SPDR S&P China ETF (GXC) N-CSRCertified annual shareholder report (management investment company)

The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The MSCI ACWI Low Carbon Target Index is designed to address two dimensions of carbon exposure - carbon emissions and fossil fuel reserves. By overweighting companies with low carbon emissions relative to sales and per dollar of market capitalization, the index aims to reflect a lower carbon exposure than that of the broad market.

The MSCI EAFE ex Fossil Fuels Index is designed to measure the performance of companies in the MSCI EAFE Index that do not own proved and probable coal, oil or natural gas reserves used for energy purposes. The Parent Index, which serves as the initial universe for eligible securities in the index, captures large and mid-capitalization representation across developed market Europe, Australasia, and Far East countries, excluding the United States and Canada.

The MSCI EAFE (Europe, Australasia, Far East) Factor Mix A-Series Index captures large- and mid-cap representation across 21 developed market Europe, Australasia, and Far East countries and aims to represent the performance of value, low volatility, and quality factor strategies. The index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI EAFE Value Weighted Index, the MSCI EAFE Minimum Volatility Index, and the MSCI EAFE Quality Index.

The MSCI Emerging Markets ex Fossil Fuels Index is designed to measure the performance of companies in the MSCI Emerging Markets Index that do not own proved and probable coal, oil or natural gas reserves used for energy purposes. The Parent Index, which serves as the initial universe for eligible securities in the index, captures large and mid-capitalization representation across 26 emerging market countries.

The MSCI Emerging Markets (EM) Factor Mix A-Series Index captures large- and mid-cap representation across 27 emerging markets countries and aims to represent the performance of value, low volatility, and quality factor strategies. The index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI EM Value Weighted Index, the MSCI EM Minimum Volatility Index, and the MSCI EM Quality Index.

The MSCI World Factor Mix A-Series Index captures large-and mid-cap representation across 23 developed countries and aims to represent the performance of value, low volatility, and quality factor strategies. The index is an equal weighted combination of the following three MSCI Factor Indices in a single composite index: the MSCI World Value Weighted Index, the MSCI World Minimum Volatility Index, and the MSCI World Quality Index.

S&P^® Emerging Asia Pacific BMI Index is a market capitalization weighted index designed to define and measure the investable universe of publicly traded companies domiciled in emerging Asian Pacific markets. The Index is "float-adjusted," meaning that only those shares publicly available to investors are included in the index calculation.

The S&P Global Infrastructure Index is comprised of 75 of the largest publicly listed infrastructure companies that meet specific investability requirements. The Index is designed to provide liquid exposure to the leading publicly listed companies in the global infrastructure industry, from both developed markets and emerging markets.

The SPDR MSCI ACWI Low Carbon Target ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks securities of publicly traded companies in developed and emerging markets while seeking to minimize carbon exposure. The Fund’s benchmark is the MSCI ACWI Low Carbon Target Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 27.23%, and the Index was 27.10%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, cumulative effect of security misweights, tax withholdings, compounding and corporate actions contributed to the difference between the Fund’s performance and that of the Index.

The Fund performed strongly (+27.10%) during the period in question and exhibited positive returns in each quarter but the last one. Approximately half of the Fund’s return was generated in the fourth quarter ending December 2020 as risk assets rallied on positive news flow on vaccines and U.S. election results. Both Moderna and Pfizer COVID-19 vaccines got the United States Food and Drug Administration’s approval, raising prospects of similar approvals across key economies. China, Taiwan and South Korea continued to contain the virus well near the zero-infection rate. Commodities registered robust returns and oil prices rose as stronger demand outlook offset concerns on increased supply. West Texas Intermediate (WTI) crude oil returning over 18% for the quarter as stronger demand outlook offset concerns of increased supply. Risk assets continued to rally in the first quarter 2021 as economic recovery gathered pace on the back of widespread vaccination, renewed fiscal stimulus and continued monetary policy support. Commodities registered modest gains and oil prices rallied sharply on optimism that demand would rebound even as OPEC+ countries kept a tight rein on additional supplies. Risk assets continued to rally in the second quarter aided by the strong economic recovery across key developed markets (DM). Commodities registered solid gains on the back of strong growth in energy prices. Once again, risk assets continued to rally in the second quarter (ending June 30) aided by the strong economic recovery across key developed markets (DM). Commodities registered solid gains on the back of strong growth in energy prices. On the fiscal front, U.S. President Joe Biden secured an infrastructure package deal worth US$1 trillion, which, however, fell short of the US$2.3 trillion plan proposed in March. On the COVID-19 front, over a fifth of the world’s population received at least one vaccine dose, up from 3.0% in mid-March with DM leading EM economies. On the economic front, incoming U.S. data point to a strong recovery momentum. US Q1 GDP registered solid 6.4% QoQ (annualized) growth though it was lower than consensus estimates of 6.7%. West Texas Intermediate crude oil returned over 24% for the quarter as increasing global oil demand combined with high vaccination rollouts boosted mobility, lifting oil prices to a multi-year high. During the third quarter (ending September 30), Risk assets across developed markets were flat whereas emerging markets underperformed amid sell-off in China. Commodities registered positive returns in the third quarter, driven by higher energy prices. Increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with global energy crunch looked to pose key risks to recovery momentum. The West Texas Intermediate (WTI) crude oil index returned 4.0% for the quarter. Crude prices made a comeback in September, after witnessing the first significant monthly decline in 10 months due to worries about the Delta variant. Growing fuel demand and a supply disruption caused by two hurricanes supported crude prices in September.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Alphabet Inc. Class A, Microsoft Corporation, and Apple Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Zoom Video Communications, Inc. Class A, SAP SE, and Alibaba Group Holding Ltd.

The SPDR MSCI EAFE Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI EAFE ex Fossil Fuels Index. The Fund’s benchmark is the MSCI EAFE ex Fossil Fuels Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 24.65%, and the Index was 24.75%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, the cumulative effect of security misweights, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

For the Reporting Period, returns for the Fund and the broader MSCI EAFE Index were strong, as global markets continued to re-open and recover from the shutdowns early in the COVID-19 pandemic. In the first half of the Reporting Period, returns were supported by the release of COVID vaccines, but in the second half returns slowed, as concerns surfaced about additional waves of COVID infections from subsequent variants, along with adverse downstream economic effects such as those impacting inflation, employment and the global supply chain.

The returns of the Fund were slightly lower than the broader MSCI EAFE Index, which managed to produce a return of nearly 26% for the Reporting Period. This slight underperformance was due primarily to the outperformance of Energy sector securities, many of which the Fund did not hold due to its Fossil Fuel exclusions. The Fund was also underweight Utilities due to the same exclusions, but because Utilities underperformed this served to somewhat offset the relative performance detraction from Energy. On the whole, though, the impact from Energy was greater than the impact from Utilities and other sectors.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were ASML Holding NV, Commonwealth Bank of Australia, and LVMH Moet Hennessy Louis Vuitton SE. The top negative contributors to the Fund’s performance during the Reporting Period were SAP SE, Reckitt Benckiser Group PLC, and Unilever PLC.

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

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 24.57%, and the Index was 24.60%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cumulative cash drag, security misweights and tax withholding differences contributed to the difference between the Fund’s performance and that of the Index.

Performance for the period was primarily driven by the ongoing COVID-19 pandemic. Despite the pandemic taking a turn for the worse in the fourth calendar quarter of 2020, the U.S. election results and positive news on COVID-19 vaccines helped markets to recover. Approvals to use vaccines manufactured by Pfizer-BioNTech, Moderna and Oxford-AstraZeneca led to the largest momentum changes in the history of equity markets. This positive momentum carried in to the first calendar quarter of 2021, however the subsequent slow pace of vaccine distribution and concerns around a longer than anticipated timeline for economic recovery led to global markets stumbling for a short period. The sell-offs were short lived as stocks regained some upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli. With the majority of adults receiving at least one dose of the vaccine and the number of people being hospitalized with COVID-19 being much lower than at the start of the year, the continued rally was a signal of investors looking ahead to a sustainable reopening of economies. Economic data in the second calendar quarter of 2021 was strong over the quarter as mobility restrictions were lifted by most countries and economic activity picked up. Vaccine rollouts in the U.S., UK and Europe continued to proceed at speed.

Global reopening continued during in to the third calendar quarter of 2021, with a number of developed markets further lifting restrictions. Economic data remained strong; however, much of the developed markets appeared to be at or just past the peak rate of growth. There, were also concerns regarding a peak in the rate of economic growth, supply disruptions and rising inflation.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Novo Nordisk A/S, LVMH Moet Hennessey Louis Vuitton and ASML Holding NV. The top negative contributors to the Fund’s performance during the Reporting Period were Unilever PLC, Reckitt Benckiser Group PLC, and Nippon Paint Holdings.

The SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the MSCI Emerging Markets ex Fossil Fuels Index. The Fund’s benchmark is the MSCI Emerging Markets ex Fossil Fuels Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 16.00%, and the Index was 16.09%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.

The fund started off the period with strong positive returns over 19% in the first quarter of the reporting period (Q4 2020). As countries around the world grappled with surging coronavirus cases, emerging market (EM) equities became less risky compared with their developed market peers. Within EM, in China, internal controls that had restricted movement between the country’s provinces owing to the pandemic were relaxed. EM equities benefited from renewed hopes of a cyclical recovery, a falling U.S. dollar and increasing global trade activity. Strong demand for medical supplies and tech products lifted Chinese exports. South Korea, another beneficiary of increased technology demand, also showed accelerating momentum in its exports. The start of 2021 revealed new cases registered in China which led to tighter restrictions being extended up to the lunar year season. This resulted in a sell-off of Chinese equities during the quarter over policy tightening. EM equities lagged behind DM counterparts as many countries faced a spike in cases, re-imposition of lockdowns and a slowdown in vaccinations.

During the second quarter of 2021, most EM countries faced challenges in terms of the logistics of supplying vaccines. Within the region, a new outbreak was witnessed in Latin America, Turkey, India and the Philippines. India in particular saw a worsening of the pandemic situation, which intensified pressure on its healthcare infrastructure. South Korea and Taiwan managed to benefit slightly due to strong DM demand. Emerging market equities were majorly dragged down during the quarter by the struggling Chinese equity markets. Despite some markets, including India, continuing to perform well, the flow of negative news from China seemed relentless and weighed heavy on the overall regional performance. It started off with the introduction of tighter regulations on various sectors including increased scrutiny of the technology sector and reforms to stabilize the housing market to ensure equality and fair competition. This was followed by tighter scrutiny on the technology sector, including a ban on children playing computer games for more than three hours per week. As a result of such regulatory efforts, there was continued volatility. In terms of coronavirus spread within the region, China’s mass testing and mobility restrictions continued to prove successful in containing the Delta variant outbreak. In India, cases remained low despite a resumption in mobility. Within rest of the region, the slow pace of vaccination left many countries vulnerable to the Delta variant. As a result, the fund ended the period with its only quarter of negative returns.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Samsung Electronics Co., Ltd., Infosys Limited, and Taiwan Semiconductor Manufacturing Co., Ltd. The top negative contributors to the Fund’s performance during the Reporting Period were Alibaba Group Holding Ltd., TAL Education Group Sponsored ADR Class A, and Alibaba Group Holding Ltd. Sponsored ADR.

The SPDR MSCI Emerging Markets StrategicFactors ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging equity markets of the world. The Fund's benchmark is the MSCI Emerging Markets (EM) Factor Mix A-Series Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 23.25%, and the Index was 24.38%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, the cumulative effect of security misweights, tax withholdings and cash drag contributed to the difference between the Fund’s performance and that of the Index.

For the Reporting Period, returns for the Fund and the broader MSCI Emerging Markets Index were strong, as global markets continued to re-open and recover from the shutdowns early in the COVID-19 pandemic. In the first half of the Reporting Period, strong returns were supported by the release of COVID vaccines, but in the second half returns pulled back, as concerns surfaced about additional waves of COVID infections from subsequent variants, along with adverse downstream economic effects such as those impacting inflation, employment and the global supply chain.

The Fund outperformed the broader MSCI Emerging Markets Index during the Reporting Period, as exposure to the intended factors coupled with weight differences for both countries and sectors all benefited the Fund’s relative returns. In regards to factors, although quality underperformed for the Reporting Period, both value and low volatility outperformed, and with the Fund’s exposure to all three factors, this had a net positive effect on the Fund’s relative returns. Differences in country weights, such as the overweight to outperforming India and the underweight to underperforming China, also benefitted the Fund’s relative returns. Differences in sector weights were also beneficial, but none as great as the underweight to the underperforming Consumer Discretionary sector.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Tata Consultancy Services Limited, Taiwan Semiconductor Manufacturing Co., Ltd., and Infosys Limited. The top negative contributors to the Fund’s performance during the Reporting Period were Ping An Insurance (Group) Company of China, Ltd. Class H, Yihai International Holding Ltd., and Alibaba Group Holding Ltd.

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

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 26.15%, and the Index was 26.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Optimization and dividend tax withholdings contributed to the difference between the Fund’s performance and that of the Index.

The broad MSCI World Index enjoyed a fruitful fiscal year climbing over 28% during the first three fiscal quarters before slightly retreating during the final quarter to produce a very healthy return of +28.82% for the entire period. The story of the year throughout the world was the COVID-19 virus. Though unlike the prior fiscal year which was filled with fear and uncertainty, this most recent year was focused on acceptance, adaptation, and recovery. The development and distribution of various vaccines throughout the world allowed economies to re-open with an optimistic view that the collective worst was behind us. Industries such as travel, retail, and construction adapted to new regulations and thrived once again as governments loosened restrictions to local lockdowns. The other big story resided in the US with the rest of the world acting as interested parties. Joe Biden defeated the incumbent, Donald Trump, in the Presidential Election held in November. At the time of the election it was viewed favorably in many parts of the world as Biden’s platform of global inclusivity was a stark contrast to Trump’s domestic focused policies. The global market’s ascension during that period reflected the optimism that the victory presented.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Alphabet Inc. Class C, Microsoft Corporation, and Alphabet Inc. Class A. The top negative contributors to the Fund’s performance during the Reporting Period were Vertex Pharmaceuticals Incorporated, Zoom Video Communications, Inc. Class A, and Agnico Eagle Mines Limited.

The SPDR S&P Emerging Asia Pacific ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the emerging markets of the Asia Pacific region. The Fund’s benchmark is the S&P Asia Pacific Emerging BMI Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 14.73%, and the Index was 15.77%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

The S&P Emerging Asia Pacific Index gained 16.22% in the last quarter of 2020 delivering the best performing quarter of the fiscal year. Risk assets rallied in the fourth quarter on positive news flow on vaccines and U.S. election results. China continued its sustained economic recovery, led by growth in exports and manufacturing.  As countries around the world grappled with surging coronavirus cases, emerging market (EM) equities became less risky compared with their developed market peers. Within EM, in China, internal controls that had restricted movement between the country’s provinces owing to the pandemic were relaxed. EM equities benefited from renewed hopes of a cyclical recovery, a falling U.S. dollar and increasing global trade activity. Strong demand for medical supplies and tech products lifted Chinese exports. China’s success in controlling the virus allowed its economic recovery to gather pace with third-quarter GDP growth printing at 4.9% YoY.  After a strong rebound over the summer, China may be one of the only major economy to show aggregate positive economic growth in 2020 relative to 2019. Chinese imports also recovered with the latest data for September showing imports being 13.2% higher YoY.

The Index picked up 2.78% in the first quarter of 2021 as risk assets continued to rally with cyclical and value assets outperforming growth sectors that saw outsized returns in 2020. The quarter started off by overcoming concerns regarding potential virus-driven restrictions as a successful roll out of vaccinations and the promise of a fiscal and monetary stimuli lifted investor sentiments. However, the subsequent slow pace of vaccine distribution and concerns around a longer-than-anticipated timeline for economic recovery led to global markets stumbling for a short period. The sell-offs were short lived as stocks regained some upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli. With majority of adults receiving at least one dose of the vaccine and the number of people being hospitalized with COVID-19 being much lower than at the start of the year, the continued rally was a signal of investors looking ahead to a sustainable reopening of economies. In China, new cases were registered in the northern provinces, which lead to tighter restrictions being extended up to the lunar year season. Chinese equities had a sell-off during the quarter over policy tightening. Despite a strong start to the quarter, the region had a difficult time due to concerns around rising COVID-19 cases in some parts of the region.

The Index added 4.61% in the second quarter of 2021 as the global growth recovery broadened, aided by accelerated vaccine rollout in the United States (U.S.) and Europe and the momentum shifting away from China. Incoming data in the second half of the quarter pointed to continued robust global recovery cycle despite persistent headwinds, including supply chain disruptions, new variants of coronavirus and potential central bank tightening on inflationary concerns. During the quarter, EM equities lagged behind their DM counterparts as many countries faced a spike in cases, re-imposition of lockdowns and a slowdown in vaccination. Although the Chinese economy was less buffeted by the pandemic, it was weighed down by concerns over monetary policy normalization and tougher regulations on the technology sector. China renewed its pledge to make its economy carbon neutral by 2060, which helped to boost investor sentiments. Most EM countries faced challenges in terms of the logistics of supplying vaccines. Within the region, a new outbreak was witnessed in India and the Philippines. India in particular saw a worsening of the pandemic situation, which intensified pressure on its healthcare infrastructure. Taiwan managed to benefit due to strong DM demand.

The Index delivered its worst quarter of the fiscal year by dropping 7.35% during this period. While global growth recovery regained momentum in the first half of the quarter, multiple headwinds in the second half are fueling concerns regarding the outlook. Reopening of the economy — driven by increased vaccination rate, healthy manufacturing, and labor activity — continued to provide support to recovery in the third quarter. However, increasing supply chain disruptions, rising political and regulatory risks in the U.S. and China along with global energy crunch pose key risks to recovery momentum. Emerging market equities were majorly dragged down during the quarter by the struggling Chinese equity markets. Despite some markets, including India, continuing to perform well, the flow of negative news from China seemed relentless and weighed heavy on the overall regional performance. It started off with the introduction of tighter regulations on various sectors including increased scrutiny of the technology sector and reforms to stabilize the housing market to ensure equality and fair competition. China turned private tutoring companies into non-profit organizations, raising concerns about a similar move for other sectors. This was followed by tighter scrutiny on the technology sector, including a ban on children playing computer games for more than three hours per week. Finally, investors had to contend with fears around the potential default of a large Chinese property developer and the potential spillover effects. As a result of such regulatory efforts, there was continued volatility. In terms of coronavirus spread within the region, China’s mass testing and mobility restrictions continued to prove successful in containing the Delta variant outbreak. In India, cases remained low despite a resumption in mobility. Within rest of the region, the slow pace of vaccination left many countries vulnerable to the Delta variant.

The SPDR S&P Global Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return of an index that tracks stocks of global companies that offer high dividend yields. The Fund’s benchmark is the S&P Global Dividend Aristocrats Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 30.37%, and the Index was 30.31%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, dividend tax withholding differences, cash, and small security misweights contributed to the difference between the Fund’s performance and that of the Index.

The performance throughout Reporting Period was mostly positive, with eight of the twelve months posting positive returns. The best performing quarter was the first quarter of the Reporting Period, Q4 of 2020. This was largely driven by November 2020, when the Fund returned +14.85%. Despite the pandemic taking a turn for the worse over the quarter and equities performing poorly in October, the U.S. election results and positive news on COVID-19 vaccines helped markets to recover. Approvals to use vaccines manufactured by Pfizer-BioNTech, Moderna and Oxford-AstraZeneca led to the largest momentum changes in the history of equity markets. Hard-hit sectors, such as energy, traditional retail, hotels, airlines and financials, rallied, while pandemic winners, such as online retail, health care and home improvement, lagged.

The first quarter of 2021 started off by overcoming concerns regarding potential virus-driven restrictions as a successful roll out of vaccinations and the promise of a fiscal and monetary stimuli lifted investor sentiments. However, the subsequent slow pace of vaccine distribution and concerns around a longer-than-anticipated timeline for economic recovery led to global markets stumbling for a short period. The sell-offs were short lived as stocks regained some upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli. With majority of adults receiving at least one dose of the vaccine and the number of people being hospitalized with COVID-19 being much lower than at the start of the year, the continued rally was a signal of investors looking ahead to a sustainable reopening of economies. The quarter ended up +9.71%.

The next quarter, Q2 of 2020, was a bit more volatile, but still posted a positive return of +4.50%. Economic data was strong over this quarter as mobility restrictions were lifted by most countries and economic activity picked up during the period. Vaccine rollouts in the U.S., UK and Europe continued to proceed at speed. However, a rebound in economic activity led to concerns around a spike in inflation.

Equity markets experienced a poor performance during the last quarter of the Reporting Period; the Fund posted a return of –2.22%. The underperformance was primarily a result of the Chinese equity markets dragging the overall emerging market equities down and the developed market equities having a flat quarter after a moderate decline in September erased the quarter’s prior gains. Globally the vaccine rollout made decent progress and many developed economies had eased restrictions. Global reopening continued during the quarter, with a number of developed markets further lifting restrictions. Economic data remained strong; however, much of the developed markets appeared to be at or just past the peak rate of growth. There were also concerns regarding a peak in the rate of economic growth, supply disruptions and rising inflation.

Throughout the Reporting Period, the performance of the sectors were all positive, ranging from +6.98% to +61.43%. The top performing sectors were Energy, Information Technology and Financials, with returns all over 50%. The bottom performing sectors were Health Care, Consumer Staples and Materials.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Bendigo & Adelaide Bank Ltd., Lenovo Group Limited, and Exxon Mobil Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were B&G Foods, Inc., Freenet AG, and Hengan International Group Co., Ltd.

The SPDR S&P Global Infrastructure ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index based upon the global infrastructure industry market. The Fund’s benchmark is the S&P Global Infrastructure Index (the “Index”).

For the 12-month period ended September 30, 2021 (the “Reporting Period”), the total return for the Fund was 22.28%, and the Index was 22.13%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash drag, cumulative effect of security misweights, tax withholdings and securities lending contributed to the difference between the Fund’s performance and that of the Index.

It is said that the return performance of an Infrastructure index tends to track the broader economic environment. All three sectors within the Index; Energy, Industrials and Utilities posted a positive contribution to the performance of the fund during the Reporting Period. The first quarter of the Reporting Period displayed recovery early in the quarter in key economies such as the United States (U.S.) and Europe, yet economic momentum slowed toward the end of the year amid rising infection rates. However, positive news on vaccine approvals, progress on fiscal stimulus deals and continued monetary support are expected to boost growth momentum in 2021. Risk assets rallied in this time period on positive news from vaccines and U.S. election results. Cyclical sectors registered strong gains with defensive sectors posting modest growth. The Global Infrastructure fund would post its best quarterly return of the period at 14.85% with the energy industry leading the charge. Economic recovery gather pace in the first quarter of 2021, as upside momentum on news of strong manufacturing data, firmer oil prices and hopes for additional fiscal stimuli taking place to help the fund post a positive 2.85% return. The last two quarter of the reporting bring forth more of the same in this space along with modest quarterly gains, U.S. President Joe Biden secured an infrastructure package deal worth US$1 trillion, which, however, fell short of the US$2.3 trillion plan proposed in March. The deal authorizes additional spending for roads, bridges, highway safety and EV charging stations over the next eight years, yet this bill will ultimately be delayed as it is linked to other social spending disagreements. Elsewhere, in Europe, the European Commission started to publish its assessment of recovery plans for member states. Many countries, including Portugal, Spain and Greece, received the green light for the European Union (EU) recovery funding.