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SSGA SPDR ETFs Europe II plc
Annual Report and Audited Financial Statements
for the financial year ended 31 March 2026
An investment company with variable capital incorporated with limited liability in Ireland with registered number 525004 and established as an umbrella fund with segregated liability between Sub-Funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”).
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Page Administration of the Company 1 Background to the Company 3 Directors’ Report 16 Report of the Depositary to the Shareholders 20 Investment Managers’ Reports 21 Independent Auditor’s Report 30 Company Statements 39 State Street Blackstone Euro AAA CLO UCITS ETF 43 State Street SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF 50 State Street SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF 62 State Street SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF 68 State Street SPDR EURO STOXX Low Volatility UCITS ETF 77 State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 83 SPDR MSCI ACWI Climate Paris Aligned UCITS ETF 130 State Street SPDR MSCI Europe UCITS ETF 135 SPDR MSCI Europe Climate Paris Aligned UCITS ETF 145 State Street SPDR MSCI Europe Consumer Discretionary UCITS ETF 149 State Street SPDR MSCI Europe Consumer Staples UCITS ETF 155 State Street SPDR MSCI Europe Energy UCITS ETF 161 State Street SPDR MSCI Europe Financials UCITS ETF 166 State Street SPDR MSCI Europe Health Care UCITS ETF 172 State Street SPDR MSCI Europe Industrials UCITS ETF 178 State Street SPDR MSCI Europe Materials UCITS ETF 184 State Street SPDR MSCI Europe Small Cap UCITS ETF 189 State Street SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 204 State Street SPDR MSCI Europe Technology UCITS ETF 219 State Street SPDR MSCI Europe Communication Services UCITS ETF 224 State Street SPDR MSCI Europe Utilities UCITS ETF 229 State Street SPDR MSCI Europe Value UCITS ETF 234 SPDR MSCI Emerging Markets Climate Paris Aligned UCITS ETF 241 SPDR MSCI Japan Climate Paris Aligned UCITS ETF 245 State Street SPDR MSCI Resilient Future UCITS ETF 249 SPDR MSCI USA Climate Paris Aligned UCITS ETF 257 State Street SPDR MSCI USA Small Cap Value Weighted UCITS ETF 261 State Street SPDR MSCI USA Value UCITS ETF 285 SPDR MSCI World Climate Paris Aligned UCITS ETF 291 State Street SPDR MSCI World Consumer Discretionary UCITS ETF 296 State Street SPDR MSCI World Consumer Staples UCITS ETF 303 State Street SPDR MSCI World Energy UCITS ETF 309 State Street SPDR MSCI World Financials UCITS ETF 315 State Street SPDR MSCI World Health Care UCITS ETF 323 State Street SPDR MSCI World Industrials UCITS ETF 330 State Street SPDR MSCI World Materials UCITS ETF 338 State Street SPDR MSCI World Small Cap UCITS ETF 344 State Street SPDR MSCI World Technology UCITS ETF 392 State Street SPDR MSCI World Communication Services UCITS ETF 399 State Street SPDR MSCI World Utilities UCITS ETF 405 State Street SPDR MSCI World Value UCITS ETF 411 State Street SPDR Russell 2000 U.S. Small Cap UCITS ETF 421 State Street SPDR STOXX Europe 600 SRI UCITS ETF 448
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Contents
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Page State Street SPDR S&P U.S. Communication Services Select Sector UCITS ETF 456 State Street SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 461 State Street SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 466 State Street SPDR S&P U.S. Energy Select Sector UCITS ETF 471 State Street SPDR S&P U.S. Financials Select Sector UCITS ETF 476 State Street SPDR S&P U.S. Health Care Select Sector UCITS ETF 482 State Street SPDR S&P U.S. Industrials Select Sector UCITS ETF 487 State Street SPDR S&P U.S. Materials Select Sector UCITS ETF 493 State Street SPDR S&P U.S. Technology Select Sector UCITS ETF 498 State Street SPDR S&P U.S. Utilities Select Sector UCITS ETF 504 State Street SPDR FTSE Global Convertible Bond UCITS ETF 509 State Street SPDR S&P Europe Defense Vision UCITS ETF 521 comdirect S&P All World State Street UCITS ETF 526 Notes to the Financial Statements 554 Appendix I - Securities Financing Transactions Regulations (unaudited) 684 Appendix II - Remuneration Policy (unaudited) 727 Appendix III - Schedule of Significant Portfolio Changes (unaudited) 729 Appendix IV - SFDR and Taxonomy Regulation Disclosures (unaudited) 814
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Contents (continued)
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Management Company, Investment Manager and Global Distributor State Street Global Advisors Europe Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Directors Ms. Barbara Healy* (Irish) Ms. Kathleen Gallagher (Australian) (resigned on 2 January 2026) Ms. Jennifer Fox* (Irish) (resigned on 2 January 2026) Mr. Tom Coghlan* (Irish) Mr. Eric Linnane (Irish) (appointed on 10 June 2025) Ms. Rebecca Bridger (British) (appointed on 2 January 2026) Mr. Lim Siong Kwong (Benjamin) Lam Thuon Mine* (Luxembourgish) (appointed on 2 January 2026)
*Independent Directors Registered Office 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Sub-Investment Managers State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
State Street Global Advisors Trust Company One Congress Street Massachusetts 02114-2016 United States
State Street Global Advisors Singapore Limited 168 Robinson Road #33-01 Capital Tower Singapore 068912 Singapore
Blackstone Liquid Credit Strategies LLC 345 Park Avenue, 31st Floor New York NY 10154 United States of America
Board of Directors of the Management Company Mr. Nigel Wightman (British) Ms. Ann Prendergast (Irish) Mr. Eric Linnane (Irish) Mr. Scott Sanderson (British) Dr Margaret Cullen (Irish) Mr. Patrick Mulvihill (Irish) Ms. Marie-Anne Heeren (Belgian)
Administrator, Transfer Agent & Registrar State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
Sub Distributor State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ United Kingdom
Company Secretary Matsack Trust Limited 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Legal Advisors in Ireland Matheson LLP 70 Sir John Rogerson’s Quay Dublin D02 R296 Ireland
Independent Auditor Ernst & Young Chartered Accountants & Statutory Auditors EY Building Harcourt Centre 2 Harcourt Street Dublin D02 YA40 Ireland
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Administration of the Company
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Swiss Paying Agent State Street Bank International GmbH Brienner Strasse 59 80333 Munich Germany
Securities Lending Agent State Street Bank & Trust Company, London Branch 20 Churchill Place London E14 5HJ United Kingdom
Registered Head Office of the Securities Lending Agent One Congress Street Boston, Massachusetts 02114-2026 USA
Registration number: 525004
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Administration of the Company (continued)
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SSGA SPDR ETFs Europe II plc (the “Company”) was incorporated on 12 March 2013 under registration number 525004 and operates in Ireland as a public limited company under the Companies Act 2014 (the “Companies Act”). It was authorised by the Central Bank of Ireland (the “Central Bank”) on 12 March 2013. TheCompany is an open-ended investment company with variable capital which is authorised by the Central Bank, under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended and is authorised and regulated by the Central Bank, under the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “UCITS Regulations”).
The Company is an umbrella investment company and has segregated liability between its Sub-Funds (each a “Fund”, collectively the “Funds”) and accordingly any liability incurred on behalf of or attributable to any Fund shall be discharged solely out of the assets of that Fund. The Company currently has fifty live constituent Funds and various classes of shares. As part of a rebranding exercise carried out by the Investment Manager, the names of certain Funds within the Company have changed with effect from 19 February 2026. The changes are in line with the Prospectus of the same date, please see Note 18 for further details. When referring to a Fund throughout the audited financial statements the updated Fund name will be used.
Net Assets under management for the Company at 31 March 2026 amounted to USD 27,825,523,953 (31 March 2025: USD 21,011,897,227 and 31 March 2024: USD 18,026,242,366). The Net Assets under management for each Fund is detailed below, the published Net asset value per share is disclosed on the Statement of Financial Position of each Fund.
Fund name Launch date of Active Funds Functional Currency Net Assets 2026 Net Assets 2025 Net Assets 2024 State Street Blackstone Euro AAA CLO UCITS ETF** 23 September 2025 EUR 199,355,165 - State Street SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF 17 February 2014 GBP 147,664,608 255,128,083 260,677,351 State Street SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF 3 December 2014 EUR 27,105,332 35,742,583 23,496,649 State Street SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF 12 November 2014 USD 56,652,340 149,289,846 181,323,353 State Street SPDR EURO STOXX Low Volatility UCITS ETF 24 March 2014 EUR 32,069,235 17,110,307 23,735,638 State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF 14 April 2015 USD 1,580,109,400 1,436,939,668 1,183,411,752 SPDR MSCI ACWI Climate Paris Aligned UCITS ETF**** 20 April 2022 USD - 4,848,996 4,556,239 State Street SPDR MSCI Europe UCITS ETF 5 December 2014 EUR 370,440,690 313,338,002 259,222,960 SPDR MSCI Europe Climate Paris Aligned UCITS ETF**** 4 March 2022 EUR - 2,550,985 1,211,640 State Street SPDR MSCI Europe Consumer Discretionary UCITS ETF 5 December 2014 EUR 46,679,079 67,937,062 137,224,068 State Street SPDR MSCI Europe Consumer Staples UCITS ETF 5 December 2014 EUR 147,813,960 174,066,653 157,138,657 State Street SPDR MSCI Europe Energy UCITS ETF 5 December 2014 EUR 927,922,581 713,707,715 987,184,983 State Street SPDR MSCI Europe Financials UCITS ETF 5 December 2014 EUR 670,102,761 583,479,457 337,924,063 State Street SPDR MSCI Europe Health Care UCITS ETF 5 December 2014 EUR 539,094,383 656,647,911 659,902,100 State Street SPDR MSCI Europe Industrials UCITS ETF 5 December 2014 EUR 1,030,005,846 777,633,449 313,975,998 State Street SPDR MSCI Europe Materials UCITS ETF 5 December 2014 EUR 81,569,742 269,534,578 382,017,559 State Street SPDR MSCI Europe Small Cap UCITS ETF 5 December 2014 EUR 269,938,402 191,221,378 219,648,889 State Street SPDR MSCI Europe Small Cap Value Weighted UCITS ETF 18 February 2015 EUR 597,695,832 226,720,105 169,461,167 State Street SPDR MSCI Europe Technology UCITS ETF 5 December 2014 EUR 142,805,931 68,668,285 81,269,043 State Street SPDR MSCI Europe Communication Services UCITS ETF 5 December 2014 EUR 53,034,906 50,965,123 24,694,124 State Street SPDR MSCI Europe Utilities UCITS ETF 5 December 2014 EUR 801,461,503 166,273,845 158,765,622 State Street SPDR MSCI Europe Value UCITS ETF 18 February 2015 EUR 60,848,186 24,604,856 23,692,575
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Background to the Company
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Fund name Launch date of Active Funds Functional Currency Net Assets 2026 Net Assets 2025 Net Assets 2024 SPDR MSCI Emerging Markets Climate Paris Aligned UCITS ETF**** 18 July 2022 USD - 4,513,355 4,204,802 SPDR MSCI Japan Climate Paris Aligned UCITS ETF**** 4 March 2022 JPY - 553,243,856 611,394,427 State Street SPDR MSCI Resilient Future UCITS ETF*** 29 September 2025 USD 4,219,420 - SPDR MSCI USA Climate Paris Aligned UCITS ETF**** 4 March 2022 USD - 1,283,495 1,212,791 State Street SPDR MSCI USA Small Cap Value Weighted UCITS ETF 18 February 2015 USD 872,083,713 589,303,032 504,313,770 State Street SPDR MSCI USA Value UCITS ETF 18 February 2015 USD 179,983,240 145,324,774 127,310,121 SPDR MSCI World Climate Paris Aligned UCITS ETF**** 4 March 2022 USD - 7,498,801 4,728,626 State Street SPDR MSCI World Consumer Discretionary UCITS ETF 29 April 2016 USD 67,272,565 56,050,545 51,734,342 State Street SPDR MSCI World Consumer Staples UCITS ETF 29 April 2016 USD 161,731,048 99,912,918 94,066,423 State Street SPDR MSCI World Energy UCITS ETF 29 April 2016 USD 664,533,060 473,615,551 574,392,116 State Street SPDR MSCI World Financials UCITS ETF 29 April 2016 USD 302,250,050 333,122,752 294,005,216 State Street SPDR MSCI World Health Care UCITS ETF 29 April 2016 USD 608,603,283 569,308,559 589,447,733 State Street SPDR MSCI World Industrials UCITS ETF 29 April 2016 USD 189,881,538 84,200,954 139,780,617 State Street SPDR MSCI World Materials UCITS ETF 29 April 2016 USD 164,543,506 82,626,637 107,904,036 State Street SPDR MSCI World Small Cap UCITS ETF 25 November 2013 USD 1,700,058,851 1,141,550,027 834,350,035 State Street SPDR MSCI World Technology UCITS ETF 29 April 2016 USD 943,803,492 779,703,852 636,162,005 State Street SPDR MSCI World Communication Services UCITS ETF 29 April 2016 USD 98,459,603 85,247,048 57,356,756 State Street SPDR MSCI World Utilities UCITS ETF 29 April 2016 USD 81,132,684 44,211,309 20,417,530 State Street SPDR MSCI World Value UCITS ETF 2 September 2020 USD 142,301,605 67,674,028 58,154,721 State Street SPDR Russell 2000 U.S. Small Cap UCITS ETF 30 June 2014 USD 4,743,211,991 3,961,777,096 2,908,983,887 State Street SPDR STOXX Europe 600 SRI UCITS ETF 30 September 2019 EUR 476,877,274 379,649,996 288,198,424 State Street SPDR S&P U.S. Communication Services Select Sector UCITS ETF 15 August 2018 USD 282,435,542 275,730,693 169,253,296 State Street SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF 7 July 2015 USD 122,917,720 111,904,614 115,480,234 State Street SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF 7 July 2015 USD 254,520,213 225,623,383 202,869,323 State Street SPDR S&P U.S. Energy Select Sector UCITS ETF 7 July 2015 USD 1,046,466,812 628,765,866 783,118,467 State Street SPDR S&P U.S. Financials Select Sector UCITS ETF 7 July 2015 USD 625,914,146 818,924,730 362,343,454 State Street SPDR S&P U.S. Health Care Select Sector UCITS ETF 7 July 2015 USD 540,878,154 370,179,187 401,317,497 State Street SPDR S&P U.S. Industrials Select Sector UCITS ETF 7 July 2015 USD 642,641,683 368,821,768 240,692,230 State Street SPDR S&P U.S. Materials Select Sector UCITS ETF 7 July 2015 USD 52,306,441 36,009,378 38,269,950 State Street SPDR S&P U.S. Technology Select Sector UCITS ETF 7 July 2015 USD 1,211,505,039 1,062,313,271 1,092,928,643 State Street SPDR S&P U.S. Utilities Select Sector UCITS ETF 7 July 2015 USD 213,578,392 123,651,147 31,509,788 State Street SPDR FTSE Global Convertible Bond UCITS ETF 14 October 2014 USD 2,527,224,803 1,440,553,134 1,288,657,547 State Street SPDR S&P Europe Defense Vision UCITS ETF* 3 June 2025 EUR 28,127,051 - -
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Background to the Company (continued)
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Fund name Launch date of Active Funds Functional Currency Net Assets 2026 Net Assets 2025 Net Assets 2024 comdirect S&P All World State Street UCITS ETF***** 20 January 2026 USD 56,925,334 - -
* The Fund launched on 3 June 2025, therefore there are no comparatives. ** The Fund launched on 23 September 2025, therefore there are no comparatives. *** The Fund launched on 29 September 2025, therefore there are no comparatives. **** The Fund terminated on 2 December 2025. ***** The Fund launched on 20 January 2026, therefore there are no comparatives.
Funds may be established from time to time.
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Background to the Company (continued)
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The live Funds of the Company are listed on the following exchanges at 31 March 2026 (not all share classes are listed on each exchange):
Deutsche Borse
London Stock Exchange
Euronext Paris
SIX Swiss
Borsa Italiana
Euronext Amsterdam
Cboe NL
Mexico Stock Exchange State Street Blackstone Euro AAA CLO UCITS ETF** Yes Yes - - Yes - Yes State Street SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF Yes Yes - - - - Yes State Street SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF Yes - - - Yes - - State Street SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF Yes Yes - Yes Yes - - State Street SPDR EURO STOXX Low Volatility UCITS ETF Yes - - - - - - State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF Yes Yes - - Yes - - State Street SPDR MSCI Europe UCITS ETF Yes Yes Yes Yes Yes - - State Street SPDR MSCI Europe Consumer Discretionary UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Consumer Staples UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Energy UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Financials UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Health Care UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Industrials UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Materials UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Small Cap UCITS ETF - - Yes Yes Yes - - State Street SPDR MSCI Europe Small Cap Value Weighted UCITS ETF Yes - - - - - - State Street SPDR MSCI Europe Technology UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Communication Services UCITS ETF Yes Yes Yes Yes Yes - - State Street SPDR MSCI Europe Utilities UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR MSCI Europe Value UCITS ETF Yes Yes - Yes - - - State Street SPDR MSCI Resilient Future UCITS ETF*** Yes - - - - - - State Street SPDR MSCI USA Small Cap Value Weighted UCITS ETF Yes Yes - - - - - State Street SPDR MSCI USA Value UCITS ETF Yes Yes - Yes - - - State Street SPDR MSCI World Consumer Discretionary UCITS ETF - Yes - Yes Yes Yes - State Street SPDR MSCI World Consumer Staples UCITS ETF - Yes - Yes Yes Yes - State Street SPDR MSCI World Energy UCITS ETF - Yes - Yes Yes Yes - Yes
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Background to the Company (continued)
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Deutsche Borse
London Stock Exchange
Euronext Paris
SIX Swiss
Borsa Italiana
Euronext Amsterdam
Cboe NL
Mexico Stock Exchange State Street SPDR MSCI World Financials UCITS ETF - Yes - Yes Yes Yes - State Street SPDR MSCI World Health Care UCITS ETF Yes Yes - Yes Yes Yes - State Street SPDR MSCI World Industrials UCITS ETF - Yes - Yes Yes Yes - State Street SPDR MSCI World Materials UCITS ETF - Yes - Yes Yes Yes - State Street SPDR MSCI World Small Cap UCITS ETF Yes Yes - Yes - - - Yes State Street SPDR MSCI World Technology UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR MSCI World Communication Services UCITS ETF - Yes - Yes Yes Yes - State Street SPDR MSCI World Utilities UCITS ETF - Yes - Yes Yes Yes - State Street SPDR MSCI World Value UCITS ETF - Yes - - - Yes - State Street SPDR Russell 2000 U.S. Small Cap UCITS ETF Yes Yes Yes Yes Yes - - Yes State Street SPDR STOXX Europe 600 SRI UCITS ETF Yes - - Yes Yes Yes - State Street SPDR S&P U.S. Communication Services Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Energy Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Financials Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Health Care Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Industrials Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Materials Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Technology Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR S&P U.S. Utilities Select Sector UCITS ETF Yes Yes - Yes Yes Yes - Yes State Street SPDR FTSE Global Convertible Bond UCITS ETF Yes Yes - Yes Yes - Yes State Street SPDR S&P Europe Defense Vision UCITS ETF* Yes Yes - Yes - - - comdirect S&P All World State Street UCITS ETF**** Yes - - - - - - -
* The Fund launched on 3 June 2025. ** The Fund launched on 23 September 2025. *** The Fund launched on 29 September 2025. **** The Fund launched on 20 January 2026.
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Background to the Company (continued)
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INVESTMENT OBJECTIVE
State Street Blackstone Euro AAA CLO UCITS ETF* The Fund’s investment objective is to generate risk adjusted returns from a combination of income and capital growth over the long term by investing in predominantly Euro-denominated investment grade debt tranches of collateralised loan obligations ( ! CLOs ! ). The Fund is actively managed. The investment policy of the Fund is to invest up to 100% of its net assets in AAA-rated tranches of Euro denominated debt issued by CLOs which give access to European senior secured corporate loans and bonds. * The Fund launched on 23 September 2025.
State Street SPDR Bloomberg 0-5 Year Sterling Corporate Bond UCITS ETF The investment objective of the Fund is to track the performance of the short dated, fixed-rate, investment grade sterling denominated corporate bond market. The investment policy of the Fund is to track the performance of the Bloomberg 0-5 Year Sterling Corporate Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg 0-5 Year Sterling Corporate Bond Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR Bloomberg 3-5 Year Euro Government Bond UCITS ETF The investment objective of the Fund is to track the performance of Eurozone government bonds, with a remaining maturity between 3 and 5 years. The investment policy of the Fund is to track the performance of the Bloomberg 3-5 Year Euro Treasury Bond Index (or any other index determined by the Directors from time to time to track substantially the same market as the Bloomberg 3-5 Year Euro Treasury Bond Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR ICE Bofa 0-5 Year EM USD Government Bond UCITS ETF The investment objective of the Fund is to track the performance of the short maturity (0-5 year) USD - issued emerging market government bond market. The investment policy of the Fund is to track the performance of the ICE BofA 0-5 Year EM USD Government Bond ex-144a Index (or any other index determined by the Directors from time to time to track substantially the same market as the ICE BofA 0-5 Year EM USD Government Bond ex-144a Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR EURO STOXX Low Volatility UCITS ETF The investment objective of the Fund is to track the performance of Eurozone equity securities which have historically exhibited low volatility characteristics. The investment policy of the Fund is to track the performance of the EURO STOXX Low Risk Weighted 100 Index (or any other index determined by the Directors from time to time to track substantially the same market as the EURO STOXX Low Risk Weighted 100 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF The investment objective of the Fund is to track the performance of the global infrastructure market represented by publicly traded infrastructure-related equity and bonds. The investment policy of the Fund is to track the performance of the Morningstar Global Multi-Asset Infrastructure Index (or any other index determined by the Directors from time to time to track substantially the same market as the Morningstar Global Multi-Asset Infrastructure Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI ACWI Climate Paris Aligned UCITS ETF* The investment objective of the Fund is to track the equity market performance of developed and emerging markets. The investment policy of the Fund is to track the performance of the MSCI ACWI Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI ACWI Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. * The Fund terminated on 2 December 2025.
State Street SPDR MSCI Europe UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Europe sector. The investment policy of the Fund is to track the performance of the MSCI Europe Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Background to the Company (continued)
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INVESTMENT OBJECTIVE (continued) SPDR MSCI Europe Climate Paris Aligned UCITS ETF* The investment objective of the Fund is to track the performance of European large and mid-sized companies. The investment policy of the Fund is to track the performance of the MSCI Europe Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. * The Fund terminated on 2 December 2025.
State Street SPDR MSCI Europe Consumer Discretionary UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Consumer Discretionary sector. The investment policy of the Fund is to track the performance of the MSCI Europe Consumer Discretionary 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Consumer Discretionary 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Consumer Staples UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Consumer Staples sector. The investment policy of the Fund is to track the performance of the MSCI Europe Consumer Staples 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Consumer Staples 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Energy UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Energy sector. The investment policy of the Fund is to track the performance of the MSCI Europe Energy 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Energy 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Financials UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Financials sector. The investment policy of the Fund is to track the performance of the MSCI Europe Financials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Financials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Health Care UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Health Care sector. The investment policy of the Fund is to track the performance of the MSCI Europe Health Care 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Health Care 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Industrials UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Industrials sector. The investment policy of the Fund is to track the performance of the MSCI Europe Industrials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Industrials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) State Street SPDR MSCI Europe Materials UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Materials sector. The investment policy of the Fund is to track the performance of the MSCI Europe Materials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Materials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Small Cap UCITS ETF The investment objective of the Fund is to track the performance of European smaller companies. The investment policy of the Fund is to track the performance of the MSCI Europe Small Cap Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Small Cap Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Small Cap Value Weighted UCITS ETF The investment objective of the Fund is to track the performance of European small capitalisation equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the MSCI Europe Small Cap Value Weighted Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Small Cap Value Weighted Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Technology UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Technology sector. The investment policy of the Fund is to track the performance of the MSCI Europe Information Technology 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Information Technology 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Communication Services UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the communications sector. The investment policy of the Fund is to track the performance of the MSCI Europe Communication Services 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Communication Services 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Utilities UCITS ETF The investment objective of the Fund is to track the performance of European large and mid-sized companies in the Utilities sector. The investment policy of the Fund is to track the performance of the MSCI Europe Utilities 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Utilities 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI Europe Value UCITS ETF The investment objective of the Fund is to track the performance of European equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the MSCI Europe Value Exposure Select Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Europe Value Exposure Select Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI Emerging Markets Climate Paris Aligned UCITS ETF* The investment objective of the Fund is to track the equity market performance of emerging markets. The investment policy of the Fund is to track the performance of the MSCI Emerging Markets Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Emerging Markets Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund-s performance and that of the index. * The Fund terminated on 2 December 2025.
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INVESTMENT OBJECTIVE (continued) SPDR MSCI Japan Climate Paris Aligned UCITS ETF* The investment objective of the Fund is to track the performance of large and mid cap segments of the Japanese equity market. The investment policy of the Fund is to track the performance of the MSCI Japan Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI Japan Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. * The Fund terminated on 2 December 2025.
State Street SPDR MSCI Resilient Future UCITS ETF* The investment objective of the Fund is to track the equity market of developed and emerging markets. The MSCI ACWI IMI Resilient Future Select 35/20 Capped Index measures the performance of global companies that are associated with the development of products and services focused on components related to the “Resilient Future” theme which may play an important role in achieving a transition towards a more sustainable global economy by potentially reducing the likelihood of crossing irreversible environmental tipping points such as significant climate change, groundwater depletion or biodiversity loss. The Index excludes certain companies based on their involvement in the certain controversial business activities including controversial weapons, civilian firearms, tobacco, thermal coal mining, thermal coal power generation, unconventional oil & gas extraction, Arctic oil & gas extraction, palm oil, oil & gas and fossil fuel power generation. The Index also excludes companies which are identified by the index provider as being involved in controversies that have a negative ESG impact on their operations and/or products and services based on an MSCI ESG controversy score. Lastly, the Index excludes companies which are assessed as “Strongly Misaligned” on their Net Alignment to any of the selected United Nations Sustainable Development Goals (“UN SDGs”). * The Fund launched on 29 September 2025.
SPDR MSCI USA Climate Paris Aligned UCITS ETF* The investment objective of the Fund is to track the performance of large and mid-sized equities in the U.S.. The investment policy of the Fund is to track the performance of the MSCI USA Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI USA Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. * The Fund terminated on 2 December 2025.
State Street SPDR MSCI USA Small Cap Value Weighted UCITS ETF The investment objective of the Fund is to track the performance of US small capitalisation equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the MSCI USA Small Cap Value Weighted Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI USA Small Cap Value Weighted Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI USA Value UCITS ETF The investment objective of the Fund is to track the performance of US equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the MSCI USA Value Exposure Select Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI USA Value Exposure Select Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
SPDR MSCI World Climate Paris Aligned UCITS ETF* The investment objective of the Fund is to track the performance of large and mid-sized equities in developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Climate Paris Aligned Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Climate Paris Aligned Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index. * The Fund terminated on 2 December 2025.
State Street SPDR MSCI World Consumer Discretionary UCITS ETF The investment objective of the Fund is to track the performance of companies in the consumer discretionary sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Consumer Discretionary 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Consumer Discretionary 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) State Street SPDR MSCI World Consumer Staples UCITS ETF The investment objective of the Fund is to track the performance of companies in the consumer staples sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Consumer Staples 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Consumer Staples 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index! x! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Energy UCITS ETF The investment objective of the Fund is to track the performance of companies in the energy sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Energy 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Energy 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Financials UCITS ETF The investment objective of the Fund is to track the performance of companies in the financials sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Financials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Financials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Health Care UCITS ETF The investment objective of the Fund is to track the performance of companies in the health care sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Health Care 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Health Care 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Industrials UCITS ETF The investment objective of the Fund is to track the performance of companies in the industrials sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Industrials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Industrials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Materials UCITS ETF The investment objective of the Fund is to track the performance of companies in the materials sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Materials 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Materials 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Small Cap UCITS ETF The investment objective of the Fund is to track the performance of small cap equities in developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Small Cap Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Small Cap Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Technology UCITS ETF The investment objective of the Fund is to track the performance of companies in the technology sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Information Technology 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Information Technology 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) State Street SPDR MSCI World Communication Services UCITS ETF The investment objective of the Fund is to track the performance of companies in the communications sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Communication Services 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Communication Services 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Utilities UCITS ETF The investment objective of the Fund is to track the performance of companies in the utilities sector, across developed markets globally. The investment policy of the Fund is to track the performance of the MSCI World Utilities 35/20 Capped Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Utilities 35/20 Capped Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR MSCI World Value UCITS ETF The investment objective of the Fund is to track the performance of global developed market equities with a higher weighting applied to equities exhibiting low valuation characteristics. The investment policy of the Fund is to track the performance of the stocks that exhibit relatively higher exposure to the value factor (as defined in the Index methodology) within developed market countries that compose the parent index, MSCI World Index (or any other index determined by the Directors from time to time to track substantially the same market as the MSCI World Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the ! Index ! ) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR Russell 2000 U.S. Small Cap UCITS ETF The investment objective of the Fund is to track the performance of smaller U.S. companies. The investment policy of the Fund is to track the performance of the Russell 2000 Index (or any other index determined by the Directors from time to time to track substantially the same market as the Russell 2000 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR STOXX Europe 600 SRI UCITS ETF The investment objective of the Fund is to track the performance of European equities. The investment policy of the Fund is to track the performance of the STOXX Europe 600 SRI Index (or any other index determined by the Directors from time to time to track substantially the same market as the STOXX Europe 600 SRI Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P U.S. Communication Services Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. communication services companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Communication Services Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Communication Services Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. consumer discretionary companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Consumer Discretionary Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Consumer Discretionary Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) State Street SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. consumer staples companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Consumer Staples Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Consumer Staples Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P U.S. Energy Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. energy companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Energy Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Energy Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P U.S. Financials Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. financial companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Financials Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Financials Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P U.S. Health Care Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. health care companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Health Care Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Health Care Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P U.S. Industrials Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. industrial companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Industrials Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Industrials Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P U.S. Materials Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large cap U.S. materials companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Materials Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Materials Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
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INVESTMENT OBJECTIVE (continued) State Street SPDR S&P U.S. Technology Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. information technology companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Technology Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Technology Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P U.S. Utilities Select Sector UCITS ETF The investment objective of the Fund is to track the performance of large sized U.S. utilities companies in the S&P 500 Index. The investment policy of the Fund is to track the performance of the S&P Utilities Select Sector Daily Capped 25/20 Index (which is derived from the S&P 500 Index or any other index determined by the Directors from time to time to track substantially the same market as the S&P Utilities Select Sector Daily Capped 25/20 Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR FTSE Global Convertible Bond UCITS ETF The investment objective of the Fund is to track the performance of the global convertible bond market. The investment policy of the Fund is to track the performance of the Refinitiv Qualified Global Convertible Index (or any other index determined by the Directors from time to time to track substantially the same market as the Refinitiv Qualified Global Convertible Index and which is considered by the Directors to be an appropriate index for the Fund to track, in accordance with the Prospectus) (the “Index”) as closely as possible, while seeking to minimise as far as possible the tracking difference between the Fund’s performance and that of the Index.
State Street SPDR S&P Europe Defense Vision UCITS ETF* The objective of the Fund is to track the performance of European large, mid and small-sized companies. The S&P Europe Defense Vision Index measure the performance of industrial and technology companies across Europe that are actively involved in the manufacturing, assembly, sale and transportation of both core military weaponry and a broader range of military-related, non-weapon products and services, such as military vehicles, wearable technology, military-grade software and communication systems. * The Fund launched on 3 June 2025.
comdirect S&P All World State Street UCITS ETF* The investment objective of the Fund is to track the equity market of developed and emerging markets. The S&P Global Select Capped Index measures the performance of a subset of stocks drawn from the S&P Global LargeMidCap and S&P Global SmallCap Select that satisfy certain quality and liquidity criteria, with capping applied to reduce concentration. * The Fund launched on 20 January 2026.
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The Directors present herewith their annual report and Financial Statements for the financial year ended 31 March 2026. Statement of Directors’ Responsibilities The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law. Irish law requires the Directors to prepare financial statements giving a true and fair view of the Company’s assets, liabilities and financial position at the end of the financial year and the profit or loss of the Company for the financial year. Under that law the Directors have prepared the financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union (the “EU”). Under Irish law the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year and of the profit or loss of the Company for the financial year. In preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether the financial statements have been prepared in accordance with IFRS and ensure that they contain the additional information required by the Companies Act 2014; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors confirm that they have complied with the above requirements in preparing the financial statements. The financial statements have been prepared on a going concern basis as the Directors are of the view that the Company can continue in operational existence for period of at least twelve months from the date of approval of these financial statements (the period of assessment). The Directors anticipate the financial assets will continue to generate enough cash flows on an ongoing basis to meet the Company’s liabilities as they fall due. The Directors are responsible for keeping adequate accounting records that are sufficient to:
• correctly record and explain the transactions of the Company; • enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy; and • enable the Directors to ensure that the financial statements and Directors’ report comply with the Companies Act 2014 and enable those financial statements to be audited.
The Directors are responsible for safeguarding the assets of the Company. In this regard they have entrusted the assets of the Company to State Street Custodial Services (Ireland) Limited (“the Depositary”) who has been appointed as Depositary to the Company pursuant to the terms of a Depositary Agreement. The Directors have a general responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities. The financial statements are published on the ssga.com website. The Directors, together with the Investment Manager are responsible for the maintenance and integrity of the financial information included on this website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This Annual Report and Audited Financial Statements (the “Reports and Accounts”) may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Accounts and the Report and Accounts in another language, the English language Report and Accounts will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Accounts on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. Relevant Audit Information Insofar as the Directors are aware, there is no relevant audit information of which the Company’s auditors are unaware and the Directors have taken all the steps that should have been taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. Accounting Records The Directors ensure compliance with the Company’s obligation to maintain adequate accounting records by appointing competent persons to be responsible for them. The accounting records are kept by State Street Fund Services (Ireland) Limited, at 78 Sir John Rogerson’s Quay, Dublin D02 HD32, Ireland. Review of Business and Future Developments The Companyis an open-ended investment company with variable capital which has been authorised by the Central Bank under the UCITS Regulations. The principal activities and investment objectives of the Funds are outlined in the Background to the Company. A market summary and Fund performance are included under the Investment Managers’ Reports. Details of Net Asset Value and Net Asset Value per share are set out in each Fund’s Statement of Financial Position and the Total Expense Ratio is set out in Note 3.
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Directors’ Report
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Review of Business and Future Developments (continued) There was no change in the nature of the Company’s business during the financial year and the Directors do not anticipate any change in the structure or investment objectives of the Company.
Risk Management Objectives and Policies The main risks arising from the Company’s financial instruments are market risk, interest risk, liquidity risk and credit risk. Non financial risks would include management risk, market disruption/geopolitical risk, commodities risk, concentration risk, conflicts of interest risk and current unrest in the Middle East. For further information onrisk management objectives and policies, please see Note 11 of these financial statements and the Prospectus and Supplements of the Company. Corporate Governance Statement The Company is subject to the requirements of the Companies Act 2014, as amended, and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended), the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019. The Directors have evaluated the measures set out in the voluntary Corporate Governance Code for Collective Investment Schemes and Management Companies, as published by Irish Funds (the “Corporate Governance Code”) and have adopted all governance practices and procedures of the code with effect from 25 July 2013. The Directors are satisfied that for the year ended 31 March 2026, the Company’s governance framework remained in compliance with the Corporate Governance Code. A copy of the Corporate Governance Code is available at https://files.irishfunds.ie/1432820468-corporate-governance code-for-collective-investment-schemes-and-management companies.pdf. f. Internal Control and Risk Management Systems in Relation to Financial Reporting The Board is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board has procedures in place to ensure that all relevant accounting records are properly maintained and are readily available, including production of annual and half yearly financial statements. The Management Company has appointed State Street Fund Services (Ireland) Limited (the “Administrator”) on the Company’s behalf to maintain the books and records of the Company. The Administrator is authorised and regulated by the Central Bank and must comply with the rules imposed by the Central Bank. From time to time, the Management Company examines and evaluates the Administrator’s financial accounting and reporting routines. The annual financial statements of the
Company are produced by the Administrator and reviewed by the Investment Manager. They are required to be approved by the Board, and the annual and half yearly financial statements of the Company are required to be filed with the Central Bank. During the financial year of these financial statements, the Board was responsible for the review and approval of the financial statements as set out in the Statement of Directors’ Responsibilities. The statutory financial statements are required to be audited by independent auditors who report annually to the Board on their findings. The Board monitors and evaluates the independent auditors’ performance, qualifications and independence. As part of its review procedures, the Board receives presentations from relevant parties including consideration of IFRS accounting standards and their impact on the annual financial statements, and presentations and reports on the audit process. The Board evaluates and discusses significant accounting and reporting issues as the need arises. Dealings with Shareholders The convening and conduct of Shareholders’ meetings are governed by the Articles of Association of the Company and the Companies Act 2014. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors were required to convene the first annual general meeting (“AGM”) of the Company within eighteen months of incorporation and fifteen months of the date of the previous AGM thereafter, provided that an AGM is held within six months of the end of each financial year of the Company. At least twenty-one clear days’ notice of every AGM and any meeting convened for the passing of a special resolution must be given to Shareholders and fourteen days’ notice must be given in the case of any other general meeting, unless the auditors and all the Shareholders of the Company entitled to attend and vote, agree to shorter notice. Two Shareholders present either in person or by proxy, constitutes a quorum at a general meeting. The share capital of the Company is divided into different classes of shares. The rights attached to any Class or Fund (unless otherwise provided by the terms of issue of the Shares of that Class or Fund or unless otherwise provided herein) may, whether or not the Company is being wound up, be varied with the consent in writing of the holders of three-fourths of the issued Shares of that Class or Fund, or with the sanction of an Extraordinary Resolution passed at a separate general meeting of the holders of the Shares of that Class or Fund, to which the provisions of the Articles relating to general meetings shall mutatis mutandis apply, save that, where a Class or Fund has only one Shareholder holding voting Shares, the quorum at any such general meeting shall be one Shareholder holding voting Shares in such Class or Fund or one Subscriber Shareholder, present either in person or by proxy. Notwithstanding anything to the contrary contained in the Articles, a Subscriber Shareholder shall be entitled to receive notice, in accordance with the provision of article 19 of the Articles, of any general meeting of a Class or Fund. However, the Subscriber Shareholders shall only be entitled
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Directors’ Report (continued)
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Dealings with Shareholders (continued) to vote at an adjourned general meeting of a Class or Fund which has been adjourned in accordance with the provisions of the Articles. Every holder of participating shares or non-participating shares present, in person or by proxy, who votes on a show of hands is entitled to one vote. On a poll, every holder of participating shares present, in person or by proxy, is entitled to one vote in respect of each share held by him, and every holder of non participating shares is entitled to one vote in respect of all non-participating shares held by him. At any general meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is (before or on the declaration of the result of the show of hands) demanded by the Chairperson or by any Shareholder present in person or by proxy. Shareholders may resolve to sanction an ordinary resolution or special resolution at a Shareholders’ meeting. Alternatively, a resolution in writing signed by all of the Shareholders and holders of non-participating shares for the time being entitled to attend and vote on such resolution at a general meeting of the Company, will be valid and effective for all purposes as if the resolution had been passed at a general meeting of the Company, duly convened and held. An ordinary resolution of the Company (or of the Shareholders of a particular Fund or class of shares) requires a simple majority of the votes cast by the Shareholders voting, in person or by proxy, at the meeting at which the resolution is proposed. A special resolution of the Company (or of the Shareholders of a particular Fund or class of shares) requires a majority of not less than 75% of Shareholders present, in person or by proxy, and voting in a general meeting in order to pass a special resolution including a resolution to amend the Articles of Association of the Company. Board Composition and Activities In accordance with the Companies Act 2014 and the Articles of Association, unless otherwise determined by an ordinary resolution of the Company in a general meeting, the number of Directors may not be less than two or more than twelve. As at 31 March 2026, the Board is comprised of five non-executive Directors of whom three are independent. Details of the current Directors are set out below, under the heading ! Directors ! . The business of the Company is managed by the Directors, who exercise all such powers of the Company as set out by the Companies Act 2014 or by the Articles of Association of the Company required to be exercised by the Company in a general meeting. The Board is responsible for the Company’s overall direction and strategy, and to this end it reserves the decision making power on issues such as the determination of medium and long term goals, review of managerial performance, organisational structure and capital needs and commitments to achieve the Company’s strategic goals. To achieve these responsibilities, the Board meets four times a year to review the operations of
the Company, address matters of strategic importance and to receive reports from the Management Company, Administrator and Depositary. However, a Director may, and the Company Secretary on the request of a Director will, at any time summon a meeting of the Directors and ad hoc meetings in addition to the four meetings as required. Questions arising at any meetings of the Directors shall be decided by a majority of votes. In the case of an equality of votes, the Chairperson of the meeting at which the show of hands takes place or at which the poll is demanded shall be entitled to a second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two. The board meetings have been well attended during the financial year ended 31 March 2026. Diversity Report With respect to diversity, the Company has no employees and the only individuals engaged directly by it are its Directors. When there is a vacancy on the Company’s Board of Directors, the objective is to ensure that the Board is diversified with an appropriate mix as regards age, gender and educational/ professional backgrounds, while achieving compliance by all individuals with regulatory requirements and an overallcomposition with the requisite experience and skills. The implementation of the Board’s diversity policy includes reviews of the balance of skills, knowledge, experience and diversity on the Board as detailed in the Board’s Succession Plan. Selection decisions taken by the Board in the period have been based on merit and followed arecruitment processthat was fair and non-discriminatory. Directors’ Compliance Statement In accordance with Section 225 of the Companies Act 2014, the Directors:
• acknowledge that they are responsible for securing the Company’s compliance with its relevant obligations; and • confirm that:
- A compliance policy statement has been prepared setting out the Company’s policies (that, in the Directors’ opinion, are appropriate to the Company) for ensuring compliance by the Company with its relevant obligations;
- An adequate structure is in place, that in the Directors’ opinion, is designed to secure material compliance with the Company’s relevant obligations; and
- An annual review procedure has been put in place to review the Company’s relevant obligations and ensure a structure is in place to comply with these obligations. Results and Dividends The results and dividends for the financial year are set out in the Statement of Comprehensive Income. Events During the Financial Year Please refer to Note 18 for significant events during the financial year.
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Directors’ Report (continued)
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Events Since the Financial Year End Please refer to Note 19 for significant events since the financial year end. Directors The names of the persons who were Directors at any time during the financial year ended 31 March 2026 are set out below. Ms. Barbara Healy* (Irish) Ms. Kathleen Gallagher (Australian) (resigned on 2 January 2026) Ms. Jennifer Fox* (Irish) (resigned on 2 January 2026) Mr. Tom Coghlan* (Irish) Mr. Eric Linnane (Irish) (appointed on 10 June 2025) Ms. Rebecca Bridger (British) (appointed on 2 January 2026) Mr. Lim Siong Kwong (Benjamin) Lam Thuon Mine* (Luxembourgish) (appointed on 2 January 2026) * Independent Directors. All other Directors are non-independent Directors. All the Directors are non-executive Directors. The Directors’ fees for the independent Directors during the financial year was USD 101,047 (31 March 2025: USD 134,514), the amount payable to the Directors at financial year end was USD 5,281 (31 March 2025: USD Nil). Directors’ and Secretary’s Interests The Board is not aware of any shareholding in the Company by any Director or Secretary during the financial years ended 31 March 2026 and 31 March 2025 or at the date of appointment. Independent Auditors Ernst & Young was appointed as external auditors on 23 September 2021. Ernst & Young have indicated their willingness to remain in office in accordance with Section 383 (2) of the Companies Act 2014 (as amended). Political donations There were no political donations made during the financial year ended 31 March 2026 or 31 March 2025. Audit Committee The company dissolved its Audit Committee on 9 December 2025. In accordance with Section 167 of Companies Act 2014, the Board of Directors of the Company has considered the requirement to establish an Audit Committee. Having regard to the current nature, scale, and complexity of the Company’s operations, the Board has determined that it is not necessary to establish a separate Audit Committee at this time. The Board is satisfied that the existing governance framework provides effective oversight of the Company’s financial reporting process, internal controls, risk management systems, and audit functions. These responsibilities are undertaken directly by the Board of Directors who remain ultimately responsible for oversight of financial reporting and internal controls. The Board of Directors
will continue to review this position on a periodic basis to ensure that the Company’s governance arrangements remain appropriate and in compliance with its obligations. Dealings with Connected Persons Regulation 43 (1) of the UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm’s length; and b) in the best interest of the shareholders of the UCITS”. As required under UCITS Regulation 81.4, the Directors, as responsible persons are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43 (1) are applied to all transactions with a connected persons; and all transactions with connected persons that were entered into during the financial year to which the report relates complied with the obligations that are prescribed by Regulation 43 (1).
On behalf of the Board:
Director Barbara Healy
Director Tom Coghlan
23 July 2026
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Directors’ Report (continued)
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We have enquired into the conduct of State Street Global Advisors Europe Limited as the Manager of the SSGA SPDR ETFs Europe II plc (‘the Company’) and into the conduct of the Company itself for the financial year ended 31 March 2026, in our capacity as Depositary to the Company. This report including the opinion has been prepared for and solely for the shareholders in the Company as a body, in accordance with Regulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the Shareholders. Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.
Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the Company’s Memorandum and Articles of Association and the UCITS Regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.
Opinion In our opinion, the Company has been managed during the financial year, in all material respects: (i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Constitution, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48 (1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and (ii) otherwisein accordance with the provisionsof the Constitution, the UCITS Regulations and the Central Bank UCITS Regulations.
State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin D02 HD32 Ireland
23 July 2026
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Report of the Depositary to the Shareholders
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Market Review Global fixed income markets delivered positive returns between 1 April 2025 and 31 March 2026 (the “Reporting Period”), although the path was uneven and marked by a clear shift in market leadership between the first three quarters and the final quarter. The period began with weaker-than-expected growth data in parts of the developed world, easing inflation in several regions, and growing confidence that major central banks would continue the monetary easing cycle that had begun in 2024. That backdrop initially supported bond returns, particularly in spread sectors, as policy expectations moved lower and carry remained attractive. As the period progressed, however, resilient activity data, fiscal concerns, tariff-related uncertainty, and rising term premia kept long-end government bond yields elevated despite lower policy rates. By the final quarter of the Reporting Period, the optimism that had supported markets through much of 2025 was increasingly challenged by heightened geopolitical tensions, a sharp rise in energy prices, and a broader risk-off turn in sentiment, resulting in wider credit spreads and renewed rates volatility. Trade policy and geopolitics were important cross-market drivers throughout the financial year. Uncertainty around US tariff policy remained a recurring source of volatility, first through reciprocal tariff announcements and sector-specific levies, and later through periods of negotiation, delay, and partial de-escalation. In Europe, fiscal developments also remained in focus, including Germany’s infrastructure plans and broader defence-related spending expectations, which contributed to upward pressure on longer-dated yields. China continued to face a challenging domestic backdrop for much of the period, characterised by weak property demand, subdued inflation, and recurring policy support, although activity indicators improved intermittently. Into early 2026, geopolitical tensions in the Middle East and the associated surge in oil prices altered the market tone more decisively, pushing inflation expectations higher, reducing confidence in a smooth easing cycle, and driving a more defensive market environment. Monetary policy nonetheless remained a defining feature of the period. The U.S. Federal Reserve (the “Fed”) ultimately reduced the federal funds target range by 75 basis points (the “bps”) over the Reporting Period, with the first cut delivered in September 2025 and two further cuts in the final quarter of calendar 2025, before policy was held steady through the first quarter of 2026 at 3.50% to 3.75%. The European Central Bank (the “ECB”) cut rates in April and June 2025 before pausing, leaving policy unchanged thereafter as it adopted a more neutral, data dependent stance. Both the Bank of England and the Bank of Canada also followed an easing path over the period, before holding policy steady into early 2026. By contrast, the Bank of Japan continued to diverge from the broader developed market easing trend, ending the reporting period with its policy rate at 0.75% following further normalisation. Australia also diverged late in the period, with the Reserve Bank of Australia shifting from earlier easing to two rate hikes in the first quarter of 2026 in response to persistent inflation and stronger demand.
Despite these policy cuts, government bond markets did not experience a uniform rally over the full Reporting Period. Global aggregate yields rose by 16 bps, from 3.62% at the start of April 2025 to 3.78% by the end of March 2026, while global treasury yields rose by 26 bps to 3.43%. The move higher in yields was more pronounced at the long end in several markets, reflecting fiscal supply concerns, rising term premia, and, later in the financial period, renewed inflation risk. The U.S. 10-year Treasury yield ended the Reporting Period at 4.32%, up 11 bps from the start. In Europe, the 10-year benchmark yield rose by 26 bps to 3.00%, while the UK 10-year gilt yield increased by 24 bps to 4.92%. Japan saw the largest upward adjustment, with the 10-year yield rising by 86 bps over the period to 2.35% as policy normalisation continued. Yield curves broadly steepened through much of 2025 as front-end rates adjusted lower on easing expectations, but that pattern partially reversed in early 2026 as rising energy prices and geopolitical risks led to flatter curves across most developed markets, with Japan a notable exception. Against this backdrop, the Bloomberg Global Aggregate Index (USD hedged) returned 3.49% over the Reporting Period. Returns were positive across key sectors, although performance was led by spread products rather than sovereign duration. The securitised sector delivered 5.50%, outperforming both global corporates, which returned 4.67%, and global treasuries, which returned 2.45% over the Reporting Period. These outcomes reflected a combination of carry, tighter spreads through most of 2025, and only a modest deterioration in credit conditions until the final quarter. Currency also played a role. A weaker US dollar through much of 2025 supported unhedged returns, although some of that effect reversed in the first quarter of 2026 as the dollar strengthened amid a shift toward safer assets. Credit markets were resilient for most of the Reporting Period, supported by still-favourable macro conditions, strong demand for carry, and a generally constructive risk backdrop through late 2025. Global Investment-Grade spreads, which began the period at 97 bps, tightened materially through the middle quarters and reached 78 bps by the end of September 2025 before ending the reporting period at 93 bps. This left spreads only modestly tighter overall, but the path was important: early tariff-related widening gave way to broad spread compression as easing progressed and risk appetite improved, before part of that tightening reversed in the first quarter of 2026. Regionally, U.S. Investment-Grade spreads ended at 89 bps, Euro spreads at 97 bps, and Sterling spreads at 99 bps. High yield followed a similar pattern but with greater beta to the changing risk backdrop. US high yield spreads, which began the period at 347 bps, tightened sharply through 2025 and ended the Reporting Period at 317 bps, while European high yield spreads ended broadly unchanged at 329 bps after tightening materially in late 2025 and widening again in the final quarter. Lower-rated credits outperformed during the risk-on phases of the year, but that leadership faded as volatility rose and investors became more selective.
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Investment Managers’ Reports
Passive Fixed Income, Active Fixed Income, Passive Equity and Passive Multi Asset Funds
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Market Review (continued)
Emerging market (the “EM”) debt also delivered strong results over the full Reporting Period, although performance became more differentiated as external shocks intensified. EM local currency debt returned 11.76%, benefiting from high real yields, broad disinflation for much of the period, and periods of US dollar weakness. EM hard currency debt returned 10.38%, supported by spread compression, renewed demand for income, and generally improving sentiment through late 2025. As elsewhere, however, the tone became more defensive in early 2026 as oil prices surged, geopolitical risks intensified, and investors reassessed the durability of global easing. Overall, the Reporting Period was characterised by positive fixed income returns, but also by a clear evolution in market drivers: from policy easing and carry-led gains to a more complex environment in which fiscal concerns, geopolitical risks, and higher term premia increasingly shaped outcomes across rates, curves, and credit.
Fund Performance
Passive Fixed Income Funds Overall, the Fixed Income Europe II SPDR ETFs performed reasonably within the tracking difference threshold with their respective benchmark indices (all bond funds within +/- 10 bps and the convertible bond fund within +/-25 bps), over 1 year period ending 31 March, except for the below. State Street SPDR ICE BofA 0-5 Year EM USD Government Bond UCITS ETF had a tracking difference of +30 bps relative to its benchmark. The fund’s risk dimensions remained tightly aligned to the benchmark. Contribution to outperformance majorly came from sampling, which includes combined effects from yield curve positioning and security selection. The residual tracking was from pricing and interest accrual differences between the index provider and the internal attribution system, which usually reverse in upcoming months. The fund had a net outflow of around USD 99.5 million, and the AUM decreased from USD 149.1 million to USD 56.7 million during the Reporting Period. Active Fixed Income Fund State Street Blackstone Euro AAA CLO UCITS ETF is an actively managed fund that was launched during the reporting period. The fund was managed in accordance with its stated investment objective and in compliance with all applicable UCITS regulatory requirements. Passive Equity Funds There were three new ETFs launched over the reporting period: State Street SPDR S&P Europe Defense Vision UCITS ETF, State Street SPDR MSCI Resilient Future UCITS ETF and comdirect S&P All World State Street UCITS ETF. Most of the Equity Sub-Funds were within the anticipated deviation bands of their respective indices, on an annual and since inception basis.
All the funds were within the anticipated 1-year annual ex-post tracking error number. However, it should be noted that 1-year ex-post tracking error is a short period to understand whether a fund is within acceptable tolerance, a 3-year figure is much more in line with industry standards. Additional information is provided on Funds where the tracking difference was +/- 0.10% on a gross-of-fees basis or where the one-year tracking error may be perceived to be high. Over the annual reporting period:
% The State Street SPDR MSCI Europe Consumer Discretionary UCITS ETF’s outperformance (0.34%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Consumer Staples UCITS ETF’s outperformance (0.16%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Energy UCITS ETF’s outperformance (0.83%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Financials UCITS ETF’s outperformance (0.69%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Health Care UCITS ETF’s outperformance (0.14%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Industrials UCITS ETF’s outperformance (0.34%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Materials UCITS ETF’s outperformance (0.16%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Small Cap UCITS ETF’s outperformance (0.71%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Technology UCITS ETF’s outperformance (0.15%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Communication Services UCITS ETF’s outperformance (0.28%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe UCITS ETF’s outperformance (0.39%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI Europe Utilities UCITS ETF’s outperformance (0.76%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Small Cap UCITS ETF’s outperformance (0.28%) was mainly attributed to withholding tax.
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Investment Managers’ Reports (continued)
Passive Fixed Income, Active Fixed Income, Passive Equity and Passive Multi Asset Funds (continued)
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Passive Equity Funds (continued) % The State Street SPDR EURO STOXX Low Volatility UCITS ETF’s outperformance (0.78%) was mainly attributed to withholding tax.
% The State Street SPDR Russell 2000 U.S. Small Cap UCITS ETF’s outperformance (0.35%) was mainly attributed to security misweights and withholding tax.
% The State Street SPDR MSCI Europe Small Cap Value Weighted UCITS ETF’s outperformance (0.78%) was mainly attributed to income and withholding tax.
% The State Street SPDR MSCI Europe Value UCITS ETF’s outperformance (0.39%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI USA Small Cap Value Weighted UCITS ETF’s outperformance (0.57%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI USA Value UCITS ETF’s outperformance (0.38%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Consumer Staples Select Sector UCITS ETF’s outperformance (0.46%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Energy Select Sector UCITS ETF’s outperformance (0.67%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Financials Select Sector UCITS ETF’s outperformance (0.27%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Health Care Select Sector UCITS ETF’s outperformance (0.30%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Industrials Select Sector UCITS ETF’s outperformance (0.28%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Communication Services Select Sector UCITS ETF’s outperformance (0.23%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Consumer Discretionary Select Sector UCITS ETF’s outperformance (0.12%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Utilities Select Sector UCITS ETF’s outperformance (0.52%) was mainly attributed to withholding tax.
% The State Street SPDR S&P U.S. Materials Select Sector UCITS ETF’s outperformance (0.44%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Consumer Staples UCITS ETF’s outperformance (0.38%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Energy UCITS ETF’s outperformance (0.66%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Financials UCITS ETF’s outperformance (0.38%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Health Care UCITS ETF’s outperformance (0.27%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Industrials UCITS ETF’s outperformance (0.22%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Materials UCITS ETF’s outperformance (0.35%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Communication Services UCITS ETF’s outperformance (0.16%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Utilities UCITS ETF’s outperformance (0.59%) was mainly attributed to withholding tax.
% The State Street SPDR STOXX Europe 600 SRI UCITS ETF’s outperformance (0.32%) was mainly attributed to withholding tax.
% The State Street SPDR MSCI World Value UCITS ETF’s outperformance (0.37%) was mainly attributed to withholding tax. Passive Multi Asset Fund The State Street SPDR Morningstar Multi-Asset Global Infrastructure Fund (the “Fund”) seeks to track the performance of the global infrastructure market represented by publicly traded infrastructure related equity and bonds. The Fund’s benchmark is the Morningstar Global Multi-Asset Infrastructure Index (the “Index”). For the Reporting Period the total return for the Fund was 13.91%, gross of fees, and the Index was 14.15%. The fixed income component returned 6.26% over the Reporting Period, equal to the return of its underlying index of 6.26%. The equity component returned 21.72% over the reporting period, higher than the return of its underlying index of 21.21%.
SSGA SPDR ETFs Europe II plc Annual Report and Audited Financial Statements 2026
Investment Managers’ Reports (continued)
Passive Fixed Income, Active Fixed Income, Passive Equity and Passive Multi Asset Funds (continued)
23
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m a n c e f i g u r e s
g r o s s
o f fe fe e s
a s
a t
3 1
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2 0 2 6
F u n d
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m e
F u n d
1
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I n d e x
D i ff ff
F u n d
S i n c e I n c e p t i o n
I n d e x *
D i ff ff
F u n d I n c e p t i o n D a t e M a x . A n t i c i p a t e d A n n u a l T r a c k i n g E r r o r % E x P o s t T r a c k i n g E r r o r % ( 1 Y e a r ) * *
S t a t e
S t r e e t
S P D R
B l o o m b e r g
0 - 5
Ye Ye a r
S t e r l i n g
C o r p o r a t e
B o n d
U C I T S
E T F
4 . 8 2
4 . 7 2
0 . 1 0
3 6 . 2 7
3 7 . 2 0
- 0 . 9 3
1 7 - F e b - 1 4 1 0 . 0 6
S t a t e
S t r e e t
S P D R
B l o o m b e r g
3 - 5
Ye Ye a r
E u r o
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1 . 2 9
1 . 2 7
0 . 0 2
4 . 4 5
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0 3 - D e c - 1 4 1 0 . 0 2
S t a t e
S t r e e t
S P D R I C E
B o fA fA 0 - 5
Ye Ye a r
E M
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G o v e r n
m e n t
B o n d
U C I T S
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5 . 9 2
5 . 6 2
0 . 3 0
3 7 . 9 4
3 5 . 6 7
2 . 2 7
1 2 - N o v - 1 4 2 0 . 0 8
S t a t e
S t r e e t
S P D R F T S E
G l o b a l
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B o n d
U C I T S
E T F
2 5 . 4 7
2 5 . 3 6
0 . 1 1
1 2 9 . 8 9
1 2 5 . 5 1
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1 4 - O c t - 1 4 2 0 . 2 2
S t a t e
S t r e e t
B l a c k s t o n e
E u r o
AA AA A
C L O
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n / a
n / a
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1 . 5 2
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* A n n u a l i s e d f o r p e r i o d s o v e r 1 - y e a r p e r fo fo r m a n c e .
* *
C a l c u l a t e d u s i n g t h e r o o t
m e a n s q u a r e o f t h e
m o n t h l y e x c e s s r e t u r n s ( i . e . t h e
D i f f e r e n c e ) o v e r o n e y e a r e n d i n g 3 1
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* * * T h e F u n d i s
m a n a g e d
w i t h o u t r e fe fe r e n c e t o i t s I n d e x .
T h e
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A s s e t s u n d e r
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B a c k g r o u n d t o t h e
C o m p a n y s e c t i o n .
T h e p u b l i s h e d
N e t
A s s e t
Va Va l u e p e r s h a r e i s d i s c l o s e d o n t h e S t a t e m e n t o f F i n a n c i a l P o s i t i o n o f e a c h F u n d .
T h e a n n u a l
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F u n d I n c e p t i o n D a t e M a x . A n t i c i p a t e d A n n u a l T r a c k i n g E r r o r % E x P o s t T r a c k i n g E r r o r % ( 1 Y e a r ) * *
S t a t e
S t r e e t
S P D R
E U R O
S T O X X L o w
Vo Vo l a t i l i t y
U C I T S
E T F
1 1 . 4 0
1 0 . 6 2
0 . 7 8
1 4 8 . 1 8
1 3 2 . 7 2
1 5 . 4 6
2 4 - M a r - 1 4 1 0 . 3 3
S t a t e
S t r e e t
S P D R
M S C I
E u r o p e
C o m m u n i c a t i o n
S e r v i c e s
U C I T S
E T F
0 . 5 3
0 . 2 5
0 . 2 8
1 2 3 . 4 1
1 0 5 . 5 2
1 7 . 8 9
3 0 - S e p - 0 1 1 0 . 0 8
S t a t e
S t r e e t
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E u r o p e
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- 1 2 . 6 4
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2 1 . 9 8
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- 0 . 6 1
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3 8 6 . 3 5
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E u r o p e
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4 6 . 0 6
4 5 . 2 3
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3 2 8 . 5 1
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1 8 . 3 4
1 7 . 6 5
0 . 6 9
1 4 5 . 5 1
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2 2 . 3 3
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4 . 7 0
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1 4 . 5 6
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1 8 . 0 7
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3 5 . 4 8
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2 0 2 6 ( c o n t i n u e d )
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F u n d I n c e p t i o n D a t e M a x . A n t i c i p a t e d A n n u a l T r a c k i n g E r r o r % E x P o s t T r a c k i n g E r r o r % ( 1 Y e a r ) * *
S t a t e
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m a l l
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2 7 . 6 2
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1 8 - F e b - 1 5 1 0 . 0 8
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S t r e e t
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M S C I
U S A
Va Va l u e
U C I T S
E T F
2 9 . 4 9
2 9 . 1 1
0 . 3 8
1 6 7 . 1 8
1 5 6 . 6 5
1 0 . 5 3
1 8 - F e b - 1 5 1 0 . 0 5
S t a t e
S t r e e t
S P D R
M S C I
W o r l d
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m m u n i c a t i o n
S e r v i c e s
U C I T S
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2 7 . 5 6
2 7 . 4 0
0 . 1 6
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3 8 7 . 3 9
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4 1 . 5 4
4 0 . 8 8
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2 6 2 . 8 6
2 4 4 . 0 7
1 8 . 7 9
3 1 - J a n - 0 9 1 0 . 0 9
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1 2 . 7 0
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4 . 5 0
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U C I T S
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2 5 . 4 1
2 5 . 1 9
0 . 2 2
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3 0 . 8 2
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C a p
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2 6 . 2 2
0 . 2 8
1 7 0 . 6 8
1 6 1 . 5 3
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2 5 - N o v - 1 3 1 0 . 1 7
S t a t e
S t r e e t
S P D R
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W o r l d
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U C I T S
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2 7 . 5 8
2 7 . 5 7
0 . 0 1
2 0 4 3 . 5 6
2 0 0 2 . 9 0
4 0 . 6 6
2 8 - F e b - 0 9 1 0 . 0 2
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S t r e e t
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W o r l d
U t i l i t i e s
U C I T S
E T F
2 7 . 2 4
2 6 . 6 5
0 . 5 9
2 9 4 . 7 9
2 8 4 . 9 1
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2 8 - F e b - 0 9 1 0 . 0 8
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S t r e e t
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3 1 . 3 2
3 0 . 9 5
0 . 3 7
1 1 7 . 0 8
1 1 4 . 1 1
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2 5 . 6 1
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1 4 4 . 1 5
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1 2 . 1 7
0 1 - J u l - 1 4 1 0 . 0 7
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p l c
A n n u a l
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a n d
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m e n t s
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m a n c e f i g u r e s
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