.0% (d)          
Comfort Gloves Bhd (expiring 06/26/26) (a)
     55,650   2,184
Frontken Corp. Bhd (expiring 05/03/26) (a)
     147,100   12,769
GDEX Bhd, (expiring 01/04/28) (a)
     72,250   1,117
Hong Seng Consolidated Bhd (expiring 10/03/24) (a)
     238,695   14,192
JAKS Resources Bhd, (expiring 11/18/25) (a)
     173,600   6,399
Scientex Bhd (expiring 01/14/26) (a)
     41,040   11,224
Serba Dinamik Holdings Bhd, (expiring 12/5/24) (a)
     127,260   2,119
SKP Resources Bhd (expiring 04/25/26) (a)
     57,360   1,910
          51,914
THAILAND — 0.0% (d)          
Erawan Group PCL (expiring 06/14/24) (a)
     105,286   2,786
Jay Mart PCL (expiring 07/26/25) (a)
     5,196   2,688
MBK PCL (expiring 05/15/24) (a)
     10,723   3,225
Noble Development PCL (expiring 01/12/24) (a)
     52,050   1,096
RS PCL (expiring 05/23/24) (a)
     36,080   3,017
VGI PCL W3 (expiring 03/31/27) (a)
     1,159,330   —
          12,812
TOTAL WARRANTS

(Cost $952)
         68,341
SHORT-TERM INVESTMENTS — 2.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (f)(g)
   1,518,605   1,518,453
See accompanying notes to financial statements.
150

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (h)(i)
   14,020,872   $ 14,020,872
TOTAL SHORT-TERM INVESTMENTS

(Cost $15,539,044)
   15,539,325  
TOTAL INVESTMENTS — 102.0%

(Cost $618,465,454)
   681,956,116  
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%
  (13,525,829)  
NET ASSETS — 100.0%
  $ 668,430,287  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.2% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) Amount is less than 0.05% of net assets.
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2022, total aggregate fair value of the securities is $37,112, representing less than 0.05% of the Fund's net assets.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at March 31, 2022.
(h) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(i) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
GDR Global Depositary Receipt
NVDR Non-Voting Depositary Receipt
REIT Real Estate Investment Trust
At March 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
Mini MSCI Emerging Markets (long)   43   06/17/2022   $2,313,836   $2,419,825   $105,989
During the period ended March 31, 2022, average notional value related to futures contracts was $2,020,051.
See accompanying notes to financial statements.
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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $661,764,323   $4,482,518   $37,112   $666,283,953
Rights
   —   64,497   —   64,497
Warrants
   66,222   2,119   —   68,341
Short-Term Investments
   15,539,325   —   —   15,539,325
TOTAL INVESTMENTS
   $677,369,870   $4,549,134   $37,112   $ 681,956,116
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   105,989   —   —   105,989
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 105,989   $ —   $ —   $ 105,989
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Information Technology 19.4%
  Industrials 13.9
  Materials 13.2
  Consumer Discretionary 12.4
  Financials 9.9
  Real Estate 7.9
  Health Care 6.8
  Consumer Staples 5.9
  Communication Services 4.1
  Utilities 3.3
  Energy 2.9
  Short-Term Investments 2.3
  Liabilities in Excess of Other Assets (2.0)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
152

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SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 1,770,647   $ 1,771,001   $31,525,564   $31,778,023   $(370)   $281   1,518,605   $ 1,518,453   $ —
State Street Navigator Securities Lending Portfolio II
 12,917,963   12,917,963   33,585,932   32,483,023   —   —   14,020,872   14,020,872   184,645
Total
     $14,688,964   $ 65,111,496   $64,261,046   $(370)   $281       $15,539,325   $184,645
See accompanying notes to financial statements.
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SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.2%        
AUSTRALIA — 1.9%          
APA Group Stapled Security
     1,490,592   $ 11,943,568
BELGIUM — 1.1%          
Groupe Bruxelles Lambert SA
     63,889   6,690,625
CANADA — 17.0%          
Algonquin Power & Utilities Corp. (a)
     710,562   11,030,621
Allied Properties Real Estate Investment Trust
     114,298   4,267,016
BCE, Inc. (a)
     260,492   14,452,660
Canadian Utilities, Ltd. Class A (a)
     254,235   7,799,756
Capital Power Corp.
     135,255   4,408,335
Fortis, Inc.
     156,353   7,739,727
National Bank of Canada
     95,186   7,302,890
Rogers Communications, Inc. Class B
     157,873   8,943,672
Royal Bank of Canada
     67,468   7,434,687
Sun Life Financial, Inc.
     139,255   7,781,913
TC Energy Corp. (a)
     265,066   14,963,215
TELUS Corp.
     466,204   12,190,243
          108,314,735
CHINA — 6.6%          
Agricultural Bank of China, Ltd. Class H
     18,079,000   6,948,667
CGN Power Co., Ltd. Class H (b)
     12,494,000   3,270,513
China CITIC Bank Corp., Ltd. Class H
     11,733,000   5,947,852
China Construction Bank Corp. Class H
     7,766,000   5,840,813
China Resources Land, Ltd.
     760,000   3,542,151
China Vanke Co., Ltd. Class H
     2,620,500   5,936,061
Guangdong Investment, Ltd.
     2,872,000   3,931,333
Industrial & Commercial Bank of China, Ltd. Class H
     10,176,000   6,250,040
          41,667,430
FRANCE — 3.8%          
Danone SA
     146,275   8,142,529
Gecina SA REIT
     58,171   7,397,951
Sanofi
     85,613   8,812,255
          24,352,735
GERMANY — 6.6%          
Grand City Properties SA
     245,345   4,946,455
Henkel AG & Co. KGaA
     66,612   4,443,246
LEG Immobilien SE
     63,017   7,239,465
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     28,964   7,831,113
RWE AG
     119,053   5,236,316
See accompanying notes to financial statements.
154

Table of Contents
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
TAG Immobilien AG
     232,522   $ 5,316,607
Vonovia SE
     143,665   6,763,207
          41,776,409
HONG KONG — 1.8%          
CLP Holdings, Ltd.
     869,500   8,476,942
HKT Trust & HKT, Ltd. Stapled Security
     2,264,000   3,110,637
          11,587,579
ITALY — 4.3%          
Enel SpA
     1,517,960   10,248,601
Italgas SpA
     820,749   5,318,515
Terna - Rete Elettrica Nazionale (a)
     1,117,280   9,679,103
UnipolSai Assicurazioni SpA (a)
     773,502   2,311,672
          27,557,891
JAPAN — 11.4%          
Advance Residence Investment Corp. REIT
     1,416   4,019,048
AEON REIT Investment Corp.
     2,588   3,219,675
Chugoku Electric Power Co., Inc. (a)
     746,500   5,209,355
Daiwa House REIT Investment Corp.
     2,371   6,407,316
Daiwa Securities Living Investments Corp. REIT
     2,284   2,165,919
Japan Logistics Fund, Inc. REIT
     772   2,019,444
Japan Real Estate Investment Corp. REIT
     1,323   6,965,166
Kenedix Office Investment Corp. REIT
     924   5,564,935
Mori Hills REIT Investment Corp.
     2,046   2,547,070
MS&AD Insurance Group Holdings, Inc.
     313,600   10,278,070
NH Foods, Ltd.
     143,500   4,906,488
Nippon Accommodations Fund, Inc. REIT
     597   3,147,930
Nippon Building Fund, Inc. REIT
     1,220   6,955,633
Sekisui House REIT, Inc.
     5,776   3,840,356
Toyota Motor Corp.
     300,600   5,504,293
          72,750,698
MEXICO — 0.4%          
Kimberly-Clark de Mexico SAB de CV Class A
     1,751,334   2,457,242
NETHERLANDS — 3.4%          
Koninklijke KPN NV (a)
     3,546,154   12,401,113
Koninklijke Vopak NV
     289,050   9,445,731
          21,846,844
NEW ZEALAND — 0.6%          
Spark New Zealand, Ltd.
     1,248,166   3,976,182
See accompanying notes to financial statements.
155

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SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
NORWAY — 2.7%          
Orkla ASA
     738,604   $ 6,619,054
Telenor ASA
     744,889   10,797,653
          17,416,707
QATAR — 0.5%          
Masraf Al Rayan QSC
     2,319,254   3,292,522
RUSSIA — 0.0%          
Inter RAO UES PJSC (c)(d)
     71,668,770   —
SINGAPORE — 1.2%          
Singapore Technologies Engineering, Ltd.
     2,488,800   7,576,648
SOUTH AFRICA — 1.7%          
SPAR Group, Ltd.
     401,695   4,665,297
Vodacom Group, Ltd.
     539,109   5,902,990
          10,568,287
SOUTH KOREA — 0.3%          
Samsung Card Co., Ltd.
     80,824   2,153,884
SPAIN — 4.7%          
Endesa SA
     797,263   17,541,906
Red Electrica Corp. SA
     607,817   12,585,715
          30,127,621
SWEDEN — 1.9%          
Castellum AB (a)
     349,658   8,753,268
Wihlborgs Fastigheter AB
     152,400   3,226,444
          11,979,712
SWITZERLAND — 13.1%          
Allreal Holding AG
     10,526   2,267,050
Baloise Holding AG
     46,828   8,401,307
Banque Cantonale Vaudoise
     58,412   5,090,619
BKW AG
     31,868   4,017,048
Cembra Money Bank AG
     51,201   3,783,394
Nestle SA
     46,587   6,085,039
Novartis AG
     112,239   9,909,719
PSP Swiss Property AG
     42,992   5,680,877
Roche Holding AG
     17,162   6,834,029
SGS SA
     2,791   7,812,677
Swisscom AG (a)
     18,945   11,425,672
Zurich Insurance Group AG (d)
     24,735   12,278,129
          83,585,560
See accompanying notes to financial statements.
156

Table of Contents
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
TAIWAN — 4.8%          
CTBC Financial Holding Co., Ltd.
     3,472,000   $ 3,562,704
E.Sun Financial Holding Co., Ltd.
     1,719,479   1,983,449
First Financial Holding Co., Ltd.
     3,547,450   3,522,502
Hua Nan Financial Holdings Co., Ltd.
     1,360,898   1,156,584
Mega Financial Holding Co., Ltd.
     2,914,000   4,363,143
Taishin Financial Holding Co., Ltd.
     3,463,983   2,478,462
Taiwan Cooperative Financial Holding Co., Ltd.
     2,997,820   3,091,830
Tripod Technology Corp.
     436,000   2,039,125
Wistron Corp.
     3,720,000   3,862,625
Zhen Ding Technology Holding, Ltd.
     1,274,000   4,780,029
          30,840,453
THAILAND — 0.4%          
Ratch Group PCL NVDR (a)
     1,757,900   2,326,244
TURKEY — 0.4%          
Haci Omer Sabanci Holding A/S
     1,842,033   2,203,997
UNITED KINGDOM — 6.7%          
National Grid PLC
     690,031   10,651,602
Severn Trent PLC
     200,935   8,143,193
Tate & Lyle PLC
     592,143   5,708,563
Unilever PLC
     197,881   9,001,661
United Utilities Group PLC
     619,419   9,170,953
          42,675,972
UNITED STATES — 1.9%          
GlaxoSmithKline PLC
     569,915   12,360,241
TOTAL COMMON STOCKS

(Cost $598,459,932)
         632,029,786
       
SHORT-TERM INVESTMENTS — 2.2%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (e)(f)
 614,585 614,524
State Street Navigator Securities Lending Portfolio II (g)(h)
 13,222,205 13,222,205
TOTAL SHORT-TERM INVESTMENTS

(Cost $13,836,667)
 13,836,729
TOTAL INVESTMENTS — 101.4%

(Cost $612,296,599)
 645,866,515
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%
(9,033,684)
NET ASSETS — 100.0%
$ 636,832,831
    
See accompanying notes to financial statements.
157

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SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
(a) All or a portion of the shares of the security are on loan at March 31, 2022.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2022, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(d) Non-income producing security.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at March 31, 2022.
(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(h) Investment of cash collateral for securities loaned.
NVDR Non-Voting Depositary Receipt
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $632,029,786   $—   $ 0(a)   $632,029,786
Short-Term Investments
   13,836,729   —   —   13,836,729
TOTAL INVESTMENTS
   $645,866,515   $—   $ 0   $645,866,515
(a) The Fund held Level 3 securities that were valued at $0 at March 31, 2022.
See accompanying notes to financial statements.
158

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SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Utilities 24.9%
  Financials 20.7
  Real Estate 17.6
  Communication Services 13.1
  Consumer Staples 8.2
  Health Care 5.9
  Energy 3.8
  Industrials 2.4
  Information Technology 1.7
  Consumer Discretionary 0.9
  Short-Term Investments 2.2
  Liabilities in Excess of Other Assets (1.4)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
Affiliate Table
  Number of
Shares Held
at 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 1,933,382   $ 1,933,769   $ 14,803,987   $ 16,123,170   $(124)   $62   614,585   $ 614,524   $ —
State Street Navigator Securities Lending Portfolio II
 19,281,843   19,281,843   121,692,292   127,751,930   —   —   13,222,205   13,222,205   72,976
Total
     $21,215,612   $136,496,279   $143,875,100   $(124)   $62       $13,836,729   $72,976
See accompanying notes to financial statements.
159

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2022 (Unaudited)
  SPDR Bloomberg SASB Emerging Markets ESG Select ETF   SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
ASSETS      
Investments in unaffiliated issuers, at value
 $27,135,223   $ 27,119,005
Investments in affiliated issuers, at value
 22,989   —
Total Investments
 27,158,212   27,119,005
Foreign currency, at value
 91,802   60,660
Receivable for investments sold
 15,570   —
Dividends receivable — unaffiliated issuers
 28,584   96,024
Dividends receivable — affiliated issuers
 57   42
Receivable for foreign taxes recoverable
 474   12,363
TOTAL ASSETS
27,294,699   27,288,094
LIABILITIES      
Due to custodian
 —   3,463
Payable for investments purchased
 9,713   13
Advisory fee payable
 5,239   1,093
Trustees’ fees and expenses payable
 21   21
TOTAL LIABILITIES
14,973   4,590
NET ASSETS
$27,279,726   $27,283,504
NET ASSETS CONSIST OF:      
Paid-in Capital
 $30,000,000   $28,644,238
Total distributable earnings (loss)
 (2,720,274)   (1,360,734)
NET ASSETS
$27,279,726   $27,283,504
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 27.28   $ 27.28
Shares outstanding (unlimited amount authorized, $0.01 par value)
 1,000,000   1,000,000
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $29,287,466   $28,238,275
Investments in affiliated issuers
 22,986   —
Total cost of investments
 $29,310,452   $28,238,275
Foreign currency, at cost
 $ 89,713   $ 60,608
See accompanying notes to financial statements.
160

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
March 31, 2022 (Unaudited)
  SPDR EURO STOXX 50 ETF   SPDR MSCI ACWI ex-US ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $1,876,427,936   $1,794,371,122
Investments in affiliated issuers, at value
 1,029,863   36,860,274
Total Investments
 1,877,457,799   1,831,231,396
Foreign currency, at value
 770,662   10,256,009
Receivable for investments sold
 —   52,937
Dividends receivable — unaffiliated issuers
 1,396,616   6,470,918
Dividends receivable — affiliated issuers
 142   194
Securities lending income receivable — unaffiliated issuers
 7   6,492
Securities lending income receivable — affiliated issuers
 5,133   23,788
Receivable for foreign taxes recoverable
 6,614,978   1,873,275
Other Receivable
 21,909   618
TOTAL ASSETS
1,886,267,246   1,849,915,627
LIABILITIES      
Payable upon return of securities loaned
 171,780   35,221,016
Payable for investments purchased
 —   31
Deferred foreign taxes payable
 —   700,750
Advisory fee payable
 470,256   448,878
TOTAL LIABILITIES
642,036   36,370,675
NET ASSETS
$1,885,625,210   $1,813,544,952
NET ASSETS CONSIST OF:      
Paid-in Capital
 $2,644,869,946   $1,799,906,045
Total distributable earnings (loss)**
 (759,244,736)   13,638,907
NET ASSETS
$1,885,625,210   $1,813,544,952
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 41.62   $ 27.77
Shares outstanding (unlimited amount authorized, $0.01 par value)
 45,300,967   65,299,982
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $1,975,920,538   $1,649,952,340
Investments in affiliated issuers
 1,029,773   36,860,274
Total cost of investments
 $ 1,976,950,311   $1,686,812,614
Foreign currency, at cost
 $ 764,343   $ 10,280,660
* Includes investments in securities on loan, at value
 $ 162,736   $ 51,053,536
** Includes deferred foreign taxes
 $ —   $ 700,750
See accompanying notes to financial statements.
161

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
March 31, 2022 (Unaudited)
  SPDR S&P Emerging Markets Dividend ETF   SPDR S&P Emerging Markets Small Cap ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $ 286,373,170   $666,416,791
Investments in affiliated issuers, at value
 987,700   15,539,325
Total Investments
 287,360,870   681,956,116
Foreign currency, at value
 285,423   2,373,779
Net cash at broker
 329   33,988
Receivable from broker — accumulated variation margin on open futures contracts
 2,605   106,105
Receivable for investments sold
 —   578,684
Dividends receivable — unaffiliated issuers
 420,284   1,141,763
Dividends receivable — affiliated issuers
 68   201
Securities lending income receivable — unaffiliated issuers
 26,322   106,269
Securities lending income receivable — affiliated issuers
 418   26,970
Receivable for foreign taxes recoverable
 —   15,430
TOTAL ASSETS
288,096,319   686,339,305
LIABILITIES      
Due to custodian
 1,466   638,921
Payable upon return of securities loaned
 958,524   14,020,872
Payable for investments purchased
 —   1,209,812
Deferred foreign taxes payable
 —   1,680,448
Advisory fee payable
 117,147   358,965
TOTAL LIABILITIES
1,077,137   17,909,018
NET ASSETS
$ 287,019,182   $668,430,287
NET ASSETS CONSIST OF:      
Paid-in Capital
 $ 558,372,353   $ 711,188,315
Total distributable earnings (loss)
 (271,353,171)   (42,758,028)
NET ASSETS
$ 287,019,182   $668,430,287
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 29.44   $ 57.13
Shares outstanding (unlimited amount authorized, $0.01 par value)
 9,750,000   11,700,000
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $ 284,060,703   $602,926,410
Investments in affiliated issuers
 987,697   15,539,044
Total cost of investments
 $ 285,048,400   $618,465,454
Foreign currency, at cost
 $ 286,574   $ 2,370,384
* Includes investments in securities on loan, at value
 $ 11,503,298   $ 51,585,107
** Includes deferred foreign taxes
 $ —   $ 1,680,448
See accompanying notes to financial statements.
162

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SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
March 31, 2022 (Unaudited)
  SPDR S&P International Dividend ETF
ASSETS  
Investments in unaffiliated issuers, at value*
 $ 632,029,786
Investments in affiliated issuers, at value
 13,836,729
Total Investments
 645,866,515
Foreign currency, at value
 1,625,193
Receivable for fund shares sold
 9,766,641
Dividends receivable — unaffiliated issuers
 2,281,593
Dividends receivable — affiliated issuers
 101
Securities lending income receivable — unaffiliated issuers
 4,380
Securities lending income receivable — affiliated issuers
 12,109
Receivable for foreign taxes recoverable
 1,470,807
TOTAL ASSETS
661,027,339
LIABILITIES  
Payable upon return of securities loaned
 13,222,205
Payable for investments purchased
 10,737,990
Advisory fee payable
 234,313
TOTAL LIABILITIES
24,194,508
NET ASSETS
$ 636,832,831
NET ASSETS CONSIST OF:  
Paid-in Capital
 $1,068,338,267
Total distributable earnings (loss)**
 (431,505,436)
NET ASSETS
$ 636,832,831
NET ASSET VALUE PER SHARE  
Net asset value per share
 $ 39.07
Shares outstanding (unlimited amount authorized, $0.01 par value)
 16,301,326
COST OF INVESTMENTS:  
Investments in unaffiliated issuers
 $ 598,459,932
Investments in affiliated issuers
 13,836,667
Total cost of investments
 $ 612,296,599
Foreign currency, at cost
 $ 1,620,306
* Includes investments in securities on loan, at value
 $ 31,810,505
See accompanying notes to financial statements.
163

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2022 (Unaudited)
  SPDR Bloomberg SASB Emerging Markets ESG Select ETF(a)   SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF(a)
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 63,740   $ 211,909
Dividend income — affiliated issuers
 117   42
Foreign taxes withheld
 (7,730)   (20,031)
TOTAL INVESTMENT INCOME (LOSS)
 56,127   191,920
EXPENSES      
Advisory fee
 10,107   7,270
Trustees’ fees and expenses
 21   21
TOTAL EXPENSES
 10,128   7,291
NET INVESTMENT INCOME (LOSS)
 $ 45,999   $ 184,629
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers
 (532,303)   (305,423)
Investments — affiliated issuers
 (31)   (4)
Foreign currency transactions
 (83,550)   1,117
Net realized gain (loss)
 (615,884)   (304,310)
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers
 (2,152,243)   (1,119,270)
Investments — affiliated issuers
 3   —
Foreign currency translations
 1,851   396
Net change in unrealized appreciation/depreciation
 (2,150,389)   (1,118,874)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (2,766,273)   (1,423,184)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(2,720,274)   $(1,238,555)
(a) For the period January 11, 2022 (commencement of operations) through March 31, 2022.
See accompanying notes to financial statements.
164

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2022 (Unaudited)
  SPDR EURO STOXX 50 ETF   SPDR MSCI ACWI ex-US ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 26,015,598   $ 23,473,386
Dividend income — affiliated issuers
 328   725
Unaffiliated securities lending income
 16,702   78,209
Affiliated securities lending income
 14,083   96,859
Foreign taxes withheld
 (2,135,040)   (2,129,498)
TOTAL INVESTMENT INCOME (LOSS)
 23,911,671   21,519,681
EXPENSES      
Advisory fee
 3,445,351   2,726,279
Trustees’ fees and expenses
 12,862   8,599
Miscellaneous expenses
 32   21
TOTAL EXPENSES
 3,458,245   2,734,899
NET INVESTMENT INCOME (LOSS)
 $ 20,453,426   $ 18,784,782
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers
 (10,533,626)   (4,076,516)
Investments — affiliated issuers
 (163)   —
In-kind redemptions — unaffiliated issuers
 112,758,838   —
Foreign currency transactions
 (126,209)   (148,015)
Net realized gain (loss)
 102,098,840   (4,224,531)
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers*
 (302,650,404)   (75,681,957)
Investments — affiliated issuers
 90   —
Foreign currency translations
 (369,568)   36,635
Net change in unrealized appreciation/depreciation
 (303,019,882)   (75,645,322)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (200,921,042)   (79,869,853)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(180,467,616)   $(61,085,071)
* Includes foreign deferred taxes
 $ —   $ (700,750)
See accompanying notes to financial statements.
165

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2022 (Unaudited)
  SPDR S&P Emerging Markets Dividend ETF   SPDR S&P Emerging Markets Small Cap ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 2,270,676   $ 5,449,239
Unaffiliated securities lending income
 61,147   615,174
Affiliated securities lending income
 3,804   184,645
Foreign taxes withheld
 (282,780)   (636,385)
TOTAL INVESTMENT INCOME (LOSS)
 2,052,847   5,612,673
EXPENSES      
Advisory fee
 720,158   2,141,292
Trustees’ fees and expenses
 1,424   3,148
Miscellaneous expenses
 5   173
TOTAL EXPENSES
 721,587   2,144,613
NET INVESTMENT INCOME (LOSS)
 $ 1,331,260   $ 3,468,060
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*
 (790,894)   (6,981,161)
Investments — affiliated issuers
 (277)   (370)
In-kind redemptions — unaffiliated issuers
 230,425   —
Foreign currency transactions
 (29,043)   (58,923)
Futures contracts
 (83,650)   (368,854)
Net realized gain (loss)
 (673,439)   (7,409,308)
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**
 (2,110,180)   (6,765,399)
Investments — affiliated issuers
 3   281
Foreign currency translations
 (4,585)   (20,278)
Futures contracts
 47,202   265,779
Net change in unrealized appreciation/depreciation
 (2,067,560)   (6,519,617)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (2,740,999)   (13,928,925)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(1,409,739)   $(10,460,865)
* Includes foreign capital gain taxes
 $ 83,691   $ (88,944)
** Includes foreign deferred taxes
 $ —   $ (1,680,448)
See accompanying notes to financial statements.
166

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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2022 (Unaudited)
  SPDR S&P International Dividend ETF
INVESTMENT INCOME  
Dividend income — unaffiliated issuers
 $ 8,980,592
Unaffiliated securities lending income
 28,677
Affiliated securities lending income
 72,976
Foreign taxes withheld
 (1,018,959)
TOTAL INVESTMENT INCOME (LOSS)
 8,063,286
EXPENSES  
Advisory fee
 1,413,582
Trustees’ fees and expenses
 3,098
Miscellaneous expenses
 8
TOTAL EXPENSES
 1,416,688
NET INVESTMENT INCOME (LOSS)
 $ 6,646,598
REALIZED AND UNREALIZED GAIN (LOSS)  
Net realized gain (loss) on:  
Investments — unaffiliated issuers
 5,223,717
Investments — affiliated issuers
 (124)
In-kind redemptions — unaffiliated issuers
 2,313,199
Foreign currency transactions
 5,314
Swap Contracts
 (89)
Net realized gain (loss)
 7,542,017
Net change in unrealized appreciation/depreciation on:  
Investments — unaffiliated issuers
 10,107,966
Investments — affiliated issuers
 62
Foreign currency translations
 (55,351)
Net change in unrealized appreciation/depreciation
 10,052,677
NET REALIZED AND UNREALIZED GAIN (LOSS)
 17,594,694
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $24,241,292
See accompanying notes to financial statements.
167

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR Bloomberg SASB Emerging Markets ESG Select ETF
  For the Period
1/11/2022*-
3/31/22
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:  
Net investment income (loss)
 $ 45,999
Net realized gain (loss)
 (615,884)
Net change in unrealized appreciation/depreciation
 (2,150,389)
Net increase (decrease) in net assets resulting from operations
 (2,720,274)
FROM BENEFICIAL INTEREST TRANSACTIONS:  
Proceeds from shares sold
 30,000,000
Net increase (decrease) in net assets during the period
 27,279,726
Net assets at beginning of period
 —
NET ASSETS AT END OF PERIOD
 $27,279,726
SHARES OF BENEFICIAL INTEREST:  
Shares sold
 1,000,000
*Commencement of operations.
See accompanying notes to financial statements.
168

Table of Contents
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
  For the Period
1/11/2022*-
3/31/22
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:  
Net investment income (loss)
 $ 184,629
Net realized gain (loss)
 (304,310)
Net change in unrealized appreciation/depreciation
 (1,118,874)
Net increase (decrease) in net assets resulting from operations
 (1,238,555)
Distributions to shareholders
 (122,179)
FROM BENEFICIAL INTEREST TRANSACTIONS:  
Proceeds from shares sold
 28,644,238
Net increase (decrease) in net assets during the period
 27,283,504
Net assets at beginning of period
 —
NET ASSETS AT END OF PERIOD
 $27,283,504
SHARES OF BENEFICIAL INTEREST:  
Shares sold
 1,000,000
*Commencement of operations.
See accompanying notes to financial statements.
169

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR EURO STOXX 50 ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 20,453,426   $ 54,089,580
Net realized gain (loss)
 102,098,840   52,624,374
Net change in unrealized appreciation/depreciation
 (303,019,882)   327,221,075
Net increase (decrease) in net assets resulting from operations
 (180,467,616)   433,935,029
Net equalization credits and charges
 (2,867,459)   5,984,211
Distributions to shareholders
 (34,452,082)   (49,313,836)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 58,707,259   846,856,477
Cost of shares redeemed
 (580,488,710)   (356,421,711)
Net income equalization
 2,867,459   (5,984,211)
Net increase (decrease) in net assets from beneficial interest transactions
 (518,913,992)   484,450,555
Net increase (decrease) in net assets during the period
 (736,701,149)   875,055,959
Net assets at beginning of period
 2,622,326,359   1,747,270,400
NET ASSETS AT END OF PERIOD
 $1,885,625,210   $2,622,326,359
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 1,300,000   17,800,000
Shares redeemed
 (13,700,000)   (8,100,000)
Net increase (decrease) from share transactions
 (12,400,000)   9,700,000
See accompanying notes to financial statements.
170

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR MSCI ACWI ex-US ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 18,784,782   $ 39,880,300
Net realized gain (loss)
 (4,224,531)   4,050,883
Net change in unrealized appreciation/depreciation
 (75,645,322)   258,027,558
Net increase (decrease) in net assets resulting from operations
 (61,085,071)   301,958,741
Distributions to shareholders
 (28,385,305)   (34,435,888)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 139,570,627   269,511,935
Cost of shares redeemed
 —   (44,111,072)
Other Capital
 63,436   68,183
Net increase (decrease) in net assets from beneficial interest transactions
 139,634,063   225,469,046
Net increase (decrease) in net assets during the period
 50,163,687   492,991,899
Net assets at beginning of period
 1,763,381,265   1,270,389,366
NET ASSETS AT END OF PERIOD
 $1,813,544,952   $1,763,381,265
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 4,800,000   9,200,000
Shares redeemed
 —   (1,600,000)
Net increase (decrease) from share transactions
 4,800,000   7,600,000
See accompanying notes to financial statements.
171

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Emerging Markets Dividend ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 1,331,260   $ 10,795,766
Net realized gain (loss)
 (673,439)   21,692,606
Net change in unrealized appreciation/depreciation
 (2,067,560)   35,006,448
Net increase (decrease) in net assets resulting from operations
 (1,409,739)   67,494,820
Net equalization credits and charges
 5,794   (77,925)
Distributions to shareholders
 (2,340,830)   (10,377,371)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 —   16,116,178
Cost of shares redeemed
 (4,437,111)   (33,137,851)
Net income equalization
 (5,794)   77,925
Other Capital
 5,776   48,337
Net increase (decrease) in net assets from beneficial interest transactions
 (4,437,129)   (16,895,411)
Net increase (decrease) in net assets during the period
 (8,181,904)   40,144,113
Net assets at beginning of period
 295,201,086   255,056,973
NET ASSETS AT END OF PERIOD
 $287,019,182   $295,201,086
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 —   550,000
Shares redeemed
 (150,000)   (1,150,000)
Net increase (decrease) from share transactions
 (150,000)   (600,000)
See accompanying notes to financial statements.
172

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P
Emerging Markets Small Cap ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 3,468,060   $ 12,034,039
Net realized gain (loss)
 (7,409,308)   20,019,677
Net change in unrealized appreciation/depreciation
 (6,519,617)   146,290,470
Net increase (decrease) in net assets resulting from operations
 (10,460,865)   178,344,186
Distributions to shareholders
 (13,359,371)   (14,016,542)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 41,050,247   79,234,646
Cost of shares redeemed
 —   (98,249,840)
Other Capital
 37,653   83,538
Net increase (decrease) in net assets from beneficial interest transactions
 41,087,900   (18,931,656)
Net increase (decrease) in net assets during the period
 17,267,664   145,395,988
Net assets at beginning of period
 651,162,623   505,766,635
NET ASSETS AT END OF PERIOD
 $668,430,287   $651,162,623
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 700,000   1,300,000
Shares redeemed
 —   (1,700,000)
Net increase (decrease) from share transactions
 700,000   (400,000)
See accompanying notes to financial statements.
173

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SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P International Dividend ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 6,646,598   $ 22,181,628
Net realized gain (loss)
 7,542,017   33,140,546
Net change in unrealized appreciation/depreciation
 10,052,677   40,074,721
Net increase (decrease) in net assets resulting from operations
 24,241,292   95,396,895
Distributions to shareholders
 (9,088,977)   (22,689,552)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 17,625,687   22,608,908
Cost of shares redeemed
 (28,682,820)   (33,785,277)
Other Capital
 7,948   16,181
Net increase (decrease) in net assets from beneficial interest transactions
 (11,049,185)   (11,160,188)
Net increase (decrease) in net assets during the period
 4,103,130   61,547,155
Net assets at beginning of period
 632,729,701   571,182,546
NET ASSETS AT END OF PERIOD
 $636,832,831   $632,729,701
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 450,000   600,000
Shares redeemed
 (750,000)   (950,000)
Net increase (decrease) from share transactions
 (300,000)   (350,000)
See accompanying notes to financial statements.
174

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR Bloomberg SASB Emerging Markets ESG Select ETF
  For the
Period
01/11/22*-
3/31/22
(Unaudited)
Net asset value, beginning of period
 $ 30.00
Income (loss) from investment operations:  
Net investment income (loss) (a)
 0.05
Net realized and unrealized gain (loss) (b)
 (2.77)
Total from investment operations
 (2.72)
Distributions to shareholders from:  
Net investment income
 —
Net asset value, end of period
 $ 27.28
Total return (c)
 (9.06)%
Ratios and Supplemental Data:  
Net assets, end of period (in 000s)
 $27,280
Ratios to average net assets:  
Total expenses
 0.16%(d)
Net investment income (loss)
 0.73%(d)
Portfolio turnover rate (e)
 43%(f)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
175

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
  For the
Period
01/11/22*-
3/31/22
(Unaudited)
Net asset value, beginning of period
 $ 28.64
Income (loss) from investment operations:  
Net investment income (loss) (a)
 0.19
Net realized and unrealized gain (loss) (b)
 (1.43)
Total from investment operations
 (1.24)
Distributions to shareholders from:  
Net investment income
 (0.12)
Net asset value, end of period
 $ 27.28
Total return (c)
 (4.33)%
Ratios and Supplemental Data:  
Net assets, end of period (in 000s)
 $27,284
Ratios to average net assets:  
Total expenses
 0.12%(d)
Net investment income (loss)
 3.02%(d)
Portfolio turnover rate (e)
 10%(f)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
176

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SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR EURO STOXX 50 ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a)
Net asset value, beginning of period
 $ 45.45   $ 36.40   $ 37.79   $ 38.35   $ 41.30   $ 32.76
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.39   1.06   0.81   1.02   1.17   1.04
Net realized and unrealized gain (loss) (c)
 (3.50)   8.77   (1.46)   (0.49)   (2.89)   8.34
Total from investment operations
 (3.11)   9.83   (0.65)   0.53   (1.72)   9.38
Net equalization credits and charges (b)
 (0.05)   0.12   (0.00)(d)   (0.01)   (0.08)   0.13
Distributions to shareholders from:                      
Net investment income
 (0.67)   (0.90)   (0.74)   (1.08)   (1.15)   (0.97)
Net asset value, end of period
 $ 41.62   $ 45.45   $ 36.40   $ 37.79   $ 38.35   $ 41.30
Total return (e)
 (7.05)%   27.32%   (1.65)%   1.43%   (4.40)%   29.30%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,885,625   $2,622,326   $1,747,270   $2,050,307   $3,108,379   $4,555,667
Ratios to average net assets:                      
Total expenses
 0.29%(f)   0.29%   0.29%   0.29%   0.29%   0.29%
Net investment income (loss)
 1.72%(f)   2.39%   2.21%   2.80%   2.89%   2.83%
Portfolio turnover rate (g)
 3%(h)   11%   9%   6%   7%   4%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
177

Table of Contents
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR MSCI ACWI ex-US ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20(a) 		  Year
Ended
9/30/19(a)(b) 		  Year
Ended
9/30/18(a)(b) 		  Year
Ended
9/30/17(a)(b)
Net asset value, beginning of period
 $ 29.15   $ 24.01   $ 24.08   $ 24.97   $ 25.11   $ 21.56
Income (loss) from investment operations:                      
Net investment income (loss) (c)
 0.30   0.71   0.54   0.76   0.67   0.60
Net realized and unrealized gain (loss) (d)
 (1.22)   5.05   0.06   (0.95)   (0.21)   3.48
Total from investment operations
 (0.92)   5.76   0.60   (0.19)   0.46   4.08
Other capital
 0.00(e)   0.00(e)   0.00(e)   0.00(e)   0.00(e)   (0.00)(e)
Distributions to shareholders from:                      
Net investment income
 (0.46)   (0.62)   (0.67)   (0.70)   (0.60)   (0.53)
Net asset value, end of period
 $ 27.77   $ 29.15   $ 24.01   $ 24.08   $ 24.97   $ 25.11
Total return (f)
 (3.23)%   23.98%   2.44%   (0.61)%   1.76%   19.24%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,813,545   $1,763,381   $1,270,389   $1,683,113   $1,550,892   $1,461,775
Ratios to average net assets:                      
Total expenses
 0.30%(g)   0.32%   0.34%   0.34%   0.34%   0.34%
Net expenses
 0.30%(g)   0.30%   0.30%   0.30%   0.30%   0.30%
Net investment income (loss)
 2.07%(g)   2.48%   2.26%   3.20%   2.61%   2.62%
Portfolio turnover rate (h)
 1%(i)   5%   4%   3%   3%   3%
(a) On September 20, 2019, the SPDR MSCI ACWI ex-US ETF underwent a 3-for-2 share split. The per share activity presented here has been retroactively adjusted to reflect this split.
(b) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(c) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(d) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(e) Amount is less than $0.005 per share.
(f) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(g) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
See accompanying notes to financial statements.
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FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Emerging Markets Dividend ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a)
Net asset value, beginning of period
 $ 29.82   $ 24.29   $ 29.99   $ 30.87   $ 30.31   $ 27.40
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.14   1.05   0.96   1.25   1.05   1.18
Net realized and unrealized gain (loss) (c)
 (0.28)   5.51   (5.68)   (0.87)   0.57   2.70
Total from investment operations
 (0.14)   6.56   (4.72)   0.38   1.62   3.88
Net equalization credits and charges (b)
 0.00(d)   (0.01)   (0.01)   (0.03)   (0.01)   0.04
Contribution from Affiliate
 —   —   —   0.01   —   —
Other capital
 0.00(d)   0.00(d)   0.01   0.01   0.00(d)   0.00(d)
Distributions to shareholders from:                      
Net investment income
 (0.24)   (1.02)   (0.98)   (1.25)   (1.05)   (1.01)
Net asset value, end of period
 $ 29.44   $ 29.82   $ 24.29   $ 29.99   $ 30.87   $ 30.31
Total return (e)
 (0.48)%   26.96%   (15.71)%   1.09%(f)   5.26%   14.47%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $287,019   $295,201   $255,057   $410,811   $402,845   $422,858
Ratios to average net assets:                      
Total expenses
 0.49%(g)   0.49%   0.49%   0.49%   0.49%   0.49%
Net investment income (loss)
 0.91%(g)   3.63%   3.47%   4.00%   3.21%   4.05%
Portfolio turnover rate (h)
 19%(i)   75%   78%   73%   55%   123%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) If the Affiliate had not made a voluntary contribution during the year ended September 30, 2019, the total return would have been 1.06%.
(g) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
See accompanying notes to financial statements.
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FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Emerging Markets Small Cap ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a)
Net asset value, beginning of period
 $ 59.20   $ 44.37   $ 43.50   $ 44.89   $ 49.42   $ 42.74
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.31   1.09   0.94   1.12   1.19   1.04
Net realized and unrealized gain (loss) (c)
 (1.19)   14.99   1.11   (1.21)   (4.25)   6.61
Total from investment operations
 (0.88)   16.08   2.05   (0.09)   (3.06)   7.65
Other capital
 0.00(d)   0.01   0.01   0.01   0.01   0.03
Distributions to shareholders from:                      
Net investment income
 (1.19)   (1.26)   (1.19)   (1.31)   (1.48)   (1.00)
Total distributions
 (1.19)   (1.26)   —   (0.00)   —   —
Net asset value, end of period
 $ 57.13   $ 59.20   $ 44.37   $ 43.50   $ 44.89   $ 49.42
Total return (e)
 (1.51)%   36.48%   4.75%   (0.07)%   (6.49)%   18.46%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $668,430   $651,163   $505,767   $522,052   $471,349   $479,338
Ratios to average net assets:                      
Total expenses
 0.65%(f)   0.65%   0.65%   0.65%   0.65%   0.65%
Net investment income (loss)
 1.05%(f)   1.97%   2.22%   2.58%   2.37%   2.30%
Portfolio turnover rate (g)
 4%(h)   42%   30%   23%   24%   34%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
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FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P International Dividend ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a)
Net asset value, beginning of period
 $ 38.11   $ 33.70   $ 38.98   $ 38.05   $ 40.25   $ 36.61
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.41   1.34   1.31   1.47   1.50   1.51
Net realized and unrealized gain (loss) (c)
 1.11   4.44   (4.88)   1.16   (1.95)   4.13
Total from investment operations
 1.52   5.78   (3.57)   2.63   (0.45)   5.64
Net equalization credits and charges (b)
 —   —   —   (0.01)   (0.12)   (0.01)
Other capital
 0.00(d)   0.00(d)   0.00(d)   0.00(d)   (0.00)(d)   0.00(d)
Distributions to shareholders from:                      
Net investment income
 (0.56)   (1.37)   (1.71)   (1.69)   (1.63)   (1.99)
Net asset value, end of period
 $ 39.07   $ 38.11   $ 33.70   $ 38.98   $ 38.05   $ 40.25
Total return (e)
 4.00%   17.20%   (9.24)%   7.12%   (1.49)%   15.84%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $636,833   $632,730   $571,183   $781,556   $861,910   $1,251,962
Ratios to average net assets:                      
Total expenses
 0.45%(f)   0.45%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)
 2.12%(f)   3.52%   3.64%   3.89%   3.74%   3.95%
Portfolio turnover rate (g)
 11%(h)   54%   65%   66%   47%   122%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
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NOTES TO FINANCIAL STATEMENTS
March 31, 2022 (Unaudited)
1.    Organization
SPDR Index Shares Funds (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of March 31, 2022, the Trust consists of twenty-six (26) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
SPDR EURO STOXX 50 ETF
SPDR MSCI ACWI ex-US ETF
SPDR S&P Emerging Markets Dividend ETF
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P International Dividend ETF
Each Fund is classified as a diversified investment company under the 1940 Act. The SPDR® Bloomberg SASB Emerging Markets ESG Select ETF and SPDR® Bloomberg SASB Developed Markets Ex US ESG Select ETF were formed on January 10, 2022 and commenced operations on January 11, 2022.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
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Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•   Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•   Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
•   Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
•   Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series
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of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third–party valuation the agreements will be fair valued.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•   Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
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March 31, 2022 (Unaudited)
The value of each Fund’s investments, according to the fair value hierarchy as of March 31, 2022, is disclosed in each Fund’s respective Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends, if any, received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
Certain Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
The following Funds utilized equalization during the period ended March 31, 2022:
SPDR EURO STOXX 50 ETF
SPDR S&P Emerging Markets Dividend ETF
Distributions
The SPDR Bloomberg SASB Emerging Markets ESG Select ETF, SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF, SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Markets Dividend ETF and SPDR S&P International Dividend ETF declare and distribute from net investment income, if any, to their shareholders quarterly. The SPDR MSCI ACWI ex-US ETF and the SPDR S&P Emerging Markets Small Cap ETF declare and distribute from net investment income, if any, to their shareholders semi-annually.
Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.    Derivative Financial Instruments
Futures Contracts
Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments
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March 31, 2022 (Unaudited)
and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by the Funds equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended March 31, 2022, the SPDR S&P Emerging Markets Dividend ETF and the SPDR S&P Emerging Markets Small Cap ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
Swaps
Certain funds may enter into swap agreements, in which a Fund and counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the over the counter (“OTC”) market and may be entered into as a bilateral contract (“BL OTC”) or centrally cleared (“centrally cleared swaps”). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation).
A BL OTC swap is a transaction between a fund and dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. For BL OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap contracts premiums paid and swap contracts premiums received, respectively, in the Statements of Assets and Liabilities and amortized to realized gain/loss ratably over the term of the BL OTC swap. Payments received or made by the Fund for BL OTC swaps are recorded in the Statements of Operations as realized gains or losses, respectively. When a BL OTC swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid.
A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty (“CCP”), with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.
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A Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin if any, are designated on the Schedule of Investments and cash deposited is segregated and recorded on the Statement of Assets and Liabilities as Payable for Collateral for the Total Return Swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Statement of Operations. For both bi-lateral and centrally cleared OTC swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination.
Total Return Swaps
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments on the total return (coupon plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty.
For the period ended March 31, 2022, the SPDR S&P International Dividend Fund entered into total return swap contracts in order to gain exposure to stocks in the index in which the Fund tracks, however, there were none outstanding as of period ended March 31, 2022.
Risks associated with Derivatives
Derivative financial instruments involve to varying degrees, elements of credit, market and/or interest rate risk in excess of the amounts reported in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Derivative transactions can create investment leverage and may be highly volatile. Use of derivatives other than for hedging purposes may be considered speculative. When a Fund invests in a derivative instrument, the future exposure is potentially unlimited. The value of a derivative instrument will depend on the ability and the willingness of a Fund’s derivative counterparty to perform its obligations under the transaction. A liquid secondary market may not always exist for a Fund's derivative positions at any time and may impact the
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Fund's ability to establish fair market value of a derivative transaction and close out derivative positions. Although the use of derivatives is intended to complement a Fund's performance, it may instead reduce returns and increase volatility. The measurement of the risks associated with derivative instruments is meaningful only when all related and offsetting transactions are considered. A Fund must set aside liquid assets or engage in other appropriate measures to cover its obligations under these derivative instruments.
Certain derivatives, including forward foreign currency contracts and some swap contracts, as applicable, are entered into OTC under the terms and conditions of an ISDA Master Agreement , which are separately negotiated with each counterparty. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged or received by a Fund, if any, is noted in the Fund's Schedules of Investments. Notional principal amounts are one component used to calculate the amount of exposure to the underlying instrument, but is not the amount delivered under the contract. Accordingly, credit risk is limited to any amounts receivable from the counterparty. To reduce credit risk from potential counterparty default, a Fund enters into swap contracts with counterparties whose creditworthiness have has been recommended by SSGA FM approved by the Board. The Fund bears the market risk arising from any change in index or security values or interest rates.
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The following tables summarize the value of the Fund's derivative instruments as of March 31, 2022, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
  Asset Derivatives
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR S&P Emerging Markets Dividend ETF                      
Futures Contracts
 $—   $—   $—   $ 2,605   $—   $ 2,605
SPDR S&P Emerging Markets Small Cap ETF                      
Futures Contracts
 —   —   —   106,105   —   106,105
  Net Realized Gain (Loss)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR S&P Emerging Markets Dividend ETF                      
Futures Contracts
 $—   $—   $ —   $ (83,650)   $—   $ (83,650)
SPDR S&P Emerging Markets Small Cap ETF                      
Futures Contracts
 —   —   —   (368,854)   —   (368,854)
SPDR S&P International Dividend ETF                      
Swap Contracts
 —   —   (89)   —   —   (89)
  Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR S&P Emerging Markets Dividend ETF                      
Futures Contracts
 $—   $—   $—   $ 47,202   $—   $ 47,202
SPDR S&P Emerging Markets Small Cap ETF                      
Futures Contracts
 —   —   —   265,779   —   265,779
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4.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
 0.16%
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
 0.12
SPDR EURO STOXX 50 ETF
 0.29
SPDR MSCI ACWI ex-US ETF
 0.30
SPDR S&P Emerging Markets Dividend ETF
 0.49
SPDR S&P Emerging Markets Small Cap ETF
 0.65
SPDR S&P International Dividend ETF
 0.45
From time to time, the Adviser may also waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until January 31, 2023. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to January 31, 2023 except with the approval of the Board.
The Adviser pays all expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustee") (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses, and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
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Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to a Master Amended and Restated Securities Lending Authorization Agreement dated January 6, 2017, as amended.
Effective January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers are paid as follows: If the calendar year to date net proceeds are below a specified threshold across the SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 85% payable to the Funds, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2022 are disclosed in the Schedules of Investments.
From time to time, the Funds may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Funds. As of March 31, 2021, based on management’s evaluation of the shareholder account base, two Funds had accounts representing controlling ownership of more than 10% of each Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 10% of
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the aggregate shares, and the aggregate percentage of net assets represented by such holdings were as follows:
Fund   Number of 10%
Affiliated Account Holders 		  Percentage of
Affiliated Ownership
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
   1   48.5%
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
   1   50.1%
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
5.    Trustees’ Fees
The fees and expenses of the Independent Trustees and one interested, non-management trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended March 31, 2022, were as follows:
  Purchases   Sales
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
 $41,929,999   $12,087,213
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
 2,819,681   2,920,221
SPDR EURO STOXX 50 ETF
 75,141,628   87,678,541
SPDR MSCI ACWI ex-US ETF
 47,767,093   14,174,502
SPDR S&P Emerging Markets Dividend ETF
 56,647,510   59,637,552
SPDR S&P Emerging Markets Small Cap ETF
 48,499,961   24,305,066
SPDR S&P International Dividend ETF
 69,979,656   72,739,189
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
For the period ended March 31, 2022, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
  In-kind
Contributions 		  In-kind
Redemptions 		  In-kind Net
Realized
Gains/(Losses)
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
 $ —   $ —   $ —
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
 28,644,237   —   —
SPDR EURO STOXX 50 ETF
 58,699,933   580,290,739   112,758,838
SPDR MSCI ACWI ex-US ETF
 93,003,749   —   —
SPDR S&P Emerging Markets Dividend ETF
 —   2,153,039   230,425
SPDR S&P Emerging Markets Small Cap ETF
 8,465,115   —   —
SPDR S&P International Dividend ETF
 15,010,492   26,698,303   2,313,199
7.    Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
8.    Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The SPDR® Bloomberg SASB Emerging Markets ESG Select ETF and SPDR® Bloomberg SASB Developed Markets Ex US ESG Select ETF intend to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the
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extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of March 31, 2022, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR Bloomberg SASB Emerging Markets ESG Select ETF
 $ 29,310,452   $ 1,191,885   $ 3,344,125   $ (2,152,240)
SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF
 28,238,275   838,274   1,957,544   (1,119,270)
SPDR EURO STOXX 50 ETF
 1,978,925,890   209,895,700   311,363,791   (101,468,091)
SPDR MSCI ACWI ex-US ETF
 1,693,633,097   375,235,906   237,637,607   137,598,299
SPDR S&P Emerging Markets Dividend ETF
 286,413,083   39,798,075   38,847,686   950,389
SPDR S&P Emerging Markets Small Cap ETF
 631,352,647   126,280,334   75,570,876   50,709,458
SPDR S&P International Dividend ETF
 618,400,257   61,898,623   34,432,365   27,466,258
9.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
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The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2022, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of March 31, 2022:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received* 		  Total
Collateral
Received
SPDR EURO STOXX 50 ETF
   $ 162,736   $ 171,780   $ —   $ 171,780
SPDR MSCI ACWI ex-US ETF
   51,053,536   35,221,016   19,856,479   55,077,495
SPDR S&P Emerging Markets Dividend ETF
   11,503,298   958,524   11,929,923   12,888,447
SPDR S&P Emerging Markets Small Cap ETF
   51,585,107   14,020,872   43,355,251   57,376,123
SPDR S&P International Dividend ETF
   31,810,505   13,222,205   20,563,639   33,785,844
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
    
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        Remaining Contractual Maturity of the Agreements
as of March 31, 2022
Fund   Securities
Lending
Transactions 		  Overnight
and
Continuous 		  <30 Days   Between
30 & 90
Days 		  >90 Days   Total
Borrowings 		  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR EURO STOXX 50 ETF
   Common Stocks   $ 171,780   $—   $—   $—   $ 171,780   $ 171,780
SPDR MSCI ACWI Ex-US ETF
   Common Stocks   35,221,016   —   —   —   35,221,016   35,221,016
SPDR S&P Emerging Markets Dividend ETF
   Common Stocks   958,524   —   —   —   958,524   958,524
SPDR S&P Emerging Markets Small Cap ETF
   Common Stocks   14,020,872   —   —   —   14,020,872   14,020,872
SPDR S&P International Dividend ETF
   Common Stocks   13,222,205   —   —   —   13,222,205   13,222,205
10.    Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $1.1 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2022 unless extended or renewed.
The following Funds participate in the credit facility as of March 31, 2022:
SPDR MSCI ACWI ex-US ETF
SPDR S&P Emerging Markets Dividend ETF
SPDR S&P Emerging Markets Small Cap ETF
SPDR S&P International Dividend ETF
The Funds had no outstanding loans as of March 31, 2022.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses. A participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate. Prior to October 7, 2021 the Funds had access to $200 million of a $500 million revolving credit facility and interest was calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate.
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11.    Risks
Concentration Risk
As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds' invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk
Each Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Market Risk
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus first detected in China in December 2019 has spread globally. In an organized attempt to contain and mitigate the effects of the spread of the coronavirus known as COVID-19, governments and businesses world-wide have taken aggressive measures, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of healthcare services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for
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certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. The effects of COVID-19 will likely affect certain sectors and industries more dramatically than others, which may adversely affect the value of a Fund’s investments in those sectors or industries. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined at this time, but the effects could be present for an extended period of time.
Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impairthe ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
12.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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OTHER INFORMATION
March 31, 2022 (Unaudited)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from October 1, 2021 to March 31, 2022.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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  SPDR Bloomberg SASB Emerging Markets ESG Select ETF   SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF   SPDR EURO STOXX 50 ETF
Annualized Expense Ratio
 0.16%(a)   0.12%(a)   0.29%
Actual:          
Ending Account Value
 $ 909.40   $ 913.50   $ 929.50
Expenses Paid During Period
 0.33(b)   0.25(b)   1.40(c)
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value
 1,024.10   1,024.30   1,023.50
Expenses Paid During Period
 0.81(b)   0.61(b)   1.46(c)
  SPDR MSCI ACWI ex-US ETF   SPDR S&P Emerging Markets Dividend ETF   SPDR S&P Emerging Markets Small Cap ETF
Annualized Expense Ratio
 0.30%   0.49%   0.65%
Actual:          
Ending Account Value
 $ 967.70   $ 995.20   $ 984.90
Expenses Paid During Period(c)
 1.47   2.44   3.22
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value
 1,023.40   1,022.50   1,021.70
Expenses Paid During Period(c)
 1.51   2.47   3.28
  SPDR S&P International Dividend ETF
Annualized Expense Ratio
 0.45%
Actual:  
Ending Account Value
 $1,040.00
Expenses Paid During Period(c)
 2.29
Hypothetical (assuming a 5% return before expenses):  
Ending Account Value
 1,022.70
Expenses Paid During Period(c)
 2.27
(a) For the period January 11, 2022 (commencement of operations) through March 31, 2022.
(b) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 80, then divided by 365.
(c) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 182, then divided by 365.
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Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. Over the course of the prior year, SSGA FM provided the Board with reports addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for periods ending June 2021 and December 2021 including:
• the Program supported each Fund’s ability to honor redemption requests timely;
• the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
• no material liquidity issues were identified during the period;
• there were no material changes to the Program during the period;
• the implementation of the Program was effective to manage each Fund’s liquidity risk; and
• the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
The Funds have adopted the proxy voting policies of the Adviser. A description of the Funds’ proxy voting policies and procedures that are used by the Funds’ investment Adviser to vote proxies relating to Funds’ portfolio of securities are available (i) without charge, upon request, by calling 1-866-787-2257 (toll free) and (ii) on the SEC’s website at www.sec.gov.
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Information regarding how the Funds voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at https://www.ssga.com/spdrs.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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OTHER INFORMATION  (continued)
March 31, 2022 (Unaudited)
Approval of investment advisory agreement:
At a meeting held prior to March 31, 2022, the Board of Trustees of the Trust (the “Board”) evaluated a proposal related to the initial approval of advisory arrangements for two new series of the Trust, including a proposal to approve the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to SPDR Bloomberg SASB Emerging Markets ESG Select ETF and the SPDR Bloomberg SASB Developed Markets Ex US ESG Select ETF (each a “New ETF” and collectively the “New ETFs”), which commenced operations during the period covered by this Semi-Annual Report. The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.
To evaluate the Agreement, the Board requested, and SSGA FM, the Trust’s investment adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services expected to be provided by the Adviser with respect to the New ETFs under the Agreement, (ii) fees charged to comparable funds, (iii) other benefits to the Adviser, and (iv) extent to which economies of scale would be shared as each New ETF grows.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services expected to be provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and materials provided prior to and at the meeting. The Board reviewed the Agreements and the Adviser’s anticipated responsibilities for managing investment operations of each New ETF in accordance with each New ETF’s investment objective and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of each New ETF as an exchange-traded fund and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management, and regulatory compliance of each New ETF. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each New ETF’s compliance with its investment objective and policies, and with applicable laws and regulations. The Board further considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State
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OTHER INFORMATION  (continued)
March 31, 2022 (Unaudited)
Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity and fixed income exchange- traded funds with index-based investment objectives, as well as actively-managed exchange-traded funds, as applicable.
Fees Charged to Comparable Funds
The Board evaluated each New ETF’s proposed unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes with respect to each series of the Trust and SPDR Series Trust, and exchange-traded funds that are actively managed with respect to each series of SSGA Active Trust. The Board reviewed the universe of similar exchange-traded funds for each New ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund-by-fund analysis of the data. In certain instances considered appropriate by the Board, the Board explored with management the reasons for the differences between a New ETF’s fee and fees paid by similar funds.
Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trusts, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trusts’ brokerage transactions.
Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each New ETF’s assets grow in size. The Board noted that the advisory fee rate for each New ETF does not provide for breakpoints as assets of the New ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for each New ETF by fixing a relatively low advisory fee, effectively sharing the benefits of lower fees with each New ETF from the time of its inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as each New ETF grows in size and assess whether fee breakpoints may be warranted.
Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the respective Agreement for
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OTHER INFORMATION  (continued)
March 31, 2022 (Unaudited)
each New ETF. In approving each Agreement, the Board, including the Independent Trustees voting separately, found that the terms of each Agreement were fair and reasonable and that the approval of the Agreement was in the best interests of the applicable New ETF and its shareholders. The Board’s conclusions with respect to each Agreement were as follows: (a) the nature, extent and quality of the services expected to be provided by the Adviser with respect to each applicable New ETF were appropriate; (b) the Adviser’s unitary fee for each New ETF, considered in relation to services expected to be provided, and in relation to fees charged to comparable funds, was reasonable; and (c) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions.
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SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Dwight D. Churchill
Clare S. Richer
James E. Ross, Interested Non-Management Trustee
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

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SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.
The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC or MSCI Inc. Neither do these companies make any representation regarding the advisability of investing in the Funds. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested.
Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and
none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund's investment objective, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.
State Street Global Advisors
© 2022 State Street Corporation - All Rights Reserved
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