SSGA Active Trust DEF 14ADefinitive proxy

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant  ☒                     Filed by a Party other than the Registrant  ☐

Check the appropriate box:

SPDR^® INDEX SHARES FUNDS

SPDR^® SERIES TRUST

SSGA ACTIVE TRUST

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

AN IMPORTANT MESSAGE TO FUND SHAREHOLDERS FROM

SPDR^® INDEX SHARES FUNDS, SPDR^® SERIES TRUST AND SSGA ACTIVE TRUST (EACH A “TRUST” AND TOGETHER WITH THEIR SERIES, THE “FUNDS”)

PRESIDENT, ELLEN NEEDHAM

The Funds will hold a Special Meeting of Shareholders on September 15, 2022 at SSGA Funds Management, Inc.’s (“SSGA FM” or the “Adviser”) offices in Boston, MA (the “Meeting” or “Shareholder Meeting”) to vote on the following matters:

This booklet contains a proxy statement explaining the Proposal. Shareholders of all Funds within a Trust will vote on the Proposal on a joint basis. The Board of Trustees, including the Independent Trustees who comprise a majority of the Board, unanimously recommends that you vote FOR the election of each of the nominees.

Your vote is important. Shareholder meetings of the Funds do not generally occur with great frequency, so we ask that you take the time to carefully consider and vote on this important Proposal. If you do not cast your vote at this Shareholder Meeting (or an adjournment thereof), you will not have the opportunity to vote on this matter unless another shareholder meeting is held on the Proposal. Please do not hesitate to call the Funds’ proxy solicitation agent, Broadridge Financial Solutions, Inc., at 1-855-835-8320 if you have any questions about this important Proposal under consideration. If you have any additional questions about the Funds, please contact your financial advisor or the Funds’ representatives at 1-866-787-2257 or visit www.ssga.com/spdrs. Thank you for taking the time to consider the Proposal and for your investment in the Funds.

I encourage you to exercise your rights with respect to the Funds by reviewing the proxy statement and then voting either through the Internet, by telephone, or by mail as soon as possible. No matter how many shares you own, your vote is important.

July 27, 2022

IMPORTANT INFORMATION ABOUT VOTING

I Have Only A Few Shares—Why Should I Bother to Vote?

Because your vote makes a difference. If many shareholders choose not to vote, the Trust might not receive enough votes to reach a quorum and conduct the Shareholder Meeting on September 15, 2022. If that appears likely to happen, the Fund(s) will have to send additional mailings to shareholders to try to get more votes—a process that would be very costly to the Funds and thus for you as a Fund shareholder.

What’s the Deadline for Submitting My Vote?

We encourage you to vote as soon as possible to make sure enough votes are received to act on the Proposal. The final opportunity to cast your vote is at the Shareholder Meeting on September 15, 2022.

Who Gets to Vote?

Any person who owned shares of a Fund on the “record date,” which was July 20, 2022, is entitled to vote, even if that person later sold those shares.

How Do I Vote?

You may vote in any of four ways:

Vote on the Internet

Log on to: www.proxyvote.com

Follow the on-screen instructions.

Vote by phone

Call the toll-free phone number indicated on the enclosed proxy card or voting instruction card. Follow the recorded instructions available 24 hours each day.

Vote by mail

Vote, sign, and date the enclosed proxy card and return in the postage-paid envelope.

Vote in person

Attend the Shareholder Meeting at SSGA Funds Management, Inc., One Iron Street, Boston, Massachusetts 02110 on September 15, 2022.

We encourage you to vote via the Internet or telephone using the control number on the enclosed proxy card or voting instruction card, because these methods save the Funds (and you as a shareholder) the most money (since they require no return postage). If you would like to change your previous vote, you may vote again using any of the methods described above.

How Do I Sign the Proxy Card?

You should sign your name exactly as it appears on the enclosed proxy card or voting instruction card. Unless you have instructed us otherwise, either owner of a joint account may sign the card, but again, the owner must sign the name exactly as it appears on the card.

Important Information Regarding Meeting Attendance

Due to health and safety considerations related to COVID-19, the number of shareholders who may attend the meeting in person may be limited and in-person attendance will require compliance with any then-applicable governmental requirements or recommendations or facility requirements. These requirements may include the use of face coverings, proof of vaccination or a negative COVID-19 test result, and maintaining appropriate social distancing. In light of public health considerations, the Funds may change the location of the meeting or may hold the meeting through a “virtual” or online method. The Funds plan to announce any such updates through www.proxyvote.com, and to file the announcement as definitive additional soliciting material on the Securities and Exchange Commission’s EDGAR website.

For information concerning the applicable facility and other requirements or information concerning the location or in-person status of the meeting, please visit www.proxyvote.com. We encourage you to check this website for updates prior to the meeting, including on the day prior to the scheduled meeting date, if you plan to attend to attend the meeting in person.

QUESTIONS AND ANSWERS ABOUT THE SHAREHOLDER MEETING AND EACH PROPOSAL

Although we recommend that you read the complete proxy statement, for your convenience, we have provided a brief overview of the Proposal to be voted on. The information provided in this section is qualified in its entirety by reference to the proxy statement.

Shareholders are being asked to elect Gunjan Chauhan, Carolyn M. Clancy, Clare S. Richer, Kristi L. Rowsell and Sandra G. Sponem (collectively, the “Nominees”) each as Trustees of the Trusts. Mses. Clancy and Rowsell each do not currently serve as Trustees of the Trusts and, if elected, would be Independent Trustees. Ms. Chauhan does not currently serve as a Trustee of the Trusts and, if elected, would be considered an Interested Trustee because of her position with an affiliate of the Adviser.

In addition, Clare S. Richer and Sandra G. Sponem, each current members of the Board, were appointed as Trustees of the Trusts in July 2018, but were not elected by shareholders. Mses. Richer and Sponem are each Independent Trustees. Shareholders are also being asked to elect Mses. Richer and Sponem so that the entire Board of Trustees will have been elected by shareholders.

SPDR^® INDEX SHARES FUNDS

SPDR^® SERIES TRUST

SSGA ACTIVE TRUST

One Iron Street

Boston, MA 02210

Notice of Special Meeting of Shareholders

to be Held on September 15, 2022

Notice is hereby given that a Special Meeting of Shareholders (the “Meeting”) of the

SPDR INDEX SHARES FUNDS, which includes the following series:

SPDR BLOOMBERG SASB DEVELOPED MARKETS EX US ESG SELECT ETF

SPDR BLOOMBERG SASB EMERGING MARKETS ESG SELECT ETF

SPDR DOW JONES GLOBAL REAL ESTATE ETF

SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF

SPDR EURO STOXX 50 ETF

SPDR MSCI ACWI CLIMATE PARIS ALIGNED ETF

SPDR MSCI ACWI EX-US ETF

SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF

SPDR MSCI EAFE STRATEGICFACTORS ETF

SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF

SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF

SPDR MSCI WORLD STRATEGICFACTORS ETF

SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF

SPDR PORTFOLIO EMERGING MARKETS ETF

SPDR PORTFOLIO EUROPE ETF

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF

SPDR S&P CHINA ETF

SPDR S&P EMERGING ASIA PACIFIC ETF

SPDR S&P EMERGING MARKETS DIVIDEND ETF

SPDR S&P EMERGING MARKETS SMALL CAP ETF

SPDR S&P GLOBAL DIVIDEND ETF

SPDR S&P GLOBAL INFRASTRUCTURE ETF

SPDR S&P GLOBAL NATURAL RESOURCES ETF

SPDR S&P INTERNATIONAL DIVIDEND ETF

SPDR S&P INTERNATIONAL SMALL CAP ETF

SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF; and

SPDR SERIES TRUST, which includes the following series:

SPDR BLOOMBERG 1-10 YEAR TIPS ETF

SPDR BLOOMBERG 1-3 MONTH T-BILL ETF

SPDR BLOOMBERG 3-12 MONTH T-BILL ETF

SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF

SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SPDR BLOOMBERG HIGH YIELD BOND ETF

SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF

SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF

SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF

SPDR DOW JONES REIT ETF

SPDR FACTSET INNOVATIVE TECHNOLOGY ETF

SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF

SPDR GLOBAL DOW ETF

SPDR ICE PREFERRED SECURITIES ETF

SPDR MARKETAXESS INVESTMENT GRADE 400 CORPORATE BOND ETF

SPDR MSCI USA CLIMATE PARIS ALIGNED ETF

SPDR MSCI USA STRATEGICFACTORS ETF

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SPDR NUVEEN BLOOMBERG SHORT TERM MUNICIPAL BOND ETF

SPDR NYSE TECHNOLOGY ETF

SPDR PORTFOLIO AGGREGATE BOND ETF

SPDR PORTFOLIO CORPORATE BOND ETF

SPDR PORTFOLIO HIGH YIELD BOND ETF

SPDR PORTFOLIO INTERMEDIATE TERM CORPORATE BOND ETF

SPDR PORTFOLIO INTERMEDIATE TERM TREASURY ETF

SPDR PORTFOLIO LONG TERM CORPORATE BOND ETF

SPDR PORTFOLIO LONG TERM TREASURY ETF

SPDR PORTFOLIO MORTGAGE BACKED BOND ETF

SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF

SPDR PORTFOLIO S&P 400 MID CAP ETF

SPDR PORTFOLIO S&P 500 ETF

SPDR PORTFOLIO S&P 500 GROWTH ETF

SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF

SPDR PORTFOLIO S&P 500 VALUE ETF

SPDR PORTFOLIO S&P 600 SMALL CAP ETF

SPDR PORTFOLIO SHORT TERM CORPORATE BOND ETF

SPDR PORTFOLIO SHORT TERM TREASURY ETF

SPDR PORTFOLIO TIPS ETF

SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF

SPDR RUSSELL 1000 MOMENTUM FOCUS ETF

SPDR RUSSELL 1000 YIELD FOCUS ETF

SPDR S&P 1500 MOMENTUM TILT ETF

SPDR S&P 1500 VALUE TILT ETF

SPDR S&P 400 MID CAP GROWTH ETF

SPDR S&P 400 MID CAP VALUE ETF

SPDR S&P 500 ESG ETF

SPDR S&P 500 FOSSIL FUEL RESERVES FREE ETF

SPDR S&P 600 SMALL CAP ETF

SPDR S&P 600 SMALL CAP GROWTH ETF

SPDR S&P 600 SMALL CAP VALUE ETF

SPDR S&P AEROSPACE & DEFENSE ETF

SPDR S&P BANK ETF

SPDR S&P BIOTECH ETF

SPDR S&P CAPITAL MARKETS ETF

SPDR S&P DIVIDEND ETF

SPDR S&P HEALTH CARE EQUIPMENT ETF

SPDR S&P HEALTH CARE SERVICES ETF

SPDR S&P HOMEBUILDERS ETF

SPDR S&P INSURANCE ETF

SPDR S&P INTERNET ETF

SPDR S&P KENSHO CLEAN POWER ETF

SPDR S&P KENSHO FINAL FRONTIERS ETF

SPDR S&P KENSHO FUTURE SECURITY ETF

SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF

SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF

SPDR S&P KENSHO SMART MOBILITY ETF

SPDR S&P METALS & MINING ETF

SPDR S&P OIL & GAS EQUIPMENT & SERVICES ETF

SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF

SPDR S&P PHARMACEUTICALS ETF

SPDR S&P REGIONAL BANKING ETF

SPDR S&P RETAIL ETF

SPDR S&P SEMICONDUCTOR ETF

SPDR S&P SMALLCAP 600 ESG ETF

SPDR S&P SOFTWARE & SERVICES ETF

SPDR S&P TELECOM ETF

SPDR S&P TRANSPORTATION ETF

SPDR SSGA GENDER DIVERSITY INDEX ETF

SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF

SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF; and

SSGA ACTIVE TRUST, which includes the following series:

SPDR BLACKSTONE HIGH INCOME ETF

SPDR BLACKSTONE SENIOR LOAN ETF

SPDR DOUBLELINE EMERGING MARKETS FIXED INCOME ETF

SPDR DOUBLELINE SHORT DURATION TOTAL RETURN TACTICAL ETF

SPDR DOUBLELINE TOTAL RETURN TACTICAL ETF

SPDR LOOMIS SAYLES OPPORTUNISTIC BOND ETF

SPDR NUVEEN MUNICIPAL BOND ESG ETF

SPDR NUVEEN MUNICIPAL BOND ETF

SPDR SSGA FIXED INCOME SECTOR ROTATION ETF

SPDR SSGA GLOBAL ALLOCATION ETF

SPDR SSGA INCOME ALLOCATION ETF

SPDR SSGA MULTI-ASSET REAL RETURN ETF

SPDR SSGA ULTRA SHORT TERM BOND ETF

SPDR SSGA US SECTOR ROTATION ETF.

SPDR Index Shares Funds, SPDR Series Trust and SSGA Active Trust are each a “Trust” and together with their series are referred to herein as the “Funds,” unless as otherwise specified. The Meeting will be held at the offices of SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”), the investment adviser to the Funds, One Iron Street, Boston, MA 02210 at 2:00 p.m. Eastern Time, on September 15, 2022, for the following purposes:

Matters to Be Voted on by Shareholders:

Shareholders of all Funds within a Trust will vote on the Proposal on a joint basis. The Proposal is discussed in the attached proxy statement. The Board of Trustees recommends that you vote FOR the election of each of the nominees.

Shareholders of record at the close of business on July 20, 2022 are entitled to notice of and to vote at the Meeting.

All shareholders are cordially invited to attend the Meeting. In order to avoid delay and additional expense and to assure that your shares are represented, please vote as promptly as possible, regardless of whether or not you plan to attend the Meeting. You may vote by mail, telephone or over the Internet. To vote by mail, please mark, sign, date and mail the enclosed proxy card. No postage is required if mailed in the United States. To vote by telephone, please call the toll-free number located on your proxy card and follow the recorded instructions, using your proxy card as a guide. To vote over the Internet, go to the Internet address provided on your proxy card and follow the instructions, using your proxy card as a guide.

Important Notice Regarding the Availability of Proxy Materials for the Meeting to be held on September 15, 2022: the proxy statement and related materials are available at: www.proxyvote.com.

SPDR^® INDEX SHARES FUNDS

SPDR^® SERIES TRUST

SSGA ACTIVE TRUST

One Iron Street

Boston, MA 02210

Special Meeting of Shareholders

September 15, 2022

PROXY STATEMENT

Introduction

This proxy statement is being provided to you on behalf of the Boards of Trustees of SPDR Index Shares Funds, SPDR Series Trust and SSGA Active Trust (each a “Trust” and together with their series, the “Funds”). The proxy statement is divided into five parts:

Part I Overview of the Proposal begins on page 2.

Part II Proposal Details begins on page 2.

Part III Other Matters begins of page 24.

Part IV Other Information begins on page 25.

Part V More on Proxy Voting and Shareholder Meetings begins on page 29.

Part VI Fund and Investment Adviser Information begins on page 31.

Please read the proxy statement before voting on the Proposal. If you have questions about the proxy statement, or if you would like additional information, please call our proxy solicitation agent, Broadridge Financial Solutions, Inc., toll-free at 1-855-835-8320. If you have any additional questions about the Funds or the Trust generally, please contact your financial advisor or a SPDR representative at 1-866-787-2257 or visit www.ssga.com/spdrs. This proxy statement will be mailed to shareholders beginning the week of August 1, 2022.

Annual and Semi-Annual Reports.

Copies of each Fund’s most recent Annual and Semi-Annual Reports to Shareholders may be obtained without charge by writing to the Trust’s Distributor, State Street Global Advisors Funds Distributors, LLC, at One Iron Street, Boston, Massachusetts 02210, by visiting the Funds’ website at https://www.ssga.com/spdrs or by calling 1-866-787-2257.

PART I: OVERVIEW OF THE PROPOSAL

Shareholders are being asked to vote on the following matters:

Shareholders of all Funds within a Trust will vote on the Proposal on a joint basis. Only shareholders of record on July 20, 2022, are entitled to vote on the Proposal whether or not such shareholders still own those shares.

PART II: PROPOSAL DETAILS

PROPOSAL — TO ELECT FIVE (5) NOMINEES TO THE BOARD OF TRUSTEES OF EACH TRUST

At a meeting held on July 14, 2022, the Trustee Committee formally selected and nominated, and recommended that the Board of Trustees nominate for election by shareholders, Carolyn M. Clancy and Kristi L. Rowsell as Independent Trustees. At a meeting held on July 14, 2022, the Board of Trustees nominated Mses. Clancy and Rowsell, as well as Clare S. Richer and Sandra G. Sponem, two current Independent Trustees who had been appointed previously, and Gunjan Chauhan (collectively, the “Nominees”) for election by shareholders as Trustees and recommended that shareholders vote to approve all Nominees as Trustees. The Board currently has no reason to believe that any Nominee will become unable to serve or for good cause will not serve as a trustee, but if that should occur before the shareholder meeting, the proxies may be voted for such other Nominees as the Trusts’ Trustee Committee and/or the Board may select. If the Nominees are elected by shareholders, at least 75% of the total number of Trustees of the Board will continue to be Independent Trustees.

Who are the Nominees to the Board and what are their qualifications?

The Nominees to the Board are Carolyn M. Clancy, Clare S. Richer, Kristi L. Rowsell, Sandra G. Sponem and Gunjan Chauhan.

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Carolyn M. Clancy. Ms. Clancy recently retired from her position as Executive Vice President, Head of Strategy, Analytics and Market Readiness at Fidelity Investments. Ms. Clancy served in numerous roles at Fidelity since 1999, including Head of the Broker Dealer Business, Head of FundsNetwork, and Interim Head of Corporate Communications. Earlier in her career, she was the Director of Sales and Marketing at AW Chesterton Company and the Sales Director (National Sales) and Product Marketing Manager for Barry Controls. Ms. Clancy served on the Board of Trustees for Assumption College from 2011 to 2021 and has served on the Board of Directors of the Big Sister Association of Greater Boston since 2016.

Clare S. Richer. Ms. Richer has served as a Trustee of the Trusts since 2018. From 2008 to 2017, she was the Chief Financial Officer of Putnam Investments. Prior to joining Putnam Investments, Ms. Richer held multiple Finance, Operations, and P&L leadership roles during her 25-year tenure at Fidelity Investments culminating in her appointment as Chief Financial Officer and member of the Management Committee. Prior to 1983, she was a Senior Auditor at Arthur Andersen & Company. Ms. Richer is also a Director of Bain Capital Specialty Finance as well as Principal Financial Group where she is also Head of the Finance Committee. She is also a Trustee of the University of Notre Dame and a member of its Compensation, Investment, Finance, and Faculty Affairs Committees. Additionally, Ms. Richer serves on the Board of the Alzheimer’s Association, MA/NH chapter.

Kristi L. Rowsell. Prior to her retirement, Ms. Rowsell served in numerous roles at Harris Associates (“Harris”), a well-known investment adviser specializing in value investing, beginning in 1995, including most recently as the President of the Harris-advised Oakmark Funds from 2010 to 2021. Additionally, she served as Chief Financial Officer of Harris from 1999 to 2010. Ms. Rowsell was named a partner of Harris in 1999. From 1995 to 1999, she served in tax and accounting management roles at Harris. Prior to her career at Harris, Ms. Rowsell held leadership roles at Calamos Asset Management (1992-1995) and KPMG (1989-1992). She is currently a Trustee of the Oakmark Funds and a member of the Board of Governors of the Investment Company Institute (ICI). In addition, Ms. Rowsell is a member of the Board of Directors of Habitat for Humanity in Chicago.

Sandra G. Sponem. Ms. Sponem has served as a Trustee of the Trusts since 2018. Prior to her retirement in 2017, she served as the Chief Financial Officer of M.A. Mortensen Companies, Inc., a large Minnesota construction company. Prior to joining

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Mortensen in 2007, Ms. Sponem was the Chief Financial Officer at Piper Jaffery. She began her career at Deloitte, and she also worked at Dayton-Hudson Corporation (now known as Target). Ms. Sponem serves as a Trustee on numerous boards of the Rydex and Guggenheim fund families.

Gunjan Chauhan. Ms. Chauhan is a Senior Managing Director at State Street Global Advisors (“SSGA”), the Global Head of Capital Markets and Strategic Partners for the SPDR ETF Business, as well as a member of SSGA’s Senior Leadership Team and Executive Management Group. Prior to joining the SPDR business in September 2019, she was the head of SSGA’s Cash Business EMEA & APAC, part of a global team running cash investments for corporate and institutional clients. In this role she was responsible for all client-facing activities including sales, strategy, operations and services on behalf of the firm’s cash management business in EMEA & APAC. Before joining SSGA in 2015, Ms. Chauhan was at the Royal Bank of Scotland, where she served in a variety of client-facing roles from 2003 to 2015, which included leadership positions in short-term and structure products solutions and sales. Additionally, she is a mentor at Cass Business School, and supports The Brokerages Momentum program, a unique cross-firm mentoring scheme designed to foster the advancement of female leadership talent and create impact with diverse undergraduate talent aiming for a future career in the banking industry.

Who are the current members of the Board?

The current members of the Board are Carl G. Verboncoeur, Dwight D. Churchill, Clare S. Richer, Sandra G. Sponem and James E. Ross. Information with respect to Mses. Richer and Sponem is included above under “Who are the Nominees to the Board and what are their qualifications?”

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The following is a brief summary of the specific experience, qualifications or skills that led to the conclusion that, as of the date of this proxy statement, each person identified below should serve as a Trustee for each Trust (the summaries for Mses. Richer and Sponem are included above under “Who are the Nominees to the Board and what are their qualifications?”). References to the qualifications, attributes and skills of the Trustees are pursuant to requirements of the SEC, and do not constitute a representation that the Board or any Trustee has any special expertise and do not

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impose any greater responsibility or liability on any such person or on the Board by reason thereof. As required by rules the SEC has adopted under the 1940 Act, a Trust’s Independent Trustees select and nominate all candidates for Independent Trustee positions.

Dwight D. Churchill. Mr. Churchill has served as a Trustee of the Trusts since 2010. He currently is the Chair of the Audit Committee. Mr. Churchill held a number of senior positions at Fidelity Investments before retiring from the firm in 2009. Having joined Fidelity in 1993, he served as the head of the Fixed Income Division, head of Equity Portfolio Management and President of Investment Services. While at Fidelity, Mr. Churchill also served as the elected chair of the Board of Governors for the CFA Institute, a 178,000-member association, and from June 2014 to January 2015, he served as interim President and Chief Executive Officer at the CFA Institute. Prior to joining Fidelity, Mr. Churchill served as a Managing Director of Prudential Financial, Inc., as President and Chief Executive Officer of CSI Asset Management, Inc., a subsidiary of Prudential Financial, Inc., and held senior roles at Loomis, Sayles & Company and the Ohio Public Employees Retirement System. Mr. Churchill currently serves as the independent Chair of the Board of Directors of Affiliated Managers Group (AMG), a well-known investment solutions provider. He also serves as a staff consultant at The Public Employees Retirement System of Idaho.

Carl G. Verboncoeur. Mr. Verboncoeur has served as a Trustee of the Trusts since 2010. He currently is the Chair of the Trustee Committee. Since 2009, he has worked as an independent, self-employed consultant. From 2001 until his retirement in 2009, Mr. Verboncoeur was the Chief Executive Officer of Rydex Investments.

James E. Ross. Mr. Ross has served as a Trustee of the Trusts since 2005 and served as President of the Trusts from November 2010 to May 2013. Since 2020, Mr. Ross has served as Non-Executive Chairman of Fusion Acquisition Corp II. From 2020 to 2021, Mr. Ross served as Non-Executive Chairman of Fusion Acquisition Corp I. Prior to his retirement in 2020, Mr. Ross served as Chairman of SSGA’s SPDR Exchange Traded Funds business from 2016 to 2020 and was the Global Head of SSGA’s SPDR Exchange Traded Funds business from 2012 to 2016. He was an Executive Vice President of SSGA and Director of State Street Global Advisors Funds Distributors, LLC from 2013 to 2020 and Chairman and Director of the Adviser from 2005 to 2020. He served as Senior Managing Director of SSGA from 2006 to 2013 and President of the Adviser from 2005 to 2012. Prior to his retirement, Mr. Ross was responsible globally for all aspects of SSGA’s exchange traded fund business including strategy, research, distribution and capital markets interaction. Mr. Ross has extensive history with exchange traded funds and is frequently quoted in various press regarding exchange traded funds. Mr. Ross also serves as a Trustee of the Select Sector SPDR Trust and formerly served as a Trustee to additional trusts that include series for which SSGA FM serves as investment adviser. From June 2010 to March 2020, Mr. Ross chaired the Investment Company Institute’s Exchange-Traded Funds Committee and has previously served on the Board of Governors of the Investment Company Institute.

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Leadership Structure

The Board has general oversight responsibility with respect to the business and affairs of the Trusts. The Board is responsible for overseeing the operations of the Funds in accordance with the provisions of the 1940 Act, other applicable laws and each Trust’s Declaration of Trust. The Board is currently composed of four Independent Trustees and one Interested Trustee. In accordance with the Board Governance Policies, the Board has appointed an Independent Trustee to serve as Chairman of the Board. Generally, the Board acts by majority vote of a quorum of the Trustees, including a majority vote of the Independent Trustees if required by applicable law. A Trust’s day-to-day operations are managed by the Adviser, a sub-adviser (for certain series) and other service providers who have been approved by the Board. The Board meets periodically throughout the year to oversee the Trust’s activities, review contractual arrangements with service providers, oversee compliance with regulatory requirements, and review performance. The Board has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trusts. The Board made this determination in consideration of, among other things, the fact that the Independent Trustees constitute a super-majority (greater than 75%) of the Board, the fact that the chairperson of each Committee of the Board is an Independent Trustee, the amount of assets under management in each Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from fund management.

Each Trustee was selected to serve as a Trustee based on his or her own experience, qualifications, attributes and skills, as well as his or her ability to review and understand information about the Funds provided to him or her by management, to identify and request other information he or she may deem relevant to the performance of his or her duties, to question management and other service providers regarding material factors bearing on the management and administration of the Funds, and to exercise his or her business judgment in a manner that serves the best interests of each Fund’s shareholders.

Why are Fund Shareholders being asked to elect Trustees?

The Funds are governed by the Investment Company Act of 1940, as amended (the “1940 Act”). As a general matter, the 1940 Act permits the boards of trustees or directors of registered investment companies, such as the Funds, to appoint new trustees to fill vacancies without shareholder vote only so long as at least two-thirds of the trustees would have been elected by shareholders after the appointments. The Board currently consists of five Trustees, three of whom were elected by shareholders. Clare S. Richer and Sandra G. Sponem were appointed as Trustees in July 2018, but were not elected by shareholders.

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Shareholders are being asked to elect Gunjan Chauhan, Carolyn M. Clancy and Kristi L. Rowsell each as Trustees of the Trusts. Mses. Clancy and Rowsell each do not currently serve as Trustees of the Trusts and, if elected, would be Independent Trustees. Ms. Chauhan does not currently serve as a Trustee of the Trusts and, if elected, would be considered an Interested Trustee because of her position with an affiliate of the Adviser. Shareholders are also being asked to elect Mses. Richer and Sponem so that the entire Board of Trustees will have been elected by shareholders. Mses. Richer and Sponem are each currently an Independent Trustee.

How many of the Nominees will be “Independent” Trustees if elected?

Four (4) of the five (5) Nominees —all but Ms. Chauhan— will be Independent Trustees if elected by shareholders. Independent Trustees have no affiliation with SSGA FM or the Trusts, apart from any personal investments they choose to make in the Funds as private individuals. Independent Trustees play a critical role in overseeing Fund operations and representing the interests of each Fund’s shareholders.

How are the Boards of the Funds structured?

The Funds are grouped into three separate Trusts. Each Trust is made up of multiple Funds (which are sometimes called “series” of the Trust). Funds (i.e., series) that are part of the same Trust elect their Trustees on a joint basis. Part VI of this booklet includes a list of Funds that specifies the Trust to which each Fund belongs and provides a variety of other details about the Funds. Currently, the same individuals serve as Trustees of each Trust. There are important benefits in having the same members serve on the Board of Trustees of each Trust. Service on each Board gives the Trustees greater familiarity with operations that are common to all Funds. Such service also permits the Trustees to address common issues on a knowledgeable and consistent basis. It also avoids the substantial additional costs, administrative complexities, and redundancies that would result from having a different Board of Trustees for each Trust. While there are many areas of common interest among the Funds, the Trustees recognize that they are responsible for exercising their responsibilities at all times on a fund-by-fund basis.

How long will each Trustee serve?

If elected, each Trustee will serve until he or she resigns, retires, or is removed from the Board as provided in each Trust’s governing documents. The Trusts’ Trustee Committee Charter requires that a Trustee retire from the Board by no later than the last day of the calendar year in which the Trustee attains the age of seventy-five. The Board may request that a Trustee approaching retirement age extend his or her term on a year-by-year basis for a maximum of two years. A Trustee may be removed from the Board by a shareholder vote representing two-thirds of the total outstanding shares of a Trust or by a vote of two-thirds of the remaining Trustees. If a Nominee is unable to accept election, or subsequently leaves the Board before the next election, the Board of Trustees may, in its discretion, select another person to fill the vacant position, so long as two-thirds of the remaining Trustees were elected by shareholders.

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What are the Board’s responsibilities?

The primary responsibility of the Board of Trustees is to oversee the management of each Trust for the benefit of shareholders. In exercising their oversight responsibilities, the Trustees focus on matters they determine to be vitally important to Fund shareholders. This includes not only the management and performance of the Funds, but also the operating plans, strategic plans, and composition and performance evaluations of the Adviser and sub-advisers.

The business acumen, experience, and objective thinking of the Independent Trustees are considered invaluable assets for the Trusts and, ultimately, the Funds’ shareholders. Having Fund management accountable to a group of independent, highly experienced, and qualified individuals who act solely on behalf of shareholders makes management of the Funds more effective in the long run.

For SSGA Active Trust, there were seven (7) meetings of the Board, including special meetings, during the fiscal year ended June 30, 2022. For SPDR Series Trust, there were seven (7) and eight (8) meetings of the Board, including special meetings, during the fiscal years ended June 30, 2022 and December 31, 2021, respectively. For the SPDR Index Shares Funds, there were eight (8) meetings of the Board, including special meetings, during the fiscal year ended September 30, 2021.

What are the Board’s committees?

The Board of Trustees has two standing committees.

Audit Committee. The Board has an Audit Committee consisting of all Independent Trustees of the Trusts. Mr. Churchill serves as the Chair. The Board has adopted a charter for the Audit Committee setting forth the Committee’s structure, duties, powers, and methods of operation. The Audit Committee meets with the Trusts’ independent auditors to review and approve the scope and results of their professional services; to review the procedures for evaluating the adequacy of the Trusts’ accounting controls; to consider the range of audit fees; and to make recommendations to the Board regarding the engagement of the Trusts’ independent auditors. For SSGA Active Trust, the Audit Committee met four (4) times during the fiscal year ended June 30, 2022. For SPDR Series Trust, the Audit Committee met four (4) and four (4) times during the fiscal years ended June 30, 2022 and December 31, 2021, respectively. For SPDR Index Shares Funds, the Audit Committee met four (4) times during the fiscal year ended September 30, 2021.

Trustee Committee. The Board has a Trustee Committee consisting of all Independent Trustees of the Trusts. Mr. Verboncoeur serves as Chair. The Board has adopted a charter for the Trustee Committee setting forth the Committee’s structure, duties, powers, and methods of operation. The responsibilities of the Trustee Committee are to: 1) select and nominate Independent Trustees; 2) review

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on a periodic basis the governance structures and procedures of the Funds; 3) review conflicts of interest that may arise in the business of the Funds and may have an impact on the investors of the Funds; 4) monitor and perform such responsibilities assigned to Independent Trustees under the securities laws and rules of any exchange; 5) select any independent counsel of the independent trustees as well as make determinations as to that counsel’s independence; 6) review matters that are referred to the Committee by the Chief Legal Officer or other counsel to the Trusts; and 7) provide general oversight of the Funds on behalf of the investors of the Funds. For SSGA Active Trust, the Trustee Committee met four (4) times during the fiscal year ended June 30, 2022. For SPDR Series Trust, the Trustee Committee met four (4) and four (4) times during the fiscal years ended June 30, 2022 and December 31, 2021, respectively. For SPDR Index Shares Funds, the Trustee Committee met four (4) times during the fiscal year ended September 30, 2021.

In the event of vacancies on or prospective additions to the Board, the Trustee Committee shall evaluate the qualifications of candidates proposed to be selected as Independent Trustees and make nominations for membership to the Board. The Trustee Committee may solicit suggestions for nominations from any source that it deems appropriate, including independent consultants engaged specifically for such a purpose. The Trustee Committee does not have a formal policy with regard to consideration of any Trustee candidates recommended by shareholders because it has determined that the current approach has worked successfully to identify quality candidates. In addition to Trustee or management recommendations, a Fund may engage a third-party search firm to identify and evaluate Trustee candidates meeting criteria set by the Board in advance, including the extent to which a candidate would fill a present need on the Board. Shareholders may submit a Trustee candidate for consideration at any time by sending the candidate’s name and supporting biographical information to the Fund Secretary at the address on page 25 under “Other Information”. The Trustee Committee is not required to consider Trustee candidates recommended by shareholders, although the Committee may consider any such nomination if the Committee deems it appropriate after considering all circumstances the Committee deems relevant. A copy of the Trustee Committee Charter is attached as Appendix A.

During the most recently completed fiscal year ends for each Trust, each Trustee attended at least 75% of the Board and applicable committee meetings for each Trust.

How are the Trustees compensated?

The Trusts pay, in the aggregate, each Trustee an annual fee of $300,000 (prior to January 1, 2022, $270,000) plus $10,000 per in-person meeting attended and $2,500 for each telephonic or video conference meeting attended. The Chairman of the Board receives an additional annual fee of $75,000 (prior to January 1, 2021, $60,000) and the Chairman of the Audit Committee receives an additional annual fee of $30,000.

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The Trusts also reimburse each Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated between the Trusts and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series.

The following table sets forth the total fees accrued with respect to the remuneration of Trustees of the SSGA Active Trust for the fiscal year ended June 30, 2022:

The following table sets forth the total fees accrued with respect to the remuneration of Trustees of the SPDR Series Trust for the fiscal year ended June 30, 2022:

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The following table sets forth the total fees accrued with respect to the remuneration of Trustees of the SPDR Series Trust for the fiscal year ended December 31, 2021:

The following table sets forth the total fees accrued with respect to the remuneration of Trustees of the SPDR Index Shares Funds for the fiscal year ended September 30, 2021:

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No officers receive compensation from the Trusts and no Trustee or officer is entitled to any pension or retirement benefits from the Trust.

Do Trustees own Fund shares?

Please see Part VI of the proxy statement for information on the dollar range of Fund shares owned by each elected Trustee and Nominee.

Who are the Trusts’ officers?

The executive and other officers of the Trusts, along with their principal occupations over the past five years and their affiliations with the Adviser are listed below. Officers are considered “interested persons” of the Funds.

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19

20

21

22

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VOTING REQUIREMENTS FOR THE PROPOSAL.

Shareholder Approval

With respect to SPDR Series Trust and SPDR Index Shares Funds, approval of the election of a Trustee of such Trust requires the favorable vote of a majority of shares of that Trust represented in person or by proxy and entitled to vote at the Meeting, provided a quorum is present. With respect to SSGA Active Trust, the Nominees receiving a plurality of the votes represented in person or by proxy and entitled to vote at the Meeting will be elected Trustees of the Trust, provided a quorum is present. Under a plurality vote, the nominees who receive the highest number of votes will be elected, even if they receive approval from less than a majority of the votes cast.

The Board unanimously recommends that shareholders vote FOR the election of each of the Nominees.

PART III. OTHER MATTERS

The Board is not aware of any matters that will be presented for action at the Meeting other than the matters set forth herein. Should any other matters requiring a vote of shareholders arise, the proxy in the accompanying form will confer upon the person or persons entitled to vote the shares represented by such proxy the discretionary authority to vote the shares as to any such other matters in accordance with their best judgment in the interest of a Trust and each Fund, as applicable.

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PART IV. OTHER INFORMATION

Independent Registered Public Accounting Firm

Ernst & Young LLP (“EY”) serves as the independent registered public accounting firm for each Trust and the Funds. Representatives of EY are not expected to be present at the Meeting.

PricewaterhouseCoopers LLP (“PWC”) resigned as independent registered certified public accounting firm for SPDR Index Shares Funds on April 20, 2020. On May 21, 2020, upon recommendation by the Audit Committee, the Board selected Ernst & Young LLP (“EY”) to replace PWC as the independent public accountant for SPDR Index Shares Funds for the fiscal year ending September 30, 2020, and EY continues to serve in that role.

The reports of PWC on the financial statements for SPDR Index Shares Funds for the fiscal years ended September 30, 2019 and 2018 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no disagreements between SPDR Index Shares Funds and PWC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of PWC, would have caused it to make reference to the disagreements in its report on the financial statements. In addition, during the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

SPDR Index Shares Funds requested and PWC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as an Exhibit, under Item 13(a)(4), to Form N-CSR for the period ended March 31, 2020.

During this period, neither SPDR Index Shares Funds nor anyone on its behalf consulted EY concerning (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered 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 reportable events (as described in paragraph (a)(1)(v) of said Item 304).

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Auditor’s Fees and Services

Below are the aggregate fees billed by EY to the Funds during the last two fiscal years for services rendered (please see Part VI for the fiscal year end for each Fund):

EY billed the SSGA Active Trust aggregate fees for services rendered to the Trust for the fiscal years ended June 30, 2022 and June 30, 2021, respectively, as follows:

100% of the services described immediately above were approved by the Funds’ Audit Committee and/or are services covered by the pre-approval policies and procedures established by the Funds’ Audit Committee. None of the services described immediately above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

EY billed the SPDR Series Trust aggregate fees for services rendered to the Trust for the fiscal years ended June 30, 2022 and June 30, 2021, respectively, as follows:

100% of the services described immediately above were approved by the Funds’ Audit Committee and/or are services covered by the pre-approval policies and procedures established by the Funds’ Audit Committee. None of the services described immediately above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

26

EY billed the SPDR Series Trust aggregate fees for services rendered to the Trust for the fiscal years ended December 31, 2021 and December 31, 2020, respectively, as follows:

100% of the services described immediately above were approved by the Funds’ Audit Committee and/or are services covered by the pre-approval policies and procedures established by the Funds’ Audit Committee. None of the services described immediately above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

EY billed the SPDR Index Shares Funds aggregate fees for services rendered to the Trust for the fiscal years ended September 30, 2021 and September 30, 2020, respectively, as follows:

100% of the services described immediately above were approved by the Funds’ Audit Committee and/or are services covered by the pre-approval policies and procedures established by the Funds’ Audit Committee. None of the services described immediately above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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Below are the aggregate fees billed by EY to the Funds and SSGA FM and any entity controlling, controlled by, or under common control with SSGA FM that provides ongoing services to the Trusts during the last two fiscal years for all non-audit services rendered to the fund complex.

The Audit Committee considered and determined that the provision of such non-audit services to SSGA FM and any entity controlling, controlled by, or under common control with SSGA FM that provides ongoing services to the Trusts is compatible with EY maintaining their independence with respect to the Trusts.

Audit Committee Pre-Approval Policies and Procedures

The Audit Committee must pre-approve, or may delegate the authority to pre-approve to one or more of its members, all audit, audit-related and non-audit services prior to each Trust’s engagement of an independent auditor to render such services, subject to the exception noted below. The Audit Committee must also pre-approve any non-audit services proposed to be provided by an independent auditor to (i) the investment adviser and (ii) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to a Trust, if the independent auditors’ engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust (the “investment adviser pre-approval requirement”).

Pre-approval for any non-audit services is not required if: (i) the aggregate amount of such non-audit services constitutes not more than 5 percent of the total amount of revenues paid by a Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (ii) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to

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the completion of the audit. This pre-approval exception also applies to the investment adviser pre-approval requirement, except that the “total amount of revenues” calculation is based on the total amount of revenues paid to the independent auditors by a Trust and any other entity that has its services approved under this policy (i.e., the investment adviser or certain control persons).

In accordance with its pre-approval policies and procedures, the Audit Committee pre-approved all audit and tax services provided by EY during each Trust’s last two completed fiscal years.

Legal Proceedings

There are currently no pending material legal proceedings to which any elected Trustee or Nominee or affiliated person of such Trustee or Nominee is a party adverse to the Funds or any of their affiliated persons or has a material interest adverse to the Funds or any of their affiliated persons.

PART V: MORE ON PROXY VOTING AND SHAREHOLDER MEETINGS

Shareholder Approval

VOTES NEEDED TO APPROVE THE PROPOSAL. Shareholders of the Funds within a Trust will elect Trustees on a joint basis. With respect to SPDR Series Trust and SPDR Index Shares Funds, the Nominees receiving the favorable vote of a majority of shares of that Trust represented in person or by proxy and entitled to vote at the Meeting will be elected. With respect to SSGA Active Trust, the Nominees receiving a plurality of the votes represented in person or by proxy and entitled to vote at the Meeting will be elected Trustees of the Trust. Under a plurality vote, the Nominees who receive the highest number of votes will be elected, even if they receive approval from less than a majority of the votes cast. No shares have cumulative voting rights in the election of Trustees.

PROXY SOLICITATION METHODS. The Funds will solicit shareholder proxies in a variety of ways. All shareholders who are entitled to vote will receive these proxy materials either by mail or electronically (assuming that applicable requirements are met). In addition, SSGA FM employees and officers may solicit shareholder proxies in person, by telephone, by mail, or over the Internet. The Funds have also engaged the services of Broadridge Financial Solutions, Inc. (“Broadridge”) to assist in the solicitation of proxies for the Shareholder Meeting.

PROXY SOLICITATION COSTS. Each Fund will pay all costs of soliciting proxies from its shareholders, including costs relating to the printing, mailing, and tabulation of proxies. Broadridge’s solicitation costs for the Funds are currently estimated to be approximately $11.8 million and will be allocated across the Funds proportionately, according to a fixed formula. By voting immediately, you can help your Fund avoid the considerable expense of a second proxy solicitation.

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QUORUM. Each Trust must achieve a quorum in order for the Shareholder Meeting to go forward. With respect to SSGA Active Trust, this means that thirty-three and one-third percent (33 1/3%) of the Trust’s shares must be represented at the Shareholder Meeting, either in person or by proxy. With respect to SPDR Series Trust and SPDR Index Shares Funds, this means that a majority of a Trust’s shares must be represented at the Shareholder Meeting, either in person or by proxy. All returned proxies count toward a quorum, regardless of how they are voted. Unreturned and unsigned proxies will not be counted toward quorum. The Funds will count broker non-votes toward establishing a quorum. (A broker non-vote is a proxy received from a broker who holds Fund shares on behalf of an investor, but who does not have discretionary power to vote the shares on the investor’s behalf, indicating that the broker has not received instructions from the investor on the matter at issue.) Signed, dated proxy cards and voting instruction cards returned to SSGA FM without a choice indicated as to the Proposal shall be voted “For” the Proposal.

ADJOURNMENT. If a quorum is not present or represented at the Shareholder Meeting, the holders of a majority of the votes present in person or by proxy and entitled to vote shall have the power to adjourn the Meeting from time to time, if the vote required to approve or reject the Proposal described in the original notice of such Meeting is not obtained (with proxies being voted for or against adjournment, including broker non-votes, consistent with the votes for and against the Proposal for which the required vote has not been obtained). The affirmative vote of the holders of a majority of the shares then present in person or represented by proxy shall be required to adjourn any Meeting. Any adjourned Meeting may be reconvened without further notice or change in “record date,” which was July 20, 2022 (the “Record Date”). At any reconvened meeting at which a quorum shall be present, any business may be transacted that might have been transacted at the Meeting as originally called.

REVOKING YOUR PROXY. Your latest vote is the one that counts. Therefore, you can revoke a prior proxy simply by voting again—over the Internet, with your proxy card or voting instruction card, or by toll-free telephone call. You can also revoke a prior proxy by writing to the Funds’ Secretary at the following address: Attn: David Urman, c/o SSGA Funds Management, Inc., One Iron Street, Boston, Massachusetts 02110 or by voting in person at the Shareholder Meeting. You may revoke your proxy at any time up until voting results are announced at the Shareholder Meeting.

SHAREHOLDER PROPOSALS. Any shareholder proposals to be included in the proxy statement for a Fund’s next meeting of shareholders must be received by the Fund within a reasonable period of time prior to that meeting. The Funds are not required to hold an annual meeting of shareholders and do not currently intend to hold another meeting of shareholders in 2022.

VOTING RIGHTS. Shareholders are entitled to cast one vote for each share of beneficial interest of a Fund owned on the Record Date and a fractional vote for each fractional share of beneficial interest of a Fund owned on the Record Date.

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NOMINEE ACCOUNTS. Upon request, the Funds will reimburse nominees for their reasonable expenses in forwarding proxy materials to beneficial owners of the Funds’ shares. Please submit invoices for our review to: One Iron Street, Boston, Massachusetts 02110, Attn: SPDR ETF Fund Administration.

SHAREHOLDER COMMUNICATIONS. Shareholders may send communications to the Board by addressing the communications directly to the Board (or individual Board members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board members). Shareholders may send the communication to the Trusts’ office. Management will review and generally respond to other shareholder communications a Trust receives that are not directly addressed and sent to the Board. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

ANNUAL/SEMIANNUAL REPORTS. Copies of the Funds’ Annual and Semi-Annual Reports to Shareholders may be obtained without charge by writing to the Funds’ Distributor, State Street Global Advisors Funds Distributors, LLC, at One Iron Street, Boston, Massachusetts 02210, by visiting the Funds’ website at https://www.ssga.com/spdrs or by calling 1-866-787-2257.

OTHER MATTERS. At this point, we know of no other business to be brought before the Shareholder Meeting. However, if any other matters do come up, we will use our best judgment to vote on your behalf. If you object to our voting other matters on your behalf, please tell us so in writing before the Shareholder Meeting.

PART VI: FUND AND INVESTMENT ADVISER INFORMATION

The Funds’ investment adviser is SSGA Funds Management, Inc. (“SSGA FM” or the “Adviser”). The Adviser’s principal address is One Iron Street, Boston, Massachusetts 02210.

Blackstone Liquid Credit Strategies LLC (“Blackstone”) serves as the investment sub-adviser to the SPDR Blackstone High Income ETF and SPDR Blackstone Senior Loan ETF. Blackstone’s principal business address is 345 Park Avenue, 31st Floor, New York, New York 10154.

DoubleLine Capital LP (“DoubleLine”) serves as the investment sub-adviser to the SPDR DoubleLine Emerging Markets Fixed Income ETF, SPDR DoubleLine Short Duration Total Return Tactical ETF and SPDR DoubleLine Total Return Tactical ETF. DoubleLine’s principal business address is 333 South Grand Avenue, Suite 1800, Los Angeles, California 90071.

Loomis, Sayles & Company, L.P. (“Loomis”) serves as the investment sub-adviser to the SPDR Loomis Sayles Opportunistic Bond ETF. Loomis’ principal business address is One Financial Center, Boston, Massachusetts 02111.

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Nuveen Asset Management, LLC (“Nuveen”) serves as the investment sub-adviser to the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF, SPDR Nuveen Bloomberg Municipal Bond ETF, SPDR Nuveen Bloomberg Short Term Municipal Bond ETF, SPDR Nuveen Municipal Bond ETF and SPDR Nuveen Municipal Bond ESG ETF. Nuveen’s principal business address is 333 West Wacker Drive, Chicago, Illinois 60606.

State Street Global Advisors Limited (“SSGA LTD”) serves as the investment sub-adviser to the SPDR Bloomberg Emerging Markets Local Bond ETF, SPDR Bloomberg Emerging Markets USD Bond ETF and SPDR Bloomberg International Corporate Bond ETF. SSGA LTD’s principal business address is 20 Churchill Place, Canary Wharf, London E14 5HJ, United Kingdom.

Fund Information

This section provides certain required information for each of the Funds. The Funds for which proxies are being solicited and their shares eligible to vote as of the Record Date are:

SSGA Active Trust (fiscal year end June 30)

SPDR Series Trust (fiscal year end June 30 or December 31)

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33

34

SPDR Index Shares Funds (fiscal year end September 30)

As of December 31, 2021, neither the current Independent Trustees nor their immediate family members owned beneficially or of record any securities in the Adviser, a sub-adviser, the Distributor or any person controlling, controlled by, or under common control with the Adviser, a sub-adviser or the Distributor.

As of July 20, 2022, neither Independent Trustee Nominee nor their immediate families owned beneficially or of record any securities in the Adviser, a sub-adviser, Distributor or any person controlling, controlled by or under common control with the Adviser, a sub-adviser or the Distributor.

The following table shows, as of December 31, 2021, the amount of equity securities owned by the Trustees and proposed Trustees in the Funds and in the State Street fund complex that they are elected (or are nominated) to oversee.

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DTC acts as securities depositary for the Shares. Shares of each Fund are represented by securities registered in the name of DTC or its nominee, Cede & Co. and deposited with, or on behalf of, DTC. Except in the limited circumstance provided below, certificates will not be issued for Shares.

DTC, a limited-purpose trust company, was created to hold securities of its participants (the “DTC Participants”) and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the New York Stock Exchange (“NYSE”) and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the “Indirect Participants”).

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Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as “Beneficial Owners”) is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between each Trust and DTC, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the Shares of each Fund held by each DTC Participant. A Trust, either directly or through a third party service, shall inquire of each such DTC Participant as to the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. A Trust, either directly or through a third party service, shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant and/or third party service a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in Shares of each Fund as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC Participants.

A Trust has no responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

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DTC may determine to discontinue providing its service with respect to Shares at any time by giving reasonable notice to a Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action either to find a replacement for DTC to perform its functions at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

Control Persons and Principal Holders of Securities

Although the Funds do not have information concerning their beneficial ownership held in the names of DTC Participants, as of July 1, 2022, the names, addresses and percentage ownership of each DTC Participant that owned of record 5% or more of the outstanding shares of each Fund were as follows:

SSGA Active Trust

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40

41

42

43

44

SPDR Series Trust

45

46

47

48

49

50

51

52

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