SSGA SPDR ETFs Europe II plc Annual Report and Audited … · 2020-07-31 · Annual Report and...

SSGA SPDR ETFs Europe II plc

Annual Report and Audited Financial Statementsfor the financial year ended 31 March 2020

An investment company with variable capital incorporated with limited liability in Ireland with registered number 525004 andestablished as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings forCollective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”).

PageAdministration of the Company 1Background to the Company 2Directors’ Report 12Report of the Depositary to the Shareholders 17Investment Managers’ Reports 18Independent Auditors' Report 24Company Statements 29SPDR Bloomberg Barclays 0-5 Year Sterling Corporate Bond UCITS ETF 33SPDR Bloomberg Barclays 3-5 Year Euro Government Bond UCITS ETF 44SPDR ICE BofAML 0-5 Year EM USD Government Bond UCITS ETF 53SPDR EURO STOXX Low Volatility UCITS ETF 65SPDRMorningstar Multi-Asset Global Infrastructure UCITS ETF 73SPDRMSCI Europe UCITS ETF 106SPDRMSCI Europe Consumer Discretionary UCITS ETF 119SPDRMSCI Europe Consumer Staples UCITS ETF 127SPDRMSCI Europe Energy UCITS ETF 135SPDRMSCI Europe Financials UCITS ETF 141SPDRMSCI Europe Health Care UCITS ETF 149SPDRMSCI Europe Industrials UCITS ETF 157SPDRMSCI Europe Materials UCITS ETF 165SPDRMSCI Europe Small Cap UCITS ETF 173SPDRMSCI Europe Small Cap Value Weighted UCITS ETF 191SPDRMSCI Europe Technology UCITS ETF 207SPDRMSCI Europe Communication Services UCITS ETF 214SPDRMSCI Europe Utilities UCITS ETF 221SPDRMSCI Europe Value UCITS ETF 228SPDRMSCI USA Small Cap Value Weighted UCITS ETF 237SPDRMSCI USA Value UCITS ETF 259SPDRMSCI World Consumer Discretionary UCITS ETF 267SPDRMSCI World Consumer Staples UCITS ETF 277SPDRMSCI World Energy UCITS ETF 286SPDRMSCI World Financials UCITS ETF 294SPDRMSCI World Health Care UCITS ETF 304SPDRMSCI World Industrials UCITS ETF 313SPDRMSCI World Materials UCITS ETF 323SPDRMSCI World Small Cap UCITS ETF 332SPDRMSCI World Technology UCITS ETF 376SPDRMSCI World Communication Services UCITS ETF 385SPDRMSCI World Utilities UCITS ETF 393SPDR Russell 2000 U.S. Small Cap UCITS ETF 401SPDR STOXX Europe 600 ESG Screened UCITS ETF 427SPDR S&P U.S. Communication Services Select Sector UCITS ETF 441SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 448SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 455SPDR S&P U.S. Energy Select Sector UCITS ETF 462SPDR S&P U.S. Financials Select Sector UCITS ETF 469SPDR S&P U.S. Health Care Select Sector UCITS ETF 476SPDR S&P U.S. Industrials Select Sector UCITS ETF 483SPDR S&P U.S. Materials Select Sector UCITS ETF 491SPDR S&P U.S. Technology Select Sector UCITS ETF 498

SSGA SPDR ETFs Europe II plcAnnual Report and Audited Financial Statements 2020

Contents

PageSPDR S&P U.S. Utilities Select Sector UCITS ETF 506SPDR Thomson Reuters Global Convertible Bond UCITS ETF 513Notes to the Financial Statements 526Appendix I - Securities Financing Transactions Regulations (unaudited) 597Appendix - II Remuneration Policy (unaudited) 617


Contents (continued)

DirectorsMr. Tom Finlay* (Irish)Mr. Patrick J. Riley* (U.S.)Mr. James Ross (U.S.) (resigned 27 March 2020)Ms. Barbara Healy* (Irish)Ms. Kathleen Gallagher (UK) (appointed 14 August 2019)Ms. Ellen Needham (U.S.) (appointed 1 May 2020)

* Independent Directors

Registered Office78 Sir John Rogerson’s QuayDublin D02 HD32Ireland

Investment Manager and Sub DistributorState Street Global Advisors Limited20 Churchill PlaceCanary WharfLondon EI4 5HJUnited Kingdom

Sub-Investment ManagerStateStreetGlobalAdvisorsTrustCompany(previouslyadivisionof State Street Bank & Trust Company)Channel Center1 Iron StreetMassachusetts 02210USA

Administrator, Transfer Agent & RegistrarState Street Fund Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin D02 HD32Ireland

DepositaryState Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin D02 HD32Ireland

Global DistributorState Street Global Advisors Ireland Limited78 Sir John Rogerson's QuayDublin D02 HD32Ireland

Company SecretarySanne Corporate Administration Services Ireland LimitedFourth Floor76 Lower Baggot StreetDublin D02 EK81Ireland

Legal Advisors in IrelandMatheson70 Sir John Rogerson’s QuayDublin D02 R296Ireland

Independent AuditorsPricewaterhouseCoopersChartered Accountants and Statutory Audit FirmLeggettsrath Business ParkDublin RoadKilkenny R95 YTD5Ireland

Securities Lending AgentState Street Bank GmBH, London branch20 Churchill PlaceLondon E14 5HJUnited KingdomRegistered officeBrienner Strasse 5980333 MunchenGermany

Registration number: 525004


Administration of the Company

1

SSGA SPDR ETFs Europe II plc (the “Company”) wasincorporated on 12 March 2013 under registration number525004 and operates in Ireland as a public limited companyunder the Companies Act 2014 (the “Companies Act”). It wasauthorised by the Central Bank of Ireland (the “Central Bank”)on 12 March 2013.

The Company is an open-ended investment company withvariable capital which is authorised by the Central Bank, underthe European Communities (Undertakings for CollectiveInvestment in Transferable Securities) Regulations 2011, asamended and is authorised and regulated by the Central Bankof Ireland (the "Central Bank"), under the Central Bank(Supervision and Enforcement) Act 2013 (Section 48(1))(Undertakings for Collective Investment in TransferableSecurities) Regulations 2019 (the “UCITS Regulations”).

The Company is an umbrella investment company and hassegregated liability between its sub-funds (each a “Fund”,collectively the “Funds”) and accordingly any liability incurredonbehalf of or attributable to anyFund shall bedischarged solelyout of the assets of that Fund. The Company currently has fortyfive live constituent Funds and various classes of shares.

NetAssets undermanagement for theCompany at 31March 2020 amounted toUSD7,675,700,599 (31March 2019:USD7,274,855,863and 31 March 2018: USD 7,488,498,384). The Net Assets under management for each Fund is detailed below, the published Netasset value per share is disclosed on the Statement of Financial Position of each Fund.

FundLaunch date ofActive Funds

FunctionalCurrency

Net Assets2020

Net Assets2019

Net Assets2018

SPDR Bloomberg Barclays 0-5 Year Sterling Corporate BondUCITS ETF 17 February 2014 GBP 134,323,845 121,376,735 86,895,950

SPDR Bloomberg Barclays 3-5 Year Euro Government BondUCITS ETF 3 December 2014 EUR 22,678,232 7,058,203 5,939,063

SPDR ICE BofAML 0-5 Year EM USD Government Bond UCITSETF 12 November 2014 USD 190,148,204 146,741,379 67,732,428

SPDR EURO STOXX Low Volatility UCITS ETF 24 March 2014 EUR 111,876,316 184,732,343 110,775,575

SPDRMorningstar Multi-Asset Global Infrastructure UCITS ETF 14 April 2015 USD 769,720,822 489,227,846 84,103,554

SPDRMSCI Europe UCITS ETF 5 December 2014 EUR 438,363,728 575,706,400 526,425,694

SPDRMSCI Europe Consumer Discretionary UCITS ETF 5 December 2014 EUR 23,329,870 116,226,293 185,038,152

SPDRMSCI Europe Consumer Staples UCITS ETF 5 December 2014 EUR 561,271,303 359,285,819 210,480,174

SPDRMSCI Europe Energy UCITS ETF 5 December 2014 EUR 80,746,784 303,106,788 24,960,731

SPDRMSCI Europe Financials UCITS ETF 5 December 2014 EUR 600,089,817 728,605,396 1,087,354,557

SPDRMSCI Europe Health Care UCITS ETF 5 December 2014 EUR 328,302,413 72,887,446 62,811,859

SPDRMSCI Europe Industrials UCITS ETF 5 December 2014 EUR 213,035,401 14,539,798 90,659,706

SPDRMSCI Europe Materials UCITS ETF 5 December 2014 EUR 16,022,748 9,751,664 13,933,495

SPDRMSCI Europe Small Cap UCITS ETF 5 December 2014 EUR 86,403,408 94,461,862 84,196,096

SPDRMSCI Europe Small Cap Value Weighted UCITS ETF 18 February 2015 EUR 14,995,894 27,052,766 73,739,448

SPDRMSCI Europe Technology UCITS ETF 5 December 2014 EUR 27,416,950 17,398,981 56,769,822

SPDRMSCI Europe Communication Services UCITS ETF 5 December 2014 EUR 11,093,395 8,601,365 15,620,297

SPDRMSCI Europe Utilities UCITS ETF 5 December 2014 EUR 68,368,386 23,618,007 17,787,868

SPDRMSCI Europe Value UCITS ETF 18 February 2015 EUR 2,533,729 3,227,237 3,253,378

SPDRMSCI USA Small Cap Value Weighted UCITS ETF 18 February 2015 USD 21,266,136 35,992,810 107,364,502

SPDRMSCI USA Value UCITS ETF 18 February 2015 USD 62,320,569 40,313,959 26,933,755

SPDRMSCI World Consumer Discretionary UCITS ETF 29 April 2016 USD 16,175,207 26,540,901 25,473,423

SPDRMSCI World Consumer Staples UCITS ETF 29 April 2016 USD 38,478,623 40,469,463 28,332,092

SPDRMSCI World Energy UCITS ETF 29 April 2016 USD 162,965,692 263,021,765 251,465,564

SPDRMSCI World Financials UCITS ETF 29 April 2016 USD 79,897,927 156,866,646 442,237,646


Background to the Company

2

FundLaunch date ofActive Funds

FunctionalCurrency

Net Assets2020

Net Assets2019

Net Assets2018

SPDRMSCI World Health Care UCITS ETF 29 April 2016 USD 192,186,972 111,591,200 68,456,281

SPDRMSCI World Industrials UCITS ETF 29 April 2016 USD 26,346,551 39,807,295 39,999,933

SPDRMSCI World Materials UCITS ETF 29 April 2016 USD 11,916,503 14,706,861 19,073,449

SPDRMSCI World Small Cap UCITS ETF 25 November 2013 USD 298,959,653 377,522,976 297,008,909

SPDRMSCI World Technology UCITS ETF 29 April 2016 USD 206,381,670 158,493,835 106,352,182

SPDRMSCI World Communication Services UCITS ETF 29 April 2016 USD 17,120,229 13,765,128 6,970,518

SPDRMSCI World Utilities UCITS ETF 29 April 2016 USD 12,057,866 31,383,119 4,406,067

SPDR Russell 2000 U.S. Small Cap UCITS ETF 30 June 2014 USD 393,568,209 528,347,864 545,014,163

SPDR STOXX Europe 600 ESG Screened UCITS ETF* 30 September 2019 EUR 19,774,172 - -

SPDR S&P U.S. Communication Services Select Sector UCITS ETF 15 August 2018 USD 163,167,749 134,763,177 -

SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 7 July 2015 USD 56,167,420 77,350,807 59,909,463

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 7 July 2015 USD 222,007,084 149,737,601 16,253,328

SPDR S&P U.S. Energy Select Sector UCITS ETF 7 July 2015 USD 58,378,227 173,974,817 331,886,583

SPDR S&P U.S. Financials Select Sector UCITS ETF 7 July 2015 USD 123,911,248 195,202,022 621,155,063

SPDR S&P U.S. Health Care Select Sector UCITS ETF 7 July 2015 USD 209,584,122 181,661,360 86,697,849

SPDR S&P U.S. Industrials Select Sector UCITS ETF 7 July 2015 USD 51,182,127 50,413,330 89,485,672

SPDR S&P U.S. Materials Select Sector UCITS ETF 7 July 2015 USD 7,135,789 12,286,481 12,396,279

SPDR S&P U.S. Technology Select Sector UCITS ETF 7 July 2015 USD 224,585,964 78,642,474 52,356,813

SPDR S&P U.S. Utilities Select Sector UCITS ETF 7 July 2015 USD 31,435,432 15,266,344 7,731,122

SPDR Thomson Reuters Global Convertible Bond UCITS ETF 14 October 2014 USD 980,368,206 713,535,994 807,402,094

* The Fund launched on 30 September 2019.

Funds may be established from time to time.


Background to the Company (continued)

3

The live Funds of the Company are listed on the following exchanges at 31 March 2020* :

DeutscheBorse

LondonStock

ExchangeEuronextParis

SIXSwiss

BorsaItaliana

EuronextAmsterdam

MexicoStock

Exchange

SPDR Bloomberg Barclays 0-5 Year Sterling Corporate Bond UCITSETF Yes Yes - - - - -

SPDR Bloomberg Barclays 3-5 Year Euro Government Bond UCITSETF Yes Yes - Yes Yes - -

SPDR ICE BofAML 0-5 Year EM USD Government Bond UCITS ETF Yes Yes - Yes Yes - -

SPDR EURO STOXX Low Volatility UCITS ETF Yes Yes Yes Yes Yes - -

SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Yes Yes - Yes - - -

SPDR MSCI Europe UCITS ETF Yes Yes Yes Yes Yes - -

SPDR MSCI Europe Consumer Discretionary UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Consumer Staples UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Energy UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Financials UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Health Care UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Industrials UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Materials UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Small Cap UCITS ETF - Yes Yes Yes Yes - -

SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Yes Yes - - - - -

SPDR MSCI Europe Technology UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Communication Services UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Utilities UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDRMSCI Europe Value UCITS ETF Yes Yes - Yes - - -

SPDR MSCI USA Small Cap Value Weighted UCITS ETF Yes Yes - - - - -

SPDR MSCI USA Value UCITS ETF Yes Yes - Yes - - -

SPDR MSCI World Consumer Discretionary UCITS ETF - Yes - Yes - Yes -

SPDR MSCI World Consumer Staples UCITS ETF - Yes - Yes - Yes -

SPDR MSCI World Energy UCITS ETF - Yes - Yes Yes Yes Yes

SPDRMSCI World Financials UCITS ETF - Yes - Yes Yes Yes Yes

SPDRMSCI World Health Care UCITS ETF - Yes - Yes Yes Yes -

SPDR MSCI World Industrials UCITS ETF - Yes - Yes - Yes -

SPDR MSCI World Materials UCITS ETF - Yes - Yes - Yes Yes

SPDRMSCI World Small Cap UCITS ETF Yes Yes - Yes - - Yes

SPDRMSCI World Technology UCITS ETF - Yes - Yes Yes Yes Yes

SPDRMSCI World Communication Services UCITS ETF - Yes - Yes - Yes Yes

SPDRMSCI World Utilities UCITS ETF - Yes - Yes - Yes -

SPDR Russell 2000 U.S. Small Cap UCITS ETF Yes Yes Yes Yes Yes - Yes

SPDR STOXX Europe 600 ESG Screened UCITS ETF** Yes - - Yes Yes Yes -

SPDR S&P U.S. Communication Services Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes



4

DeutscheBorse

LondonStock

ExchangeEuronextParis

SIXSwiss

BorsaItaliana

EuronextAmsterdam

MexicoStock

Exchange

SPDR S&P U.S. Energy Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Financials Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Health Care Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Industrials Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Materials Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Technology Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR S&P U.S. Utilities Select Sector UCITS ETF Yes Yes - Yes Yes Yes Yes

SPDR Thomson Reuters Global Convertible Bond UCITS ETF Yes Yes - Yes Yes - -

* Not all share classes are listed on each exchange.

** The Fund launched on 30 September 2019.



5

INVESTMENT OBJECTIVE

SPDR Bloomberg Barclays 0-5 Year Sterling Corporate BondUCITS ETFThe investment objective of theFund is to track theperformanceof the shortdated, fixed-rate, investment grade sterling-denominated corporate bond market. The investment policyof theFund is to track theperformanceof theBloombergBarclays0-5 Year Sterling Corporate Bond Index (or any other indexdetermined by the Directors from time to time to tracksubstantially the same market as the Bloomberg Barclays0-5Year SterlingCorporateBond Index andwhich is consideredby theDirectors to be an appropriate index for theFund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR Bloomberg Barclays 3-5 Year Euro Government BondUCITS ETFThe investment objective of theFund is to track theperformanceof Eurozone government bonds, with a remaining maturitybetween 3 and 5 years. The investment policy of the Fund is totrack the performance of the BloombergBarclays 3-5 Year EuroTreasury Bond Index (or any other index determined by theDirectors fromtime to time to tracksubstantially the samemarketas the Bloomberg Barclays 3-5 Year Euro Treasury Bond Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordancewith the Prospectus)(the “Index”) as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDRICEBofAML0-5YearEMUSDGovernmentBondUCITSETFThe investment objective of theFund is to track theperformanceof the shortmaturity (0-5 year) USD - issued emergingmarketgovernment bond market. The investment policy of the Fundis to track the performance of the ICE BofAML 0-5 Year EMUSD Government Bond ex-144a Index (or any other indexdetermined by the Directors from time to time to tracksubstantially the samemarket as the ICEBofAML0-5 Year EMUSDGovernment Bond ex-144a Index andwhich is consideredby theDirectors to be an appropriate index for theFund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR EURO STOXX Low Volatility UCITS ETFThe investment objective of theFund is to track theperformanceof Eurozone equity securities which historically have exhibitedlow volatility characteristics. The investment policy of the Fundis to track the performance of the EURO STOXX Low RiskWeighted 100 Index (or any other index determined by theDirectors fromtime to time to tracksubstantially the samemarketas the EUROSTOXXLowRiskWeighted 100 Index andwhichis considered by the Directors to be an appropriate index forthe Fund to track, in accordance with the Prospectus) (the"Index") as closely as possible, while seeking to minimise asfar as possible the tracking difference between the Fund'sperformance and that of the Index.

SPDR Morningstar Multi-Asset Global Infrastructure UCITSETFThe investment objective of theFund is to track theperformanceof theglobal infrastructuremarket representedbypublicly tradedinfrastructure-related equity and bonds. The investment policyof theFund is to track theperformanceof theMorningstarGlobalMulti-Asset Infrastructure Index (or anyother indexdeterminedby the Directors from time to time to track substantially thesame market as the Morningstar Global Multi-AssetInfrastructure Index and which is considered by the Directorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDR MSCI Europe UCITS ETFThe investment objective of theFund is to track theperformanceofEuropean largeandmid-sized companies in theEurope sector.The investment policy of the Fund is to track the performanceof the MSCI Europe Index (or any other index determined bythe Directors from time to time to track substantially the samemarket as the MSCI Europe Index and which is considered bythe Directors to be an appropriate index for the Fund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR MSCI Europe Consumer Discretionary UCITS ETFThe investment objective of theFund is to track theperformanceof European large and mid-sized companies in the ConsumerDiscretionary sector. The investment policy of the Fund is totrack the performance of the MSCI Europe ConsumerDiscretionary Index (or any other index determined by theDirectors fromtime to time to tracksubstantially the samemarketas theMSCI Europe Consumer Discretionary Index andwhichis considered by the Directors to be an appropriate index forthe Fund to track, in accordance with the Prospectus) (the“Index”) as closely as possible, while seeking to minimise asfar as possible the tracking difference between the Fund’sperformance and that of the Index.



6

INVESTMENT OBJECTIVE (continued)

SPDRMSCI Europe Consumer Staples UCITS ETFThe investment objective of theFund is to track theperformanceof European large and mid-sized companies in the ConsumerStaples sector. The investment policy of the Fund is to trackthe performance of theMSCI Europe Consumer Staples Index(or any other index determined by the Directors from time totime to track substantially the samemarket as theMSCIEuropeConsumerStaples Indexandwhich is consideredby theDirectorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDR MSCI Europe Energy UCITS ETFThe investment objective of theFund is to track theperformanceofEuropean large andmid-sized companies in theEnergy sector.The investment policy of the Fund is to track the performanceof theMSCI Europe Energy 35/20 Capped Index (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarket as theMSCIEuropeEnergy35/20Capped Index and which is considered by the Directors to bean appropriate index for the Fund to track, in accordance withtheProspectus) (the “Index”) as closely aspossible,while seekingto minimise as far as possible the tracking error between theFund’s performance and that of the Index.

SPDR MSCI Europe Financials UCITS ETFThe investment objective of theFund is to track theperformanceof European large and mid-sized companies in the Financialssector. The investment policy of the Fund is to track theperformance of theMSCIEuropeFinancials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI Europe FinancialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Health Care UCITS ETFThe investment objective of theFund is to track theperformanceof European large andmid-sized companies in theHealth Caresector. The investment policy of the Fund is to track theperformance of the MSCI Europe Health Care Index (or anyother index determined by the Directors from time to time totrack substantially the samemarket as theMSCIEuropeHealthCare Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Industrials UCITS ETFThe investment objective of theFund is to track theperformanceof European large andmid-sized companies in the Industrialssector. The investment policy of the Fund is to track theperformanceof theMSCIEurope Industrials Index (or anyotherindex determined by the Directors from time to time to tracksubstantially the samemarket as theMSCI Europe IndustrialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Materials UCITS ETFThe investment objective of theFund is to track theperformanceof European large and mid-sized companies in the Materialssector. The investment policy of the Fund is to track theperformance of theMSCI EuropeMaterials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI Europe MaterialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI Europe Small Cap UCITS ETFThe investment objective of theFund is to track theperformanceof European smaller companies. The investment policy of theFund is to track the performance of the MSCI Europe SmallCap Index (or any other index determined by theDirectors fromtime to time to track substantially the samemarket as theMSCIEuropeSmallCap Indexandwhich is consideredby theDirectorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDR MSCI Europe Small Cap Value Weighted UCITS ETFThe investment objective of theFund is to track theperformanceofEuropean small capitalisation equitieswith ahigherweightingapplied to equities exhibiting low valuation characteristics. Theinvestment policy of the Fund is to track the performance oftheMSCIEuropeSmall CapValueWeighted Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI Europe Small CapValueWeighted Index andwhich is considered by theDirectorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.



7


SPDRMSCI Europe Technology UCITS ETFThe investment objective of theFund is to track theperformanceof European large andmid-sized companies in the Technologysector. The investment policy of the Fund is to track theperformanceof theMSCIEurope InformationTechnology Index(or any other index determined by the Directors from time totime to track substantially the same market as the MSCIEurope Information Technology Index andwhich is consideredby theDirectors to be an appropriate index for theFund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR MSCI Europe Communications Services UCITS ETFThe investment objective of theFund is to track theperformanceof European large and mid-sized companies in thecommunications sector. The investment policy of the Fund isto track the performance of theMSCI Europe CommunicationServices Index (or any other index determined by theDirectorsfrom time to time to track substantially the samemarket as theMSCI Europe Communication Services Index and which isconsidered by the Directors to be an appropriate index for theFund to track, in accordancewith the Prospectus) (the “Index”)as closely aspossible,while seeking tominimise as far aspossiblethe tracking difference between the Fund’s performance andthat of the Index.

SPDR MSCI Europe Utilities UCITS ETFThe investment objective of theFund is to track theperformanceofEuropean largeandmid-sizedcompanies in theUtilities sector.The investment policy of the Fund is to track the performanceof theMSCIEuropeUtilities Index (oranyother indexdeterminedby the Directors from time to time to track substantially thesame market as the MSCI Europe Utilities Index and which isconsidered by the Directors to be an appropriate index for theFund to track, in accordancewith the Prospectus) (the “Index”)as closely aspossible,while seeking tominimise as far aspossiblethe tracking difference between the Fund’s performance andthat of the Index.

SPDR MSCI Europe Value UCITS ETFThe investment objective of theFund is to track theperformanceof European equitieswith a higherweighting applied to equitiesexhibiting low valuation characteristics. The investment policyof the Fund is to track the performance of the MSCI EuropeValue Exposure Select Index (or any other index determinedby the Directors from time to time to track substantially thesamemarket as theMSCI Europe Value Exposure Select Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordancewith the Prospectus)(the "Index") as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI USA Small Cap Value Weighted UCITS ETFThe investment objective of theFund is to track theperformanceofUSsmall capitalisationequitieswithahigherweightingappliedto equities exhibiting low valuation characteristics. Theinvestment policy of the Fund is to track the performance ofthe MSCI USA Small Cap ValueWeighted Index (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarket as theMSCIUSASmall CapValueWeighted Index and which is considered by the Directors tobe an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.

SPDR MSCI USA Value UCITS ETFThe investment objective of theFund is to track theperformanceof US equities with a higher weighting applied to equitiesexhibiting low valuation characteristics. The investment policyof the Fund is to track the performance of theMSCIUSAValueExposure Select Index (or any other index determined by theDirectors fromtime to time to tracksubstantially the samemarketas the MSCI USA Value Exposure Select Index and which isconsidered by the Directors to be an appropriate index for theFund to track, in accordancewith the Prospectus) (the "Index")as closely aspossible,while seeking tominimise as far aspossiblethe tracking difference between the Fund’s performance andthat of the Index.

SPDR MSCI World Consumer Discretionary UCITS ETFThe investment objective of theFund is to track theperformanceof companies in the consumer discretionary sector, acrossdevelopedmarkets globally. The investment policy of the Fundis to track the performance of the MSCI World ConsumerDiscretionary Index (or any other index determined by theDirectors fromtime to time to tracksubstantially the samemarketas the MSCI World Consumer Discretionary Index and whichis considered by the Directors to be an appropriate index forthe Fund to track, in accordance with the Prospectus) (the"Index") as closely as possible, while seeking to minimise asfar as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI World Consumer Staples UCITS ETFThe investment objective of theFund is to track theperformanceof companies in the consumer staples sector, across developedmarkets globally. The investment policy of the Fund is to trackthe performance of the MSCI World Consumer Staples Index(or any other index determined by the Directors from time totime to track substantially the samemarket as theMSCIWorldConsumerStaples Indexandwhich is consideredby theDirectorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the "Index") as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.



8


SPDRMSCI World Energy UCITS ETFThe investment objective of theFund is to track theperformanceof companies in the energy sector, across developed marketsglobally. The investment policy of the Fund is to track theperformance of the MSCI World Energy Index (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarket as theMSCIWorldEnergy Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordancewith the Prospectus)(the "Index") as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI World Financials UCITS ETFThe investment objective of theFund is to track theperformanceof companies in the financials sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of theMSCIWorld Financials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI World FinancialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the "Index") as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI World Health Care UCITS ETFThe investment objective of theFund is to track theperformanceof companies in thehealth care sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformanceof theMSCIWorldHealthCare Index (or anyotherindex determined by the Directors from time to time to tracksubstantially the samemarket as theMSCIWorldHealth CareIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the "Index") as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI World Industrials UCITS ETFThe investment objective of theFund is to track theperformanceof companies in the industrials sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of theMSCIWorld Industrials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the same market as the MSCI World IndustrialsIndex and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the "Index") as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR MSCI World Materials UCITS ETFThe investment objective of theFund is to track theperformanceof companies in thematerials sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of theMSCIWorldMaterials Index (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarketas theMSCIWorldMaterials Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordancewith the Prospectus)(the "Index") as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR MSCI World Small Cap UCITS ETFThe investment objective of theFund is to track theperformanceof small cap equities in developed markets globally. Theinvestment policy of the Fund is to track the performance oftheMSCIWorldSmallCap Index (or anyother indexdeterminedby the Directors from time to time to track substantially thesame market as the MSCI World Small Cap Index and whichis considered by the Directors to be an appropriate index forthe Fund to track, in accordance with the Prospectus) (the“Index”) as closely as possible, while seeking to minimise asfar aspossible the trackingerrorbetween theFund’sperformanceand that of the Index.

SPDR MSCI World Technology UCITS ETFThe investment objective of theFund is to track theperformanceof companies in the technology sector, across developedmarketsglobally. The investment policy of the Fund is to track theperformance of theMSCIWorld InformationTechnology Index(or any other index determined by the Directors from time totime to track substantially the samemarket as theMSCIWorldInformation Technology Index andwhich is considered by theDirectors to be an appropriate index for the Fund to track, inaccordance with the Prospectus) (the "Index") as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR MSCI World Communication Services UCITS ETFThe investment objective of theFund is to track theperformanceof companies in the communications sector, across developedmarkets globally. The investment policy of the Fund is to trackthe performance of the MSCIWorld Communication ServicesIndex (or any other index determined by the Directors fromtime to time to track substantially the samemarket as theMSCIWorld Communication Services Index andwhich is consideredby theDirectors to be an appropriate index for theFund to track,in accordance with the Prospectus) (the "Index") as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.



9


SPDRMSCI World Utilities UCITS ETFThe investment objective of theFund is to track theperformanceof companies in the utilities sector, across developed marketsglobally. The investment policy of the Fund is to track theperformance of the MSCI World Utilities Index (or any otherindex determined by the Directors from time to time to tracksubstantially the samemarket as theMSCIWorldUtilities Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordancewith the Prospectus)(the "Index") as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR Russell 2000 U.S. Small Cap UCITS ETFThe investment objective of theFund is to track theperformanceof smaller U.S. companies. The investment policy of the Fundis to track the performance of the Russell 2000 Index (or anyother index determined by the Directors from time to time totrack substantially the samemarket as the Russell 2000 Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordancewith the Prospectus)(the “Index”) as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR STOXX Europe 600 ESG Screened UCITS ETF*The investment objective of theFund is to track theperformanceof European equities. The investment policy of the Fund is totrack the performance of the STOXXEurope 600ESG -X Index(or any other index determined by the Directors from time totime to track substantially the samemarket as theSTOXXEurope600 ESG - X Index and which is considered by the Directorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking tominimise as far as possible the tracking error betweenthe Fund’s performance and that of the Index.

*The Fund launched on 30 September 2019.

SPDR S&PU.S. Communication Services Select Sector UCITSETFThe investment objective of theFund is to track theperformanceof large sized U.S. communication services companies in theS&P 500 Index. The investment policy of the Fund is to trackthe performance of the S&P Communication Services SelectSector Daily Capped 25/20 Index (which is derived from theS&P 500 Index or any other index determined by theDirectorsfrom time to time to track substantially the samemarket as theS&PCommunication Services Select SectorDaily Capped25/20Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.

SPDR S&P U.S. Consumer Discretionary Select Sector UCITSETFThe investment objective of theFund is to track theperformanceof large sizedU.S. consumerdiscretionary companies in the S&P500 Index. The investment policy of the Fund is to track theperformance of the S&PConsumerDiscretionary Select SectorDaily Capped 25/20 Index (which is derived from the S&P 500Index or any other index determined by theDirectors from timeto time to track substantially the same market as the S&PConsumerDiscretionarySelect SectorDailyCapped25/20 Indexand which is considered by the Directors to be an appropriateindex for the Fund to track, in accordancewith the Prospectus)(the “Index”) as closely as possible, while seeking to minimiseas far as possible the tracking difference between the Fund’sperformance and that of the Index.

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETFThe investment objective of theFund is to track theperformanceof large sizedU.S. consumer staples companies in the S&P 500Index. The investment policy of the Fund is to track theperformance of the S&P Consumer Staples Select Sector DailyCapped 25/20 Index (which is derived from the S&P 500 Indexor any other index determined by the Directors from time totime to track substantially the samemarket as theS&PConsumerStaples Select Sector Daily Capped 25/20 Index and which isconsidered by the Directors to be an appropriate index for theFund to track, in accordancewith the Prospectus) (the “Index”)as closely aspossible,while seeking tominimise as far aspossiblethe tracking difference between the Fund’s performance andthat of the Index.

SPDR S&P U.S. Energy Select Sector UCITS ETFThe investment objective of theFund is to track theperformanceof large sizedU.S. energy companies in the S&P 500 Index. Theinvestment policy of the Fund is to track the performance ofthe S&PEnergy Select SectorDaily Capped 25/20 Index (whichisderived fromtheS&P500Indexor anyother indexdeterminedby the Directors from time to time to track substantially thesamemarket as theS&PEnergySelectSectorDailyCapped25/20Index and which is considered by the Directors to be anappropriate index for the Fund to track, in accordancewith theProspectus) (the “Index”) as closely as possible, while seekingto minimise as far as possible the tracking difference betweenthe Fund’s performance and that of the Index.



10


SPDR S&P U.S. Financials Select Sector UCITS ETFThe investment objective of theFund is to track theperformanceof large sized U.S. financial companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Financials Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by the Directors from time to time to tracksubstantially the samemarket as theS&PFinancials Select SectorDaily Capped 25/20 Index and which is considered by theDirectors to be an appropriate index for the Fund to track, inaccordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR S&P U.S. Health Care Select Sector UCITS ETFThe investment objective of theFund is to track theperformanceof large sizedU.S. health care companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&PHealth Care Select SectorDaily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by the Directors from time to time to tracksubstantially the same market as the S&P Health Care SelectSector Daily Capped 25/20 Index and which is considered bythe Directors to be an appropriate index for the Fund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR S&P U.S. Industrials Select Sector UCITS ETFThe investment objective of theFund is to track theperformanceof large sized U.S. industrial companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Industrials Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by the Directors from time to time to tracksubstantially the samemarketas theS&PIndustrialsSelectSectorDaily Capped 25/20 Index and which is considered by theDirectors to be an appropriate index for the Fund to track, inaccordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR S&P U.S. Materials Select Sector UCITS ETFThe investment objective of theFund is to track theperformanceof large cap U.S. materials companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Materials Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by the Directors from time to time to tracksubstantially the samemarket as theS&PMaterials Select SectorDaily Capped 25/20 Index and which is considered by theDirectors to be an appropriate index for the Fund to track, inaccordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR S&P U.S. Technology Select Sector UCITS ETFThe investment objective of theFund is to track theperformanceof large sizedU.S. information technology companies in the S&P500 Index. The investment policy of the Fund is to track theperformance of the S&PTechnology Select SectorDaily Capped25/20 Index (which is derived from the S&P 500 Index or anyother index determined by the Directors from time to time totrack substantially the samemarket as theS&PTechnologySelectSector Daily Capped 25/20 Index and which is considered bythe Directors to be an appropriate index for the Fund to track,in accordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR S&P U.S. Utilities Select Sector UCITS ETFThe investment objective of theFund is to track theperformanceof large sized U.S. utilities companies in the S&P 500 Index.The investment policy of the Fund is to track the performanceof the S&P Utilities Select Sector Daily Capped 25/20 Index(which is derived from the S&P 500 Index or any other indexdetermined by the Directors from time to time to tracksubstantially the samemarket as the S&PUtilities Select SectorDaily Capped 25/20 Index and which is considered by theDirectors to be an appropriate index for the Fund to track, inaccordance with the Prospectus) (the “Index”) as closely aspossible,while seeking tominimise as far aspossible the trackingdifferencebetween theFund’sperformanceand that of the Index.

SPDR Thomson Reuters Global Convertible Bond UCITS ETFThe investment objective of theFund is to track theperformanceof the global convertible bond market. The investment policyof the Fund is to track the performance of the ThomsonReutersQualified Global Convertible Index (or any other indexdetermined by the Directors from time to time to tracksubstantially the samemarket as theThomsonReutersQualifiedGlobalConvertible Indexandwhich is consideredby theDirectorsto be an appropriate index for the Fund to track, in accordancewith the Prospectus) (the “Index”) as closely as possible, whileseeking to minimise as far as possible the tracking differencebetween the Fund’s performance and that of the Index.



11

The Directors present herewith their annual report for thefinancial year ended 31 March 2020.

Statement of Directors’ ResponsibilitiesTheDirectors are responsible for preparing theDirectors’ reportand the financial statements in accordance with Irish law.

Irish law requires theDirectors to prepare financial statementsforeach financial year.Under that lawtheDirectorshavepreparedthe financial statements in accordance with InternationalFinancial Reporting Standards (“IFRS”) as adopted by theEuropean Union (“EU“).

Under Irish law the Directors shall not approve the financialstatements unless they are satisfied that they give a true andfair viewof theCompany’s assets, liabilities and financial positionas at the end of the financial year and of the profit or loss ofthe Company for the financial year.

Inpreparing these financial statements, theDirectorsare requiredto:

• select suitable accounting policies and then apply themconsistently;

• make judgements and estimates that are reasonable andprudent;

• state whether the financial statements have been preparedin accordance with IFRS and ensure that they contain theadditional information required by theCompanies Act 2014;and

• prepare the financial statements on the going concern basisunless it is inappropriate to presume that the Companywillcontinue in business.

The Directors confirm that they have complied with the aboverequirements in preparing the financial statements.

TheDirectors are responsible for keeping adequate accountingrecords that are sufficient to:

• correctly recordandexplain the transactionsof theCompany;• enable, at any time, the assets, liabilities, financial positionand profit or loss of the Company to be determined withreasonable accuracy; and

• enable the Directors to ensure that the financial statementsand Directors' report comply with the Companies Act 2014and enable those financial statements to be audited.

TheDirectors are responsible for safeguarding the assets of theCompany. In this regard they have entrusted the assets of theCompany to State Street Custodial Services (Ireland) Limited(“theDepositary“) who has been appointed as depositary to theCompanypursuant to the terms of aDepositaryAgreement. TheDirectors have a general responsibility for taking such steps asare reasonably open to them to prevent and detect fraud andother irregularities.

The financial statements are published on the ssga.comwebsite.The Directors, together with the Investment Manager areresponsible for the maintenance and integrity of the financialinformation includedon thiswebsite. Legislation in theRepublicof Ireland governing the preparation and dissemination offinancial statements may differ from legislation in otherjurisdictions.

This Annual Report and Audited Financial Statements (the"Reports andAccounts")maybe translated into other languages.Any such translation shall only contain the same informationandhave the samemeaning as theEnglish languageReport andAccounts. To the extent that there is any inconsistency betweenthe English language Report and Accounts and the Report andAccounts in another language, the English languageReport andAccountswill prevail, except to the extent (andonly to the extent)that it is required by law of any jurisdiction where the sharesare sold, that in an action based upon disclosure in a Reportand Accounts in a language other than English, the languageof the Report and Accounts onwhich such action is based shallprevail. Anydisputes as to the termsof theReport andAccounts,regardless of the language of the Report and Accounts, shallbe governed by and construed in accordance with the laws ofIreland.

Relevant Audit InformationSo far as the Directors are aware, there is no relevant auditinformation of which the Company’s auditors are unaware andtheDirectorshave takenall the steps that shouldhavebeen takenas Directors in order tomake themselves aware of any relevantaudit information and to establish that the Company’s auditorsare aware of that information.

Accounting RecordsTheDirectors ensure compliancewith theCompany’s obligationto maintain adequate accounting records by appointingcompetent persons to be responsible for them. The accountingrecords are kept by State Street FundServices (Ireland) Limited,at 78 Sir John Rogerson’s Quay, Dublin D02 HD32, Ireland.

Review of Business and Future DevelopmentsThe Company is an open-ended investment company withvariable capital which has been authorised by the Central Bankunder the UCITS Regulations. The principal activities andinvestmentobjectivesof theFundsareoutlined in theBackgroundto the Company. A market summary and Fund performanceare included under the Investment Managers’ Reports.

There was no change in the nature of the Company's businessduring the financial year.

Risk Management Objectives and PoliciesThe financial instruments andmain risks affecting theCompanyare disclosed in Note 1 and Note 11.


Directors’ Report

12

Risk Management Objectives and Policies (continued)Corporate Governance Statement

General PrinciplesThe Company is subject to the requirements of the CompaniesAct 2014 and the UCITS Regulations as applicable to theCompany.

TheEuropeanCommunities (Directive2006/46/EC)Regulations(S.I. 450of2009andS.I. 83of2010) (the “Regulations”) requiresthe inclusionofacorporategovernancestatement in theDirectors’Report.

Although there is no specific statutory corporate governancecode applicable to Irish collective investment schemes whoseshares are admitted to trading on an exchange, the Companyis subject to corporate governance practices imposed by:

(i) TheCompanies Act 2014which are available for inspectionat the registered office of the Company; and may also beobtained at http://www.irishstatutebook.ie/;

(ii) The Articles of Association of the Company which areavailable for inspection at the registered office of theCompany and at the Companies Registration Office inIreland; and

(iii) TheCentralBank in theirUCITSNoticesandGuidanceNoteswhich can be obtained from the Central Bank’s website at:https://www.centralbank.ie/regulation/industry-market-sectors/funds/ucits and are available for inspectionat the registered office of the Company.

On 14December 2011, Irish Funds (“IF”), published a corporategovernance code (the “IF Code”) that may be adopted on avoluntarybasisby Irishauthorisedcollective investment schemes.TheBoard ofDirectors (the “Board”) voluntarily agreed to adoptthe IF Code on 25 July 2013, and was effective from that date.It should be noted that the IF Code reflects existing corporategovernance practices imposed on Irish authorised collectiveinvestment schemes, as noted above. If the IF Code is adoptedon a voluntary basis, it canbe referred to in thedisclosuresmadein the Directors’ Report in compliance with the provisions oftheEuropeanCommunities (Directive2006/46/EC)Regulations(i.e. S.I. 450 of 2009 and S.I. 83 of 2010).

Internal Control and RiskManagement Systems in Relation toFinancial ReportingThe Board is responsible for establishing and maintainingadequate internal control and riskmanagement systems of theCompany in relation to the financial reporting process. Suchsystems are designed tomanage rather than eliminate the riskof error or fraud in achieving the Company’s financial reportingobjectives and can only provide reasonable and not absoluteassurance against material misstatement or loss.

The Board has procedures in place to ensure that all relevantaccounting records are properly maintained and are readilyavailable, includingproductionof annual andhalf yearly financialstatements. TheBoardhas appointed State Street FundServices

(Ireland) Limited (the "Administrator") tomaintain the booksand records of the Company. The Administrator is authorisedand regulated by the Central Bank and must comply with therules imposedby theCentral Bank. From time to time, theBoardexamines andevaluates theAdministrator’s financial accountingand reporting routines. The annual financial statements of theCompany are produced by the Administrator and reviewed bythe InvestmentManager. They are required to be approved bythe Board, and the annual and half yearly financial statementsof the Company are required to be filed with the Central Bank.

During the financial year of these financial statements, theBoardwas responsible for the review and approval of the financialstatements as set out in the Statement of Directors’Responsibilities. The statutory financial statements are requiredto be audited by independent auditors who report annually tothe Board on their findings. The Boardmonitors and evaluatesthe independent auditors' performance, qualifications andindependence.Aspartof its reviewprocedures, theBoardreceivespresentations from relevant parties including consideration ofIFRS accounting standards and their impact on the annualfinancial statements, andpresentations and reports on the auditprocess.TheBoardevaluatesanddiscusses significantaccountingand reporting issues as the need arises.

Dealings with ShareholdersThe convening and conduct of Shareholders’ meetings aregoverned by the Articles of Association of the Company and theCompanies Act 2014. Although the Directors may convene anextraordinary generalmeeting of the Company at any time, theDirectors were required to convene the first annual generalmeeting ("AGM") of the Company within eighteen months ofincorporation and fifteen months of the date of the previousAGMthereafter, provided that anAGMisheldwithin sixmonthsof the end of each financial year of the Company.

At least twenty-one clear day's notice of every AGM and anymeeting convened for the passing of a special resolution mustbe given to Shareholders and fourteendays noticemust be givenin the case of any other general meeting, unless the auditorsand all the Shareholders of the Company entitled to attend andvote, agree to shorter notice. Two Shareholders present eitherinpersonorbyproxy, constitutes aquorumat a generalmeeting.The share capital of theCompany is divided intodifferent classesof shares. The rights attached to any Class or Fund (unlessotherwise provided by the terms of issue of the Shares of thatClass orFundorunless otherwiseprovidedherein)may,whetherornot theCompany isbeingwoundup,bevariedwith theconsentin writing of the holders of three-fourths of the issued Sharesof that Class or Fund, or with the sanction of an ExtraordinaryResolution passed at a separate generalmeeting of the holdersof the Shares of that Class or Fund, to which the provisions oftheArticles relating to generalmeetings shallmutatismutandisapply, save that,where aClass or Fundhas only oneShareholderholding voting Shares, the quorumat any such generalmeetingshall be one Shareholder holding voting Shares in such Classor Fundor one Subscriber Shareholder, present either in personorbyproxy.Notwithstanding anything to the contrary contained


Directors’ Report (continued)

13

http://www.irishstatutebook.ie/https://www.centralbank.ie/regulation/industry-market-sectors/funds/ucitshttps://www.centralbank.ie/regulation/industry-market-sectors/funds/ucits

Dealings with Shareholders (continued)

in theArticles, aSubscriberShareholdershallbeentitled toreceivenotice, inaccordancewith theprovisionofarticle 19of theArticles,of any general meeting of a Class or Fund. However, theSubscriber Shareholders shall only be entitled to vote at anadjourned general meeting of a Class or Fund which has beenadjourned in accordance with the provisions of the Articles.

Every holder of participating shares or non-participating sharespresent, in person or by proxy, who votes on a show of handsis entitled to one vote. On a poll, every holder of participatingshares present, in person or by proxy, is entitled to one vote inrespect of each share held by him, and every holder of non-participating shares is entitled to one vote in respect of allnon-participating shares held by him. At any general meeting,a resolution put to the vote of the meeting shall be decided ona show of hands unless a poll is (before or on the declarationof the result of the show of hands) demanded by the Chairmanor by any Shareholder present in person or by proxy.

Shareholders may resolve to sanction an ordinary resolutionor special resolution at a Shareholders’ meeting. Alternatively,a resolution in writing signed by all of the Shareholders andholders of non-participating shares for the time being entitledto attend and vote on such resolution at a general meeting ofthe Company, will be valid and effective for all purposes as ifthe resolution had been passed at a general meeting of theCompany, duly convened and held.

An ordinary resolution of the Company (or of the Shareholdersof a particular Fundor class of shares) requires a simplemajorityof the votes cast by the Shareholders voting, in person or byproxy, at the meeting at which the resolution is proposed. Aspecial resolution of the Company (or of the Shareholders of aparticular Fund or class of shares) requires a majority of notless than 75% of Shareholders present, in person or by proxy,and voting in a general meeting in order to pass a specialresolution including a resolution to amend the Articles ofAssociation of the Company.

Board Composition and ActivitiesIn accordance with the Companies Act and the Articles ofAssociation, unless otherwise determined by an ordinaryresolution of the Company in a general meeting, the numberof Directors may not be less than two or more than twelve.Currently theBoard is comprisedof fournon-executiveDirectorsofwhom three are independent. Details of the currentDirectorsare set out below, under the heading "Directors".

The business of the Company ismanaged by theDirectors, whoexercise all such powers of the Company as set out by theCompanies Act 2014 or by the Articles of Association of theCompany required to be exercised by the Company in a generalmeeting.

The Board is responsible for the Company’s overall directionand strategy, and to this end it reserves the decision makingpower on issues such as the determination ofmediumand longterm goals, review of managerial performance, organisational

structure and capital needs and commitments to achieve theCompany’s strategic goals. To achieve these responsibilities, theBoard meets four times a year to review the operations of theCompany, addressmatters of strategic importance and to receivereports from theAdministrator, Depositary and the InvestmentManager.However, aDirectormay, and theCompanySecretaryon the request of aDirectorwill, at any time summon ameetingof the Directors and ad hoc meetings in addition to the fourmeetings as required.

Questionsarisingatanymeetingsof theDirectors shall bedecidedby a majority of votes. In the case of an equality of votes, theChairmanof themeeting atwhich the showof hands takes placeor at which the poll is demanded shall be entitled to a secondor casting vote. The quorum necessary for the transaction ofbusiness at a meeting of the Directors is two.

Theboardmeetingshavebeenwell attendedduring the financialyear ended 31 March 2020.

Diversity ReportWith respect to diversity, the Company has no employees andtheonly individuals engageddirectly by it are itsDirectors.Whenthere is a vacancy on the Company’s Board of Directors, theobjective is to ensure that the Board is diversified with anappropriate mix as regards age, gender and educational/professional backgrounds, while achieving compliance by allindividuals with regulatory requirements and an overallcompositionwith therequisiteexperienceandskills.Thisdiversitypolicy was last utilized for the appointment made to theCompany’s Board inMay 2020 subsequent to the financial yearend.

Directors’ Compliance StatementIn accordancewith Section 225 of the Companies Act 2014, theDirectors:

• acknowledge that they are responsible for securing theCompany’s compliance with its relevant obligations; and

• confirm that:• Acompliancepolicy statement has beenprepared settingout the Company’s policies (that, in theDirectors’ opinion,are appropriate to the Company) for ensuring complianceby the Company with its relevant obligations;

• An adequate structure is in place, that in the Directors’opinion, is designed to secure material compliance withthe Company’s relevant obligations; and

• An annual review procedure has been put in place toreview the Company’s relevant obligations and ensure astructure is in place to comply with these obligations.

Results and DividendsThe results and dividends for the financial year are set out inthe Statement of Comprehensive Income.



14

Events During the Financial YearPlease refer toNote 17 for significant events during the financialyear.

Events Since the Financial Year EndPlease refer to Note 18 for significant events since the financialyear end.

DirectorsThenames of the personswhowereDirectors at any timeduringthe financial year ended 31 March 2020 are set out below.

Tom Finlay* (Irish)Patrick J. Riley* (U.S.)James Ross (U.S.) (resigned 27 March 2020)Barbara Healy* (Irish)Kathleen Gallagher (U.K.) (appointed 14 August 2019)Ellen Needham (U.S.) (appointed 1 May 2020)

* IndependentDirectors.All otherDirectorsarenon-independentDirectors.

All the Directors are non-executive Directors.

The Directors' fees for the independent Directors during thefinancial year wasUSD 128,221 (31March 2019: USD 127,157),the amount payable to the Directors at financial year end wasUSD Nil (31 March 2019: USD Nil).

Directors’ and Secretary’s InterestsThe Board is not aware of any shareholding in the Companyby any Director or Secretary during the financial years ended31 March 2020 and 31 March 2019.

Independent AuditorsThe auditors, PricewaterhouseCoopers, have indicated theirwillingness to continue in office, and a resolution that they bere-appointed will be proposed by the Directors.

Audit CommitteeSSGASPDRETFsEurope II plc has formedanAudit committee.Tom Finlay, Barbara Healy and Patrick Riley sit on the Boardand have been given oversight for financial reporting, externalauditors and reporting responsibilities. The audit committeemeets at least once a year at appropriate times in the reportingand audit cycle.

Dealing with Connected PersonsRegulation 43(1) of the UCITS Regulations “Restrictions oftransactionswith connected persons” states that “A responsibleperson shall ensure that any transaction between aUCITS anda connected person is conducted a) at arm’s length; and b) inthe best interest of the shareholders of the UCITS”.

As required under UCITS Regulation 81.4, the Directors, asresponsible persons are satisfied that there are in placearrangements, evidenced bywritten procedures, to ensure thattheobligations thatareprescribedbyRegulation43(1) areappliedto all transactionswith a connectedpersons; and all transactions

withconnectedpersons thatwereentered intoduring the financialyear to which the report relates complied with the obligationsthat are prescribed by Regulation 43(1).

Potential Implication of BrexitPursuant to the EuropeanReferendumAct 2015, a referendumon the United Kingdom’s membership of the EU was held on23 June 2016 with the majority voting to leave the EU. On29 March 2017, the UK Government exercised its right underArticle 50 of the Treaty of the European Union (“Article 50”)to leave theEU.TheUK formally left theEUon31 January 2020with a transition period lasting until 31 December 2020 (the“TransitionPeriod”) duringwhichEU lawwill continue to applyto the UK as if it were a member state. Arrangements are notyet in place to govern the relationship between the UK and theremainingmember states of the EU at the end of the transitionperiod.

TheCompany’s Brexit plans have assumed that there is no tradedeal or mutual equivalence for financial services agreed at theend of the Transition Period and is well positioned to continuetooperate thebusiness and service clients in such circumstances.While the Company has conducted a detailed analysis andassumed the above for its planning purposes no assurance canbegiven that suchmatters couldnotadverselyaffect theCompanyhowever the State StreetGlobal Advisors BrexitWorkingGroupcontinues to monitor the status of the trade negotiations andchanges to the financial services regimes in the EU to ensureit takes appropriate action as circumstances develop.

Due to theabilityof theUKandEUtoconcludea tradeagreementby the end of the Transition Period there is a risk that the UKwill leave the EUwithout any trade deal on 31December 2020.

Whilst themedium to long-term consequences of the decisionto leave the EU remain uncertain, there could be short-termvolatility around the UK failing to secure a trade deal by theend of theTransitionPeriodwhich could have a negative impacton general economic conditions in the UK and business andconsumer confidence in the UK, which may in turn have anegative impact elsewhere in the EU and more widely. Thelonger-term consequencesmay be affected by the terms of anyfuture arrangements the UK has with the remaining memberstates of the EU once agreed. Among other things, the UK’sdecision to leave the EU could lead to instability in the foreignexchangemarkets, including volatility in the value of the poundsterlingor the euro.Deterioratingbusiness, consumeror investorconfidence could lead to (i) reduced levels of business activity;(ii) higher levels of default rates and impairment; and (iii)markto market losses in trading portfolios resulting from changesin credit ratings, share prices and solvency of counterparties.

In order to mitigate the potential impact of Brexit on theCompany, it appointed State Street Global Advisors IrelandLimited as Global Distributor to facilitate distribution into theEU directly and through the branches of State Street GlobalAdvisors Ireland. As the Third Country provisions of UCITSpermit thedelegationof portfoliomanagement to third countries(subject to conditions including the existence of a regulatory



15

Wehaveenquired into theconductofSSGASPDRETFsEuropeIIplc (‘the Company’) for the year ended 31 March 2020, in ourcapacity as Depositary to the Company.

This report including the opinion has been prepared for andsolely for the shareholders in the Company as a body, inaccordance with Regulation 34, (1), (3) and (4) in Part 5 of theEuropeanCommunities (Undertakings forCollective Investmentin Transferable Securities) Regulations 2011, as amended, (‘theUCITS Regulations’), and for no other purpose. We do not, ingiving this opinion, accept or assume responsibility for anyotherpurpose or to any other person to whom this report is shown.

Responsibilities of the DepositaryOur duties and responsibilities are outlined in Regulation 34,(1), (3) and (4) in Part 5 of theUCITSRegulations. One of thoseduties is to enquire into the conduct of the Company in eachannual accountingperiodandreport thereon to theShareholders.

Our report shall state whether, in our opinion, the Companyhas been managed in that period in accordance with theprovisions of the Company’s Memorandum and Articles ofAssociation and the UCITS Regulations. It is the overallresponsibility of the Company to complywith these provisions.If the Company has not so complied, we as Depositary muststate why this is the case and outline the steps which we havetaken to rectify the situation.

Basis of Depositary OpinionThe Depositary conducts such reviews as it, in its reasonableopinion, considers necessary in order to comply with its dutiesas outlined in Regulation 34, (1), (3) and (4) in Part 5 of theUCITSRegulations and to ensure that, in all material respects,the Company has been managed (i) in accordance with thelimitations imposed on its investment and borrowing powersby the provisions of the Company’sMemorandumandArticlesof Association and the UCITS Regulations and (ii) otherwisein accordancewith theCompany’s constitutional documentationand the appropriate regulations.

OpinionInour opinion, theCompanyhas beenmanagedduring the year,in all material respects:

(i) in accordancewith the limitations imposedon the investmentand borrowing powers of the Company by the Memorandum&Articles ofAssociation, theUCITSRegulations and theCentralBank (Supervision and Enforcement) Act 2013 (Section 48(1))(Undertakings for Collective Investment in TransferableSecurities) Regulations 2019 (‘the Central Bank UCITSRegulations’); and

(ii) otherwise in accordance with the provisions of theConstitution, theUCITSRegulationsand theCentralBankUCITSRegulations.

State Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin D02 HD32Ireland

27 July 2020


Report of the Depositary to the Shareholders

17

Fund Performance

Passive Fixed Income FundsOverall the Fixed Income funds of the SSGA SPDR ETFsEurope II plc performed reasonably in linewith their respectivebenchmark indices (+/- 15bps*), over the year ended31stMarch2020, with the exception of the two portfolios below.

The SPDR Thomson Reuters Global Convertible Bond UCITSETF saw a tracking difference versus its benchmark of +68 bpsover the year ending 31st March 2020. The significantcontributors were in themonths ofMay 2019 andMarch 2020.InMay2019portfoliomanagement security selection (overweightof cashduring aperiodof downwardpressure in equitymarkets)and pricing differences between Portia and Custody for newFrench unitized bond, Orpea, contributed positively toperformance. In March 2020, the fund positioned within thetolerance of tracking and risk allowance. In addition, the saleof thematured roll-off bonds helped provide uplift in additionto some cash buffer.

Passive Equity FundsThere was one new ETF launched over the reporting period(twelve months to 31 March 2020): the SPDR STOXX Europe600 ESG Screened UCITS ETF.

Most of theSPDRIIEquity Sub-Fundsarewithin the anticipateddeviation bands of their respective indices, on an annual andsince inception basis (as of 31st March 2020).

All the funds were within the anticipated 1 year annual ex-posttracking error number. However, it should be noted that 1-yearex-post tracking error is a short period to understand whethera fund is within acceptable tolerance, a 3-year figure is muchmore in line with industry standards.

Additional information is provided onFundswhere the trackingdifference was +/- 0.10% on a gross-of-fees basis or where theone-year tracking error may be perceived to be high.

For the following funds therewas outperformance over +0.10%vs benchmark, this can be mainly attributed to a combinationofwithholding tax impact, securitiesmisweights, compoundingand corporate actions.

• SPDRMSCI Europe Small Cap ValueWeightedUCITS ETF(+0.68%)

• SPDR EURO STOXX Low Volatility UCITS ETF (+0.61%)• SPDRS&PU.S. Utilities Select Sector UCITS ETF (+0.54%)• SPDRMSCI World Small Cap UCITS ETF (+0.46%)• SPDRMSCI USA Value UCITS ETF (+0.46%)• SPDRMSCI Europe Value UCITS ETF (+0.46%)• SPDRS&PU.S. Consumer Staples Select Sector UCITSETF(+0.45%)

* 1 basis point is equal to 0.01%.

• SPDR S&PU.S. Energy Select Sector UCITS ETF (+0.45%)• SPDRS&PU.S.Materials Select SectorUCITSETF (+0.44%)• SPDR MSCI Europe Communication Services UCITS ETF(+0.41%)

• SPDRMSCI Europe Utilities UCITS ETF (+0.36%)• SPDRS&PU.S.Financials Select SectorUCITSETF(+0.35%)• SPDRS&PU.S. IndustrialsSelectSectorUCITSETF(+0.35%)• SPDRMSCI Europe UCITS ETF (+0.34%)• SPDRMSCI Europe Materials UCITS ETF (+0.33%)• SPDRMSCIWorld Consumer Staples UCITSETF (+0.31%)• SPDRMSCI World Utilities UCITS ETF (+0.31%)• SPDRMSCI Europe Industrials UCITS ETF (+0.30%)• SPDR S&P U.S. Health Care Select Sector UCITS ETF(+0.29%)

• SPDRMSCI Europe Financials UCITS ETF (+0.28%)• SPDRS&PU.S.ConsumerDiscretionarySelect SectorUCITSETF (+0.25%)

• SPDR MSCI World Consumer Discretionary UCITS ETF(+0.25%)

• SPDR Russell 2000 U.S. Small CAP UCITS ETF (+0.24%)• SPDRMSCI World Health Care UCITS ETF (+0.22%)• SPDRMSCI Europe Small Cap UCITS ETF (+0.21%)• SPDRS&PU.S.TechnologySelectSectorUCITSETF(+0.21%)• SPDRMSCI World Materials UCITS ETF (+0.19%)• SPDRMSCI World Technology UCITS ETF (+0.19%)• SPDRMSCI World Financials UCITS ETF (+0.18%)• SPDRMSCIEuropeConsumer StaplesUCITSETF (+0.17%)• SPDRMSCI World Industrials UCITS ETF (+0.17%)• SPDRS&PU.S.CommunicationServicesSelect SectorUCITSETF (+0.17%)

• SPDR MSCI World Communication Services UCITS ETF(+0.13%)

The SPDR MSCI Europe Technology UCITS ETF’sunderperformance (-0.15%) was mainly attributed to securitymisweights, cash drag and transaction costs.

Passive Multi Asset FundTheSPDRMorningstarMulti-AssetGlobal InfrastructureUCITSETF saw a tracking difference of -34 bps versus its benchmarkover the year ended 31st March 2020. The main driver ofunderperformance is security selection from USD Credit. Ona sectoral basis the index has a high exposure to Energy (oil,oil pipelines, oil refinery) andTransports (airlines, airports, ports,shipping, haulage, cruise liners). These sectors have beennegatively impacted by the COVID-19 pandemic and in turnthe fundhasbeennegatively impacted as it holds themore liquidholdings in the Index.


Investment Managers’ ReportsPassive Fixed Income, Passive Equity and Passive Multi Asset Funds

18

Passive Fixed Income Funds

Appendix: Gross of fees performance as at 31 March 2020

Fund Name Fund1 YearIndex Diff Fund

Since InceptionIndex* Diff

Fund InceptionDate

Max. AnticipatedAnnual Tracking Error %

Ex Post TrackingError %(1 Year)**

SPDR Bloomberg Barclays 0-5 Year Sterling Corporate BondUCITS ETF -0.60 -0.51 -0.09 2.08 2.17 -0.09 17-Feb-14 1 0.12

SPDR Bloomberg Barclays 3-5 Year Euro Government BondUCITS ETF 0.75 0.74 0.01 0.93 0.91 0.02 3-Dec-14 1 0.03

SPDR ICE BofAML 0-5 Year EM USD Government Bond UCITSETF -3.00 -2.87 -0.13 1.95 1.99 -0.04 12-Nov-14 2 0.10

SPDR Thomson Reuters Global Convertible Bond UCITS ETF -3.92 -4.60 0.68 3.23 3.04 0.19 14-Oct-14 2 0.27

* Annualised for periods over 1-year performance.** Calculated using the root mean square of the monthly excess returns (i.e. the "Difference") over one financial year ending March 2020.Sources: Citigroup / Barclays Capital / JP Morgan / Bloomberg / SSGA Economic Research


Investment Managers’ Reports (continued)

19

Passive Equity Funds



Since Inception*Index Diff

Fund InceptionDate

Max. AnticipatedAnnual TrackingError %

Realised 1 Yr.TrackingError %**

SPDRMSCI Europe Consumer Discretionary UCITS ETF -17.45 -17.55 0.10 5.51 5.29 0.22 30-Sep-01 1 0.37

SPDRMSCI Europe Consumer Staples UCITS ETF -6.60 -6.77 0.17 7.50 7.47 0.03 30-Sep-01 1 0.07

SPDRMSCI Europe Energy UCITS ETF -35.33 -35.34 0.01 1.42 1.20 0.22 31-Aug-01 1 0.34

SPDRMSCI Europe Financials UCITS ETF -24.60 -24.89 0.29 -1.72 -2.05 0.33 31-Aug-01 1 0.32

SPDRMSCI Europe Health Care UCITS ETF 8.14 8.11 0.03 5.68 5.56 0.12 30-Sep-01 1 0.15

SPDRMSCI Europe Industrials UCITS ETF -14.27 -14.57 0.30 6.95 6.67 0.28 30-Sep-01 1 0.14

SPDRMSCI Europe Materials UCITS ETF -17.60 -17.93 0.33 6.15 5.93 0.22 30-Sep-01 1 0.24

SPDRMSCI Europe Small Cap UCITS ETF -17.91 -18.13 0.22 6.74 6.59 0.15 31-Mar-05 1 0.17

SPDR MSCI Europe Technology UCITS ETF -1.54 -1.39 -0.15 2.31 1.72 0.59 31-Aug-01 1 0.38

SPDRMSCI Europe Communication Services UCITS ETF -22.38 -22.79 0.41 1.40 1.14 0.26 30-Sep-01 1 0.18

SPDRMSCI Europe UCITS ETF -13.19 -13.53 0.34 2.25 1.94 0.31 31-May-01 1 0.17

SPDR MSCI Europe Utilities UCITS ETF 2.83 2.47 0.36 5.43 5.06 0.37 30-Sep-01 1 0.28

SPDRMSCI World Small Cap UCITS ETF -21.93 -22.39 0.46 1.89 1.55 0.34 25-Nov-13 1 0.22

SPDR EURO STOXX Low Volatility UCITS ETF -14.24 -14.85 0.61 5.12 4.58 0.54 24-Mar-14 1 0.24

SPDR Russell 2000 U.S. Small CAP UCITS ETF -24.08 -24.32 0.24 0.79 0.21 0.58 1-Jul-14 1 0.22

SPDR STOXX Europe 600 ESG Screened UCITS ETF - - - -17.83 -17.74 -0.09 30-Sep-19 1 N/A***

SPDRMSCI Europe Small Cap Value Weighted UCITS ETF -25.87 -26.54 0.67 -3.45 -3.71 0.26 18-Feb-15 1 0.29



20

Passive Equity Funds (continued)

Appendix: Gross of fees performance as at 31 March 2020 (continued)



Fund InceptionDate



SPDRMSCI Europe Value UCITS ETF -21.30 -21.75 0.45 -3.24 -3.71 0.47 18-Feb-15 1 0.36

SPDRMSCI USA Small Cap Value Weighted UCITS ETF -34.15 -34.17 0.02 -4.33 -4.46 0.13 18-Feb-15 1 0.27

SPDRMSCI USA Value UCITS ETF -18.64 -19.11 0.47 0.98 0.61 0.37 18-Feb-15 1 0.14

SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF -0.45 -0.90 0.45 4.75 4.29 0.46 7-Jul-15 1 0.05

SPDR S&P U.S. Energy Select Sector UCITS ETF -52.68 -53.14 0.46 -14.90 -15.38 0.48 7-Jul-15 1 0.76

SPDR S&P U.S. Financials Select Sector UCITS ETF -17.35 -17.71 0.36 2.67 2.39 0.28 7-Jul-15 1 0.08

SPDR S&P U.S. Health Care Select Sector UCITS ETF -1.26 -1.55 0.29 5.25 4.96 0.29 7-Jul-15 1 0.06

SPDR S&P U.S. Industrials Select Sector UCITS ETF -19.60 -19.96 0.36 3.73 3.39 0.34 7-Jul-15 1 0.13

SPDR S&P U.S. Consumer Discretionary Select Sector UCITSETF -13.42 -13.68 0.26 6.31 6.05 0.26 7-Jul-15 1 0.07

SPDR S&P U.S. Utilities Select Sector UCITS ETF -1.80 -2.34 0.54 8.50 7.95 0.55 7-Jul-15 1 0.17

SPDR S&P U.S. Materials Select Sector UCITS ETF -16.91 -17.35 0.44 0.63 0.21 0.42 7-Jul-15 1 0.16

SPDR S&P U.S. Technology Select Sector UCITS ETF 10.21 9.99 0.22 16.65 16.40 0.25 7-Jul-15 1 0.06

SPDRMSCI World Consumer Discretionary UCITS ETF -11.70 -11.94 0.24 14.51 14.31 0.20 28-Feb-09 1 0.08

SPDRMSCI World Consumer Staples UCITS ETF -4.63 -4.95 0.32 10.91 10.74 0.17 28-Feb-09 1 0.05

SPDRMSCI World Energy UCITS ETF -46.15 -46.23 0.08 -1.50 -1.66 0.16 31-Jan-09 1 0.26

SPDRMSCI World Financials UCITS ETF -20.88 -21.06 0.18 9.56 9.13 0.43 28-Feb-09 1 0.14

SPDRMSCI World Health Care UCITS ETF 1.11 0.89 0.22 13.39 13.21 0.18 28-Feb-09 1 0.07



21

Passive Equity Funds (continued)

Appendix: Gross of fees performance as at 31 March 2020 (continued)



Fund InceptionDate



SPDRMSCI World Industrials UCITS ETF -17.32 -17.49 0.17 11.15 11.12 0.03 28-Feb-09 1 0.08

SPDRMSCI World Materials UCITS ETF -18.73 -18.92 0.19 6.55 6.53 0.02 28-Feb-09 1 0.13

SPDRMSCI World Technology UCITS ETF 7.35 7.15 0.20 17.97 17.84 0.13 28-Feb-09 1 0.04

SPDRMSCI World Communication Services UCITS ETF -5.60 -5.73 0.13 5.73 5.75 -0.02 31-Dec-08 1 0.09

SPDRMSCI World Utilities UCITS ETF -3.72 -4.03 0.31 6.25 6.29 -0.04 28-Feb-09 1 0.10

SPDR S&P U.S. Communication Services Select Sector UCITSETF -4.63 -4.79 0.16 -4.70 -4.90 0.20 15-Aug-18 1 0.05

* Annualised for periods over 1-year performance.** Calculated using the root mean square of the monthly excess returns (i.e. the "Difference") over one year ending March 2020.*** This Fund launched on 30 September 2019.Sources: Citigroup / Barclays Capital / JP Morgan / Bloomberg / SSGA Economic Research



22

Passive Multi Asset Fund




Fund InceptionDate



SPDRMorningstar Multi-Asset Global Infrastructure UCITS ETF -6.44 -6.09 -0.35 2.31 2.50 -0.19 14-Apr-15 2 0.18

* Annualized for periods over 1-year performance.** Calculated using the root mean square of the monthly excess returns (i.e. the “Difference”) over one year ending March 2020.Sources: Citigroup / Barclays Capital / JP Morgan / Bloomberg / SSGA Economic Research



23

Company Statement of Comprehensive Income for the year ended31 March 2020

Notes2020USD

2019USD

Dividend income 1(j) 200,225,372 199,525,920

Income from financial assets at fair value 1(k) 31,774,069 19,748,645

Negative yield 1(k) (65,786) -

Securities lending income 13 1,540,224 992,990

Net changes in fair value of financial assets and financial liabilities atfair value through profit or loss 9 (1,539,211,331) (131,219,822)

Miscellaneous income 296,707 163,394

Total investment income (1,305,440,745) 89,211,127

Operating expenses 3 (27,319,850) (23,195,279)

Net (loss)/profit for the financial .year (1,332,760,595) 66,015,848

Finance costsInterest expense 1(k) (139,692) (89,840)

Distributions to holders of redeemable participating shares 7 (27,674,646) (14,817,137)

(Loss)/profit for the financial year before tax (1,360,574,933) 51,108,871

Capital gains tax 2 (18,794) (19,698)

Withholding tax on investment income 2 (21,935,341) (19,207,380)

(Decrease)/increase in net assets attributable to holders ofredeemable participating shares resulting from operations (1,382,529,068) 31,881,793

Gains and losses arose solely from continuing operations. There were no recognised gains or losses other than those dealt with in theStatement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.

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