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.

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.

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.

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.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

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..

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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	1,707,851	2,862,106
Scentre Group REIT	8,210,995	17,734,330
Shopping Centres Australasia Property Group REIT	1,713,288	3,341,504
Vicinity Centres REIT	6,106,184	7,366,042
Waypoint REIT	1,238,582	2,460,398
		107,664,757
AUSTRIA — 0.3%
CA Immobilien Anlagen AG	73,507	3,109,469
BELGIUM — 2.6%
Aedifica SA REIT	57,220	7,148,770
Cofinimmo SA REIT	44,314	6,727,860
Warehouses De Pauw CVA REIT	221,839	8,998,511
		22,875,141
BRAZIL — 0.5%
BR Malls Participacoes SA (a)	1,371,197	2,033,304
BR Properties SA	314,600	458,427
Iguatemi Empresa de Shopping Centers SA	136,100	787,791
Multiplan Empreendimentos Imobiliarios SA	437,240	1,527,038
		4,806,560
CANADA — 3.6%
Allied Properties Real Estate Investment Trust	98,879	3,139,214
Artis Real Estate Investment Trust	100,781	904,511
Boardwalk Real Estate Investment Trust	36,384	1,358,171
Canadian Apartment Properties REIT	133,683	6,237,520
Cominar Real Estate Investment Trust	142,443	1,123,263
Dream Industrial Real Estate Investment Trust	163,268	2,087,810
Dream Office Real Estate Investment Trust	40,306	731,766
First Capital Real Estate Investment Trust	168,353	2,325,593
Granite Real Estate Investment Trust	50,466	3,588,410
H&R Real Estate Investment Trust	221,845	2,737,054
InterRent Real Estate Investment Trust	107,628	1,421,334
RioCan Real Estate Investment Trust	246,285	4,206,976

See accompanying notes to financial statements.

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SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
SmartCentres Real Estate Investment Trust	112,844	$ 2,641,949
		32,503,571
FINLAND — 0.6%
Kojamo Oyj	239,156	4,964,112
FRANCE — 4.3%
Covivio REIT	75,017	6,331,040
Gecina SA REIT	85,953	11,610,155
Klepierre SA REIT (a)	313,211	7,056,640
Unibail-Rodamco-Westfield REIT (a)	183,795	13,551,646
		38,549,481
GERMANY — 8.2%
alstria office REIT-AG	281,535	5,125,937
Aroundtown SA	1,536,101	10,628,177
Deutsche EuroShop AG	78,671	1,607,428
Deutsche Wohnen SE	569,688	34,939,896
Grand City Properties SA	164,901	4,116,553
LEG Immobilien SE	115,551	16,364,759
		72,782,750
HONG KONG — 6.2%
Hang Lung Properties, Ltd.	2,919,755	6,661,166
Hysan Development Co., Ltd.	955,846	3,112,625
Link REIT	3,312,867	28,406,399
Swire Properties, Ltd.	1,668,400	4,183,511
Wharf Real Estate Investment Co., Ltd. (b)	2,457,000	12,719,531
		55,083,232
JAPAN — 29.7%
Activia Properties, Inc. REIT	1,178	4,824,970
Advance Residence Investment Corp. REIT	2,191	7,108,600
Aeon Mall Co., Ltd.	151,540	2,342,877
AEON REIT Investment Corp.	2,669	3,583,385
Comforia Residential REIT, Inc.	996	3,066,332
Daiwa House REIT Investment Corp.	3,325	9,729,890
Daiwa Office Investment Corp. REIT	465	3,134,035
Daiwa Securities Living Investments Corp. REIT	3,362	3,368,780
Frontier Real Estate Investment Corp. REIT	809	3,545,606
Fukuoka REIT Corp.	1,140	1,711,405
Global One Real Estate Investment Corp. REIT	1,532	1,592,758
GLP J-REIT	7,121	11,692,290
Hoshino Resorts REIT, Inc.	357	2,358,136

See accompanying notes to financial statements.

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SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Hulic Co., Ltd.	786,990	$ 8,802,720
Hulic Reit, Inc.	1,905	2,996,437
Ichigo Office REIT Investment Corp.	2,368	1,912,228
Industrial & Infrastructure Fund Investment Corp. REIT	3,271	5,942,475
Invesco Office J-REIT, Inc.	13,964	2,840,984
Invincible Investment Corp. REIT	9,643	3,794,109
Japan Excellent, Inc. REIT	2,015	2,463,330
Japan Hotel REIT Investment Corp.	7,059	4,245,206
Japan Logistics Fund, Inc. REIT	1,435	4,257,092
Japan Metropolitan Fund Invest REIT	11,054	10,630,466
Japan Prime Realty Investment Corp. REIT	1,516	5,502,846
Japan Real Estate Investment Corp. REIT	2,195	13,141,474
Kenedix Office Investment Corp. REIT	675	4,640,152
Kenedix Residential Next Investment Corp. REIT	1,563	3,042,649
Kenedix Retail REIT Corp.	925	2,395,093
LaSalle Logiport REIT	2,811	4,723,840
Leopalace21 Corp. (a)(b)	292,700	650,590
Mirai Corp. REIT	2,659	1,284,518
Mitsubishi Estate Logistics REIT Investment Corp.	616	2,702,505
Mitsui Fudosan Co., Ltd.	1,529,000	36,554,851
Mitsui Fudosan Logistics Park, Inc. REIT	819	4,330,809
Mori Hills REIT Investment Corp.	2,579	3,490,289
Mori Trust Sogo REIT, Inc.	1,535	2,037,495
Nippon Accommodations Fund, Inc. REIT	798	4,470,087
Nippon Building Fund, Inc. REIT	2,621	17,030,921
Nippon Prologis REIT, Inc.	4,084	13,634,685
NIPPON REIT Investment Corp.	707	2,743,724
Nomura Real Estate Master Fund, Inc. REIT	7,461	10,739,293
NTT UD REIT Investment Corp.	2,065	2,839,086
Orix JREIT, Inc. (b)	4,357	7,575,694
Sekisui House REIT, Inc.	6,775	5,610,666
Tokyu REIT, Inc.	1,461	2,422,451
United Urban Investment Corp. REIT	4,922	6,652,365
		264,160,194
MALTA — 0.0% (c)
BGP Holdings PLC (d)	32,410,441	—
MEXICO — 0.6%
Fibra Uno Administracion SA de CV REIT	4,649,234	5,295,436
NETHERLANDS — 0.2%
Eurocommercial Properties NV (b)	62,679	1,339,806

See accompanying notes to financial statements.

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SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Wereldhave NV REIT (b)	63,309	$ 899,540
		2,239,346
NORWAY — 0.7%
Entra ASA (e)	288,925	6,205,967
ROMANIA — 0.6%
NEPI Rockcastle PLC	753,541	5,235,971
SAUDI ARABIA — 0.1%
Arabian Centres Co., Ltd.	178,301	1,177,993
SINGAPORE — 8.3%
Ascendas Real Estate Investment Trust	5,323,689	11,764,192
CapitaLand China Trust REIT	1,638,700	1,496,750
CapitaLand Integrated Commercial Trust REIT	7,911,933	11,830,601
Capitaland Investment, Ltd. (a)	3,952,203	9,897,975
Frasers Centrepoint Trust REIT (b)	1,698,138	2,839,403
Frasers Logistics & Commercial Trust REIT	4,607,400	5,158,550
Keppel DC REIT (b)	1,995,500	3,645,286
Keppel REIT	3,087,353	2,410,573
Mapletree Commercial Trust REIT	3,470,971	5,292,362
Mapletree Industrial Trust REIT	3,074,154	6,295,041
Mapletree Logistics Trust REIT	4,566,679	6,862,128
Mapletree North Asia Commercial Trust REIT	3,431,400	2,439,084
Suntec Real Estate Investment Trust	3,392,076	3,547,988
		73,479,933
SOUTH AFRICA — 1.0%
Growthpoint Properties, Ltd. REIT	5,385,847	5,119,150
Hyprop Investments, Ltd. REIT	475,015	1,015,070
Redefine Properties, Ltd. REIT (a)	8,532,192	2,591,700
		8,725,920
SPAIN — 1.1%
Inmobiliaria Colonial Socimi SA REIT	420,866	4,087,451
Merlin Properties Socimi SA REIT	528,188	5,430,937
		9,518,388
SWEDEN — 3.9%
Castellum AB (b)	360,663	8,842,861
Fabege AB (b)	428,047	6,482,929
Hufvudstaden AB Class A	184,592	2,766,174
Kungsleden AB	259,846	3,430,536
Samhallsbyggnadsbolaget i Norden AB (b)	1,633,850	9,053,963

See accompanying notes to financial statements.

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SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Wihlborgs Fastigheter AB	211,843	$ 4,223,033
		34,799,496
SWITZERLAND — 2.3%
PSP Swiss Property AG	72,765	8,783,126
Swiss Prime Site AG	120,188	11,775,937
		20,559,063
THAILAND — 0.4%
Central Pattana PCL NVDR	2,111,959	3,308,226
UNITED KINGDOM — 12.2%
Assura PLC REIT	4,239,312	4,089,854
British Land Co. PLC REIT	1,479,582	9,879,215
Capital & Counties Properties PLC REIT	1,334,282	2,988,271
Derwent London PLC REIT	176,967	8,251,255
Grainger PLC	1,172,859	4,823,346
Great Portland Estates PLC REIT	401,118	4,037,427
Hammerson PLC REIT (b)	6,593,101	2,874,965
Land Securities Group PLC REIT	1,191,850	11,201,009
LondonMetric Property PLC REIT	1,441,208	4,648,262
Primary Health Properties PLC REIT	2,120,458	4,314,412
Segro PLC REIT	1,900,148	30,616,680
Shaftesbury PLC REIT (b)	457,125	3,750,579
Tritax Big Box REIT PLC	2,798,553	8,022,312
UNITE Group PLC REIT	632,939	9,285,248
		108,782,835
TOTAL COMMON STOCKS (Cost $893,148,564)		885,827,841


SHORT-TERM INVESTMENTS — 2.9%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (f) (g)	316,823	316,886
State Street Navigator Securities Lending Portfolio II (h) (i)	25,001,714	25,001,714
TOTAL SHORT-TERM INVESTMENTS (Cost $25,318,600)		25,318,600
TOTAL INVESTMENTS — 102.4% (Cost $918,467,164)		911,146,441
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%		(20,944,864)
NET ASSETS — 100.0%		$ 890,201,577

See accompanying notes to financial statements.

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SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(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.
(e)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.7% of net assets as of September 30, 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

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	$885,827,841	$—	$ 0(a)	$885,827,841
Short-Term Investments	25,318,600	—	—	25,318,600
TOTAL INVESTMENTS	$ 911,146,441	$—	$ 0	$ 911,146,441

(a)	The Fund held a Level 3 security that was valued at $0 at 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	193,817	$ 193,856	$ 37,015,335	$ 36,892,343	$38	$—	316,823	$ 316,886	$ 341
State Street Navigator Securities Lending Portfolio II	17,247,878	17,247,878	194,441,321	186,687,485	—	—	25,001,714	25,001,714	280,494
Total		$17,441,734	$231,456,656	$223,579,828	$38	$—		$25,318,600	$280,835

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 0.2%
AECC Aviation Power Co., Ltd. Class A	153,500	$ 1,265,055
AVIC Electromechanical Systems Co., Ltd. Class A	499,900	1,025,515
AviChina Industry & Technology Co., Ltd. Class H	1,472,000	930,323
AVICOPTER PLC Class A	70,600	608,206
		3,829,099
AIR FREIGHT & LOGISTICS — 0.8%
BEST, Inc. ADR (a) (b)	302,804	505,683
JD Logistics, Inc. (a) (b) (c)	430,300	1,790,925
Milkyway Chemical Supply Chain Service Co., Ltd. Class A	9,000	126,884
SF Holding Co., Ltd. Class A	213,300	2,159,770
Sinotrans, Ltd. Class H	1,097,000	431,210
STO Express Co., Ltd. Class A (a)	28,071	32,881
YTO Express Group Co., Ltd. Class A	281,100	606,713
Yunda Holding Co., Ltd. Class A	123,758	369,126
ZTO Express Cayman, Inc. ADR	227,226	6,966,749
		12,989,941
AIRLINES — 0.2%
Air China, Ltd. Class A (a)	763,500	880,143
Air China, Ltd. Class H (a)	508,000	336,072
China Eastern Airlines Corp., Ltd. Class A (a)	838,700	612,066
China Eastern Airlines Corp., Ltd. Class H (a)	204,000	78,354
China Southern Airlines Co., Ltd. Class A (a)	513,700	460,054
China Southern Airlines Co., Ltd. Class H (a) (b)	802,000	453,302
Spring Airlines Co., Ltd. Class A (a)	83,500	706,140
		3,526,131
AUTO COMPONENTS — 0.4%
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class A	5,800	162,659
China First Capital Group, Ltd. (a)	431,600	13,861
Fuyao Glass Industry Group Co., Ltd. Class A	157,700	1,032,356
Fuyao Glass Industry Group Co., Ltd. Class H (c)	254,800	1,363,249
Huayu Automotive Systems Co., Ltd. Class A	155,100	548,401
Kandi Technologies Group, Inc. (a) (b)	24,825	110,471
Kuang-Chi Technologies Co., Ltd. Class A (a)	80,400	279,793
Minth Group, Ltd.	478,000	1,633,317
Ningbo Tuopu Group Co., Ltd. Class A	31,800	179,546
Shandong Linglong Tyre Co., Ltd. Class A	178,500	975,195

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Tianneng Power International, Ltd. (b)	506,000	$ 566,798
		6,865,646
AUTOMOBILES — 4.4%
BAIC Motor Corp., Ltd. Class H (b) (c)	128,900	44,707
Brilliance China Automotive Holdings, Ltd. (a) (d)	1,754,000	563,288
BYD Co., Ltd. Class A	105,000	4,059,273
BYD Co., Ltd. Class H	374,000	11,674,513
Chongqing Changan Automobile Co., Ltd. Class A	535,240	1,384,956
Dongfeng Motor Group Co., Ltd. Class H	1,473,300	1,315,337
Geely Automobile Holdings, Ltd.	2,778,000	7,975,734
Great Wall Motor Co., Ltd. Class H	1,941,500	7,157,811
Guangzhou Automobile Group Co., Ltd. Class H	1,949,691	1,723,119
Li Auto, Inc. ADR (a)	140,577	3,695,769
NIO, Inc. ADR (a)	726,910	25,899,803
Niu Technologies ADR (a) (b)	17,958	416,087
Qingling Motors Co., Ltd. Class H	3,540,000	741,228
SAIC Motor Corp., Ltd. Class A	492,879	1,457,101
XPeng, Inc. ADR (a)	164,312	5,839,649
Yadea Group Holdings, Ltd. (c)	434,000	709,150
		74,657,525
BANKS — 8.4%
Agricultural Bank of China, Ltd. Class A	5,456,800	2,485,744
Agricultural Bank of China, Ltd. Class H	17,193,000	5,918,987
Bank of Beijing Co., Ltd. Class A	784,600	530,037
Bank of Chengdu Co., Ltd. Class A	433,400	796,425
Bank of China, Ltd. Class A	1,831,300	865,427
Bank of China, Ltd. Class H	41,000,700	14,536,547
Bank of Chongqing Co., Ltd. Class H	1,554,500	864,648
Bank of Communications Co., Ltd. Class A	1,045,000	728,618
Bank of Communications Co., Ltd. Class H	12,136,824	7,202,909
Bank of Hangzhou Co., Ltd. Class A	429,600	993,791
Bank of Jiangsu Co., Ltd. Class A	683,000	615,906
Bank of Nanjing Co., Ltd. Class A	423,800	594,266
Bank of Ningbo Co., Ltd. Class A	272,800	1,485,733
Bank of Shanghai Co., Ltd. Class A	610,200	691,131
Bank of Zhengzhou Co., Ltd. Class A (a)	780,290	417,106
China Bohai Bank Co., Ltd. Class H (c)	1,324,000	517,038
China CITIC Bank Corp., Ltd. Class H	5,234,471	2,366,881
China Construction Bank Corp. Class H	54,601,623	39,138,183
China Everbright Bank Co., Ltd. Class A	2,021,300	1,061,699
China Everbright Bank Co., Ltd. Class H	940,000	332,064

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
China Merchants Bank Co., Ltd. Class A	877,300	$ 6,857,729
China Merchants Bank Co., Ltd. Class H	2,044,235	16,294,218
China Minsheng Banking Corp., Ltd. Class A	689,800	417,899
China Minsheng Banking Corp., Ltd. Class H (b)	4,329,259	1,740,679
Chongqing Rural Commercial Bank Co., Ltd. Class H	2,560,000	933,941
Huaxia Bank Co., Ltd. Class A	510,000	440,146
Industrial & Commercial Bank of China, Ltd. Class A	2,972,400	2,146,170
Industrial & Commercial Bank of China, Ltd. Class H	35,659,789	19,834,788
Industrial Bank Co., Ltd. Class A	1,090,700	3,092,626
Jiangsu Changshu Rural Commercial Bank Co., Ltd. Class A	470,200	466,994
Ping An Bank Co., Ltd. Class A	842,800	2,341,401
Postal Savings Bank of China Co., Ltd. Class A	1,591,800	1,252,920
Postal Savings Bank of China Co., Ltd. Class H (c)	4,417,000	3,052,605
Shanghai Pudong Development Bank Co., Ltd. Class A	1,426,270	1,988,911
		143,004,167
BEVERAGES — 2.8%
Anhui Gujing Distillery Co., Ltd. Class A	34,100	1,260,231
Anhui Kouzi Distillery Co., Ltd. Class A	38,000	297,217
Beijing Shunxin Agriculture Co., Ltd. Class A	44,100	241,477
Beijing Yanjing Brewery Co., Ltd. Class A	460,600	467,451
China Resources Beer Holdings Co., Ltd.	821,667	6,069,104
Chongqing Brewery Co., Ltd. Class A (a)	43,239	879,184
Huiyuan Juice Group, Ltd. (a) (d)	701,000	—
Jiangsu King's Luck Brewery JSC, Ltd. Class A	83,100	583,271
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A	70,100	1,803,875
JiuGui Liquor Co., Ltd. Class A	10,200	391,516
Kweichow Moutai Co., Ltd. Class A	57,131	16,199,215
Luzhou Laojiao Co., Ltd. Class A	70,100	2,406,687
Nongfu Spring Co., Ltd. Class H (b) (c)	767,800	3,910,679
Shanghai Bairun Investment Holding Group Co., Ltd. Class A	20,800	240,067
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A	61,040	2,983,905
Sichuan Swellfun Co., Ltd. Class A	42,500	837,291
Tsingtao Brewery Co., Ltd. Class A	34,500	430,475
Tsingtao Brewery Co., Ltd. Class H	223,000	1,747,413
Wuliangye Yibin Co., Ltd. Class A	191,500	6,509,635
Yantai Changyu Pioneer Wine Co., Ltd. Class A	50,000	251,627
		47,510,320
BIOTECHNOLOGY — 2.3%
3SBio, Inc. (a) (b) (c)	525,500	516,411
Akeso, Inc. (a) (c)	306,000	1,682,388
Alphamab Oncology (a) (c)	126,000	285,516

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Ascentage Pharma Group International (a) (b) (c)	35,000	$ 155,338
BeiGene, Ltd. ADR (a) (b)	27,214	9,878,682
Beijing SL Pharmaceutical Co., Ltd. Class A	120,075	185,489
Beijing Tiantan Biological Products Corp., Ltd. Class A	156,029	773,859
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. Class A	20,140	692,761
Berry Genomics Co., Ltd. Class A (a)	102,400	340,328
BGI Genomics Co., Ltd. Class A	24,099	326,759
Chongqing Zhifei Biological Products Co., Ltd. Class A	81,600	2,010,162
CStone Pharmaceuticals (a) (b) (c)	247,000	342,040
Daan Gene Co., Ltd. Class A	225,740	649,518
Everest Medicines, Ltd. (a) (c)	41,000	259,125
Genetron Holdings, Ltd. ADR (a)	26,228	363,258
Getein Biotech, Inc. Class A	156,092	443,800
Hualan Biological Engineering, Inc. Class A	102,300	442,233
I-Mab ADR (a)	17,668	1,280,753
Imeik Technology Development Co., Ltd. Class A	7,700	707,257
InnoCare Pharma, Ltd. (a) (c)	278,000	751,723
Innovent Biologics, Inc. (a) (c)	503,500	4,883,232
Jacobio Pharmaceuticals Group Co., Ltd. (a) (c)	75,900	182,909
JW Cayman Therapeutics Co., Ltd. (a) (c)	136,500	261,615
Kintor Pharmaceutical, Ltd. (a) (b) (c)	104,500	701,396
Legend Biotech Corp. ADR (a)	36,223	1,831,435
Remegen Co., Ltd. Class H (a) (b) (c)	63,500	804,288
Shanghai Haohai Biological Technology Co., Ltd. Class H (c)	24,000	193,304
Shanghai Junshi Biosciences Co., Ltd. Class A (a)	73,626	617,162
Shanghai Junshi Biosciences Co., Ltd. Class H (a) (c)	20,000	101,739
Shanghai RAAS Blood Products Co., Ltd. Class A	411,600	434,941
Shenzhen Kangtai Biological Products Co., Ltd. Class A	34,500	588,702
Walvax Biotechnology Co., Ltd. Class A	126,300	1,236,386
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A	278,400	623,747
Zai Lab, Ltd. ADR (a)	40,232	4,240,051
		38,788,307
BUILDING PRODUCTS — 0.4%
Beijing New Building Materials PLC Class A	191,400	947,510
China Lesso Group Holdings, Ltd.	533,000	854,481
Guangdong Kinlong Hardware Products Co., Ltd. Class A	10,300	219,230
Xinyi Glass Holdings, Ltd.	1,445,000	4,324,986
Zhejiang Weixing New Building Materials Co., Ltd. Class A	227,875	596,345
Zhuzhou Kibing Group Co., Ltd. Class A	119,700	321,413
		7,263,965

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
CAPITAL MARKETS — 2.2%
Caitong Securities Co., Ltd. Class A	321,000	$ 537,653
Central China Securities Co., Ltd. Class H	551,000	100,508
Changjiang Securities Co., Ltd. Class A	483,700	573,335
China Cinda Asset Management Co., Ltd. Class H	4,999,200	847,687
China Everbright, Ltd.	612,000	723,269
China Galaxy Securities Co., Ltd. Class H	2,933,500	1,707,046
China Huarong Asset Management Co., Ltd. Class H (a) (c) (d)	6,780,000	444,182
China International Capital Corp., Ltd. Class A	66,600	590,464
China International Capital Corp., Ltd. Class H (c)	353,200	927,844
China Merchants Securities Co., Ltd. Class A	482,392	1,369,294
CITIC Securities Co., Ltd. Class A	349,000	1,367,016
CITIC Securities Co., Ltd. Class H	1,158,000	2,951,285
CSC Financial Co., Ltd. Class A	145,804	698,070
Dongxing Securities Co., Ltd. Class A	311,700	547,189
East Money Information Co., Ltd. Class A	416,360	2,217,275
Everbright Securities Co., Ltd. Class A	293,600	706,478
Founder Securities Co., Ltd. Class A	500,900	634,856
GF Securities Co., Ltd. Class A	249,400	809,951
GF Securities Co., Ltd. Class H	794,800	1,386,496
Guosen Securities Co., Ltd. Class A	287,900	527,266
Guotai Junan International Holdings, Ltd.	2,214,000	352,663
Guotai Junan Securities Co., Ltd. Class A	478,700	1,322,470
Guoyuan Securities Co., Ltd. Class A	497,240	597,089
Haitong Securities Co., Ltd. Class A	249,800	469,875
Haitong Securities Co., Ltd. Class H	2,234,600	2,046,681
Huaan Securities Co., Ltd. Class A	703,530	584,277
Huatai Securities Co., Ltd. Class A	338,800	891,883
Huatai Securities Co., Ltd. Class H (c)	992,400	1,532,329
Huaxi Securities Co., Ltd. Class A	343,600	512,152
Industrial Securities Co., Ltd. Class A	536,600	818,120
Noah Holdings, Ltd. ADR (a)	25,782	957,286
Orient Securities Co., Ltd. Class A	382,900	897,626
SDIC Capital Co., Ltd. Class A	397,837	542,449
Shaanxi International Trust Co., Ltd. Class A	1,769,030	896,301
Shanxi Securities Co., Ltd. Class A	594,690	604,457
Shenwan Hongyuan Group Co., Ltd. Class A	1,118,510	953,177
Sinolink Securities Co., Ltd. Class A	378,100	669,027
SooChow Securities Co., Ltd. Class A	493,852	762,892
Southwest Securities Co., Ltd. Class A	749,600	593,501
Up Fintech Holding, Ltd. ADR (a) (b)	31,643	335,099
Western Securities Co., Ltd. Class A	375,600	481,867

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Zheshang Securities Co., Ltd. Class A (a)	382,700	$ 738,242
		37,226,627
CHEMICALS — 1.5%
ADAMA, Ltd. Class A	364,300	511,962
China BlueChemical, Ltd. Class H	2,050,000	753,149
China Lumena New Materials Corp. (a) (b) (d)	89,113	—
COFCO Biotechnology Co., Ltd. Class A	498,600	781,042
Do-Fluoride New Materials Co., Ltd. Class A (a)	48,800	406,263
Dongyue Group, Ltd.	609,000	1,520,808
Fufeng Group, Ltd. (a)	600,000	212,726
Guangzhou Tinci Materials Technology Co., Ltd. Class A	38,890	916,633
Hengli Petrochemical Co., Ltd. Class A	255,400	1,030,464
Hengyi Petrochemical Co., Ltd. Class A	352,991	628,974
Hoshine Silicon Industry Co., Ltd. Class A	24,200	673,018
Huabao International Holdings, Ltd. (b)	376,000	737,061
Huapont Life Sciences Co., Ltd. Class A	600,800	646,042
Hubei Xingfa Chemicals Group Co., Ltd. Class A	62,800	436,408
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A	620,700	550,109
Inner Mongolia Yuan Xing Energy Co., Ltd. Class A (a)	214,900	316,656
Jiangsu Eastern Shenghong Co., Ltd. Class A	247,600	1,078,790
Jiangsu Yoke Technology Co., Ltd. Class A	58,500	692,138
LB Group Co., Ltd. Class A	213,400	949,289
Ningxia Baofeng Energy Group Co., Ltd. Class A	258,200	643,300
Rongsheng Petrochemical Co., Ltd. Class A	465,800	1,356,839
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A	162,264	827,914
Shanghai Putailai New Energy Technology Co., Ltd. Class A	29,140	776,585
Shenzhen Capchem Technology Co., Ltd. Class A	11,000	264,177
Shenzhen Senior Technology Material Co., Ltd. Class A	43,300	302,241
Sichuan Lutianhua Co., Ltd. Class A (a)	215,000	223,528
Sichuan New Energy Power Co., Ltd. (a)	70,200	312,713
Sichuan Yahua Industrial Group Co., Ltd. Class A	62,100	318,486
Sinopec Shanghai Petrochemical Co., Ltd. Class H	2,329,999	568,683
Skshu Paint Co., Ltd. Class A	12,040	186,551
Tongkun Group Co., Ltd. Class A	262,500	892,354
Transfar Zhilian Co., Ltd. Class A	406,600	524,787
Wanhua Chemical Group Co., Ltd. Class A	148,000	2,447,939
Zhejiang Juhua Co., Ltd. Class A	333,100	770,558
Zhejiang Longsheng Group Co., Ltd. Class A	216,900	454,368
Zhejiang Satellite Petrochemical Co., Ltd. Class A	77,800	470,489
Zhejiang Yongtai Technology Co., Ltd. Class A (a)	46,400	381,898

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Zibo Qixiang Tengda Chemical Co., Ltd. Class A	456,960	$ 859,544
		25,424,486
COMMERCIAL SERVICES & SUPPLIES — 0.2%
China Everbright Environment Group, Ltd.	2,560,925	1,934,350
Dongjiang Environmental Co., Ltd. Class H (b)	203,800	103,148
Shanghai M&G Stationery, Inc. Class A	87,180	918,267
		2,955,765
COMMUNICATIONS EQUIPMENT — 0.4%
Addsino Co., Ltd. Class A	272,300	635,817
Beijing BDStar Navigation Co., Ltd. Class A (a)	24,100	150,896
BYD Electronic International Co., Ltd. (b)	406,500	1,433,388
China Fiber Optic Network System Group, Ltd. (a) (d)	1,131,600	—
China Zhenhua Group Science & Technology Co., Ltd. Class A	29,100	451,875
Comba Telecom Systems Holdings, Ltd. (b)	1,782,310	455,614
Fiberhome Telecommunication Technologies Co., Ltd. Class A	49,200	134,473
Fujian Star-net Communication Co., Ltd. Class A	116,100	445,044
Guangzhou Haige Communications Group, Inc. Co. Class A	123,400	195,788
Hytera Communications Corp., Ltd. Class A	17,600	15,244
Tianjin 712 Communication & Broadcasting Co., Ltd. Class A	33,200	189,097
Yangtze Optical Fibre & Cable Joint Stock, Ltd. Co. Class H (c)	245,000	377,037
Yangtze Optical Fibre and Cable Joint Stock, Ltd., Co. Class A	66,000	284,902
Yealink Network Technology Corp., Ltd. Class A	33,800	425,511
ZTE Corp. Class A	145,900	748,941
ZTE Corp. Class H	519,997	1,710,022
		7,653,649
CONSTRUCTION & ENGINEERING — 0.7%
China Communications Services Corp., Ltd. Class H	1,427,600	792,230
China Conch Venture Holdings, Ltd.	1,072,000	4,964,334
China Railway Group, Ltd. Class A	555,500	487,160
China Railway Group, Ltd. Class H	2,996,000	1,493,257
China State Construction Engineering Corp., Ltd. Class A	1,787,200	1,329,185
Metallurgical Corp. of China, Ltd. Class A	1,184,100	798,084
Metallurgical Corp. of China, Ltd. Class H	1,259,000	388,148
Power Construction Corp. of China, Ltd. Class A	702,300	921,673
Shanghai Construction Group Co., Ltd. Class A	971,900	617,414
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A	365,200	357,052
Xinte Energy Co., Ltd. Class H	124,000	331,319
		12,479,856
CONSTRUCTION MATERIALS — 0.7%
Anhui Conch Cement Co., Ltd. Class A	114,200	721,934

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Anhui Conch Cement Co., Ltd. Class H	731,000	$ 3,943,915
BBMG Corp. Class H	1,624,000	277,459
China Jushi Co., Ltd. Class A	369,170	1,005,579
China National Building Material Co., Ltd. Class H	2,438,000	3,300,922
China Resources Cement Holdings, Ltd.	1,145,163	1,104,760
CSG Holding Co., Ltd. Class A	505,117	783,424
Huaxin Cement Co., Ltd. Class A	179,900	570,027
Sichuan Shuangma Cement Co., Ltd. Class A	153,600	443,379
Tangshan Jidong Cement Co., Ltd. Class A	172,100	343,187
		12,494,586
CONSUMER FINANCE — 0.2%
360 DigiTech, Inc. ADR (a)	45,433	923,198
FinVolution Group ADR	34,859	196,605
LexinFintech Holdings, Ltd. ADR (a)	85,801	505,368
Lufax Holding, Ltd. ADR (a)	259,101	1,808,525
Qudian, Inc. ADR (a) (b)	155,141	226,506
		3,660,202
CONTAINERS & PACKAGING — 0.1%
Greatview Aseptic Packaging Co., Ltd.	512,000	190,734
Shenzhen YUTO Packaging Technology Co., Ltd. Class A	162,240	751,121
Yunnan Energy New Material Co., Ltd. Class A	38,307	1,662,621
		2,604,476
DISTRIBUTORS — 0.0% (e)
Xinhua Winshare Publishing and Media Co., Ltd. Class H	312,000	235,664
DIVERSIFIED CONSUMER SERVICES — 0.4%
Bright Scholar Education Holdings, Ltd. ADR (b)	23,003	66,018
China Education Group Holdings, Ltd.	561,000	967,111
China Maple Leaf Educational Systems, Ltd. (a) (b)	1,139,497	203,465
China Yuhua Education Corp., Ltd. (c)	700,000	339,900
Fu Shou Yuan International Group, Ltd.	997,000	831,191
Gaotu Techedu, Inc. ADR (a) (b)	59,873	183,810
Koolearn Technology Holding, Ltd. (a) (b) (c)	109,500	59,218
New Oriental Education & Technology Group, Inc. ADR (a)	891,476	1,827,526
Offcn Education Technology Co., Ltd. Class A (a)	73,600	123,617
Puxin, Ltd. ADR (a) (b)	8,402	4,873
TAL Education Group ADR (a)	241,401	1,168,381
Tianli Education International Holdings, Ltd.	260,000	57,112
Youdao, Inc. ADR (a) (b)	9,230	111,591

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Zhejiang Yasha Decoration Co., Ltd. Class A	645,200	$ 745,769
		6,689,582
DIVERSIFIED FINANCIAL SERVICES — 0.1%
AVIC Industry-Finance Holdings Co., Ltd. Class A	678,800	402,820
China Common Rich Renewable Energy Investment, Ltd. (a) (b) (d)	17,589,376	—
Chongsing Holdings,Ltd. (a) (d)	17,798,900	—
Far East Horizon, Ltd. (b)	1,290,000	1,309,115
Oceanwide Holdings Co., Ltd. Class A (a)	732,400	226,960
		1,938,895
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2%
China Tower Corp., Ltd. Class H (c)	28,662,000	3,755,498
CITIC Telecom International Holdings, Ltd.	1,501,000	510,961
		4,266,459
ELECTRICAL EQUIPMENT — 1.5%
Contemporary Amperex Technology Co., Ltd. Class A	107,400	8,748,590
Dongfang Electric Corp., Ltd. Class A	368,100	1,043,730
Dongfang Electric Corp., Ltd. Class H (b)	57,600	95,301
Eve Energy Co., Ltd. Class A	120,800	1,853,552
Fangda Carbon New Material Co., Ltd. Class A	398,460	626,645
Fullshare Holdings, Ltd. (a)	5,417,500	73,768
Ginlong Technologies Co., Ltd. Class A	12,900	483,700
Guoxuan High-Tech Co., Ltd. Class A (a)	38,600	284,028
NARI Technology Co., Ltd. Class A	255,280	1,420,376
Ningbo Sanxing Medical Electric Co., Ltd. Class A	301,500	767,531
Shanghai Electric Group Co., Ltd. Class A	660,900	532,488
Shanghai Electric Group Co., Ltd. Class H (b)	2,982,000	934,670
Shanghai Liangxin Electrical Co., Ltd. Class A	65,950	138,869
Shanghai Moons' Electric Co., Ltd. Class A	80,700	208,565
Sungrow Power Supply Co., Ltd. Class A	60,300	1,386,321
Sunwoda Electronic Co., Ltd. Class A	69,700	403,901
Suzhou Maxwell Technologies Co., Ltd. Class A	4,740	447,656
TBEA Co., Ltd. Class A	170,700	641,381
Tech Pro Technology Development, Ltd. (a) (b) (d)	4,481,396	—
Topsec Technologies Group, Inc. Class A	202,100	501,023
Xinjiang Goldwind Science & Technology Co., Ltd. Class A	270,800	729,658
Xinjiang Goldwind Science & Technology Co., Ltd. Class H	475,360	1,001,446
Youngy Co., Ltd. Class A (a)	14,511	299,034
Zhejiang Chint Electrics Co., Ltd. Class A	153,400	1,345,280

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Zhuzhou CRRC Times Electric Co. Class H (a)	378,100	$ 1,746,089
		25,713,602
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.0%
AAC Technologies Holdings, Inc. (b)	459,245	2,191,615
Accelink Technologies Co., Ltd. Class A	115,700	401,562
Anxin-China Holdings, Ltd. (a) (d)	3,068,000	—
Avary Holding Shenzhen Co., Ltd. Class A	88,200	455,486
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. Class A	9,500	222,265
BOE Technology Group Co., Ltd. Class A	1,820,700	1,424,626
Foxconn Industrial Internet Co., Ltd. Class A	241,000	433,905
GoerTek, Inc. Class A	189,700	1,266,822
Guangzhou Shiyuan Electronic Technology Co., Ltd. Class A	36,900	447,957
Hollysys Automation Technologies, Ltd.	41,377	856,090
Ju Teng International Holdings, Ltd.	1,236,000	230,222
Kingboard Holdings, Ltd.	452,999	2,051,244
Kingboard Laminates Holdings, Ltd.	440,000	727,997
Lens Technology Co., Ltd. Class A	227,500	737,419
Lingyi iTech Guangdong Co. Class A	345,800	346,121
Luxshare Precision Industry Co., Ltd. Class A	347,163	1,920,854
Maxscend Microelectronics Co., Ltd. Class A	25,896	1,412,363
OFILM Group Co., Ltd. Class A	256,200	333,449
Shengyi Technology Co., Ltd. Class A	126,300	423,870
Shennan Circuits Co., Ltd. Class A	40,020	587,960
Shenzhen Kinwong Electronic Co., Ltd. Class A	97,100	367,247
Sunny Optical Technology Group Co., Ltd.	394,000	10,365,424
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A	158,100	511,486
Tianma Microelectronics Co., Ltd. Class A	242,800	510,505
Unisplendour Corp., Ltd. Class A	148,676	574,524
Universal Scientific Industrial Shanghai Co., Ltd. Class A	170,600	366,364
Wasion Holdings, Ltd.	530,000	179,058
Westone Information Industry, Inc. Class A	117,600	757,093
Wingtech Technology Co., Ltd. Class A	64,200	931,666
Wuhan Guide Infrared Co., Ltd. Class A	269,764	977,236
WUS Printed Circuit Kunshan Co., Ltd. Class A	141,410	245,616
Wuxi Lead Intelligent Equipment Co., Ltd. Class A	75,600	817,848
Zepp Health Corp. ADR (a)	17,175	137,915
Zhejiang Dahua Technology Co., Ltd. Class A	199,800	734,313
		33,948,122
ENERGY EQUIPMENT & SERVICES — 0.1%
Anton Oilfield Services Group (a) (b)	1,412,000	90,691

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
China Oilfield Services, Ltd. Class H	1,209,900	$ 1,154,780
Shandong Molong Petroleum Machinery Co., Ltd. Class A (a)	402,012	306,461
Sinopec Oilfield Service Corp. Class H (a)	1,904,000	200,559
		1,752,491
ENTERTAINMENT — 2.1%
CT Environmental Group Ltd (a) (b) (d)	1,980,400	—
Alibaba Pictures Group, Ltd. (a) (b)	10,110,000	1,142,864
Bilibili, Inc. ADR (a) (b)	121,057	8,010,342
DouYu International Holdings, Ltd. ADR (a) (b)	73,588	242,104
G-bits Network Technology Xiamen Co., Ltd. Class A	6,146	372,607
Giant Network Group Co., Ltd. Class A	165,100	266,043
HUYA, Inc. ADR (a)	29,652	247,298
iQIYI, Inc. ADR (a) (b)	175,987	1,413,175
Kingsoft Corp., Ltd.	536,600	2,140,293
Mango Excellent Media Co., Ltd. Class A	84,966	573,856
NetDragon Websoft Holdings, Ltd.	278,000	628,519
NetEase, Inc. ADR	194,772	16,633,529
Perfect World Co., Ltd. Class A	181,800	424,782
Tencent Music Entertainment Group ADR (a)	257,099	1,863,968
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A	199,700	649,474
XD, Inc. (a) (b)	118,400	659,328
Zhejiang Century Huatong Group Co., Ltd. Class A (a)	433,712	497,284
		35,765,466
FOOD & STAPLES RETAILING — 0.1%
Jiajiayue Group Co., Ltd. Class A	131,908	307,186
Laobaixing Pharmacy Chain JSC Class A	67,300	488,014
Sun Art Retail Group, Ltd. (b)	1,523,000	704,309
Yifeng Pharmacy Chain Co., Ltd. Class A	85,734	691,823
Yonghui Superstores Co., Ltd. Class A	421,600	256,069
		2,447,401
FOOD PRODUCTS — 2.2%
Ausnutria Dairy Corp., Ltd. (b)	213,000	219,987
China Feihe, Ltd. (c)	1,413,000	2,385,055
China Huishan Dairy Holdings Co., Ltd. (a) (b) (d)	2,729,000	—
China Mengniu Dairy Co., Ltd. (a)	1,553,220	10,006,100
China Yurun Food Group, Ltd. (a)	1,292,000	144,392
COFCO Joycome Foods., Ltd. (a)	907,000	286,618
Dali Foods Group Co., Ltd. (c)	762,000	460,059
Foshan Haitian Flavouring & Food Co., Ltd. Class A	179,844	3,065,206
Fujian Sunner Development Co., Ltd. Class A	124,800	417,676

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Guangdong Haid Group Co., Ltd. Class A	104,600	$ 1,092,352
Health & Happiness H&H International Holdings, Ltd.	126,000	300,407
Henan Shuanghui Investment & Development Co., Ltd. Class A	147,900	622,170
Inner Mongolia Yili Industrial Group Co., Ltd. Class A	349,000	2,038,627
Jiangxi Zhengbang Technology Co., Ltd. Class A	193,500	282,725
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd. Class A	84,593	417,329
Juewei Food Co., Ltd. Class A	18,200	180,336
Muyuan Foods Co., Ltd. Class A	225,946	1,816,950
New Hope Liuhe Co., Ltd. Class A (a)	215,000	491,695
Tingyi Cayman Islands Holding Corp.	1,091,844	2,030,907
Toly Bread Co., Ltd. Class A	88,029	396,499
Tongwei Co., Ltd. Class A	246,100	1,942,413
Uni-President China Holdings, Ltd.	985,400	937,976
Want Want China Holdings, Ltd.	3,635,933	2,751,009
Wens Foodstuffs Group Co., Ltd. Class A	209,800	470,376
WH Group, Ltd. (c)	4,870,183	3,472,156
Yihai International Holding, Ltd. (a) (b)	292,000	1,626,046
Yihai Kerry Arawana Holdings Co., Ltd. Class A	50,700	545,335
		38,400,401
GAS UTILITIES — 0.6%
Beijing Enterprises Holdings, Ltd.	166,000	664,243
China Gas Holdings, Ltd.	1,299,600	3,839,710
China Resources Gas Group, Ltd.	589,000	3,094,565
Chongqing Gas Group Corp., Ltd. Class A	212,900	316,018
Kunlun Energy Co., Ltd.	2,307,400	2,406,799
		10,321,335
HEALTH CARE EQUIPMENT & SUPPLIES — 0.8%
AK Medical Holdings, Ltd. (c)	94,000	130,893
Autobio Diagnostics Co., Ltd. Class A	9,490	78,373
Intco Medical Technology Co., Ltd. Class A	54,300	493,277
Jafron Biomedical Co., Ltd. Class A	20,455	185,597
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A	159,282	799,865
Lifetech Scientific Corp. (a) (b)	1,116,000	584,905
Microport Cardioflow Medtech Corp. (a) (b) (c)	90,000	72,142
Microport Scientific Corp.	345,211	1,946,749
Ovctek China, Inc. Class A	45,500	575,694
Peijia Medical, Ltd. (a) (c)	175,000	458,595
Qingdao Haier Biomedical Co., Ltd. Class A	20,451	359,651
Shandong Weigao Group Medical Polymer Co., Ltd. Class H	1,652,000	2,953,998
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A	63,000	3,762,234
Sinocare, Inc. Class A	134,200	489,267

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Venus MedTech Hangzhou, Inc. Class H (a) (b) (c)	98,000	$ 506,073
		13,397,313
HEALTH CARE PROVIDERS & SERVICES — 0.6%
Aier Eye Hospital Group Co., Ltd. Class A	227,178	1,879,657
China National Accord Medicines Corp., Ltd. Class A	81,000	436,752
China National Medicines Corp., Ltd. Class A	27,300	124,022
China Resources Medical Holdings Co., Ltd.	556,500	451,797
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A	11,800	187,257
Huadong Medicine Co., Ltd. Class A	126,000	579,436
Hygeia Healthcare Holdings Co., Ltd. (b) (c)	100,400	749,326
Jinxin Fertility Group, Ltd. (a) (b) (c)	580,500	865,010
Jointown Pharmaceutical Group Co., Ltd. Class A	258,100	619,056
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A (a)	275,200	316,390
Shanghai Pharmaceuticals Holding Co., Ltd. Class H	688,200	1,336,680
Sinopharm Group Co., Ltd. Class H	768,800	2,004,796
Topchoice Medical Corp. Class A (a)	12,900	603,666
		10,153,845
HEALTH CARE TECHNOLOGY — 0.2%
Ping An Healthcare & Technology Co., Ltd. (a) (b) (c)	277,754	1,805,393
Winning Health Technology Group Co., Ltd. Class A	236,400	532,211
Yidu Tech, Inc. (a) (b) (c)	178,300	592,070
		2,929,674
HOTELS, RESTAURANTS & LEISURE — 1.8%
Ajisen China Holdings, Ltd.	650,000	111,887
China Travel International Investment Hong Kong, Ltd. (a) (b)	4,238,000	626,065
Haidilao International Holding, Ltd. (b) (c)	413,000	1,578,330
Huazhu Group, Ltd. ADR (a) (b)	73,951	3,391,393
Imperial Pacific International Holdings, Ltd. (a)	1,361,515	6,996
Jiumaojiu International Holdings, Ltd. (b) (c)	213,000	644,364
Shanghai Jin Jiang Capital Co., Ltd. Class H	1,612,187	323,073
Shanghai Jinjiang International Hotels Co., Ltd. Class A	127,810	900,057
Shenzhen Overseas Chinese Town Co., Ltd. Class A	495,800	575,386
Songcheng Performance Development Co., Ltd. Class A	203,500	443,954
Suncity Group Holdings, Ltd. (a) (b)	1,831,376	70,576
Tongcheng-Elong Holdings, Ltd. (a)	477,307	1,153,927
Trip.com Group, Ltd. ADR (a)	258,409	7,946,077
Yum China Holdings, Inc.	235,869	13,706,348
		31,478,433
HOUSEHOLD DURABLES — 0.9%
Beijing Roborock Technology Co., Ltd. Class A	3,389	371,210

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Ecovacs Robotics Co., Ltd. Class A	19,700	$ 463,655
Gree Electric Appliances, Inc. of Zhuhai Class A	183,000	1,098,737
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A	29,700	84,535
Haier Smart Home Co., Ltd. Class A	251,100	1,017,395
Haier Smart Home Co., Ltd. Class H	1,236,000	4,358,346
Hang Zhou Great Star Industrial Co., Ltd. Class A (a)	220,000	936,722
Hangzhou Robam Appliances Co., Ltd. Class A	130,800	685,008
Hisense Home Appliances Group Co., Ltd. Class H	361,000	391,391
Jason Furniture Hangzhou Co., Ltd. Class A	101,100	939,882
Joyoung Co., Ltd. Class A	156,854	527,869
JS Global Lifestyle Co., Ltd. (c)	441,000	1,025,364
KingClean Electric Co., Ltd. Class A	182,460	723,168
NavInfo Co., Ltd. Class A (a)	204,500	349,177
Oppein Home Group, Inc. Class A	39,080	792,439
Shenzhen MTC Co., Ltd. Class A (a)	882,300	676,694
Skyworth Group, Ltd. (a)	1,153,057	346,599
TCL Technology Group Corp Class A	963,200	934,247
Zhejiang Supor Co., Ltd. Class A	52,065	376,814
		16,099,252
HOUSEHOLD PRODUCTS — 0.1%
Blue Moon Group Holdings, Ltd. (b) (c)	470,000	411,155
Vinda International Holdings, Ltd. (b)	367,000	1,084,314
		1,495,469
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.4%
Beijing Enterprises Clean Energy Group, Ltd. (a) (b)	13,865,714	176,335
Beijing Jingneng Clean Energy Co., Ltd. Class H	1,250,000	433,546
CGN New Energy Holdings Co., Ltd. (b)	594,000	630,271
CGN Power Co., Ltd. Class H (b) (c)	7,251,000	2,207,533
China Datang Corp. Renewable Power Co., Ltd. Class H (b)	2,087,000	932,959
China Longyuan Power Group Corp., Ltd. Class H	1,891,000	4,673,664
China National Nuclear Power Co., Ltd. Class A	618,500	690,949
China Power International Development, Ltd.	3,315,000	1,758,711
China Resources Power Holdings Co., Ltd.	1,094,092	3,155,231
China Yangtze Power Co., Ltd. Class A	1,089,900	3,715,184
Concord New Energy Group, Ltd.	5,240,000	659,657
Datang International Power Generation Co., Ltd. Class H	4,240,287	817,048
Huadian Power International Corp., Ltd. Class H (b)	1,288,000	534,416
Huaneng Power International, Inc. Class A	27,100	34,725
Huaneng Power International, Inc. Class H (b)	2,628,129	1,414,561
SDIC Power Holdings Co., Ltd. Class A	381,400	712,687

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Sichuan Chuantou Energy Co., Ltd. Class A	369,600	$ 822,924
Xinyi Energy Holdings, Ltd. (b)	832,000	486,290
		23,856,691
INDUSTRIAL CONGLOMERATES — 0.2%
China Baoan Group Co., Ltd. Class A	108,000	320,955
CITIC, Ltd.	2,127,000	2,267,809
Shanghai Industrial Holdings, Ltd.	425,000	637,665
		3,226,429
INSURANCE — 2.9%
China Life Insurance Co., Ltd. Class A	190,800	880,979
China Life Insurance Co., Ltd. Class H	4,107,040	6,742,496
China Pacific Insurance Group Co., Ltd. Class A	271,400	1,141,276
China Pacific Insurance Group Co., Ltd. Class H	1,496,200	4,449,401
China Reinsurance Group Corp. Class H	1,885,000	213,086
China Taiping Insurance Holdings Co., Ltd.	895,091	1,361,381
Fanhua, Inc. ADR (b)	55,673	670,303
Hubei Biocause Pharmaceutical Co., Ltd. Class A	479,800	249,044
New China Life Insurance Co., Ltd. Class A	67,800	421,885
New China Life Insurance Co., Ltd. Class H	586,800	1,733,720
People's Insurance Co. Group of China, Ltd. Class A	384,400	301,373
People's Insurance Co. Group of China, Ltd. Class H	4,063,000	1,263,058
PICC Property & Casualty Co., Ltd. Class H	3,702,287	3,590,690
Ping An Insurance Group Co. of China, Ltd. Class A	427,900	3,206,267
Ping An Insurance Group Co. of China, Ltd. Class H	3,193,100	21,842,032
ZhongAn Online P&C Insurance Co., Ltd. Class H (a) (b) (c)	258,500	1,064,264
		49,131,255
INTERACTIVE MEDIA & SERVICES — 13.4%
Autohome, Inc. ADR	38,006	1,783,622
Baidu, Inc. ADR (a)	147,785	22,721,944
Baidu, Inc. Class A (a)	4,831	92,094
China Metal Recycling Holdings, Ltd. (a) (b) (d)	268,085	—
Hello Group, Inc. ADR	98,193	1,038,882
JOYY, Inc. ADR (b)	29,321	1,607,670
Kuaishou Technology (a) (b) (c)	767,100	8,149,264
Luokung Technology Corp. (a)	254,826	295,598
Meitu, Inc. (a) (c)	1,411,500	275,604
Qutoutiao, Inc. ADR (a) (b)	66,198	65,536
Sohu.com, Ltd. ADR (a)	16,922	352,654
So-Young International, Inc. ADR (a) (b)	6,742	28,721
Tencent Holdings, Ltd.	3,214,215	190,508,090

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Weibo Corp. ADR (a) (b)	33,437	$ 1,587,923
Zhihu, Inc. ADR (a) (b)	35,268	325,524
		228,833,126
INTERNET & DIRECT MARKETING RETAIL — 16.2%
Alibaba Group Holding, Ltd. ADR (a)	979,489	145,013,346
Baozun, Inc. ADR (a) (b)	20,632	361,679
Dada Nexus, Ltd. ADR (a)	36,939	740,258
JD Health International, Inc. (a) (b) (c)	547,800	5,284,731
JD.com, Inc. ADR (a)	481,921	34,813,973
Meituan Class B (a) (c)	2,150,500	68,122,947
Pinduoduo, Inc. ADR (a)	230,347	20,885,562
Uxin, Ltd. ADR (a) (b)	44,951	124,065
Vipshop Holdings, Ltd. ADR (a)	215,711	2,403,021
		277,749,582
IT SERVICES — 0.7%
21Vianet Group, Inc. ADR (a) (b)	64,769	1,121,151
AGTech Holdings, Ltd. (a)	2,168,000	75,194
China TransInfo Technology Co., Ltd. Class A	189,500	433,965
Chinasoft International, Ltd. (a)	1,290,000	2,280,180
Chindata Group Holdings, Ltd. ADR (a)	59,012	496,291
Digital China Holdings, Ltd.	381,000	209,474
GDS Holdings, Ltd. ADR (a)	66,283	3,752,281
Hi Sun Technology China, Ltd. (a) (b)	1,539,000	253,052
Kingsoft Cloud Holdings, Ltd. ADR (a) (b)	47,436	1,343,387
Sichuan Development Lomon Co., Ltd. Class A (a)	128,000	282,219
TravelSky Technology, Ltd. Class H	583,000	1,123,364
Yeahka, Ltd. (a) (b)	95,200	307,564
		11,678,122
LEISURE EQUIPMENT & PRODUCTS — 0.0% (e)
Alpha Group Class A (a)	514,400	420,829
LIFE SCIENCES TOOLS & SERVICES — 2.6%
Austar Lifesciences, Ltd. (a)	97,000	337,677
Genscript Biotech Corp. (a)	686,000	2,643,664
Hangzhou Tigermed Consulting Co., Ltd. Class A	57,200	1,542,114
Hangzhou Tigermed Consulting Co., Ltd. Class H (c)	24,900	530,008
Joinn Laboratories China Co., Ltd. Class A	15,911	389,516
Maccura Biotechnology Co., Ltd. Class A	27,300	121,907
Pharmaron Beijing Co., Ltd. Class A	67,600	2,256,231
Pharmaron Beijing Co., Ltd. Class H (c)	8,600	205,813
Shanghai Medicilon, Inc. Class A	3,846	444,173

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Viva Biotech Holdings (b) (c)	171,000	$ 134,434
WuXi AppTec Co., Ltd. Class A	198,384	4,696,789
WuXi AppTec Co., Ltd. Class H (c)	111,400	2,605,890
Wuxi Biologics Cayman, Inc. (a) (c)	1,772,500	28,802,997
		44,711,213
MACHINERY — 1.3%
China CSSC Holdings, Ltd. Class A	182,600	710,143
China International Marine Containers Group Co., Ltd. Class H	346,660	732,093
CIMC Enric Holdings, Ltd. (b)	548,000	656,785
CRRC Corp., Ltd. Class A	1,382,200	1,329,944
First Tractor Co., Ltd. Class H (b)	558,000	272,382
Haitian International Holdings, Ltd.	503,000	1,553,975
Han's Laser Technology Industry Group Co., Ltd. Class A	97,500	571,494
Hefei Meiya Optoelectronic Technology, Inc. Class A	114,400	674,099
Ideanomics, Inc. (a) (b)	165,372	325,783
Jiangsu Hengli Hydraulic Co., Ltd. Class A	97,096	1,272,448
Lonking Holdings, Ltd.	2,755,000	831,669
NiSun International Enterprise Development Group Co., Ltd. (a) (b)	9,189	108,430
Sany Heavy Equipment International Holdings Co., Ltd.	298,000	352,946
Sany Heavy Industry Co., Ltd. Class A	382,218	1,506,605
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A	206,100	475,173
Shenzhen Inovance Technology Co., Ltd. Class A	103,050	1,005,911
Sinotruk Hong Kong, Ltd.	200,500	298,767
Tianshan Aluminum Group Co., Ltd. Class A	195,400	292,464
Weichai Power Co., Ltd. Class H	1,471,680	3,058,812
Wuxi Shangji Automation Co., Ltd. Class A	8,600	372,436
XCMG Construction Machinery Co., Ltd. Class A	782,700	847,703
Yangzijiang Shipbuilding Holdings, Ltd.	1,733,100	1,761,696
Yantai Eddie Precision Machinery Co., Ltd. Class A	26,400	147,339
Yutong Bus Co., Ltd. Class A	240,600	422,373
Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A	351,260	1,238,717
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class A	112,800	202,215
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H	1,124,600	1,006,913
		22,029,315
MARINE — 0.4%
Atlas Corp. (b)	60,087	912,722
COSCO SHIPPING Holdings Co., Ltd. Class A (a)	108,700	291,034
COSCO SHIPPING Holdings Co., Ltd. Class H (a) (b)	2,467,577	3,784,739

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
SITC International Holdings Co., Ltd.	754,000	$ 2,707,161
		7,695,656
MEDIA — 0.3%
China Literature, Ltd. (a) (b) (c)	237,600	1,812,983
China South Publishing & Media Group Co., Ltd. Class A	83,956	116,555
Chinese Universe Publishing & Media Group Co., Ltd. Class A	62,200	99,940
Focus Media Information Technology Co., Ltd. Class A	651,100	738,465
iClick Interactive Asia Group, Ltd. ADR (a)	43,831	242,385
NanJi E-Commerce Co., Ltd. Class A	375,800	384,301
Shandong Publishing & Media Co., Ltd. Class A	1,058,300	1,000,253
Wasu Media Holding Co., Ltd. Class A	336,400	391,442
		4,786,324
METALS & MINING — 2.1%
Aluminum Corp. of China, Ltd. Class H (a)	2,982,000	2,256,232
Angang Steel Co., Ltd. Class H (b)	1,383,435	853,023
Anhui Honglu Steel Construction Group Co., Ltd. Class A	84,200	572,727
Baoshan Iron & Steel Co., Ltd. Class A	1,288,500	1,736,900
China Hongqiao Group, Ltd.	981,500	1,263,336
China Minmetals Rare Earth Co., Ltd. Class A	52,700	325,803
China Molybdenum Co., Ltd. Class A	947,000	886,254
China Molybdenum Co., Ltd. Class H	2,085,000	1,298,999
China Northern Rare Earth Group High-Tech Co., Ltd. Class A	204,700	1,404,101
China Zhongwang Holdings, Ltd. (a) (b)	1,029,600	222,197
Chongqing Iron & Steel Co., Ltd. Class A (a)	1,539,700	603,570
Citic Pacific Special Steel Group Co., Ltd. Class A	112,300	356,701
Ganfeng Lithium Co., Ltd. Class A	134,500	3,395,635
Ganfeng Lithium Co., Ltd. Class H (c)	8,400	149,340
GEM Co., Ltd. Class A	240,500	416,608
Guangdong HEC Technology Holding Co., Ltd. Class A (a)	450,900	594,540
Guangdong Hongda Blasting Co., Ltd. Class A	85,000	357,306
Guocheng Mining Co., Ltd. Class A	236,900	384,311
Henan Shenhuo Coal & Power Co., Ltd. Class A	132,500	228,293
Hunan Valin Steel Co., Ltd. Class A	290,300	298,216
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (a)	2,335,300	1,147,025
Inner Mongolia Eerduosi Resources Co., Ltd. Class A	59,700	331,893
Jiangxi Copper Co., Ltd. Class H	772,000	1,394,323
Maanshan Iron & Steel Co., Ltd. Class A	1,237,600	949,197
Maanshan Iron & Steel Co., Ltd. Class H	84,000	38,306
MMG, Ltd. (a) (b)	1,532,000	647,464
Pangang Group Vanadium Titanium & Resources Co., Ltd. Class A (a)	1,133,600	841,330

See accompanying notes to financial statements.

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SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Shandong Gold Mining Co., Ltd. Class A	315,520	$ 958,684
Shandong Nanshan Aluminum Co., Ltd. Class A	484,200	327,852
Shanxi Taigang Stainless Steel Co., Ltd. Class A	264,500	397,939
Shenghe Resources Holding Co., Ltd. Class A	93,900	292,437
Shougang Fushan Resources Group, Ltd.	2,875,422	875,409
Tiangong International Co., Ltd. (b)	538,000	321,363
Tibet Summit Resources Co., Ltd. Class A	50,360	275,443
Xiamen Tungsten Co., Ltd. Class A	192,400	705,924
Xinxing Ductile Iron Pipes Co., Ltd. Class A	2,134,500	1,438,654
YongXing Special Materials Technology Co., Ltd. Class A	12,900	188,043
Yunnan Aluminium Co., Ltd. Class A (a)	146,800	337,317
Zhaojin Mining Industry Co., Ltd. Class H (b)	642,000	451,936
Zhejiang Hailiang Co., Ltd. Class A	277,500	489,301
Zhejiang Huayou Cobalt Co., Ltd. Class A	66,900	1,071,810
Zhongjin Gold Corp., Ltd. Class A	370,200	480,101
Zijin Mining Group Co., Ltd. Class H	3,958,750	4,892,086
		36,457,929
MULTILINE RETAIL — 0.0% (e)
Dashang Co., Ltd. Class A	178,156	526,684
Wangfujing Group Co., Ltd. Class A	37,300	171,647
		698,331
OIL, GAS & CONSUMABLE FUELS — 1.9%
China Coal Energy Co., Ltd. Class H	1,942,013	1,484,328
China Merchants Energy Shipping Co., Ltd. Class A	865,880	740,573
China Petroleum & Chemical Corp. Class A	1,076,700	744,047
China Petroleum & Chemical Corp. Class H	14,352,640	7,116,722
China Shenhua Energy Co., Ltd. Class A	282,700	992,560
China Shenhua Energy Co., Ltd. Class H	1,980,700	4,635,835
China Suntien Green Energy Corp., Ltd. Class H	1,007,000	1,008,986
COSCO SHIPPING Energy Transportation Co., Ltd. Class H (b)	1,059,800	520,054
Guanghui Energy Co., Ltd. Class A (a)	699,870	941,257
Guizhou Panjiang Refined Coal Co., Ltd. Class A	445,931	652,245
Jizhong Energy Resources Co., Ltd. Class A	561,300	784,463
PetroChina Co., Ltd. Class A	1,595,036	1,485,306
PetroChina Co., Ltd. Class H	12,286,930	5,824,125
Shaanxi Coal Industry Co., Ltd. Class A	460,400	1,055,767
Shanxi Coking Coal Energy Group Co., Ltd. Class A	191,900	352,639
Shanxi Lu'an Environmental Energy Development Co., Ltd. Class A	232,900	541,653
Shanxi Meijin Energy Co., Ltd. Class A (a)	320,900	535,496
Sinopec Kantons Holdings, Ltd.	1,322,000	506,068

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
United Energy Group, Ltd. (b)	2,616,000	$ 336,046
Yanzhou Coal Mining Co., Ltd. Class H	1,125,900	2,131,858
		32,390,028
PAPER & FOREST PRODUCTS — 0.2%
Chengxin Lithium Group Co., Ltd. Class A (a)	43,200	399,202
Lee & Man Paper Manufacturing, Ltd.	1,282,000	943,634
Nine Dragons Paper Holdings, Ltd.	1,217,000	1,499,236
Shandong Chenming Paper Holdings, Ltd. Class A	461,400	574,069
		3,416,141
PERSONAL PRODUCTS — 0.2%
Hengan International Group Co., Ltd.	412,500	2,209,637
Yatsen Holding, Ltd. ADR (a) (b)	126,270	481,089
		2,690,726
PHARMACEUTICALS — 2.2%
Asymchem Laboratories Tianjin Co., Ltd. Class A	19,900	1,374,870
CanSino Biologics, Inc. Class A (a)	6,958	365,246
CanSino Biologics, Inc. Class H (a) (b) (c)	34,200	1,208,147
Changchun High & New Technology Industry Group, Inc. Class A	28,300	1,204,350
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A	99,300	282,022
China Animal Healthcare, Ltd. (a) (d)	763,600	—
China Medical System Holdings, Ltd.	824,300	1,503,608
China Resources Pharmaceutical Group, Ltd. (c)	925,000	455,094
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A	115,300	505,219
China Shineway Pharmaceutical Group, Ltd.	361,000	343,162
Consun Pharmaceutical Group, Ltd.	819,000	372,433
CSPC Pharmaceutical Group, Ltd.	4,794,240	5,752,115
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A	93,100	429,437
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H (b)	110,000	278,934
Hansoh Pharmaceutical Group Co., Ltd. (c)	626,000	1,592,210
Hubei Jumpcan Pharmaceutical Co., Ltd. Class A	115,600	299,299
Humanwell Healthcare Group Co., Ltd. Class A	133,000	415,445
Jiangsu Hengrui Medicine Co., Ltd. Class A	313,678	2,441,284
Joincare Pharmaceutical Group Industry Co., Ltd. Class A	380,304	670,570
Livzon Pharmaceutical Group, Inc. Class A	129,300	777,523
Luye Pharma Group, Ltd. (a) (b) (c)	1,528,000	798,875
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A	130,100	1,054,266
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H (b)	243,000	1,250,172

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H (b)	591,000	$ 295,323
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A	161,700	388,341
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A (a)	153,100	686,744
Sichuan Kelun Pharmaceutical Co., Ltd. Class A	121,300	337,738
Sihuan Pharmaceutical Holdings Group, Ltd. (b)	1,425,000	303,867
Sino Biopharmaceutical, Ltd.	5,988,250	4,969,279
SSY Group, Ltd.	1,160,332	627,517
Tong Ren Tang Technologies Co., Ltd. Class H	581,000	435,863
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A	186,600	304,157
United Laboratories International Holdings, Ltd.	730,000	485,751
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (b) (c)	234,400	138,508
Yifan Pharmaceutical Co., Ltd. Class A	272,000	661,246
Yunnan Baiyao Group Co., Ltd. Class A	51,707	783,456
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A	34,900	2,045,116
Zhejiang Huahai Pharmaceutical Co., Ltd. Class A	120,800	330,731
Zhejiang NHU Co., Ltd. Class A	192,120	799,557
Zhejiang Starry Pharmaceutical Co., Ltd. Class A	55,400	427,389
		37,394,864
PROFESSIONAL SERVICES — 0.1%
51job, Inc. ADR (a)	16,871	1,173,041
China Index Holdings, Ltd. ADR (a) (b)	130,290	190,223
SOS, Ltd. ADR (a) (b)	129,748	276,363
		1,639,627
REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.4%
Agile Group Holdings, Ltd.	1,060,747	991,983
A-Living Smart City Services Co., Ltd. (c)	164,250	584,448
Aoyuan Healthy Life Group Co., Ltd. (a) (b)	282,000	152,146
Beijing Capital Development Co., Ltd. Class A	408,500	330,395
Beijing North Star Co., Ltd. Class A	998,100	363,424
China Aoyuan Group, Ltd. (b)	738,000	389,636
China Evergrande Group (b)	1,284,600	486,800
China Fortune Land Development Co., Ltd. Class A (a)	176,210	109,483
China Jinmao Holdings Group, Ltd.	2,346,000	843,814
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A	354,119	709,994
China Overseas Grand Oceans Group, Ltd.	547,000	335,171
China Overseas Land & Investment, Ltd.	2,163,862	4,931,103
China Overseas Property Holdings, Ltd.	1,062,620	881,803
China Resources Land, Ltd.	1,646,555	6,948,203

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
China Resources Mixc Lifestyle Services, Ltd. (c)	317,800	$ 1,765,635
China SCE Group Holdings, Ltd.	526,000	184,463
China South City Holdings, Ltd.	2,732,000	231,625
China Vanke Co., Ltd. Class A	408,110	1,347,509
China Vanke Co., Ltd. Class H	1,103,464	3,019,247
CIFI Ever Sunshine Services Group, Ltd. (b)	622,000	1,240,061
CIFI Holdings Group Co., Ltd.	3,025,328	2,059,725
Colour Life Services Group Co., Ltd. (a) (b)	418,000	135,849
Country Garden Holdings Co., Ltd. (b)	4,531,505	4,685,967
Country Garden Services Holdings Co., Ltd.	940,000	7,426,153
ESR Cayman, Ltd. (a) (c)	475,600	1,444,887
Evergrande Property Services Group, Ltd. (a) (b) (c)	2,192,000	1,441,688
Gemdale Corp. Class A	288,200	500,130
GR Properties, Ltd. (a)	1,536,000	207,177
Grandjoy Holdings Group Co., Ltd. Class A (a)	491,700	276,553
Greenland Holdings Corp., Ltd. Class A	508,965	370,644
Greentown China Holdings, Ltd. (b)	490,000	741,485
Greentown Service Group Co., Ltd. (b)	816,000	880,502
Guangzhou R&F Properties Co., Ltd. Class H (b)	214,224	164,562
Hopson Development Holdings, Ltd.	428,700	1,525,437
Jiangsu Zhongnan Construction Group Co., Ltd. Class A	426,700	294,208
Jiayuan International Group, Ltd.	615,238	240,258
Jinke Properties Group Co., Ltd. Class A	516,000	412,544
Jinke Smart Services Group Co., Ltd. Class H	56,300	316,046
Kaisa Group Holdings, Ltd. (a)	1,398,285	380,796
KE Holdings, Inc. ADR (a)	262,411	4,791,625
KWG Group Holdings, Ltd.	1,157,306	1,131,342
KWG Living Group Holdings, Ltd.	532,902	394,304
Logan Group Co., Ltd.	602,000	629,480
Longfor Group Holdings, Ltd. (c)	941,000	4,339,553
Poly Developments & Holdings Group Co., Ltd. Class A	567,500	1,233,657
Poly Property Group Co., Ltd.	1,729,000	455,313
Poly Property Services Co., Ltd. Class H (b)	49,600	295,638
Powerlong Real Estate Holdings, Ltd.	486,000	365,219
Red Star Macalline Group Corp., Ltd. Class A (a)	344,360	500,480
Redco Properties Group, Ltd. (b) (c)	604,200	225,081
RiseSun Real Estate Development Co., Ltd. Class A	397,600	296,937
Ronshine China Holdings, Ltd. (a) (b)	211,000	105,437
Seazen Group, Ltd.	404,000	323,318
Seazen Holdings Co., Ltd. Class A	132,700	766,510
Shanghai Industrial Urban Development Group, Ltd.	466,400	40,741

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class A	244,300	$ 437,196
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A	241,900	426,904
Shenzhen Investment, Ltd.	2,926,565	736,843
Shimao Group Holdings, Ltd.	659,441	1,207,971
Shimao Services Holdings, Ltd. (c)	318,000	657,679
Sino-Ocean Group Holding, Ltd.	2,258,712	443,929
Skyfame Realty Holdings, Ltd.	838,000	97,959
SOHO China, Ltd. (a) (b)	1,205,000	320,419
Sunac China Holdings, Ltd.	1,493,300	3,184,315
Sunac Services Holdings, Ltd. (c)	368,000	761,088
Times China Holdings, Ltd.	254,000	211,105
Xinji Shaxi Group Co., Ltd. (a) (b)	924,000	129,378
Yanlord Land Group, Ltd.	590,600	482,886
Yuexiu Property Co., Ltd.	1,078,000	1,013,656
Yuzhou Group Holdings Co., Ltd. (b)	1,901,397	280,887
Zhongtian Financial Group Co., Ltd. Class A (a)	942,200	397,085
		76,035,489
ROAD & RAIL — 0.2%
Beijing-Shanghai High Speed Railway Co., Ltd. Class A	925,300	682,434
China High Speed Railway Technology Co., Ltd. Class A (a)	967,354	337,240
Dazhong Transportation Group Co., Ltd. Class A (a)	814,000	426,297
DIDI Global, Inc. ADR (a) (b)	149,916	1,167,846
Guangshen Railway Co., Ltd. Class H (a)	2,020,000	373,658
		2,987,475
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.8%
Advanced Micro-Fabrication Equipment, Inc. China Class A (a)	30,325	713,253
Daqo New Energy Corp. ADR (a)	30,209	1,721,913
Flat Glass Group Co., Ltd. Class A	72,240	516,560
Flat Glass Group Co., Ltd. Class H (a) (b)	237,000	1,118,836
Gigadevice Semiconductor Beijing, Inc. Class A	36,725	825,032
Hangzhou Chang Chuan Technology Co., Ltd. Class A	52,600	389,243
Hangzhou First Applied Material Co., Ltd. Class A	36,020	707,675
Hangzhou Silan Microelectronics Co., Ltd. Class A	43,100	381,249
Hua Hong Semiconductor, Ltd. (a) (c)	386,000	2,003,224
Ingenic Semiconductor Co., Ltd. Class A	15,800	314,580
JA Solar Technology Co., Ltd. Class A	78,469	801,833
JinkoSolar Holding Co., Ltd. ADR (a) (b)	22,493	1,030,404
LONGi Green Energy Technology Co., Ltd. Class A	245,100	3,132,297
Montage Technology Co., Ltd. Class A	57,016	524,840

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
National Silicon Industry Group Co., Ltd. Class A (a)	88,393	$ 392,523
NAURA Technology Group Co., Ltd. Class A	31,200	1,767,823
Sanan Optoelectronics Co., Ltd. Class A	258,100	1,267,305
SG Micro Corp. Class A	17,900	922,818
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a) (b)	76,000	194,280
Shenzhen Goodix Technology Co., Ltd. Class A	22,100	379,337
Shenzhen SC New Energy Technology Corp. Class A	13,900	295,919
StarPower Semiconductor, Ltd. Class A	8,900	562,104
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A	225,300	1,601,257
Tianshui Huatian Technology Co., Ltd. Class A	126,900	237,716
Unigroup Guoxin Microelectronics Co., Ltd. Class A	46,200	1,480,347
Will Semiconductor Co., Ltd. Class A	38,634	1,452,277
Xinyi Solar Holdings, Ltd.	2,411,162	4,943,337
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class A	65,100	649,084
		30,327,066
SOFTWARE — 1.1%
360 Security Technology, Inc. Class A (a)	253,700	466,990
Agora, Inc. ADR (a)	35,033	1,015,957
Beijing Kingsoft Office Software, Inc. Class A	21,884	960,672
Beijing Shiji Information Technology Co., Ltd. Class A	119,600	472,174
Cheetah Mobile, Inc. ADR (a) (b)	2,469	4,024
China National Software & Service Co., Ltd. Class A	42,500	325,170
Genimous Technology Co., Ltd. Class A (a)	405,300	407,561
Hundsun Technologies, Inc. Class A	83,632	742,244
Iflytek Co., Ltd. Class A	104,900	859,809
Jiangsu Hoperun Software Co., Ltd. Class A (a)	36,400	169,761
Kingdee International Software Group Co., Ltd. (a)	1,510,000	5,052,957
Linklogis, Inc. Class B (a) (c)	484,500	499,148
Ming Yuan Cloud Group Holdings, Ltd. (b)	369,000	1,279,826
Newland Digital Technology Co., Ltd. Class A	49,698	118,354
OneConnect Financial Technology Co., Ltd. ADR (a)	26,142	107,182
Sangfor Technologies, Inc. Class A	27,300	992,343
Shanghai Baosight Software Co., Ltd. Class A	130,120	1,330,635
Thunder Software Technology Co., Ltd. Class A	58,400	1,132,801
Weimob, Inc. (a) (b) (c)	886,000	1,283,819
Yonyou Network Technology Co., Ltd. Class A	159,440	818,446
		18,039,873
SPECIALTY RETAIL — 0.9%
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A	283,440	566,529
China Harmony Auto Holding, Ltd.	1,061,000	560,168
China Meidong Auto Holdings, Ltd.	238,000	1,195,404

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
China Tourism Group Duty Free Corp., Ltd. Class A	96,200	$ 3,875,426
China Yongda Automobiles Services Holdings, Ltd.	601,000	867,764
GOME Retail Holdings, Ltd. (a) (b)	8,587,279	805,266
Grand Baoxin Auto Group, Ltd. (a)	906,074	101,261
Hengdeli Holdings, Ltd. (a)	3,880,895	149,559
Pop Mart International Group, Ltd. (a) (b) (c)	366,600	2,507,685
Shanghai Yuyuan Tourist Mart Group Co., Ltd. Class A	400,683	633,866
Suning.com Co., Ltd. Class A (a)	419,600	324,420
Topsports International Holdings, Ltd. (c)	1,160,000	1,326,200
Zhongsheng Group Holdings, Ltd.	345,500	2,782,765
		15,696,313
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.8%
Canaan, Inc. ADR (a) (b)	64,576	394,559
China Greatwall Technology Group Co., Ltd. Class A	254,200	519,507
Ebang International Holdings, Inc. Class A (a) (b)	54,688	103,907
Inspur Electronic Information Industry Co., Ltd. Class A	152,440	673,627
Legend Holdings Corp. Class H (c)	192,300	373,007
Lenovo Group, Ltd.	3,990,000	4,290,020
Ninestar Corp. Class A	50,200	290,513
Shenzhen Transsion Holdings Co., Ltd. Class A	36,757	803,027
Xiaomi Corp. Class B (a) (c)	8,601,600	23,590,548
		31,038,715
TEXTILES, APPAREL & LUXURY GOODS — 2.3%
ANTA Sports Products, Ltd.	631,000	11,899,161
Bosideng International Holdings, Ltd. (b)	2,100,000	1,494,479
China Dongxiang Group Co., Ltd.	4,027,000	439,705
Golden Solar New Energy Technology Holdings, Ltd. (a) (b)	358,000	427,228
Lao Feng Xiang Co., Ltd. Class A	66,200	476,345
Li Ning Co., Ltd.	1,135,707	13,152,035
Shenzhou International Group Holdings, Ltd.	444,500	9,467,105
Suzhou TA&A Ultra Clean Technology Co., Ltd. Class A	27,500	457,410
Xtep International Holdings, Ltd. (b)	626,020	876,548
Zhejiang Semir Garment Co., Ltd. Class A	284,000	336,188
		39,026,204
TOBACCO — 0.4%
RLX Technology, Inc. ADR (a)	395,259	1,786,571
Smoore International Holdings, Ltd. (c)	940,000	4,383,241
		6,169,812
TRADING COMPANIES & DISTRIBUTORS — 0.2%
Bohai Leasing Co., Ltd. Class A (a)	911,100	378,331

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
CITIC Resources Holdings, Ltd. (a)	2,506,000	$ 173,834
COSCO SHIPPING Development Co., Ltd. Class H	2,215,500	441,128
Jiangsu Guotai International Group Co., Ltd. Class A	304,320	602,133
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A	186,000	376,381
Xiamen C & D, Inc. Class A	398,600	516,315
Zall Smart Commerce Group, Ltd. (a) (b)	2,084,000	133,853
		2,621,975
TRANSPORTATION INFRASTRUCTURE — 0.6%
Anhui Expressway Co., Ltd. Class H	750,000	459,558
Beijing Capital International Airport Co., Ltd. Class H (a)	1,177,939	694,539
China Merchants Port Holdings Co., Ltd.	1,022,805	1,755,336
COSCO SHIPPING International Hong Kong Co., Ltd.	662,000	211,748
COSCO SHIPPING Ports, Ltd.	533,946	462,294
Dalian Port PDA Co., Ltd. Class H	150,000	14,644
Hainan Meilan International Airport Co., Ltd. Class H (a)	124,000	519,278
Jiangsu Expressway Co., Ltd. Class H	1,174,795	1,190,694
Qingdao Port International Co., Ltd. Class H (c)	1,146,000	599,156
Shanghai International Airport Co., Ltd. Class A (a)	94,200	645,855
Shanghai International Port Group Co., Ltd. Class A	987,300	931,617
Shenzhen Expressway Co., Ltd. Class H	560,000	555,349
Shenzhen International Holdings, Ltd.	794,111	1,022,139
Sichuan Expressway Co., Ltd. Class H	1,040,000	243,145
Yuexiu Transport Infrastructure, Ltd.	498,000	331,375
Zhejiang Expressway Co., Ltd. Class H	1,210,000	997,887
		10,634,614
WATER UTILITIES — 0.3%
Beijing Enterprises Water Group, Ltd.	3,870,000	1,521,224
Chengdu Xingrong Environment Co., Ltd. Class A	140,600	124,392
China Water Affairs Group, Ltd.	518,000	577,578
Chongqing Water Group Co., Ltd. Class A	597,600	563,896
Guangdong Investment, Ltd.	1,902,000	2,482,362
Luenmei Quantum Co., Ltd. Class A	146,100	211,657
		5,481,109
TOTAL COMMON STOCKS (Cost $1,665,131,588)		1,706,832,985

See accompanying notes to financial statements.

Table of Contents

SPDR S&P CHINA ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
SHORT-TERM INVESTMENT — 2.4%
State Street Navigator Securities Lending Portfolio II (f) (g) (Cost $41,896,566)	41,896,566	$ 41,896,566
TOTAL INVESTMENTS — 102.1% (Cost $1,707,028,154)		1,748,729,551
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%		(36,758,388)
NET ASSETS — 100.0%		$ 1,711,971,163

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at September 30, 2021.
(c)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 12.6% 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.
(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 $1,007,470, representing 0.06% of the Fund's net assets.
(e)	Amount is less than 0.05% of net assets.
(f)	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.
(g)	Investment of cash collateral for securities loaned.

ADR	American Depositary Receipt

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	$1,705,603,318	$222,197	$1,007,470	$1,706,832,985
Short-Term Investment	41,896,566	—	—	41,896,566
TOTAL INVESTMENTS	$1,747,499,884	$222,197	$1,007,470	$1,748,729,551

See accompanying notes to financial statements.

Table of Contents

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 98.8%
AUSTRALIA — 9.8%
BHP Group, Ltd. (a)	3,030,465	$ 82,330,438
Fortescue Metals Group, Ltd.	1,714,961	18,532,485
Glencore PLC (b)	11,275,528	53,493,030
Newcrest Mining, Ltd.	837,918	13,703,319
Rio Tinto, Ltd.	381,644	27,617,686
South32, Ltd.	4,863,235	12,400,745
Woodside Petroleum, Ltd.	724,543	12,498,167
		220,575,870
AUSTRIA — 1.4%
Mondi PLC	1,284,824	31,694,128
BRAZIL — 5.1%
Petroleo Brasileiro SA ADR	828,172	8,563,299
Suzano SA ADR (b)	1,879,659	18,796,590
Vale SA ADR	3,359,399	46,863,616
Wheaton Precious Metals Corp.	462,892	17,421,708
Yara International ASA	455,526	22,663,452
		114,308,665
CANADA — 10.6%
Agnico Eagle Mines, Ltd.	251,595	13,049,933
Barrick Gold Corp. (c)	861,699	15,555,951
Barrick Gold Corp. (c)	964,322	17,406,012
Canadian Natural Resources, Ltd.	897,164	32,796,041
Franco-Nevada Corp.	196,423	25,513,206
Kirkland Lake Gold, Ltd. (a)	276,536	11,516,785
Nutrien, Ltd. (a)(c)	379,250	24,610,761
Nutrien, Ltd. (c)	1,133,175	73,463,735
Suncor Energy, Inc.	1,138,383	23,597,062
		237,509,486
CHILE — 1.2%
Antofagasta PLC	356,497	6,546,900
Sociedad Quimica y Minera de Chile SA ADR	379,129	20,366,810
		26,913,710
CHINA — 1.0%
Wilmar International, Ltd.	7,533,919	23,363,140
COLOMBIA — 0.1%
Ecopetrol SA ADR (a)	115,574	1,658,487

See accompanying notes to financial statements.

Table of Contents

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
FINLAND — 4.3%
Neste Oyj	325,773	$ 18,488,850
Stora Enso Oyj Class R	1,620,695	27,169,674
UPM-Kymmene Oyj	1,416,226	50,405,401
		96,063,925
FRANCE — 4.0%
TotalEnergies SE	1,887,801	90,435,481
HONG KONG — 0.3%
Nine Dragons Paper Holdings, Ltd.	4,460,000	5,494,325
INDIA — 2.4%
Reliance Industries, Ltd. GDR (d)	723,419	49,264,834
Vedanta, Ltd. ADR	307,315	4,695,773
		53,960,607
IRELAND — 1.6%
Smurfit Kappa Group PLC	687,511	36,158,370
ISRAEL — 0.6%
ICL Group, Ltd.	1,817,560	13,352,191
ITALY — 1.1%
Eni SpA	1,907,834	25,529,178
JAPAN — 1.3%
Nippon Steel Corp.	975,700	17,786,904
Sumitomo Metal Mining Co., Ltd.	281,800	10,266,789
		28,053,693
LUXEMBOURG — 1.0%
ArcelorMittal SA	716,347	21,967,366
NETHERLANDS — 3.1%
Royal Dutch Shell PLC Class A	3,094,970	69,064,870
NORWAY — 1.4%
Equinor ASA	813,151	20,740,393
Norsk Hydro ASA	1,399,990	10,508,044
		31,248,437
PERU — 0.2%
Southern Copper Corp.	82,747	4,645,417
RUSSIA — 4.5%
Gazprom PJSC ADR	2,701,183	26,974,013
LUKOIL PJSC ADR	161,511	15,475,984
MMC Norilsk Nickel PJSC ADR	588,601	17,616,828

See accompanying notes to financial statements.

Table of Contents

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Novatek PJSC GDR	43,245	$ 11,421,005
Novolipetsk Steel PJSC GDR	110,763	3,294,092
Polymetal International PLC	271,804	4,610,407
Polyus PJSC GDR	60,876	5,004,007
Rosneft Oil Co. PJSC GDR	990,649	8,370,984
Severstal PAO GDR	187,439	3,947,465
Tatneft PJSC ADR (c)	115,410	5,057,266
Tatneft PJSC ADR (c)	941	39,437
		101,811,488
SOUTH AFRICA — 2.2%
Anglo American PLC	1,404,989	49,681,097
SOUTH KOREA — 1.0%
POSCO ADR	331,007	22,829,553
SPAIN — 0.6%
Repsol SA	1,056,562	13,834,429
SWEDEN — 1.1%
Svenska Cellulosa AB SCA Class B	1,590,558	24,798,636
SWITZERLAND — 1.1%
SIG Combibloc Group AG (b)	895,437	23,920,555
UNITED KINGDOM — 4.0%
BP PLC	15,168,555	69,599,948
DS Smith PLC	3,644,961	20,292,732
		89,892,680
UNITED STATES — 33.3%
Amcor PLC (c)	539,698	6,424,744
Amcor PLC (c)	1,228,617	14,239,671
Archer-Daniels-Midland Co.	640,692	38,447,927
Avery Dennison Corp.	95,014	19,687,851
Bunge, Ltd.	162,758	13,235,481
CF Industries Holdings, Inc.	246,778	13,775,148
Chevron Corp.	770,024	78,118,935
ConocoPhillips	537,429	36,421,563
Corteva, Inc.	845,325	35,571,276
Darling Ingredients, Inc. (b)	187,715	13,496,708
EOG Resources, Inc.	232,824	18,688,782
Exxon Mobil Corp.	1,686,592	99,205,341
FMC Corp.	148,242	13,573,038
Freeport-McMoRan, Inc.	1,510,563	49,138,614
Halliburton Co.	352,701	7,625,396

See accompanying notes to financial statements.

Table of Contents

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Hess Corp.	108,820	$ 8,499,930
Ingredion, Inc.	76,400	6,800,364
International Paper Co.	449,068	25,111,883
Marathon Petroleum Corp.	254,291	15,717,727
Mosaic Co.	397,487	14,198,236
Newmont Corp.	825,907	44,846,764
Nucor Corp.	308,665	30,400,416
Occidental Petroleum Corp.	332,984	9,849,667
Packaging Corp. of America	109,259	15,016,557
Phillips 66	175,246	12,272,477
Pioneer Natural Resources Co.	92,610	15,420,491
Schlumberger NV	558,161	16,543,892
Scotts Miracle-Gro Co.	46,380	6,788,177
Sealed Air Corp.	173,367	9,498,778
Valero Energy Corp.	163,601	11,545,323
Westrock Co.	305,715	15,233,778
Weyerhaeuser Co. REIT	856,690	30,472,463
		745,867,398
ZAMBIA — 0.5%
First Quantum Minerals, Ltd.	557,700	10,323,294
TOTAL COMMON STOCKS (Cost $2,082,226,920)		2,214,956,476


SHORT-TERM INVESTMENTS — 1.0%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (e) (f)	1,937,796	1,938,183
State Street Navigator Securities Lending Portfolio II (g) (h)	21,489,098	21,489,098
TOTAL SHORT-TERM INVESTMENTS (Cost $23,427,281)		23,427,281
TOTAL INVESTMENTS — 99.8% (Cost $2,105,654,201)		2,238,383,757
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%		4,585,146
NET ASSETS — 100.0%		$ 2,242,968,903

(a)	All or a portion of the shares of the security are on loan at September 30, 2021.
(b)	Non-income producing security.
(c)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(d)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.2% 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.
(e)	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.
(f)	The rate shown is the annualized seven-day yield at September 30, 2021.
(g)	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.
(h)	Investment of cash collateral for securities loaned.

ADR	American Depositary Receipt
GDR	Global 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)
E-mini S&P 500 Energy Sector Index (long)	185	12/17/2021	$9,389,165	$10,015,900	$ 626,735
S&P/TSX 60 Index (long)	15	12/16/2021	2,907,890	2,832,459	(75,431)
FTSE 100 Index (long)	55	12/17/2021	5,206,642	5,245,656	39,014
SFE S&P ASX Share Price Index 200 (long)	22	12/16/2021	2,938,033	2,897,455	(40,578)
CME E-Mini Materials Select Sector (long)	62	12/17/2021	5,482,640	5,171,420	(311,220)
Total unrealized appreciation/depreciation on open futures contracts.					$ 238,520

During the period ended September 30, 2021, average notional value related to futures contracts was $2,012,530.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

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	$2,214,956,476	$—	$—	$2,214,956,476
Short-Term Investments	23,427,281	—	—	23,427,281
TOTAL INVESTMENTS	$2,238,383,757	$—	$—	$2,238,383,757
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts^(a)	665,749	—	—	665,749
TOTAL OTHER FINANCIAL INSTRUMENTS	$ 665,749	$—	$—	$ 665,749
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS	$2,239,049,506	$—	$—	$2,239,049,506
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts	(427,229)	—	—	(427,229)
TOTAL OTHER FINANCIAL INSTRUMENTS	$ (427,229)	$—	$—	$ (427,229)

(a)	Futures Contracts are valued at unrealized appreciation (depreciation).

Industry Breakdown as of September 30, 2021


		% of Net Assets
	Oil, Gas & Consumable Fuels	36.1%
	Metals & Mining	30.0
	Chemicals	10.6
	Containers & Packaging	8.3
	Paper & Forest Products	7.1
	Food Products	4.2
	Equity Real Estate Investment Trusts (REITs)	1.4
	Energy Equipment & Services	1.1
	Short-Term Investments	1.0
	Other Assets in Excess of Liabilities	0.2
	TOTAL	100.0%

(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 98.8%
AUSTRALIA — 8.5%
4DMedical, Ltd. (a)	173,874	$ 184,001
88 Energy, Ltd. (a)	9,413,160	197,188
Abacus Property Group REIT	204,591	524,642
Accent Group, Ltd.	276,730	447,767
Adairs, Ltd. (b)	75,250	220,145
Adelaide Brighton, Ltd.	238,372	556,167
Aeris Resources, Ltd. (a)	1,516,565	180,756
AET&D Holdings No. 1 Pty, Ltd. (a)(b)(c)	110,316	—
Alkane Resources, Ltd. (a)	228,068	140,033
Alliance Aviation Services, Ltd. (a)(b)	57,154	175,875
Altura Mining, Ltd. (a)(c)	31,575	—
AMA Group, Ltd. (a)(b)	412,234	132,511
American Pacific Borates, Ltd. (a)(b)	155,103	165,817
Anteotech, Ltd. (a)	1,299,913	248,833
APN Industria REIT (a)	142,856	356,012
Appen, Ltd.	36,744	237,817
Archer Materials, Ltd. (a)	162,007	203,040
Ardent Leisure Group, Ltd. (a)	183,209	215,716
Arena REIT	213,054	649,456
AUB Group, Ltd.	29,897	519,386
Audinate Group, Ltd. (a)(b)	46,713	337,431
Aurelia Metals, Ltd. (a)(b)	553,739	119,998
Aussie Broadband, Ltd. (a)	57,713	203,859
Austal, Ltd.	145,792	197,988
Australian Agricultural Co., Ltd. (a)(b)	196,292	208,434
Australian Ethical Investment, Ltd.	53,642	428,556
Australian Finance Group, Ltd.	154,699	309,539
Australian Pharmaceutical Industries, Ltd.	315,080	335,707
Australian Strategic Materials, Ltd. (a)	43,034	310,856
Aventus Group REIT	115,059	266,792
AVZ Minerals, Ltd. (a)	1,011,043	244,660
Baby Bunting Group, Ltd. (b)	91,111	365,926
Beach Energy, Ltd.	339,586	366,724
Bega Cheese, Ltd. (b)	91,268	354,690
Bellevue Gold, Ltd. (a)(b)	307,618	187,766
Betmakers Technology Group, Ltd. (a)	658,292	511,181
Bigtincan Holdings, Ltd. (a)(b)	191,596	176,459
Blackmores, Ltd.	8,498	583,652
Boss Energy, Ltd. (a)	943,018	160,079
BrainChip Holdings, Ltd. (a)(b)	587,057	167,504

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Bravura Solutions, Ltd.	97,431	$ 216,768
Bubs Australia, Ltd. (a)(b)	453,830	116,378
BWP Trust REIT	173,010	499,895
BWX, Ltd.	60,303	211,701
Calix, Ltd. (a)	68,241	257,314
Capricorn Metals, Ltd. (a)(b)	108,329	166,676
Carbon Revolution, Ltd. (a)(b)	62,951	55,477
Carnarvon Petroleum, Ltd. (a)(b)	560,227	127,474
Catapult Group International, Ltd. (a)	113,845	158,715
Cedar Woods Properties, Ltd.	65,954	290,616
Centuria Capital Group	169,303	417,030
Centuria Industrial REIT	134,353	361,996
Centuria Office REIT	123,279	223,517
Cettire, Ltd. (a)	122,480	289,308
Chalice Mining, Ltd. (a)	148,145	683,810
Charter Hall Retail REIT	391,042	1,129,877
Charter Hall Social Infrastructure REIT	177,396	458,749
City Chic Collective, Ltd. (a)	93,373	438,412
Clinuvel Pharmaceuticals, Ltd. (b)	21,272	658,580
Clover Corp., Ltd. (b)	65,063	72,847
Collins Foods, Ltd.	52,822	466,648
Cooper Energy, Ltd. (a)(b)	938,903	183,119
Core Lithium, Ltd. (a)	599,960	184,187
Costa Group Holdings, Ltd.	224,664	530,676
Credit Corp. Group, Ltd.	28,423	623,127
Cromwell Property Group REIT	415,587	240,159
Dacian Gold, Ltd. (a)	262,464	36,970
Data#3, Ltd.	46,158	159,709
De Grey Mining, Ltd. (a)	419,052	292,108
Deep Yellow, Ltd. (a)	219,262	147,297
Deterra Royalties, Ltd.	96,698	264,731
Dicker Data, Ltd. (b)	35,870	326,734
Dubber Corp., Ltd. (a)(b)	263,844	680,398
Eclipx Group, Ltd. (a)	151,425	270,173
Elders, Ltd.	74,215	655,641
Electro Optic Systems Holdings, Ltd. (a)(b)	46,887	116,170
Elmo Software, Ltd. (a)(b)	42,749	138,032
Emeco Holdings, Ltd. (b)	205,050	156,264
EML Payments, Ltd. (a)(b)	232,768	654,065
Eros STX Global Corp. (a)(b)	136,591	125,595
Estia Health, Ltd. (b)	102,892	170,202
EVENT Hospitality and Entertainment, Ltd. (a)	19,116	210,717

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Family Zone Cyber Safety, Ltd. (a)	366,418	$ 181,307
Firefinch, Ltd. (a)	428,462	188,795
G8 Education, Ltd. (a)(b)	27,124	20,573
GDI Property Group REIT	225,417	188,069
Genworth Mortgage Insurance Australia, Ltd.	91,864	147,315
Gold Road Resources, Ltd.	472,759	408,090
GrainCorp, Ltd. Class A	108,465	496,737
GUD Holdings, Ltd.	50,310	373,227
GWA Group, Ltd.	143,323	283,671
Hansen Technologies, Ltd.	100,758	402,488
Home Consortium, Ltd. REIT	48,597	268,546
Hotel Property Investments REIT	100,028	248,558
HUB24, Ltd. (b)	30,740	645,279
Humm Group, Ltd. (a)(b)	119,260	73,225
Imdex, Ltd.	321,260	538,384
Immutep, Ltd. ADR (a)(b)	52,100	201,627
Imugene, Ltd. (a)	2,245,980	778,744
Infomedia, Ltd. (b)	218,909	277,516
Ingenia Communities Group REIT	197,394	946,782
Inghams Group, Ltd. (b)	88,117	262,880
Integral Diagnostics, Ltd. (b)	66,374	235,891
Integrated Research, Ltd. (a)(b)	147,819	176,182
InvoCare, Ltd. (b)	132,819	1,128,276
ioneer, Ltd. (a)	743,053	338,149
IPH, Ltd.	107,599	717,394
Irongate Group REIT	219,274	238,381
iSignthis, Ltd. (a)(b)(c)	218,742	84,534
Johns Lyng Group, Ltd.	43,262	191,564
Jumbo Interactive, Ltd.	13,617	157,282
Jupiter Mines, Ltd.	989,391	157,231
Karoon Energy, Ltd. (a)	655,238	735,999
Kogan.com, Ltd. (a)(b)	65,398	519,170
Lifestyle Communities, Ltd.	34,593	551,241
Link Administration Holdings, Ltd.	196,914	625,860
Liontown Resources, Ltd. (a)	682,717	710,152
Lovisa Holdings, Ltd.	37,757	518,202
MA Financial Group, Ltd. (b)	34,294	180,838
MACA, Ltd.	325,282	153,904
Mach7 Technologies, Ltd. (a)	192,511	146,013
Mayne Pharma Group, Ltd. (a)(b)	972,493	200,207
McMillan Shakespeare, Ltd.	43,306	456,719
McPherson's, Ltd. (b)	69,361	54,111

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description		Shares		Value
Medical Developments International, Ltd. (a)(b)		38,153		$ 142,760
Megaport, Ltd. (a)		71,215		864,229
Mesoblast, Ltd. (a)(b)		174,608		211,895
Mincor Resources NL (a)(b)		207,591		199,438
Minerals 260, Ltd. (a)		57,323		20,704
MNF Group, Ltd. (b)		50,652		242,948
Monadelphous Group, Ltd. (b)		48,618		319,936
Monash IVF Group, Ltd.		331,272		229,723
Money3 Corp., Ltd.		79,641		192,721
Mount Gibson Iron, Ltd.		60,940		21,130
Myer Holdings, Ltd. (a)		454,688		187,213
Naked Brand Group, Ltd. (a)
	380,198		270,017
Nanosonics, Ltd. (a)		157,558		718,154
National Storage REIT		865,745		1,450,861
nearmap, Ltd. (a)(b)		206,116		282,143
Neometals, Ltd. (a)		315,586		194,909
New Hope Corp., Ltd. (b)		416,552		722,151
Nick Scali, Ltd.		43,349		355,718
Nickel Mines, Ltd.		736,940		500,389
Novonix, Ltd. (a)		134,324		645,243
NRW Holdings, Ltd.		204,587		231,281
Nufarm, Ltd. (a)		174,318		604,410
Nuix, Ltd. (a)		152,866		278,265
OceanaGold Corp. (a)(b)		334,695		546,883
OFX Group, Ltd.		234,697		268,711
Omni Bridgeway, Ltd. (a)		123,559		310,600
oOh!media, Ltd. (a)		300,101		384,781
Opthea, Ltd. (a)		169,216		162,570
Pact Group Holdings, Ltd.		54,435		149,814
Paladin Energy, Ltd. (a)		1,242,051		619,065
Paradigm Biopharmaceuticals, Ltd. (a)(b)		114,132		181,375
Peninsula Energy, Ltd. (a)		909,939		138,032
Perenti Global, Ltd.		454,138		268,998
Perpetual, Ltd.		31,854		879,663
Perseus Mining, Ltd. (a)		583,379		589,966
Platinum Asset Management, Ltd.		71,691		183,322
PointsBet Holdings, Ltd. (a)(b)		89,476		659,257
PolyNovo, Ltd. (a)(b)		360,529		501,324
PPK Group, Ltd. (b)		21,653		239,621
Praemium, Ltd. (a)(b)		296,625		230,337
Ramelius Resources, Ltd.		308,917		297,900
Red 5, Ltd. (a)(b)		1,299,913		197,188

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Redbubble, Ltd. (a)(b)	99,482	$ 318,344
Regis Resources, Ltd.	420,784	610,946
Reject Shop, Ltd. (a)(b)	31,437	144,199
Renascor Resources, Ltd. (a)	1,654,434	161,336
Resolute Mining, Ltd. (a)	554,948	166,360
Rhipe, Ltd. (b)	137,462	246,253
RPMGlobal Holdings, Ltd. (a)	147,558	207,315
Rural Funds Group REIT	199,273	382,893
Sandfire Resources, Ltd. (b)	224,604	889,090
SeaLink Travel Group, Ltd. (b)	39,687	255,144
Select Harvests, Ltd.	49,266	295,019
Senex Energy, Ltd.	41,540	110,724
Service Stream, Ltd.	233,635	150,202
Sigma Healthcare, Ltd.	466,521	208,935
Silver Lake Resources, Ltd. (a)	285,675	276,519
Silver Mines, Ltd. (a)	961,346	128,469
SmartGroup Corp., Ltd.	101,942	699,559
SolGold PLC (a)	706,508	265,781
Southern Cross Media Group, Ltd.	145,646	228,300
SpeedCast International, Ltd. (a)(b)(c)	131,112	—
Splitit, Ltd. (a)	126,706	38,899
St Barbara, Ltd.	373,225	361,263
Starpharma Holdings, Ltd. (a)(b)	248,151	238,405
Strike Energy, Ltd. (a)	609,920	116,753
Superloop, Ltd. (a)(b)	108,617	76,498
Syrah Resources, Ltd. (a)	304,749	234,444
Talga Group, Ltd. (a)(b)	174,988	183,284
Tassal Group, Ltd. (b)	150,772	383,364
Telix Pharmaceuticals, Ltd. (a)	146,205	636,836
Temple & Webster Group, Ltd. (a)(b)	34,325	311,669
Tiger Resources, Ltd. (a)(c)	2,464	—
Tyro Payments, Ltd. (a)(b)	107,335	301,605
United Malt Grp, Ltd.	110,253	326,529
Uniti Group, Ltd. (a)	301,269	842,196
Virtus Health, Ltd. (b)	87,332	372,828
Vista Group International, Ltd. (a)(b)	121,064	226,328
Vita Group, Ltd.	178	101
Vulcan Energy Resources, Ltd. (a)	37,729	355,114
Waypoint REIT	325,437	646,469
Webjet, Ltd. (a)(b)	172,262	788,908
Weebit Nano, Ltd. (a)	88,919	163,788
West African Resources, Ltd. (a)(b)	236,342	165,600

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Western Areas, Ltd.	135,935	$ 294,578
Westgold Resources, Ltd.	205,986	241,790
Whispir, Ltd. (a)(b)	121,895	200,756
Whitehaven Coal, Ltd. (a)	423,691	988,552
Wisr, Ltd. (a)	875,449	167,581
		69,975,109
AUSTRIA — 0.4%
AT&S Austria Technologie & Systemtechnik AG	12,930	493,763
DO & Co. AG (a)(b)	3,867	313,716
FACC AG (a)(b)	11,614	126,794
Palfinger AG	5,573	243,175
Porr AG (a)	8,315	148,405
S IMMO AG	32,059	741,609
S&T AG (b)	24,129	630,316
Schoeller-Bleckmann Oilfield Equipment AG (a)	5,160	208,708
		2,906,486
BELGIUM — 0.9%
AGFA-Gevaert NV (a)	96,356	444,454
Befimmo SA REIT	7,521	302,025
Biocartis Group NV (a)(b)(d)	18,678	82,691
Care Property Invest NV REIT	4,484	138,233
Econocom Group SA	51,651	199,038
Euronav NV	52,037	494,648
Fagron	24,456	479,001
Gimv NV	2,320	148,151
Intervest Offices & Warehouses NV REIT	14,261	390,882
Ion Beam Applications	11,471	252,592
Kinepolis Group NV (a)	9,180	595,793
Materialise NV ADR (a)	19,364	389,216
Mithra Pharmaceuticals SA (a)(b)	7,680	169,648
Ontex Group NV (a)	41,964	447,921
Orange Belgium SA	7,535	169,589
Recticel SA	31,334	521,477
Retail Estates NV REIT	5,617	411,421
Tessenderlo Group SA (a)	28,323	1,055,322
X-Fab Silicon Foundries SE (a)(d)	47,088	451,861
Xior Student Housing NV REIT (b)	3,634	205,317
		7,349,280
BERMUDA — 0.1%
Golar LNG, Ltd. (a)	39,624	513,923

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
BURKINA FASO — 0.0% (e)
IAMGOLD Corp. (a)(b)	102,100	$ 231,304
CANADA — 8.2%
Absolute Software Corp.	17,664	194,090
AcuityAds Holdings, Inc. (a)(b)	26,900	180,275
Advantage Energy, Ltd. (a)(b)	202,183	1,021,408
Aecon Group, Inc.	30,172	456,563
Ag Growth International, Inc. (b)	6,758	150,913
AGF Management, Ltd. Class B (b)	28,038	171,845
Aimia, Inc. (a)(b)	70,789	241,952
AirBoss of America Corp. (b)	6,600	188,542
Alaris Equity Partners Income	24,446	342,130
Alcanna, Inc. (a)	34,752	220,003
Aleafia Health, Inc. (a)(b)	117,672	26,472
Alexco Resource Corp. (a)(b)	62,943	94,401
Altius Minerals Corp. (b)	38,829	477,221
Americas Gold & Silver Corp. (a)(b)	68,591	54,684
Andlauer Healthcare Group, Inc. (b)	3,215	125,240
Artis Real Estate Investment Trust	86,809	779,112
Athabasca Oil Corp. (a)	291,000	211,327
Atrium Mortgage Investment Corp. (b)	37,066	418,103
Aurinia Pharmaceuticals, Inc. (a)	47,600	1,053,388
Aurora Cannabis, Inc. (a)(b)	109,101	755,272
AutoCanada, Inc. (a)(b)	17,599	644,447
Automotive Properties Real Estate Investment Trust	14,474	145,443
Aya Gold & Silver, Inc. (a)	35,600	218,908
Badger Infrastructure Solutions, Ltd. (b)	16,079	429,628
Baytex Energy Corp. (a)(b)	414,027	1,127,516
BELLUS Health, Inc. (a)(b)	70,040	427,366
Birchcliff Energy, Ltd. (b)	109,457	605,670
Boardwalk Real Estate Investment Trust	23,297	869,649
Burcon NutraScience Corp. (a)(b)	68,303	107,292
Calian Group, Ltd.	1,874	90,235
Calibre Mining Corp. (a)	74,197	79,067
Canaccord Genuity Group, Inc.	57,979	637,524
Capstone Mining Corp. (a)	94,500	367,751
Cardinal Energy, Ltd. (a)	66,000	217,768
Cascades, Inc.	27,113	335,368
Celestica, Inc. (a)	61,409	545,330
Cineplex, Inc. (a)	18,900	196,034
Civeo Corp. (a)	8,611	193,661
Cogeco, Inc.	4,650	331,081

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Colossus Minerals, Inc. (a)(b)(c)	390	$ —
Cominar Real Estate Investment Trust	114,377	901,943
Converge Technology Solutions Corp. (a)	87,600	716,372
Copper Mountain Mining Corp. (a)(b)	73,500	164,191
Corus Entertainment, Inc. Class B	169,496	759,946
Crescent Point Energy Corp. (b)	215,626	994,005
Denison Mines Corp. (a)	321,000	466,227
Diversified Royalty Corp.	66,117	144,567
Doman Building Materials Group, Ltd. (b)	61,788	309,708
Dorel Industries, Inc. Class B (a)	18,272	157,501
Dream Office Real Estate Investment Trust	38,112	691,934
DREAM Unlimited Corp. Class A	23,398	517,514
Dundee Precious Metals, Inc.	82,106	493,861
ElectraMeccanica Vehicles Corp. (a)	60,100	213,956
Endeavour Silver Corp. (a)(b)	87,243	357,415
Enerplus Corp. (b)	109,225	874,248
Enthusiast Gaming Holdings, Inc. (a)	50,300	181,451
Equinox Gold Corp. (a)(b)	97,800	645,387
ERO Copper Corp. (a)(b)	29,938	530,771
Essa Pharma, Inc. (a)	23,100	184,800
Exchange Income Corp.	23,332	816,440
Extendicare, Inc. (b)	48,727	282,319
Fiera Capital Corp. (b)	32,561	268,846
Firm Capital Mortgage Investment Corp. (b)	33,046	383,191
Fission Uranium Corp. (a)(b)	216,200	139,941
Fortuna Silver Mines, Inc. (a)(b)	115,173	452,746
GASFRAC Energy Services, Inc. (a)(c)	21,904	—
Global Atomic Corp. (a)	58,400	147,516
GoGold Resources, Inc. (a)	81,900	179,076
Golden Star Resources, Ltd. (a)(b)	54,626	130,010
GoldMining, Inc. (a)(b)	76,347	90,398
Goodfood Market Corp. (a)(b)	33,969	237,570
Gran Colombia Gold Corp. (b)	37,251	140,553
Great Basin Gold, Ltd. (a)(b)(c)	266,255	—
Hardwoods Distribution, Inc.	9,703	281,014
Headwater Exploration, Inc. (a)	59,400	213,340
Heroux-Devtek, Inc. (a)(b)	12,027	167,942
HEXO Corp. (a)(b)	125,672	230,145
Home Capital Group, Inc. (a)	34,186	1,001,415
Hudbay Minerals, Inc. (b)	170,159	1,061,101
Hut 8 Mining Corp. (a)(b)	37,400	314,410
i-80 Gold Corp. (a)(b)	33,425	82,055

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
IMV, Inc. (a)(b)	117,742	$ 193,317
Interfor Corp.	29,684	732,933
InterRent Real Estate Investment Trust	38,377	506,806
Intertape Polymer Group, Inc.	37,641	818,573
Jamieson Wellness, Inc. (b)(d)	17,491	500,078
K92 Mining, Inc. (a)	85,200	409,573
Karora Resources, Inc. (a)	58,473	152,777
Killam Apartment Real Estate Investment Trust	41,841	701,836
Knight Therapeutics, Inc. (a)	75,934	320,675
Largo Resources, Ltd. (a)	6,885	72,282
Laurentian Bank of Canada (b)	39,940	1,267,386
Liberty Gold Corp. (a)	80,685	56,684
LifeWorks, Inc. (b)	35,539	905,272
Lightstream Resources, Ltd. (a)(b)(c)	64,736	—
MAG Silver Corp. (a)(b)	54,437	881,322
Major Drilling Group International, Inc. (a)(b)	34,334	229,011
Marathon Gold Corp. (a)(b)	87,208	211,334
Martinrea International, Inc.	72,429	643,191
MEG Energy Corp. (a)(b)	109,741	856,722
Milestone Pharmaceuticals, Inc. (a)(b)	20,448	116,758
Mind Medicine MindMed, Inc. (a)(b)	81,300	189,429
Minto Apartment Real Estate Investment Trust (d)	20,111	354,961
Morguard North American Residential Real Estate Investment Trust	21,566	290,929
MTY Food Group, Inc. (b)	10,328	521,271
Mullen Group, Ltd.	62,527	635,709
Neptune Wellness Solutions, Inc. (a)(b)	298,171	178,877
New Gold, Inc. (a)(b)	358,580	379,285
New Pacific Metals Corp. (a)	55,100	183,109
NexGen Energy, Ltd. (a)(b)	159,514	758,002
NFI Group, Inc. (b)	35,976	677,008
North American Construction Group, Ltd. (b)	19,618	285,710
North West Co., Inc. (b)	29,710	793,142
NuVista Energy, Ltd. (a)	57,800	234,512
Optiva, Inc. (a)	2	34
Organigram Holdings, Inc. (a)(b)	197,399	454,991
Orla Mining, Ltd. (a)(b)	47,761	157,589
Osisko Mining, Inc. (a)(b)	94,472	175,245
Paramount Resources, Ltd. Class A	16,800	249,046
Parex Resources, Inc.	30,600	556,517
Park Lawn Corp. (b)	13,470	388,305
Peyto Exploration & Development Corp. (b)	44,454	345,989

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Points International, Ltd. (a)	21,523	$ 368,043
Polaris Infrastructure, Inc. (b)	28,629	390,955
Poseidon Concepts Corp. (a)(c)	43,064	—
Precision Drilling Corp. (a)(b)	13,051	527,459
Pretium Resources, Inc. (a)(b)	76,200	736,828
Profound Medical Corp. (a)(b)	9,156	133,634
PyroGenesis Canada, Inc. (a)(b)	45,500	183,889
Real Matters, Inc. (a)(b)	39,213	310,770
Recipe Unlimited Corp. (a)	873	13,424
Repare Therapeutics, Inc. (a)	6,600	173,184
Richelieu Hardware, Ltd.	14,694	483,208
Rogers Sugar, Inc. (b)	66,426	283,144
Russel Metals, Inc. (b)	34,951	837,875
Sabina Gold & Silver Corp. (a)	98,422	113,428
Sandstorm Gold, Ltd. (a)(b)	109,530	630,283
Savaria Corp. (b)	24,680	399,369
Seabridge Gold, Inc. (a)(b)	24,642	379,497
Secure Energy Services, Inc.	56,000	210,412
ShawCor, Ltd. (a)	54,064	241,546
Sienna Senior Living, Inc. (b)	39,821	452,008
Sierra Wireless, Inc. (a)(b)	18,029	279,077
Silvercorp Metals, Inc. (b)	65,712	250,534
SilverCrest Metals, Inc. (a)(b)	57,211	399,666
Skeena Resources, Ltd. (a)	18,700	185,398
Slate Grocery REIT	11,477	117,773
Slate Office REIT	37,810	155,198
Sleep Country Canada Holdings, Inc. (d)	17,645	467,989
Solaris Resources, Inc. (a)(b)	19,500	169,472
Southern Pacific Resource Corp. (a)(c)	281,142	—
Sprott, Inc.	13,439	494,024
Sundial Growers, Inc. (a)(b)	849,400	575,978
SunOpta, Inc. (a)(b)	33,153	296,056
Tamarack Valley Energy, Ltd. (a)	88,800	223,603
Taseko Mines, Ltd. (a)(b)	100,400	188,619
TECSYS, Inc.	4,500	203,749
Theratechnologies, Inc. (a)(b)	56,527	212,392
Timbercreek Financial Corp. (b)	26,854	204,344
Torex Gold Resources, Inc. (a)	39,629	396,024
Transat AT, Inc. (a)(b)	43,477	152,376
Transcontinental, Inc. Class A (b)	35,647	566,143
Trillium Therapeutics, Inc. (a)(b)	51,451	904,053
Trisura Group, Ltd. (a)(b)	16,348	557,988

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
True North Commercial Real Estate Investment Trust	52,780	$ 301,636
Twin Butte Energy, Ltd. (a)(c)	83,708	—
Uni-Select, Inc. (a)(b)	40,255	563,700
Valens Co., Inc (a)(b)	138,103	254,000
Valeura Energy, Inc. (a)	162	56
Vermilion Energy, Inc. (a)	84,010	830,252
Victoria Gold Corp. (a)	13,300	158,212
Village Farms International, Inc. (a)(b)	21,996	183,698
Wajax Corp.	12,402	224,672
Wallbridge Mining Co., Ltd. (a)(b)	205,087	85,800
Well Health Technologies Corp. (a)(b)	62,188	347,548
Wesdome Gold Mines, Ltd. (a)(b)	95,913	768,455
Western Forest Products, Inc.	199,139	345,823
Westport Fuel Systems, Inc. (a)(b)	58,600	192,427
Westshore Terminals Investment Corp. (b)	30,521	589,050
WPT Industrial Real Estate Investment Trust	8,845	191,443
Xenon Pharmaceuticals, Inc. (a)	28,708	438,658
Zymeworks, Inc. (a)(b)	21,725	630,894
		68,020,430
CHINA — 0.4%
Beijing Tong Ren Tang Chinese Medicine Co., Ltd. (b)	87,000	114,217
BOE Varitronix, Ltd. (b)	163,000	155,784
China Glass Holdings, Ltd. (a)	508,000	157,268
China Shandong Hi-Speed Financial Group, Ltd. (a)	4,206,000	270,147
China Tobacco International HK Co., Ltd. (b)	180,000	384,295
China Yuchai International, Ltd.	8,573	116,507
GCL New Energy Holdings, Ltd. (a)(b)	4,646,000	179,045
Greenland Hong Kong Holdings, Ltd.	189,000	47,343
Hongguang Lighting Holdings Co., Ltd. (a)	209,000	190,887
Inspur International, Ltd. (a)	350,000	213,561
Road King Infrastructure, Ltd.	511,482	517,090
Towngas China Co., Ltd. (a)	197,080	123,038
Vesync Co., Ltd. (b)	134,000	191,413
VSTECS Holdings, Ltd.	536,000	482,663
Zensun Enterprises, Ltd. (b)	240,684	181,487
		3,324,745
COLOMBIA — 0.0% (e)
Canacol Energy, Ltd. (b)	54,420	145,195
Gran Tierra Energy, Inc. (a)	180,114	132,222
		277,417

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
DENMARK — 1.0%
Alm Brand A/S	21,200	$ 148,688
AMAG Pharmaceuticals, Inc. (a)(c)	308,573	—
Asetek A/S (a)	14,112	51,247
Atlantic Sapphire ASA (a)(b)	15,301	60,999
Bang & Olufsen A/S (a)	54,961	258,868
Better Collective A/S (a)(b)	13,171	280,626
cBrain A/S	8,875	494,508
Cementir Holding NV	36,427	355,046
Drilling Co. of 1972 A/S (a)	16,724	628,704
FLSmidth & Co. A/S	10,926	381,791
H&H International A/S Class B (a)	32,347	1,126,783
Matas A/S	28,076	529,480
NNIT A/S (d)	8,236	156,862
NTG Nordic Transport Group A/S Class A (a)	4,981	386,612
Orphazyme A/S (a)	43,411	182,816
Per Aarsleff Holding A/S	12,281	502,449
RTX A/S	4,380	112,639
Scandinavian Tobacco Group A/S Class A (d)	31,664	626,262
Spar Nord Bank A/S	36,932	429,984
Sydbank A/S	36,552	1,093,808
Zealand Pharma A/S (a)	23,028	663,983
		8,472,155
EGYPT — 0.1%
Centamin PLC	441,011	568,592
Energean PLC (a)	35,311	420,887
		989,479
FINLAND — 0.7%
Aktia Bank Oyj	25,234	339,826
BasWare Oyj (a)	2,205	82,542
Bittium Oyj (b)	11,281	77,137
Caverion Oyj	68,417	534,427
Citycon Oyj (b)	52,692	423,197
Finnair Oyj (a)(b)	332,294	261,876
F-Secure Oyj	67,684	376,523
Harvia Oyj	6,389	340,609
Kamux Corp.	15,206	225,751
Marimekko Oyj	3,200	252,929
Musti Group Oyj (a)	9,206	329,681
Oriola Oyj Class B	37,188	76,544
Raisio Oyj Class V	48,143	189,425

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Remedy Entertainment Oyj	4,249	$ 192,790
Revenio Group Oyj	10,827	688,255
Rovio Entertainment Oyj (b)(d)	12,774	85,496
Talenom Oyj	13,887	224,999
Tecnotree Oyj (a)	137,353	190,067
Terveystalo Oyj (d)	28,133	352,131
Tokmanni Group Corp.	23,271	567,987
YIT Oyj	75,695	400,911
		6,213,103
FRANCE — 1.8%
AB Science SA (a)	22,316	333,117
Akka Technologies (a)	8,313	459,559
AKWEL	10,765	268,236
Albioma SA	12,802	504,454
Aubay	5,689	320,762
Bastide le Confort Medical	1,807	93,926
Beneteau SA (a)	29,674	440,889
Bigben Interactive	23,635	441,008
Boiron SA	3,455	162,970
Bonduelle SCA	13,853	345,181
Carbios (a)	4,913	236,298
Cellectis SA (a)	29,973	389,751
Chargeurs SA	10,186	307,876
Cie des Alpes (a)	6,041	104,038
Claranova SADIR (a)	47,946	345,905
Coface SA (a)	44,789	565,280
Cromwell European Real Estate Investment Trust	69,400	209,925
DBV Technologies SA (a)	25,079	251,647
Derichebourg SA (a)	31,712	367,159
Elior Group SA (a)(d)	65,438	524,050
Esker SA	2,029	620,798
Etablissements Maurel et Prom SA (a)	2,104	5,608
Fnac Darty SA	12,927	850,963
Focus Home Interactive SA (a)	1,866	104,994
GL Events (a)	9,471	174,745
Innate Pharma SA (a)	54,350	342,345
Kaufman & Broad SA	9,775	408,401
LNA Sante SA	7,805	459,517
Maisons du Monde SA (d)	30,106	608,854
Manitou BF SA	6,385	214,227
McPhy Energy SA (a)	5,334	107,749
Mersen SA	8,050	298,079

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Nanobiotix SA (a)	14,406	$ 165,539
Nicox (a)	18,698	68,261
Novacyt SA (a)	35,618	134,158
Poxel SA (a)	17,236	118,456
Quadient SA	19,484	469,684
Rallye SA (a)	12,934	87,391
Sequans Communications SA ADR (a)(b)	25,712	112,876
SMCP SA (a)(d)	30,105	239,696
Solutions 30 SE (a)	78,992	778,156
Technicolor SA (a)	61,940	210,331
Vallourec SA (a)	57,332	501,659
Valneva SE (a)	45,630	717,092
Verimatrix SA (a)	34,214	51,945
Vilmorin & Cie SA	4,256	253,037
		14,776,592
GABON — 0.0% (e)
BW Energy, Ltd. (a)(b)	10,801	34,522
GERMANY — 3.2%
2G Energy AG	1,470	176,840
Aareal Bank AG	32,308	900,138
ADVA Optical Networking SE (a)	12,901	184,802
Affimed NV (a)	70,018	432,711
Allgeier SE	2,394	65,756
Amadeus Fire AG	3,378	699,207
Atoss Software AG	945	196,261
Aumann AG (a)(d)	367	6,499
AURELIUS Equity Opportunities SE & Co. KGaA	16,458	507,368
Bertrandt AG	3,045	177,509
bet-at-home.com AG	1,886	51,694
Bilfinger SE	20,903	731,127
Borussia Dortmund GmbH & Co. KGaA (a)	42,257	235,858
CECONOMY AG (a)	111,739	483,294
Cewe Stiftung & Co. KGaA	3,390	454,960
Corestate Capital Holding SA (a)(b)	17,222	227,338
CropEnergies AG	13,561	188,913
Datagroup SE (a)	2,574	236,264
Deutsche Beteiligungs AG	8,404	349,172
Deutsche EuroShop AG	23,870	487,719
Deutsche Pfandbriefbank AG (d)	100,329	1,138,577
Deutz AG (a)	65,437	570,683
DIC Asset AG	45,736	808,868

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Dr Hoenle AG	1,470	$ 68,998
Draegerwerk AG & Co. KGaA Preference Shares	5,283	433,183
Elmos Semiconductor SE	10,793	549,125
ElringKlinger AG (a)	14,167	190,294
GFT Technologies SE	12,625	417,736
Hamborner REIT AG	52,427	568,109
Hamburger Hafen und Logistik AG	13,098	294,491
Heidelberger Druckmaschinen AG (a)	79,446	182,122
Home24 SE (a)	11,038	181,653
Hornbach Baumarkt AG	4,298	194,265
Hornbach Holding AG & Co. KGaA	6,904	897,756
Indus Holding AG	23,323	897,402
Instone Real Estate Group SE (d)	10,790	308,250
Jenoptik AG	25,916	880,036
JOST Werke AG (d)	8,300	470,383
Jumia Technologies AG ADR (a)	36,278	674,408
Kloeckner & Co. SE (a)	60,074	754,014
Koenig & Bauer AG (a)	9,277	284,379
Leoni AG (a)	15,930	251,269
LPKF Laser & Electronics AG	8,977	204,957
Marley Spoon AG (a)	73,044	79,145
MBB SE	2,578	394,386
Medios AG (a)	3,970	168,398
Mensch und Maschine Software SE	1,663	112,364
MorphoSys AG (a)	10,105	480,159
Nagarro SE (a)	2,394	420,341
New Work SE	952	233,904
Norma Group SE	18,447	782,904
Northern Data AG (a)	4,008	344,200
Pfeiffer Vacuum Technology AG	3,974	849,285
PVA TePla AG (a)	8,625	377,847
SAF-Holland SE (a)	34,561	465,833
SFC Energy AG (a)	6,893	225,679
SGL Carbon SE (a)	16,209	176,959
Sirius Real Estate, Ltd.	304,404	536,860
SMA Solar Technology AG	8,178	352,198
SNP Schneider-Neureither & Partner SE (a)	2,789	171,151
Stabilus SA	9,018	632,833
STRATEC SE	2,058	291,939
SUESS MicroTec SE (a)	11,260	291,010
Takkt AG	17,524	278,645
Vossloh AG	4,436	236,234

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Westwing Group AG (a)	5,294	$ 198,912
		26,115,574
GHANA — 0.1%
Tullow Oil PLC (a)(b)	1,059,925	732,582
GREECE — 0.0% (e)
TT Hellenic Postbank SA (a)(c)	129,076	—
HONG KONG — 1.6%
Aidigong Maternal & Child Health, Ltd. (a)(b)	3,584,000	414,354
Apollo Future Mobility Group, Ltd. (a)(b)	1,469,072	96,244
Ban Loong Holdings, Ltd. (a)(b)	4,788,000	172,216
Beijing Gas Blue Sky Holdings, Ltd. (a)(c)	2,888,000	21,517
Bright Smart Securities & Commodities Group, Ltd.	1,368,000	254,809
Cafe de Coral Holdings, Ltd.	177,191	325,491
Canvest Environmental Protection Group Co., Ltd.	479,000	264,585
China Baoli Technologies Holdings, Ltd. (a)	1,245,500	68,798
China Household Holdings Ltd. (a)(c)	780,000	—
China Ocean Resources Co., Ltd. (a)(b)(c)	26,593	—
China Youzan, Ltd. (a)	6,444,000	811,227
Chow Sang Sang Holdings International, Ltd.	68,000	101,852
CMBC Capital Holdings, Ltd. (b)	5,070,000	63,826
C-Mer Eye Care Holdings, Ltd. (b)	360,000	369,496
Dah Sing Financial Holdings, Ltd.	42,000	125,439
EC Healthcare	138,000	186,845
Esprit Holdings, Ltd. (a)(b)	1,059,400	93,901
Fairwood Holdings, Ltd.	160,000	342,417
Far East Consortium International, Ltd.	604,461	204,990
Giordano International, Ltd.	1,452,000	283,512
Global Cord Blood Corp. (a)(b)	7,857	36,692
Glory Sun Financial Group, Ltd. (a)	4,160,000	133,062
Gold Financial Holdings Ltd. (a)(c)	1,158,000	—
Haitong International Securities Group, Ltd. (b)	847,000	224,136
HKBN, Ltd.	353,500	417,317
Hong Kong ChaoShang Group, Ltd. (a)(b)	824,000	97,381
Hong Kong Technology Venture Co., Ltd. (b)	336,000	475,644
Huanxi Media Group, Ltd. (a)	1,120,000	217,248
Hutchison Port Holdings Trust Stapled Security	1,582,100	379,704
Hutchison Telecommunications Hong Kong Holdings, Ltd.	734,000	114,089
International Alliance Financial Leasing Co., Ltd. (a)(d)	621,000	205,813
K Wah International Holdings, Ltd.	1,154,238	468,536
Lee's Pharmaceutical Holdings, Ltd. (b)	213,000	106,436
Lifestyle International Holdings, Ltd. (a)	94,500	51,349

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Long Well International Holdings Ltd (a)(c)	2,380,000	$ —
Luk Fook Holdings International, Ltd.	158,000	405,927
Modern Dental Group, Ltd.	204,000	207,547
New Frontier Health Corp. (a)(b)	42,400	476,152
OCI International Holdings, Ltd. (a)	400,000	186,521
Pacific Textiles Holdings, Ltd.	500,000	253,062
PAX Global Technology, Ltd.	433,000	547,879
Peace Mark Holdings, Ltd. (a)(c)	504,228	—
Perfect Medical Health Management, Ltd.	470,000	358,025
Prosperity REIT	592,000	235,746
Realord Group Holdings, Ltd. (a)(b)	146,000	186,798
Sa Sa International Holdings, Ltd. (a)(b)	733,248	163,893
Shun Tak Holdings, Ltd. (a)	1,006,849	270,316
SmarTone Telecommunications Holdings, Ltd.	237,792	134,709
SMI Culture & Travel Group Holdings Ltd. (a)(b)(c)	608,081	—
Stella International Holdings, Ltd.	162,000	208,102
Sun Hung Kai & Co., Ltd.	341,000	175,655
Sunlight Real Estate Investment Trust	559,000	322,418
Superb Summit International Group Ltd. (a)(b)(c)	1,685,500	—
Television Broadcasts, Ltd. (a)	188,516	148,931
Texhong Textile Group, Ltd.	231,500	335,445
Truly International Holdings, Ltd.	866,000	250,300
Value Partners Group, Ltd.	446,000	225,731
Viva China Holdings, Ltd. (b)	1,328,000	249,064
Yuexiu Real Estate Investment Trust	500,000	235,078
Zhuguang Holdings Group Co., Ltd. (b)	1,366,000	307,079
		13,013,304
INDONESIA — 0.1%
First Pacific Co., Ltd.	1,368,000	492,045
First Resources, Ltd.	226,400	271,827
		763,872
IRAQ — 0.1%
Genel Energy PLC	116,992	224,631
Gulf Keystone Petroleum, Ltd.	171,231	466,376
		691,007
IRELAND — 0.6%
C&C Group PLC (a)	181,052	574,662
Cairn Homes PLC (a)	166,139	219,503
COSMO Pharmaceuticals NV (a)(b)	2,326	200,722
Dalata Hotel Group PLC (a)(b)	143,494	681,840

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Fineos Corp., Ltd. ADR (a)	52,665	$ 164,724
Glenveagh Properties PLC (a)(d)	243,093	311,596
Greencore Group PLC (a)	388,681	739,998
Hibernia REIT PLC	401,708	543,774
Irish Continental Group PLC (a)	81,665	408,396
Irish Residential Properties REIT PLC	376,662	630,353
Origin Enterprises PLC	63,436	236,732
Uniphar PLC (a)	68,953	332,438
		5,044,738
ISRAEL — 2.9%
Africa Israel Properties, Ltd. (a)	6,036	313,386
Airport City, Ltd. (a)	1	15
Allot, Ltd. (a)	19,231	285,773
AudioCodes, Ltd. (b)	16,534	538,016
Augwind Energy Tech Storage, Ltd. (a)	4,742	68,349
Azorim-Investment Development & Construction Co., Ltd. (a)	57,138	244,410
BATM Advanced Communications, Ltd. (a)(b)	143,858	174,574
Bet Shemesh Engines Holdings 1997, Ltd. (a)	8,343	181,800
Blue Square Real Estate, Ltd.	2,363	176,008
Camtek, Ltd. (a)	4,800	194,448
Cellcom Israel, Ltd. (a)	37,283	130,011
Ceragon Networks, Ltd. (a)(b)	49,786	173,753
Clal Insurance Enterprises Holdings, Ltd. (a)	40,740	871,336
Cognyte Software, Ltd. (a)	27,300	561,015
Compugen, Ltd. (a)(b)	57,224	341,627
Danel Adir Yeoshua, Ltd.	1,557	304,050
Delek Automotive Systems, Ltd.	24,932	316,852
Delek Group, Ltd. (a)	4,753	336,644
Delta Galil Industries, Ltd.	5,956	297,232
Elco, Ltd.	4,245	262,899
Electra Consumer Products 1970, Ltd.	5,444	265,606
Electreon Wireless, Ltd. (a)	2,296	117,001
Energix-Renewable Energies, Ltd.	78,162	331,192
Enlight Renewable Energy, Ltd. (a)	349,706	760,624
Equital, Ltd. (a)	8,862	249,796
Fattal Holdings 1998, Ltd. (a)	2,916	262,844
FIBI Holdings, Ltd.	5,030	212,510
Formula Systems 1985, Ltd.	6,329	618,746
Fox Wizel, Ltd.	3,443	434,250
Gamida Cell, Ltd. (a)(b)	70,016	274,463
Gazit-Globe, Ltd.	106,556	755,039
Gilat Satellite Networks, Ltd.	21,600	194,184

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Hilan, Ltd.	4,358	$ 245,852
IDI Insurance Co., Ltd.	7,335	257,827
Innoviz Technologies, Ltd. (a)	35,100	202,176
Inrom Construction Industries, Ltd.	78,514	389,388
Isracard, Ltd.	64,571	269,400
Israel Canada T.R, Ltd.	100,044	433,835
Isras Investment Co., Ltd.	1,313	296,205
Itamar Medical Ltd. ADR (a)	5,261	158,987
Ituran Location & Control, Ltd.	14,608	370,897
Kamada, Ltd. (a)	17,010	90,213
Magic Software Enterprises, Ltd.	12,817	256,340
Matrix IT, Ltd.	16,241	432,989
Mediterranean Towers, Ltd.	49,848	153,832
Mega Or Holdings, Ltd.	7,521	279,751
Menora Mivtachim Holdings, Ltd.	9,721	200,859
Migdal Insurance & Financial Holding, Ltd. (a)	390,134	573,202
Nano Dimension, Ltd. ADR (a)(b)	120,389	678,994
Nano-X Imaging, Ltd. (a)(b)	13,900	312,750
Oil Refineries, Ltd. (a)	2,155,263	488,352
One Software Technologies, Ltd.	15,929	257,192
OPC Energy, Ltd. (a)	23,448	214,482
Oramed Pharmaceuticals, Inc. (a)	13,300	292,334
Partner Communications Co., Ltd. (a)	59,403	276,010
Paz Oil Co., Ltd. (a)	6,196	674,115
Perion Network, Ltd. (a)(b)	25,227	437,184
RADA Electronic Industries, Ltd. (a)(b)	27,393	291,462
Radware, Ltd. (a)	27,930	941,800
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.	4,946	355,372
Redhill Biopharma, Ltd. ADR (a)(b)	29,916	137,015
REIT 1, Ltd.	126,496	747,727
Sapiens International Corp. NV	27,008	782,744
Sella Capital Real Estate, Ltd. REIT	153,509	454,415
Silicom, Ltd. (a)	7,118	307,854
Sisram Medical, Ltd. (d)	109,200	159,634
Summit Real Estate Holdings, Ltd. (a)	12,663	222,358
Taboola.com, Ltd. (a)	49,979	422,822
Tel Aviv Stock Exchange, Ltd.	32,838	174,565
Tufin Software Technologies, Ltd. (a)(b)	18,310	179,987
		23,669,374
ITALY — 1.4%
AMCO - Asset Management Co. SpA (a)(b)(c)	2,346	—
Anima Holding SpA (d)	162,581	779,130

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Arnoldo Mondadori Editore SpA (a)	156,682	$ 328,672
Ascopiave SpA	40,642	163,680
Avio SpA	7,451	93,952
Banca IFIS SpA	14,977	290,566
Banca Monte dei Paschi di Siena SpA (a)(b)	178,468	223,589
Banca Sistema SpA (a)(b)(d)	102,359	269,288
BFF Bank SpA (d)	49,391	480,544
Biesse SpA (a)	12,558	393,834
Danieli & C Officine Meccaniche SpA	18,087	345,872
Datalogic SpA	5,936	120,323
Digital Bros SpA	5,996	230,431
doValue SpA (d)	23,377	271,469
El.En. SpA	41,189	675,942
Esprinet SpA	28,811	377,647
Eurotech SpA (a)(b)	40,768	236,713
Fila SpA	11,536	129,685
Fincantieri SpA (a)(b)	145,856	120,948
Illimity Bank SpA (a)	17,690	279,645
Immobiliare Grande Distribuzione SIIQ SpA REIT (a)	23,031	104,632
Italmobiliare SpA	2,403	82,295
Juventus Football Club SpA (a)(b)	398,939	333,817
Kaleyra, Inc. (a)	18,400	202,584
Maire Tecnimont SpA (b)	68,718	268,230
MARR SpA (a)	13,442	329,332
OVS SpA (a)(d)	272,781	726,489
Piaggio & C SpA	91,617	317,052
Prima Industrie SpA (a)	452	9,534
RAI Way SpA (d)	52,589	318,149
Retelit SpA (b)	153,853	554,538
Safilo Group SpA (a)(b)	67,657	112,912
Societa Cattolica Di Assicurazione SPA (a)	88,417	722,932
Tamburi Investment Partners SpA	72,551	770,200
Tinexta SpA	9,379	392,834
Unieuro SpA (d)	21,229	466,479
		11,523,939
JAPAN — 34.5%
3-D Matrix, Ltd. (a)	111,600	304,068
77 Bank, Ltd.	38,000	434,578
Access Co., Ltd. (a)	10,500	94,295
Achilles Corp.	2,100	25,371
Adastria Co., Ltd.	10,000	184,181
Advanced Media, Inc. (a)	16,500	114,165

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Adways, Inc.	10,500	$ 74,533
Aeon Delight Co., Ltd.	15,800	503,419
Aeon Fantasy Co., Ltd.	7,900	153,575
Ai Holdings Corp.	22,500	478,535
AI inside, Inc. (a)	1,900	153,430
Aichi Bank, Ltd.	8,100	263,527
Aichi Steel Corp.	3,200	76,462
Aida Engineering, Ltd.	32,500	307,304
Aiful Corp.	131,876	445,595
Aiming, Inc. (a)	23,600	75,935
Airtrip Corp. (a)(b)	10,400	410,128
Aisan Industry Co., Ltd.	31,600	239,319
Akatsuki, Inc.	2,300	66,171
Akebono Brake Industry Co., Ltd. (a)	77,000	151,136
Akita Bank, Ltd.	1,800	23,521
ALBERT, Inc. (a)(b)	900	41,138
Albis Co., Ltd. (b)	4,700	100,466
Alconix Corp.	15,800	229,406
Altech Corp.	16,780	310,109
Amiyaki Tei Co., Ltd.	1,700	44,643
Amuse, Inc.	9,300	198,294
Anest Iwata Corp.	25,900	216,810
AnGes, Inc. (a)(b)	50,700	313,538
Anicom Holdings, Inc.	50,600	429,924
Aomori Bank, Ltd.	7,600	146,380
Arakawa Chemical Industries, Ltd.	15,800	174,745
Arata Corp.	7,300	288,860
Arcland Sakamoto Co., Ltd.	10,400	162,746
Arcland Service Holdings Co., Ltd.	10,400	223,799
Arcs Co., Ltd.	27,100	550,865
Arealink Co., Ltd.	4,100	53,650
Argo Graphics, Inc.	15,800	471,557
Arisawa Manufacturing Co., Ltd.	15,800	126,598
Aruhi Corp.	15,800	184,941
Asahi Holdings, Inc.	51,546	937,830
ASAHI YUKIZAI Corp.	10,500	139,279
Asanuma Corp. (b)	8,200	338,069
Asia Pile Holdings Corp.	6,600	28,512
ASKA Pharmaceutical Holdings Co., Ltd.	10,500	101,165
ASKUL Corp.	26,700	392,454
Atom Corp. (b)	16,300	114,973
Atrae, Inc. (a)	22,500	480,955

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Autobacs Seven Co., Ltd.	26,600	$ 354,508
Avex, Inc. (b)	20,300	272,183
Awa Bank, Ltd.	36,600	718,387
Axial Retailing, Inc.	10,000	340,130
Bando Chemical Industries, Ltd.	32,700	271,682
Bank of Iwate, Ltd.	8,000	123,325
Bank of Nagoya, Ltd. (b)	3,160	75,138
Bank of Okinawa, Ltd. (a)	24,900	622,862
Bank of Saga, Ltd.	15,800	208,307
Bank of the Ryukyus, Ltd.	51,920	365,755
BASE, Inc. (a)(b)	33,500	329,070
Belc Co., Ltd.	6,300	330,881
Bell System24 Holdings, Inc.	17,300	258,938
Belluna Co., Ltd.	27,200	208,190
BeNext-Yumeshin Group Co.	43,577	511,637
Bic Camera, Inc. (b)	36,700	350,307
BML, Inc.	16,600	630,822
BrainPad, Inc. (a)	1,300	69,442
Broadleaf Co., Ltd.	59,800	307,642
BRONCO BILLY Co., Ltd.	8,200	193,875
Bunka Shutter Co., Ltd. (b)	44,800	454,123
Bushiroad, Inc. (a)	13,000	179,431
CAICA, Inc. (a)(b)	671,690	963,212
Can Do Co., Ltd. (b)	24,900	425,582
Carna Biosciences, Inc. (a)	4,400	43,339
Cawachi, Ltd.	4,600	93,381
Central Glass Co., Ltd.	34,569	648,159
Central Security Patrols Co., Ltd. (b)	6,500	169,644
Change, Inc. (a)(b)	7,000	146,556
Chatwork Co., Ltd. (a)(b)	23,400	230,697
Chiba Kogyo Bank, Ltd.	62,500	157,405
Chiyoda Co., Ltd.	21,200	161,696
Chiyoda Corp. (a)	110,700	391,902
Chiyoda Integre Co., Ltd.	5,600	102,639
Chofu Seisakusho Co., Ltd.	15,800	298,511
Chubu Shiryo Co., Ltd.	10,500	107,659
Chudenko Corp.	10,000	203,451
Chugoku Bank, Ltd.	44,000	340,327
Chugoku Marine Paints, Ltd.	36,300	272,962
CI Takiron Corp.	46,600	265,629
Citizen Watch Co., Ltd.	148,800	688,154
CKD Corp.	46,600	999,034

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
CMK Corp. (a)	42,000	$ 162,993
COLOPL, Inc. (a)	36,700	264,786
Colowide Co., Ltd. (b)	22,700	358,073
Computer Engineering & Consulting, Ltd.	10,400	123,132
Comture Corp.	15,800	440,403
CONEXIO Corp.	10,500	146,901
COOKPAD, Inc. (a)	230,000	509,164
Cosel Co., Ltd.	23,900	204,566
Cosmo Energy Holdings Co., Ltd.	25,700	585,290
CRE Logistics REIT, Inc.	232	432,498
Create Restaurants Holdings, Inc. (a)(b)	32,800	292,797
CTS Co., Ltd. (b)	36,700	265,115
Curves Holdings Co., Ltd.	25,000	208,380
Cyber Security Cloud, Inc. (a)(b)	2,500	60,878
CYBERDYNE, Inc. (a)(b)	15,800	61,883
Cybozu, Inc. (b)	5,300	115,619
Dai Nippon Toryo Co., Ltd.	10,500	81,873
Daibiru Corp. (b)	25,700	380,519
Daido Metal Co., Ltd.	29,200	161,473
Daihen Corp.	9,600	424,611
Daiho Corp.	17,300	592,301
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.	23,300	327,234
Daiichikosho Co., Ltd.	16,900	628,591
Daiken Corp.	9,900	208,514
Daiki Aluminium Industry Co., Ltd.	36,700	546,018
Daikyonishikawa Corp.	20,500	119,978
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.	8,800	217,052
Daiseki Co., Ltd.	29,320	1,283,694
Daishi Hokuetsu Financial Group, Inc.	31,900	727,632
Daito Pharmaceutical Co., Ltd.	8,600	259,368
Daiwabo Holdings Co., Ltd.	52,000	839,830
DCM Holdings Co., Ltd.	79,493	771,597
DDS, Inc. (a)	72,500	113,063
Demae-Can Co., Ltd. (a)(b)	15,872	239,271
Denyo Co., Ltd.	10,000	192,695
Dexerials Corp.	34,000	671,620
Digital Arts, Inc.	8,100	657,728
Digital Garage, Inc.	19,200	882,778
Digital Hearts Holdings Co., Ltd.	6,200	111,469
Dip Corp.	17,500	668,160
DKK Co., Ltd.	8,700	198,679
DKS Co., Ltd.	8,400	243,173

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Doshisha Co., Ltd.	15,800	$ 248,807
Doutor Nichires Holdings Co., Ltd.	50,472	799,319
DTS Corp.	68,324	1,576,213
Duskin Co., Ltd.	24,000	559,910
DyDo Group Holdings, Inc. (b)	4,100	209,456
Dynam Japan Holdings Co., Ltd.	10,000	9,159
Earth Corp.	10,300	628,662
EDION Corp. (b)	76,100	718,883
Edulab, Inc. (a)(b)	2,400	49,409
eGuarantee, Inc.	26,000	579,538
E-Guardian, Inc.	10,500	286,086
Ehime Bank, Ltd.	22,140	156,562
Eiken Chemical Co., Ltd.	20,500	386,758
Eizo Corp.	10,500	402,308
Enigmo, Inc.	9,700	108,497
en-japan, Inc.	10,400	378,902
eRex Co., Ltd.	27,800	619,909
ES-Con Japan, Ltd. (b)	36,700	266,102
Eslead Corp.	19,800	296,179
ESPEC Corp.	17,600	372,743
euglena Co., Ltd. (a)(b)	45,100	353,282
Exedy Corp.	18,800	288,635
FAN Communications, Inc.	47,100	191,228
FCC Co., Ltd.	35,528	502,471
FDK Corp. (a)	24,200	241,404
Feed One Co., Ltd.	9,160	61,901
Ferrotec Holdings Corp.	42,000	1,200,807
FIDEA Holdings Co., Ltd.	18,010	204,998
Financial Products Group Co., Ltd.	29,300	188,024
Fixstars Corp.	19,200	136,117
Fronteo, Inc. (a)(b)	20,000	316,738
Fudo Tetra Corp.	9,040	146,082
Fuji Co., Ltd.	15,800	309,132
Fuji Pharma Co., Ltd.	7,000	73,404
Fuji Seal International, Inc.	10,100	219,607
Fuji Soft, Inc.	19,200	1,010,119
Fujibo Holdings, Inc.	7,200	274,255
Fujikura, Ltd. (a)	168,000	998,288
Fujimi, Inc.	10,400	603,074
Fujimori Kogyo Co., Ltd.	7,500	327,022
Fujita Kanko, Inc. (a)	4,399	107,989
Fujitec Co., Ltd.	42,000	982,855

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Fujiya Co., Ltd.	200	$ 4,363
Fukuda Corp.	4,000	180,686
Fukui Bank, Ltd. (b)	12,900	181,750
Fukuoka REIT Corp.	864	1,297,065
Fukushima Galilei Co., Ltd.	8,400	373,041
FULLCAST Holdings Co., Ltd.	10,400	212,241
Fumakilla, Ltd.	19,300	225,909
Funai Soken Holdings, Inc.	22,700	618,490
Furukawa Co., Ltd.	17,838	196,166
Furukawa Electric Co., Ltd.	20,600	454,003
Furuno Electric Co., Ltd.	21,200	240,929
Fuso Chemical Co., Ltd.	15,800	717,957
Futaba Corp.	10,500	74,533
Fuyo General Lease Co., Ltd.	10,000	692,808
GA Technologies Co., Ltd. (a)(b)	12,800	118,163
Gakken Holdings Co., Ltd.	22,400	245,130
Genki Sushi Co., Ltd. (b)	1,600	42,734
Genky DrugStores Co., Ltd.	5,100	226,717
Geo Holdings Corp.	21,600	244,119
giftee, Inc. (a)	9,300	337,159
Giken, Ltd.	8,900	395,245
Global One Real Estate Investment Corp. REIT	347	360,762
GLOBERIDE, Inc.	13,600	479,641
Glory, Ltd.	34,300	768,541
GMO GlobalSign Holdings KK (b)	1,700	67,650
GNI Group, Ltd. (a)	17,200	253,433
Goldcrest Co., Ltd.	16,500	250,365
Grace Technology, Inc. (b)	6,200	55,679
Gree, Inc.	50,000	276,047
GS Yuasa Corp.	36,700	836,132
G-Tekt Corp.	16,800	219,985
GungHo Online Entertainment, Inc.	17,200	316,329
Gunma Bank, Ltd.	75,300	243,633
Gunze, Ltd.	9,200	360,332
Gurunavi, Inc. (a)	39,600	205,498
H.U. Group Holdings, Inc.	31,000	843,244
H2O Retailing Corp.	71,900	625,722
Hachijuni Bank, Ltd.	130,300	465,962
Hamakyorex Co., Ltd.	7,200	217,791
Hankyu Hanshin REIT, Inc.	489	721,831
Hanwa Co., Ltd.	25,300	787,968
Happinet Corp.	3,700	49,908

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Hazama Ando Corp.	102,800	$ 739,847
HEALIOS KK (a)(b)	22,700	397,542
Heiwa Real Estate Co., Ltd.	17,500	607,775
Heiwa Real Estate REIT, Inc.	424	624,742
Heiwado Co., Ltd.	21,200	414,025
Hennge KK (a)(b)	4,400	233,852
Hibiya Engineering, Ltd.	7,500	131,750
Hiday Hidaka Corp. (b)	15,804	249,861
Hioki EE Corp.	8,200	701,860
Hirano Tecseed Co., Ltd.	10,400	246,077
Hirata Corp. (b)	6,800	419,915
Hirogin Holdings, Inc.	53,700	307,545
HIS Co., Ltd. (a)(b)	10,000	264,665
Hochiki Corp.	18,500	199,633
Hogy Medical Co., Ltd.	10,500	300,672
Hokkaido Electric Power Co., Inc.	113,500	544,230
Hokkaido Gas Co., Ltd. (b)	2,900	40,183
Hokkoku Bank, Ltd. (a)	16,300	317,600
Hokuetsu Corp. (b)	52,900	326,195
Hokuhoku Financial Group, Inc.	72,900	559,940
Hokuriku Electric Power Co.	36,700	198,343
H-One Co., Ltd.	22,400	146,958
Hoosiers Holdings	43,200	262,510
Hoshino Resorts REIT, Inc.	174	1,149,343
Hosiden Corp.	25,400	219,682
Hosokawa Micron Corp.	9,600	301,573
Howa Machinery, Ltd.	32,300	241,725
Hyakugo Bank, Ltd.	120,800	352,954
Hyakujushi Bank, Ltd.	17,700	247,792
IBJ Leasing Co., Ltd.	10,400	339,287
IBJ, Inc.	16,500	167,847
Ichibanya Co., Ltd.	5,600	228,868
Ichigo Hotel REIT Investment Corp.	249	211,564
Ichigo Office REIT Investment Corp.	594	479,672
Ichigo, Inc.	29,600	98,158
Ichikoh Industries, Ltd.	33,200	179,427
Idec Corp.	15,900	315,506
Iino Kaiun Kaisha, Ltd.	100,880	474,676
Imasen Electric Industrial (b)	26,000	163,119
Imuraya Group Co., Ltd.	8,600	178,898
Inaba Denki Sangyo Co., Ltd.	19,400	474,676
Inabata & Co., Ltd.	21,300	330,644

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Infocom Corp.	16,100	$ 344,583
Insource Co., Ltd. (b)	18,800	367,154
Intage Holdings, Inc.	36,700	538,453
Iriso Electronics Co., Ltd.	10,300	421,878
Ishihara Sangyo Kaisha, Ltd.	18,400	210,097
Istyle, Inc. (a)	36,700	156,569
Itfor, Inc.	42,200	326,783
Itochu Enex Co., Ltd.	29,800	268,955
Itoki Corp. (b)	30,500	106,337
J Trust Co., Ltd. (a)(b)	59,200	265,823
Jaccs Co., Ltd.	15,000	410,710
JAFCO Group Co., Ltd.	18,400	1,184,065
Japan Aviation Electronics Industry, Ltd.	43,400	636,365
Japan Communications, Inc. (a)(b)	141,300	295,074
Japan Display, Inc. (a)(b)	415,110	137,657
Japan Elevator Service Holdings Co., Ltd.	24,400	563,338
Japan Excellent, Inc. REIT	735	898,535
Japan Lifeline Co., Ltd.	32,900	404,560
Japan Material Co., Ltd.	47,800	559,077
Japan Petroleum Exploration Co., Ltd.	17,800	335,021
Japan Pulp & Paper Co., Ltd.	7,900	276,137
Japan Securities Finance Co., Ltd.	27,700	215,493
Japan Steel Works, Ltd.	43,700	1,142,486
Japan Wool Textile Co., Ltd.	23,800	216,936
JCU Corp.	15,800	630,867
Jimoto Holdings, Inc. (b)	18,410	113,026
JINS Holdings, Inc. (b)	6,600	483,280
Joshin Denki Co., Ltd.	13,500	305,875
Joyful Honda Co., Ltd.	48,600	676,022
JSP Corp.	8,100	117,752
Juki Corp.	34,800	260,747
Juroku Bank, Ltd. (a)	19,400	380,089
JVC Kenwood Corp.	83,400	156,971
Kaga Electronics Co., Ltd.	19,700	534,103
Kamakura Shinsho, Ltd. (b)	5,300	40,994
Kameda Seika Co., Ltd. (b)	1,600	63,742
Kamei Corp.	20,700	233,577
Kanamoto Co., Ltd.	19,500	458,597
Kanematsu Corp.	85,599	1,067,158
Kanematsu Electronics, Ltd.	7,900	276,137
Kanto Denka Kogyo Co., Ltd. (b)	24,000	230,374
Kaonavi, Inc. (a)(b)	8,100	170,167

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Kasai Kogyo Co., Ltd. (a)	33,100	$ 112,435
Katakura Industries Co., Ltd. (b)	68,374	1,052,191
Kato Sangyo Co., Ltd.	10,400	309,460
Kato Works Co., Ltd.	8,400	65,950
KAWADA TECHNOLOGIES, Inc.	1,300	45,149
Kawai Musical Instruments Manufacturing Co., Ltd.	6,200	201,712
Keiyo Bank, Ltd.	81,200	327,493
Keiyo Co., Ltd. (b)	33,200	241,319
Kenedix Retail REIT Corp.	269	696,519
Kenko Mayonnaise Co., Ltd. (b)	15,800	231,389
KH Neochem Co., Ltd.	18,600	513,448
Kintetsu World Express, Inc.	16,700	426,125
Kisoji Co., Ltd. (b)	10,300	223,586
Kissei Pharmaceutical Co., Ltd.	24,400	526,161
Kitanotatsujin Corp.	49,600	208,047
Kito Corp.	17,600	285,196
Kitz Corp.	120,900	854,942
Kiyo Bank, Ltd.	72,260	1,027,799
KLab, Inc. (a)	10,100	56,576
Koa Corp.	20,100	308,773
Kohnan Shoji Co., Ltd.	10,500	347,255
Komatsu Matere Co., Ltd.	29,100	252,726
KOMEDA Holdings Co., Ltd.	23,200	461,401
Komeri Co., Ltd.	10,300	249,526
Komori Corp.	51,236	401,806
Konishi Co., Ltd.	16,000	256,832
Konoike Transport Co., Ltd.	15,800	181,542
Koshidaka Holdings Co., Ltd. (b)	25,000	151,916
Kotobuki Spirits Co., Ltd.	19,300	1,326,740
Kourakuen Holdings Corp. (a)(b)	8,000	110,276
Krosaki Harima Corp.	3,300	144,186
Kudan, Inc. (a)	7,800	250,970
Kumagai Gumi Co., Ltd.	18,200	473,534
Kumiai Chemical Industry Co., Ltd.	53,500	421,479
Kura Sushi, Inc.	15,800	572,099
Kurabo Industries, Ltd.	29,370	542,256
Kureha Corp.	8,200	559,283
Kurimoto, Ltd.	5,300	77,950
KYB Corp.	13,683	372,810
Kyoei Steel, Ltd.	18,600	231,052
Kyokuto Kaihatsu Kogyo Co., Ltd.	18,400	270,290
KYORIN Holdings, Inc.	32,100	512,392

See accompanying notes to financial statements.

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Kyoritsu Maintenance Co., Ltd. (b)	15,800	$ 618,122
Kyosan Electric Manufacturing Co., Ltd.	15,800	75,053
Kyushu Financial Group, Inc.	231,400	833,724
LAC Co., Ltd.	6,900	58,997
Lacto Japan Co., Ltd. (b)	7,400	187,363
LEC, Inc. (b)	17,300	168,232
Leopalace21 Corp. (a)	623,900	1,386,755
Lifenet Insurance Co. (a)	15,800	178,285
LIFULL Co., Ltd. (a)	33,500	111,091
Locondo, Inc.	4,100	50,784
M&A Capital Partners Co., Ltd. (a)(b)	8,400	466,771
Macnica Fuji Electronics Holdings, Inc.	32,900	770,198
Maeda Corp. (a)(b)	35,100	282,813
Maeda Kosen Co., Ltd. (b)	7,500	222,832
Maeda Road Construction Co., Ltd. (a)	15,800	290,258
Makino Milling Machine Co., Ltd.	20,800	810,934
Makuake, Inc. (a)(b)	1,200	49,742
Mandom Corp.	18,400	264,848
Mars Group Holdings Corp.	15,800	232,946
Marudai Food Co., Ltd. (b)	42,231	658,588
Maruha Nichiro Corp.	36,320	864,584
Marusan Securities Co., Ltd. (b)	68,238	390,805
Maruwa Co., Ltd.	3,600	368,792
Matsuya Co., Ltd. (a)	30,500	313,816
Max Co., Ltd.	21,800	380,804
Maxell Holdings, Ltd.	27,800	333,874
MCJ Co., Ltd.	43,400	467,938
MEC Co., Ltd.	17,000	488,326
Media Do Co., Ltd. (b)	2,300	101,627
Medical Data Vision Co., Ltd.	17,300	242,037
Medinet Co., Ltd. (a)	592,300	371,598
Medley, Inc. (a)(b)	7,600	283,702
MedPeer, Inc. (a)(b)	7,200	247,797
Megachips Corp.	15,800	477,222
Megmilk Snow Brand Co., Ltd.	24,900	512,394
Meidensha Corp.	29,500	654,380
Meiko Electronics Co., Ltd.	15,867	430,183
Meiko Network Japan Co., Ltd.	29,000	168,685
Meisei Industrial Co., Ltd.	33,300	222,647
Meitec Corp.	10,500	582,523
Melco Holdings, Inc. (b)	4,000	170,110
Michinoku Bank, Ltd.	5,720	45,524

See accompanying notes to financial statements.

100

Table of Contents

SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Mie Kotsu Group Holdings, Inc. (b)	54,300	$ 270,101
Milbon Co., Ltd.	10,500	644,634
Mimasu Semiconductor Industry Co., Ltd.	17,700	389,456
Minkabu The Infonoid, Inc.	6,800	216,661
Mirai Corp. REIT	630	304,342
Mirait Holdings Corp.	45,960	916,111
Miroku Jyoho Service Co., Ltd.	10,500	159,982
Mitsubishi Estate Logistics REIT Investment Corp.	158	693,175
Mitsubishi Kakoki Kaisha, Ltd. (b)	16,500	363,348
Mitsubishi Logisnext Co., Ltd.	15,800	164,125
Mitsubishi Pencil Co., Ltd.	28,800	372,212
Mitsubishi Research Institute, Inc.	6,900	272,413
Mitsubishi Shokuhin Co., Ltd.	8,000	209,294
Mitsuboshi Belting, Ltd.	15,900	297,693
Mitsui DM Sugar Holdings Co., Ltd.	26,200	474,336
Mitsui Matsushima Holdings Co., Ltd.	16,400	221,655
Mitsui Mining & Smelting Co., Ltd.	33,600	944,082
Mitsui-Soko Holdings Co., Ltd.	17,300	392,283
Mixi, Inc.	25,400	573,449
Miyaji Engineering Group, Inc.	2,600	60,424
Miyazaki Bank, Ltd.	6,980	130,998
Mizuno Corp.	7,800	187,354
Mochida Pharmaceutical Co., Ltd.	17,600	539,476
Modec, Inc.	9,000	143,339
Monex Group, Inc.	102,000	534,797
Monogatari Corp (b)	2,800	196,747
Mori Trust Hotel REIT, Inc.	186	229,385
Mori Trust Sogo REIT, Inc.	337	447,320
Morita Holdings Corp.	23,400	318,991
MOS Food Services, Inc. (b)	15,800	463,769
m-up Holdings, Inc.	4,500	147,815
Musashi Seimitsu Industry Co., Ltd.	29,900	524,975
Musashino Bank, Ltd.	10,480	172,921
Nachi-Fujikoshi Corp.	15,800	649,276
Nagaileben Co., Ltd.	15,800	371,298
Nagano Keiki Co., Ltd.	26,500	298,548
Nakanishi, Inc.	68,240	1,555,315
NanoCarrier Co., Ltd. (a)	96,000	261,564
Nanto Bank, Ltd.	10,000	179,969
Neturen Co., Ltd. (b)	60,783	350,834
Nextage Co., Ltd.	42,000	829,272
NexTone, Inc. (a)	4,200	120,457

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
NHK Spring Co., Ltd.	36,700	$ 263,470
Nichias Corp.	36,700	900,601
Nichiban Co., Ltd.	10,000	165,180
Nichicon Corp. (b)	43,100	410,237
Nichiha Corp.	18,500	530,585
Nichi-iko Pharmaceutical Co., Ltd. (b)	72,200	581,741
Nichireki Co., Ltd.	10,500	128,362
Nihon House Holdings Co., Ltd. (b)	52,000	195,743
Nihon Nohyaku Co., Ltd.	36,700	181,239
Nihon Parkerizing Co., Ltd.	59,800	620,644
Nihon Tokushu Toryo Co., Ltd.	10,500	98,530
Nihon Trim Co., Ltd.	1,500	48,936
Nikkiso Co., Ltd.	70,040	608,279
Nikkon Holdings Co., Ltd.	68,280	1,416,699
Nippon Carbide Industries Co., Inc.	17,700	226,693
Nippon Carbon Co., Ltd.	15,871	596,007
Nippon Ceramic Co., Ltd.	10,400	286,623
Nippon Chemical Industrial Co., Ltd.	8,100	229,043
Nippon Coke & Engineering Co., Ltd.	722,700	919,771
Nippon Densetsu Kogyo Co., Ltd.	25,800	438,421
Nippon Gas Co., Ltd.	42,000	579,323
Nippon Kayaku Co., Ltd.	49,100	544,798
Nippon Koei Co., Ltd.	9,800	315,761
Nippon Light Metal Holdings Co., Ltd.	36,590	640,468
Nippon Paper Industries Co., Ltd. (b)	18,800	200,511
Nippon Parking Development Co., Ltd.	753,200	1,073,348
Nippon Pillar Packing Co., Ltd.	16,400	396,275
NIPPON REIT Investment Corp.	455	1,765,763
Nippon Road Co., Ltd.	4,700	355,949
Nippon Sheet Glass Co., Ltd. (a)	46,600	243,076
Nippon Signal Co., Ltd.	34,200	306,827
Nippon Soda Co., Ltd.	15,800	513,332
Nippon Steel Trading Corp.	3,600	163,262
Nippon Suisan Kaisha, Ltd.	165,699	966,794
Nippon Thompson Co., Ltd.	58,000	290,585
Nippon Yakin Kogyo Co., Ltd.	8,600	204,797
Nipro Corp.	10,400	108,311
Nishimatsu Construction Co., Ltd. (b)	28,600	890,746
Nishimatsuya Chain Co., Ltd. (b)	25,853	327,869
Nishi-Nippon Financial Holdings, Inc.	82,500	530,159
Nishio Rent All Co., Ltd.	16,000	422,747
Nissan Shatai Co., Ltd.	23,800	170,861

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Nissei ASB Machine Co., Ltd.	4,700	$ 162,178
Nissei Plastic Industrial Co., Ltd.	26,200	264,877
Nissha Co., Ltd.	26,000	417,352
Nisshin Oillio Group, Ltd.	13,600	370,549
Nisshinbo Holdings, Inc. (b)	78,300	595,101
Nissin Corp.	10,500	155,747
Nitta Corp.	9,900	243,740
Nittetsu Mining Co., Ltd.	3,200	186,422
Nitto Boseki Co., Ltd.	25,730	864,777
Nitto Kogyo Corp.	23,900	376,145
Nittoku Co., Ltd.	9,400	371,114
Nohmi Bosai, Ltd.	19,000	352,498
Nojima Corp.	10,400	268,727
Nomura Co., Ltd.	46,400	420,022
Noritake Co., Ltd.	6,900	310,446
Noritsu Koki Co., Ltd. (b)	9,800	223,536
Noritz Corp.	16,500	270,625
North Pacific Bank, Ltd.	161,800	369,787
NS United Kaiun Kaisha, Ltd.	10,000	368,810
NSD Co., Ltd.	43,400	794,289
NTN Corp. (a)	218,900	496,363
NTT UD REIT Investment Corp.	1,409	1,937,178
Obara Group, Inc.	8,900	311,091
Oenon Holdings, Inc.	101,400	351,708
Ogaki Kyoritsu Bank, Ltd.	10,000	177,638
Ohara, Inc.	9,600	129,749
Ohsho Food Service Corp.	6,800	372,987
Oiles Corp.	15,800	233,230
Oisix ra daichi, Inc. (a)	10,500	467,242
Oita Bank, Ltd.	15,380	260,113
Okabe Co., Ltd.	20,000	126,014
Okamoto Industries, Inc.	6,360	235,418
Okamura Corp.	61,900	908,181
Okasan Securities Group, Inc.	94,482	344,649
Oki Electric Industry Co., Ltd.	51,700	453,635
Okinawa Electric Power Co., Inc.	16,477	212,802
OKUMA Corp.	13,200	643,585
Okumura Corp.	16,800	451,714
Okuwa Co., Ltd.	18,900	200,900
Oncolys BioPharma, Inc. (a)(b)	17,300	175,209
OncoTherapy Science, Inc. (a)	147,300	118,817
One REIT, Inc.	96	255,111

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Open Door, Inc. (a)	8,500	$ 219,023
OPT Holding, Inc.	10,000	166,614
Optex Group Co., Ltd.	19,100	262,085
Optim Corp. (a)(b)	5,400	98,587
Optorun Co., Ltd.	15,800	331,223
Oriental Shiraishi Corp. (a)	102,200	244,566
Osaka Organic Chemical Industry, Ltd. (b)	22,600	772,745
Osaka Soda Co., Ltd.	10,400	252,695
OSAKA Titanium Technologies Co., Ltd. (a)(b)	8,500	60,565
Osaki Electric Co., Ltd.	16,000	79,588
OSG Corp.	10,500	181,533
Oyo Corp.	20,600	271,220
Pacific Industrial Co., Ltd.	31,900	337,941
Pacific Metals Co., Ltd.	7,399	123,808
Pack Corp.	10,000	278,288
PAL GROUP Holdings Co., Ltd.	10,400	173,745
Paramount Bed Holdings Co., Ltd.	24,400	487,891
Pasona Group, Inc. (b)	10,500	299,261
PC Depot Corp. (b)	58,000	243,800
Penta-Ocean Construction Co., Ltd.	166,000	1,135,183
Pharma Foods International Co., Ltd. (b)	10,400	250,644
PIA Corp. (a)	5,100	190,607
Pilot Corp.	10,000	381,806
Piolax, Inc.	17,600	245,603
PKSHA Technology, Inc. (a)(b)	5,200	89,343
Plenus Co., Ltd.	9,900	193,430
Poletowin Pitcrew Holdings, Inc.	18,900	173,119
Precision System Science Co., Ltd. (b)	8,000	47,107
Press Kogyo Co., Ltd.	298,600	917,946
Pressance Corp.	5,500	90,701
Prestige International, Inc.	59,000	404,526
Prima Meat Packers, Ltd.	16,100	409,516
Qol Holdings Co., Ltd.	10,500	143,231
Raccoon Holdings, Inc. (b)	14,200	200,321
Raito Kogyo Co., Ltd.	42,100	747,103
Raiznext Corp.	31,900	344,517
Raksul, Inc. (a)(b)	7,200	379,440
RaQualia Pharma, Inc. (a)	19,700	181,330
Relia, Inc.	25,200	265,156
ReproCELL, Inc. (a)(b)	45,400	116,374
Resorttrust, Inc.	52,200	1,031,134
Restar Holdings Corp.	10,500	175,227

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Retail Partners Co., Ltd. (b)	10,500	$ 116,881
Rheon Automatic Machinery Co., Ltd. (b)	10,500	142,290
Ricoh Leasing Co., Ltd.	7,700	256,379
Riken Corp.	7,000	178,113
Riken Keiki Co., Ltd.	15,800	433,323
Riken Technos Corp.	51,500	261,712
Riken Vitamin Co., Ltd.	10,500	176,921
Ringer Hut Co., Ltd. (b)	15,800	352,889
Riso Kagaku Corp. (b)	9,200	188,824
Rock Field Co., Ltd.	15,800	243,850
Rokko Butter Co., Ltd.	15,800	239,744
Rorze Corp.	15,800	1,138,535
Round One Corp.	46,300	651,499
Royal Holdings Co., Ltd. (a)	15,800	319,186
RS Technologies Co., Ltd.	4,900	244,616
Ryobi, Ltd.	16,400	186,085
Ryosan Co., Ltd.	10,000	207,125
S Foods, Inc.	15,800	436,863
Sac's Bar Holdings, Inc.	33,700	172,464
Sagami Holdings Corp. (a)(b)	23,800	226,535
Saizeriya Co., Ltd. (b)	16,000	418,158
Sakai Chemical Industry Co., Ltd.	26,953	571,551
Sakai Moving Service Co., Ltd.	4,200	182,944
Sakata INX Corp.	24,600	259,284
Sakata Seed Corp.	17,400	547,381
Sakura Internet, Inc. (b)	43,500	242,501
Sala Corp.	61,200	353,789
SAMTY Co., Ltd.	17,100	360,008
San-A Co., Ltd.	10,200	365,673
San-Ai Oil Co., Ltd.	42,000	559,373
SanBio Co., Ltd. (a)(b)	15,800	169,647
Sanei Architecture Planning Co., Ltd.	18,300	331,147
Sangetsu Corp.	34,900	475,134
San-In Godo Bank, Ltd.	84,100	425,117
Sanken Electric Co., Ltd.	15,800	890,719
Sanki Engineering Co., Ltd.	26,500	352,225
Sankyo Tateyama, Inc.	29,400	206,057
Sanoh Industrial Co., Ltd. (b)	42,600	390,206
Sanrio Co., Ltd. (b)	30,900	715,900
Sanyo Chemical Industries, Ltd.	5,400	283,612
Sanyo Denki Co., Ltd.	5,000	319,068
Sanyo Electric Railway Co., Ltd. (b)	7,800	137,090

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Sanyo Special Steel Co., Ltd.	20,287	$ 327,283
Sanyo Trading Co., Ltd.	29,100	305,931
Sapporo Holdings, Ltd. (b)	42,800	987,766
Sato Holdings Corp.	28,440	695,356
Seikagaku Corp.	23,200	220,824
Seiko Holdings Corp.	11,800	239,331
Seiren Co., Ltd.	44,080	830,833
Sekisui Jushi Corp.	15,900	304,248
Sekisui Plastics Co., Ltd.	23,800	126,706
Senko Group Holdings Co., Ltd.	48,600	447,342
Senshu Ikeda Holdings, Inc.	147,060	217,476
Septeni Holdings Co., Ltd.	21,000	89,402
Shibaura Machine Co., Ltd.	10,200	252,040
Shibuya Corp.	15,800	436,155
Shiga Bank, Ltd. (b)	29,200	498,814
Shikoku Bank, Ltd.	24,000	158,960
Shikoku Chemicals Corp.	24,800	311,181
Shikoku Electric Power Co., Inc.	53,200	370,004
Shima Seiki Manufacturing, Ltd. (b)	22,045	447,914
Shinagawa Refractories Co., Ltd.	6,400	226,574
Shin-Etsu Polymer Co., Ltd.	23,400	220,630
Shinmaywa Industries, Ltd.	26,000	217,880
Shinoken Group Co., Ltd.	24,400	254,333
Shizuoka Gas Co., Ltd. (b)	29,000	350,885
Shochiku Co., Ltd. (a)	15,860	1,876,334
Shoei Co., Ltd.	10,400	469,783
Shoei Foods Corp.	7,200	279,095
Siix Corp.	22,300	240,638
Sinfonia Technology Co., Ltd.	45,080	491,708
Sinko Industries, Ltd.	15,800	302,476
Sintokogio, Ltd.	35,600	249,830
SKY Perfect JSAT Holdings, Inc.	59,800	229,928
Small & medium sized Enterprises Holdings, Inc. (a)(b)	175,100	95,730
SMK Corp.	504	10,742
SNK Corp. (a)	17,295	292,145
Sodick Co., Ltd. (b)	26,700	218,960
Solasia Pharma KK (a)	308,200	336,997
Solasto Corp.	25,300	341,944
Sosei Group Corp. (a)(b)	36,700	626,605
Sourcenext Corp.	23,400	50,753
Space Value Holdings Co., Ltd.	27,800	208,048
S-Pool, Inc.	15,800	148,264

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
ST Corp.	10,400	$ 165,822
St Marc Holdings Co., Ltd.	10,000	146,538
Star Asia Investment Corp. REIT	446	229,046
Star Micronics Co., Ltd.	20,800	290,259
Starts Corp., Inc.	16,300	389,330
Starts Proceed Investment Corp. REIT	162	359,790
Starzen Co., Ltd.	9,600	187,741
Stella Chemifa Corp.	7,200	191,914
StemRIM, Inc. (a)(b)	20,200	123,472
Studio Alice Co., Ltd.	15,800	346,375
Sumida Corp.	19,700	220,880
Sumitomo Densetsu Co., Ltd.	16,700	348,893
Sumitomo Mitsui Construction Co., Ltd.	80,760	362,633
Sumitomo Osaka Cement Co., Ltd.	20,579	576,378
Sumitomo Seika Chemicals Co., Ltd.	2,400	78,082
Sumitomo Warehouse Co., Ltd.	44,300	728,573
Sun Corp. (b)	9,000	226,825
Sun Frontier Fudousan Co., Ltd.	10,000	100,381
Sun-Wa Technos Corp.	21,600	281,482
SuRaLa Net Co., Ltd. (a)	2,000	40,977
Suruga Bank, Ltd.	138,300	515,642
SWCC Showa Holdings Co., Ltd.	4,500	90,746
SymBio Pharmaceuticals, Ltd. (a)	25,200	231,955
Syuppin Co., Ltd.	21,600	248,765
T Hasegawa Co., Ltd.	10,500	251,266
T RAD Co., Ltd. (b)	11,200	311,683
Tachi-S Co., Ltd.	21,100	241,305
Tadano, Ltd.	68,600	727,962
Taihei Dengyo Kaisha, Ltd.	12,500	317,275
Taiho Kogyo Co., Ltd.	23,900	179,933
Taikisha, Ltd.	10,500	316,670
Taiko Pharmaceutical Co., Ltd. (a)(b)	36,700	300,639
Taiyo Holdings Co., Ltd.	20,000	510,688
Takamatsu Construction Group Co., Ltd.	7,900	143,096
Takaoka Toko Co., Ltd.	1,900	24,913
Takara Standard Co., Ltd.	30,200	441,463
Takasago International Corp.	24,800	665,705
Takasago Thermal Engineering Co., Ltd.	34,900	664,687
Takashimaya Co., Ltd.	62,200	697,398
Takeei Corp. (a)	36,300	601,908
Takeuchi Manufacturing Co., Ltd.	22,700	530,803
Takuma Co., Ltd.	36,700	514,770

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Tamron Co., Ltd.	10,000	$ 239,122
Tamura Corp. (b)	50,600	331,513
Tanseisha Co., Ltd.	24,200	191,952
Tatsuta Electric Wire and Cable Co., Ltd.	49,900	240,164
Tayca Corp.	10,500	126,762
TeamSpirit, Inc. (a)(b)	7,200	54,593
TechMatrix Corp.	26,800	484,958
Teikoku Electric Manufacturing Co., Ltd.	3,600	45,655
Teikoku Sen-I Co., Ltd.	15,800	287,041
TerraSky Co., Ltd. (a)	3,000	55,120
TKC Corp.	19,800	623,769
TKP Corp. (a)(b)	7,800	132,266
Toa Corp. (f)	20,100	149,883
Toa Corp. (b)(f)	8,000	176,742
TOA ROAD Corp.	7,900	327,824
Toagosei Co., Ltd.	135,700	1,587,170
Tobishima Corp.	10,410	104,030
TOC Co., Ltd.	76,160	450,510
Tocalo Co., Ltd.	33,300	406,196
Toho Bank, Ltd.	90,000	172,619
Toho Titanium Co., Ltd.	24,300	262,002
Toho Zinc Co., Ltd.	6,800	160,531
TOKAI Holdings Corp.	46,000	369,814
Tokai Rika Co., Ltd.	20,100	289,498
Tokai Tokyo Financial Holdings, Inc.	122,900	448,311
Tokushu Tokai Paper Co., Ltd.	5,100	205,463
Tokuyama Corp.	17,800	342,679
Tokyo Kiraboshi Financial Group, Inc.	10,000	138,024
Tokyo Seimitsu Co., Ltd.	23,300	963,742
Tokyo Steel Manufacturing Co., Ltd.	56,300	582,301
Tokyotokeiba Co., Ltd.	8,900	350,975
Tokyu Construction Co., Ltd.	36,700	258,865
Tokyu REIT, Inc.	586	971,633
Tomoe Engineering Co., Ltd.	2,800	62,412
TOMONY Holdings, Inc.	95,080	282,066
Tomy Co., Ltd.	57,600	589,035
Tonami Holdings Co., Ltd.	4,200	190,096
Topcon Corp.	57,900	1,009,844
Toppan Forms Co., Ltd.	27,300	251,285
Topre Corp.	25,600	304,929
Topy Industries, Ltd.	23,098	252,976
Torex Semiconductor, Ltd.	19,900	479,419

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Toridoll Holdings Corp. (b)	22,000	$ 554,658
Torii Pharmaceutical Co., Ltd.	5,600	147,811
Torikizoku Holdings Co., Ltd. (a)	15,800	315,080
Tosei REIT Investment Corp.	216	265,801
Tosho Co., Ltd. (b)	9,000	156,729
Totetsu Kogyo Co., Ltd.	10,500	232,350
Towa Bank, Ltd.	29,000	141,134
Towa Pharmaceutical Co., Ltd.	10,000	284,114
Toyo Construction Co., Ltd.	36,700	193,409
Toyo Corp.	5,668	61,417
Toyo Denki Seizo KK	18,600	193,543
Toyo Gosei Co., Ltd.	2,000	268,519
Toyo Ink SC Holdings Co., Ltd.	22,700	428,467
Toyo Kanetsu KK	7,500	176,854
Toyo Tanso Co., Ltd.	8,300	219,970
Toyobo Co., Ltd.	42,778	537,529
TPR Co., Ltd.	17,700	238,591
Trancom Co., Ltd.	3,800	279,274
Transcosmos, Inc.	10,500	344,903
Tri Chemical Laboratories, Inc.	30,400	923,648
Trusco Nakayama Corp.	23,100	601,646
TS Tech Co., Ltd.	24,400	316,003
TSI Holdings Co., Ltd. (a)	72,900	232,600
Tsubaki Nakashima Co., Ltd.	28,000	399,265
Tsubakimoto Chain Co.	19,100	596,581
Tsugami Corp.	36,700	560,491
Tsukishima Kikai Co., Ltd.	28,300	298,028
Tsukuba Bank, Ltd. (b)	110,500	179,256
Tsurumi Manufacturing Co., Ltd.	15,800	248,523
UACJ Corp. (a)	10,000	263,141
Uchida Yoko Co., Ltd.	6,800	333,372
Union Tool Co.	7,200	254,573
Unipres Corp.	18,800	154,848
United Arrows, Ltd.	10,400	205,437
United Super Markets Holdings, Inc.	34,500	340,439
UNITED, Inc.	5,300	78,853
Unitika, Ltd. (a)	6,400	22,715
Universal Entertainment Corp. (a)(b)	15,800	357,987
UT Group Co., Ltd.	10,500	317,611
Uzabase, Inc. (a)(b)	9,600	210,284
V Technology Co., Ltd. (b)	3,872	155,817
Valor Holdings Co., Ltd.	33,200	719,495

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Valqua, Ltd.	10,476	$ 202,149
ValueCommerce Co., Ltd.	15,800	676,182
V-Cube, Inc. (b)	7,200	101,571
Vector, Inc.	18,800	195,793
Vision, Inc. (a)(b)	16,500	231,880
Vital KSK Holdings, Inc.	29,100	207,866
VT Holdings Co., Ltd.	84,100	416,072
Wacom Co., Ltd.	76,800	491,465
Wakachiku Construction Co., Ltd.	3,800	70,363
Wakita & Co., Ltd.	15,800	153,787
Warabeya Nichiyo Holdings Co., Ltd.	15,800	362,377
Watahan & Co., Ltd. (b)	23,300	265,003
WATAMI Co., Ltd. (a)(b)	17,200	180,825
WDB Holdings Co., Ltd.	7,500	238,293
World Co., Ltd. (a)	10,000	134,259
World Holdings Co., Ltd.	9,000	233,117
W-Scope Corp. (a)	21,100	162,068
Yahagi Construction Co., Ltd.	27,600	198,883
YAKUODO Holdings Co., Ltd.	7,700	167,699
YAMABIKO Corp.	23,400	260,268
YAMADA Consulting Group Co., Ltd.	10,400	105,981
Yamagata Bank, Ltd.	15,600	119,962
Yamaguchi Financial Group, Inc.	68,400	408,285
Yamaichi Electronics Co., Ltd.	17,200	255,900
YA-MAN, Ltd.	10,400	126,860
Yamanashi Chuo Bank, Ltd.	23,300	176,877
Yamashin-Filter Corp. (b)	32,300	191,064
Yamazen Corp.	51,300	495,184
Yellow Hat, Ltd.	20,000	350,258
Yodogawa Steel Works, Ltd.	19,500	427,139
Yokogawa Bridge Holdings Corp.	19,300	422,066
Yokowo Co., Ltd.	21,400	482,759
Yondoshi Holdings, Inc.	10,400	170,762
Yonex Co., Ltd.	26,900	187,812
Yorozu Corp.	10,400	112,133
Yoshinoya Holdings Co., Ltd. (a)	32,200	651,936
Yuasa Trading Co., Ltd.	10,300	279,713
Yurtec Corp.	32,500	213,220
Yushin Precision Equipment Co., Ltd.	16,300	118,917
Zenrin Co., Ltd.	46,765	451,828
ZERIA Pharmaceutical Co., Ltd. (b)	23,300	429,977
ZIGExN Co., Ltd.	36,700	135,518

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Zojirushi Corp.	24,700	$ 397,591
		285,308,738
JERSEY — 0.0% (e)
JTC PLC (d)	35,476	355,886
LUXEMBOURG — 0.0% (e)
B&S Group Sarl (d)	20,525	190,775
MACAU — 0.0% (e)
MECOM Power and Construction, Ltd. (b)	410,000	182,757
MALAYSIA — 0.1%
Frencken Group, Ltd.	220,500	376,812
UG Healthcare Corp., Ltd. (b)	187,400	47,623
		424,435
MALTA — 0.1%
Catena Media PLC (a)(b)	27,806	188,540
Kambi Group PLC (a)	12,588	300,148
Media and Games Invest SE (a)	41,891	244,204
		732,892
MONGOLIA — 0.0% (e)
Mongolian Mining Corp. (a)	396,000	162,782
MOROCCO — 0.0% (e)
Vivo Energy PLC (d)	241,669	348,664
NETHERLANDS — 0.9%
Accell Group NV (a)	13,824	614,418
AMG Advanced Metallurgical Group NV (b)	13,885	450,255
Brack Capital Properties NV (a)	1,924	208,366
Brunel International NV	18,837	220,931
CM.com NV (a)	4,390	185,704
Flow Traders (d)	20,395	787,578
ForFarmers NV	10,669	53,478
Heijmans NV ADR	26,341	363,893
Intertrust NV (a)(d)	41,560	623,267
Kendrion NV	13,696	342,063
Merus NV (a)(b)	19,606	431,332
NSI NV REIT	13,479	499,888
Ordina NV (b)	43,142	164,748
Pharming Group NV (a)(b)	414,058	390,808
ProQR Therapeutics NV (a)(b)	49,325	412,850
SIF Holding NV	8,749	147,836
Sligro Food Group NV (a)	7,395	201,834

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
TomTom NV (a)(b)	47,961	$ 381,031
Van Lanschot Kempen NV ADR	7,776	240,170
Vastned Retail NV REIT	13,631	366,505
		7,086,955
NEW ZEALAND — 0.7%
Air New Zealand, Ltd. (a)(b)	289,525	325,558
Argosy Property, Ltd.	404,297	451,825
Heartland Group Holdings, Ltd.	169,728	271,642
Kathmandu Holdings, Ltd. (b)	196,419	215,444
Kiwi Property Group, Ltd.	869,428	692,740
Oceania Healthcare, Ltd. (b)	154,909	158,159
Pacific Edge, Ltd. (a)	217,298	229,352
Precinct Properties New Zealand, Ltd.	508,496	589,321
Pushpay Holdings, Ltd. (a)(b)	398,761	508,908
SKY Network Television, Ltd. (a)	33,094	44,747
SKYCITY Entertainment Group, Ltd.	382,227	843,774
Summerset Group Holdings, Ltd.	796	8,341
Synlait Milk, Ltd. (a)(b)	33,658	86,375
Vital Healthcare Property Trust REIT (b)	273,154	576,612
Volpara Health Technologies, Ltd. (a)(b)	69,722	59,681
Z Energy, Ltd.	352,635	831,967
		5,894,446
NORWAY — 1.7%
Aker Solutions ASA (a)	186,710	414,840
ArcticZymes Technologies ASA (a)	34,031	338,585
Avance Gas Holding, Ltd. (d)	92,131	453,834
Bank Norwegian ASA	70,970	849,599
Bergenbio ASA (a)(b)	96,935	227,201
Bonheur ASA	4,685	163,157
BW Offshore, Ltd.	116,826	380,085
Crayon Group Holding ASA (a)(d)	15,988	300,556
Europris ASA (d)	92,178	612,461
Fjordkraft Holding ASA (d)	22,327	124,152
FLEX LNG, Ltd.	24,593	440,064
Frontline, Ltd. (a)	49,911	456,270
Grieg Seafood ASA (a)	30,519	286,687
Hexagon Composites ASA (a)	26,092	92,481
Hunter Group ASA	379,539	137,828
IDEX Biometrics ASA (a)	662,658	182,949
Kahoot! ASA (a)	191,656	1,384,301
Kid ASA (d)	13,052	169,556

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Kitron ASA	228,989	$ 476,380
LINK Mobility Group Holding ASA (a)	52,633	204,701
Nordic Nanovector ASA (a)(b)	95,552	261,833
Norway Royal Salmon ASA	9,961	204,486
Odfjell Drilling, Ltd. (a)	546	1,237
Opera, Ltd. ADR (a)(b)	22,590	199,922
PCI Biotech Holding ASA (a)(b)	31,136	60,815
Pexip Holding ASA (a)(b)	38,829	316,931
PGS ASA (a)(b)	404,338	254,759
PhotoCure ASA (a)	16,018	187,902
Protector Forsikring ASA	61,327	618,241
Sbanken ASA (d)	40,858	471,803
Selvaag Bolig ASA	18,440	115,128
SFL Corp., Ltd. (b)	68,320	572,522
SpareBank 1 Nord Norge	42,182	461,964
SpareBank 1 SMN	43,753	650,587
Stolt-Nielsen, Ltd.	13,493	190,124
TGS ASA	53,349	567,149
Veidekke ASA	82,624	1,014,668
Wallenius Wilhelmsen ASA (a)	67,739	254,062
XXL ASA (d)	53,363	100,744
		14,200,564
PERU — 0.0% (e)
Hochschild Mining PLC	219,435	393,514
PORTUGAL — 0.2%
Altri SGPS SA	135,263	839,466
Mota-Engil SGPS SA (a)(b)	42,579	67,655
REN - Redes Energeticas Nacionais SGPS SA	307,875	909,870
		1,816,991
RUSSIA — 0.0% (e)
Petropavlovsk PLC (a)(b)	1,037,266	286,992
SINGAPORE — 1.4%
AEM Holdings, Ltd. (b)	47,200	140,460
AIMS APAC REIT	278,504	295,408
ARA LOGOS Logistics Trust REIT	46,223	31,324
Ascendas India Trust	480,500	506,125
Best World International, Ltd. (a)(b)(c)	280,300	140,398
BW LPG, Ltd. (d)	73,331	403,229
CapitaLand China Trust REIT	402,834	367,939
CDL Hospitality Trusts Stapled Security	473,880	363,019

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
China Aviation Oil Singapore Corp., Ltd.	239,300	$ 166,572
ESR-REIT	2,963,507	1,015,049
Ezion Holdings, Ltd. (a)(c)	4,945,500	—
Ezra Holdings, Ltd. (a)(b)(c)	1,444,295	—
Far East Hospitality Trust Stapled Security	270,400	123,489
Hyflux, Ltd. (a)(c)	33,300	—
iFAST Corp., Ltd.	75,900	526,089
IGG, Inc. (b)	476,000	448,200
Kenon Holdings, Ltd.	6,112	253,297
Keppel Infrastructure Trust	1,543,692	619,706
Keppel Pacific Oak US REIT	182,900	143,577
Lendlease Global Commercial REIT	346,900	222,306
Manulife US Real Estate Investment Trust	793,455	555,419
Midas Holdings, Ltd. (a)(b)(c)	1,078,700	—
Oceanus Group, Ltd. (a)	8,127,300	245,447
OUE Commercial Real Estate Investment Trust	1,232,618	413,112
Prime US REIT	215,300	184,082
Raffles Medical Group, Ltd.	547,474	588,768
Sasseur Real Estate Investment Trust	231,000	145,481
Sembcorp Marine, Ltd. (a)	5,119,300	312,980
Sheng Siong Group, Ltd.	305,000	332,499
Singapore Post, Ltd.	866,800	405,435
SPH REIT (b)	265,900	184,109
Starhill Global REIT	824,752	379,692
Swiber Holdings, Ltd. (a)(b)(c)	100,100	—
Technics Oil & Gas, Ltd. (a)(c)	1,254	—
UMS Holdings, Ltd.	445,274	557,576
Wing Tai Holdings, Ltd.	593,399	791,140
XP Power, Ltd.	6,370	441,474
Yoma Strategic Holdings, Ltd. (a)(b)	882,800	81,933
Zheng Li Holdings, Ltd. (a)(c)	700,000	10,318
		11,395,652
SOUTH KOREA — 13.5%
AbClon, Inc. (a)	10,441	150,354
ABLBio, Inc. (a)	12,503	201,695
Able C&C Co., Ltd. (a)	9,152	63,152
Ace Technologies Corp. (a)	12,096	163,970
Advanced Process Systems Corp.	8,707	183,479
AfreecaTV Co., Ltd.	5,793	736,846
Ahnlab, Inc.	3,138	184,198
Air Busan Co., Ltd. (a)	50,171	145,131
Alchera, Inc. (a)	6,978	175,629

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Amicogen, Inc. (a)	14,223	$ 422,846
Amotech Co., Ltd. (a)	10,584	257,449
Anam Electronics Co., Ltd. (a)	96,948	198,973
Ananti, Inc. (a)(b)	22,759	254,693
Anterogen Co., Ltd. (a)	3,368	210,500
APAM Corp. (a)(c)	6,724	—
Aprogen Medicines, Inc. (a)	50,573	80,942
Aprogen pharmaceuticals, Inc. (a)	128,262	114,288
AptaBio Therapeutics, Inc. (a)	6,721	226,209
Asiana Airlines, Inc. (a)	16,892	380,213
BGF Co., Ltd.	35,733	180,476
BH Co., Ltd. (b)	17,829	277,072
Binex Co., Ltd. (a)	17,352	249,142
Binggrae Co., Ltd.	1,743	83,175
Bioneer Corp. (a)	10,484	577,328
Biosolution Co., Ltd. (a)	3,883	75,430
Boditech Med, Inc.	5,606	85,226
Boryung Pharmaceutical Co., Ltd. (b)	29,432	401,458
Bukwang Pharmaceutical Co., Ltd. (b)	21,034	266,478
BusinessOn Communication Co., Ltd.	2,799	48,935
Cafe24 Corp. (a)	4,487	112,743
CammSys Corp. (a)	143,920	240,069
Cellid Co., Ltd. (a)	3,675	274,694
Cellivery Therapeutics, Inc. (a)	5,015	224,489
Cellumed Co., Ltd. (a)	22,190	182,543
Chabiotech Co., Ltd. (a)	29,362	541,858
Chong Kun Dang Pharmaceutical Corp.	4,681	476,402
Chongkundang Holdings Corp.	2,173	156,551
CJ CGV Co., Ltd. (a)	1,052	26,389
CJ Freshway Corp. (a)	2,263	64,507
Classys, Inc.	11,069	187,911
CMG Pharmaceutical Co., Ltd. (a)(b)	59,326	203,182
CNK International Co., Ltd. (a)(c)	16,071	—
Com2uSCorp	7,567	631,435
Coreana Cosmetics Co., Ltd. (a)	49,922	179,407
CORESTEM, Inc. (a)	7,304	125,846
Cosmax, Inc. (a)	6,472	680,544
Cosmecca Korea Co., Ltd. (a)	1,080	13,728
CosmoAM&T Co., Ltd. (a)	11,305	467,382
Cosmochemical Co., Ltd. (a)	12,225	193,597
Creative & Innovative System (a)	17,051	308,185
CrystalGenomics, Inc. (a)	29,666	194,934

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Cuckoo Homesys Co., Ltd.	7,090	$ 264,378
CUROCOM Co., Ltd. (a)(b)	55,406	74,639
Dae Han Flour Mills Co., Ltd.	573	78,642
Dae Hwa Pharmaceutical Co., Ltd.	3,138	27,696
Daea TI Co., Ltd. (b)	35,233	201,459
Daeduck Co., Ltd.	19,219	115,249
Daeduck Electronics Co., Ltd.	31,456	445,007
Daejoo Electronic Materials Co., Ltd.	5,029	429,844
Daesang Corp.	18,341	376,424
Daesung Holdings Co., Ltd.	8,201	288,490
Daewon Media Co., Ltd. (a)	6,353	225,360
Daewon Pharmaceutical Co., Ltd.	13,023	203,484
Daewoong Co., Ltd. (b)	23,040	647,027
Daewoong Pharmaceutical Co., Ltd.	1,140	140,093
Daishin Securities Co., Ltd. Preference Shares	67,684	1,057,562
Danawa Co., Ltd.	9,084	241,294
Daou Technology, Inc.	20,532	424,860
Dasan Networks, Inc. (a)	11,392	72,643
Dawonsys Co., Ltd. (b)	20,910	337,315
Dentium Co., Ltd.	6,520	421,267
Devsisters Co., Ltd. (a)	2,924	387,479
DGB Financial Group, Inc.	110,807	929,319
DI Dong Il Corp.	701	187,683
Digital Power Communications Co., Ltd.	15,919	194,282
DIO Corp. (a)	6,066	215,435
DL Holdings Co., Ltd.	3,283	210,456
DMS Co., Ltd.	47,163	272,462
Dong-A Socio Holdings Co., Ltd.	4,709	463,343
Dong-A ST Co., Ltd.	4,973	315,853
Dongjin Semichem Co., Ltd.	12,056	320,238
Dongkoo Bio & Pharma Co., Ltd.	3,897	29,063
DongKook Pharmaceutical Co., Ltd.	17,667	344,686
Dongkuk Steel Mill Co., Ltd.	24,317	376,872
Dongsung Finetec Co., Ltd.	10,273	104,118
Dongsung Pharmaceutical Co., Ltd. (a)	10,771	90,244
Dongwha Enterprise Co., Ltd. (a)(b)	2,923	225,891
Dongwha Pharm Co., Ltd.	33,513	505,242
Dongwon F&B Co., Ltd.	484	84,005
Dongwon Industries Co., Ltd.	237	46,139
Dongyang Steel Pipe Co., Ltd. (a)	157,114	195,729
Doosan Co., Ltd. (b)	4,751	399,662
Doosan Infracore Co., Ltd. (a)	19,772	159,646

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
DoubleUGames Co., Ltd.	7,116	$ 378,639
Dreamtech Co., Ltd.	12,026	105,126
Duk San Neolux Co., Ltd. (a)	5,497	290,171
E Investment&Development Co., Ltd. (a)	550,824	193,533
E&D Co., Ltd. (a)	5,852	187,818
Echo Marketing, Inc.	7,129	122,229
Ecopro Co., Ltd.	10,277	857,574
Ecopro HN Co., Ltd. (a)(b)	3,422	287,575
EM-Tech Co., Ltd. (a)	18,832	373,777
ENF Technology Co., Ltd. (b)	23,402	603,827
Enzychem Lifesciences Corp. (a)	1,147	70,428
Eo Technics Co., Ltd.	2,357	213,006
Eoflow Co., Ltd. (a)	4,895	216,223
Eone Diagnomics Genome Center Co., Ltd. (a)	22,402	69,628
E-TRON Co., Ltd. (a)	396,780	181,634
Eubiologics Co., Ltd. (a)	15,027	712,006
Eugene Corp.	44,803	188,445
Eugene Investment & Securities Co., Ltd.	122,835	397,865
Eugene Technology Co., Ltd.	4,625	156,445
Eutilex Co., Ltd. (a)(b)	3,742	80,434
Eyegene, Inc. (a)	8,371	280,683
F&F Holdings Co., Ltd. (b)	2,276	67,665
Fine Technix Co., Ltd. (a)	19,189	170,173
Finetex EnE, Inc. (a)(c)	2,258	—
Foosung Co., Ltd. (a)	42,040	756,294
Futurestream Networks Co., Ltd. (a)	234,040	202,611
GAEASOFT (a)(b)	12,077	221,854
GemVax & Kael Co., Ltd. (a)	13,965	231,767
Geneonelifescience, Inc. (a)	21,715	629,075
Genexine, Inc. (a)	9,423	568,245
GenNBio, Inc. (a)	59,609	70,232
Genome & Co. (a)	5,345	174,029
Genomictree, Inc. (a)	6,881	74,389
Giantstep, Inc. (a)	3,130	185,579
GOLFZON Co., Ltd.	2,287	271,581
Golfzon Newdin Holdings Co., Ltd.	3,406	26,005
Grand Korea Leisure Co., Ltd. (a)	16,875	232,316
Gravity Co., Ltd. ADR (a)	1,414	127,910
Green Cross Cell Corp.	3,731	121,005
Green Cross Holdings Corp.	15,970	425,552
Green Cross LabCell Corp.	5,278	446,223
G-SMATT GLOBAL Co., Ltd. (a)(c)	49,298	1,936

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
G-treeBNT Co., Ltd. (a)	15,173	$ 205,681
HAESUNG DS Co., Ltd.	18,216	634,637
Halla Holdings Corp.	3,215	150,703
Hana Tour Service, Inc. (a)	5,341	396,515
Hanall Biopharma Co., Ltd. (a)	17,268	309,191
Hancom, Inc. (a)	10,069	184,967
Handsome Co., Ltd.	12,632	422,489
Hanil Cement Co., Ltd.	12,227	183,818
Hanjin Heavy Industries & Construction Co., Ltd. (a)	37,538	317,044
Hanjin Shipping Co., Ltd. (a)(c)	1,732	—
Hanjin Transportation Co., Ltd.	5,553	174,469
Hankook & Co. Co., Ltd	16,011	215,013
Hankook Shell Oil Co., Ltd.	869	205,140
Hanmi Semiconductor Co., Ltd.	16,472	432,668
Hansae Co., Ltd.	12,397	242,914
Hansol Holdings Co., Ltd.	56,117	190,295
Hansol Paper Co., Ltd.	27,616	379,020
Hanwha General Insurance Co., Ltd. (a)	50,561	192,379
Hanwha Investment & Securities Co., Ltd. (a)	96,148	353,652
Harim Holdings Co., Ltd.	50,225	401,291
HDC Holdings Co., Ltd.	17,049	158,394
HDC Hyundai Development Co-Engineering & Construction Class E	16,114	374,269
Helixmith Co., Ltd. (a)	12,880	262,713
HFR, Inc. (a)	4,806	80,777
HJ Magnolia Yongpyong Hotel & Resort Corp. (a)	46,016	229,303
HLB Life Science Co., Ltd. (a)	31,740	498,618
Hlb Pharma Ceutical Co., Ltd. (a)	8,851	159,976
Homecast Co., Ltd. (a)	21,425	56,096
HS Industries Co., Ltd.	39,058	225,309
Huchems Fine Chemical Corp.	23,361	572,187
Humasis Co., Ltd. (a)	15,659	198,383
Humedix Co., Ltd.	1,541	44,317
Huons Co., Ltd.	4,640	213,973
Huons Global Co., Ltd.	3,053	158,323
Hyosung Chemical Corp. (a)	2,048	618,378
Hyosung Heavy Industries Corp. (a)	5,409	352,681
Hyundai Bioland Co., Ltd.	4,786	78,015
Hyundai Bioscience Co., Ltd. (a)(b)	31,744	928,995
Hyundai Construction Equipment Co., Ltd. (a)	8,066	279,313
Hyundai Corp.	3,143	50,569
Hyundai Department Store Co., Ltd.	4,623	311,974

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Hyundai Electric & Energy System Co., Ltd. (a)	11,511	$ 270,275
Hyundai Elevator Co., Ltd.	11,313	469,623
Hyundai Ezwel Co., Ltd.	21,981	190,292
Hyundai Greenfood Co., Ltd.	38,599	304,489
Hyundai Home Shopping Network Corp.	4,511	270,508
Hyundai Livart Furniture Co., Ltd.	14,792	214,884
Hyundai Marine & Fire Insurance Co., Ltd.	22,569	485,119
Icure Pharm, Inc. (a)(b)	4,131	138,165
Il Dong Pharmaceutical Co., Ltd. (a)	10,447	122,646
Iljin Diamond Co., Ltd.	3,633	125,345
Ilyang Pharmaceutical Co., Ltd.	9,117	243,325
InBody Co., Ltd.	9,623	207,252
Innocean Worldwide, Inc.	6,387	325,823
InnoWireless, Inc.	6,041	213,272
Innox Advanced Materials Co., Ltd. (a)	6,786	220,373
Inscobee, Inc. (a)(b)	62,717	238,367
Insun ENT Co., Ltd. (a)(b)	42,740	481,908
Intellian Technologies, Inc.	3,359	204,831
Interojo Co., Ltd.	4,823	114,057
Interpark Corp.	34,654	208,978
iNtRON Biotechnology, Inc. (a)	16,745	311,847
IS Dongseo Co., Ltd.	6,819	267,519
Jahwa Electronics Co., Ltd. (a)	26,222	400,860
JB Financial Group Co., Ltd.	162,501	1,225,620
Jeil Pharmaceutical Co., Ltd.	5,510	170,326
Jeisys Medical, Inc. (a)	52,487	310,312
Jeju Air Co., Ltd. (a)	6,857	134,071
Jenax, Inc. (a)(c)	1,564	—
JETEMA Co., Ltd. (a)	8,092	220,070
Jin Air Co., Ltd. (a)	21,884	434,353
JoyCity Corp. (a)	22,190	214,591
JW Pharmaceutical Corp. (b)	7,455	159,615
JW Shinyak Corp. (a)	14,514	49,402
JYP Entertainment Corp. (b)	23,445	844,535
Kangstem Biotech Co., Ltd. (a)	16,819	61,722
KC Co., Ltd.	6,860	128,625
KEPCO Engineering & Construction Co., Inc. (b)	15,691	645,398
KEPCO Plant Service & Engineering Co., Ltd.	16,787	544,443
KG Dongbu Steel Co., Ltd.	15,526	180,306
KG Eco Technology Service Co., Ltd.	14,145	194,135
Kginicis Co., Ltd.	17,815	262,561
KGMobilians Co., Ltd.	13,293	106,658

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
KH FEELUX Co., Ltd. (a)	41,231	$ 118,400
KH Vatec Co., Ltd. (a)	8,935	178,096
KINX, Inc.	5,334	203,404
KMW Co., Ltd. (a)(b)	16,574	562,032
Koh Young Technology, Inc.	26,245	431,136
Kolmar BNH Co., Ltd.	3,459	102,105
Kolmar Korea Co., Ltd.	10,133	380,843
Kolon Industries, Inc.	10,316	869,541
KoMiCo, Ltd.	2,741	176,869
Komipharm International Co., Ltd. (a)(b)	18,014	153,667
KONA I Co., Ltd. (a)	7,191	182,204
Korea Electric Terminal Co., Ltd.	3,169	202,613
Korea Electronic Power Industrial Development Co., Ltd.	16,371	213,625
Korea Line Corp. (a)	102,301	251,432
Korea Petrochemical Ind Co., Ltd.	2,882	523,336
Korea Pharma Co., Ltd.	3,134	155,906
Korea Real Estate Investment & Trust Co., Ltd.	64,107	132,654
Korea United Pharm, Inc.	8,177	369,484
Korean Reinsurance Co.	104,223	841,530
KT Skylife Co., Ltd.	6,911	58,078
Kukdo Chemical Co., Ltd.	2,862	177,666
Kuk-il Paper Manufacturing Co., Ltd. (a)(b)	35,737	157,255
Kumho Tire Co., Inc. (a)	58,195	270,823
KUMHOE&C Co., Ltd.	16,524	182,127
Kwang Dong Pharmaceutical Co., Ltd.	20,991	142,008
L&C Bio Co., Ltd.	5,091	159,094
LabGenomics Co., Ltd. (a)	4,442	107,486
LB Semicon, Inc.	12,793	131,820
LegoChem Biosciences, Inc. (a)	12,297	506,317
LEMON Co., Ltd. (a)(b)	11,025	63,040
LF Corp.	3,083	46,610
Lock&Lock Co., Ltd. (a)	4,635	44,823
Lotte Chilsung Beverage Co., Ltd.	3,090	384,945
LOTTE Fine Chemical Co., Ltd.	16,323	1,257,312
Lotte Food Co., Ltd.	761	266,093
LOTTE Himart Co., Ltd.	4,985	125,257
Lotte Non-Life Insurance Co., Ltd. (a)	121,719	194,298
Lotte Tour Development Co., Ltd. (a)	8,683	154,006
LS Corp.	8,657	469,408
LS Electric Co., Ltd.	12,619	710,885
Lutronic Corp. (a)	12,552	203,016
Lx International Corp.	26,458	773,181

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
LX Semicon Co., Ltd. (b)	5,706	$ 487,709
M2N Co., Ltd. (a)	16,903	185,590
Macrogen, Inc.	8,892	220,798
Maeil Dairies Co., Ltd.	1,095	66,588
MagnaChip Semiconductor Corp. (a)	26,008	461,902
Mcnex Co., Ltd.	5,357	181,206
ME2ON Co., Ltd.	44,030	193,747
Medipost Co., Ltd. (a)	9,669	194,360
MedPacto, Inc. (a)(b)	6,625	343,000
Medy-Tox, Inc.	2,896	388,661
Meerecompany, Inc. (a)	460	9,655
MegaStudyEdu Co., Ltd.	5,336	325,839
Mezzion Pharma Co., Ltd. (a)	3,645	515,657
MiCo, Ltd. (a)	10,787	136,204
Minwise Co., Ltd.	26,187	455,618
Mirae Asset Life Insurance Co., Ltd.	63,990	265,094
Miwon Commercial Co., Ltd.	1,067	189,248
Modetour Network, Inc. (a)	8,875	207,258
Myoung Shin Industrial Co., Ltd. (a)	7,843	181,171
Namhae Chemical Corp.	22,826	219,777
Namsun Aluminum Co., Ltd. (a)	42,625	120,063
Nanomedics Co., Ltd. (a)	28,412	87,348
Naturecell Co., Ltd. (a)	36,533	643,339
Neowiz (a)	7,626	149,750
NEPES Corp. (a)	10,943	299,916
NewGLAB Pharma Co., Ltd. (a)	15,063	155,846
Next Science Co., Ltd. (a)	15,484	382,523
NEXTIN, Inc. (a)	3,928	179,149
NHN Corp. (a)	9,451	560,355
NHN KCP Corp. (a)	9,129	400,936
NICE Holdings Co., Ltd.	6,340	95,314
NICE Information Service Co., Ltd.	30,430	524,301
NKMax Co., Ltd. (a)	15,532	297,784
NongShim Co., Ltd.	3,107	741,324
NOVAREX Co., Ltd.	5,816	212,205
NS Shopping Co., Ltd.	14,723	180,929
Okins Electronics Co., Ltd. (a)	8,987	194,693
OliX Pharmaceuticals, Inc. (a)	5,549	180,905
OncoQuest Pharmaceuticals, Inc. (a)	33,459	109,929
OptoElectronics Solutions Co., Ltd.	2,548	76,397
OPTRON-TEC, Inc. (a)	63,461	438,438
Orion Holdings Corp.	14,167	198,625

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Oscotec, Inc. (a)	11,609	$ 321,601
Osstem Implant Co., Ltd.	8,831	998,709
Ottogi Corp.	1,117	464,159
Paradise Co., Ltd. (a)(b)	28,152	419,665
Park Systems Corp.	2,162	198,853
Partron Co., Ltd.	8,887	69,580
PCL, Inc. (a)	5,261	202,175
Peptron, Inc. (a)	20,738	212,810
PharmAbcine (a)	10,142	64,501
PharmaResearch Co., Ltd.	3,261	233,283
Pharmicell Co., Ltd. (a)	42,685	535,365
PI Advanced Materials Co., Ltd.	9,948	468,833
POLUS BioPharm, Inc. (a)(c)	21,662	16,809
Poongsan Corp.	18,103	509,147
Posco ICT Co., Ltd.	9,937	56,399
Power Logics Co., Ltd. (a)	17,806	132,943
Prestige Biologics Co., Ltd. (a)	15,301	165,416
Prestige Biopharm, Ltd. (a)	7,246	176,254
Prostemics Co., Ltd. (a)	6,857	16,853
PSK, Inc.	11,731	361,640
Qurient Co., Ltd. (a)	4,039	103,363
RAPHAS Co., Ltd. (a)	4,434	172,641
Reyon Pharmaceutical Co., Ltd.	4,086	181,868
RFHIC Corp.	5,333	140,307
RFTech Co., Ltd. (a)	13,121	66,159
Rsupport Co., Ltd. (b)	10,999	69,580
S&S Tech Corp.	4,971	144,008
Sam Chun Dang Pharm Co., Ltd. (a)	6,662	280,209
SAM KANG M&T Co., Ltd. (a)(b)	10,784	200,834
Sam Kwang Glass Co., Ltd.	5,142	229,305
Sam Yung Trading Co., Ltd.	7,546	98,786
Sambu Engineering & Construction Co., Ltd. (a)	82,721	158,595
Samick THK Co., Ltd.	20,747	213,778
Samjin Pharmaceutical Co., Ltd.	11,375	240,662
Samsung Pharmaceutical Co., Ltd. (a)	33,491	190,084
Samwha Capacitor Co., Ltd.	4,171	208,198
Samyang Holdings Corp.	4,467	420,668
Sang-A Frontec Co., Ltd.	4,236	241,853
Sangsangin Co., Ltd. (a)(b)	27,205	202,659
SaraminHR Co., Ltd.	5,385	218,311
Seah Besteel Corp.	8,072	176,575
Sebang Global Battery Co., Ltd.	2,584	185,943

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Seobu T&D	15,918	$ 120,729
Seohan Co., Ltd.	172,691	289,520
Seojin System Co., Ltd. (a)	4,210	128,007
Seoul Semiconductor Co., Ltd.	26,559	344,325
Seoul Viosys Co., Ltd.	7,771	107,967
SFA Engineering Corp.	22,845	718,730
SFA Semicon Co., Ltd. (a)	35,097	185,267
Shinsegae Information & Communication Co., Ltd.	2,864	540,628
Shinsegae International, Inc.	1,385	222,255
Shinsung E&G Co., Ltd. (a)	229,117	479,907
SillaJen, Inc. (a)(b)(c)	29,675	227,451
SIMMTECH Co., Ltd.	8,750	206,187
Sindoh Co., Ltd. (a)	1,754	47,998
SK D&D Co., Ltd.	5,000	144,426
SK Discovery Co., Ltd.	4,402	177,902
SK Networks Co., Ltd.	77,700	338,625
SK Rent A Car Co., Ltd. (a)	3,603	35,604
SK Securities Co., Ltd.	343,156	257,367
SL Corp.	4,722	108,877
SM Entertainment Co., Ltd. (a)	10,310	602,578
S-MAC Co., Ltd. (a)	217,250	219,268
Solid, Inc. (a)	18,925	110,449
SOLUM Co., Ltd. (a)	16,421	389,028
Solus Advanced Materials Co, Ltd.	8,502	513,423
Songwon Industrial Co., Ltd.	17,025	288,303
Soulbrain Holdings Co., Ltd. (a)	4,731	158,233
SPC Samlip Co., Ltd.	1,929	124,798
Ssangyong Motor Co. (a)(b)(c)	28,147	32,925
ST Pharm Co., Ltd. (a)	9,157	733,952
STCUBE (a)	14,512	115,091
Sugentech, Inc. (a)	13,852	174,320
Suheung Co., Ltd.	1,808	79,100
SundayToz Corp. (a)	1,289	21,991
Sungshin Cement Co., Ltd.	16,510	155,478
Synopex, Inc. (a)	35,511	90,727
T&R Biofab Co., Ltd. (a)	3,658	188,461
Taekwang Industrial Co., Ltd.	431	404,063
Taeyoung Engineering & Construction Co., Ltd.	25,728	252,065
Taihan Electric Wire Co., Ltd. (a)	233,300	471,920
Taihan Fiberoptics Co., Ltd. (a)	27,242	82,255
TechWing, Inc.	20,483	364,161
Tego Science, Inc. (a)	695	14,998

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Telcon RF Pharmaceutical, Inc. (a)(b)	45,486	$ 153,285
Tesna, Inc.	2,942	110,946
Theragen Etex Co., Ltd. (a)	20,997	132,295
Tokai Carbon Korea Co., Ltd.	1,812	177,374
Toptec Co., Ltd. (b)	10,981	88,479
Tovis Co., Ltd. (a)	8,939	59,417
TSE Co., Ltd.	3,068	174,907
TY Holdings Co., Ltd. (a)	24,835	600,948
UBCare Co., Ltd.	14,868	98,325
Ubiquoss Holdings, Inc.	3,766	55,981
Unid Co., Ltd.	2,772	307,870
Union Semiconductor Equipment & Materials Co., Ltd.	56,464	627,113
Unison Co., Ltd. (a)	28,276	84,541
UTI, Inc.	5,208	52,564
Value Added Technology Co., Ltd.	4,305	148,348
Vaxcell-Bio Therapeutics Co., Ltd. (a)	4,404	255,164
VICTEK Co., Ltd. (a)	18,580	88,192
Vidente Co., Ltd. (a)(b)	12,287	94,539
Webcash Corp.	8,778	226,864
Webzen, Inc. (a)	12,687	274,314
Wellbiotec Co., Ltd. (a)	33,032	54,542
Wemade Co., Ltd. (b)	10,472	619,122
Whanin Pharmaceutical Co., Ltd.	10,413	164,022
Wins Co., Ltd.	7,892	103,316
WiSoL Co., Ltd.	7,443	69,149
Wonik Holdings Co., Ltd. (a)	113,391	501,832
WONIK IPS Co., Ltd.	18,583	628,589
Woojeon Co., Ltd. (a)(c)	76	—
Woongjin Thinkbig Co., Ltd.	9,445	26,724
Woori Technology Investment Co., Ltd. (a)	83,788	521,552
Woori Technology, Inc. (a)	107,140	186,862
Woory Industrial Co., Ltd.	9,957	197,626
Wysiwyg Studios Co., Ltd. (a)	14,362	206,818
XIILab Co., Ltd. (a)	3,838	189,631
Y2 Solution Co., Ltd. (a)(c)	30,821	15,879
YG Entertainment, Inc. (a)	4,503	235,038
Young Poong Corp.	630	354,907
Youngone Corp.	11,541	430,351
Yuanta Securities Korea Co., Ltd.	83,699	288,069
Yungjin Pharmaceutical Co., Ltd. (a)	59,425	252,456
Zinus, Inc.	3,962	247,290
		111,582,277

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
SPAIN — 1.1%
Abengoa SA Class B (a)	12,105,124	$ 86,981
Aedas Homes SA (d)	13,932	403,662
Amper SA (a)(b)	847,578	181,529
Applus Services SA	87,107	830,840
Atresmedia Corp. de Medios de Comunicacion SA (a)	56,197	241,500
Audax Renovables SA (b)	87,389	152,223
Construcciones y Auxiliar de Ferrocarriles SA (a)	12,585	524,345
ContourGlobal PLC (d)	110,992	282,551
Deoleo SA (a)(b)	457,915	178,846
Distribuidora Internacional de Alimentacion SA (a)	8,312,867	141,623
Ence Energia y Celulosa SA (a)	59,511	164,425
Ercros SA (a)	69,247	283,697
Faes Farma SA	208,870	818,196
Global Dominion Access SA (d)	46,550	235,218
Grupo Ezentis SA (a)(b)	323,908	122,003
Indra Sistemas SA (a)	58,561	629,827
Lar Espana Real Estate Socimi SA REIT	27,385	170,432
Let's GOWEX SA (a)(b)(c)	9,561	—
Mediaset Espana Comunicacion SA (a)	78,785	448,139
Melia Hotels International SA (a)	18,351	136,753
Miquel y Costas & Miquel SA	11,249	220,587
Neinor Homes SA (a)(d)	26,425	353,415
Obrascon Huarte Lain SA (a)	120,393	87,485
Oryzon Genomics SA (a)(b)	26,764	94,760
Pharma Mar SA (b)	6,810	587,830
Prosegur Cash SA (d)	227,114	183,197
Prosegur Cia de Seguridad SA	63,005	187,661
Sacyr SA (b)	242,802	598,247
Talgo SA (a)(d)	40,935	212,301
Tecnicas Reunidas SA (a)(b)	44,525	422,622
Tubacex SA (a)(b)	89,285	162,459
		9,143,354
SWEDEN — 3.9%
AcadeMedia AB (d)	56,245	385,744
Aegirbio AB (a)	6,060	124,684
Alimak Group AB (d)	21,893	329,325
Ambea AB (d)	28,882	211,616
Attendo AB (a)(d)	53,087	229,738
Azelio AB (a)(b)	65,030	235,187
Bactiguard Holding AB (a)	6,543	120,561
Beijer Alma AB	11,654	265,622

See accompanying notes to financial statements.

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Security Description	Shares	Value
Betsson AB Class B (a)	55,706	$ 463,551
BHG Group AB (a)	35,636	516,909
BioArctic AB (a)(d)	12,120	225,262
BioGaia AB Class B	6,871	346,748
Biotage AB	39,651	1,085,031
Bonava AB Class B	65,546	596,380
BoneSupport Holding AB (a)(d)	24,319	111,052
Boozt AB (a)(d)	21,757	360,853
Bufab AB	25,192	901,303
Byggmax Group AB	34,175	293,172
Calliditas Therapeutics AB Class B (a)(b)	15,943	175,311
Camurus AB (a)(b)	7,247	135,852
Cantargia AB (a)(b)	96,239	225,732
CDON AB (a)(b)	5,593	230,534
Cell Impact AB (a)	61,528	335,612
Cellavision AB	20,656	924,126
Cibus Nordic Real Estate AB (b)	17,338	410,236
Clas Ohlson AB Class B	29,297	302,060
Climeon AB (a)	11,218	11,476
Cloetta AB Class B	119,636	370,865
Coor Service Management Holding AB (d)	47,488	450,261
Creades AB Class A (b)	21,578	254,169
CTT Systems AB	10,158	243,832
Diamyd Medical AB (a)	32,765	93,255
Dios Fastigheter AB	41,782	407,860
Duni AB (a)	18,325	211,977
Dustin Group AB (b)(d)	46,819	503,856
Enzymatica AB (a)	81,478	93,040
Eolus Vind AB Class B (b)	11,854	212,052
Fagerhult AB	28,603	218,727
Ferronordic AB	5,796	156,021
Fingerprint Cards AB Class B (a)(b)	172,022	478,005
G5 Entertainment AB (b)	3,778	171,960
GARO AB	12,149	259,962
Genovis AB (a)	40,716	269,934
Granges AB	55,317	667,076
Haldex AB (a)(b)	48,070	256,050
Hansa Biopharma AB (a)	33,246	446,140
Hexatronic Group AB	15,960	500,771
Hoist Finance AB (a)(d)	79,803	282,413
Humana AB (a)	14,247	119,532
Immunovia AB (a)(b)	13,688	200,426

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Impact Coatings AB (a)	55,864	$ 95,783
Intervacc AB (a)	32,512	244,531
INVISIO Communications AB	10,856	216,287
Inwido AB	33,642	562,972
Karo Pharma AB (a)	89,595	565,310
K-fast Holding AB (a)(b)	27,097	224,865
KNOW IT AB	25,497	1,028,792
LeoVegas AB (d)	70,298	275,132
Lime Technologies AB (b)	4,929	192,911
Maha Energy AB (a)	103,982	158,198
Medcap AB (a)	6,291	137,634
Mekonomen AB (a)	16,045	286,107
Minesto AB (a)(b)	43,319	96,060
Modern Times Group MTG AB Class B (a)	54,111	658,099
Munters Group AB (d)	56,928	467,212
NCC AB Class B	45,312	715,789
New Wave Group AB Class B (a)	103,215	1,545,532
Nobia AB	57,396	379,204
Nobina AB (d)	53,054	477,565
Nordic Waterproofing Holding AB	8,879	208,564
Note AB (a)	18,711	257,934
NP3 Fastigheter AB	7,537	196,425
Oasmia Pharmaceutical AB (a)	264,438	69,823
Oncopeptides AB (a)(b)(d)	57,299	275,081
Orexo AB (a)(b)	24,925	93,164
OW Bunker A/S (a)(b)(c)	9,828	—
Paradox Interactive AB	11,469	183,797
PowerCell Sweden AB (a)(b)	17,946	347,902
Pricer AB Class B (b)	59,047	191,681
RaySearch Laboratories AB (a)(b)	15,388	108,174
Re:NewCell AB (a)(b)	8,357	208,625
Resurs Holding AB (d)	99,068	461,677
SAS AB (a)	732,161	160,684
Scandi Standard AB	31,509	189,085
Sdiptech AB Class B (a)	10,241	499,844
Sedana Medical AB (a)(b)	22,582	262,511
Sensys Gatso Group AB (a)	1,119,735	130,551
SkiStar AB (a)	23,449	486,480
Smart Eye AB (a)(b)	11,711	251,661
SolTech Energy Sweden AB (a)(b)	62,682	151,751
SpectraCure AB (a)	28,381	30,592
Storytel AB (a)(b)	17,248	379,420

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Svolder AB Class B	7,515	$ 236,053
SwedenCare AB	28,833	478,542
Tethys Oil AB	35,340	245,603
Tobii AB (a)	43,011	292,769
Vitec Software Group AB Class B	9,274	506,709
Xvivo Perfusion AB (a)	6,721	296,925
		31,951,871
SWITZERLAND — 1.7%
AC Immune SA (a)(b)	53,338	357,898
APG SGA SA (a)	320	73,924
Arbonia AG	21,972	429,618
Aryzta AG (a)	502,630	754,336
Ascom Holding AG (a)	22,751	360,465
Autoneum Holding AG (a)(b)	1,534	249,130
Basilea Pharmaceutica AG (a)(b)	3,843	178,710
Bell Food Group AG	877	272,638
Bobst Group SA (a)	3,045	264,073
Burckhardt Compression Holding AG	1,493	603,378
Burkhalter Holding AG	1,257	89,069
Coltene Holding AG (a)	2,467	314,177
Evolva Holding SA (a)(b)	490,648	76,686
Feintool International Holding AG (a)	2,372	153,836
Gurit Holding AG	254	475,408
Huber + Suhner AG	6,768	524,550
Implenia AG (a)(b)	8,893	197,336
Intershop Holding AG	271	168,785
Jungfraubahn Holding AG (a)	780	115,054
Kardex Holding AG	4,267	1,209,864
Komax Holding AG (a)	2,376	627,080
Leonteq AG	3,926	240,311
Medartis Holding AG (a)(d)	1,610	187,777
Metall Zug AG Class B	104	220,185
Meyer Burger Technology AG (a)(b)	799,929	362,556
Mobilezone Holding AG	19,754	274,017
Molecular Partners AG (a)	10,398	203,089
ObsEva SA (a)	106,912	332,496
Orior AG	6,213	607,413
Relief Therapeutics Holding, Inc. (a)(b)	1,246,305	179,694
Rieter Holding AG (a)	1,578	346,776
Sensirion Holding AG (a)(d)	4,358	530,706
Swiss Steel Holding AG (a)	419,225	172,346
u-blox Holding AG (a)	3,995	264,877

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Valiant Holding AG	7,137	$ 680,151
Valora Holding AG (a)	4,915	964,190
Vetropack Holding AG	6,479	402,138
V-ZUG Holding AG (a)	1,330	185,916
Ypsomed Holding AG (b)	2,001	329,049
Zehnder Group AG	2,789	296,584
		14,276,286
TAIWAN — 0.0% (e)
Medtecs International Corp., Ltd. (b)	216,100	61,283
TURKEY — 0.1%
Eldorado Gold Corp. (a)	80,116	619,755
UNITED ARAB EMIRATES — 0.0% (e)
Borr Drilling, Ltd. (a)(b)	223,078	190,003
UNITED KINGDOM — 5.9%
4imprint Group PLC	9,347	379,351
A.G. Barr PLC (a)	49,675	346,283
Adriatic Metals PLC ADR (a)	77,923	169,426
Anglo Pacific Group PLC	133,438	238,935
AO World PLC (a)(b)	163,362	478,865
Argo Blockchain PLC (a)(b)	176,881	290,967
Auction Technology Group PLC (a)	48,152	863,513
Autolus Therapeutics PLC ADR (a)(b)	49,566	324,657
Avon Protection PLC	17,808	466,302
Bicycle Therapeutics PLC ADR (a)(b)	6,700	278,653
Biffa PLC (a)(d)	151,266	734,254
BMO Commercial Property Trust REIT	555,651	721,491
Brewin Dolphin Holdings PLC	176,418	911,055
Bytes Technology Group PLC (a)	117,810	805,365
Cairn Energy PLC	308,712	780,472
Capita PLC (a)	825,960	567,533
Card Factory PLC (a)	215,178	155,803
Chemring Group PLC	108,740	467,717
Civitas Social Housing PLC REIT	278,613	328,709
Clarkson PLC	13,060	669,159
Clipper Logistics PLC	41,301	406,524
CLS Holdings PLC	65,818	197,903
CMC Markets PLC (d)	40,114	153,609
Coats Group PLC	617,518	561,193
Compass Pathways PLC ADR (a)	8,500	253,895
Concentric AB	10,243	194,825
Crest Nicholson Holdings PLC	53,528	276,428

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Custodian REIT PLC	83,173	$ 104,408
De La Rue PLC (a)(b)	79,082	196,200
DEV Clever Holdings PLC (a)	393,729	204,391
Devro PLC	165,912	477,616
Dignity PLC (a)(b)	23,884	216,411
Elementis PLC (a)	282,403	567,359
Empiric Student Property PLC REIT (a)	390,388	466,372
EnQuest PLC (a)	763,315	244,439
Equiniti Group PLC (a)(d)	213,655	515,666
Essentra PLC	164,904	594,782
Euromoney Institutional Investor PLC	32,572	446,212
FDM Group Holdings PLC	42,297	720,874
Firstgroup PLC (a)(b)	973,942	1,168,105
Forterra PLC (d)	218,504	817,570
Foxtons Group PLC	262,678	177,091
GCP Student Living PLC REIT	111,124	316,899
Global Ship Lease, Inc. Class A	7,930	188,020
Gym Group PLC (a)(d)	170,978	685,851
Halfords Group PLC	92,215	377,988
Harbour Energy PLC (a)(b)	240,919	1,179,181
Helical PLC	44,088	262,752
Hill & Smith Holdings PLC	39,475	966,587
Hilton Food Group PLC	13,220	208,555
Hollywood Bowl Group PLC (a)(b)	47,546	155,464
Hyve Group PLC (a)	556	837
Ibstock PLC (d)	222,082	619,850
Immunocore Holdings PLC (a)	6,200	229,834
Indivior PLC (a)	331,858	965,620
International Personal Finance PLC	116,084	216,313
Intu Properties PLC REIT (a)(b)(c)	404,524	—
IP Group PLC	331,169	625,145
J D Wetherspoon PLC (a)	85,898	1,208,009
James Fisher & Sons PLC	5,843	67,676
John Menzies PLC (a)	65,405	272,504
Johnston Press PLC (a)(c)	358	—
Just Group PLC (a)	502,662	613,038
Keller Group PLC	59,894	768,817
Kier Group PLC (a)	193,068	313,429
Lb-shell PLC (a)(c)	571	—
Luceco PLC (d)	44,709	196,825
Luxfer Holdings PLC	9,465	185,798
LXI REIT PLC	244,302	452,602

See accompanying notes to financial statements.

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September 30, 2021

Security Description	Shares	Value
Marston's PLC (a)	581,678	$ 635,288
Mitie Group PLC (a)	635,332	608,222
Moneysupermarket.com Group PLC	169,528	486,882
Moonpig Group PLC (a)	76,331	328,318
Morgan Advanced Materials PLC	190,913	927,990
Morgan Sindall Group PLC	24,838	798,744
NCC Group PLC	114,394	396,405
NuCana PLC ADR (a)(b)	65,714	169,542
On the Beach Group PLC (a)(d)	80,136	413,837
Orchard Therapeutics PLC ADR (a)(b)	103,402	237,825
Oxford Biomedica PLC (a)	35,984	751,075
Oxford Instruments PLC	18,530	569,656
PayPoint PLC	34,599	331,226
Picton Property Income, Ltd. REIT	186,636	239,068
Playtech PLC (a)	179,893	1,138,086
Premier Foods PLC	255,404	401,540
Provident Financial PLC (a)	191,344	862,748
PZ Cussons PLC	207,065	629,587
Rathbone Brothers PLC	26,588	722,376
Reach PLC	140,094	660,191
Redde Northgate PLC	35,317	191,431
Regional REIT, Ltd. (d)	188,555	224,747
Renewi PLC (a)	30,972	253,072
Restaurant Group PLC (a)	153,883	213,713
Sabre Insurance Group PLC (d)	124,513	367,673
Schroder Real Estate Investment Trust, Ltd.	600,274	398,215
Senior PLC (a)	449,730	1,044,210
SIG PLC (a)	351,473	227,571
Spire Healthcare Group PLC (a)(d)	106,518	295,865
Standard Life Investment Property Income Trust, Ltd. REIT	182,426	175,626
SThree PLC	46,896	366,747
Stock Spirits Group PLC	65,195	329,207
Supermarket Income REIT PLC	176,655	277,495
Ted Baker PLC (a)(b)	91,534	176,367
Telecom Plus PLC	35,386	580,187
Tiziana Life Sciences PLC ADR (a)	103,394	150,955
TORM PLC Class A	37,076	285,116
Triple Point Social Housing REIT PLC (b)(d)	189,730	241,752
TT Electronics PLC	54,381	190,277
Tyman PLC	123,178	697,566
UK Commercial Property REIT, Ltd.	487,172	482,806
Volution Group PLC	78,501	520,766

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Wincanton PLC	49,987	$ 239,270
		49,257,217
UNITED STATES — 0.9%
Access Bio, Inc. (a)	20,912	314,386
Adaptimmune Therapeutics PLC ADR (a)	72,131	372,917
Ameridge Corp. (a)(c)	8,992	2,723
Argonaut Gold, Inc. (a)(b)	134,644	292,277
Avadel Pharmaceuticals PLC ADR (a)(b)	20,754	203,389
Charlottes Web Holdings, Inc. (a)(b)	50,306	99,274
Cineworld Group PLC (a)(b)	589,092	624,957
DHT Holdings, Inc. (b)	65,349	426,729
Diversified Energy Co. PLC	318,982	510,098
Energy Fuels, Inc. (a)(b)	95,839	670,272
Ferroglobe Representation & Warranty Insurance Trust (a)(c)	19,857	—
IMAX Corp. (a)	38,042	722,037
Maxeon Solar Technologies, Ltd. (a)	23,305	410,867
MeiraGTx Holdings PLC (a)(b)	19,332	254,796
Nitro Software, Ltd. (a)(b)	99,576	261,821
Nordic American Tankers, Ltd.	102,383	262,100
Pluristem Therapeutics, Inc. (a)	47,798	126,665
PureTech Health PLC (a)	47,402	228,814
REC Silicon ASA (a)(b)	319,262	481,311
Renalytix PLC ADR (a)	13,100	262,655
Stratasys, Ltd. (a)	33,513	721,200
Summit Therapeutics, Inc. (a)	31,100	155,811
UroGen Pharma, Ltd. (a)(b)	15,821	266,109
Viemed Healthcare, Inc. (a)(b)	12,030	66,852
		7,738,060
TOTAL COMMON STOCKS (Cost $811,607,980)		818,241,084


RIGHTS — 0.0% (e)
AUSTRALIA — 0.0% (e)
APN Industria REIT (expiring 10/15/21) (a)	35,714	—
GERMANY — 0.0% (e)
Borussia Dortmund GmbH & Co. KGaA (expiring 10/04/21) (a)	42,257	832
SOUTH KOREA — 0.0% (e)
Jeju Air Co., Ltd. (expiring 10/19/21) (a)	1,607	5,477
Jin Air Co., Ltd. (expiring 11/02/21) (a)	2,843	15,127

See accompanying notes to financial statements.

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SPDR S&P INTERNATIONAL SMALL CAP ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
Kangstem Biotech Co., Ltd.(expiring 10/14/21) (a)	6,515	$ 3,467
		24,071
TOTAL RIGHTS (Cost $0)		24,903
WARRANTS — 0.0% (e)
FRANCE — 0.0% (e)
CGG SA (expiring 02/21/22) (a)	533	4
CGG SA (expiring 02/21/23) (a)	1,729	14
Technicolor SA (expiring 9/22/24) (a) (b)	4,594	1,970
		1,988
ITALY — 0.0% (e)
Webuild SpA (expiring 08/02/30) (a) (b) (c)	19,800	—
SINGAPORE — 0.0% (e)
Ezion Holdings, Ltd. (expiring 04/16/23) (a) (b) (c)	389,064	—
TOTAL WARRANTS (Cost $0)		1,988
SHORT-TERM INVESTMENTS — 6.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (g) (h)	3,251,072	3,251,722
State Street Navigator Securities Lending Portfolio II (i) (j)	48,189,983	48,189,983
TOTAL SHORT-TERM INVESTMENTS (Cost $51,441,705)		51,441,705
TOTAL INVESTMENTS — 105.0% (Cost $863,049,685)		869,709,680
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.0)%		(41,713,236)
NET ASSETS — 100.0%		$ 827,996,444

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at September 30, 2021.
(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 September 30, 2021, total aggregate fair value of the securities is $554,490, representing 0.07% of the Fund's net assets.
(d)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.4% 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.
(e)	Amount is less than 0.05% of net assets.
(f)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(g)	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.
(h)	The rate shown is the annualized seven-day yield at September 30, 2021.
(i)	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.
(j)	Investment of cash collateral for securities loaned.

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 September 30, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$815,152,900	$2,533,694	$554,490(a)	$818,241,084
Rights	9,776	15,127	—	24,903
Warrants	1,988	—	0(a)	1,988
Short-Term Investments	51,441,705	—	—	51,441,705
TOTAL INVESTMENTS	$866,606,369	$2,548,821	$554,490	$869,709,680

(a)	The Fund held Level 3 securities that were valued at $0 at September 30, 2021.

Sector Breakdown as of September 30, 2021


		% of Net Assets
	Industrials	19.3%
	Information Technology	13.6
	Consumer Discretionary	13.1
	Health Care	11.2
	Materials	10.3
	Financials	8.2
	Real Estate	7.9
	Consumer Staples	5.2
	Energy	4.4
	Communication Services	4.4
	Utilities	1.2
	Short-Term Investments	6.2
	Liabilities in Excess of Other Assets	(5.0)
	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.

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SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS

September 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 99.7%
BRAZIL — 3.2%
Wheaton Precious Metals Corp.	395,128	$ 14,871,297
CANADA — 39.5%
Agnico Eagle Mines, Ltd.	197,615	10,250,055
Barrick Gold Corp.	1,106,791	19,980,511
Cameco Corp.	221,099	4,802,971
Canadian Natural Resources, Ltd.	642,584	23,489,809
Cenovus Energy, Inc.	769,694	7,758,608
Franco-Nevada Corp.	135,982	17,662,579
Imperial Oil, Ltd.	108,996	3,444,062
Ivanhoe Mines, Ltd. Class A (a)	530,700	3,396,128
Kinross Gold Corp.	1,087,339	5,827,866
Kirkland Lake Gold, Ltd.	264,393	11,011,070
Nutrien, Ltd.	461,437	29,944,142
Pan American Silver Corp.	232,102	5,402,919
Suncor Energy, Inc.	829,069	17,185,422
Teck Resources, Ltd. Class B	433,926	10,799,769
Tourmaline Oil Corp.	167,900	5,865,533
West Fraser Timber Co., Ltd.	96,561	8,131,292
		184,952,736
CHILE — 1.0%
Lundin Mining Corp.	661,892	4,759,708
UNITED STATES — 54.0%
Archer-Daniels-Midland Co.	494,620	29,682,146
Chevron Corp.	366,533	37,184,773
ConocoPhillips	335,444	22,733,040
Corteva, Inc.	545,838	22,968,863
EOG Resources, Inc.	247,854	19,895,241
Exxon Mobil Corp.	605,713	35,628,039
Freeport-McMoRan, Inc.	653,051	21,243,749
Hess Corp.	137,076	10,707,006
Newmont Corp.	365,111	19,825,527
Occidental Petroleum Corp.	536,100	15,859,178
Pioneer Natural Resources Co.	102,580	17,080,596
		252,808,158
ZAMBIA — 2.0%
First Quantum Minerals, Ltd.	519,872	9,623,080
TOTAL COMMON STOCKS (Cost $462,723,401)		467,014,979

See accompanying notes to financial statements.

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SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

Security Description	Shares	Value
SHORT-TERM INVESTMENT — 0.2%
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (b) (c) (Cost $753,625)	753,475	$ 753,625
TOTAL INVESTMENTS — 99.9% (Cost $463,477,026)		467,768,604
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%		395,229
NET ASSETS — 100.0%		$ 468,163,833

(a)	Non-income producing security.
(b)	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.
(c)	The rate shown is the annualized seven-day yield at September 30, 2021.

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	$467,014,979	$—	$—	$467,014,979
Short-Term Investment	753,625	—	—	753,625
TOTAL INVESTMENTS	$467,768,604	$—	$—	$467,768,604

Industry Breakdown as of September 30, 2021


		% of Net Assets
	Oil, Gas & Consumable Fuels	47.4%
	Metals & Mining	33.0
	Chemicals	11.3
	Food Products	6.3
	Paper & Forest Products	1.7
	Short-Term Investment	0.2
	Other Assets in Excess of Liabilities	0.1
	TOTAL	100.0%

(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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SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

September 30, 2021

	SPDR Dow Jones Global Real Estate ETF	SPDR Dow Jones International Real Estate ETF	SPDR S&P China ETF
ASSETS
Investments in unaffiliated issuers, at value*	$1,614,669,189	$ 885,827,841	$1,706,832,985
Investments in affiliated issuers, at value	3,393,869	25,318,600	41,896,566
Total Investments	1,618,063,058	911,146,441	1,748,729,551
Foreign currency, at value	769,425	719,753	3,939,781
Net cash at broker	665,281	6	—
Receivable for investments sold	—	—	438,249
Dividends receivable — unaffiliated issuers	4,858,997	3,023,690	1,909,805
Dividends receivable — affiliated issuers	211	46	64
Securities lending income receivable — unaffiliated issuers	1,107	6,000	68,245
Securities lending income receivable — affiliated issuers	780	5,519	16,728
Receivable for foreign taxes recoverable	487,189	983,783	—
TOTAL ASSETS	1,624,846,048	915,885,238	1,755,102,423
LIABILITIES
Due to custodian	—	—	370,870
Payable upon return of securities loaned	1,555,303	25,001,714	41,896,566
Payable for investments purchased	232,709	232,946	—
Payable to broker – accumulated variation margin on open futures contracts	331,330	—	—
Advisory fee payable	699,242	449,001	863,824
TOTAL LIABILITIES	2,818,584	25,683,661	43,131,260
NET ASSETS	$1,622,027,464	$ 890,201,577	$ 1,711,971,163
NET ASSETS CONSIST OF:
Paid-in Capital	$1,666,226,042	$1,555,442,925	$1,903,937,249
Total distributable earnings (loss)	(44,198,578)	(665,241,348)	(191,966,086)
NET ASSETS	$1,622,027,464	$ 890,201,577	$ 1,711,971,163
NET ASSET VALUE PER SHARE
Net asset value per share	$ 51.09	$ 35.70	$ 110.81
Shares outstanding (unlimited amount authorized, $0.01 par value)	31,750,000	24,935,379	15,450,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$1,446,521,038	$ 893,148,564	$1,665,131,588
Investments in affiliated issuers	3,393,869	25,318,600	41,896,566
Total cost of investments	$1,449,914,907	$ 918,467,164	$1,707,028,154
Foreign currency, at cost	$ 776,233	$ 722,520	$ 3,940,613
* Includes investments in securities on loan, at value	$ 3,458,189	$ 37,703,297	$ 93,670,583

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (continued)

September 30, 2021

	SPDR S&P Global Natural Resources ETF	SPDR S&P International Small Cap ETF	SPDR S&P North American Natural Resources ETF
ASSETS
Investments in unaffiliated issuers, at value*	$2,214,956,476	$818,267,975	$ 467,014,979
Investments in affiliated issuers, at value	23,427,281	51,441,705	753,625
Total Investments	2,238,383,757	869,709,680	467,768,604
Foreign currency, at value	17,346,757	4,490,781	268,123
Net cash at broker	1,411,554	—	—
Cash	—	1,189	—
Receivable from broker — accumulated variation margin on open futures contracts	239,255	—	—
Receivable for investments sold	11,535,024	304,474	52,555,431
Receivable for fund shares sold	46,283,046	—	—
Dividends receivable — unaffiliated issuers	9,098,024	2,562,855	659,978
Dividends receivable — affiliated issuers	141	726	18
Securities lending income receivable — unaffiliated issuers	15,844	75,078	2,893
Securities lending income receivable — affiliated issuers	6,879	87,484	1,668
Receivable for foreign taxes recoverable	100,518	437,963	—
Other Receivable	7,622	211	—
TOTAL ASSETS	2,324,428,421	877,670,441	521,256,715
LIABILITIES
Payable upon return of securities loaned	21,489,098	48,189,983	—
Payable for investments purchased	47,671,259	1,102,424	50,953,838
Payable for fund shares repurchased	11,570,761	—	2,001,981
Deferred foreign taxes payable	—	91,852	—
Advisory fee payable	728,400	289,738	137,063
TOTAL LIABILITIES	81,459,518	49,673,997	53,092,882
NET ASSETS	$2,242,968,903	$827,996,444	$ 468,163,833
NET ASSETS CONSIST OF:
Paid-in Capital	$2,415,564,367	$860,706,189	$ 576,617,544
Total distributable earnings (loss)**	(172,595,464)	(32,709,745)	(108,453,711)
NET ASSETS	$2,242,968,903	$827,996,444	$ 468,163,833
NET ASSET VALUE PER SHARE
Net asset value per share	$ 51.44	$ 38.69	$ 39.84
Shares outstanding (unlimited amount authorized, $0.01 par value)	43,600,000	21,400,000	11,750,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$2,082,226,920	$ 811,607,980	$ 462,723,401
Investments in affiliated issuers	23,427,281	51,441,705	753,625
Total cost of investments	$2,105,654,201	$863,049,685	$ 463,477,026
Foreign currency, at cost	$ 17,469,189	$ 4,510,770	$ 268,161
* Includes investments in securities on loan, at value	$ 86,903,343	$ 91,880,839	$ —
** Includes deferred foreign taxes	$ —	$ 78,415	$ —

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended September 30, 2021

	SPDR Dow Jones Global Real Estate ETF	SPDR Dow Jones International Real Estate ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 51,169,585	$ 40,578,191
Dividend income — affiliated issuers	1,252	341
Unaffiliated securities lending income	66,314	117,702
Affiliated securities lending income	225,922	280,494
Foreign taxes withheld	(2,154,900)	(2,853,101)
TOTAL INVESTMENT INCOME (LOSS)	49,308,173	38,123,627
EXPENSES
Advisory fee	8,191,206	5,351,681
Trustees’ fees and expenses	15,528	6,598
Miscellaneous expenses	5	4
TOTAL EXPENSES	8,206,739	5,358,283
NET INVESTMENT INCOME (LOSS)	$ 41,101,434	$ 32,765,344
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	2,986,199	(6,294,832)
Investments — affiliated issuers	(271)	38
In-kind redemptions — unaffiliated issuers	42,456,577	10,959,258
Foreign currency transactions	(108,916)	(99,882)
Futures contracts	2,068,635	—
Net realized gain (loss)	47,402,224	4,564,582
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	373,499,015	149,388,329
Foreign currency translations	(32,312)	(47,522)
Futures contracts	(291,503)	—
Net change in unrealized appreciation/depreciation	373,175,200	149,340,807
NET REALIZED AND UNREALIZED GAIN (LOSS)	420,577,424	153,905,389
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$461,678,858	$186,670,733

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2021

	SPDR S&P China ETF	SPDR S&P Global Natural Resources ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 30,632,732	$ 85,350,493
Dividend income — affiliated issuers	2,230	2,078
Unaffiliated securities lending income	648,483	58,068
Affiliated securities lending income	277,314	192,185
Foreign taxes withheld	(2,050,586)	(4,612,928)
TOTAL INVESTMENT INCOME (LOSS)	29,510,173	80,989,896
EXPENSES
Advisory fee	10,819,733	7,086,366
Trustees’ fees and expenses	19,335	16,534
Miscellaneous expenses	4	3
TOTAL EXPENSES	10,839,072	7,102,903
NET INVESTMENT INCOME (LOSS)	$ 18,671,101	$ 73,886,993
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(41,616,906)	(39,050,258)
Investments — affiliated issuers	194	(673)
In-kind redemptions — unaffiliated issuers	75,009,656	83,372,541
Foreign currency transactions	(106,035)	(122,687)
Net realized gain (loss)	33,286,909	44,198,923
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	(153,807,566)	325,358,704
Foreign currency translations	(4,804)	(130,607)
Futures contracts	—	238,520
Net change in unrealized appreciation/depreciation	(153,812,370)	325,466,617
NET REALIZED AND UNREALIZED GAIN (LOSS)	(120,525,461)	369,665,540
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$(101,854,360)	$443,552,533

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

STATEMENTS OF OPERATIONS (continued)

For the Year Ended September 30, 2021

	SPDR S&P International Small Cap ETF	SPDR S&P North American Natural Resources ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 17,403,793	$ 15,317,875
Dividend income — affiliated issuers	2,136	479
Unaffiliated securities lending income	754,417	15,487
Affiliated securities lending income	1,208,760	15,220
Foreign taxes withheld	(1,795,971)	(641,822)
TOTAL INVESTMENT INCOME (LOSS)	17,573,135	14,707,239
EXPENSES
Advisory fee	3,246,862	1,699,293
Trustees’ fees and expenses	8,147	4,716
Miscellaneous expenses	2	2
TOTAL EXPENSES	3,255,011	1,704,011
NET INVESTMENT INCOME (LOSS)	$ 14,318,124	$ 13,003,228
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers*	17,725,588	(51,652,587)
Investments — affiliated issuers	354	(83)
In-kind redemptions — unaffiliated issuers	100,559,300	103,794,450
Foreign currency transactions	(182,569)	29,608
Net realized gain (loss)	118,102,673	52,171,388
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers**	67,579,099	107,207,497
Investments — affiliated issuers	—	30
Foreign currency translations	(44,376)	3,563
Net change in unrealized appreciation/depreciation	67,534,723	107,211,090
NET REALIZED AND UNREALIZED GAIN (LOSS)	185,637,396	159,382,478
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$199,955,520	$172,385,706
* Includes foreign capital gain taxes	$ (1,691)	$ —
** Includes foreign deferred taxes	$ (69,410)	$ —

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Dow Jones Global Real Estate ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 41,101,434	$ 48,848,894
Net realized gain (loss)	47,402,224	(92,938,691)
Net change in unrealized appreciation/depreciation	373,175,200	(424,824,057)
Net increase (decrease) in net assets resulting from operations	461,678,858	(468,913,854)
Distributions to shareholders	(48,293,179)	(76,066,562)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	—	197,336,113
Cost of shares redeemed	(255,159,929)	(408,305,689)
Other Capital	—	2,307
Net increase (decrease) in net assets from beneficial interest transactions	(255,159,929)	(210,967,269)
Net increase (decrease) in net assets during the period	158,225,750	(755,947,685)
Net assets at beginning of period	1,463,801,714	2,219,749,399
NET ASSETS AT END OF PERIOD	$1,622,027,464	$1,463,801,714
SHARES OF BENEFICIAL INTEREST:
Shares sold	—	4,600,000
Shares redeemed	(5,350,000)	(10,300,000)
Net increase (decrease) from share transactions	(5,350,000)	(5,700,000)

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Dow Jones International Real Estate ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 32,765,344	$ 39,187,321
Net realized gain (loss)	4,564,582	(112,417,527)
Net change in unrealized appreciation/depreciation	149,340,807	(253,018,680)
Net increase (decrease) in net assets resulting from operations	186,670,733	(326,248,886)
Distributions to shareholders	(24,357,302)	(157,651,313)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	61,271,323	154,669,856
Cost of shares redeemed	(179,204,023)	(918,100,985)
Other Capital	11,958	37,110
Net increase (decrease) in net assets from beneficial interest transactions	(117,920,742)	(763,394,019)
Net increase (decrease) in net assets during the period	44,392,689	(1,247,294,218)
Net assets at beginning of period	845,808,888	2,093,103,106
NET ASSETS AT END OF PERIOD	$ 890,201,577	$ 845,808,888
SHARES OF BENEFICIAL INTEREST:
Shares sold	1,650,000	3,900,000
Shares redeemed	(5,200,000)	(28,450,000)
Net increase (decrease) from share transactions	(3,550,000)	(24,550,000)

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P China ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 18,671,101	$ 17,073,825
Net realized gain (loss)	33,286,909	53,905,323
Net change in unrealized appreciation/depreciation	(153,812,370)	254,066,758
Net increase (decrease) in net assets resulting from operations	(101,854,360)	325,045,906
Distributions to shareholders	(17,947,688)	(17,591,885)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	570,693,285	274,364,626
Cost of shares redeemed	(165,456,888)	(279,197,035)
Other Capital	605,413	367,324
Net increase (decrease) in net assets from beneficial interest transactions	405,841,810	(4,465,085)
Net increase (decrease) in net assets during the period	286,039,762	302,988,936
Net assets at beginning of period	1,425,931,401	1,122,942,465
NET ASSETS AT END OF PERIOD	$ 1,711,971,163	$1,425,931,401
SHARES OF BENEFICIAL INTEREST:
Shares sold	4,550,000	2,550,000
Shares redeemed	(1,200,000)	(2,850,000)
Net increase (decrease) from share transactions	3,350,000	(300,000)

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Global Natural Resources ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 73,886,993	$ 35,321,436
Net realized gain (loss)	44,198,923	(17,636,520)
Net change in unrealized appreciation/depreciation	325,466,617	(97,275,296)
Net increase (decrease) in net assets resulting from operations	443,552,533	(79,590,380)
Distributions to shareholders	(50,234,219)	(37,373,959)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	1,085,320,691	423,364,382
Cost of shares redeemed	(276,712,492)	(310,241,405)
Other Capital	7,466	9,141
Net increase (decrease) in net assets from beneficial interest transactions	808,615,665	113,132,118
Net increase (decrease) in net assets during the period	1,201,933,979	(3,832,221)
Net assets at beginning of period	1,041,034,924	1,044,867,145
NET ASSETS AT END OF PERIOD	$2,242,968,903	$1,041,034,924
SHARES OF BENEFICIAL INTEREST:
Shares sold	21,525,000	11,500,000
Shares redeemed	(5,650,000)	(8,025,000)
Net increase (decrease) from share transactions	15,875,000	3,475,000

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P International Small Cap ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 14,318,124	$ 14,348,789
Net realized gain (loss)	118,102,673	21,086,118
Net change in unrealized appreciation/depreciation	67,534,723	6,050,490
Net increase (decrease) in net assets resulting from operations	199,955,520	41,485,397
Distributions to shareholders	(14,464,476)	(26,265,887)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	227,999,295	23,818,050
Cost of shares redeemed	(279,812,682)	(131,642,320)
Other Capital	56,881	58,879
Net increase (decrease) in net assets from beneficial interest transactions	(51,756,506)	(107,765,391)
Net increase (decrease) in net assets during the period	133,734,538	(92,545,881)
Net assets at beginning of period	694,261,906	786,807,787
NET ASSETS AT END OF PERIOD	$ 827,996,444	$ 694,261,906
SHARES OF BENEFICIAL INTEREST:
Shares sold	5,700,000	800,000
Shares redeemed	(7,200,000)	(4,700,000)
Net increase (decrease) from share transactions	(1,500,000)	(3,900,000)

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P North American Natural Resources ETF
	Year Ended 9/30/21	Year Ended 9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 13,003,228	$ 14,476,403
Net realized gain (loss)	52,171,388	59,023,463
Net change in unrealized appreciation/depreciation	107,211,090	(100,932,868)
Net increase (decrease) in net assets resulting from operations	172,385,706	(27,433,002)
Net equalization credits and charges	(924,527)	(533,288)
Distributions to shareholders	(13,122,297)	(15,482,246)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	238,712,555	201,649,227
Cost of shares redeemed	(345,829,738)	(460,270,574)
Net income equalization	924,527	533,288
Net increase (decrease) in net assets from beneficial interest transactions	(106,192,656)	(258,088,059)
Net increase (decrease) in net assets during the period	52,146,226	(301,536,595)
Net assets at beginning of period	416,017,607	717,554,202
NET ASSETS AT END OF PERIOD	$ 468,163,833	$ 416,017,607
SHARES OF BENEFICIAL INTEREST:
Shares sold	5,925,000	7,400,000
Shares redeemed	(8,775,000)	(15,675,000)
Net increase (decrease) from share transactions	(2,850,000)	(8,275,000)

See accompanying notes to financial statements.

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FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Dow Jones Global Real Estate ETF
	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	$ 39.46	$ 51.86	$ 47.58	$ 47.66	$ 49.68
Income (loss) from investment operations:
Net investment income (loss) (b)	1.20	1.17	1.42	1.43	1.19
Net realized and unrealized gain (loss) (c)	11.86	(11.73)	4.50	0.27	(1.51)
Total from investment operations	13.06	(10.56)	5.92	1.70	(0.32)
Net equalization credits and charges (b)	—	—	(0.02)	(0.00)(d)	(0.00)(d)
Other capital	—	0.00(d)	—	—	—
Distributions to shareholders from:
Net investment income	(1.43)	(1.84)	(1.62)	(1.78)	(1.68)
Net realized gains	—	—	—	—	(0.02)
Total distributions	(1.43)	(1.84)	(1.62)	(1.78)	(1.70)
Net asset value, end of period	$ 51.09	$ 39.46	$ 51.86	$ 47.58	$ 47.66
Total return (e)	33.36%	(20.65)%	12.68%	3.60%	(0.55)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,622,027	$1,463,802	$2,219,749	$2,298,271	$2,688,166
Ratios to average net assets:
Total expenses	0.50%	0.50%	0.50%	0.50%	0.50%
Net investment income (loss)	2.51%	2.63%	2.92%	3.00%	2.52%
Portfolio turnover rate (f)	6%	18%	7%	11%	13%

(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 year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Dow Jones International Real Estate ETF
	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	$ 29.69	$ 39.47	$ 38.32	$ 38.37	$ 41.61
Income (loss) from investment operations:
Net investment income (loss) (b)	1.26	0.91	1.12	1.26	1.16
Net realized and unrealized gain (loss) (c)	5.70	(7.44)	1.51	(0.33)	(1.36)
Total from investment operations	6.96	(6.53)	2.63	0.93	(0.20)
Net equalization credits and charges (b)	—	—	0.41	0.19	0.16
Other capital	0.00(d)	0.00(d)	0.00(d)	—	—
Distributions to shareholders from:
Net investment income	(0.95)	(3.25)	(1.89)	(1.17)	(3.20)
Net asset value, end of period	$ 35.70	$ 29.69	$ 39.47	$ 38.32	$ 38.37
Total return (e)	23.46%	(17.76)%	8.31%	2.87%	0.48%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$890,202	$845,809	$2,093,103	$2,990,341	$3,654,633
Ratios to average net assets:
Total expenses	0.59%	0.59%	0.59%	0.59%	0.59%
Net investment income (loss)	3.61%	2.64%	2.93%	3.18%	3.03%
Portfolio turnover rate (f)	8%	14%	9%	15%	18%

(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 year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P China ETF
	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	$ 117.85	$ 90.56	$ 97.16	$ 101.90	$ 78.85
Income (loss) from investment operations:
Net investment income (loss) (b)	1.31	1.36	1.70	1.74	1.57(c)
Net realized and unrealized gain (loss) (d)	(7.10)	27.30	(6.39)	(4.21)	22.78
Total from investment operations	(5.79)	28.66	(4.69)	(2.47)	24.35
Other capital	0.04	0.03	0.06	—	0.01
Distributions to shareholders from:
Net investment income	(1.29)	(1.40)	(1.97)	(2.27)	(1.31)
Net asset value, end of period	$ 110.81	$ 117.85	$ 90.56	$ 97.16	$ 101.90
Total return (e)	(5.04)%	31.89%	(4.73)%	(2.64)%	31.50%(c)
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,711,971	$1,425,931	$1,122,942	$1,039,601	$1,029,239
Ratios to average net assets:
Total expenses	0.59%	0.59%	0.59%	0.59%	0.59%
Net investment income (loss)	1.02%	1.33%	1.81%	1.62%	1.85%(c)
Portfolio turnover rate (f)	15%	9%	23%	3%	5%

(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 year.
(c)	Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividend from portfolio holding. The resulting increase to net investment income amounted to $0.19 per share and 0.23% of average net assets. If the special dividends were not received during the year ended September 30, 2017, the total return would have been 31.24%.
(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)	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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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 Global Natural Resources ETF
	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	$ 37.55	$ 43.09	$ 50.61	$ 45.84	$ 39.07
Income (loss) from investment operations:
Net investment income (loss) (b)	2.07	1.37	1.81	1.49	1.19
Net realized and unrealized gain (loss) (c)	13.27	(5.47)	(7.67)	4.52	6.51
Total from investment operations	15.34	(4.10)	(5.86)	6.01	7.70
Other capital	0.00(d)	0.00(d)	0.00(d)	—	—
Distributions to shareholders from:
Net investment income	(1.45)	(1.44)	(1.66)	(1.24)	(0.93)
Net asset value, end of period	$ 51.44	$ 37.55	$ 43.09	$ 50.61	$ 45.84
Total return (e)	41.09%	(9.97)%	(11.50)%	13.17%	19.95%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$2,242,969	$1,041,035	$1,044,867	$1,553,821	$1,226,154
Ratios to average net assets:
Total expenses	0.40%	0.40%	0.40%	0.40%	0.41%
Net investment income (loss)	4.17%	3.45%	4.03%	3.03%	2.82%
Portfolio turnover rate (f)	11%	16%	16%	19%	25%

(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 year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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 Small Cap ETF
	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	$ 30.32	$ 29.36	$ 34.43	$ 34.90	$ 31.21
Income (loss) from investment operations:
Net investment income (loss) (b)	0.65	0.57	0.71	0.74	0.63
Net realized and unrealized gain (loss) (c)	8.38	1.40	(4.63)	0.71	4.23
Total from investment operations	9.03	1.97	(3.92)	1.45	4.86
Other capital	0.00(d)	0.00(d)	0.00(d)	—	—
Distributions to shareholders from:
Net investment income	(0.66)	(1.01)	(1.15)	(0.91)	(0.79)
Net realized gains	—	—	—	(1.01)	(0.38)
Total distributions	(0.66)	(1.01)	(1.15)	(1.92)	(1.17)
Net asset value, end of period	$ 38.69	$ 30.32	$ 29.36	$ 34.43	$ 34.90
Total return (e)	29.91%	6.71%	(11.28)%	4.02%	16.30%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$827,996	$694,262	$786,808	$871,116	$886,430
Ratios to average net assets:
Total expenses	0.40%	0.40%	0.40%	0.40%	0.40%
Net investment income (loss)	1.76%	1.99%	2.35%	2.11%	1.99%
Portfolio turnover rate (f)	16%	21%	15%	29%	31%

(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 year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR S&P North American Natural Resources ETF
	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	$ 28.49	$ 31.37	$ 34.28	$ 33.67	$ 34.05
Income (loss) from investment operations:
Net investment income (loss) (b)	1.00	0.74	0.67	0.54	0.50
Net realized and unrealized gain (loss) (c)	11.42	(2.85)	(2.95)	0.72	0.75
Total from investment operations	12.42	(2.11)	(2.28)	1.26	1.25
Net equalization credits and charges (b)	(0.07)	(0.03)	0.01	(0.00)(d)	0.01
Distributions to shareholders from:
Net investment income	(1.00)	(0.74)	(0.64)	(0.50)	(0.51)
Net realized gains	—	—	—	(0.15)	(1.13)
Total distributions	(1.00)	(0.74)	(0.64)	(0.65)	(1.64)
Net asset value, end of period	$ 39.84	$ 28.49	$ 31.37	$ 34.28	$ 33.67
Total return (e)	43.64%	(7.09)%	(6.50)%	3.67%	3.74%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$468,164	$416,018	$717,554	$714,707	$1,016,760
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	2.68%	2.47%	2.11%	1.57%	1.53%
Portfolio turnover rate (f)	35%	22%	19%	20%	15%

(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 year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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SPDR INDEX SHARES FUNDS

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

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 September 30, 2021, the Trust consists of twenty-four (24) 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 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

Each Fund is classified as a diversified investment company under the 1940 Act, with the exceptions of SPDR S&P China ETF and SPDR S&P North American Natural Resources ETF, which are each a non-diversified investment company.

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 (including registered investment companies that are exchange-traded funds) 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.

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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.

The value of each Fund’s investments, according to the fair value hierarchy as of September 30, 2021, is disclosed in each Fund’s respective Schedule of Investments.

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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 received in the form of stock, if any, 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.

Certain Funds invest in U.S. Real estate investment trusts (“US REITs”).US REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all US REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the US REIT and/or SSGA Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

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.

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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 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 September 30, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

Equalization

Certain Funds in the Trust 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 Fund utilized equalization during the year ended September 30, 2021:

SPDR S&P North American Natural Resources ETF

Distributions

The SPDR Dow Jones Global Real Estate ETF and the SPDR Dow Jones International Real Estate ETF declare and distribute from net investment income, if any, to their shareholders quarterly. The SPDR S&P North American Natural Resources ETF, SPDR S&P China ETF, SPDR S&P International Small Cap ETF and SPDR S&P Global Natural Resources 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.

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3. Derivative Financial Instruments

Futures Contracts

Certain 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, the 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 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 year ended September 30, 2021, the SPDR S&P Global Natural Resources ETF and SPDR Dow Jones Global Real Estate ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.

The following tables summarize the value of the Fund's derivative instruments as of September 30, 2021, 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 Contracts Risk	Foreign Exchange Contracts Risk	Credit Contracts Risk	Equity Contracts Risk	Commodity Contracts Risk	Total
SPDR S&P Global Natural Resources ETF
Futures Contracts	$—	$—	$—	$239,255	$—	$239,255

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	Liability Derivatives
	Interest Rate Contracts Risk	Foreign Exchange Contracts Risk	Credit Contracts Risk	Equity Contracts Risk	Commodity Contracts Risk	Total
SPDR Dow Jones Global Real Estate ETF
Futures Contracts	$—	$—	$—	$331,330	$—	$331,330

	Net Realized Gain (Loss)
	Interest Rate Contracts Risk	Foreign Exchange Contracts Risk	Credit Contracts Risk	Equity Contracts Risk	Commodity Contracts Risk	Total
SPDR Dow Jones Global Real Estate ETF
Futures Contracts	$—	$—	$—	$2,068,635	$—	$2,068,635

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk	Foreign Exchange Contracts Risk	Credit Contracts Risk	Equity Contracts Risk	Commodity Contracts Risk	Total
SPDR Dow Jones Global Real Estate ETF
Futures Contracts	$—	$—	$—	$(291,503)	$—	$(291,503)
SPDR S&P Global Natural Resources ETF
Futures Contracts	—	—	—	238,520	—	238,520

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

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percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR Dow Jones Global Real Estate ETF	0.50%
SPDR Dow Jones International Real Estate ETF	0.59
SPDR S&P China ETF	0.59
SPDR S&P Global Natural Resources ETF	0.40
SPDR S&P International Small Cap ETF	0.40
SPDR S&P North American Natural Resources ETF	0.35

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, 2022. 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, 2022 except with the approval of the Board.

The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation 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.

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.

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Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, 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 year ended September 30, 2021 are disclosed in the Schedules of Investments.

5. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees 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 year ended September 30, 2021, were as follows:

	Purchases	Sales
SPDR Dow Jones Global Real Estate ETF	$ 114,528,041	$ 99,703,726
SPDR Dow Jones International Real Estate ETF	84,179,485	71,118,880
SPDR S&P China ETF	620,244,597	264,532,983
SPDR S&P Global Natural Resources ETF	254,797,557	197,512,431
SPDR S&P International Small Cap ETF	146,240,817	125,018,461
SPDR S&P North American Natural Resources ETF	177,795,126	164,571,167

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For the year ended September 30, 2021, 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 Dow Jones Global Real Estate ETF	$ —	$254,471,823	$ 42,456,577
SPDR Dow Jones International Real Estate ETF	56,442,040	174,878,222	10,959,258
SPDR S&P China ETF	192,254,500	137,758,431	75,009,656
SPDR S&P Global Natural Resources ETF	1,030,396,624	276,732,076	83,372,541
SPDR S&P International Small Cap ETF	179,924,958	250,339,220	100,559,300
SPDR S&P North American Natural Resources ETF	226,353,644	346,233,783	103,794,450

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. Each Fund will not be subject to federal income taxes to the 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 (the "IRS") for a period of three years from date of filing, while the state returns may remain

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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.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, in-kind transactions, foreign currency gains and losses, passive foreign investment companies, partnerships, corporate actions, forward contracts mark to market, futures contracts mark to market, return on capital basis adjustments, wash sale loss deferrals and distributions in excess of current earnings.

The tax character of distributions paid during the year ended September 30, 2021, was as follows:

	Ordinary Income	Long-Term Capital Gains	Total
SPDR Dow Jones Global Real Estate ETF	$48,293,179	$—	$48,293,179
SPDR Dow Jones International Real Estate ETF	24,357,302	—	24,357,302
SPDR S&P China ETF	17,947,688	—	17,947,688
SPDR S&P Global Natural Resources ETF	50,234,219	—	50,234,219
SPDR S&P International Small Cap ETF	14,464,476	—	14,464,476
SPDR S&P North American Natural Resources ETF	13,122,297	—	13,122,297

The tax character of distributions paid during the year ended September 30, 2020, was as follows:

	Ordinary Income	Long-Term Capital Gains	Total
SPDR Dow Jones Global Real Estate ETF	$ 76,066,562	$ —	$ 76,066,562
SPDR Dow Jones International Real Estate ETF	157,651,313	—	157,651,313
SPDR S&P China ETF	17,591,885	—	17,591,885
SPDR S&P Global Natural Resources ETF	37,373,959	—	37,373,959
SPDR S&P International Small Cap ETF	26,265,887	—	26,265,887

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	Ordinary Income		Long-Term Capital Gains		Total
SPDR S&P North American Natural Resources ETF	$ 15,482,246		$—		$ 15,482,246

At September 30, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Capital Loss Carryforwards	Undistributed Long-Term Capital Gains	Net Unrealized Gains (Losses)	Total
SPDR Dow Jones Global Real Estate ETF	$ 4,851,868	$(188,273,822)	$—	$139,223,376	$ (44,198,578)
SPDR Dow Jones International Real Estate ETF	22,125,914	(638,233,408)	—	(49,133,854)	(665,241,348)
SPDR S&P China ETF	13,252,618	(237,467,040)	—	32,248,336	(191,966,086)
SPDR S&P Global Natural Resources ETF	37,707,084	(336,967,850)	—	126,665,302	(172,595,464)
SPDR S&P International Small Cap ETF	8,115,327	(34,918,143)	—	(5,906,929)	(32,709,745)
SPDR S&P North American Natural Resources ETF	4,054,550	(116,471,855)	—	3,963,594	(108,453,711)

As of September 30, 2021, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

	Non-Expiring Short Term	Non-Expiring Long Term
SPDR Dow Jones Global Real Estate ETF	$ 26,922,904	$161,350,918
SPDR Dow Jones International Real Estate ETF	113,502,864	524,730,544
SPDR S&P China ETF	40,259,985	197,207,055
SPDR S&P Global Natural Resources ETF	46,231,757	290,736,093
SPDR S&P International Small Cap ETF	572,050	34,346,093
SPDR S&P North American Natural Resources ETF	24,305,120	92,166,735

As of September 30, 2021, 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 Dow Jones Global Real Estate ETF	$1,478,485,267	$320,199,260	$180,953,452	$139,245,808
SPDR Dow Jones International Real Estate ETF	960,258,109	137,310,240	186,421,908	(49,111,668)

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	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
SPDR S&P China ETF	$1,716,479,388	$332,153,650	$299,903,487	$ 32,250,163
SPDR S&P Global Natural Resources ETF	2,111,814,198	186,731,794	59,923,715	126,808,079
SPDR S&P International Small Cap ETF	875,519,311	101,754,090	107,563,721	(5,809,631)
SPDR S&P North American Natural Resources ETF	463,804,616	30,474,127	26,510,139	3,963,988

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.

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 September 30, 2021, 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.

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The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of September 30, 2021:

Fund	Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received *	Total Collateral Received
SPDR Dow Jones Global Real Estate ETF	$ 3,458,189	$ 1,555,303	$ 2,150,159	$ 3,705,462
SPDR Dow Jones International Real Estate ETF	37,703,297	25,001,714	14,742,092	39,743,806
SPDR S&P China ETF	93,670,583	41,896,566	57,811,486	99,708,052
SPDR S&P Global Natural Resources ETF	86,903,343	21,489,098	67,508,006	88,997,104
SPDR S&P International Small Cap ETF	91,880,839	48,189,983	48,937,223	97,127,206

*	The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of September 30, 2021:

		Remaining Contractual Maturity of the Agreements as of September 30, 2021
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 Dow Jones Global Real Estate ETF	Common Stocks	$ 1,555,303	$—	$—	$—	$ 1,555,303	$ 1,555,303
SPDR Dow Jones International Real Estate ETF	Common Stocks	25,001,714	—	—	—	25,001,714	25,001,714
SPDR S&P China ETF	Common Stocks	41,896,566	—	—	—	41,896,566	41,896,566
SPDR S&P Global Natural Resources ETF	Common Stocks	21,489,098	—	—	—	21,489,098	21,489,098
SPDR S&P International Small Cap ETF	Common Stocks	48,187,070	—	—	—	48,187,070	48,187,070
SPDR S&P International Small Cap ETF	Warrants	2,913	—	—	—	2,913	2,913

10. Line of Credit

The SPDR S&P International Small Cap ETF and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $500 million 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.

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The Fund had no outstanding loans as of September 30, 2021.

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 paid by the Adviser. 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 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

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

A 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

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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 (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

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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REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

To the Shareholders of 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 and SPDR S&P North American Natural Resources ETF and the Board of Trustees of SPDR Index Shares Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of 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 and SPDR S&P North American Natural Resources ETF (collectively referred to as the “Funds”) (six of the funds constituting SPDR Index Shares Funds (the “Trust”)), including the schedules of investments, as of September 30, 2021, and the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the funds constituting SPDR Index Shares Funds) at September 30, 2021, the results of their operations for the year then ended and the changes in their net assets and their financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for the periods ended prior to October 1, 2019 were audited by another independent registered public accounting firm whose report, dated November 26, 2019, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM (continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2020, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts
November 24, 2021

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OTHER INFORMATION

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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 April 1, 2021 to September 30, 2021.

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 Dow Jones Global Real Estate ETF	SPDR Dow Jones International Real Estate ETF	SPDR S&P China ETF
Annualized Expense Ratio	0.50%	0.59%	0.59%
Actual:
Ending Account Value	$1,098.60	$1,050.30	$ 855.90
Expenses Paid During Period(a)	2.63	3.03	2.74
Hypothetical (assuming a 5% return before expenses):
Ending Account Value	1,022.60	1,022.10	1,022.10
Expenses Paid During Period(a)	2.54	2.99	2.99

	SPDR S&P Global Natural Resources ETF	SPDR S&P International Small Cap ETF	SPDR S&P North American Natural Resources ETF
Annualized Expense Ratio	0.40%	0.40%	0.35%
Actual:
Ending Account Value	$1,039.20	$1,048.70	$1,045.50
Expenses Paid During Period(a)	2.04	2.05	1.79
Hypothetical (assuming a 5% return before expenses):
Ending Account Value	1,023.10	1,023.10	1,023.30
Expenses Paid During Period(a)	2.03	2.03	1.78

(a)	Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 365.

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Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended September 30, 2021.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended September 30, 2021 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Qualified Business Income Deduction

Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.

Foreign Tax Credit

The Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by each Fund to its shareholders. For the year ended September 30, 2021, the total amount of foreign taxes that will be passed through are:

	Amount
SPDR Dow Jones International Real Estate ETF	$1,552,880
SPDR S&P China ETF	1,993,888
SPDR S&P Global Natural Resources ETF	2,622,152
SPDR S&P International Small Cap ETF	1,429,200

The amount of foreign source income earned on the following Funds during the year ended September 30, 2021 was as follows:

	Amount
SPDR Dow Jones International Real Estate ETF	$40,584,231
SPDR S&P China ETF	30,521,975
SPDR S&P Global Natural Resources ETF	67,401,904
SPDR S&P International Small Cap ETF	17,339,396

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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

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website at www.sec.gov.

Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, 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, a complete schedule of investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the Fund's 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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Approval of Advisory Agreement

At a meeting held prior to September 30, 2021, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the series of the Trust (collectively, the “SPDR ETFs”). 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 provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing 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 the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives 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 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

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generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity exchange-traded funds with index-based investment objectives.

Investment Performance

The Board then reviewed the SPDR ETFs’ performance, noting that the distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each SPDR ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the SPDR ETFs’ index tracking.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations.

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes. The Board reviewed the universe of similar exchange-traded funds for each SPDR 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 as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR 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 Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF did not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several

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factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from 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 the SPDR ETFs grow 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 continuation of the Agreement for each SPDR ETF In approving the continuance of the Advisory Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Advisory Agreement is fair and reasonable and that the continuance of the Advisory Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each SPDR ETF had been satisfactory; (c) the Adviser’s unitary fee for each SPDR ETF, considered in relation to the services provided and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust.

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TRUSTEES AND OFFICERS INFORMATION

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Trustees
Independent Trustees
DWIGHT D. CHURCHILL c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1953	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014 - January 2015).	118	Affiliated Managers Group, Inc. (Chairman, Director and Audit Committee Chair).
CARL G. VERBONCOEUR c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1952	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009.	118	The Motley Fool Funds Trust (Trustee).
CLARE S. RICHER c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1958	Independent Trustee	Term: Unlimited Served: since July 2018	Retired, Chief Financial Officer, Putnam Investments LLC (December 2008 – May 2017).	118	Principal Financial Group (Director); Bain Capital Specialty Finance (Director); Putnam Acquisition Financing Inc. (Director); Putnam Acquisition Financing LLC (Director); Putnam GP Inc. (Director); Putnam Investor Services, Inc. (Director); Putnam Investments Limited (Director);University of Notre Dame (Trustee).

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Name, Address and Year of Birth		Position(s) with Funds		Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years		Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
SANDRA G. SPONEM c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1958		Independent Trustee		Term: Unlimited Served: since July 2018		Retired, Chief Financial Officer, M.A. Mortenson Companies, Inc. (February 2007 – April 2017).		118		Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust, Guggenheim Funds Trust. Guggenheim Variable Funds Trust. Guggenheim Strategy Funds Trust, Transparent Value Trust, Fiduciary/ Claymore Energy Infrastructure Fund, Guggenheim Taxable Municipal Managed Duration Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Credit Allocation Fund, Guggenheim Energy & Income Fund (Trustee and Audit Committee Chair).

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Interested Trustee
JAMES E. ROSS* c/o SPDR Index Shares Funds One Iron Street Boston, MA 02210 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Non-Executive Chairman, Fusion Acquisition Corp. (June 2020 - present); Retired Chairman and Director, SSGA Funds Management, Inc. (2005 - March 2020); Retired Executive Vice President, State Street Global Advisors (2012 - March 2020); Retired Chief Executive Officer and Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - March 2020); Director, State Street Global Markets, LLC (2013 - April 2017); President, SSGA Funds Management, Inc. (2005 - 2012); Principal, State Street Global Advisors (2000 - 2005).	129	SSGA SPDR ETFs Europe I plc (Director) (November 2016 - March 2020); SSGA SPDR ETFs Europe II plc (Director) (November 2016 - March 2020); State Street Navigator Securities Lending Trust (July 2016 - March 2020); SSGA Funds (January 2014 - March 2020); State Street Institutional Investment Trust (February 2007 - March 2020); State Street Master Funds (February 2007 - March 2020); Elfun Funds (July 2016 - December 2018).
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.
* Mr. Ross is an Interested Trustee because of his former position with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1967	President	Term: Unlimited Served: since October 2012	Chairman, SSGA Funds Management, Inc. (March 2020 - present); President and Director, SSGA Funds Management, Inc. (2001 - present), Senior Managing Director, State Street Global Advisors (1992 - present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).
BRUCE S. ROSENBERG SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1961	Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
ANN M. CARPENTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1966	Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012 (with respect toVice President); Unlimited Served: since February 2016 (with respect to Deputy Treasurer)	Chief Operating Officer, SSGA Funds Management, Inc. (2005 - Present); Managing Director, State Street Global Advisors (April 2005 - present).
MICHAEL P. RILEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Vice President	Term: Unlimited Served: since February 2005	Managing Director, State Street Global Advisors (2005 - present).*
CHAD C. HALLETT SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).*
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1968	Deputy Treasurer	Term: Unlimited Served: since November 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966	Deputy Treasurer	Term: Unlimited Served: since August 2017	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016).

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
DAVID LANCASTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1971	Assistant Treasurer	Term: Unlimited Served: since November 2020	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017).
BRIAN HARRIS SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1973	Chief Compliance Officer; Anti- Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present)*.
SEAN O’MALLEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Chief Legal Officer	Term: Unlimited Served: since August 2019	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present).
DAVID BARR SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1974	Assistant Secretary	Term: Unlimited Served: since November 2020	Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President at Eaton Vance Corp (October 2010 - October 2019).
TIMOTHY COLLINS SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1967	Assistant Secretary	Term: Unlimited Served: since August 2021	Vice President and Senior Counsel, State Street Global Advisors (August 2021 - present); Vice President and Managing Counsel, State Street Corporation (March 2020 - August 2021); Vice President and Senior Counsel (April 2018 - March 2020); Counsel, Sutton Place Investments (January 2010 - March 2018).
DAVID URMAN SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1985	Secretary	Term: Unlimited Served: since August 2019	Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015).
* Served in various capacities and/or with various affiliated entities during noted time period.
The Trust's Statement of Additional Information (SAI) includes additional information about the Funds' directors and is available, without charge, upon request and by calling 1-866-787-2257.

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SPDR Index Shares Funds

Trustees

Dwight D. Churchill

Clare S. Richer

James E. Ross

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

State Street Global Advisors

SPDRISRAAR

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR Dow Jones Global Real Estate ETF (RWO)	2
SPDR Dow Jones International Real Estate ETF (RWX)	5
SPDR S&P China ETF (GXC)	8
SPDR S&P Global Natural Resources ETF (GNR)	11
SPDR S&P International Small Cap ETF (GWX)	14
SPDR S&P North American Natural Resources ETF (NANR)	18
Schedules of Investments
SPDR Dow Jones Global Real Estate ETF (RWO)	21
SPDR Dow Jones International Real Estate ETF (RWX)	31
SPDR S&P China ETF (GXC)	37
SPDR S&P Global Natural Resources ETF (GNR)	65
SPDR S&P International Small Cap ETF (GWX)	72
SPDR S&P North American Natural Resources ETF (NANR)	136
Financial Statements	139
Financial Highlights	150
Notes to Financial Statements	156
Report of Independent Registered Public Accounting Firm	172
Other Information (Unaudited)	174


	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%