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SPDR® MSCI EAFE Fssl Ful Free RsrvETF EFAX Sustainability

| Quantitative rating as of | See State Street Investment Hub

Sustainability Analysis

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Sustainable Summary

SPDR® MSCI EAFE Fssl Ful Free RsrvETF has a number of positive attributes that may appeal to sustainability-focused investors.

SPDR® MSCI EAFE Fssl Ful Free RsrvETF's holdings are exposed to average levels of ESG risk relative to those of its peers in the Global Equity Large Cap category, thus earning it an average Morningstar Sustainability Rating of 3 globes. Competing funds in the category with ratings of 4 or 5 globes have less ESG risk in their holdings. ESG risk provides investors with a signal that reflects to what degree their investments are exposed to risks related to material ESG issues, such as climate change and inequalities, that are not sufficiently managed. ESG risk differs from impact, which is about seeking positive environmental and social outcomes.

SPDR® MSCI EAFE Fssl Ful Free RsrvETF holds itself out to be a sustainable or ESG-focused investment. In other words, ESG concerns are central to the investment process of this strategy. A fund with an ESG-focused mandate would have a higher probability to drive positive ESG outcomes. One key area of strength for SPDR® MSCI EAFE Fssl Ful Free RsrvETF is its low Morningstar Portfolio Carbon Risk Score of 6.99 and low fossil fuel exposure of 3.32% over the past 12 months, which earns it the Morningstar Low Carbon Designation. The fund is therefore well positioned to transition to a low-carbon economy.

Spdr® Msci Eafe Fssl Ful Free Rsrvetf shows 9.12% involvement in carbon solutions. This percentage surpasses the 7.69% average involvement of its peers in the Foreign Large Blend category. Carbon solutions include products and services related to renewable energy, energy efficiency, green buildings, green transportation, and so on.

By prospectus, the fund aims to avoid, or limit its exposure to, companies associated with thermal coal. The fund mostly fulfills this goal; however, it does exhibit 0.22% exposure to such companies. This compares with 0.65% for its average peer in the Global Equity Large Cap category. The fund exhibits moderate exposure (4.26%) to companies with high or severe controversies. From bribery and corruption to workplace discrimination and environmental incidents, controversies are incidents that may negatively affect stakeholders, the environment, or the company’s operations.

ESG Commitment Level Asset Manager

An ESG Commitment Level Asset Manager rating is not assigned to this investment.

Morningstar analysts award an ESG Commitment Level Asset Manager ratings to investments that also receive Morningstar Analyst Ratings. Not all investments currently have Asset Manager rating. Morningstar is expanding its coverage, prioritizing investments that are most relevant to investors.