Annual Report
September 30, 2021
SPDR® Index Shares Funds
SPDR Dow Jones Global Real Estate ETF
SPDR Dow Jones International Real Estate ETF
SPDR S&P China ETF
SPDR S&P Global Natural Resources ETF
SPDR S&P International Small Cap ETF
SPDR S&P North American Natural Resources ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.




TABLE OF CONTENTS

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

2

5

8

11

14

18
Schedules of Investments  

21

31

37

65

72

136

139

150

156

172

174
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
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Table of Contents
Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Dow Jones Global Select Real Estate Securities Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded global real estate securities. The Index is a measure of the types of global real estate securities that represent the ownership and operation of commercial or residential real estate.
The Dow Jones Global ex-U.S. Select Real Estate Securities Index is a float-adjusted market capitalization index designed to measure the performance of publicly traded real estate securities in countries excluding the United States.
The S&P China BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in China available to foreign investors. The Index is “float adjusted”, meaning that only those shares publicly available to investors are included in the Index calculation.
The S&P Global Natural Resources Index is comprised of 90 of the largest publicly traded companies, based on market capitalization, in global natural resources and commodities U.S. and foreign businesses that meet certain investibility requirements. The Index component securities represent a combination of the component securities included in each of the following three sub-indices: the S&P Global Natural Resources - Agriculture Index, the S& P Global Natural Resources - Energy Index and the S&P Global Natural Resources - Metals and Mining Index. The maximum weight of each sub-index is capped at one-third of the total weight of the Index.
The S&P Developed Ex-U.S. Under USD2 Billion Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded small-cap companies domiciled in developed countries outside the United States. The Index is a rules-based index that measures global stock market performance.
The S&P BMI North American Natural Resources Index (the "Index") comprises publicly traded large- and mid-capitalization U.S. and Canadian companies in the natural resources and commodities businesses that meet certain investability requirements and are classified within the sub-industries of one of three natural resources categories: energy, materials or agriculture.
See accompanying notes to financial statements.
1


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR Dow Jones Global Real Estate ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global real estate market. The Fund’s benchmark is the Dow Jones Global Select Real Estate Securities Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 33.36%, and the Index was 33.04%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index
The global Real Estate sector enjoyed a fruitful fiscal year as reflected by the 33.04% gain produced by the Dow Jones Global Select Real Estate Securities Index. Real estate was one of the most hurt sectors during the prior year as the COVID-19 pandemic began to emerge. Thanks in large part to the development and distribution of vaccines, the sector was able to not only recoup their losses, but thrive in this new economic environment. The underlying story was the resiliency and adaptation of new revenue generators throughout many property sectors. Retail REITs, for example, couldn’t reach many consumers last fiscal year as government lockdowns and general consumer fear eliminated most foot traffic. Retailers introduced strategies such as contactless delivery and curbside pickup stations that customers found advantageous. Many of these new policies remain as the world re-opens, becoming part of the new way we conduct business. Office REITs were also negatively affected by the virus and continue to climb back as many companies have begun heading back to work. Some property sectors such as Data Centers and Self-Storage actually thrived during the pandemic. Data Centers were in high demand as virtual conferencing became part of the culture both professionally and personally. Renters were forced to remain in their various abodes and the low overhead and recurring fees left Self-Storage companies unscathed from the chaos going on around the rest of the sector
The Fund used Index Futures in order to equitize dividend receivables during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Prologis, Inc., Welltower, Inc., and Simon Property Group, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Mapletree Industrial Trust, Keppel DC REIT, and Americold Realty Trust.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
2


Table of Contents
SPDR Dow Jones Global Real Estate ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Dow Jones Global Select Real Estate Securities Index   Net
Asset
Value
Market
Value
Dow Jones Global Select Real Estate Securities Index
ONE YEAR 33.36% 33.42% 33.04%   33.36% 33.42% 33.04%
FIVE YEARS 22.85% 22.59% 21.00%   4.20% 4.16% 3.89%
TEN YEARS 121.99% 123.35% 117.24%   8.30% 8.37% 8.07%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Dow Jones Global Real Estate ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
3


Table of Contents
SPDR Dow Jones Global Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Prologis, Inc. REIT 6.1%  
  Public Storage REIT 3.0  
  Simon Property Group, Inc. REIT 2.8  
  Digital Realty Trust, Inc. REIT 2.7  
  Welltower, Inc. REIT 2.3  
  AvalonBay Communities, Inc. REIT 2.0  
  Equity Residential REIT 1.8  
  Alexandria Real Estate Equities, Inc. REIT 1.7  
  Goodman Group REIT 1.7  
  Realty Income Corp. REIT 1.6  
  TOTAL 25.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of September 30, 2021

     
    % of Net Assets  
  Equity Real Estate Investment Trusts (REITs) 89.6%  
  Real Estate Management & Development 10.0  
  Diversified Financial Services 0.0*  
  Short-Term Investments 0.2  
  Other Assets in Excess of Liabilities 0.2  
  TOTAL 100.0%  
    
* Amount shown represents less than 0.05% of net assets.  
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR Dow Jones International Real Estate ETF (the “Fund”) seeks to provide investment results, before fees and expenses, correspond generally to the total return performance of an index based upon the international real estate market. The Fund’s benchmark is the Dow Jones Global ex-U.S. Select Real Estate Securities Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 23.46%, and the Index was 23.76%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and cash drag contributed to the difference between the Fund’s performance and that of the Index.
The global Real Estate sector enjoyed a fruitful fiscal year as reflected by the 23.76% gain produced by the Dow Jones Global ex-US Select Real Estate Securities Index. Real estate was one of the most hurt sectors during the prior year as the COVID-19 pandemic began to emerge. Thanks in large part to the development and distribution of vaccines, the sector was able to not only recoup their losses, but thrive in this new economic environment. The underlying story was the resiliency and adaptation of new revenue generators throughout many property sectors. Retail REITs, for example, couldn’t reach many consumers last fiscal year as government lockdowns and general consumer fear eliminated most foot traffic. Retailers introduced strategies such as contactless delivery and curbside pickup stations that customers found advantageous. Many of these new policies remain as the world re-opens, becoming part of the new way we conduct business. Office REITs were also negatively affected by the virus and continue to climb back as many companies have begun heading back to work. Some property sectors such as Data Centers and Self-Storage actually thrived during the pandemic. Data Centers were in high demand as virtual conferencing became part of the culture both professionally and personally. Renters were forced to remain in their various abodes and the low overhead and recurring fees left Self-Storage companies unscathed from the chaos going on around the rest of the sector.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Goodman Group, Mitsui Fudosan Co., Ltd., and Unibail-Rodamco-Westfield (Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod). The top negative contributors to the Fund’s performance during the Reporting Period were Mapletree Industrial Trust, Ascendas Real Estate Investment Trust, and Keppel DC REIT.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Dow Jones International Real Estate ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Dow Jones Global ex-U.S. Select Real Estate Securities Index   Net
Asset
Value
Market
Value
Dow Jones Global ex-U.S. Select Real Estate Securities Index
ONE YEAR 23.46% 22.61% 23.76%   23.46% 22.61% 23.76%
FIVE YEARS 13.66% 12.80% 15.24%   2.59% 2.44% 2.88%
TEN YEARS 78.34% 80.91% 84.98%   5.96% 6.11% 6.34%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Dow Jones International Real Estate ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.59%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
6


Table of Contents
SPDR Dow Jones International Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Goodman Group REIT 4.7%  
  Mitsui Fudosan Co., Ltd. 4.1  
  Deutsche Wohnen SE 3.9  
  Segro PLC REIT 3.5  
  Link REIT REIT 3.2  
  Scentre Group REIT 2.0  
  Nippon Building Fund, Inc. REIT 1.9  
  LEG Immobilien SE 1.8  
  Nippon Prologis REIT, Inc. REIT 1.5  
  Unibail-Rodamco-Westfield REIT 1.5  
  TOTAL 28.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of September 30, 2021

     
    % of Net Assets  
  Equity Real Estate Investment Trusts (REITs) 72.4%  
  Real Estate Management & Development 27.1  
  Diversified Financial Services 0.0*  
  Short-Term Investments 2.9  
  Liabilities in Excess of Other Assets (2.4)  
  TOTAL 100.0%  
    
* Amount shown represents less than 0.05% of net assets.  
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P China ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P China ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the Chinese equity market. The Fund’s benchmark is the S&P China BMI Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 5.04%, and the Index was 4.78%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The difference in return of the Fund and Index was largely due to sampling.
During the fourth quarter of 2020 China and other Asian countries continued to contain the virus well near the zero-infection rate. In this quarter, China continued its sustained economic recovery, led by growth in exports and manufacturing. The fourth quarter of 2020 was the best performing quarter for S&P China Index with a 11.65% return. New cases were registered in the northern provinces of China during the first quarter of 2021, which lead to tighter restrictions being extended up to the lunar year season. Chinese equities had a sell-off during the first quarter of 2021 over policy tightening. Despite a strong start to the quarter, the region had a difficult time due to concerns around rising COVID-19 cases in some parts of the region. The S&P China Index suffered its first negative quarter of the fiscal year with 0.41% return in the first quarter of 2021.
Although the Chinese economy was less buffeted by the pandemic in the second quarter of 2021, it was weighed down by concerns over monetary policy normalization and tougher regulations on the technology sector. China renewed its pledge to make its economy carbon neutral by 2060, which helped to boost investor sentiments. The S&P China Index recovered its losses from the previous quarter with a return of 2.86%. The Chinese equity markets struggled during the third quarter of 2021 and registered its worst quarter of the fiscal year with the S&P China Index down 16.75%. The flow of negative news from China such as regulatory efforts seemed relentless and weighed heavy on the overall regional performance. Investors also had to contend with fears around the potential default of a large Chinese property developer and the potential spillover effects.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were China Merchants Bank Co., Ltd. Class H, Wuxi Biologics (Cayman) Inc., and Li Ning Company Limited. The top negative contributors to the Fund’s performance during the Reporting Period were Tencent Holdings Ltd., Kuaishou Technology Class B, and Alibaba Group Holding Ltd..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P China ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P China BMI Index   Net
Asset
Value
Market
Value
S&P China BMI Index
ONE YEAR (5.04)% (6.33)% (4.78)%   (5.04)% (6.33)% (4.78)%
FIVE YEARS 52.77% 50.02% 52.99%   8.84% 8.45% 8.88%
TEN YEARS 132.94% 139.51% 139.00%   8.82% 9.13% 9.10%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P China ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.59%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
9


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

     
  Description % of Net Assets  
  Tencent Holdings, Ltd. 11.1%  
  Alibaba Group Holding, Ltd. ADR 8.5  
  Meituan Class B 4.0  
  China Construction Bank Corp. Class H 2.3  
  JD.com, Inc. ADR 2.0  
  Wuxi Biologics Cayman, Inc. 1.7  
  NIO, Inc. ADR 1.5  
  Xiaomi Corp. Class B 1.4  
  Baidu, Inc. ADR 1.3  
  Ping An Insurance Group Co. of China, Ltd. Class H 1.3  
  TOTAL 35.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of September 30, 2021

     
    % of Net Assets  
  Consumer Discretionary 27.4%  
  Communication Services 16.0  
  Financials 13.7  
  Health Care 8.6  
  Information Technology 7.8  
  Industrials 7.0  
  Consumer Staples 5.8  
  Materials 4.7  
  Real Estate 4.4  
  Utilities 2.3  
  Energy 2.0  
  Short-Term Investment 2.4  
  Liabilities in Excess of Other Assets (2.1)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Global Natural Resources ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P Global Natural Resources ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly-traded companies in natural resources and/or commodities businesses. The Fund’s benchmark is the S&P Global Natural Resources Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 41.09%, and the Index was 41.30%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative security misweights between the Fund and the Index contributed to the difference between the Fund’s performance and that of the Index
Easy monetary policy, increased vaccine distribution and fiscal stimulus were the primary drivers of Fund performance during the Reporting Period. The Fund had positive performance for the overall Reporting Period. Performance in the first quarter of the Reporting Period was strong on the back of an OPEC+ agreement on increasing production in 2021, successful trials and the rollout of a COVID-19 vaccine, and the gradual reopening of global economies. Performance was positive in the second and third quarters of the Reporting Period due to increased energy demand from optimism on economic recovery and reopening, strong energy prices, increasing global fertilizer demand, accommodative central banks and despite increased inflation. The Fund had negative performance in the last quarter of the Reporting Period as a result of concerns about inflation and supply disruptions due to Hurricane Ida.
The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of index futures contracts helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Royal Dutch Shell PLC Class A, Exxon Mobil Corporation, and Nutrien Ltd.. The top negative contributors to the Fund’s performance during the Reporting Period were Barrick Gold Corporation, Agnico Eagle Mines Limited, and Wheaton Precious Metals Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
11


Table of Contents
SPDR S&P Global Natural Resources ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Global Natural Resources Index   Net
Asset
Value
Market
Value
S&P Global Natural Resources Index
ONE YEAR 41.09% 40.77% 41.30%   41.09% 40.77% 41.30%
FIVE YEARS 52.59% 51.80% 52.61%   8.82% 8.71% 8.82%
TEN YEARS 47.89% 48.67% 47.98%   3.99% 4.05% 3.99%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S&P Global Natural Resources ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
12


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

     
  Description % of Net Assets  
  Exxon Mobil Corp. 4.4%  
  TotalEnergies SE 4.0  
  BHP Group, Ltd. 3.7  
  Chevron Corp. 3.5  
  Nutrien, Ltd. 3.3  
  BP PLC 3.1  
  Royal Dutch Shell PLC Class A 3.1  
  Glencore PLC 2.4  
  UPM-Kymmene Oyj 2.2  
  Anglo American PLC 2.2  
  TOTAL 31.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P International Small Cap ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P International Small Cap ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the developed world (ex-US) small cap equity markets. The Fund’s benchmark is the S&P Developed Ex-U.S. Under USD2 Billion Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 29.91%, and the Index was 30.96%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The S&P International Small Cap Index gained 18.30% in the last quarter of 2020 delivering the best performing quarter of the fiscal year. Risk assets rallied in the fourth quarter on positive news flow on vaccines and US election results. In Europe, while roadblocks were cleared for a fiscal support deal, paving the way for a roll out in early 2021, support from a landmark recovery fund was expected by mid-2021. Also, the United Kingdom (UK) managed to clinch a last-minute trade deal to avoid a hard Brexit and associated uncertainty. In Japan, Prime Minister Yoshihide Suga’s cabinet approved a record US$1 trillion budget for the next fiscal year. On the economic front, manufacturing continued to show sustained resilience globally, whereas services lagged given social distancing requirements.
The Index picked up 5.07% in the first quarter of 2021 as risk assets continued to rally with cyclical and value assets outperforming growth sectors that saw outsized returns in 2020. The quarter started off by overcoming concerns regarding potential virus-driven restrictions as a successful roll out of vaccinations and the promise of a fiscal and monetary stimuli lifted investor sentiments. However, the subsequent slow pace of vaccine distribution and concerns around a longer-than-anticipated timeline for economic recovery led to global markets stumbling for a short period. The sell-offs were short lived as stocks regained some upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli. With majority of adults receiving at least one dose of the vaccine and the number of people being hospitalized with COVID-19 being much lower than at the start of the year, the continued rally was a signal of investors looking ahead to a sustainable reopening of economies. Although manufacturing continued to expand strongly across regions, services growth improved only in the United States (US) and the United Kingdom (UK) and lagged in rest of Europe. Emergence of new variants of Coronavirus and a pick-up in inflation caused by cost pressures across supply chains remained key risks to growth momentum. In Europe, a German constitutional court’s adverse order cast new doubts on the timely implementation of the European recovery fund. In the UK, Finance Minister Rishi Sunak pledged an additional £65 billion stimulus in the budget plan. In Japan, parliament cleared a record US$1 trillion budget for the next fiscal year, raising hopes of further stimulus spending.
The Index added 5.47% in the second quarter of 2021 as the global growth recovery broadened, aided by accelerated vaccine rollout in the United States (US) and Europe and the momentum shifting away from China. Incoming data in the second half of the quarter pointed to continued robust global recovery cycle despite persistent headwinds, including supply chain disruptions, new variants of coronavirus and potential
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P International Small Cap ETF
Management's Discussion of Fund Performance (Unaudited)  (continued)
Central bank tightening on inflationary concerns. Risk assets continued to rally in the second quarter aided by the strong economic recovery across key developed markets (DM). In Europe, the European Commission started to publish its assessment of recovery plans for member states. Many countries, including Portugal, Spain and Greece, received the green light for the European Union (EU) recovery funding. The European Central Bank (ECB) chose not to talk about tapering, expected inflation to remain below target in the foreseeable future and committed to purchase €1.85 trillion worth of bonds until March 2022 as part of its pandemic emergency purchase program. In Japan, the Bank of Japan kept monetary policy steady and reiterated its view of inflationary pressures being subdued. It also unveiled a plan to boost funding for climate change to be rolled out by the end of 2021. Economic data was strong over the quarter as mobility restrictions were lifted by most countries and economic activity picked up during the period. Vaccine rollouts in the US, UK and Europe continued to proceed at speed. However, a rebound in economic activity led to concerns around a spike in inflation in certain quarters.
Notably, the Index picked up 2.43% in August but gave up 2.44% in September to finish down 0.11% for the third quarter of 2021. While global growth recovery regained momentum in the first half of the quarter, multiple headwinds in the second half are fueling concerns regarding the outlook. Reopening of the economy, driven by increased vaccination rate, healthy manufacturing, and labor activity, continued to provide support to recovery in the third quarter. However, increasing supply chain disruptions, rising political and regulatory risks in the US and China along with global energy crunch pose key risks to recovery momentum. In Europe, as economies re-open, a debate is underway within the bloc on whether to bring back spending restrictions suspended during the COVID crisis. Fiscally conservative northern countries like Germany and Netherlands are pushing for tighter debt and spending restrictions whereas southern countries like France and Italy are demanding more spending flexibility. In the UK, Chancellor Sunak is planning to bring new rules in the next budget to rein in the government borrowing loosened to support the economy during the pandemic. Globally the vaccine rollout made decent progress and many developed economies had eased restrictions. Global reopening continued during the quarter, with a number of developed markets further lifting restrictions. Economic data remained strong; however, much of the developed markets appeared to be at or just past the peak rate of growth. There, were also concerns regarding a peak in the rate of economic growth, supply disruptions and rising inflation.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were BayCurrent Consulting, Inc., HMM CO.,LTD, and Kawasaki Kisen Kaisha, Ltd.. The top negative contributors to the Fund’s performance during the Reporting Period were Regis Resources Limited, Taiko Pharmaceutical Co., Ltd., and Solutions 30 SE.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
15


Table of Contents
SPDR S&P International Small Cap ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Developed Ex-U.S. Under USD2 Billion Index   Net
Asset
Value
Market
Value
S&P Developed Ex-U.S. Under USD2 Billion Index
ONE YEAR 29.91% 29.12% 30.96%   29.91% 29.12% 30.96%
FIVE YEARS 48.80% 47.33% 50.81%   8.27% 8.06% 8.56%
TEN YEARS 128.87% 133.86% 129.32%   8.63% 8.87% 8.65%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S&P International Small Cap ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
16


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

     
  Description % of Net Assets  
  NTT UD REIT Investment Corp. REIT 0.2%  
  Shochiku Co., Ltd. 0.2  
  NIPPON REIT Investment Corp. REIT 0.2  
  Toagosei Co., Ltd. 0.2  
  DTS Corp. 0.2  
  Nakanishi, Inc. 0.2  
  New Wave Group AB Class B 0.2  
  National Storage REIT REIT 0.2  
  Nikkon Holdings Co., Ltd. 0.2  
  Leopalace21 Corp. 0.1  
  TOTAL 1.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
17


Table of Contents
SPDR S&P North American Natural Resources ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P North American Natural Resources ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks publicly-traded North American companies in natural resources and/or commodities businesses. The Fund’s benchmark is the S&P BMI North American Natural Resources Index (the “Index”).
For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 43.64%, and the Index was 43.30%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Positive impact from the treatment of tax withholdings was the primary contributor to the difference between the Fund’s performance and that of the Index.
Easy monetary policy, increased vaccine distribution and fiscal stimulus were the primary drivers of Fund performance during the Reporting Period. The Fund had positive performance for the overall Reporting Period. Performance in the first quarter of the Reporting Period was strong on the back of an OPEC+ agreement on increasing production in 2021, successful trials and the rollout of a COVID-19 vaccine, and the gradual reopening of global economies. Performance was positive in the second and third quarters of the Reporting Period due to increased energy demand from optimism on economic recovery and reopening, strong energy prices, increasing global fertilizer demand, accommodative central banks and despite increased inflation. The Fund had negative performance in the last quarter of the Reporting Period as a result of concerns about inflation and supply disruptions due to Hurricane Ida. Gold stocks, often used as a barometer for the precious metal itself, did not provide a safe haven over the reporting period. All gold stocks in the index were down dramatically as investors looked elsewhere beyond defensive positions.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Exxon Mobil Corporation, Chevron Corporation, and Freeport-McMoRan, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Barrick Gold Corporation, Agnico Eagle Mines Limited, and Wheaton Precious Metals Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
18


Table of Contents
SPDR S&P North American Natural Resources ETF
Performance Summary (Unaudited)
Performance as of September 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P BMI North American Natural Resources Index   Net
Asset
Value
Market
Value
S&P BMI North American Natural Resources Index
ONE YEAR 43.64% 43.47% 43.30%   43.64% 43.47% 43.30%
FIVE YEARS 34.19% 33.96% 33.01%   6.06% 6.02% 5.87%
SINCE INCEPTION(1) 84.13% 84.04% 82.63%   11.10% 11.09% 10.96%
(1) For the period ended December 15, 2015 to September 30, 2021. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/15/15, 12/16/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S&P North American Natural Resources ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended September 30, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
19


Table of Contents
SPDR S&P North American Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of September 30, 2021

     
  Description % of Net Assets  
  Chevron Corp. 7.9%  
  Exxon Mobil Corp. 7.6  
  Nutrien, Ltd. 6.4  
  Archer-Daniels-Midland Co. 6.3  
  Canadian Natural Resources, Ltd. 5.0  
  Corteva, Inc. 4.9  
  ConocoPhillips 4.9  
  Freeport-McMoRan, Inc. 4.5  
  Barrick Gold Corp. 4.3  
  EOG Resources, Inc. 4.3  
  TOTAL 56.1%  
(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.
20


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
September 30, 2021

Security Description     Shares   Value
COMMON STOCKS — 99.6%        
AUSTRALIA — 4.5%          
BWP Trust REIT

    528,108   $ 1,525,916
Charter Hall Long Wale REIT

    591,469   2,110,604
Charter Hall Retail REIT

    565,996   1,635,389
Dexus REIT

    1,141,648   8,906,433
Goodman Group REIT

    1,786,724   27,981,086
GPT Group REIT

    2,032,437   7,443,426
National Storage REIT

    1,170,171   1,961,034
Scentre Group REIT

    5,511,603   11,904,110
Shopping Centres Australasia Property Group REIT

    1,184,411   2,310,011
Vicinity Centres REIT

    4,102,768   4,949,271
Waypoint REIT

    834,867   1,658,433
          72,385,713
AUSTRIA — 0.1%          
CA Immobilien Anlagen AG

    50,006   2,115,338
BELGIUM — 0.9%          
Aedifica SA REIT

    38,167   4,768,387
Cofinimmo SA REIT

    29,599   4,493,793
Warehouses De Pauw CVA REIT

    146,726   5,951,683
          15,213,863
BRAZIL — 0.2%          
BR Malls Participacoes SA (a)

    863,421   1,280,339
BR Properties SA

    235,800   343,602
Iguatemi Empresa de Shopping Centers SA

    94,900   549,312
Multiplan Empreendimentos Imobiliarios SA

    307,100   1,072,531
          3,245,784
CANADA — 1.4%          
Allied Properties Real Estate Investment Trust

    65,847   2,090,513
Artis Real Estate Investment Trust

    72,873   654,036
Boardwalk Real Estate Investment Trust

    24,955   931,540
Canadian Apartment Properties REIT

    90,066   4,202,393
Cominar Real Estate Investment Trust

    97,999   772,791
Dream Industrial Real Estate Investment Trust

    108,232   1,384,030
Dream Office Real Estate Investment Trust

    26,366   478,682
First Capital Real Estate Investment Trust

    117,184   1,618,755
Granite Real Estate Investment Trust

    34,258   2,435,932
H&R Real Estate Investment Trust

    148,249   1,829,050
InterRent Real Estate Investment Trust

    72,984   963,826
RioCan Real Estate Investment Trust

    165,901   2,833,877
See accompanying notes to financial statements.
21


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
SmartCentres Real Estate Investment Trust

    77,590   $ 1,816,568
          22,011,993
FINLAND — 0.2%          
Kojamo Oyj

    159,575   3,312,265
FRANCE — 1.6%          
Covivio REIT

    50,098   4,228,008
Gecina SA REIT

    58,196   7,860,861
Klepierre SA REIT (a)

    212,697   4,792,061
Unibail-Rodamco-Westfield REIT (a)

    123,582   9,111,997
          25,992,927
GERMANY — 3.0%          
alstria office REIT-AG

    192,066   3,496,966
Aroundtown SA

    1,027,414   7,108,607
Deutsche EuroShop AG

    54,814   1,119,976
Deutsche Wohnen SE

    382,673   23,469,960
Grand City Properties SA

    110,941   2,769,507
LEG Immobilien SE

    77,518   10,978,385
          48,943,401
HONG KONG — 2.3%          
Hang Lung Properties, Ltd.

    1,982,018   4,521,801
Hysan Development Co., Ltd.

    637,731   2,076,713
Link REIT

    2,222,548   19,057,386
Swire Properties, Ltd.

    1,113,400   2,791,849
Wharf Real Estate Investment Co., Ltd.

    1,643,000   8,505,572
          36,953,321
JAPAN — 11.0%          
Activia Properties, Inc. REIT

    790   3,235,761
Advance Residence Investment Corp. REIT

    1,479   4,798,548
Aeon Mall Co., Ltd.

    100,600   1,555,322
AEON REIT Investment Corp.

    1,841   2,471,717
Comforia Residential REIT, Inc.

    689   2,121,188
Daiwa House REIT Investment Corp.

    2,231   6,528,537
Daiwa Office Investment Corp. REIT

    309   2,082,617
Daiwa Securities Living Investments Corp. REIT

    2,265   2,269,568
Frontier Real Estate Investment Corp. REIT

    537   2,353,511
Fukuoka REIT Corp.

    789   1,184,472
Global One Real Estate Investment Corp. REIT

    1,000   1,039,659
GLP J-REIT

    4,765   7,823,867
Hoshino Resorts REIT, Inc.

    246   1,624,934
See accompanying notes to financial statements.
22


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
Hulic Co., Ltd.

    530,400   $ 5,932,684
Hulic Reit, Inc.

    1,293   2,033,802
Ichigo Office REIT Investment Corp.

    1,622   1,309,811
Industrial & Infrastructure Fund Investment Corp. REIT

    2,212   4,018,574
Invesco Office J-REIT, Inc.

    9,505   1,933,798
Invincible Investment Corp. REIT

    6,453   2,538,980
Japan Excellent, Inc. REIT

    1,390   1,699,270
Japan Hotel REIT Investment Corp.

    4,720   2,838,557
Japan Logistics Fund, Inc. REIT

    965   2,862,783
Japan Metropolitan Fund Invest REIT

    7,487   7,200,135
Japan Prime Realty Investment Corp. REIT

    1,013   3,677,033
Japan Real Estate Investment Corp. REIT

    1,482   8,872,740
Kenedix Office Investment Corp. REIT

    451   3,100,309
Kenedix Residential Next Investment Corp. REIT

    1,063   2,069,313
Kenedix Retail REIT Corp.

    618   1,600,181
LaSalle Logiport REIT

    1,916   3,219,807
Leopalace21 Corp. (a)(b)

    164,200   364,971
Mirai Corp. REIT

    1,802   870,516
Mitsubishi Estate Logistics REIT Investment Corp.

    411   1,803,132
Mitsui Fudosan Co., Ltd.

    1,026,000   24,529,285
Mitsui Fudosan Logistics Park, Inc. REIT

    540   2,855,478
Mori Hills REIT Investment Corp.

    1,723   2,331,822
Mori Trust Sogo REIT, Inc.

    1,002   1,330,013
Nippon Accommodations Fund, Inc. REIT

    531   2,974,457
Nippon Building Fund, Inc. REIT

    1,755   11,403,764
Nippon Prologis REIT, Inc.

    2,753   9,191,060
NIPPON REIT Investment Corp.

    473   1,835,617
Nomura Real Estate Master Fund, Inc. REIT

    5,051   7,270,362
NTT UD REIT Investment Corp.

    1,428   1,963,300
Orix JREIT, Inc.

    2,957   5,141,456
Sekisui House REIT, Inc.

    4,549   3,767,220
Tokyu REIT, Inc.

    987   1,636,523
United Urban Investment Corp. REIT

    3,355   4,534,475
          177,800,929
MALTA — 0.0% (c)          
BGP Holdings PLC (d)

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

    3,170,001   3,610,603
NETHERLANDS — 0.1%          
Eurocommercial Properties NV (b)

    39,962   854,215
See accompanying notes to financial statements.
23


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
Wereldhave NV REIT (b)

    44,110   $ 626,747
          1,480,962
NORWAY — 0.3%          
Entra ASA (e)

    192,927   4,143,977
ROMANIA — 0.2%          
NEPI Rockcastle PLC

    502,777   3,493,540
SAUDI ARABIA — 0.1%          
Arabian Centres Co., Ltd.

    127,178   840,235
SINGAPORE — 3.0%          
Ascendas Real Estate Investment Trust

    3,539,791   7,822,166
CapitaLand China Trust REIT

    1,032,000   942,605
CapitaLand Integrated Commercial Trust REIT (b)

    5,270,907   7,881,512
Capitaland Investment, Ltd. (a)

    2,676,017   6,701,869
Frasers Centrepoint Trust REIT (b)

    1,128,493   1,886,917
Frasers Logistics & Commercial Trust REIT

    3,024,100   3,385,851
Keppel DC REIT

    1,328,800   2,427,390
Keppel REIT (b)

    2,133,312   1,665,668
Mapletree Commercial Trust REIT

    2,357,431   3,594,492
Mapletree Industrial Trust REIT

    2,056,505   4,211,170
Mapletree Logistics Trust REIT

    3,050,163   4,583,333
Mapletree North Asia Commercial Trust REIT

    2,275,800   1,617,669
Suntec Real Estate Investment Trust

    2,305,795   2,411,777
          49,132,419
SOUTH AFRICA — 0.4%          
Growthpoint Properties, Ltd. REIT

    3,635,997   3,455,949
Hyprop Investments, Ltd. REIT

    326,857   698,468
Redefine Properties, Ltd. REIT (a)

    5,967,561   1,812,679
          5,967,096
SPAIN — 0.4%          
Inmobiliaria Colonial Socimi SA REIT

    273,064   2,651,998
Merlin Properties Socimi SA REIT

    353,310   3,632,805
          6,284,803
SWEDEN — 1.4%          
Castellum AB

    241,168   5,913,041
Fabege AB

    287,541   4,354,914
Hufvudstaden AB Class A

    126,761   1,899,557
Kungsleden AB

    174,170   2,299,425
Samhallsbyggnadsbolaget i Norden AB

    1,092,470   6,053,911
See accompanying notes to financial statements.
24


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
Wihlborgs Fastigheter AB

    143,782   $ 2,866,256
          23,387,104
SWITZERLAND — 0.9%          
PSP Swiss Property AG

    48,643   5,871,471
Swiss Prime Site AG

    80,620   7,899,092
          13,770,563
THAILAND — 0.1%          
Central Pattana PCL NVDR

    1,422,200   2,227,770
UNITED KINGDOM — 4.5%          
Assura PLC REIT

    2,910,248   2,807,646
British Land Co. PLC REIT

    995,030   6,643,846
Capital & Counties Properties PLC REIT

    907,902   2,033,346
Derwent London PLC REIT

    118,948   5,546,064
Grainger PLC

    787,982   3,240,551
Great Portland Estates PLC REIT

    270,994   2,727,673
Hammerson PLC REIT

    4,509,331   1,966,323
Land Securities Group PLC REIT

    797,163   7,491,739
LondonMetric Property PLC REIT

    971,513   3,133,376
Primary Health Properties PLC REIT

    1,416,548   2,882,195
Segro PLC REIT

    1,275,965   20,559,352
Shaftesbury PLC REIT (b)

    304,412   2,497,613
Tritax Big Box REIT PLC

    1,909,120   5,472,670
UNITE Group PLC REIT

    426,783   6,260,929
          73,263,323
UNITED STATES — 62.8%          
Acadia Realty Trust REIT

    94,418   1,927,071
Agree Realty Corp. REIT

    72,460   4,799,026
Alexandria Real Estate Equities, Inc. REIT

    147,343   28,152,827
American Assets Trust, Inc. REIT

    55,485   2,076,249
American Campus Communities, Inc. REIT

    147,774   7,159,650
American Finance Trust, Inc. REIT

    123,400   992,136
American Homes 4 Rent Class A, REIT

    290,790   11,084,915
Americold Realty Trust REIT

    277,126   8,050,510
Apartment Income REIT Corp.

    168,006   8,200,373
Apartment Investment & Management Co. Class A, REIT

    165,546   1,133,990
Apple Hospitality REIT, Inc.

    220,179   3,463,416
AvalonBay Communities, Inc. REIT

    148,407   32,892,927
Boston Properties, Inc. REIT

    151,001   16,360,958
Brandywine Realty Trust REIT

    182,912   2,454,679
Brixmor Property Group, Inc. REIT

    315,864   6,983,753
See accompanying notes to financial statements.
25


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
Broadstone Net Lease, Inc. REIT

    165,782   $ 4,113,051
Camden Property Trust REIT

    106,871   15,760,266
CareTrust REIT, Inc.

    102,741   2,087,697
Centerspace REIT

    14,206   1,342,467
Chatham Lodging Trust REIT (a)

    51,511   631,010
City Office REIT, Inc.

    45,458   811,880
Columbia Property Trust, Inc. REIT

    121,217   2,305,547
Community Healthcare Trust, Inc. REIT

    24,982   1,128,937
Corporate Office Properties Trust REIT

    119,935   3,235,846
Cousins Properties, Inc. REIT

    158,150   5,897,414
CubeSmart REIT

    214,598   10,397,273
DiamondRock Hospitality Co. REIT (a)

    225,459   2,130,588
Digital Realty Trust, Inc. REIT

    300,427   43,396,680
Diversified Healthcare Trust REIT

    260,649   883,600
Douglas Emmett, Inc. REIT

    186,059   5,881,325
Duke Realty Corp. REIT

    402,806   19,282,323
Easterly Government Properties, Inc. REIT

    88,990   1,838,533
EastGroup Properties, Inc. REIT

    42,885   7,145,928
Empire State Realty Trust, Inc. Class A, REIT

    151,962   1,524,179
EPR Properties REIT

    79,226   3,912,180
Equity Commonwealth REIT (a)

    130,043   3,378,517
Equity LifeStyle Properties, Inc. REIT

    182,337   14,240,520
Equity Residential REIT

    362,174   29,307,120
Essential Properties Realty Trust, Inc. REIT

    126,661   3,536,375
Essex Property Trust, Inc. REIT

    69,123   22,101,388
Extra Space Storage, Inc. REIT

    142,189   23,886,330
Federal Realty Investment Trust REIT

    74,317   8,768,663
First Industrial Realty Trust, Inc. REIT

    137,385   7,155,011
Four Corners Property Trust, Inc. REIT

    82,466   2,215,037
Franklin Street Properties Corp. REIT

    102,528   475,730
Getty Realty Corp. REIT

    38,976   1,142,387
Global Medical REIT, Inc.

    63,118   927,835
Global Net Lease, Inc. REIT

    102,467   1,641,521
Healthcare Realty Trust, Inc. REIT

    154,244   4,593,386
Healthcare Trust of America, Inc. Class A, REIT

    232,166   6,886,044
Healthpeak Properties, Inc. REIT

    572,653   19,172,422
Hersha Hospitality Trust REIT (a)

    39,462   368,180
Highwoods Properties, Inc. REIT

    110,313   4,838,328
Host Hotels & Resorts, Inc. REIT (a)

    755,516   12,337,576
Hudson Pacific Properties, Inc. REIT

    161,571   4,244,470
Independence Realty Trust, Inc. REIT

    109,313   2,224,520
Industrial Logistics Properties Trust REIT

    71,429   1,815,011
See accompanying notes to financial statements.
26


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
Innovative Industrial Properties, Inc. REIT

    25,602   $ 5,918,414
Invitation Homes, Inc. REIT

    612,610   23,481,341
JBG SMITH Properties REIT

    122,908   3,639,306
Kilroy Realty Corp. REIT

    111,204   7,362,817
Kimco Realty Corp. REIT

    651,642   13,521,572
Kite Realty Group Trust REIT

    92,130   1,875,767
Lexington Realty Trust REIT

    296,665   3,782,479
Life Storage, Inc. REIT

    83,192   9,545,450
LTC Properties, Inc. REIT

    42,936   1,360,642
Macerich Co. REIT

    225,595   3,769,692
Mack-Cali Realty Corp. REIT (a)

    84,069   1,439,261
Mid-America Apartment Communities, Inc. REIT

    122,947   22,960,352
Monmouth Real Estate Investment Corp. REIT

    107,255   2,000,306
National Health Investors, Inc. REIT

    48,868   2,614,438
National Retail Properties, Inc. REIT

    186,778   8,066,942
National Storage Affiliates Trust REIT

    86,402   4,561,162
NETSTREIT Corp.

    41,400   979,110
NexPoint Residential Trust, Inc. REIT

    23,930   1,480,788
Office Properties Income Trust REIT

    52,837   1,338,361
Omega Healthcare Investors, Inc. REIT

    253,130   7,583,775
Paramount Group, Inc. REIT

    174,694   1,570,499
Park Hotels & Resorts, Inc. REIT (a)

    250,809   4,800,484
Pebblebrook Hotel Trust REIT

    140,461   3,147,731
Piedmont Office Realty Trust, Inc. Class A, REIT

    132,246   2,305,048
Prologis, Inc. REIT

    786,031   98,591,868
PS Business Parks, Inc. REIT

    21,439   3,360,349
Public Storage REIT

    162,052   48,145,649
Realty Income Corp. REIT

    413,820   26,840,365
Regency Centers Corp. REIT

    162,342   10,930,487
Retail Opportunity Investments Corp. REIT

    127,530   2,221,573
Retail Properties of America, Inc. Class A, REIT

    227,075   2,924,726
Rexford Industrial Realty, Inc. REIT

    146,159   8,294,523
RLJ Lodging Trust REIT

    176,252   2,619,105
RPT Realty REIT

    88,288   1,126,555
Ryman Hospitality Properties, Inc. REIT (a)

    58,529   4,898,877
Seritage Growth Properties Class A, REIT (a)(b)

    38,504   571,014
Service Properties Trust REIT

    174,082   1,951,459
Simon Property Group, Inc. REIT

    349,307   45,399,431
SITE Centers Corp. REIT

    189,672   2,928,536
SL Green Realty Corp. REIT

    71,126   5,038,566
Spirit Realty Capital, Inc. REIT

    126,341   5,816,740
STAG Industrial, Inc. REIT

    171,121   6,716,499
See accompanying notes to financial statements.
27


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Security Description     Shares   Value
STORE Capital Corp. REIT

    260,687   $ 8,349,805
Summit Hotel Properties, Inc. REIT (a)

    115,739   1,114,567
Sun Communities, Inc. REIT

    123,179   22,800,433
Sunstone Hotel Investors, Inc. REIT (a)

    230,339   2,750,248
Tanger Factory Outlet Centers, Inc. REIT

    107,178   1,747,001
Terreno Realty Corp. REIT

    74,256   4,695,207
UDR, Inc. REIT

    296,447   15,705,762
Universal Health Realty Income Trust REIT

    13,819   763,776
Urban Edge Properties REIT

    117,486   2,151,169
Ventas, Inc. REIT

    418,288   23,093,680
VEREIT, Inc.

    243,725   11,023,682
Vornado Realty Trust REIT

    168,322   7,071,207
Washington Real Estate Investment Trust

    91,706   2,269,724
Welltower, Inc. REIT

    448,345   36,943,628
WP Carey, Inc. REIT

    195,782   14,299,917
Xenia Hotels & Resorts, Inc. REIT (a)

    120,283   2,133,820
          1,019,091,260
TOTAL COMMON STOCKS

(Cost $1,446,521,038)

        1,614,669,189
       
SHORT-TERM INVESTMENTS — 0.2%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (f) (g)

1,838,198 1,838,566
State Street Navigator Securities Lending Portfolio II (h) (i)

1,555,303 1,555,303
TOTAL SHORT-TERM INVESTMENTS

(Cost $3,393,869)

3,393,869
TOTAL INVESTMENTS — 99.8%

(Cost $1,449,914,907)

1,618,063,058
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%

3,964,406
NET ASSETS — 100.0%

$ 1,622,027,464
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at September 30, 2021.
(c) Amount is less than 0.05% of net assets.
(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 September 30, 2021, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
See accompanying notes to financial statements.
28


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of September 30, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended September 30, 2021 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at September 30, 2021.
(h) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended September 30, 2021 are shown in the Affiliate Table below.
(i) Investment of cash collateral for securities loaned.
NVDR Non Voting Depositary Receipt
REIT Real Estate Investment Trust
At September 30, 2021, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
DJ US Real Estate Index (long)   200   12/17/2021   $8,275,983   $7,944,000   $(331,983)
During the period ended September 30, 2021, average notional value related to futures contracts was $7,253,831.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $1,614,669,189   $—   $ 0(a)   $1,614,669,189
Short-Term Investments

  3,393,869       3,393,869
TOTAL INVESTMENTS

  $1,618,063,058   $—   $ 0   $1,618,063,058
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(b)

  (331,983)       (331,983)
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ (331,983)   $—   $—   $ (331,983)
(a) Fund held a Level 3 security that was valued at $0 at September 30, 2021.
(b) Futures Contracts are valued at unrealized appreciation (depreciation).
See accompanying notes to financial statements.
29


Table of Contents
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS  (continued)
September 30, 2021

Affiliate Table
  Number of
Shares Held
at 9/30/20
  Value at
9/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 9/30/21
  Value at
9/30/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,037,667   $ 1,037,875   $ 84,813,834   $ 84,012,872   $(271)   $—   1,838,198   $1,838,566   $ 1,252
State Street Navigator Securities Lending Portfolio II

15,555,494   15,555,494   114,867,892   128,868,083       1,555,303   1,555,303   225,922
Total

    $16,593,369   $199,681,726   $212,880,955   $(271)   $—       $3,393,869   $227,174
See accompanying notes to financial statements.
30


Table of Contents
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
September 30, 2021

Security Description     Shares   Value
COMMON STOCKS — 99.5%        
AUSTRALIA — 12.1%          
BWP Trust REIT

    764,281   $ 2,208,314
Charter Hall Long Wale REIT

    900,286   3,212,590
Charter Hall Retail REIT

    819,933   2,369,115
Dexus REIT

    1,703,276   13,287,908
Goodman Group REIT

    2,662,299   41,693,075
GPT Group REIT

    3,038,890   11,129,375
National Storage REIT