EFAX | SPDR MSCI EAFE Fossil Fuel Free ETF

EFAX ISSUER

The EFAX issuer, managed by State Street Global Advisors (SSGA), utilizes a sampling strategy to mirror the performance of the MSCI EAFE ex Fossil Fuels Index. This approach enables flexibility, allowing the fund to invest in a subset of securities from the index while maintaining similar risk and return characteristics. SSGA Funds Management, Inc., the investment adviser to the fund, assesses various factors including asset size to determine the optimal investment strategy, either by investing in a subset of index securities or in substantially all securities represented in the index. While classified as diversified, the fund may temporarily become non-diversified due to index tracking, potentially leading to a higher concentration of assets in fewer issuers. The fund primarily invests in securities comprising the index and depositary receipts, while also considering equity securities not included in the index, cash equivalents, and money market instruments. Moreover, the fund's concentration in specific industries aligns with the index's focus on companies devoid of fossil fuel reserves, as determined by MSCI ESG Research's screening methodology. With the index weighted by free float-adjusted market capitalization and reconstituted quarterly, the fund's composition reflects companies predominantly from the financial and industrial sectors across various countries, including Japan and Europe. The Index, sponsored by MSCI, Inc., operates independently from the fund and its adviser, determining index composition and relative weightings.

EFAX DIVIDEND

EFAX Dividend, overseen by State Street Global Advisors, operates with a strategic focus on generating dividend income for investors while aligning with sustainable investment principles. Leveraging a sampling strategy to track the performance of the MSCI EAFE ex Fossil Fuels Index, the fund selectively invests in securities to mirror the index's risk and return profile. This approach allows EFAX Dividend to optimize its dividend yield potential while excluding companies involved in fossil fuel reserves, as determined by MSCI ESG Research's screening methodology. With a commitment to maintaining diversification, the fund may adjust its holdings based on factors such as asset size and market conditions, ensuring a balanced portfolio. By primarily investing in dividend-paying securities from the index and depositary receipts, EFAX Dividend seeks to provide investors with a reliable income stream while promoting sustainable investment practices.

EFAX TRACKING

EFAX Tracking, managed by State Street Global Advisors, is designed to closely follow the performance of the MSCI EAFE ex Fossil Fuels Index. Employing a sampling strategy, the fund strategically selects a subset of securities from the index while maintaining comparable risk and return characteristics. This approach provides flexibility in adjusting holdings based on factors such as asset size and market conditions, ensuring efficient tracking of the index's movements. With a primary focus on investing in securities comprising the index and depositary receipts, EFAX Tracking aims to replicate the index's performance while excluding companies involved in fossil fuel reserves, as determined by MSCI ESG Research's screening methodology. By utilizing futures contracts and other derivative instruments, the fund manages cash flows and seeks to minimize tracking error, ultimately delivering investors with a reliable tool for gaining exposure to international markets while adhering to sustainable investment principles.

EFAX CORRELATION

EFAX Correlation, under the guidance of State Street Global Advisors, is structured to maintain a strong correlation with the performance of the MSCI EAFE ex Fossil Fuels Index. Employing a meticulous sampling strategy, the fund strategically selects a subset of securities from the index, ensuring that it closely mirrors the index's risk and return characteristics. This approach allows EFAX Correlation to effectively track the index's movements while also considering factors such as asset size and market conditions to optimize correlation. By primarily investing in securities from the index and depositary receipts, the fund aims to deliver investors with a reliable tool for gaining exposure to international markets while minimizing deviation from the index's performance. Through diligent management and adherence to sustainable investment principles, EFAX Correlation seeks to maintain a consistent correlation with the index over time, providing investors with a dependable vehicle for portfolio diversification.

EFAX SECTOR

EFAX Sector, managed by State Street Global Advisors, is strategically positioned to provide exposure to sectors represented within the MSCI EAFE ex Fossil Fuels Index while adhering to sustainable investment principles. Utilizing a sampling strategy, the fund selects securities from the index to construct a portfolio that mirrors the sectoral composition while maintaining similar risk and return characteristics. This approach allows EFAX Sector to capture the sectoral dynamics of developed market economies in Europe, Australasia, and the Far East, excluding fossil fuel-related sectors. With a focus on diversification, the fund may adjust its holdings based on factors such as sectoral weightings and market conditions, ensuring a balanced exposure across sectors. By primarily investing in sector-specific securities and depositary receipts, EFAX Sector offers investors a targeted approach to sectoral investing while promoting sustainability and responsible investment practices.

EFAX EXPOSURE

EFAX Exposure, overseen by State Street Global Advisors, is strategically designed to offer investors comprehensive exposure to the MSCI EAFE ex Fossil Fuels Index constituents, providing a diversified entry point into international markets while aligning with sustainable investment principles. Employing a meticulous sampling strategy, the fund selects a subset of securities from the index to construct a portfolio that closely mirrors its risk and return characteristics. This approach allows EFAX Exposure to capture the broad market dynamics of developed economies in Europe, Australasia, and the Far East, excluding companies involved in fossil fuel-related activities. With a commitment to maintaining diversification, the fund may adjust its holdings based on factors such as market conditions and sectoral weightings, ensuring balanced exposure across regions and industries. By primarily investing in securities and depositary receipts from the index, EFAX Exposure provides investors with a reliable vehicle for gaining comprehensive exposure to international markets while promoting sustainability and responsible investing practices.