spdr index shares fundsthe opening month of 2016 was anything but reassuring for global investors as...

Annual Report30 September 2016

SPDR® Index Shares Funds

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

TABLE OF CONTENTS

Management’s Discussion of Fund Performance & Portfolio Summary (Unaudited)SPDR® STOXX® Europe 50 ETF (FEU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1SPDR EURO STOXX 50® ETF (FEZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5SPDR EURO STOXX Small Cap ETF (SMEZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13SPDR S&P International Dividend Currency Hedged ETF (HDWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17SPDR MSCI International Real Estate Currency Hedged ETF (HREX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21SPDR S&P Emerging Asia Pacific ETF (GMF) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25SPDR S&P Russia ETF (RBL) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29SPDR S&P China ETF (GXC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33SPDR MSCI China A Shares IMI ETF (XINA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37SPDR S&P Emerging Markets ETF (GMM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41SPDR S&P Emerging Markets Dividend ETF (EDIV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45SPDR S&P Emerging Europe ETF (GUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49SPDR S&P Emerging Latin America ETF (GML) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53SPDR S&P Emerging Middle East & Africa ETF (GAF) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57SPDR S&P World ex-US ETF (GWL) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61SPDR S&P International Small Cap ETF (GWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65SPDR Dow Jones International Real Estate ETF (RWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69SPDR S&P Global Infrastructure ETF (GII) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73SPDR S&P Global Natural Resources ETF (GNR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77SPDR S&P North American Natural Resources ETF (NANR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81SPDR MSCI ACWI ex-US ETF (CWI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85SPDR MSCI ACWI IMI ETF (ACIM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89SPDR MSCI ACWI Low Carbon Target ETF (LOWC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93SPDR MSCI EAFE StrategicFactorsSM ETF (formerly SPDR MSCI EAFE Quality Mix ETF) (QEFA) . . . . 97SPDR MSCI Emerging Markets StrategicFactorsSM ETF (formerly SPDR MSCI Emerging Markets

Quality Mix ETF) (QEMM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101SPDR MSCI World StrategicFactorsSM ETF (formerly SPDR MSCI World Quality Mix ETF) (QWLD) . . 105SPDR MSCI Australia StrategicFactorsSM ETF (formerly SPDR MSCI Australia Quality Mix ETF)

(QAUS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109SPDR MSCI Canada StrategicFactorsSM ETF (formerly SPDR MSCI Canada Quality Mix ETF)

(QCAN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 113SPDR MSCI Germany StrategicFactorsSM ETF (formerly SPDR MSCI Germany Quality Mix ETF)

(QDEU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117SPDR MSCI Japan StrategicFactorsSM ETF (formerly SPDR MSCI Japan Quality Mix ETF) (QJPN) . . . 121SPDR MSCI Mexico StrategicFactorsSM ETF (formerly SPDR MSCI Mexico Quality Mix ETF)

(QMEX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125SPDR MSCI South Korea StrategicFactorsSM ETF (formerly SPDR MSCI South Korea Quality Mix

ETF) (QKOR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129SPDR MSCI Spain StrategicFactorsSM ETF (formerly SPDR MSCI Spain Quality Mix ETF) (QESP) . . . . 133SPDR MSCI Taiwan StrategicFactorsSM ETF (formerly SPDR MSCI Taiwan Quality Mix ETF)

(QTWN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

SPDR MSCI United Kingdom StrategicFactorsSM ETF (formerly SPDR MSCI United KingdomQuality Mix ETF) (QGBR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141

SPDR S&P Global Dividend ETF (WDIV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145SPDR S&P International Dividend ETF (DWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149SPDR S&P Emerging Markets Small Cap ETF (EWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153SPDR Dow Jones Global Real Estate ETF (RWO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157SPDR S&P International Consumer Discretionary Sector ETF (IPD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161SPDR S&P International Consumer Staples Sector ETF (IPS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165SPDR S&P International Energy Sector ETF (IPW) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169SPDR S&P International Financial Sector ETF (IPF) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173SPDR S&P International Health Care Sector ETF (IRY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178SPDR S&P International Industrial Sector ETF (IPN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182SPDR S&P International Materials Sector ETF (IRV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186SPDR S&P International Technology Sector ETF (IPK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191SPDR S&P International Telecommunications Sector ETF (IST) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195SPDR S&P International Utilities Sector ETF (IPU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199

Schedules of InvestmentsSPDR STOXX Europe 50 ETF (FEU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203SPDR EURO STOXX 50 ETF (FEZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 205SPDR EURO STOXX Small Cap ETF (SMEZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207SPDR EURO STOXX 50 Currency Hedged ETF (HFEZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209SPDR S&P International Dividend Currency Hedged ETF (HDWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211SPDR MSCI International Real Estate Currency Hedged ETF (HREX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214SPDR S&P Emerging Asia Pacific ETF (GMF) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220SPDR S&P Russia ETF (RBL) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230SPDR S&P China ETF (GXC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232SPDR MSCI China A Shares IMI ETF (XINA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240SPDR S&P Emerging Markets ETF (GMM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250SPDR S&P Emerging Markets Dividend ETF (EDIV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266SPDR S&P Emerging Europe ETF (GUR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269SPDR S&P Emerging Latin America ETF (GML) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 272SPDR S&P Emerging Middle East & Africa ETF (GAF) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276SPDR S&P World ex-US ETF (GWL) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279SPDR S&P International Small Cap ETF (GWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 295SPDR Dow Jones International Real Estate ETF (RWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319SPDR S&P Global Infrastructure ETF (GII) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322SPDR S&P Global Natural Resources ETF (GNR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 325SPDR S&P North American Natural Resources ETF (NANR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 328SPDR MSCI ACWI ex-US ETF (CWI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330SPDR MSCI ACWI IMI ETF (ACIM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 342SPDR MSCI ACWI Low Carbon Target ETF (LOWC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352SPDR MSCI EAFE StrategicFactorsSM ETF (QEFA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 367SPDR MSCI Emerging Markets StrategicFactorsSM ETF (QEMM) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 373SPDR MSCI World StrategicFactorsSM ETF (QWLD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 384

SPDR MSCI Australia StrategicFactorsSM ETF (QAUS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395SPDR MSCI Canada StrategicFactorsSM ETF (QCAN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 398SPDR MSCI Germany StrategicFactorsSM ETF (QDEU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 401SPDR MSCI Japan StrategicFactorsSM ETF (QJPN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404SPDR MSCI Mexico StrategicFactorsSM ETF (QMEX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410SPDR MSCI South Korea StrategicFactorsSM ETF (QKOR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 412SPDR MSCI Spain StrategicFactorsSM ETF (QESP) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 416SPDR MSCI Taiwan StrategicFactorsSM ETF (QTWN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 418SPDR MSCI United Kingdom StrategicFactorsSM ETF (QGBR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421SPDR S&P Global Dividend ETF (WDIV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425SPDR S&P International Dividend ETF (DWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428SPDR S&P Emerging Markets Small Cap ETF (EWX) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 431SPDR Dow Jones Global Real Estate ETF (RWO) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443SPDR S&P International Consumer Discretionary Sector ETF (IPD) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 447SPDR S&P International Consumer Staples Sector ETF (IPS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 451SPDR S&P International Energy Sector ETF (IPW) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 455SPDR S&P International Financial Sector ETF (IPF) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 458SPDR S&P International Health Care Sector ETF (IRY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 462SPDR S&P International Industrial Sector ETF (IPN) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465SPDR S&P International Materials Sector ETF (IRV) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 469SPDR S&P International Technology Sector ETF (IPK) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473SPDR S&P International Telecommunications Sector ETF (IST) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 477SPDR S&P International Utilities Sector ETF (IPU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 480

Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 484Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 574Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 607Other Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 608

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

S P D R S T O X X E U R O P E 5 0 E T F —M A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E ( U N A U D I T E D )

The SPDR STOXX Europe 50 ETF (the “Fund”) seeks to provide investment results that, before fees andexpenses, correspond generally to the total return performance of the STOXX® Europe 50 Index (the“Index”). In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for theFund was –0.42%, and the total return for the Index was –0.37% (Net). The Fund and Index returns reflectthe reinvestment of dividends and other income. The Fund’s performance reflects the expenses ofmanaging the Fund, including brokerage and advisory expenses. The Index is unmanaged and Indexreturns do not reflect fees and expenses, which would have a negative impact on returns. Expenses, taxwithholdings and cash drag contributed to the difference between the Fund’s performance and that ofthe Index.

After being battered to close the third quarter of 2015 on a rapidly deteriorating global growth outlook,equity markets found their footing in October to open the fourth quarter. The shift in market sentimentwas aided by new policy commitments from global central banks to provide additional stimulus to combatthe effects of a slowing global economy. The relative dovishness of global central banks aided in thefourth quarter 2015 performance of the Fund, which finished 1.72% for the quarter.

The opening month of 2016 was anything but reassuring for global investors as growth assets sold offaggressively the first two weeks of the year on a mosaic of uncertainties persisting from 2015. Front andcenter in the turmoil to open 2016 was a series of conflicting messages from China’s policy makers in bothequity and currency markets, each iteration of which seemed to unsettle the markets more than the last.Further unnerving markets was a continued rapid sell-off in oil prices that has been a prevailing markettheme since the middle of 2014, prompting concerns over deflation and damage to energy producers tooutweigh the once expected windfall to energy consumers in the calculus of the market. In light of theseconcerns, the Fund ended first quarter 2016 down –4.62%.

With a starting point of continued slow and uneven economic growth for developed economies datingback to the end of the global financial crisis, investors in 2016 navigated a storm of additionaluncertainties, including softening economic growth and policy missteps in China, a degree ofdisenchantment in the ability of global central banks to influence market outcomes, and now thesurprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as“Brexit.” Remarkably, against this challenging backdrop, the Fund finished second quarter 2016 downonly –0.09%.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rallyfollowing the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted asan event which would likely cause some degree of deceleration in global growth, the market reaction inJuly echoed the circular logic that has frequently surrounded other disappointing data releases. Namely,that although Brexit resulted in pared forecasts for U.K., European and global growth generally, theanticipated policy response by major central banks provided fodder for markets that easy policyconditions would continue into the foreseeable future. In light of these developments, the Fund returned+2.74% for the quarter ended September 30, 2016.

On an individual security level, the top positive contributors to the Fund’s performance were SAP SE,Siemens AG, and BP p.l.c. The top negative contributors to the Fund’s performance were Novartis AG,Lloyds Banking Group plc, and Barclays PLC.

The views expressed above reflect those of the Fund’s portfolio manager only through the ReportingPeriod, and do not necessarily represent the views of SSGA Funds Management Inc., (the “Adviser”) as awhole. Any such views are subject to change at any time based upon market or other conditions and theAdviser disclaims any responsibility to update such views. These views may not be relied on as investmentadvice and, because investment decisions for a fund are based on numerous factors, may not be relied onas an indication of trading intent on behalf of any fund.

1

S P D R S T O X X E U R O P E 5 0 E T F —P E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )

The following performance chart of the Fund’s total return at net asset value, the total return based onmarket price and its benchmark index is provided for comparative purposes only and represents theperiods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and iscalculated 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 the Fund and the market return is based on the market price pershare of the Fund. The market price used to calculate the market return is determined by using themidpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fundare listed for trading, as of the time that the Fund’s NAV is calculated. NAV and market returns assumethat dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns donot include brokerage commissions that may be payable on secondary market transactions. If brokeragecommissions were included market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold aportfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, theFund’s performance is negatively impacted by these deductions. Index returns are net of dividendwithholding taxes.

Performance quoted represents past performance, which is no guarantee of future results.Investment return and principal value will fluctuate, so you may have a gain or loss when shares aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for themost recent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR STOXX Europe 50 ETF as stated in the Fees and Expenses table of theprospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.29%.

PERFORMANCE AS OF SEPTEMBER 30, 2016

CUMULATIVE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN

NET ASSETVALUE

MARKETVALUE

STOXX EUROPE50 INDEX*

NET ASSETVALUE

MARKETVALUE

STOXX EUROPE50 INDEX*

ONE YEAR –0.42% –0.62% –0.37% –0.42% –0.62% –0.37%

THREE YEARS –6.14% –6.48% –6.19% –2.09% –2.21% –2.11%

FIVE YEARS 30.87% 32.76% 30.82% 5.53% 5.83% 5.52%

TEN YEARS 0.02% –0.57% –0.23% 0.00% –0.06% –0.02%

* The STOXX Europe 50 Index is a market capitalization weighted index designed to represent the performance of some of the largestcompanies across all components of the 19 STOXX Europe 600 Supersector Indexes. The STOXX Europe 600 Supersector Indexes are subsetsof the STOXX Europe 600 Index, which contains 600 of the largest stocks traded on the major exchanges in Europe. The STOXX Europe 600Index is derived from the STOXX Europe Total Market Index (TMI) and is a subset of the STOXX Global 1800 Index. The Index covers 50 stocksfrom European countries generally regardless of a country’s adopted currency. The Index captures approximately 50% of the free-float marketcapitalization of the TMI, which in turn covers approximately 95% of the free-float market capitalization of the represented countries.

2

S P D R S T O X X E U R O P E 5 0 E T F —P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D ) ( U N A U D I T E D )

COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT (BASED ON NET ASSET VALUE)

$9,977(b)$10,002(a)

$6,000

$4,000

$8,000

$10,000

$12,000

$14,000

SPDR STOXX Europe 50 ETF (a)

9/30

/16

9/30

/06

9/30

/07

9/30

/08

9/30

/09

9/30

/10

9/30

/11

9/30

/12

9/30

/13

9/30

/14

9/30

/15

STOXX Europe 50 Index (b)

Past performance is not a guarantee of future results.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss andthe reinvestment of dividends and other income.

Line graph is based on cumulative total return.

3

S P D R S T O X X E U R O P E 5 0 E T F —P O R T F O L I O S U M M A R Y ( U N A U D I T E D )

TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2016

DESCRIPTION NESTLE SA NOVARTIS AGROCHEHOLDING AG

HSBCHOLDINGS PLC

BRITISH AMERICANTOBACCO PLC

MARKET VALUE $12,335,889 10,392,969 8,767,637 7,518,342 5,993,376

% OF NET ASSETS 6.6 5.6 4.7 4.0 3.2

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2016*

INDUSTRYPERCENT OFNET ASSETS

Pharmaceuticals 22.1%Banks 12.7Oil, Gas & Consumable Fuels 10.1Food Products 6.6Insurance 5.2Personal Products 4.9Beverages 4.7Tobacco 4.5Chemicals 4.3Diversified Telecommunication

Services 3.9Industrial Conglomerates 2.5Electrical Equipment 2.4Software 2.4


Wireless Telecommunication Services 2.1%Automobiles 1.9Household Products 1.7Multi-Utilities 1.5Capital Markets 1.3Construction & Engineering 1.2Textiles, Apparel & Luxury Goods 1.2Metals & Mining 1.1Semiconductors & Semiconductor

Equipment 1.1Short-Term Investments 0.8Liabilities in Excess of Other Assets (0.2)

TOTAL 100.0%

* The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.

4

S P D R E U R O S T O X X 5 0 E T F —M A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E ( U N A U D I T E D )

The SPDR EURO STOXX 50 ETF (the “Fund”) seeks to provide investment results that, before fees andexpenses, correspond generally to the total return performance of the EURO STOXX 50® Index (the“Index”). In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for theFund was 0.62%, and the total return for the Index was 0.38% (Net). The Fund and Index returns reflect thereinvestment of dividends and other income. The Fund’s performance reflects the expenses of managingthe Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do notreflect fees and expenses, which would have a negative impact on returns. Expenses, tax withholdingsand cash drag contributed to the difference between the Fund’s performance and that of the Index.



With a starting point of continued slow and uneven economic growth for developed economies datingback to the end of the global financial crisis, investors in 2016 navigated a storm of additionaluncertainties, including softening economic growth and policy missteps in China, a degree ofdisenchantment in the ability of global central banks to influence market outcomes, and now thesurprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as“Brexit.” Remarkably, against this challenging backdrop, the Fund finished second quarter 2016 downonly –4.79%.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rallyfollowing the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted asan event which would likely cause some degree of deceleration in global growth, the market reaction inJuly echoed the circular logic that has frequently surrounded other disappointing data releases. Namely,that although Brexit resulted in pared forecasts for U.K., European and global growth generally, theanticipated policy response by major central banks provided fodder for markets that easy policyconditions would continue into the foreseeable future. In light of these developments, the Fund returned+6.24% for the quarter ended September 30, 2016.

On an individual security level, the top positive contributors to the Fund’s performance were SAP SE,Siemens AG, and Anheuser-Busch InBev SA. The top negative contributors to the Fund’s performancewere Deutsche Bank AG, Bayer AG, and UniCredit S.p.A.


5

S P D R E U R O S T O X X 5 0 E T F —P E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )

The following performance chart of the Fund’s total return at net asset value, the total return based onmarket price and its benchmark index is provided for comparative purposes only and represents theperiods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and iscalculated 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 the Fund and the market return is based on the market price pershare of the Fund. The market price used to calculate the market return is determined by using themidpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fundare listed for trading, as of the time that the Fund’s NAV is calculated. NAV and market returns assumethat dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns donot include brokerage commissions that may be payable on secondary market transactions. If brokeragecommissions were included market returns would be lower.


Performance quoted represents past performance, which is no guarantee of future results.Investment return and principal value will fluctuate, so you may have a gain or loss when shares aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for themost recent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR EURO STOXX 50 ETF as stated in the Fees and Expenses table of theprospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.29%.



NET ASSETVALUE

MARKETVALUE

EURO STOXX50 INDEX*

NET ASSETVALUE

MARKETVALUE

EURO STOXX50 INDEX*

ONE YEAR 0.62% 0.49% 0.38% 0.62% 0.49% 0.38%

THREE YEARS –5.73% –5.80% –6.53% –1.95% –1.97% –2.23%

FIVE YEARS 36.33% 38.55% 34.00% 6.39% 6.74% 6.03%

TEN YEARS –3.51% –3.68% –6.77% –0.36% –0.37% –0.70%

* The EURO STOXX 50 Index is designed to represent the performance of some of the largest companies across components of the 20 EUROSTOXX Supersector Indexes. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index. The EURO STOXX Index is a broadyet liquid subset of the STOXX Europe 600 Index. The Index captures approximately 60% of the free-float market capitalization of the EUROSTOXX Total Market Index, which in turn covers approximately 95% of the free float market capitalization of the represented countries.

6

S P D R E U R O S T O X X 5 0 E T F —P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D ) ( U N A U D I T E D )


$9,323(b)

$9,649(a)

$6,000

$4,000

$8,000

$10,000

$12,000

$14,000

SPDR EURO STOXX 50 ETF (a)

9/30

/16

9/30

/06

9/30

/07

9/30

/08

9/30

/09

9/30

/10

9/30

/11

9/30

/12

9/30

/13

9/30

/14

9/30

/15

EURO STOXX 50 Index (b)




7

S P D R E U R O S T O X X 5 0 E T F —P O R T F O L I O S U M M A R Y ( U N A U D I T E D )


DESCRIPTION TOTAL SAANHEUSER-BUSCHINBEV SA SIEMENS AG SAP SE SANOFI

MARKET VALUE $132,464,588 112,269,946 104,876,604 100,383,075 99,607,467

% OF NET ASSETS 5.2 4.4 4.1 4.0 3.9




Banks 11.8%Pharmaceuticals 7.6Oil, Gas & Consumable Fuels 6.8Insurance 6.3Diversified Telecommunication

Services 5.7Automobiles 5.4Chemicals 5.3Industrial Conglomerates 5.3Personal Products 5.2Beverages 4.4Software 3.9Textiles, Apparel & Luxury Goods 3.6Electric Utilities 3.2Aerospace & Defense 2.6Food Products 2.0Construction & Engineering 1.9Electrical Equipment 1.8Semiconductors &

Semiconductor Equipment 1.8


Multi-Utilities 1.7%Specialty Retail 1.7Communications Equipment 1.5Health Care Providers & Services 1.4Air Freight & Logistics 1.3Food & Staples Retailing 1.3Health Care Equipment & Supplies 1.3Construction Materials 1.2Real Estate Investment Trusts (REITs) 1.2Building Products 1.0Media 1.0Capital Markets 0.8Metals & Mining 0.0**Short-Term Investments 0.9Liabilities in Excess of Other Assets (0.9)

TOTAL 100.0%

* The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.** Amount shown represents less than 0.05% of net assets.

8

S P D R E U R O S T O X X S M A L L C A P E T F —M A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E ( U N A U D I T E D )

The SPDR EURO STOXX Small Cap ETF (the “Fund”) seeks to provide investment results that, before feesand expenses, correspond generally to the total return performance of an index that tracks theperformance of small capitalization Eurozone equity securities. In seeking this objective, the Fund uses asampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for theFund was 3.14%, and the total return for the EURO STOXX Small Index (the “Index”) was 3.26% (Net). TheFund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performancereflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index isunmanaged and Index returns do not reflect fees and expenses, which would have a negative impact onreturns. Cash and dividend receivables drag, fees and compounding contributed to the differencebetween the Fund’s performance and that of the Index.

The Eurozone equity markets opened the fourth quarter of 2015 with mixed sentiments as global centralbanks provided additional stimulus to combat the effects of a slowing global economy. The first quarter of2016 also witnessed a sharp sell-off after the announcement of the long anticipated “Brexit” referendumto exit its 43 year membership in the European Union. European investors navigated a storm of additionaluncertainties in the second quarter of 2016 as the European Central Bank resolved to continue itsmonetary policy of low interest rates and the prospect of a possible ‘leave’ vote in the British referendumincreased. In the United Kingdom, the Bank of England engaged in some easing measures by reducingshort term interest rates and also extending their quantitative easing program. The third quarter of 2016also witnessed a muted performance for the Fund as the Brexit vote was confirmed and its impact led tosome degree of deceleration in growth in its other Eurozone members.

On an individual security level, the top positive contributors to the Fund’s performance were NesteCorporation, Gamesa Corporacion Tecnologica, S.A., and Covestro AG. The top negative contributors tothe Fund’s performance were Banco Comercial Portugues S.A., Banca Popolare dell’Emilia RomagnaS.C.A.R.L., and Banca Popolare di Milano S.C.A.R.L


9

S P D R E U R O S T O X X S M A L L C A P E T F —P E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )

The following performance chart of the Fund’s total return at net asset value, the total return based onmarket price and its benchmark index is provided for comparative purposes only and represents theperiods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and iscalculated 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 the Fund and the market return is based on the market price pershare of the Fund. The market price used to calculate the market return is determined by using themidpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fundare listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did nottrade in the secondary market until the day after the Fund’s inception, for the period from inception to thefirst day of secondary market trading in shares of the Fund (6/4/14, 6/5/14, respectively), the NAV of theFund is used as a proxy for the secondary market trading price to calculate market returns. NAV andmarket returns assume that dividends and capital gain distributions have been reinvested in the Fund atNAV. Market returns do not include brokerage commissions that may be payable on secondary markettransactions. If brokerage commissions were included market returns would be lower.


Performance quoted represents past performance, which is no guarantee of future results.Investment return and principal value will fluctuate, so you may have a gain or loss when shares aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR EURO STOXX Small Cap ETF as stated in the Fees and Expenses table ofthe prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.45%.



NET ASSETVALUE

MARKETVALUE

EURO STOXXSMALL INDEX*

NET ASSETVALUE

MARKETVALUE

EURO STOXXSMALL INDEX*

ONE YEAR 3.14% 3.13% 3.26% 3.14% 3.13% 3.26%

SINCE INCEPTION (1) –17.12% –17.14% –16.86% –7.75% –7.77% –7.63%

(1) For the period June 4, 2014 to September 30, 2016.* The EURO STOXX Small Index is designed to provide a representation of small companies across the Eurozone. The Eurozone consists of

European Union countries that have adopted the Euro as their currency. The Index consists of the Eurozone stocks included in the STOXXEurope Small 200 Index.

10

S P D R E U R O S T O X X S M A L L C A P E T F —P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D ) ( U N A U D I T E D )


$8,314(b)$8,288(a)$8,000

$7,000

$9,000

$10,000

SPDR EURO STOXX Small Cap ETF (a)

6/30

/16

3/31

/16

9/30

/16

6/4/

14

6/30

/14

9/30

/14

12/3

1/14

3/31

/15

6/30

/15

9/30

/15

12/3

1/15

EURO STOXX Small Index (b)

Past Performance is not a guarantee of future results.



11

S P D R E U R O S T O X X S M A L L C A P E T F —P O R T F O L I O S U M M A R Y ( U N A U D I T E D )


DESCRIPTION HUHTAMAKI OYJ COVESTRO AG JERONIMO MARTINS SGPS SA KION GROUP AG EUROFINS SCIENTIFIC SE

MARKET VALUE $213,442 205,235 203,137 201,448 199,486

% OF NET ASSETS 1.8 1.7 1.7 1.7 1.7




Media 10.1%Machinery 5.7Real Estate Investment Trusts (REITs) 5.6Food & Staples Retailing 5.5Pharmaceuticals 5.3Insurance 4.1Diversified Financial Services 4.0Banks 3.7Chemicals 3.5Auto Components 3.2Air Freight & Logistics 3.1Life Sciences Tools & Services 2.8Building Products 2.4Food Products 2.3Diversified Telecommunication

Services 2.1Semiconductors & Semiconductor

Equipment 2.1Energy Equipment & Services 2.0Construction Materials 1.9Containers & Packaging 1.8Commercial Services & Supplies 1.7Airlines 1.6Metals & Mining 1.6Real Estate Management &

Development 1.6


Gas Utilities 1.5%Leisure Equipment & Products 1.5Wireless Telecommunication Services 1.5Health Care Providers & Services 1.4Household Durables 1.4Oil, Gas & Consumable Fuels 1.4Health Care Equipment & Supplies 1.2Industrial Conglomerates 1.2Software 1.2Aerospace & Defense 1.0Beverages 1.0Construction & Engineering 1.0Independent Power Producers &

Energy Traders 1.0Textiles, Apparel & Luxury Goods 1.0Multi-Utilities 0.9Trading Companies & Distributors 0.9Personal Products 0.8Thrifts & Mortgage Finance 0.8Transportation Infrastructure 0.8Capital Markets 0.7Short-Term Investment 0.0**Other Assets in Excess of Liabilities 0.1

TOTAL 100.0%


12

S P D R E U R O S T O X X 5 0 C U R R E N C Y H E D G E D E T F —M A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E ( U N A U D I T E D )

The SPDR EURO STOXX 50 Currency Hedged ETF (the “Fund”) seeks to provide investment results that,before fees and expenses, correspond generally to the total return performance of an index that tracksexchange listed, large cap, developed market common stocks within the European Monetary Union whilemitigating exposure to fluctuations between the value of the Euro and the U.S. dollar. In seeking thisobjective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for theFund was 0.45%, and the total return for the EURO STOXX 50 Hedged USD Index (the “Index”) was 0.46%(Net). The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’sperformance 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, which would have a negativeimpact on returns. Expenses, tax withholdings differences and cash drag contributed to the differencebetween the Fund’s performance and that of the Index.



With a starting point of continued slow and uneven economic growth for developed economies datingback to the end of the global financial crisis, investors in 2016 navigated a storm of additionaluncertainties including softening economic growth and policy missteps in China, a degree ofdisenchantment in the ability of global central banks to influence market outcomes, and now thesurprising vote by the U.K. on June 23rd to exit its 43 year membership in the European Union, known as“Brexit.” Remarkably, against this challenging backdrop, the Fund finished second quarter 2016 downonly –1.03%.

Global markets entered the third quarter of 2016 riding the tailwind of an aggressive snap back rallyfollowing the Brexit vote. Although the U.K. vote to leave the European Union was largely interpreted asan event which would likely cause some degree of deceleration in global growth, the market reaction inJuly echoed the circular logic that has frequently surrounded other disappointing data releases. Namely,that although “Brexit” resulted in pared forecasts for U.K., European and global growth generally, theanticipated policy response by major central banks provided fodder for markets that easy policyconditions would continue into the foreseeable future. In light of these developments, the Fund returned+4.75% for the quarter ended September 30, 2016.

The Fund used foreign currency forward contracts in order to replicate the “hedging” component of theIndex. The Fund’s use of such forwards helped the Fund track the Index.


13

S P D R E U R O S T O X X 5 0 C U R R E N C Y H E D G E D E T F —P E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )



Performance quoted represents past performance, which is no guarantee of future results.Investment return and principal value will fluctuate, so you may have a gain or loss when shares aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR EURO STOXX 50 Currency Hedged ETF as stated in the Fees and Expensestable of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.62% (0.32%after fee waiver). Fund returns at Net Asset Value shown in the table below for One Year and SinceInception reflect the impact of an expense limitation agreement. Had the adviser not waived feesand reimbursed certain expenses, returns would have been lower.



NET ASSETVALUE

MARKETVALUE

EURO STOXX50 HEDGEDUSD INDEX*

NET ASSETVALUE

MARKETVALUE

EURO STOXX50 HEDGEDUSD INDEX*

ONE YEAR 0.45% 0.77% 0.46% 0.45% 0.77% 0.46%

SINCE INCEPTION (1) –9.36% –9.16% –9.61% –7.21% –7.06% –7.41%

(1) For the period June 8, 2015 to September 30, 2016.* The EURO STOXX 50 Hedged USD Index is a market capitalization weighted index designed to represent the performance of the largest

companies across components of the 19 EURO STOXX Supersector Indexes, with the currency risk of the component securities hedged againstthe US dollar on a monthly basis. The EURO STOXX Supersector Indexes are subsets of the EURO STOXX Index. The EURO STOXX Index is abroad yet liquid subset of the STOXX Europe 600 Index, which covers the 600 largest companies in Europe. The Index captures approximately60% of the free-float market capitalization of the EURO STOXX Total Market Index, which in turn covers approximately 95% of the free floatmarket capitalization of the represented countries.

14

S P D R E U R O S T O X X 5 0 C U R R E N C Y H E D G E D E T F —P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D ) ( U N A U D I T E D )


$9,039(b)

$9,064(a)$9,000

$8,000

$10,000

9/30

/16

6/8/

15

6/30

/15

9/30

/15

12/3

1/15

3/31

/16

6/30

/16

SPDR EURO STOXX 50 Currency Hedged ETF (a) EURO STOXX 50 Hedged USD Index (b)




15

S P D R E U R O S T O X X 5 0 C U R R E N C Y H E D G E D E T F —P O R T F O L I O S U M M A R Y ( U N A U D I T E D )



International Equity 99.1%Short-Term Investment 0.5Other Assets in Excess of Liabilities 0.4

TOTAL 100.0%


16

S P D R S & P I N T E R N A T I O N A L D I V I D E N D C U R R E N C Y H E D G E D E T F —M A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E ( U N A U D I T E D )

The SPDR S&P International Dividend Currency Hedged ETF (the “Fund”) seeks to provide investmentresults that, before fees and expenses, correspond generally to the total return performance of an indexthat tracks exchange listed common stocks domiciled in countries outside the United States that offerhigh dividend yields while mitigating exposure to fluctuations between the value of the componentcurrencies and the U.S. dollar. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for theFund was 12.20%, and the total return for the S&P International Dividend Opportunities USD HedgedIndex (the “Index”) was 12.83% (Net). The Fund and Index returns reflect the reinvestment of dividendsand other income. The Fund’s performance reflects the expenses of managing the Fund, includingbrokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees andexpenses, which would have a negative impact on returns. Fund expenses, income from securitieslending, cash drag, transaction costs, compounding differences resulting from performance volatility, andslight variations between the Fund’s holdings and the Index constituents contributed to the differencebetween the Fund’s performance and that of the Index.

Changes in monetary policy from various central banks, including further easing by the European CentralBank, a modest increase in the Federal Reserve rate, as well as a Chinese rate cut, helped the Fund finishin positive territory in the first quarter of the Reporting Period. Unfortunately economic weakness in China,plunging oil prices and geo-political tensions weighed on performance during the next few monthscausing negative returns. The Fund was additionally affected by deflationary pressures in Europe and theU.S. and inflation in emerging markets during this same period. The surprise “Brexit” vote in the U.K. toleave the EU in June and the resulting fall in the value of the British pound further prevented any materialrebound through the second quarter of 2016. The Fund managed to rally in the fourth quarter of theReporting Period primarily thanks to continued monetary policy easing, as the Bank of Englandannounced a rate cut, Japan announced additional fiscal and monetary policies and the Federal Reservedecided to keep rates as is. Rebounding oil prices and strong earnings also helped in the quarter.


On an individual security level, the top positive contributors to the Fund’s performance were CrescentPoint Energy Corp., Sands China Ltd., and Pembina Pipeline Corporation. The top negative contributorsto the Fund’s performance were Worleyparsons Limited, Berkeley Group Holdings plc, and Electricite deFrance SA.


17

S P D R S & P I N T E R N A T I O N A L D I V I D E N D C U R R E N C Y H E D G E D E T F —P E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )



Performance quoted represents past performance, which is no guarantee of future results.Investment return and principal value will fluctuate, so you may have a gain or loss when shares aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR S&P International Dividend Currency Hedged ETF as stated in the Fees andExpenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is0.93% (0.48% after fee waiver). Fund returns at Net Asset Value shown in the table below for OneYear and Since Inception reflect the impact of an expense limitation agreement. Had the advisernot waived fees and reimbursed certain expenses, returns would have been lower.



NET ASSETVALUE

MARKETVALUE

S&P INTERNATIONALDIVIDEND

OPPORTUNITIES USDHEDGED INDEX*

NETASSETVALUE

MARKETVALUE

S&P INTERNATIONALDIVIDEND

OPPORTUNITIES USDHEDGED INDEX*

ONE YEAR 12.20% 12.44% 12.83% 12.20% 12.44% 12.83%

SINCE INCEPTION (1) 10.58% 10.86% 10.93% 10.09% 10.35% 10.42%

(1) For the period September 14, 2015 to September 30, 2016.* The S&P International Dividend Opportunities USD Hedged Index is a yield weighted index designed to represent the performance of the 100

highest dividend-yielding common stocks and ADRs listed in primary exchanges of countries included in the S&P Global BMI ex U.S. (BroadMarket Index).

18

S P D R S & P I N T E R N A T I O N A L D I V I D E N D C U R R E N C Y H E D G E D E T F —P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D ) ( U N A U D I T E D )


$11,093(b)

$11,058(a)

$10,000

$9,000

$11,000

SPDR S&P International DividendCurrency Hedged ETF (a)

9/30

/16

8/31

/16

7/31

/16

9/14

/15

9/30

/15

10/3

1/15

11/3

0/15

12/3

1/15

3/31

/16

2/29

/16

1/31

/16

6/30

/16

5/31

/16

4/30

/16

S&P International Dividend OpportunitiesUSD Hedged Index (b)




19

S P D R S & P I N T E R N A T I O N A L D I V I D E N D C U R R E N C Y H E D G E D E T F —P O R T F O L I O S U M M A R Y ( U N A U D I T E D )



International Equity 99.3%Short-Term Investment 0.0**Other Assets in Excess of Liabilities 0.7

TOTAL 100.0%


20

S P D R M S C I I N T E R N A T I O N A L R E A L E S T A T E C U R R E N C Y H E D G E D E T F —M A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E ( U N A U D I T E D )

The SPDR MSCI International Real Estate Currency Hedged ETF (the “Fund”) seeks to provide investmentresults that, before fees and expenses, correspond generally to the total return performance of an indexthat tracks the international real estate market while mitigating exposure to fluctuations between thevalue of the component currencies and the U.S. dollar. In seeking this objective, the Fund uses a samplingstrategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for theFund was 9.43%, and the total return for the MSCI World ex USA IMI Core Real Estate Capped 100%Hedged To USD Index (the “Index”) was 10.00% (Net). The Fund and Index returns reflect thereinvestment of dividends and other income. The Fund’s performance reflects the expenses of managingthe Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do notreflect fees and expenses, which would have a negative impact on returns. Security misweights, cash anddividend receivables, fees and tax withholding differences contributed to the difference between theFund’s performance and that of the Index.

During the Reporting Period, increased political and economic uncertainty pushed bond yields lower,which helped drive investors to income-producing alternatives like REITs. While the Fund returned almost10% over the Reporting Period, the United Kingdom declined over 20% and was the worst performingcountry. The surprise outcome of the “Brexit” vote led to a sharp fall in the value of both property andcurrency in the United Kingdom in June and the uncertainty of the impact has led to more volatility in themarket. Listed real estate in Australia performed well as the rental profile for office and retail companieswas positive and earnings reports were generally strong. At the sector level, Industrials performed well.With e-commerce driving the need for more distribution centers, the sector had strong real estateoperating fundamentals as rising demand outpaced limited new supply. Faced with decelerating growth,self-storage companies underperformed.


On an individual security level, the top positive contributors to the Fund’s performance were ScentreGroup, Link Real Estate Investment Trust, and Deutsche Wohnen AG. The top negative contributors tothe Fund’s performance were Mitsui Fudosan Co., Ltd., Land Securities Group PLC, and British LandCompany PLC.


21

S P D R M S C I I N T E R N A T I O N A L R E A L E S T A T E C U R R E N C Y H E D G E D E T F —P E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )



Performance quoted represents past performance, which is no guarantee of future results.Investment return and principal value will fluctuate, so you may have a gain or loss when shares aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for mostrecent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR S&P International Real Estate Currency Hedged ETF as stated in the Feesand Expenses table of the prospectus dated January 31, 2016 (as supplemented August 2, 2016) is0.48%.



NET ASSETVALUE

MARKETVALUE

MSCI WORLD EXUSA IMI CORE REAL

ESTATE CAPPED100% HEDGED TO

USD INDEX*NET ASSET

VALUEMARKETVALUE

MSCI WORLD EXUSA IMI CORE REAL

ESTATE CAPPED100% HEDGED TO

USD INDEX*

ONE YEAR 9.43% 9.32% 10.00% 9.43% 9.32% 10.00%

SINCE INCEPTION (1) 10.87% 11.51% 11.46% 10.36% 10.97% 10.93%

(1) For the period September 14, 2015 to September 30, 2016.* The MSCI World ex USA IMI Core Real Estate Capped 100% Hedged To USD Index is a free float-adjusted market capitalization-weighted

index that is designed to reflect the performance of stocks in the MSCI World ex USA IMI Index that are engaged in the ownership,development and management of specific core real estate property types. To be included in the Index, a company needs to derive at least 75%of its revenues from real estate activities related to a combination of the following specific core property types: industrial, office, retail,residential, health care, hotel and resort, data centers, and storage. Companies classified in the real estate services industry, mortgage realestate investment trusts (“REITs”) and specialized REITs that are not involved in the above referenced specific core real estate property typesare excluded from the Index.

22

S P D R M S C I I N T E R N A T I O N A L R E A L E S T A T E C U R R E N C Y H E D G E D E T F —P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D ) ( U N A U D I T E D )


$11,146(b)$11,087(a)

$10,000

$9,000

$11,000

9/30

/16

9/14

/15

9/30

/15

10/3

1/15

11/3

0/15

12/3

1/15

3/31

/16

4/30

/16

1/31

/16

2/29

/16

6/30

/16

7/31

/16

8/31

/16

5/31

/16

SPDR MSCI International Real EstateCurrency Hedged ETF (a)

MSCI World ex USA IMI Core Real Estate Capped 100% Hedged to USD Index (b)




23

S P D R M S C I I N T E R N A T I O N A L R E A L E S T A T E C U R R E N C Y H E D G E D E T F —P O R T F O L I O S U M M A R Y ( U N A U D I T E D )


DESCRIPTION UNIBAIL- RODAMCO SESUN HUNG KAIPROPERTIES, LTD.

CHEUNG KONG PROPERTYHOLDINGS, LTD.

SCENTREGROUP REIT VONOVIA SE

MARKET VALUE $95,208 75,490 68,627 67,726 62,536

% OF NET ASSETS 4.5 3.6 3.2 3.2 3.0




Real Estate Investment Trusts (REITs) 56.3%Real Estate Management &

Development 43.4Short-Term Investment 0.1Other Assets in Excess of Liabilities 0.2

TOTAL 100.0%


24

S P D R S & P E M E R G I N G A S I A P A C I F I C E T F —M A N A G E M E N T ’ S D I S C U S S I O N O F F U N D P E R F O R M A N C E ( U N A U D I T E D )

The SPDR S&P Emerging Asia Pacific ETF (the “Fund”) seeks to provide investment results that, beforefees and expenses, correspond generally to the total return performance of an index based upon theemerging markets of the Asia Pacific region. In seeking this objective, the Fund uses a sampling strategy.

For the 12-month period ended September 30, 2016 (the “Reporting Period”), the total return for theFund was 17.24%, and the total return for the S&P Asia Pacific Emerging BMI Index (the “Index”) was17.85% (Net). The Fund and Index returns reflect the reinvestment of dividends and other income. TheFund’s performance reflects the expenses of managing the Fund, including brokerage and advisoryexpenses. The Index is unmanaged and Index returns do not reflect fees and expenses, which would havea negative impact on returns. Expenses, transaction costs, cash and receivables drag, compounding, andsecurity misweights contributed to the difference between the Fund’s performance and that of the Index.

The Index whipsawed through the fourth quarter of 2015, starting strong in October before wavering inNovember and December, but still ended up ahead as the Index gained 6.06% during this period.Following a tumultuous third quarter of 2015 in which Index heavyweight China shed over 20% of its value,Chinese equities stabilized in the fourth quarter, finishing up as investors shifted their attention toadditional stimulus measures introduced by the People’s Bank of China (PBOC). Additionally, news inNovember that foreign exchange reserves had rebounded in October following five months of declines,and retail sales had further improved contributed in the Index gains over the fourth quarter of 2015.

The monthly volatility continued throughout the first quarter of 2016 as the Index lost 8.66% and 1.07% inJanuary and February, respectively. After stumbling through the opening two months of 2016, the Indexrebounded 10.38% in March to finish the full quarter down 0.25%. Economic catalysts aiding China’srecovery over the final month of the quarter included the PBOC cutting the required reserve ratio for allbanks by 50bps on the last day of February. The gain in March was also attributed to an official PurchasingManagers’ Index (PMI) release of 50.2, outpacing economist estimates and indicating an economicexpansion following eight consecutive monthly contractions.

The volatility subsided in the second quarter of 2016 as the Index started with losses of 0.88% and 0.33%in April and May, respectively, and finished by gaining 2.42% in March, for an overall gain of 1.18% for thequarter. While there was no shortage of events affecting emerging market equities through the secondquarter of 2016, the most significant across both emerging and developed markets took place over thethird week of June with the U.K. European Union referendum and the subsequent decision by Britain towithdraw from the EU. With most major polls suggesting a too close to call outcome, and bookmakersfavoring a slight tilt toward “remain” entering the vote, risk assets sharply sold off on Friday, June 24th.Emerging market equities proved remarkably resilient amid the market stress, quickly reboundingfollowing Friday’s fall as investors focused on the likely implications of easier monetary policy for anextended period.

The Index accelerated higher through the third quarter of 2016, rising 10.10% during this period.Economic catalysts driving Chinese equities through the quarter included second quarter GDP reportedat 6.7%, outpacing consensus estimates and lending credence to the theory that easing by the PBOC hadbegun showing positive results. July’s trade surplus was reported at $52.3 billion, eclipsing both theprevious month and expectations. Additionally, approval by the State Council for the Shenzhen-HKConnect, in an effort to link the two exchanges and further open China’s financial markets, enhanced thereturns of Chinese equities during the third quarter of 2016.

On an individual security level, the top positive contributors to the Fund’s performance were TencentHoldings Ltd., Alibaba Group Holding Ltd. Sponsored ADR, and Taiwan Semiconductor ManufacturingCo., Ltd. Sponsored ADR. The top negative contributors to the Fund’s performance were Qianhai HealthHoldings Ltd., China Life Insurance Co. Ltd. Class H, and Infosys Limited Sponsored ADR.


25

S P D R S & P E M E R G I N G A S I A P A C I F I C E T F —P E R F O R M A N C E S U M M A R Y ( U N A U D I T E D )

The following performance chart of the Fund’s total return at net asset value, the total return based onmarket price and its benchmark index is provided for comparative purposes only and represents theperiods noted. The Fund’s per share net asset value (“NAV”) is the value of one share of the Fund and iscalculated 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 the Fund and the market return is based on the market price pershare of the Fund. The market price used to calculate the market return is determined by using themidpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fundare listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did nottrade in the secondary market until several days after the Fund’s inception, for the period from inceptionto the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAVof the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAVand market returns assume that dividends and capital gain distributions have been reinvested in the Fundat NAV. Market returns do not include brokerage commissions that may be payable on secondary markettransactions. If brokerage commissions were included market returns would be lower.


Performance quoted represents past performance, which is no guarantee of future results.Investment return and principal value will fluctuate, so you may have a gain or loss when shares aresold. Current performance may be higher or lower than that quoted. Visit www.spdrs.com for themost recent month-end performance. The returns do not reflect the deduction of taxes that ashareholder would pay on Fund distributions or on the redemption or sale of Fund shares. The totalexpense ratio for SPDR S&P Emerging Asia Pacific ETF as stated in the Fees and Expenses table ofthe prospectus dated January 31, 2016 (as supplemented August 2, 2016) is 0.49%.



NET ASSETVALUE

MARKETVALUE

S&P ASIA PACIFICEMERGING BMI

INDEX*NET ASSET

VALUEMARKETVALUE

S&P ASIA PACIFICEMERGING BMI

INDEX*

ONE YEAR 17.24% 18.15% 17.85% 17.24% 18.15% 17.85%

THREE YEARS 16.37% 17.64% 17.79% 5.18% 5.57% 5.61%

FIVE YEARS 39.66% 46.00% 44.64% 6.91% 7.86% 7.66%

SINCE INCEPTION (1) 68.33% 69.68% 70.76% 5.61% 5.70% 5.77%

(1) For the period March 20, 2007 to September 30, 2016.* The S&P Asia Pacific Emerging BMI Index is a market capitalization weighted index that defines and measures the investable universe of

publicly traded companies domiciled in emerging Asian Pacific markets. The Index is “float adjusted”, meaning that only those shares publiclyavailable to investors are included in the Asia Pacific Emerging Index calculation.

26

S P D R S & P E M E R G I N G A S I A P A C I F I C E T F —P E R F O R M A N C E S U M M A R Y ( C O N T I N U E D ) ( U N A U D I T E D )


$17,076(b)$16,833(a)

$4,000

$22,000

SPDR S&P Emerging Asia Pacific ETF (a)

9/30

/16

3/20

/07

9/30

/07

9/30

/08

9/30

/09

9/30

/10

9/30

/11

9/30

/12

9/30

/13

9/30

/14

9/30

/15

S&P Asia Pacific Emerging BMI Index (b)

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000




27

S P D R S & P E M E R G I N G A S I A P A C I F I C E T F —P O R T F O L I O S U M M A R Y ( U N A U D I T E D )


DESCRIPTIONTENCENTHOLDINGS, LTD.

ALIBABA GROUPHOLDING, LTD. ADR

TAIWANSEMICONDUCTORMANUFACTURINGCO., LTD. ADR

CHINA MOBILE,LTD.

CHINACONSTRUCTIONBANK CORP.CLASS H

MARKET VALUE $17,509,449 13,429,723 12,864,166 8,114,955 7,863,782

% OF NET ASSETS 5.2 4.0 3.8 2.4 2.3




Banks 15.2%Internet Software & Services 12.2Semiconductors & Semiconductor

Equipment 6.9Oil, Gas & Consumable Fuels 5.6Wireless Telecommunication Services 4.3Electronic Equipment, Instruments &

Components 4.0Real Estate Management &

Development 3.7Insurance 3.3Automobiles 2.8IT Services 2.7Technology Hardware, Storage &

Peripherals 2.5Chemicals 2.3Food Products 2.1Diversified Telecommunication

Services 2.0Pharmaceuticals 1.9Metals & Mining 1.7Thrifts & Mortgage Finance 1.5Construction & Engineering 1.4Industrial Conglomerates 1.4Internet & Catalog Retail 1.4Construction Materials 1.2Independent Power Producers &

Energy Traders 1.2Transportation Infrastructure 1.2Capital Markets 1.1Food & Staples Retailing 1.1Hotels, Restaurants & Leisure 1.1Textiles, Apparel & Luxury Goods 1.1Diversified Financial Services 1.1Machinery 0.9Electric Utilities 0.8Electrical Equipment 0.7


Health Care Providers & Services 0.7%Personal Products 0.7Auto Components 0.6Beverages 0.6Consumer Finance 0.6Household Products 0.6Media 0.6Tobacco 0.5Gas Utilities 0.4Household Durables 0.4Diversified Consumer Services 0.3Specialty Retail 0.3Aerospace & Defense 0.2Airlines 0.2Commercial Services & Supplies 0.2Marine 0.2Paper & Forest Products 0.2Software 0.2Water Utilities 0.2Biotechnology 0.1Building Products 0.1Energy Equipment & Services 0.1Health Care Equipment & Supplies 0.1Leisure Equipment & Products 0.1Multiline Retail 0.1Road & Rail 0.1Air Freight & Logistics 0.0**Communications Equipment 0.0**Containers & Packaging 0.0**Distributors 0.0**Professional Services 0.0**Trading Companies & Distributors 0.0**Short-Term Investments 2.4Liabilities in Excess of Other Assets (1.2)

TOTAL 100.0%


28

S P D R S & P R U S S I A E T F —M A

spdr index shares fundsthe opening month of 2016 was anything but reassuring for global investors as...

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