Annual Report September 30, 2020 SPDR ® Index Shares Funds SPDR Dow Jones Global Real Estate ETF SPDR Dow Jones International Real Estate ETF SPDR S&P China ETF SPDR S&P Global Natural Resources ETF SPDR S&P International Small Cap ETF SPDR S&P North American Natural Resources ETF Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications by contacting your financial intermediary. You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account. 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 www.ssga.com. Please read the prospectus carefully before you invest.
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Annual ReportSeptember 30, 2020
SPDR® Index Shares FundsSPDR 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
Beginning on January 1, 2021, as permitted by regulations adopted by theU.S. Securities and Exchange Commission, paper copies of a Fund’s annual andsemi-annual shareholder reports will no longer be sent by mail, unless youspecifically request paper copies of the reports from the Fund (or from yourfinancial intermediary, such as a broker-dealer or bank). Instead, the reports willbe made available on a Fund’s website (www.ssga.com), and you will be notifiedby mail each time a report is posted, and provided with a website link to accessthe report. If you already elected to receive reports electronically, you will not beaffected by this change and you need not take any action. You may elect to receiveshareholder reports and other communications by contacting your financialintermediary.
You may elect to receive all future reports in paper free of charge. If you investthrough a financial intermediary, you can contact your financial intermediary torequest that you continue to receive paper copies of your shareholder reports.Your election to receive reports in paper will apply to all funds held in youraccount.
The information contained in this report is intended for the general information ofshareholders of the Trust. This report is not authorized for distribution toprospective investors unless preceded or accompanied by a current Trustprospectus which contains important information concerning the Trust. You mayobtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257or visiting www.ssga.com. Please read the prospectus carefully before you invest.
The information contained in this report is intended for the generalinformation of shareholders of the Trust. This report is not authorized fordistribution to prospective investors unless preceded or accompanied bya current Trust prospectus which contains important informationconcerning the Trust. You may obtain a current prospectus and SAI fromthe Distributor by calling 1-866-787-2257 or visiting www.ssga.com.Please read the prospectus carefully before you invest.
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NOTES TO PERFORMANCE SUMMARIES (UNAUDITED)The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on marketprice 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 totalassets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of aFund and the market return is based on the market price per share of a Fund. The market price used tocalculate the market return is determined by using the midpoint between the highest bid and the lowest offeron the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV iscalculated. NAV and market returns assume that dividends and capital gain distributions have beenreinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable onsecondary 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 aportfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’sperformance is negatively impacted by these deductions. Index returns reflect all items of income, gain andloss and the reinvestment of dividends and other income.
The Dow Jones Global Select Real Estate Securities Index is a float-adjusted market capitalization indexdesigned to measure the performance of publicly traded global real estate securities. The Index is a measureof the types of global real estate securities that represent the ownership and operation of commercial orresidential real estate.
The Dow Jones Global ex-U.S. Select Real Estate Securities Index is a float-adjusted market capitalizationindex designed to measure the performance of publicly traded real estate securities in countries excludingthe United States.
The S&P China BMI Index is a market capitalization weighted index designed to define and measure theinvestable universe of publicly traded companies domiciled in China available to foreign investors. The Indexis “float adjusted”, meaning that only those shares publicly available to investors are included in the Indexcalculation.
The S&P Global Natural Resources Index is comprised of 90 of the largest publicly traded companies, basedon market capitalization, in global natural resources and commodities businesses that meet certaininvestibility requirements. The Index component securities represent a combination of the componentsecurities included in each of the following three sub-indices: the S&P Global Natural Resources -AgricultureIndex, the S&P Global Natural Resources - Energy Index and the S&P Global Natural Resources - Metalsand Mining Index. The maximum weight of each sub-index is capped at one-third of the total weight of theIndex.
The S&P Developed Ex-U.S. Under USD2 Billion Index is a market capitalization weighted index designedto define and measure the investable universe of publicly traded small-cap companies domiciled indeveloped countries outside the United States. The Index is a rules-based index that measures global stockmarket performance.
The S&P BMI North American Natural Resources Index (the "Index") comprises publicly traded large- andmid-capitalization U.S. and Canadian companies in the natural resources and commodities businesses thatmeet certain investability requirements and are classified within the sub-industries of one of three naturalresources categories: energy, materials or agriculture.
See accompanying notes to financial statements.1
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, beforefees and expenses, correspond generally to the total return performance of an index based upon the globalreal 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, 2020 (the “Reporting Period”), the total return for the Fundwas –20.65%, and the Index was –20.87%. The Fund and Index returns reflect the reinvestment ofdividends and other income. The Fund’s performance reflects the expenses of managing the Fund, includingbrokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees andexpenses of any kind, which would have a negative impact on returns. Fees and expenses, dividend taxwithholding differences, cash drag and the cumulative effect of security misweights contributed to thedifference between the Fund’s performance and that of the Index.
As the world was navigating around a global pandemic for the majority of the fiscal year, Real Estate was hitparticularly hard. In fact, the Index lost 29.53% in the second fiscal quarter alone as the pandemic wasrealized. Though it did recoup some in the last two quarters (+8.89% and +1.85%, respectively), it wasn’tclose to the rebounds that the broader markets saw over that same timeframe. Stores, hotels, and officeswere mostly dormant for over half of the fiscal year as social distancing practically eliminated weekendshopping outings, family restaurant visits, or any semblance of vacations. Brick-and-mortar shopping waslimited to single-person grocery trips with a focus on essentials. This new consumer efficiency devastatedretail in general, and retail REITs in particular as the broader sector was still able to produce some revenuevia online shopping. Mergers and acquisitions, usually a staple for the REIT sector, were non-existent as wellduring much of the fiscal year as overall economic uncertainty, dwindling values, and social distancingprevented new M&A exploration.
The Fund used futures contracts in order to expose cash and dividend receivables to the Index during theReporting 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 ReportingPeriod were Equity Residential, Simon Property, and AvalonBay Communities. The top negative contributorsto the Fund’s performance during the Reporting Period were Goodman Group, Deutsche Wohnen, andPrologis.
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 changeat any time based upon market or other conditions and the Adviser disclaims any responsibility to updatesuch views. These views may not be relied on as investment advice and, because investment decisions fora fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of anyfund.
See accompanying notes to financial statements.2
SPDR DOW JONES GLOBAL REAL ESTATE ETF
PERFORMANCE SUMMARY (UNAUDITED)Performance as of September 30, 2020
Cumulative Total Return Average Annual Total Return
NetAssetValue
MarketValue
Dow JonesGlobal SelectReal Estate
Securities Index
NetAssetValue
MarketValue
Dow JonesGlobal SelectReal Estate
Securities Index
ONE YEAR (20.65) (20.77) (20.87) (20.65) (20.77) (20.87)
FIVE YEARS 4.75 4.68 3.27 0.93 0.92 0.65
TEN YEARS 61.83 61.46 58.15 4.93 4.91 4.69
Comparison of Change in Value of a $10,000 Investment(Based on Net Asset Value)
SPDR Dow Jones Global RealEstate ETF (a)
Dow Jones Global Select RealEstate Securities Index (b)
8,000
12,000
16,000
20,000
24,000 US Dollar
9/30
/11
9/30
/12
9/30
/13
9/30
/14
9/30
/15
9/30
/16
9/30
/17
9/30
/18
9/30
/19
9/30
/10
9/30
/20
$16,183(a)$15,815(b)
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 andExpenses table of the most recent prospectus is 0.50%. Please see the financial highlights for thetotal expense ratio for the fiscal period ended September 30, 2020.
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 aresold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that a shareholderwould pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes toPerformance Summaries" on page 1 for more information.
See accompanying notes to financial statements.3
SPDR DOW JONES GLOBAL REAL ESTATE ETF
PERFORMANCE SUMMARY (UNAUDITED) (CONTINUED)
Top Ten Holdings as of September 30, 2020
Description % of Net Assets
Prologis, Inc. REIT 6.5%Digital Realty Trust, Inc. REIT 3.4Public Storage REIT 3.0Welltower, Inc. REIT 2.0Goodman Group REIT 1.9AvalonBay Communities, Inc. REIT 1.8Realty Income Corp. REIT 1.8Simon Property Group, Inc. REIT 1.7Alexandria Real Estate Equities, Inc. REIT 1.6Deutsche Wohnen SE 1.6
TOTAL 25.3%
(The ten largest holdings are subject to change, and there are no guaranteesthe Fund will continue to remain invested in any particular company.)
Industry Breakdown as of September 30, 2020
% of Net Assets
Equity Real Estate Investment Trusts (REITs) 88.5%Real Estate Management & Development 11.0Diversified Financial Services 0.0Short-Term Investments 1.1Liabilities in Excess of Other Assets (0.6)
TOTAL 100.0%
(The Fund's industry breakdown is expressed as a percentage of net assetsand may change over time.)
See accompanying notes to financial statements.4
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 that,before fees and expenses, correspond generally to the total return performance of an index based upon theinternational real estate market. The Fund’s benchmark is the Dow Jones Global ex-U.S. Select Real EstateSecurities Index (the “Index”).
For the 12-month period ended September 30, 2020 (the “Reporting Period”), the total return for the Fundwas –17.76%, and the Index was –17.55%. The Fund and Index returns reflect the reinvestment ofdividends and other income. The Fund’s performance reflects the expenses of managing the Fund, includingbrokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees andexpenses of any kind, which would have a negative impact on returns. Fees and expenses, dividend taxwithholding differences, and the cumulative effect of security misweights contributed to the differencebetween the Fund’s performance and that of the Index.
As the world was navigating around a global pandemic for the majority of the fiscal year, Real Estate was hitparticularly hard. In fact, the Index lost 30.57% in the second fiscal quarter alone as the pandemic wasrealized. Though it did recoup some in the last two quarters (+8.77% and +3.90%, respectively), it wasn’tclose to the rebounds that the broader markets saw over that same timeframe. Stores, hotels, and officeswere mostly dormant for over half of the fiscal year as social distancing practically eliminated weekendshopping outings, family restaurant visits, or any semblance of vacations. Brick-and-mortar shopping waslimited to single-person grocery trips with a focus on essentials. This new consumer efficiency devastatedretail in general, and retail REITs in particular as the broader sector was still able to produce some revenuevia online shopping. Mergers and acquisitions, usually a staple for the REIT sector, were non-existent as wellduring much of the fiscal year as overall economic uncertainty, dwindling values, and social distancingprevented new M&A exploration.
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 ReportingPeriod were Unibail-Rodamco Westfield, Scentre Group, and Link REIT. The top negative contributors to theFund’s performance during the Reporting Period were Goodman Group, Deutsche Wohnen, and Segro.
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 changeat any time based upon market or other conditions and the Adviser disclaims any responsibility to updatesuch views. These views may not be relied on as investment advice and, because investment decisions fora fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of anyfund.
See accompanying notes to financial statements.5
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
PERFORMANCE SUMMARY (UNAUDITED)Performance as of September 30, 2020
Cumulative Total Return Average Annual Total Return
NetAssetValue
MarketValue
Dow JonesGlobal
ex-U.S. SelectReal Estate
Securities Index
NetAssetValue
MarketValue
Dow JonesGlobal
ex-U.S. SelectReal Estate
Securities Index
ONE YEAR (17.76) (17.71) (17.55) (17.76) (17.71) (17.55)
FIVE YEARS 0.29 0.10 1.89 0.06 0.02 0.38
TEN YEARS 34.71 34.42 39.37 3.02 3.00 3.37
Comparison of Change in Value of a $10,000 Investment(Based on Net Asset Value)
SPDR Dow Jones InternationalReal Estate ETF (a)
Dow Jones Global ex-U.S. SelectReal Estate Securities Index (b)
6,000
9,000
12,000
15,000
18,000
21,000 US Dollar
9/30
/11
9/30
/12
9/30
/13
9/30
/14
9/30
/15
9/30
/16
9/30
/17
9/30
/18
9/30
/19
9/30
/10
9/30
/20
$13,937(b)$13,471(a)
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 andExpenses table of the most recent prospectus is 0.59%. Please see the financial highlights for thetotal expense ratio for the fiscal period ended September 30, 2020.
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 aresold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that a shareholderwould pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes toPerformance Summaries" on page 1 for more information.
See accompanying notes to financial statements.6
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
PORTFOLIO STATISTICS (UNAUDITED)
Top Ten Holdings as of September 30, 2020
Description % of Net Assets
Goodman Group REIT 4.6%Deutsche Wohnen SE 3.9Mitsui Fudosan Co., Ltd. 3.6Link REIT REIT 3.6Segro PLC REIT 3.1LEG Immobilien AG 2.2Nippon Prologis REIT, Inc. REIT 1.8Scentre Group REIT 1.8Nippon Building Fund, Inc. REIT 1.7Gecina SA REIT 1.5
TOTAL 27.8%
(The ten largest holdings are subject to change, and there are no guaranteesthe Fund will continue to remain invested in any particular company.)
Industry Breakdown as of September 30, 2020
% of Net Assets
Equity Real Estate Investment Trusts (REITs) 72.3%Real Estate Management & Development 27.1Diversified Financial Services 0.0*Short-Term Investments 2.1Liabilities in Excess of Other Assets (1.5)
TOTAL 100.0%
*Amount shown represents less than 0.05% of netassets.
(The Fund's industry breakdown is expressed as a percentage of net assetsand may change over time.)
See accompanying notes to financial statements.7
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. TheFund’s benchmark is the S&P China BMI Index (the “Index”).
For the 12-month period ended September 30, 2020 (the “Reporting Period”), the total return for the Fundwas 31.89%, and the Index was 32.99%. The Fund and Index returns reflect the reinvestment of dividendsand other income. The Fund’s performance reflects the expenses of managing the Fund, includingbrokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees andexpenses of any kind, which would have a negative impact on returns. The difference in return of the Fundand Index was largely due to sampling.
S&P China Index added 14.02% in the fourth quarter reflecting strong gains in December as the agreementon trade with the United States was announced and manufacturing data improved. Global equity marketsmarched upwards until the end of January, when concerns around the spread of COVID-19 from Chinabegan to negatively affect risk sentiment. China’s manufacturing PMI, which dropped to a record low of 35.7in February, signaled a sharp contraction in business activity and provided a glimpse of what is to come fromother countries. S&P China Index return was10.28% in the first quarter of 2020. China’s virus containmentefforts were deemed relatively successful and S&P China Index was up by 15.85% in the second quarter in2020. China’s economy witnessed robust recovery in the third quarter of this year with steady growth inmanufacturing and services. Retail sales showed growth and decline in fixed assets investments narrowed.The S&P China Index was up 12.21% in the third quarter of 2020.
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 ReportingPeriod were Alibaba Group Holding Ltd. Sponsored ADR, Meituan Dianping, and Tencent Holdings Ltd. Thetop negative contributors to the Fund’s performance during the Reporting Period were CNOOC Limited,Dhina Mobile Limited, and Ping An Insurance (Group).
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 changeat any time based upon market or other conditions and the Adviser disclaims any responsibility to updatesuch views. These views may not be relied on as investment advice and, because investment decisions fora fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of anyfund.
See accompanying notes to financial statements.8
SPDR S&P CHINA ETF
PERFORMANCE SUMMARY (UNAUDITED)Performance as of September 30, 2020
Cumulative Total Return Average Annual Total Return
NetAssetValue
MarketValue
S&P China BMIIndex
NetAssetValue
MarketValue
S&P China BMIIndex
ONE YEAR 31.89 33.46 32.99 31.89 33.46 32.99
FIVE YEARS 89.53 90.24 89.19 13.64 13.73 13.60
TEN YEARS 88.97 90.17 89.77 6.57 6.64 6.62
Comparison of Change in Value of a $10,000 Investment(Based on Net Asset Value)
SPDR S&P China ETF (a) S&P China BMI Index (b)
3,000
6,000
9,000
12,000
15,000
18,000
21,000 US Dollar
9/30
/11
9/30
/12
9/30
/13
9/30
/14
9/30
/15
9/30
/16
9/30
/17
9/30
/18
9/30
/19
9/30
/10
9/30
/20
$18,977(b)$18,897(a)
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 mostrecent prospectus is 0.59%. Please see the financial highlights for the total expense ratio for thefiscal period ended September 30, 2020.
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 aresold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that a shareholderwould pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes toPerformance Summaries" on page 1 for more information.
See accompanying notes to financial statements.9
SPDR S&P CHINA ETF
PORTFOLIO STATISTICS (UNAUDITED)
Top Ten Holdings as of September 30, 2020
Description % of Net Assets
Alibaba Group Holding, Ltd. ADR 17.2%Tencent Holdings, Ltd. 12.3Meituan Dianping Class B 4.1JD.com, Inc. ADR 2.3China Construction Bank Corp. Class H 2.1Ping An Insurance Group Co. of China, Ltd. Class H 1.9Industrial & Commercial Bank of China, Ltd. Class H 1.3Baidu, Inc. ADR 1.2Xiaomi Corp. Class B 1.2NetEase, Inc. ADR 1.2
TOTAL 44.8%
(The ten largest holdings are subject to change, and there are no guaranteesthe Fund will continue to remain invested in any particular company.)
Sector Breakdown as of September 30, 2020
% of Net Assets
Consumer Discretionary 34.0%Communication Services 18.4Financials 13.4Information Technology 6.5Health Care 5.8Industrials 5.6Consumer Staples 5.3Real Estate 4.3Materials 3.0Energy 1.8Utilities 1.4Short-Term Investments 1.3Liabilities in Excess of Other Assets (0.8)
TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assetsand may change over time.)
See accompanying notes to financial statements.10
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, beforeexpenses, correspond generally to the price and yield performance of publicly traded equity securities ofcompanies in the S&P Global Natural Resources Index. The Fund’s benchmark is the S&P Global NaturalResources Index (the “Index”).
For the 12-month period ended September 30, 2020 (the “Reporting Period”), the total return for the Fundwas –9.97%, and the Index was –10.20%. The Fund and Index returns reflect the reinvestment of dividendsand other income. The Fund’s performance reflects the expenses of managing the Fund, includingbrokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees andexpenses of any kind, which would have a negative impact on returns. Cumulative security misweightsbetween the Fund and the Index contributed to the difference between the Fund’s performance and that ofthe Index.
Uncertainty surrounding the COVID-19 pandemic, monetary and fiscal policy and geopolitical tensions wereprimary drivers of Fund performance during the Reporting Period. The Fund had positive performance inthree of the quarters in the Reporting Period. Positive performance in the first quarter of the Reporting Periodwas driven by easing geopolitical tensions as the US and China reached a partial agreement of their tradewar and the UK and EU reached a new Brexit agreement as well. Performance in the second quarter of theReporting Period was negative as the impact of the spread of coronavirus began to take hold with countriesimplementing economic shutdowns and quarantine measures amid warnings that the virus could become apandemic. Reduced economic activity from government-directed shutdowns also impacted the Fund’sperformance as demand for oil fell during this period. The Fund’s performance in the third and fourth quartersof the Reporting Period was positive on the back of progress in COVID-19 treatment and vaccinedevelopment, social distancing measures were slowing the infection rate of the virus, the reopening oflocked-down economies, rising gold prices, positive earnings reports and dovish monetary policy. Thepositive performance during these two quarters was tempered due to geopolitical tensions between Chinaand the US, Taiwan and Hong Kong and fears of a second wave of the virus as positive cases began to surge.
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 ReportingPeriod were Wheaton Precious Metals, Barrick Gold Corporation and Newmont Corporation. The topnegative contributors to the Fund’s performance during the Reporting Period were Royal Dutch Shell, BP,and Exxon Mobil Corporation.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period,and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to changeat any time based upon market or other conditions and the Adviser disclaims any responsibility to updatesuch views. These views may not be relied on as investment advice and, because investment decisions fora fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of anyfund.
See accompanying notes to financial statements.11
SPDR S&P GLOBAL NATURAL RESOURCES ETF
PERFORMANCE SUMMARY (UNAUDITED)Performance as of September 30, 2020
Cumulative Total Return Average Annual Total Return
NetAssetValue
MarketValue
S&P GlobalNatural
Resources Index
NetAssetValue
MarketValue
S&P GlobalNatural
Resources Index
ONE YEAR (9.97) (10.10) (10.20) (9.97) (10.10) (10.20)
FIVE YEARS 33.97 33.89 33.81 6.02 6.01 6.00
TEN YEARS (4.16) (4.39) (4.18) (0.42) (0.45) (0.43)
Comparison of Change in Value of a $10,000 Investment(Based on Net Asset Value)
SPDR S&P Global NaturalResources ETF (a)
S&P Global Natural ResourcesIndex (b)
4,000
6,000
8,000
10,000
12,000
14,000
16,000 US Dollar
9/30
/11
9/30
/12
9/30
/13
9/30
/14
9/30
/15
9/30
/16
9/30
/17
9/30
/18
9/30
/19
9/30
/10
9/30
/20
$9,584(a)$9,582(b)
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 andExpenses table of the most recent prospectus is 0.40%. Please see the financial highlights for thetotal expense ratio for the fiscal period ended September 30, 2020.
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 aresold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that a shareholderwould pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes toPerformance Summaries" on page 1 for more information.
See accompanying notes to financial statements.12
SPDR S&P GLOBAL NATURAL RESOURCES ETF
PORTFOLIO STATISTICS (UNAUDITED)
Top Ten Holdings as of September 30, 2020
Description % of Net Assets
BHP Group, Ltd. 4.4%Nutrien, Ltd. 3.9Exxon Mobil Corp. 3.7TOTAL SE 3.6Chevron Corp. 3.5UPM-Kymmene Oyj 3.2BP PLC 2.5Reliance Industries, Ltd. GDR 2.3Royal Dutch Shell PLC Class A 2.2Mondi PLC 2.0
TOTAL 31.3%
(The ten largest holdings are subject to change, and there are no guaranteesthe Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.13
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, beforefees and expenses, correspond generally to the total return performance of an index based upon thedeveloped world (ex-US) small cap equity market. The Fund’s benchmark is the S&P DevelopedEx-U.S. Under USD2 Billion Index (the “Index”).
For the 12-month period ended September 30, 2020 (the “Reporting Period”), the total return for the Fundwas 6.71%, and the Index was 6.90%. The Fund and Index returns reflect the reinvestment of dividends andother income. The Fund’s performance reflects the expenses of managing the Fund, including brokerageand advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of anykind, which would have a negative impact on returns. Fees, expenses, cash drag and cumulative effect ofsecurity misweights contributed to the difference between the Fund’s performance and that of the Index.
The Fund gained 11.21% during the last quarter of 2019 as progress appeared to take shape on a couple ofthe most prominent geopolitical issues overhanging the market. Reports that China would be willing toaccept a limited trade deal so long as no further tariffs were introduced – as well as speculation surroundingChinese purchases of US agricultural products – lifted spirits in early October. Around the same time,European assets and currencies received a jolt as UK Prime Minister Boris Johnson and Irish Premier LeoVaradkar issued a constructive joint statement on progress towards a Brexit deal. While there was noshortage of back and forth volleys on the trade front, by the middle of December the US and China hadannounced a Phase One deal that included Chinese agricultural purchases, tightened protection for USintellectual property and bans on the forced transfer of technology from US companies. The United Statesagreed not to proceed with an escalation of tariffs and was set to cut tariffs on $120 billion of Chinese imports.Not to be outdone, Boris Johnson presided over a decisive Conservative victory in the UK election, whichhelped lift UK equities into the end of the year.
The Fund lost 28.37% where little in the way of diagnostics are needed to ascertain the source of the havocthat was wreaked upon capital markets during the first quarter of 2020. The spread of the CoronavirusDisease 2019 (COVID-19) served as the proximate source. But it was the treatment in the form of socialdistancing, temporary lock-downs and quarantines and other mobility restrictions that inflicted significantharm to the global economy and financial markets. The magnitude of the damage has been staggering, withmiasmic milestones turning up in every corner of financial markets. Developed ex-US small cap stockssuffered far worse than its large cap counterpart as measured by the S&P Developed ex-USA Large CapIndex that lost 22% during the same period.
The Fund reversed course and recouped most the loss experienced in the first quarter of 2020 by adding20.78% in the subsequent quarter. The global economy suffered from an unprecedented shock in March andApril driven by government-imposed lockdowns to contain the spread of the COVID-19 pandemic. Policymakers responded with massive, broad-based fiscal and monetary stimulus to support affected workers andbusinesses in record time. Economic data in May indicated that the stimulus support and re-opening planswere working, and the economic recovery had begun. Developed ex-US small cap stocks fared much betterthan its large cap counterpart that gained 15% in the same period and resulted in slightly outpacing the S&PDeveloped ex-USA Large Cap Index by about 1% for the calendar year ending June 30, 2020.
See accompanying notes to financial statements.14
SPDR S&P INTERNATIONAL SMALL CAP ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
(UNAUDITED) (CONTINUED)
The positive momentum carried over to the third quarter of 2020 as the Fund tallied up another 10.91% duringthis period. Led by the United States, economic growth rebounded strongly across the globe in the thirdquarter amid relaxation in COVID-19-related lockdowns, fiscal and monetary policy support and pent updemand release. Though infection rates were re-surging in some developed economies, the worst seemedto be behind as key vaccine trials continued to make quick progress. However, growth momentumdecelerated toward the end of the third quarter as fiscal support waned and services growth remainedrestricted given persistent and rising COVID-19 cases. Developed ex-US small cap stocks finished strongthis quarter besting the large cap as measured by the S&P Developed ex-US Large Cap Index that returnedonly 5% and further outpacing its larger cap counterpart for the calendar year ending on September 30, 2020.
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 ReportingPeriod were Seegene, Inc, Alteogen Inc, Deutsche EuroShop AG. The top negative contributors to theFund’s performance during the Reporting Period were Shinpoong Pharmaceutical Co, J D Wetherspoon plc,Ltd, and Senior PLC.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period,and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to changeat any time based upon market or other conditions and the Adviser disclaims any responsibility to updatesuch views. These views may not be relied on as investment advice and, because investment decisions fora fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of anyfund.
See accompanying notes to financial statements.15
SPDR S&P INTERNATIONAL SMALL CAP ETF
PERFORMANCE SUMMARY (UNAUDITED)Performance as of September 30, 2020
Cumulative Total Return Average Annual Total Return
NetAssetValue
MarketValue
S&P DevelopedEx-U.S. UnderUSD2 Billion
Index
NetAssetValue
MarketValue
S&P DevelopedEx-U.S. UnderUSD2 Billion
Index
ONE YEAR 6.71 6.73 6.90 6.71 6.73 6.90
FIVE YEARS 33.07 33.37 32.55 5.88 5.93 5.80
TEN YEARS 66.13 66.09 63.69 5.21 5.20 5.05
Comparison of Change in Value of a $10,000 Investment(Based on Net Asset Value)
SPDR S&P International SmallCap ETF (a)
S&P Developed Ex-U.S. underUSD2 Billion Index (b)
6,000
9,000
12,000
15,000
18,000
21,000 US Dollar
9/30
/11
9/30
/12
9/30
/13
9/30
/14
9/30
/15
9/30
/16
9/30
/17
9/30
/18
9/30
/19
9/30
/10
9/30
/20
$16,613(a)$16,369(b)
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 andExpenses table of the most recent prospectus is 0.40%. Please see the financial highlights for thetotal expense ratio for the fiscal period ended September 30, 2020.
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 aresold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that a shareholderwould pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes toPerformance Summaries" on page 1 for more information.
See accompanying notes to financial statements.16
SPDR S&P INTERNATIONAL SMALL CAP ETF
PORTFOLIO STATISTICS (UNAUDITED)
Top Ten Holdings as of September 30, 2020
Description % of Net Assets
Iwatani Corp. 0.3%Shochiku Co., Ltd. 0.2William Hill PLC 0.2Pets at Home Group PLC 0.2Solutions 30 SE 0.2Premier Investment Corp. REIT 0.2Kanematsu Corp. 0.2NIPPON REIT Investment Corp. REIT 0.2Nitto Boseki Co., Ltd. 0.2Shimachu Co., Ltd. 0.2
TOTAL 2.1%
(The ten largest holdings are subject to change, and there are no guaranteesthe Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.17
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 resultsthat, before fees and expenses, correspond generally to the total return performance of an index that trackspublicly-traded NorthAmerican companies in natural resources and /or commodities businesses. The Fund’sbenchmark is the S&P BMI North American Natural Resources Index (the “Index”).
For the 12-month period ended September 30, 2020 (the “Reporting Period”), the total return for the Fundwas –7.09%, and the Index was –7.33%. The Fund and Index returns reflect the reinvestment of dividendsand other income. The Fund’s performance reflects the expenses of managing the Fund, includingbrokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees andexpenses of any kind, which would have a negative impact on returns. Fees and expenses and thecumulative effect of security misweights contributed to the difference between the Fund’s performance andthat of the Index.
While 2020 started off in positive fashion for global equity markets, the mood quickly changed with therealization that the spread of the Coronavirus Disease 2019 (COVID-19) around the world would havesignificant consequences. Social distancing, temporary lock-downs and quarantines and other mobilityrestrictions inflicted major harm to the global economy and financial markets. The magnitude of the damagewas staggering, with miasmic milestones turning up in every corner of financial markets. Libor exhibited itssharpest jump since the Global Financial Crisis. The yield on the 10-Year US Treasury note slid below 1% forthe first time ever (as would the yield on the 30-Year US Treasury bond for a brief period). Oil prices fell to theirlowest levels since 1999. The S&P 500 Index registered its third worst daily loss ever on March 16 – outpacedin infamy only by October 19, 1987, and October 28, 1929. And in terms of volatility, the VIX Index surged toits highest reading ever during the depths of the sell-off.
Global supply chain disruptions and impacts on labor from quarantine measures had debilitating effects ongrowth-sensitive commodities like industrial metals, which experienced double-digit losses on the quarter.Gold was one of the lone bright spots, as the precious metal benefited from strong safe-haven buyingamongst the market turmoil.
Risk assets saw a rebound in April on the back of unprecedented fiscal and monitory support early in thequarter. Oil prices rallied back sharply from the lows recorded early in the quarter on demand recovery andcoordinated supply cuts by OPEC+ countries. Economic growth rebounded strongly across the globe in thethird quarter amid relaxation in COVID-19-related lockdowns, continued fiscal and monetary policy supportand pent up demand release. Strong demand from natural gas fired power generation and production cutsagreed by OPEC+ countries supported the recovery in energy prices. Improving economic data, continuedrisk-on rally and additional stimulus supported the upward movement in industrial metals as well during the3rd quarter. Silver had another best quarter and outperformed gold as it benefited from both the industrial andinvestment sides of demand. Gold also had a strong quarter, up 5%, despite a weak September.
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 ReportingPeriod were Barrick Gold Corporation, Newmont Goldcorp Corporation, and Franco-Nevada Corporation.The top negative contributors to the Fund’s performance during the Reporting Period were Exxon MobilCorporation, Chevron Corporation, and Suncor Energy Inc.
See accompanying notes to financial statements.18
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
(UNAUDITED) (CONTINUED)
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 changeat any time based upon market or other conditions and the Adviser disclaims any responsibility to updatesuch views. These views may not be relied on as investment advice and, because investment decisions fora fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of anyfund.
See accompanying notes to financial statements.19
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
PERFORMANCE SUMMARY (UNAUDITED)Performance as of September 30, 2020
Cumulative Total Return Average Annual Total Return
NetAssetValue
MarketValue
S&P BMI NorthAmerican NaturalResources Index
NetAssetValue
MarketValue
S&P BMI NorthAmerican NaturalResources Index
ONE YEAR (7.09) (7.06) (7.33) (7.09) (7.06) (7.33)
(1) For the period ended December 15, 2015 to September 30, 2020. Since shares of the Fund did not trade inthe secondary market until the day after the Fund’s inception, for the period from inception to the first day ofsecondary market trading in shares of the Fund (12/15/15, 12/16/15, respectively), the NAV of the Fund isused 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)
SPDR S&P North AmericanNatural Resources ETF (a)
S&P BMI North American NaturalResources Index (b)
6,000
9,000
12,000
15,000
18,000
21,000 US Dollar
3/31
/16
9/30
/16
3/31
/17
9/30
/17
3/31
/18
9/30
/18
3/31
/19
9/30
/19
3/31
/20
12/15
/15
9/30
/20
$12,819(a)$12,745(b)
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 Feesand Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights forthe total expense ratio for the fiscal period ended September 30, 2020.
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 aresold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that a shareholderwould pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes toPerformance Summaries" on page 1 for more information.
See accompanying notes to financial statements.20
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
PORTFOLIO STATISTICS (UNAUDITED)
Top Ten Holdings as of September 30, 2020
Description % of Net Assets
Chevron Corp. 9.7%Exxon Mobil Corp. 9.7Barrick Gold Corp. 7.6Newmont Corp. 7.3Archer-Daniels-Midland Co. 5.1ConocoPhillips 5.0Nutrien, Ltd. 4.5Corteva, Inc. 4.3Franco-Nevada Corp. 4.1Freeport-McMoRan, Inc. 3.5
TOTAL 60.8%
(The ten largest holdings are subject to change, and there are no guaranteesthe Fund will continue to remain invested in any particular company.)
(a) All or a portion of the shares of the security are on loan at September 30, 2020.(b) Reflects separate holdings of the issuer's common stock traded on different securities
exchanges.(c) Non-income producing security.(d) Amount is less than 0.05% of net assets.(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended.
These securities, which represent 0.2% of net assets as of September 30, 2020, areconsidered liquid and may be resold in transactions exempt from registration, normally toqualified institutional buyers.
SPDR DOW JONES GLOBAL REAL ESTATE ETFSCHEDULE OF INVESTMENTS (continued)September 30, 2020
See accompanying notes to financial statements.29
(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, 2020 areshown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at September 30, 2020.(h) The Fund invested in an affiliated entity. Amounts related to these transactions during the
period ended September 30, 2020 are shown in the Affiliate Table below.(i) Investment of cash collateral for securities loaned.
NVDR Non Voting Depositary ReceiptREIT Real Estate Investment Trust
At September 30, 2020, open futures contracts purchased were as follows:
DescriptionNumber ofContracts
ExpirationDate
NotionalAmount Value
UnrealizedAppreciation
(Depreciation)
DJ US Real Estate Index (long) 250 12/18/2020 $7,877,980 $7,837,500 $(40,480)
During the period ended September 30, 2020, average notional value related to futures contracts
was $1,470,615.
The following table summarizes the value of the Fund's investments according to the fair value
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETFSCHEDULE OF INVESTMENTS (continued)September 30, 2020
See accompanying notes to financial statements.36
(a) All or a portion of the shares of the security are on loan at September 30, 2020.(b) Reflects separate holdings of the issuer's common stock traded on different securities
exchanges.(c) Non-income producing security.(d) Amount shown represents less than 0.05% of net assets.(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance
with policy and procedures approved by the Board of Trustees. Security value is determinedbased on Level 3 inputs. As of September 30, 2020, total aggregate fair value of thesecurites is $0, representing 0.00% of the Fund's net assets.
(f) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended.These securities, which represent 0.5% of net assets as of September 30, 2020, areconsidered liquid and may be resold in transactions exempt from registration, normally toqualified institutional buyers.
(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, 2020 areshown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at September 30, 2020.(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the
period ended September 30, 2020 are shown in the Affiliate Table below.(j) Investment of cash collateral for securities loaned.
NVDR Non Voting Depositary ReceiptREIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value
The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includesthe Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s netassets. “Other Securities” represent all issues not required to be disclosed under the rules adoptedby the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for whichfootnotes listed below may otherwise apply are included in the Other Securities caption. Thecomplete schedule of portfolio holdings is available on the Fund's website at www.ssga.com, withoutcharge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov.
(a) All or a portion of the shares of the security are on loan at September 30, 2020.(b) Non-income producing security.(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 isdetermined based on Level 3 inputs. As of September 30, 2020, total aggregate fair valueof the security is $148,577, representing less than 0.05% of the Fund's net assets.
(d) Amount is less than 0.05% of net assets.(e) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended.
These securities, which represent 4.6% of net assets as of September 30, 2020, areconsidered liquid and may be resold in transactions exempt from registration, normally toqualified 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, 2020are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at September 30, 2020.(h) The Fund invested in an affiliated entity. Amounts related to these transactions during the
period ended September 30, 2020 are shown in the Affiliate Table below.(i) Investment of cash collateral for securities loaned.ADR American Depositary Receipt
SPDR S&P CHINA ETFSUMMARY SCHEDULE OF INVESTMENTS (continued)September 30, 2020
See accompanying notes to financial statements.45
The following table summarizes the value of the Fund's investments according to the fair value
(a) All or a portion of the shares of the security are on loan at September 30, 2020.
SPDR S&P GLOBAL NATURAL RESOURCES ETFSCHEDULE OF INVESTMENTS (continued)September 30, 2020
See accompanying notes to financial statements.50
(b) Reflects separate holdings of the issuer's common stock traded on different securitiesexchanges.
(c) Non-income producing security.(d) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended.
These securities, which represent 2.3% of net assets as of September 30, 2020, areconsidered liquid and may be resold in transactions exempt from registration, normally toqualified 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, 2020 areshown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at September 30, 2020.(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the
period ended September 30, 2020 are shown in the Affiliate Table below.(h) Investment of cash collateral for securities loaned.
ADR American Depositary ReceiptGDR Global Depositary ReceiptREIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value
SPDR S&P INTERNATIONAL SMALL CAP ETFSUMMARY SCHEDULE OF INVESTMENTS (continued)September 30, 2020
See accompanying notes to financial statements.57
The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includesthe Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s netassets. “Other Securities” represent all issues not required to be disclosed under the rules adoptedby the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for whichfootnotes listed below may otherwise apply are included in the Other Securities caption. Thecomplete schedule of portfolio holdings is available on the Fund's website at www.ssga.com, withoutcharge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov.
(a) All or a portion of the shares of the security are on loan at September 30, 2020.(b) Non-income producing security.(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 isdetermined based on Level 3 inputs. As of September 30, 2020, total aggregate fair valueof the securities is $735,233, representing less than 0.05% of the Fund's net assets.
(e) The Fund invested in certain money market funds managed by SSGA FundsManagement, Inc. Amounts related to these transactions during the period endedSeptember 30, 2020 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at September 30, 2020.(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the
period ended September 30, 2020 are shown in the Affiliate Table below.(h) Investment of cash collateral for securities loaned.REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value
(a) All or a portion of the shares of the security are on loan at September 30, 2020.(b) Non-income producing security.(c) Reflects separate holdings of the issuer's common stock traded on different securities
exchanges.(d) The Fund invested in certain money market funds managed by SSGA Funds Management,
Inc. Amounts related to these transactions during the period ended September 30, 2020 areshown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at September 30, 2020.(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the
period ended September 30, 2020 are shown in the Affiliate Table below.(g) Investment of cash collateral for securities loaned.
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETFSCHEDULE OF INVESTMENTS (continued)September 30, 2020
See accompanying notes to financial statements.61
The following table summarizes the value of the Fund's investments according to the fair value
Oil, Gas & Consumable Fuels 43.6%Metals & Mining 35.5Chemicals 14.1Food Products 6.4Short-Term Investments 0.9Liabilities in Excess of Other Assets (0.5)
TOTAL 100.0%
(The Fund's industry breakdown is expressed as a percentage of net assets and may change overtime.)
Net increase (decrease) from share transactions . (5,700,000) (5,500,000)
(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 publicaccounting firm.
SPDR INDEX SHARES FUNDSSTATEMENTS OF CHANGES IN NET ASSETS
(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 publicaccounting firm.
SPDR INDEX SHARES FUNDSSTATEMENTS OF CHANGES IN NET ASSETS (continued)
Net increase (decrease) from share transactions . (300,000) 1,700,000
(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 publicaccounting firm.
SPDR INDEX SHARES FUNDSSTATEMENTS OF CHANGES IN NET ASSETS (continued)
Net increase (decrease) from share transactions . 3,475,000 (6,450,000)
(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 publicaccounting firm.
SPDR INDEX SHARES FUNDSSTATEMENTS OF CHANGES IN NET ASSETS (continued)
Net increase (decrease) from share transactions . . . (3,900,000) 1,500,000
(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 publicaccounting firm.
SPDR INDEX SHARES FUNDSSTATEMENTS OF CHANGES IN NET ASSETS (continued)
Net increase (decrease) from share transactions . . . (8,275,000) 2,025,000
(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 publicaccounting firm.
SPDR INDEX SHARES FUNDSSTATEMENTS OF CHANGES IN NET ASSETS (continued)
See accompanying notes to financial statements.73
SPDR Dow Jones Global Real Estate ETF
YearEnded9/30/20
YearEnded
9/30/19(a)
YearEnded
9/30/18(a)
YearEnded
9/30/17(a)
YearEnded
9/30/16(a)
Net asset value, beginning of period . . . . $ 51.86 $ 47.58 $ 47.66 $ 49.68 $ 45.11
Income (loss) from investment operations:Net investment income (loss) (b) . . . . . . . . 1.17 1.42 1.43 1.19 1.23Net realized and unrealized gain (loss) (c) . . (11.73) 4.50 0.27 (1.51) 4.88
Total from investment operations. . . . . . . . (10.56) 5.92 1.70 (0.32) 6.11
Net equalization credits and charges (b) . . . — (0.02) (0.00)(d) (0.00)(d) 0.03
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. Theprevious years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which moreappropriately 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 aggregategains and losses in securities for the fiscal period because of the timing of sales and repurchases ofFund 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 purposeof this calculation, to be reinvested at net asset value per share on the respective payment dates ofeach distribution. Total returns for periods of less than one year are not annualized. Brokercommission charges are not included in this calculation.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations orredemptions.
SPDR INDEX SHARES FUNDSFINANCIAL HIGHLIGHTSSelected data for a share outstanding throughout each period
See accompanying notes to financial statements.74
SPDR Dow Jones International Real Estate ETF
YearEnded9/30/20
YearEnded
9/30/19(a)
YearEnded
9/30/18(a)
YearEnded
9/30/17(a)
YearEnded
9/30/16(a)
Net asset value, beginning of period . . . . . $ 39.47 $ 38.32 $ 38.37 $ 41.61 $ 39.24
Income (loss) from investment operations:Net investment income (loss) (b) . . . . . . . . . 0.91 1.12 1.26 1.16 1.08Net realized and unrealized gain (loss) (c) . . . (7.44) 1.51 (0.33) (1.36) 2.32
Total from investment operations . . . . . . . . . (6.53) 2.63 0.93 (0.20) 3.40
Net equalization credits and charges (b) . . . . — 0.41 0.19 0.16 0.08
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. Theprevious years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which moreappropriately 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 aggregategains and losses in securities for the fiscal period because of the timing of sales and repurchases ofFund 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 purposeof this calculation, to be reinvested at net asset value per share on the respective payment dates ofeach distribution. Total returns for periods of less than one year are not annualized. Brokercommission charges are not included in this calculation.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations orredemptions.
SPDR INDEX SHARES FUNDSFINANCIAL HIGHLIGHTS (continued)Selected data for a share outstanding throughout each period
See accompanying notes to financial statements.75
SPDR S&P China ETF
YearEnded9/30/20
YearEnded
9/30/19(a)
YearEnded
9/30/18(a)
YearEnded
9/30/17(a)
YearEnded
9/30/16(a)
Net asset value, beginning of period. . . . . $ 90.56 $ 97.16 $ 101.90 $ 78.85 $ 68.73
Income (loss) from investment operations:Net investment income (loss) (b) . . . . . . . . 1.36 1.70 1.74 1.57(c) 1.38Net realized and unrealized gain (loss) (d) . . . 27.30 (6.39) (4.21) 22.78 10.68
Total from investment operations . . . . . . . . 28.66 (4.69) (2.47) 24.35 12.06
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. Theprevious years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which moreappropriately presents the per share data for the year.
(c) Net investment income per share and ratio of net investment income to average net assets reflectreceipt of special dividend from portfolio holding. The resulting increase to net investment incomeamounted to $0.19 per share and 0.23% of average net assets. If the special dividends were notreceived 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 aggregategains and losses in securities for the fiscal period because of the timing of sales and repurchases ofFund shares in relation to fluctuating market values for the Fund.
(e) Amount is less than $0.005 per share.(f) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale
at net asset value on the last day of each period reported. Distributions are assumed, for the purposeof this calculation, to be reinvested at net asset value per share on the respective payment dates ofeach distribution. Total returns for periods of less than one year are not annualized. Brokercommission charges are not included in this calculation.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations orredemptions.
SPDR INDEX SHARES FUNDSFINANCIAL HIGHLIGHTS (continued)Selected data for a share outstanding throughout each period
See accompanying notes to financial statements.76
SPDR S&P Global Natural Resources ETF
YearEnded9/30/20
YearEnded
9/30/19(a)
YearEnded
9/30/18(a)
YearEnded
9/30/17(a)
YearEnded
9/30/16(a)
Net asset value, beginning of period. . . . . $ 43.09 $ 50.61 $ 45.84 $ 39.07 $ 32.56
Income (loss) from investment operations:Net investment income (loss) (b) . . . . . . . . 1.37 1.81 1.49 1.19 0.97Net realized and unrealized gain (loss) (c) . . . (5.47) (7.67) 4.52 6.51 6.63
Total from investment operations . . . . . . . . (4.10) (5.86) 6.01 7.70 7.60
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. Theprevious years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which moreappropriately 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 aggregategains and losses in securities for the fiscal period because of the timing of sales and repurchases ofFund 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 purposeof this calculation, to be reinvested at net asset value per share on the respective payment dates ofeach distribution. Total returns for periods of less than one year are not annualized. Brokercommission charges are not included in this calculation.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations orredemptions.
SPDR INDEX SHARES FUNDSFINANCIAL HIGHLIGHTS (continued)Selected data for a share outstanding throughout each period
See accompanying notes to financial statements.77
SPDR S&P International Small Cap ETF
YearEnded9/30/20
YearEnded
9/30/19(a)
YearEnded
9/30/18(a)
YearEnded
9/30/17(a)
YearEnded
9/30/16(a)
Net asset value, beginning of period . . . . . . . $ 29.36 $ 34.43 $ 34.90 $ 31.21 $ 27.57
Income (loss) from investment operations:Net investment income (loss) (b) . . . . . . . . . . . 0.57 0.71 0.74 0.63 0.62Net realized and unrealized gain (loss) (c) . . . . . . 1.40 (4.63) 0.71 4.23 3.76
Total from investment operations . . . . . . . . . . . 1.97 (3.92) 1.45 4.86 4.38
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. Theprevious years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which moreappropriately 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 aggregategains and losses in securities for the fiscal period because of the timing of sales and repurchases ofFund 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 purposeof this calculation, to be reinvested at net asset value per share on the respective payment dates ofeach distribution. Total returns for periods of less than one year are not annualized. Brokercommission charges are not included in this calculation.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations orredemptions.
SPDR INDEX SHARES FUNDSFINANCIAL HIGHLIGHTS (continued)Selected data for a share outstanding throughout each period
See accompanying notes to financial statements.78
SPDR S&P North American Natural Resources ETF
YearEnded9/30/20
YearEnded
9/30/19(a)
YearEnded
9/30/18(a)
YearEnded
9/30/17(a)
For thePeriod
12/15/15*-9/30/16(a)
Net asset value, beginning of period . . . . . . . $ 31.37 $ 34.28 $ 33.67 $ 34.05 $ 25.00
Income (loss) from investment operations:Net investment income (loss) (b) . . . . . . . . . . 0.74 0.67 0.54 0.50 0.39Net realized and unrealized gain (loss) (c) . . . . . (2.85) (2.95) 0.72 0.75 8.91
Total from investment operations . . . . . . . . . . (2.11) (2.28) 1.26 1.25 9.30
Net equalization credits and charges (b) . . . . . . (0.03) 0.01 (0.00)(d) 0.01 (0.02)
* Commencement of operations.(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 ofFund 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 purposeof this calculation, to be reinvested at net asset value per share on the respective payment dates ofeach distribution. Total returns for periods of less than one year are not annualized. Brokercommission charges are not included in this calculation.
(f) Annualized.(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or
redemptions.(h) Not annualized.
SPDR INDEX SHARES FUNDSFINANCIAL HIGHLIGHTS (continued)Selected data for a share outstanding throughout each period
See accompanying notes to financial statements.79
1. Organization
SPDR Index Shares Funds (the “Trust”), a Massachusetts business trust,registered under the Investment Company Act of 1940, as amended (“1940Act”), is an open-end management investment company.
As of September 30, 2020, the Trust consists of thirty (30) series, each of whichrepresents a separate series of beneficial interest in the Trust. The Declarationof Trust permits the Board of Trustees of the Trust (the “Board”) to authorize theissuance of an unlimited number of shares of beneficial interest at $0.01 parvalue. The financial statements herein relate to the following series (each a“Fund”, and collectively, the “Funds”):
SPDR Dow Jones Global Real Estate ETFSPDR Dow Jones International Real Estate ETFSPDR S&P China ETFSPDR S&P Global Natural Resources ETFSPDR S&P International Small Cap ETFSPDR S&P North American Natural Resources ETF
Each Fund is classified as a diversified investment company under the 1940Act, with the exceptions of SPDR S&P China ETF and SPDR S&P NorthAmerican Natural Resources ETF, which are each a non-diversified investmentcompany.
Under the Trust’s organizational documents, its officers and trustees areindemnified against certain liabilities arising out of the performance of theirduties to the Trust. Additionally, in the normal course of business, the Trustenters into contracts with service providers that contain general indemnificationclauses. The Trust’s maximum exposure under these arrangements is unknownas this would involve future claims that may be made against the Trust thathave not yet occurred.
2. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by theTrust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generallyaccepted accounting principles (“U.S. GAAP”) requires management to makeestimates and assumptions that affect the reported amounts and disclosures inthe financial statements. Actual results could differ from those estimates. Each
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTSSeptember 30, 2020
80
Fund is an investment company under U.S. GAAP and follows the accountingand reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New YorkStock Exchange (“NYSE”) is open and, for financial reporting purposes, as ofthe report date should the reporting period end on a day that the NYSE is notopen. Fair value is generally defined as the price a fund would receive to sell anasset or pay to transfer a liability in an orderly transaction between marketparticipants at the measurement date. By its nature, a fair value price is a goodfaith estimate of the valuation in a current sale and may not reflect an actualmarket price. The investments of each Fund are valued pursuant to the policyand procedures developed by the Oversight Committee (the “Committee”) andapproved by the Board. The Committee provides oversight of the valuation ofinvestments for the Funds. The Board has responsibility for overseeing thedetermination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major categoryare as follows:
• Equity (including registered investment companies that are exchange-tradedfunds) traded on a recognized securities exchange for which marketquotations are readily available are valued at the last sale price or officialclosing price, as applicable, on the primary market or exchange on which theytrade. Equity investments traded on a recognized exchange for which therewere no sales on that day are valued at the last published sale price or at fairvalue.
• Rights and warrants are valued at the last reported sale price obtained fromindependent pricing services or brokers on the valuation date. If no price isobtained from pricing services or brokers, valuation will be based upon theintrinsic value, pursuant to the valuation policy and procedures approved bythe Board.
• Investments in registered investment companies (including money marketfunds) or other unitized pooled investment vehicles that are not traded on anexchange are valued at that day’s published net asset value (“NAV”) pershare or unit.
• Exchange-traded futures contracts are valued at the closing settlement priceon the primary market on which they are traded most extensively.Exchange-traded futures contracts traded on a recognized exchange for
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
81
which there were no sales on that day are valued at the last reported saleprice obtained from independent pricing services or brokers or at fair value.
In the event prices or quotations are not readily available or that the applicationof these valuation methods results in a price for an investment that is deemed tobe not representative of the fair value of such investment, fair value will bedetermined in good faith by the Committee, in accordance with the valuationpolicy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used tocalculate a Fund's NAV and the prices used by the Funds' underlyingbenchmarks. 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 valuehierarchy consisting of three broad levels that prioritize the inputs to valuationtechniques giving the highest priority to readily available unadjusted quotedprices in active markets for identical assets or liabilities (Level 1 measurements)and the lowest priority to unobservable inputs (Level 3 measurements) whenmarket prices are not readily available or reliable. The categorization of a valuedetermined for an investment within the hierarchy is based upon the pricingtransparency of the investment and is not necessarily an indication of the riskassociated 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 orliability;
• Level 2 – Inputs other than quoted prices included within Level 1 that areobservable for the asset or liability either directly or indirectly, including quotedprices for similar assets or liabilities in active markets, quoted prices foridentical or similar assets or liabilities in markets that are not considered to beactive, inputs other than quoted prices that are observable for the asset orliability (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 theCommittee’s assumptions used in determining the fair value of investments.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
82
The value of each Fund’s investments, according to the fair value hierarchy asof September 30, 2020, is disclosed in each Fund’s respective Schedule ofInvestments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reportingpurposes. Realized gains and losses from the sale or disposition of investmentsand foreign exchange transactions, if any, are determined using the identifiedcost method.
Dividend income and capital gain distributions, if any, are recognized on theex-dividend date, or when the information becomes available, net of any foreigntaxes withheld at source, if any. Non-cash dividends received in the form ofstock, if any, are recorded as dividend income at fair value. Distributionsreceived by the Funds may include a return of capital that is estimated bymanagement. Such amounts are recorded as a reduction of the cost ofinvestments or reclassified to capital gains.
Certain Funds invest in real estate investment trusts (“REITs”). REITs determinethe tax character of their distributions annually and may characterize a portionof their distributions as a return of capital or capital gain. The Funds' policy is torecord all REIT distributions initially as dividend income and re-designate aportion to return of capital or capital gain distributions at year end based oninformation provided by the REIT and/or SSGA Funds Management, Inc.'s (the“Adviser” or “SSGA FM”) estimates of such re-designations for which actualinformation has not yet been reported.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are appliedto that Fund within the Trust. Other expenses which cannot be attributed to aspecific Fund are allocated in such a manner as deemed equitable, taking intoconsideration the nature and type of expense and the relative net assets of theFunds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreigncurrencies as well as investment securities and other assets and liabilitiesdenominated in a foreign currency are translated to U.S. dollars using exchangerates at period end. Purchases and sales of securities, income receipts andexpense payments denominated in foreign currencies are translated into U.S.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
83
dollars at the prevailing exchange rate on the respective dates of thetransactions.
The effects of exchange rate fluctuations on investments are included with thenet realized and unrealized gain (loss) on investment securities. Other foreigncurrency transactions resulting in realized and unrealized gain (loss) aredisclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may bereclaimable) on income, stock dividends, realized and unrealized capital gainson investments or certain foreign currency transactions. Foreign taxes arerecorded in accordance with SSGA FM's understanding of the applicableforeign tax regulations and rates that exist in the foreign jurisdictions in whichthe Funds invest. These foreign taxes, if any, are paid by the Funds and arereflected in the Statements of Operations, if applicable. Foreign taxes payableor deferred as of September 30, 2020, 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 ofreacquiring Fund shares, equivalent on a per share basis to the amount ofdistributable net investment income on the date of the transaction, is credited orcharged to undistributed net investment income. As a result, undistributed netinvestment income per share is unaffected by sales or reacquisition of Fundshares. SPDR Dow Jones Global Real Estate ETF and Dow Jones InternationalReal Estate ETF did not utilize equalization during the period due to book-taxdifferences affecting income from foreign securities. Amounts related toEqualization can be found on the Statements of Changes in Net Assets.
The following Fund utilized equalization during the period ended September 30,2020:
SPDR S&P North American Natural Resources ETF
Distributions
The SPDR Dow Jones Global Real Estate ETF and the SPDR Dow JonesInternational Real Estate ETF declare and distribute from net investmentincome, if any, to their shareholders quarterly. The SPDR S&P North American
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
84
Natural Resources ETF, SPDR S&P China ETF, SPDR S&P International SmallCap ETF and SPDR S&P Global Natural Resources ETF declare and distributefrom net investment income, if any, to their shareholders semi-annually.
Net realized capital gains, if any, are distributed annually. Dividends may bedeclared and paid more frequently or at any other times to improve Indextracking or to comply with the distribution requirements of the Internal RevenueCode of 1986, as amended (“Internal Revenue Code”). The amount andcharacter of income and capital gains to be distributed are determined inaccordance with applicable tax regulations which may differ from net investmentincome and realized gains recognized for U.S. GAAP purposes.
3. Derivative Financial Instruments
Futures Contracts
Certain Funds may enter into futures contracts to meet the Funds’ objectives. Afutures contract is a standardized, exchange-traded agreement to buy or sell afinancial instrument at a set price on a future date. Upon entering into a futurescontract, the Fund is required to deposit with the broker, cash or securities in anamount equal to the minimum initial margin requirements of the clearing house.Securities deposited, if any, are designated on the Schedules of Investmentsand cash deposited, if any, is included in Net cash at broker on the Statementsof Assets and Liabilities. Subsequent payments are made or received by theFunds equal to the daily change in the contract value, accumulated, exchangerates, and or other transactional fees. The accumulation of those payments arerecorded as variation margin receivable or payable with a corresponding offsetto unrealized gains or losses. The Funds recognize a realized gain or loss whenthe contract is closed.
Losses may arise if the value of a futures contract decreases due tounfavorable changes in the market rates or values of the underlying instrumentduring the term of the contract or if the counterparty does not perform under thecontract. The use of futures contracts also involves the risk that the movementsin the price of the futures contracts do not correlate with the movement of theassets underlying such contracts.
For the period ended September 30, 2020, the SPDR Dow Jones Global RealEstate ETF entered into futures contracts for cash equitization, to reducetracking error and to facilitate daily liquidity.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
85
The following tables summarize the value of the Fund's derivative instrumentsas of September 30, 2020, and the related location in the accompanyingStatement of Assets and Liabilities and Statement of Operations, presented byprimary underlying risk exposure:
The Trust, on behalf of each Fund, has entered into an Investment AdvisoryAgreement with SSGA FM. For its advisory services to the Funds, facilitiesfurnished, and expenses borne by the Adviser, each Fund pays the Adviser afee (“Management/Advisory fee”) accrued daily and paid monthly, based on a
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
86
percentage of each Fund’s average daily net assets as shown in the followingtable:
From time to time, the Adviser may also waive all or a portion of itsmanagement fee. The Adviser has contractually agreed to waive a portion of itsManagement fee and/or reimburse expenses in an amount equal to anyacquired fund fees and expenses (excluding holdings in acquired funds for cashmanagement purposes, if any) for each Fund until January 31, 2021. Thiswaiver and/or reimbursement does not provide for the recoupment by theAdviser of any amounts waived or reimbursed. This waiver and/orreimbursement may not be terminated prior to January 31, 2021 except with theapproval of the Board.
The Adviser pays all the expenses of each Fund other than the Managementfee, brokerage expenses, taxes, interest, fees and expenses of the IndependentTrustees (including any Trustees’ counsel fees), acquired fund fees andexpenses, 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 servicesas 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.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
87
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent forthe Funds, pursuant to a Master Amended and Restated Securities LendingAuthorization Agreement dated January 6, 2017, as amended.
Proceeds collected by State Street on investment of cash collateral or any feeincome are allocated as follows (after deduction of such other amounts payableto 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 StreetNavigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FMserves as investment adviser. See Note 9 for additional information regardingsecurities lending.
Other Transactions with Affiliates
The Fund may invest in affiliated entities, including securities issued by StateStreet Corporation, affiliated funds, or entities deemed to be affiliates as a resultof the Fund owning more than five percent of the entity’s voting securities oroutstanding shares. Amounts relating to these transactions during the periodended September 30, 2020 are disclosed in the Schedules of Investments.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with thecustodian due to expense payments, capital transactions, trading of securities,investment operations or derivative transactions. The Due to custodian amount,if any, reflects cash overdrawn with State Street, as custodian, who is anaffiliate of the Funds.
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 paiddirectly by the Funds. The Independent Trustees are reimbursed for travel andother out-of-pocket expenses in connection with meeting attendance andindustry seminars.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
88
6. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and shortterm investments) for the period ended September 30, 2020, were as follows:
Purchases Sales
SPDR Dow Jones Global Real Estate ETF. . . . . . . . . . . . . . . . $327,986,540 $342,351,001
SPDR Dow Jones International Real Estate ETF . . . . . . . . . . . 206,155,614 319,845,873
SPDR S&P International Small Cap ETF . . . . . . . . . . . . . . . . . 154,003,515 171,060,777
SPDR S&P North American Natural Resources ETF. . . . . . . . . 140,359,979 129,511,290
For the period ended September 30, 2020, the following Funds had in-kindcontributions, redemptions and net realized gains/losses in the amounts asfollows:
In-kindContributions
In-kindRedemptions
In-kind NetRealized
Gains/(Losses)
SPDR Dow Jones Global Real Estate ETF . $194,193,189 $407,328,703 $ 61,115,338
Each Fund issues and redeems its shares, at NAV, by each Fund only inaggregations of a specified number of shares or multiples thereof (“CreationUnits”). Except when aggregated in Creation Units, shares of each Fund are notredeemable. Transactions in capital shares for each Fund are disclosed in detailin the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist ofthe in-kind deposit of a designated portfolio of securities and a specified amountof cash. Investors purchasing and redeeming Creation Units may pay apurchase transaction fee and a redemption transaction fee directly to the Trust
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
89
and/or custodian, to offset transfer and other transaction costs associated withthe issuance and redemption of Creation Units, including Creation Units forcash. An additional variable fee may be charged for certain transactions. Suchvariable charges, if any, are included in “Other Capital” on the Statements ofChanges in Net Assets.
8. Income Tax Information
The Funds have qualified and intend to continue to qualify as regulatedinvestment companies under Subchapter M of the Internal Revenue Code.Each Fund will not be subject to federal income taxes to the extent it distributesits 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. Noincome tax returns are currently under examination. Generally, the federalreturns are subject to examination by the The IRS (Internal Revenue Service)for a period of three years from date of filing, while the state returns may remainopen for an additional year depending upon jurisdiction. SSGA FM hasanalyzed each Fund's tax positions taken on tax returns for all open years anddoes not believe there are any uncertain tax positions that would requirerecognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Incomedividends and gain distributions are determined in accordance with income taxrules and regulations, which may differ from generally accepted accountingprinciples.
Certain capital accounts in the financial statements have been adjusted forpermanent book-tax differences. These adjustments have no impact on netasset values or results of operations. Temporary book-tax differences willreverse in the future. These book-tax differences are primarily due to differingtreatments for in-kind transactions, nontaxable dividend adjustments to income,passive foreign investment companies, wash sale loss deferrals, foreigncurrency gains and losses, real estate investment trusts, partnerships,corporate actions, future contracts and distributions in excess of currentearnings.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
90
The tax character of distributions paid during the periods ended September 30,2020, was as follows:
OrdinaryIncome
Long-TermCapital Gains Total
SPDR Dow Jones Global Real Estate ETF. . . . $ 76,066,562 $— $ 76,066,562
SPDR S&P International Small Cap ETF. . . . . . . . . . . . . . . . . 2,370,020 49,798,383
SPDR S&P North American Natural Resources ETF . . . . . . . . 18,876,739 49,025,530
As of September 30, 2020, gross unrealized appreciation and gross unrealizeddepreciation of investments and other financial instruments based on cost forfederal income tax purposes were as follows:
Each Fund may lend securities to qualified broker-dealers or institutionalinvestors. 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 thesecurities loaned, plus accrued interest and dividends, determined on a dailybasis and adjusted accordingly. The value of the collateral with respect to aloaned security may be temporarily more or less than the value of a securitydue to market fluctuations of securities values. With respect to each loan, if onany U.S. business day the aggregate market value of securities collateral pluscash collateral is less than the aggregate market value of the securities whichare subject to the loan, the borrower will be notified to provide additionalcollateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certainbeneficial 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.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
92
In addition, a Fund will bear the risk of loss of any cash collateral that it mayinvest. Each Fund receives compensation for lending its securities from interestor dividends earned on the cash, cash equivalents or U.S. governmentsecurities held as collateral, net of fee rebates paid to the borrower and net offees paid to State Street as the lending agent. Additionally, a Fund will receive afee from the borrower for non-cash collateral equal to a percentage of themarket value of the loaned securities.
The market value of securities on loan as of September 30, 2020, and the valueof the invested cash collateral are disclosed in the Funds' Statements of Assetsand Liabilities. Non-cash collateral is not disclosed in the Funds' Statements ofAssets 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 investmentof cash collateral, net of fee rebates paid to the borrower and net of fees paid toState Street as lending agent.
The following is a summary of each Fund’s securities lending agreements andrelated cash and non-cash collateral received as of September 30, 2020:
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
93
The following table reflects a breakdown of transactions accounted for assecured borrowings, the gross obligation by the type of collateral pledged orsecurities loaned, and the remaining contractual maturity of those transactionsas of September 30, 2020:
Remaining Contractual Maturity of the AgreementsAs of September 30, 2020
Fund
SecuritiesLending
Transactions
Overnightand
Continuous <30 Days
Between30 & 90Days >90 Days
TotalBorrowings
Gross Amountof RecognizedLiabilities for
Securities LendingTransactions
SPDR Dow Jones Global Real Estate ETF. Common Stocks $15,555,494 $— $— $— $15,555,494 $15,555,494SPDR Dow Jones International Real
The SPDR S&P International Small Cap ETF and other affiliated funds (each a“Participant” and, collectively, the “Participants”) have access to $200 million ofa $500 million revolving credit facility provided by a syndication of banks underwhich the Participants may borrow to fund shareholder redemptions. Thisagreement expires in October 2021 unless extended or renewed.
The Fund had no outstanding loans as of September 30, 2020.
The Participants are charged an annual commitment fee which is calculatedbased on the unused portion of the shared credit line. Commitment fees areallocated among each of the Participants based on relative net assets.Commitment fees are ordinary fund operating expenses paid by the Adviser. AParticipant incurs and pays the interest expense related to its borrowing.Interest is calculated at a rate per annum equal to the sum of 1% plus thegreater of the New York Fed Bank Rate and 1-month LIBOR rate.
Effective October 8, 2020, interest is calculated at a rate per annum equal to thesum of 1.25% plus the New York Fed Bank Rate.
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94
11. Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets inobligations of issuers within the same country, state, region, currency oreconomic sector, an adverse economic, business or political development mayaffect the value of the Funds’ investments more than if the Funds were morebroadly diversified.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typicallyassociated with investing in the U.S. Foreign securities may be subject to risk ofloss because of government regulation, economic, political and social instabilityin the countries in which the Funds' invest. Foreign markets may be less liquidthan investments in the U.S. and may be subject to the risks of currencyfluctuations. To the extent that a Fund invests in securities of issuers located inemerging markets, these risks may be even more pronounced.
Market and Credit Risk
Each Fund's investments are subject to changes in general economicconditions, general market fluctuations and the risks inherent in investment insecurities markets. Investment markets can be volatile and prices ofinvestments can change substantially due to various factors including, but notlimited to, economic growth or recession, changes in interest rates, changes inthe actual or perceived creditworthiness of issuers, and general market liquidity.Each Fund is subject to the risk that geopolitical events will disrupt securitiesmarkets and adversely affect global economies and markets. Local, regional orglobal events such as war, acts of terrorism, the spread of infectious illness orother public health issues, or other events could have a significant impact on aFund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known asCOVID-19) first detected in China in December 2019 has resulted in a globalpandemic and major disruptions to economies and markets around the world,including the United States. Financial markets have experienced extremevolatility and severe losses, and trading in many instruments has beendisrupted. Liquidity for many instruments has been greatly reduced for periodsof time. Some interest rates are very low and in some cases yields are negative.Governments and central banks, including the Federal Reserve in theUnited States, have taken extraordinary and unprecedented actions to support
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
95
local and global economies and the financial markets. The impact of thesemeasures, and whether they will be effective to mitigate the economic andmarket disruption, will not be known for some time. In addition, the outbreak ofCOVID-19, and measures taken to mitigate its effects, could result indisruptions to the services provided to a Fund by its service providers.
12. Change in Audit Firm
PricewaterhouseCoopers LLP (“PWC”) resigned as independent registeredcertified public accounting firm on April 20, 2020. On May 21, 2020, uponrecommendation by the Audit Committee of the Trust, the Board selected Ernst& Young LLP (“EY”) to replace PWC as the independent public accountant forthe fiscal year ending September 30, 2020.
The reports of PWC on the financial statements for the fiscal years endedSeptember 30, 2019 and 2018 contained no adverse opinion or disclaimer ofopinion and were not qualified or modified as to uncertainty, audit scope oraccounting principles.
During the fiscal years ended September 30, 2019 and 2018, and in thesubsequent interim period through April 20, 2020, there were no disagreementsbetween the Trust and PWC on any matter of accounting principles or practices,financial statement disclosure or auditing scope or procedure which, if notresolved to the satisfaction of PWC, would have caused it to make reference tothe disagreements in its report on the financial statements. In addition, duringthe fiscal years ended September 30, 2019 and 2018, and in the subsequentinterim period through April 20, 2020, there were no reportable events of thekind described in Item 304(a)(1)(v) of Regulation S-K under the SecuritiesExchange Act of 1934, as amended.
The Trust requested and PWC furnished a letter addressed to the Securitiesand Exchange Commission stating whether or not it agreed with the abovestatements. A copy of such letter was filed as an Exhibit, under Item 13(a)(4), toForm N-CSR for the period ended March 31, 2020.
During this period, neither the Trust nor anyone on its behalf consulted EYconcerning (i) the application of accounting principles to a specified transaction,either completed or proposed, or the type of audit opinion that might berendered on the Trust’s financial statements or (ii) the subject of a disagreement(as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportableevents (as described in paragraph (a)(1)(v) of said Item 304).
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
96
13. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fundsthrough the date the financial statements were issued and has determined thatthere were no subsequent events requiring adjustment or disclosure in thefinancial statements.
SPDR INDEX SHARES FUNDSNOTES TO FINANCIAL STATEMENTS (continued)September 30, 2020
97
To the Shareholders of SPDR Dow Jones Global Real Estate ETF, SPDR DowJones International Real Estate ETF, SPDR S&P China ETF, SPDR S&P GlobalNatural Resources ETF, SPDR S&P International Small Cap ETF and SPDRS&P North American Natural Resources ETF and the Board of Trustees ofSPDR Index Shares Funds.
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities ofSPDR Dow Jones Global Real Estate ETF, SPDR Dow Jones International RealEstate 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 AmericanNatural Resources ETF (collectively referred to as the “Funds”) (six of the fundsconstituting SPDR Index Shares Funds (the “Trust”)), including the schedules ofinvestments or summary schedules of investments, as of September 30, 2020,and the related statements of operations and changes in net assets and thefinancial highlights for the year then ended and the related notes (collectivelyreferred to as the “financial statements”) (the financial statements are includedin Item 1 of this Form N-CSR), and the schedules of investments in securitiesas of September 30, 2020 (included in Item 6 of this Form N-CSR). In ouropinion, the financial statements and schedules of investments in securitiespresent fairly, in all material respects, the financial position of each of the Funds(six of the funds constituting SPDR Index Shares Funds) at September 30,2020, and the results of their operations, the changes in their net assets andtheir financial highlights for the year then ended, in conformity with U.S.generally accepted accounting principles.
The statements of changes in net assets for the year ended September 30,2019, and the financial highlights for the periods ended prior to October 1, 2019,were audited by another independent registered public accounting firm whosereport, dated November 26, 2019, expressed an unqualified opinion on thatstatement of changes in net assets and 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 statementsbased on our audits. We are a public accounting firm registered with the PublicCompany Accounting Oversight Board (United States) (“PCAOB”) and arerequired 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 Securitiesand Exchange Commission and the PCAOB.
SPDR INDEX SHARES FUNDSREPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM
98
We conducted our audits in accordance with the standards of the PCAOB.Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free ofmaterial misstatement, whether due to error or fraud. The Trust is not requiredto have, nor were we engaged to perform, an audit of the Trust’s internal controlover financial reporting. As part of our audits we are required to obtain anunderstanding of internal control over financial reporting, but not for the purposeof expressing an opinion on the effectiveness of the Trust’s internal control overfinancial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of materialmisstatement of the financial statements, whether due to error or fraud, andperforming procedures that respond to those risks. Such procedures includedexamining, on a test basis, evidence regarding the amounts and disclosures inthe financial statements. Our procedures included confirmation of securitiesowned as of September 30, 2020, by correspondence with the custodian,brokers and others or by other appropriate auditing procedures where repliesfrom brokers and others were not received. Our audits also included evaluatingthe accounting principles used and significant estimates made by management,as well as evaluating the overall presentation of the financial statements. Webelieve that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more State Street Global Advisorsinvestment companies since 2000.
Boston, MassachusettsNovember 25, 2020
SPDR INDEX SHARES FUNDSREPORT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM (continued)
99
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, reinvesteddividends, or other distributions and (2) ongoing costs, including advisory feesand other Fund expenses. This example is intended to help you understandyour ongoing costs (in dollars) of investing in the Fund and to compare thesecosts with the ongoing costs of investing in other mutual funds. It is based on aninvestment of $1,000 made at the beginning of the period shown and held forthe entire period from April 1, 2020 to September 30, 2020.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actualexpenses that you paid over the period. The “Ending Account Value” shown isderived from each Fund's actual return, and the third column shows the dollaramount that would have been paid by an investor who started with $1,000 in theFund. You may use the information here, together with the amount youinvested, 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 accountvalue divided by $1,000 = 8.6), then multiply the result by the number given forthe Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help youcompare your Fund's costs with those of other mutual funds. It assumes thatthe Fund had a yearly return of 5% before expenses, but that the expense ratiois unchanged. In this case, because the return used is not the Fund's actualreturn, the results do not apply to your investment. The example is useful inmaking 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 hypotheticalexample with the hypothetical examples that appear in shareholder reports ofother funds.
Please note that the expenses shown in the table are meant to highlight yourongoing costs only and do not reflect any transaction costs, such as sales loadcharges (loads). Therefore, the hypothetical 5% return section of the table isuseful in comparing ongoing costs only, and will not help you determine therelative total costs of owning different funds. In addition, if these transactioncosts were included, your costs would have been higher.
SPDR INDEX SHARES FUNDSOTHER INFORMATIONSeptember 30, 2020 (Unaudited)
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average accountvalue of the period, multiplied by 183, then divided by 366.
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
101
Tax Information
For federal income tax purposes, the following information is furnished withrespect to the distributions of the Trust for its fiscal year ended September 30,2020.
Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income aseligible for the corporate dividends received deduction.
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year endedSeptember 30, 2020 are considered qualified dividend income and are eligiblefor reduced tax rates. These lower rates range from 5% to 20% depending onthe individual’s tax bracket. Each Fund reports the maximum amount allowableof its net taxable income as qualified dividend income as provided in the Jobsand Growth Tax Relief Reconciliation Act of 2003.
Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividendseligible for the 20% qualified business income deduction under Section 199A.
Foreign Tax Credit
The have made an election under Internal Revenue Code Section 853 to passthrough foreign taxes paid by each Fund to its shareholders. For the year endedSeptember 30, 2020, the total amount of foreign taxes that will be passedthrough are:
Information regarding how often the Shares of each Fund traded on theexchange at a price above (i.e., at a premium) or below (i.e., at a discount) theNAV of the Fund during the past calendar year can be found at www.ssga.com.
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are usedby the Funds’ investment adviser to vote proxies relating to the Funds’ portfolioof securities are available (i) without charge, upon request by calling1-866-787-2257 (toll free) or (ii) on the SEC’s website at www.sec.gov.
Information regarding how the investment adviser voted for the 12-month periodended June 30, is available by August 31 of each year by calling the samenumber, on the SEC’s website at www.sec.gov, and on the Funds' website atwww.ssga.com.
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete schedule ofinvestments is filed with the SEC as an exhibit on Form N-PORT, which can befound on the SEC's website at www.sec.gov. The Funds’ schedules ofinvestments are available upon request, without charge, by calling1-866-787-2257 (toll free).
Full Portfolio Schedule
The complete schedule of portfolio holdings for the following Funds is availableon the Funds’ website at www.ssga.com, without charge, upon request bycalling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.
SPDR S&P China ETF
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
103
SPDR S&P International Small Cap ETF
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
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Approval of Advisory Agreement
At a meeting held prior to September 30, 2020, the Board of Trustees of theTrust (the “Board”) evaluated proposals to continue the Investment AdvisoryAgreement (the “Agreement”) between the Trust and SSGA FundsManagement, Inc. (the “Adviser” or “SSGA FM”) with respect to the series of theTrust (collectively, the “SPDR ETFs”). The Trustees who are not “interestedpersons” of the Trust within the meaning of the Investment Company Act of1940, as amended (the “Independent Trustees”), also met separately toconsider the Agreement. The Independent Trustees were advised by theirindependent legal counsel throughout the process.
To evaluate the Agreement, the Board requested, and SSGA FM, the Trust’sinvestment adviser and administrator, and State Street Bank and TrustCompany, the Trust’s sub-administrator, transfer agent and custodian (“StateStreet”) 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 qualityof services provided by the Adviser with respect to the SPDR ETFs under theAgreement, (ii) investment performance of the SPDR ETFs, (iii) profits realizedby the Adviser and its affiliates from its relationship with the Trust, (iv) feescharged to comparable funds, (v) other benefits to the Adviser, and (vi) extent towhich 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 theAdviser. In doing so, the Trustees relied on their prior experience in overseeingthe management of the Trust and materials provided prior to and at the meeting.The Board reviewed the Agreement and the Adviser’s responsibilities formanaging investment operations of each of the SPDR ETFs in accordance witheach SPDR ETF’s investment objectives and policies, and applicable legal andregulatory requirements. The Board appreciated the nature of the SPDR ETFsas exchange-traded funds and the experience and expertise of the Adviser withexchange-traded funds. The Board considered the background and experienceof the Adviser’s senior management, including those individuals responsible forportfolio management and regulatory compliance of the SPDR ETFs. The Boardalso considered the portfolio management resources, structures and practicesof the Adviser, including those associated with monitoring and securing eachSPDR ETF’s compliance with its investment objectives and policies and withapplicable laws and regulations. The Board also considered information aboutthe Adviser’s best execution procedures and overall investment management
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
105
business, noting that the Adviser serves a wide range of clients across a broadspectrum of asset classes. The Board looked at the Adviser’s generalknowledge of the investment management business and that of its affiliateswhich make up State Street Global Advisors, through which the Adviser sharesall of its senior personnel. The Board considered that the Adviser and itsaffiliates constitute one of the world’s largest investment managemententerprises for indexed products generally and exchange-traded funds inparticular. The Board specifically considered the Adviser’s experience inmanaging equity exchange-traded funds with index-based investmentobjectives.
Investment Performance
The Board then reviewed the SPDR ETFs’ performance, noting that thedistinctive indexed investment objective of each of the SPDR ETFs madeanalysis of investment performance, in absolute terms, less of a priority thanthat which normally attaches to the performance of actively-managed funds.Instead, the Board focused on the extent to which each SPDR ETF achieved itsobjective as a passively-managed index fund. The Board reviewed informationregarding the SPDR ETFs’ index tracking.
Profits Realized by the Adviser
The Board considered the profitability of the advisory arrangement with theSPDR ETFs to the Adviser, including data on the SPDR ETFs’ historicalprofitability to the Adviser. The Board, including the Independent Trustees withtheir independent legal counsel, had the opportunity to discuss, withrepresentatives of the Adviser and State Street, methodologies used incomputing costs that formed the bases of profitability calculations.
Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF’s unitary fee through review ofcomparative information with respect to fees paid by similar funds – i.e.,exchange-traded funds tracking similar equity indexes. The Board reviewed theuniverse of similar exchange-traded funds for each SPDR ETF based upon dataindependently obtained from Broadridge Financial Solutions, Inc. and relatedcomparative information for similar exchange-traded funds. In doing so, theBoard used a fund by fund analysis of the data.
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
106
Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in otherways from its relationship with the Trust, noting that the Adviser does notmaintain soft-dollar arrangements in connection with the Trust’s brokeragetransactions.
Economies of Scale
The Board reviewed information regarding economies of scale or otherefficiencies that may result as each SPDR ETF’s assets grow in size. The Boardnoted that the Agreement did not provide for breakpoints in each SPDR ETF’sadvisory fee rates as assets of a SPDR ETF increase. However, the Boardfurther noted the Adviser’s assertion that future economies of scale (amongseveral factors) had been taken into consideration for the SPDR ETFs by fixingrelatively low advisory fees, effectively sharing the benefits of lower fees withthe SPDR ETFs from inception. The Adviser also asserted that one of thebenefits of the unitary fee was to provide an unvarying expense structure, whichcould be lost or diluted with the addition of breakpoints. The Board noted that itintends to continue to monitor fees as the SPDR ETFs grow in size and assesswhether fee breakpoints may be warranted.
Conclusion
After weighing the foregoing factors, none of which was dispositive in itself andmay have been weighed differently by each Trustee, the Board, including theIndependent Trustees voting separately, approved the Agreement for eachSPDR ETF. The Board’s conclusions with respect to the factors were asfollows: (a) the nature and extent of the services provided by the Adviser withrespect to the SPDR ETFs were appropriate; (b) the performance and, moreimportantly, the index tracking, of each SPDR ETF had been satisfactory; (c)the Adviser’s unitary fee for each SPDR ETF, considered in relation to servicesprovided and in relation to fees charged to comparable funds, was fair andreasonable; (d) the profitability of the Trust’s relationships with the Adviser wasnot excessive; (e) any additional potential benefits to the Adviser or its affiliateswere not of a magnitude to materially affect the Board’s conclusions; and (f) thefees paid to the Adviser adequately shared the economies of scale with respectto the SPDR ETFs by way of the relatively low fee structure of the Trust.
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107
TRUSTEES AND OFFICERS INFORMATION
Name, Addressand Year of Birth
Position(s)with Funds
Term ofOffice andLength of
Time Served
PrincipalOccupation(s)During Past
5 Years
Numberof
Portfoliosin Fund
ComplexOverseen
byTrustee†
OtherDirectorships
Held by TrusteeDuring the
Past 5 Years
TrusteesIndependent TrusteesFRANK NESVET
c/o SPDR Index Shares FundsOne Iron StreetBoston, MA 022101943
IndependentTrustee,Chairman,TrusteeCommitteeChair
Term:UnlimitedServed: sinceSeptember2000
Retired. 125 None.
BONNY EUGENIA BOATMANc/o SPDR Index Shares FundsOne Iron StreetBoston, MA 022101950
IndependentTrustee
Term:UnlimitedServed: sinceApril 2010
Retired. 125 None.
DWIGHT D. CHURCHILLc/o SPDR Index Shares FundsOne Iron StreetBoston, MA 022101953
IndependentTrustee
Term:UnlimitedServed: sinceApril 2010
Self-employedconsultant since2010;CEO and President,CFA Institute (June2014-January2015).
125 AffiliatedManagers Group,Inc. (Chairman,Director and AuditCommittee Chair)
CARL G. VERBONCOEURc/o SPDR Index Shares FundsOne Iron StreetBoston, MA 022101952
IndependentTrustee,AuditCommitteeChair
Term:UnlimitedServed: sinceApril 2010
Self-employedconsultant since2009.
125 The Motley FoolFunds Trust(Trustee).
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
108
Name, Addressand Year of Birth
Position(s)with Funds
Term ofOffice andLength of
Time Served
PrincipalOccupation(s)During Past
5 Years
Numberof
Portfoliosin Fund
ComplexOverseen
byTrustee†
OtherDirectorships
Held by TrusteeDuring the
Past 5 Years
CLARE S. RICHERc/o SPDR Index Shares FundsOne Iron StreetBoston, MA 022101958
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registeredinvestment 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 ofthe Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
111
Name, Addressand Year of Birth
Position(s)with Funds
Term ofOffice andLength of
Time ServedPrincipal Occupation(s) During the Past
5 Years
Officers
ELLEN M. NEEDHAMSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101967
President Term: UnlimitedServed: sinceOctober 2012
Chairman, SSGA Funds Management, Inc.(March 2020 - present)*; President andDirector, SSGA Funds Management, Inc.(2001 - present)*, Senior ManagingDirector, State Street Global Advisors(1992 - present)*; Manager, State StreetGlobal Advisors Funds Distributors, LLC(May 2017 - present).
BRUCE S. ROSENBERGSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101961
Chief Operating Officer, SSGA FundsManagement, Inc. (2005 - Present)*;Managing Director, State Street GlobalAdvisors (2005 - present).*
MICHAEL P. RILEYSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101969
VicePresident
Term: UnlimitedServed: sinceFebruary2005
Managing Director, State Street GlobalAdvisors (2005 - present).*
CHAD C. HALLETTSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101969
DeputyTreasurer
Term: UnlimitedServed: sinceFebruary2016
Vice President, State Street GlobalAdvisors and SSGA Funds Management,Inc. (November 2014 - present); VicePresident, State Street Bank and TrustCompany (2001 - November 2014).*
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
112
Name, Addressand Year of Birth
Position(s)with Funds
Term ofOffice andLength of
Time ServedPrincipal Occupation(s) During the Past
5 Years
DARLENE ANDERSON-VASQUEZSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101968
DeputyTreasurer
Term: UnlimitedServed: sinceNovember2016
Managing Director, State Street GlobalAdvisors and SSGA Funds Management,Inc. (May 2016 - present); Senior VicePresident, John Hancock Investments(September 2007 - May 2016).
ARTHUR A. JENSENSSGA Funds Management, Inc.1600 Summer StreetStamford, CT 069051966
DeputyTreasurer
Term: UnlimitedServed: sinceAugust 2017
Vice President, State Street GlobalAdvisors and SSGA Funds Management,Inc. (July 2016 - present); DeputyTreasurer of Elfun Funds (July 2016 -present); Treasurer of State StreetInstitutional Funds, State Street VariableInsurance Series Funds, Inc. and GERetirement Savings Plan Funds (June 2011- present); Treasurer of Elfun Funds (June2011 - July 2016); Mutual Funds Controllerof GE Asset Management Incorporated(April 2011 - July 2016).
DAVID LANCASTERSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101971
AssistantTreasurer
Term: UnlimitedServed: sinceNovember2020
Vice President, State Street GlobalAdvisors and SSGA Funds Management,Inc. (July 2017 - present); Assistant VicePresident, State Street Bank and TrustCompany (November 2011 - July 2017).
SUJATA UPRETISSGA Funds Management, Inc.One Iron StreetBoston, MA 022101974
AssistantTreasurer
Term: UnlimitedServed: sinceFebruary2016
Vice President, State Street GlobalAdvisors and SSGA Funds Management,Inc. (May 2015 - present).
DANIEL FOLEYSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101972
AssistantTreasurer
Term: UnlimitedServed: sinceFebruary2016
Vice President, State Street GlobalAdvisors and SSGA Funds Management,Inc. (April 2007 - present).*
DANIEL G. PLOURDESSGA Funds Management, Inc.One Iron StreetBoston, MA 022101980
AssistantTreasurer
Term: UnlimitedServed: sinceMay 2017
Vice President, State Street GlobalAdvisors and SSGA Funds Management,Inc. (May 2015 - present); Officer, StateStreet Bank and Trust Company (March2009 - May 2015).
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
113
Name, Addressand Year of Birth
Position(s)with Funds
Term ofOffice andLength of
Time ServedPrincipal Occupation(s) During the Past
5 Years
BRIAN HARRISSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101973
Managing Director, State Street GlobalAdvisors and SSGA Funds Management,Inc. (June 2013 - present)*.
SEAN O’MALLEYSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101969
Chief LegalOfficer
Term: UnlimitedServed: sinceAugust 2019
Senior Vice President and Deputy GeneralCounsel, State Street Global Advisors(November 2013 - present).
ANDREW DELORMESSGA Funds Management, Inc.One Iron StreetBoston, MA 022101975
Secretary Term: UnlimitedServed: sinceAugust 2019
Vice President and Senior Counsel, StateStreet Global Advisors (April 2016 -present); Vice President and Counsel,State Street Global Advisors (August 2014- March 2016).
DAVID BARRSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101974
AssistantSecretary
Term: UnlimitedServed: sinceNovember2020
Vice President and Senior Counsel, StateStreet Global Advisors (October 2019 -present); Vice President at Eaton VanceCorp (October 2010 - October 2019).
DAVID URMANSSGA Funds Management, Inc.One Iron StreetBoston, MA 022101985
AssistantSecretary
Term: UnlimitedServed: sinceAugust 2019
Vice President and Senior Counsel, StateStreet Global Advisors (April 2019 -present); Vice President and Counsel,State Street Global Advisors (August2015-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' directorsand is available, without charge, upon request and by calling 1-866-787-2257.
SPDR INDEX SHARES FUNDSOTHER INFORMATION (continued)September 30, 2020 (Unaudited)
114
SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Bonny E. Boatman
Dwight D. Churchill
Frank Nesvet, Chairman
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur
Investment Manager andAdministrator
SSGA Funds Management, Inc.One Iron StreetBoston, MA 02210
Distributor
State Street Global Advisors FundsDistributors, LLCOne Iron StreetBoston, MA 02210
Custodian, Sub-Administratorand Transfer Agent
State Street Bank and Trust CompanyOne Lincoln StreetBoston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP1111 Pennsylvania Avenue, NWWashington, DC 20004
Independent Registered PublicAccounting Firm
Ernst & Young LLP200 Clarendon StreetBoston, MA 02116
The information contained in this report is intended for the generalinformation of shareholders of the Trust. This report is not authorizedfor distribution to prospective investors unless preceded oraccompanied by a current Trust prospectus which contains importantinformation concerning the Trust. You may obtain a currentprospectus and SAI from the Distributor by calling 1-866-787-2257 orvisiting www.ssga.com. Please read the prospectus carefully beforeyou invest.
SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visitwww.ssga.com today.
The Funds are not sponsored, endorsed, sold,or promoted by Stoxx, S&P Dow JonesIndices LLC, MSCI Inc., or Solactive AG.Neither do these companies make anyrepresentation regarding the advisability ofinvesting in the Funds. Shares of the Funds arenot insured by the FDIC or by anothergovernmental agency; they are not obligationsof the FDIC nor are they deposits or obligationsof or guaranteed by State Street Bank and TrustCompany. Fund shares are subject toinvestment risks, including possible loss of theprincipal invested.
Standard & Poor’s®, S&P® and SPDR® areregistered trademarks of Standard & Poor’sFinancial Services LLC (S&P); Dow Jones is aregistered trademark of Dow Jones TrademarkHoldings LLC (Dow Jones); and thesetrademarks have been licensed for use by S&PDow Jones Indices LLC (SPDJI) andsublicensed for certain purposes by State StreetCorporation. State Street Corporation’s financialproducts are not sponsored, endorsed, sold orpromoted by SPDJI, Dow Jones, S&P, their
respective affiliates and third party licensors andnone of such parties make any representationregarding the advisability of investing in suchproduct(s) nor do they have any liability inrelation thereto, including for any errors,omissions, or interruptions of any index.
Distributor: State Street Global Advisors FundsDistributors, LLC, member FINRA, SIPC, anindirect wholly-owned subsidiary of State StreetCorporation. References to State Street mayinclude State Street Corporation and itsaffiliates. Certain State Street affiliates provideservices and receive fees from the SPDR ETFs.
Before investing, consider a Fund'sinvestment objective, risks, charges andexpenses. To obtain a prospectus orsummary prospectus which contains thisand other information, call 1-866-787-2257 orvisit www.ssga.com. Read it carefully.
Not FDIC Insured • No Bank Guarantee • MayLose Value
The information contained in this report is intended for the general information ofshareholders of the Trust. This report is not authorized for distribution to prospectiveinvestors unless preceded or accompanied by a current Trust prospectus which containsimportant information concerning the Trust. You may obtain a current prospectus and SAIfrom the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read theprospectus carefully before you invest.
Ltd. Class H. . . . . . . . . . . . . . 1,577,691 1,313,046NIO, Inc. ADR (a). . . . . . . . . . . . 486,202 10,317,207Qingling Motors Co., Ltd. Class H . 2,796,000 487,045SAIC Motor Corp., Ltd. Class A. . . 390,479 1,100,727
30,349,368
BANKS — 7.5%Agricultural Bank of China, Ltd.
Class A . . . . . . . . . . . . . . . . . 3,337,600 1,559,052Agricultural Bank of China, Ltd.
Class H. . . . . . . . . . . . . . . . . 14,885,000 4,647,961Bank of Beijing Co., Ltd. Class A . . 624,600 430,740Bank of Chengdu Co., Ltd. Class A . 343,800 500,530Bank of China, Ltd. Class A . . . . . 1,457,100 687,078Bank of China, Ltd. Class H . . . . . 37,990,700 11,764,862Bank of Chongqing Co., Ltd.
Class H (b) . . . . . . . . . . . . . . 1,244,500 643,928Bank of Communications Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 360,500 241,173Bank of Communications Co., Ltd.
Class H. . . . . . . . . . . . . . . . . 10,464,824 5,023,116Bank of Hangzhou Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 340,000 590,189Bank of Jiangsu Co., Ltd. Class A . . 420,300 376,556Bank of Nanjing Co., Ltd. Class A . 343,800 399,714Bank of Ningbo Co., Ltd. Class A . . 215,200 998,261Bank of Shanghai Co., Ltd. Class A. 485,700 582,585Bank of Zhengzhou Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 645,890 355,957China CITIC Bank Corp., Ltd.
Class H. . . . . . . . . . . . . . . . . 6,964,471 2,686,938China Construction Bank Corp.
Class H. . . . . . . . . . . . . . . . . 44,921,623 29,097,619China Everbright Bank Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 1,608,700 865,237China Everbright Bank Co., Ltd.
Class H. . . . . . . . . . . . . . . . . 781,000 245,889China Merchants Bank Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 732,100 3,883,648China Merchants Bank Co., Ltd.
Factory Co., Ltd. Class A . . . . . 38,100 1,112,689Sichuan Swellfun Co., Ltd. Class A . 62,400 593,077Tsingtao Brewery Co., Ltd. Class H. 223,000 1,814,213Wuliangye Yibin Co., Ltd. Class A . 158,200 5,151,879Yantai Changyu Pioneer Wine Co.,
Ltd. Class A . . . . . . . . . . . . . . 97,000 438,811
Rongsheng Petro Chemical Co.,Ltd. Class A . . . . . . . . . . . . . . 247,200 683,358
Shandong Hualu HengshengChemical Co., Ltd. Class A . . . . 159,696 576,537
Sinopec Shanghai PetrochemicalCo., Ltd. Class H. . . . . . . . . . . 1,833,999 333,669
Suli Co., Ltd. Class A . . . . . . . . . 123,900 316,400Tianqi Lithium Corp. Class A (a) . . 111,100 325,460Tongkun Group Co., Ltd. Class A . . 210,800 429,596Transfar Zhilian Co., Ltd. Class A. . 350,800 291,028Wanhua Chemical Group Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 116,000 1,184,563Zhejiang Juhua Co., Ltd. Class A . . 379,600 382,044Zhejiang Longsheng Group Co.,
Ltd. Class A . . . . . . . . . . . . . . 180,500 361,463Zibo Qixiang Tengda Chemical Co.,
Ltd. Class A . . . . . . . . . . . . . . 367,000 377,475
Engineering Co., Ltd. Class A . . 481,400 381,641China Railway Construction Corp.,
Ltd. Class A . . . . . . . . . . . . . . 330,100 403,243China Railway Construction Corp.,
Ltd. Class H. . . . . . . . . . . . . . 1,007,875 693,158China Railway Group, Ltd. Class A . 456,500 362,574China Railway Group, Ltd. Class H . 2,376,000 1,115,953China State Construction
Engineering Corp., Ltd. Class A . 1,488,700 1,114,392China State Construction
International Holdings, Ltd. . . . . 1,160,000 755,871Metallurgical Corp. of China, Ltd.
Class A . . . . . . . . . . . . . . . . . 961,400 375,420Metallurgical Corp. of China, Ltd.
Class H. . . . . . . . . . . . . . . . . 1,713,000 274,080Power Construction Corp. of China,
Ltd. Class A . . . . . . . . . . . . . . 589,100 327,263Shanghai Construction Group Co.,
Ltd. Class A . . . . . . . . . . . . . . 805,500 366,768Suzhou Gold Mantis Construction
Decoration Co., Ltd. Class A . . . 295,600 421,209
13,119,789
CONSTRUCTION MATERIALS — 1.0%Anhui Conch Cement Co., Ltd.
CSG Holding Co., Ltd. Class A . . . 623,817 516,607Huaxin Cement Co., Ltd. Class A . . 143,300 530,647Jinyuan EP Co., Ltd. Class A . . . . . 302,900 402,599Sichuan Shuangma Cement Co.,
Holdings, Ltd. (a) . . . . . . . . . . 24,810,300 32,013Shanghai Jin Jiang Capital Co., Ltd.
Class H. . . . . . . . . . . . . . . . . 1,306,187 203,934Shanghai Jinjiang International
Hotels Co., Ltd. Class A . . . . . . 118,410 711,371Shenzhen Overseas Chinese Town
Co., Ltd. Class A. . . . . . . . . . . 403,000 402,626Yum China Holdings, Inc. . . . . . . . 195,287 10,340,447
17,244,989
HOUSEHOLD DURABLES — 0.8%Gree Electric Appliances, Inc. of
Zhuhai Class A . . . . . . . . . . . . 237,600 1,866,124Haier Electronics Group Co., Ltd. . . 667,000 2,409,806Haier Smart Home Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 199,900 642,739Hang Zhou Great Star Industrial
Co., Ltd. Class A (a). . . . . . . . . 243,400 709,437Hangzhou Robam Appliances Co.,
Ltd. Class A . . . . . . . . . . . . . . 105,200 506,755Hisense Home Appliances Group
Co., Ltd. Class H. . . . . . . . . . . 308,000 379,535Jason Furniture Hangzhou Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 81,900 727,726Joyoung Co., Ltd. Class A . . . . . . . 124,854 745,669KingClean Electric Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 123,600 637,643NavInfo Co., Ltd. Class A . . . . . . . 168,100 364,126Oppein Home Group, Inc. Class A . 32,680 518,976Shenzhen MTC Co., Ltd. Class A
Group Co., Ltd. Class A . . . . . . 78,300 379,599Hefei Meiya Optoelectronic
Technology, Inc. Class A . . . . . . 88,800 627,435Inner Mongolia First Machinery
Group Co., Ltd. Class A . . . . . . 254,823 418,678Jiangsu Hengli Hydraulic Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 116,796 1,228,834Lonking Holdings, Ltd. . . . . . . . . 2,197,000 581,142Sany Heavy Industry Co., Ltd.
Class A . . . . . . . . . . . . . . . . . 305,418 1,120,176Shanghai Mechanical and Electrical
Industry Co., Ltd. Class A . . . . . 163,400 399,934Sinotruk Hong Kong, Ltd. . . . . . . . 174,000 445,889Weichai Power Co., Ltd. Class H. . . 1,161,680 2,326,358XCMG Construction Machinery
Co., Ltd. Class A. . . . . . . . . . . 622,700 509,259Yangzijiang Shipbuilding Holdings,
(a) Non-income producing security.(b) All or a portion of the shares of the security are on loan at
September 30, 2020.(c) Securities purchased pursuant to Rule 144A of the Securities Act
of 1933, as amended. These securities, which represent 4.6% ofnet assets as of September 30, 2020, are considered liquid andmay be resold in transactions exempt from registration, normallyto qualified institutional buyers.
(d) Fair valued as determined in good faith by the Trust’s OversightCommittee in accordance with policy and procedures approved bythe Board of Trustees. Security value is determined based onLevel 3 inputs. As of September 30, 2020, total aggregate fairvalue of the security is $148,577, representing less than 0.05% ofthe Fund’s net assets.
(e) Amount is less than 0.05% of net assets.(f) The Fund invested in certain money market funds managed by
SSGA Funds Management, Inc. Amounts related to thesetransactions during the period ended September 30, 2020 areshown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at September 30,2020.
(h) The Fund invested in an affiliated entity. Amounts related to thesetransactions during the period ended September 30, 2020 areshown in the Affiliate Table below.
(i) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
SPDR S&P CHINA ETFSCHEDULE OF INVESTMENTSSeptember 30, 2020
13
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30,2020.
(a) All or a portion of the shares of the security are on loan atSeptember 30, 2020.
(b) Fair valued as determined in good faith by the Trust’s OversightCommittee in accordance with policy and procedures approved bythe Board of Trustees. Security value is determined based onLevel 3 inputs. As of September 30, 2020, total aggregate fairvalue of the securities is $735,233, representing less than 0.05%of the Fund’s net assets.
(c) Non-income producing security.(d) Securities purchased pursuant to Rule 144A of the Securities Act
of 1933, as amended. These securities, which represent 3.2% ofnet assets as of September 30, 2020, are considered liquid andmay be resold in transactions exempt from registration, normallyto 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.(g) The Fund invested in certain money market funds managed by
SSGA Funds Management, Inc. Amounts related to thesetransactions during the period ended September 30, 2020 areshown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at September 30,2020.
(i) The Fund invested in an affiliated entity. Amounts related to thesetransactions during the period ended September 30, 2020 areshown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary ReceiptCVR Contingent Value RightsREIT Real Estate Investment TrustSDR Swedish Depositary Receipt
SPDR S&P INTERNATIONAL SMALL CAP ETFSCHEDULE OF INVESTMENTSSeptember 30, 2020
28
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30,2020.