N-30D 1 d280941dn30d.htm SPDR S&P 500 ETF TRUST SPDR S&P 500 ETF TRUST
Table of Contents

Semi-Annual Report

March 31, 2017

 

SPDR® S&P® 500 ETF Trust

A Unit Investment Trust

“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500®”, “500®”, “Standard & Poor’s Depositary Receipts®”, “SPDR®” and “SPDRs®” are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by S&P Dow Jones Indices LLC (“S&P”) and sublicensed for use by State Street Global Advisors Funds Distributors, LLC (formerly known as State Street Global Markets, LLC). SPDR® S&P 500® ETF Trust is permitted to use these trademarks pursuant to a sublicense from State Street Global Advisors Funds Distributors, LLC (formerly known as State Street Global Markets, LLC). SPDR® S&P 500® ETF Trust is not sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.

 

LOGO

Table of Contents

SPDR S&P 500 ETF Trust

Semi-Annual Report

March 31, 2017

(Unaudited)

Table of Contents

 

Schedule of Investments

      1  

Portfolio Statistics

      8  

Statement of Assets and Liabilities

      9  

Statements of Operations

      10  

Statements of Changes in Net Assets

      11  

Financial Highlights

      12  

Notes to Financial Statements

      13  

Other Information

      19  

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments

March 31, 2017 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               
         

3M Co.

      7,055,995      $ 1,350,023,523  

Abbott Laboratories

      20,454,676        908,392,161  

AbbVie, Inc.

      18,860,595        1,228,956,370  

Accenture PLC Class A

      7,370,368        883,559,716  

Activision Blizzard, Inc.

      8,188,763        408,291,723  

Acuity Brands, Inc.

      509,774        103,993,896  

Adobe Systems, Inc.(a)

      5,858,071        762,310,779  

Advance Auto Parts, Inc.

      857,528        127,137,101  

Advanced Micro Devices, Inc.(a)

      9,084,780        132,183,549  

AES Corp.

      7,694,977        86,029,843  

Aetna, Inc.

      4,141,554        528,255,213  

Affiliated Managers Group, Inc.

      671,450        110,077,513  

Aflac, Inc.

      4,750,293        344,016,219  

Agilent Technologies, Inc.

      3,820,482        201,988,883  

Air Products & Chemicals, Inc.

      2,565,023        347,021,962  

Akamai Technologies, Inc.(a)

      2,052,113        122,511,146  

Alaska Air Group, Inc.

      1,443,465        133,116,342  

Albemarle Corp.

      1,309,685        138,355,123  

Alexandria Real Estate Equities, Inc. REIT

      1,067,888        118,022,982  

Alexion Pharmaceuticals, Inc.(a)

      2,658,891        322,363,945  

Allegion PLC

      1,121,063        84,864,469  

Allergan PLC

      3,960,029        946,130,129  

Alliance Data Systems Corp.

      662,123        164,868,627  

Alliant Energy Corp.

      2,636,253        104,421,981  

Allstate Corp.

      4,321,377        352,149,012  

Alphabet, Inc. Class A(a)

      3,516,999        2,981,711,752  

Alphabet, Inc. Class C(a)

      3,502,489        2,905,524,775  

Altria Group, Inc.

      23,015,911        1,643,796,364  

Amazon.com, Inc.(a)

      4,687,992        4,156,092,428  

Ameren Corp.

      2,842,998        155,199,261  

American Airlines Group, Inc.

      5,964,956        252,317,639  

American Electric Power Co., Inc.

      5,820,226        390,711,771  

American Express Co.

      8,958,788        708,729,719  

American International Group, Inc.

      11,006,931        687,162,702  

American Tower Corp. REIT

      5,056,554        614,573,573  

American Water Works Co., Inc.

      2,075,392        161,403,236  

Ameriprise Financial, Inc.

      1,822,825        236,383,946  

AmerisourceBergen Corp.

      1,966,617        174,045,605  

AMETEK, Inc.

      2,739,040        148,127,283  

Amgen, Inc.

      8,715,676        1,429,980,961  

Amphenol Corp. Class A

      3,640,719        259,109,971  

Anadarko Petroleum Corp.

      6,595,101        408,896,262  

Analog Devices, Inc.

      4,308,310        353,066,004  
Common Stocks    Shares      Value  
               
         

Anthem, Inc.

      3,129,485      $ 517,554,229  

Aon PLC

      3,103,048        368,300,767  

Apache Corp.

      4,478,392        230,144,565  

Apartment Investment & Management Co. Class A REIT

      1,828,264        81,083,508  

Apple, Inc.

      62,085,239        8,919,165,435  

Applied Materials, Inc.

      12,746,326        495,832,081  

Archer-Daniels-Midland Co.

      6,758,931        311,181,183  

Arconic, Inc.

      5,115,196        134,734,263  

Arthur J Gallagher & Co.

      2,067,824        116,914,769  

Assurant, Inc.

      658,206        62,970,568  

AT&T, Inc.

      72,694,702        3,020,464,868  

Autodesk, Inc.(a)

      2,319,335        200,552,897  

Automatic Data Processing, Inc.

      5,338,053        546,563,247  

AutoNation, Inc.(a)

      850,362        35,961,809  

AutoZone, Inc.(a)

      340,782        246,402,425  

AvalonBay Communities, Inc. REIT

      1,625,463        298,435,007  

Avery Dennison Corp.

      1,043,897        84,138,098  

Baker Hughes, Inc.

      4,991,039        298,563,953  

Ball Corp.

      2,037,921        151,336,013  

Bank of America Corp.

      118,648,015        2,798,906,674  

Bank of New York Mellon Corp.

      12,276,186        579,804,265  

Baxter International, Inc.

      5,781,563        299,831,857  

BB&T Corp.

      9,607,096        429,437,191  

Becton Dickinson and Co.

      2,506,148        459,727,789  

Bed Bath & Beyond, Inc.

      1,806,308        71,276,914  

Berkshire Hathaway, Inc. Class B(a)

      22,481,169        3,747,161,249  

Best Buy Co., Inc.

      3,273,886        160,911,497  

Biogen, Inc.(a)

      2,565,608        701,488,539  

BlackRock, Inc.

      1,433,791        549,873,186  

Boeing Co.

      6,741,245        1,192,256,591  

BorgWarner, Inc.

      2,362,918        98,746,343  

Boston Properties, Inc. REIT

      1,800,242        238,370,043  

Boston Scientific Corp.(a)

      16,071,271        399,692,510  

Bristol-Myers Squibb Co.

      19,799,418        1,076,692,351  

Broadcom, Ltd.

      4,747,557        1,039,525,081  

Brown-Forman Corp. Class B

      2,151,608        99,361,257  

C.H. Robinson Worldwide, Inc.

      1,669,101        129,004,816  

C.R. Bard, Inc.

      859,717        213,674,063  

CA, Inc.

      3,710,330        117,691,668  

Cabot Oil & Gas Corp.

      5,625,520        134,506,183  

Campbell Soup Co.

      2,286,496        130,879,031  

Capital One Financial Corp.

      5,694,860        493,516,568  

Cardinal Health, Inc.

      3,733,038        304,429,249  
 

 

See accompanying notes to financial statements.

 

1

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2017 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               
         

CarMax, Inc.(a)

      2,277,867      $ 134,895,284  

Carnival Corp.

      4,950,291        291,621,643  

Caterpillar, Inc.

      6,942,286        643,966,449  

CBOE Holdings, Inc.

      1,064,384        86,289,611  

CBRE Group, Inc. Class A(a)

      3,542,788        123,253,595  

CBS Corp. Class B

      4,402,247        305,339,852  

Celgene Corp.(a)

      9,208,932        1,145,867,409  

Centene Corp.(a)

      1,999,031        142,450,949  

CenterPoint Energy, Inc.

      5,022,038        138,457,588  

CenturyLink, Inc.

      6,397,964        150,800,011  

Cerner Corp.(a)

      3,523,315        207,347,088  

CF Industries Holdings, Inc.

      2,731,389        80,166,267  

Charles Schwab Corp.

      14,380,731        586,877,632  

Charter Communications, Inc. Class A(a)

      2,555,484        836,461,023  

Chesapeake Energy Corp.(a)

      8,760,541        52,037,614  

Chevron Corp.

      22,408,537        2,406,004,618  

Chipotle Mexican Grill, Inc.(a)

      342,887        152,763,016  

Chubb, Ltd.

      5,513,258        751,181,402  

Church & Dwight Co., Inc.

      3,027,349        150,973,895  

Cigna Corp.

      3,030,125        443,883,011  

Cimarex Energy Co.

      1,107,052        132,281,643  

Cincinnati Financial Corp.

      1,769,341        127,870,274  

Cintas Corp.

      1,012,662        128,142,249  

Cisco Systems, Inc.

      59,273,354        2,003,439,365  

Citigroup, Inc.

      32,781,429        1,960,985,083  

Citizens Financial Group, Inc.

      6,149,502        212,465,294  

Citrix Systems, Inc.(a)

      1,818,580        151,651,386  

Clorox Co.

      1,510,614        203,676,086  

CME Group, Inc.

      4,005,156        475,812,533  

CMS Energy Corp.

      3,271,166        146,351,967  

Coach, Inc.

      3,259,635        134,720,715  

Coca-Cola Co.

      45,810,576        1,944,200,845  

Cognizant Technology Solutions Corp. Class A(a)

      7,204,466        428,809,816  

Colgate-Palmolive Co.

      10,459,228        765,510,897  

Comcast Corp. Class A

      56,012,810        2,105,521,528  

Comerica, Inc.

      2,082,013        142,784,452  

Conagra Brands, Inc.

      4,893,255        197,393,907  

Concho Resources, Inc.(a)

      1,753,904        225,096,039  

ConocoPhillips

      14,622,764        729,237,241  

Consolidated Edison, Inc.

      3,610,641        280,402,380  

Constellation Brands, Inc. Class A

      2,043,149        331,133,158  

Cooper Cos., Inc.

      571,712        114,279,512  

Corning, Inc.

      10,981,168        296,491,536  

Costco Wholesale Corp.

      5,195,902        871,300,806  

Coty, Inc. Class A

      5,568,566        100,958,102  

Crown Castle International Corp. REIT

      4,241,398        400,600,041  
Common Stocks    Shares      Value  
               
         

CSRA, Inc.

      1,716,409      $ 50,273,620  

CSX Corp.

      11,053,555        514,542,985  

Cummins, Inc.

      1,853,734        280,284,581  

CVS Health Corp.

      12,133,419        952,473,391  

D.R. Horton, Inc.

      4,005,611        133,426,902  

Danaher Corp.

      7,221,570        617,660,882  

Darden Restaurants, Inc.

      1,442,269        120,674,647  

DaVita, Inc.(a)

      1,842,004        125,201,012  

Deere & Co.

      3,469,293        377,667,236  

Delphi Automotive PLC

      3,224,785        259,562,945  

Delta Air Lines, Inc.

      8,689,495        399,369,190  

DENTSPLY SIRONA, Inc.

      2,741,794        171,197,617  

Devon Energy Corp.

      6,140,499        256,181,618  

Digital Realty Trust, Inc. REIT

      1,869,524        198,898,658  

Discover Financial Services

      4,561,672        311,972,748  

Discovery Communications, Inc. Class A(a)

      1,754,955        51,051,641  

Discovery Communications, Inc. Class C(a)

      2,552,503        72,261,360  

DISH Network Corp. Class A(a)

      2,675,621        169,875,177  

Dollar General Corp.

      3,047,117        212,475,468  

Dollar Tree, Inc.(a)

      2,761,242        216,647,047  

Dominion Resources, Inc.

      7,397,305        573,808,949  

Dover Corp.

      1,809,933        145,428,117  

Dow Chemical Co.

      13,234,706        840,933,219  

Dr. Pepper Snapple Group, Inc.

      2,179,930        213,458,746  

DTE Energy Co.

      2,123,760        216,857,134  

Duke Energy Corp.

      8,283,009        679,289,568  

Dun & Bradstreet Corp.

      417,812        45,098,627  

E*TRADE Financial Corp.(a)

      3,281,905        114,505,665  

E.I. du Pont de Nemours & Co.

      10,235,011        822,178,434  

Eastman Chemical Co.

      1,740,440        140,627,552  

Eaton Corp. PLC

      5,358,984        397,368,664  

eBay, Inc.(a)

      11,961,513        401,547,991  

Ecolab, Inc.

      3,105,148        389,199,250  

Edison International

      3,856,286        306,998,928  

Edwards Lifesciences Corp.(a)

      2,497,376        234,928,160  

Electronic Arts, Inc.(a)

      3,649,860        326,735,467  

Eli Lilly & Co.

      11,465,609        964,372,373  

Emerson Electric Co.

      7,635,849        457,081,921  

Entergy Corp.

      2,123,250        161,282,070  

Envision Healthcare Corp.(a)

      1,373,018        84,193,464  

EOG Resources, Inc.

      6,800,904        663,428,185  

EQT Corp.

      2,024,752        123,712,347  

Equifax, Inc.

      1,419,458        194,096,687  

Equinix, Inc. REIT

      919,350        368,080,159  

Equity Residential REIT

      4,345,196        270,358,095  

Essex Property Trust, Inc. REIT

      764,592        177,025,986  
 

 

See accompanying notes to financial statements.

 

2

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2017 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               
         

Estee Lauder Cos., Inc. Class A

      2,606,673      $ 221,019,804  

Eversource Energy

      3,717,146        218,493,842  

Exelon Corp.

      10,897,681        392,098,562  

Expedia, Inc.

      1,425,304        179,830,606  

Expeditors International of Washington, Inc.

      2,125,163        120,050,458  

Express Scripts Holding Co.(a)

      7,167,747        472,426,205  

Extra Space Storage, Inc. REIT

      1,461,479        108,719,423  

Exxon Mobil Corp.

      49,080,086        4,025,057,853  

F5 Networks, Inc.(a)

      797,512        113,701,286  

Facebook, Inc. Class A(a)

      27,879,717        3,960,313,800  

Fastenal Co.

      3,386,012        174,379,618  

Federal Realty Investment Trust REIT

      853,436        113,933,706  

FedEx Corp.

      2,902,321        566,387,943  

Fidelity National Information Services, Inc.

      3,891,930        309,875,467  

Fifth Third Bancorp

      8,995,736        228,491,694  

FirstEnergy Corp.

      5,240,256        166,744,946  

Fiserv, Inc.(a)

      2,539,287        292,805,184  

FLIR Systems, Inc.

      1,601,950        58,118,746  

Flowserve Corp.

      1,519,355        73,567,169  

Fluor Corp.

      1,619,427        85,214,249  

FMC Corp.

      1,561,261        108,648,153  

Foot Locker, Inc.

      1,595,343        119,347,610  

Ford Motor Co.

      46,063,555        536,179,780  

Fortive Corp.

      3,563,205        214,576,205  

Fortune Brands Home & Security, Inc.

      1,786,863        108,730,614  

Franklin Resources, Inc.

      4,094,997        172,563,174  

Freeport-McMoRan, Inc.(a)

      15,631,057        208,830,922  

Gap, Inc.

      2,627,594        63,824,258  

Garmin, Ltd.

      1,368,177        69,927,526  

General Dynamics Corp.

      3,365,083        629,943,538  

General Electric Co.

      103,249,265        3,076,828,097  

General Mills, Inc.

      6,863,173        404,995,839  

General Motors Co.

      16,130,492        570,374,197  

Genuine Parts Co.

      1,751,809        161,884,670  

GGP, Inc. REIT

      6,805,566        157,753,020  

Gilead Sciences, Inc.

      15,469,477        1,050,686,878  

Global Payments, Inc.

      1,799,330        145,169,944  

Goldman Sachs Group, Inc.

      4,385,426        1,007,420,061  

Goodyear Tire & Rubber Co.

      3,103,400        111,722,400  

H&R Block, Inc.

      2,620,345        60,923,021  

Halliburton Co.

      10,261,875        504,986,869  

Hanesbrands, Inc.

      4,427,133        91,907,281  

Harley-Davidson, Inc.

      2,137,427        129,314,334  

Harris Corp.

      1,461,366        162,606,195  

Hartford Financial Services Group, Inc.

      4,458,160        214,303,751  
Common Stocks    Shares      Value  
               
         

Hasbro, Inc.

      1,309,815      $ 130,745,733  

HCA Holdings, Inc.(a)

      3,448,286        306,862,971  

HCP, Inc. REIT

      5,473,997        171,226,626  

Helmerich & Payne, Inc.

      1,260,941        83,940,842  

Henry Schein, Inc.(a)

      959,971        163,166,271  

Hershey Co.

      1,663,795        181,769,604  

Hess Corp.

      3,148,483        151,788,365  

Hewlett Packard Enterprise Co.

      19,662,287        465,996,202  

Hologic, Inc.(a)

      3,260,158        138,719,723  

Home Depot, Inc.

      14,418,726        2,117,101,539  

Honeywell International, Inc.

      8,994,476        1,123,140,218  

Hormel Foods Corp.

      3,142,507        108,825,017  

Host Hotels & Resorts, Inc. REIT

      8,762,364        163,505,712  

HP, Inc.

      20,107,181        359,516,396  

Humana, Inc.

      1,767,730        364,399,862  

Huntington Bancshares, Inc.

      12,721,626        170,342,572  

IDEXX Laboratories, Inc.(a)

      1,058,211        163,610,003  

Illinois Tool Works, Inc.

      3,690,950        488,940,146  

Illumina, Inc.(a)

      1,724,701        294,302,979  

Incyte Corp.(a)

      2,084,875        278,685,241  

Ingersoll-Rand PLC

      3,071,902        249,807,071  

Intel Corp.

      55,929,492        2,017,376,776  

Intercontinental Exchange, Inc.(b)

      7,050,672        422,123,733  

International Business Machines Corp.

      10,158,523        1,769,005,195  

International Flavors & Fragrances, Inc.

      928,079        122,998,310  

International Paper Co.

      4,817,883        244,652,099  

Interpublic Group of Cos., Inc.

      4,683,638        115,076,986  

Intuit, Inc.

      2,876,662        333,664,025  

Intuitive Surgical, Inc.(a)

      434,326        332,897,849  

Invesco, Ltd.

      4,848,795        148,518,591  

Iron Mountain, Inc. REIT

      2,903,285        103,560,176  

J.M. Smucker Co.

      1,396,987        183,117,056  

Jacobs Engineering Group, Inc.

      1,428,627        78,974,501  

JB Hunt Transport Services, Inc.

      1,036,789        95,115,023  

Johnson & Johnson

      32,109,910        3,999,289,290  

Johnson Controls International PLC

      11,070,647        466,295,652  

JPMorgan Chase & Co.

      42,278,187        3,713,715,946  

Juniper Networks, Inc.

      4,480,398        124,689,476  

Kansas City Southern

      1,265,269        108,509,469  

Kellogg Co.

      2,953,975        214,488,125  

KeyCorp

      12,682,744        225,499,188  

Kimberly-Clark Corp.

      4,213,867        554,671,313  

Kimco Realty Corp. REIT

      4,919,978        108,682,314  
 

 

See accompanying notes to financial statements.

 

3

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2017 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               
         

Kinder Morgan, Inc.

      22,686,417      $ 493,202,706  

KLA-Tencor Corp.

      1,855,017        176,356,466  

Kohl’s Corp.

      2,083,257        82,934,461  

Kraft Heinz Co.

      7,039,556        639,262,080  

Kroger Co.

      10,933,398        322,425,907  

L Brands, Inc.

      2,904,615        136,807,367  

L3 Technologies, Inc.

      906,182        149,782,823  

Laboratory Corp. of America Holdings(a)

      1,199,643        172,112,781  

Lam Research Corp.

      1,921,659        246,664,149  

Leggett & Platt, Inc.

      1,581,194        79,565,682  

Lennar Corp. Class A

      2,406,205        123,173,634  

Leucadia National Corp.

      3,886,741        101,055,266  

Level 3 Communications,
Inc.(a)

      3,458,213        197,878,948  

Lincoln National Corp.

      2,697,182        176,530,562  

LKQ Corp.(a)

      3,591,353        105,118,902  

Lockheed Martin Corp.

      2,954,814        790,708,226  

Loews Corp.

      3,260,924        152,513,415  

Lowe’s Cos., Inc.

      10,265,903        843,959,886  

LyondellBasell Industries NV Class A

      3,942,964        359,558,887  

M&T Bank Corp.

      1,824,803        282,351,768  

Macerich Co. REIT

      1,471,014        94,733,302  

Macy’s, Inc.

      3,613,496        107,104,021  

Mallinckrodt PLC(a)

      1,297,509        57,829,976  

Marathon Oil Corp.

      9,932,002        156,925,632  

Marathon Petroleum Corp.

      6,205,873        313,644,821  

Marriott International, Inc. Class A

      3,721,694        350,509,141  

Marsh & McLennan Cos., Inc.

      6,101,267        450,822,619  

Martin Marietta Materials, Inc.

      750,079        163,704,742  

Masco Corp.

      3,883,153        131,988,370  

MasterCard, Inc. Class A

      11,150,292        1,254,073,341  

Mattel, Inc.

      3,970,177        101,676,233  

McCormick & Co., Inc.

      1,345,665        131,269,621  

McDonald’s Corp.

      9,692,068        1,256,188,933  

McKesson Corp.

      2,502,938        371,085,588  

Mead Johnson Nutrition Co.

      2,175,691        193,810,554  

Medtronic PLC

      16,247,801        1,308,922,849  

Merck & Co., Inc.

      32,520,868        2,066,375,953  

MetLife, Inc.

      12,867,228        679,646,983  

Mettler-Toledo International, Inc.(a)

      308,330        147,662,320  

Michael Kors Holdings, Ltd.(a)

      1,938,494        73,876,006  

Microchip Technology, Inc.

      2,561,978        189,022,737  

Micron Technology, Inc.(a)

      12,291,863        355,234,841  

Microsoft Corp.

      91,458,345        6,023,446,602  

Mid-America Apartment Communities, Inc. REIT

      1,328,714        135,183,362  
Common Stocks    Shares      Value  
               
         

Mohawk Industries, Inc.(a)

      741,694      $ 170,211,356  

Molson Coors Brewing Co. Class B

      2,156,976        206,444,173  

Mondelez International, Inc. Class A

      18,066,430        778,301,804  

Monsanto Co.

      5,169,458        585,182,646  

Monster Beverage Corp.(a)

      4,784,061        220,880,096  

Moody’s Corp.

      1,974,709        221,246,396  

Morgan Stanley

      17,022,588        729,247,670  

Mosaic Co.

      4,111,899        119,985,213  

Motorola Solutions, Inc.

      1,923,652        165,857,275  

Murphy Oil Corp.

      1,883,179        53,840,088  

Mylan NV(a)

      5,406,067        210,782,552  

Nasdaq, Inc.

      1,335,320        92,737,974  

National Oilwell Varco, Inc.

      4,482,945        179,721,265  

Navient Corp.

      3,576,146        52,783,915  

NetApp, Inc.

      3,205,972        134,169,928  

Netflix, Inc.(a)

      5,094,611        753,034,452  

Newell Brands, Inc.

      5,652,028        266,606,161  

Newfield Exploration Co.(a)

      2,313,933        85,407,267  

Newmont Mining Corp.

      6,216,510        204,896,170  

News Corp. Class A

      4,440,198        57,722,574  

News Corp. Class B

      1,296,515        17,502,953  

NextEra Energy, Inc.

      5,515,173        707,982,758  

Nielsen Holdings PLC

      3,950,119        163,179,416  

NIKE, Inc. Class B

      15,684,098        874,074,782  

NiSource, Inc.

      3,735,576        88,869,353  

Noble Energy, Inc.

      5,155,868        177,052,507  

Nordstrom, Inc.

      1,370,090        63,805,091  

Norfolk Southern Corp.

      3,473,239        388,898,571  

Northern Trust Corp.

      2,546,100        220,441,338  

Northrop Grumman Corp.

      2,079,963        494,698,400  

NRG Energy, Inc.

      3,654,199        68,333,521  

Nucor Corp.

      3,773,873        225,375,696  

NVIDIA Corp.

      6,980,546        760,390,876  

O’Reilly Automotive, Inc.(a)

      1,084,035        292,516,004  

Occidental Petroleum Corp.

      9,019,235        571,458,730  

Omnicom Group, Inc.

      2,788,245        240,374,601  

ONEOK, Inc.

      2,449,897        135,822,290  

Oracle Corp.

      35,474,717        1,582,527,125  

PACCAR, Inc.

      4,153,552        279,118,694  

Parker-Hannifin Corp.

      1,571,625        251,962,920  

Patterson Cos., Inc.

      974,791        44,089,797  

Paychex, Inc.

      3,798,439        223,728,057  

PayPal Holdings, Inc.(a)

      13,293,302        571,877,852  

Pentair PLC

      1,973,164        123,875,236  

People’s United Financial, Inc.

      3,617,580        65,839,956  

PepsiCo, Inc.

      16,913,037        1,891,892,319  

PerkinElmer, Inc.

      1,269,025        73,679,592  

Perrigo Co. PLC

      1,679,707        111,515,748  
 

 

See accompanying notes to financial statements.

 

4

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2017 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               
         

Pfizer, Inc.

      70,428,659      $ 2,409,364,424  

PG&E Corp.

      5,967,766        396,020,952  

Philip Morris International, Inc.

      18,363,314        2,073,218,151  

Phillips 66

      5,244,699        415,485,055  

Pinnacle West Capital Corp.

      1,296,693        108,118,262  

Pioneer Natural Resources Co.

      2,010,060        374,333,474  

PNC Financial Services Group, Inc.

      5,742,592        690,489,262  

PPG Industries, Inc.

      3,041,707        319,622,572  

PPL Corp.

      8,045,584        300,824,386  

Praxair, Inc.

      3,368,293        399,479,550  

Priceline Group, Inc.(a)

      582,675        1,037,144,020  

Principal Financial Group, Inc.

      3,150,631        198,836,322  

Procter & Gamble Co.

      30,238,437        2,716,923,564  

Progressive Corp.

      6,821,371        267,261,316  

Prologis, Inc. REIT

      6,238,924        323,675,377  

Prudential Financial, Inc.

      5,075,738        541,479,730  

Public Service Enterprise Group, Inc.

      5,991,852        265,738,636  

Public Storage REIT

      1,760,432        385,376,169  

PulteGroup, Inc.

      3,383,808        79,688,678  

PVH Corp.

      953,599        98,668,889  

Qorvo, Inc.(a)

      1,498,594        102,743,605  

QUALCOMM, Inc.

      17,482,774        1,002,462,261  

Quanta Services, Inc.(a)

      1,770,940        65,719,583  

Quest Diagnostics, Inc.

      1,653,739        162,380,632  

Ralph Lauren Corp.

      675,577        55,140,595  

Range Resources Corp.

      2,209,070        64,283,937  

Raymond James Financial, Inc.

      1,536,306        117,158,696  

Raytheon Co.

      3,484,659        531,410,497  

Realty Income Corp. REIT

      3,211,261        191,166,367  

Red Hat, Inc.(a)

      2,130,509        184,289,029  

Regency Centers Corp.

      1,728,440        114,751,132  

Regeneron Pharmaceuticals, Inc.(a)

      900,081        348,790,388  

Regions Financial Corp.

      14,525,902        211,061,356  

Republic Services, Inc.

      2,770,461        174,012,655  

Reynolds American, Inc.

      9,760,378        615,099,022  

Robert Half International, Inc.

      1,525,788        74,504,228  

Rockwell Automation, Inc.

      1,530,235        238,272,892  

Rockwell Collins, Inc.

      1,525,316        148,199,703  

Roper Technologies, Inc.

      1,205,779        248,981,306  

Ross Stores, Inc.

      4,716,814        310,696,538  

Royal Caribbean Cruises, Ltd.

      1,972,714        193,542,971  

Ryder System, Inc.

      624,590        47,119,070  

S&P Global, Inc.

      3,058,437        399,860,053  

salesforce.com, Inc.(a)

      7,754,749        639,689,245  

SCANA Corp.

      1,667,847        108,993,801  

Schlumberger, Ltd.

      16,501,926        1,288,800,421  
Common Stocks    Shares      Value  
               
         

Scripps Networks Interactive, Inc. Class A

      1,108,988      $ 86,911,390  

Seagate Technology PLC

      3,457,279        158,792,824  

Sealed Air Corp.

      2,308,680        100,612,274  

Sempra Energy

      2,958,947        326,963,644  

Sherwin-Williams Co.

      960,784        298,025,589  

Signet Jewelers, Ltd.

      820,921        56,865,198  

Simon Property Group, Inc. REIT

      3,786,621        651,412,411  

Skyworks Solutions, Inc.

      2,230,125        218,507,648  

SL Green Realty Corp. REIT

      1,169,700        124,713,414  

Snap-on, Inc.

      678,814        114,495,557  

Southern Co.

      11,732,450        584,041,361  

Southwest Airlines Co.

      7,266,218        390,631,880  

Southwestern Energy Co.(a)

      5,794,061        47,337,478  

Stanley Black & Decker, Inc.

      1,806,593        240,042,012  

Staples, Inc.

      7,549,465        66,208,808  

Starbucks Corp.

      17,250,911        1,007,280,693  

State Street Corp.(c)

      4,249,059        338,267,587  

Stericycle, Inc.(a)

      991,500        82,185,435  

Stryker Corp.

      3,674,798        483,787,157  

SunTrust Banks, Inc.

      5,877,599        325,031,225  

Symantec Corp.

      7,356,100        225,685,148  

Synchrony Financial

      9,114,766        312,636,474  

Synopsys, Inc.(a)

      1,773,219        127,902,286  

Sysco Corp.

      5,938,407        308,322,091  

T Rowe Price Group, Inc.

      2,906,781        198,097,125  

Target Corp.

      6,630,398        365,931,666  

TE Connectivity, Ltd.

      4,185,554        312,033,051  

TechnipFMC PLC(a)

      5,535,553        179,905,473  

TEGNA, Inc.

      2,551,669        65,373,760  

Teradata Corp.(a)

      1,544,461        48,063,626  

Tesoro Corp.

      1,404,432        113,843,258  

Texas Instruments, Inc.

      11,832,283        953,208,718  

Textron, Inc.

      3,159,221        150,347,327  

Thermo Fisher Scientific, Inc.

      4,620,021        709,635,226  

Tiffany & Co.

      1,289,028        122,844,368  

Time Warner, Inc.

      9,165,901        895,600,187  

TJX Cos., Inc.

      7,737,857        611,909,732  

Torchmark Corp.

      1,311,405        101,030,641  

Total System Services, Inc.

      1,974,735        105,569,333  

Tractor Supply Co.

      1,558,732        107,505,746  

TransDigm Group, Inc.

      588,901        129,652,444  

Transocean, Ltd.(a)

      4,563,856        56,820,007  

Travelers Cos., Inc.

      3,309,793        398,962,448  

TripAdvisor, Inc.(a)

      1,330,099        57,407,073  

Twenty-First Century Fox, Inc. Class A

      12,512,201        405,270,190  

Twenty-First Century Fox, Inc. Class B

      5,673,573        180,306,150  
 

 

See accompanying notes to financial statements.

 

5

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2017 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               
         

Tyson Foods, Inc. Class A

      3,428,251      $ 211,557,369  

UDR, Inc. REIT

      3,117,508        113,040,840  

Ulta Salon Cosmetics & Fragrance, Inc.(a)

      689,158        196,568,536  

Under Armour, Inc. Class A(a)

      2,123,031        41,993,553  

Under Armour, Inc. Class C(a)

      2,136,209        39,092,625  

Union Pacific Corp.

      9,630,481        1,020,060,548  

United Continental Holdings, Inc.(a)

      3,406,735        240,651,760  

United Parcel Service, Inc. Class B

      8,137,089        873,109,650  

United Rentals, Inc.(a)

      994,314        124,338,966  

United Technologies Corp.

      8,868,238        995,104,986  

UnitedHealth Group, Inc.

      11,383,333        1,866,980,445  

Universal Health Services, Inc. Class B

      1,050,118        130,687,185  

Unum Group

      2,777,059        130,216,297  

US Bancorp

      18,856,944        971,132,616  

Valero Energy Corp.

      5,342,965        354,185,150  

Varian Medical Systems,
Inc.(a)

      1,109,968        101,151,384  

Ventas, Inc. REIT

      4,179,184        271,814,127  

VeriSign, Inc.(a)

      1,053,392        91,760,977  

Verisk Analytics, Inc.(a)

      1,809,319        146,808,144  

Verizon Communications, Inc.

      48,248,943        2,352,135,971  

Vertex Pharmaceuticals,
Inc.(a)

      2,940,522        321,546,081  

VF Corp.

      3,910,149        214,940,891  

Viacom, Inc. Class B

      4,047,598        188,699,019  

Visa, Inc. Class A

      22,042,129        1,958,884,004  

Vornado Realty Trust REIT

      2,070,361        207,677,912  

Vulcan Materials Co.

      1,556,064        187,474,591  

W.W. Grainger, Inc.

      640,313        149,039,254  

Wal-Mart Stores, Inc.

      17,823,945        1,284,749,956  

Walgreens Boots Alliance, Inc.

      10,112,212        839,819,207  

Walt Disney Co.

      17,217,690        1,952,313,869  

Waste Management, Inc.

      4,829,118        352,139,285  
Common Stocks    Shares      Value  
               
         

Waters Corp.(a)

      946,449      $ 147,939,443  

WEC Energy Group, Inc.

      3,697,911        224,204,344  

Wells Fargo & Co.

      53,297,029        2,966,512,634  

Welltower, Inc. REIT

      4,278,418        302,997,563  

Western Digital Corp.

      3,410,187        281,442,733  

Western Union Co.

      5,823,671        118,511,705  

WestRock Co.

      2,957,089        153,857,341  

Weyerhaeuser Co. REIT

      8,865,706        301,256,690  

Whirlpool Corp.

      898,237        153,894,945  

Whole Foods Market, Inc.

      3,775,987        112,222,334  

Williams Cos., Inc.

      9,776,533        289,287,611  

Willis Towers Watson PLC

      1,523,955        199,470,470  

Wyndham Worldwide Corp.

      1,242,247        104,709,000  

Wynn Resorts, Ltd.

      947,683        108,613,949  

Xcel Energy, Inc.

      5,950,912        264,518,038  

Xerox Corp.

      10,051,700        73,779,478  

Xilinx, Inc.

      2,973,769        172,151,487  

XL Group, Ltd.

      3,174,452        126,533,657  

Xylem, Inc.

      2,079,603        104,437,663  

Yahoo!, Inc.(a)

      10,359,816        480,799,061  

Yum! Brands, Inc.

      3,976,468        254,096,305  

Zimmer Biomet Holdings, Inc.

      2,380,503        290,683,221  

Zions Bancorp

      2,388,279        100,307,718  

Zoetis, Inc.

      5,868,246        313,188,289  
     

 

 

  

Total Common Stocks
(Cost $239,771,501,518)

       $ 239,941,574,841  
     

 

 

  

 

(a) Non-income producing security.
(b) Affiliate of PDR Services LLC (the “Sponsor”). See the table below for more information.
(c) Affiliate of State Street Bank and Trust Company (the “Trustee”). See the table below for more information.

REIT = Real Estate Investment Trust

PLC = Public Limited Company

 

The following table summarizes the value of the Trust’s investments according to the fair value hierarchy as of March 31, 2017.

 

Description    Level 1 —
Quoted
Prices		      Level 2 —
Other Significant
Observable
Inputs		      Level 3 —
Significant
Unobservable
Inputs		      Total  

ASSETS:

            

INVESTMENTS:

            

Common Stocks

   $ 239,941,574,841      $ —      $ —      $ 239,941,574,841  

 

See accompanying notes to financial statements.

 

6

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2017 (Unaudited)

 

 

 

INVESTMENTS IN AFFILIATES OF THE TRUSTEE AND THE SPONSOR

SPDR S&P 500 ETF Trust (the “Trust”) has invested in State Street Corp., which is considered an affiliate of State Street Bank and Trust Company (the “Trustee”), and Intercontinental Exchange, Inc. (“ICE”), which is considered an affiliate of PDR Services LLC (the “Sponsor”). Amounts related to these investments at March 31, 2017, and for the six months then ended, are (Note 3):

 

    Number of
Shares Held
at 9/30/16		     Value At
9/30/16		     Shares
Purchased*		     Shares
Sold*		     Number of
Shares
Held
at 3/31/17		     Value at
3/31/17		     Dividend
Income		     Realized
Gain (Loss)		  

Intercontinental Exchange, Inc.**

     6,243,985     $ 336,375,960       3,791,278       2,984,591       7,050,672     $ 422,123,733     $ 2,577,308     $ 27,789,563  

State Street Corp.

     3,879,436       270,125,129       2,275,685       1,906,062       4,249,059       338,267,587       3,246,167       9,742,240  
   

 

 

          

 

 

    

 

 

    

 

 

  

TOTAL

     $ 606,501,089           $ 760,391,320     $ 5,823,475     $ 37,531,803  
   

 

 

          

 

 

    

 

 

    

 

 

  

 

* Purchased and Sold figures include securities received or delivered from processing creations or redemptions of Units.

 

** Adjusted for 5-for-1 stock split on November 4, 2016.

 

See accompanying notes to financial statements.

 

7

Table of Contents

SPDR S&P 500 ETF Trust

Portfolio Statistics (Unaudited)

 

 

 

INDUSTRY BREAKDOWN AS OF MARCH 31, 2017*

 

INDUSTRY    PERCENT OF
NET ASSETS		  

Banks

      6.4 % 

Oil, Gas & Consumable Fuels

      5.6  

Pharmaceuticals

      5.0  

Software

      4.7  

Internet Software & Services

      4.6  

Technology Hardware, Storage & Peripherals

      4.4  

IT Services

      3.5  

Semiconductors & Semiconductor Equipment

      3.3  

Media

      3.1  

Health Care Providers & Services

      2.9  

Insurance

      2.8  

Real Estate Investment Trusts (REITs)

      2.8  

Biotechnology

      2.7  

Capital Markets

      2.6  

Health Care Equipment & Supplies

      2.6  

Specialty Retail

      2.6  

Diversified Telecommunication Services

      2.5  

Industrial Conglomerates

      2.5  

Internet & Catalog Retail

      2.5  

Aerospace & Defense

      2.4  

Chemicals

      2.2  

Beverages

      2.0  

Electric Utilities

      2.0  

Food & Staples Retailing

      1.9  

Tobacco

      1.9  

Household Products

      1.8  

Food Products

      1.7  

Diversified Financial Services

      1.6  

Hotels, Restaurants & Leisure

      1.5  

Machinery

      1.5  

Communications Equipment

      1.1  

Energy Equipment & Services

      1.0  

Multi-Utilities

      1.0  

Air Freight & Logistics

      0.8  

Road & Rail

      0.8  

Airlines

      0.7  

Consumer Finance

      0.7  

Life Sciences Tools & Services

      0.7  

Electrical Equipment

      0.6  

Textiles, Apparel & Luxury Goods

      0.6  

Automobiles

      0.5  

Household Durables

      0.5  

Multiline Retail

      0.4  

Building Products

      0.3  

Commercial Services & Supplies

      0.3  

Containers & Packaging

      0.3  

Electronic Equipment, Instruments & Components

      0.3  

 

INDUSTRY    PERCENT OF
NET ASSETS		  

Metals & Mining

      0.3 %  

Professional Services

      0.3  

Trading Companies & Distributors

      0.3  

Construction Materials

      0.2  

Auto Components

      0.1  

Distributors

      0.1  

Health Care Technology

      0.1  

Leisure Equipment & Products

      0.1  

Personal Products

      0.1  

Real Estate Management & Development

      0.1  

Water Utilities

      0.1  

Construction & Engineering

      0.0 ** 

Diversified Consumer Services

      0.0 ** 

Independent Power Producers & Energy Traders

      0.0 ** 

Other Assets in Excess of Liabilities

      0.0 ** 

 

  

Total

      100.0 % 

 

  

 

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

 

** Amount shown represents less than 0.05% of net assets.
 

 

See accompanying notes to financial statements.

 

8

Table of Contents

SPDR S&P 500 ETF Trust

Statement of Assets and Liabilities

March 31, 2017 (Unaudited)

 

 

 

ASSETS

   

Investments in unaffiliated issuers, at value (Note 2)

    $ 239,181,183,521  

Investments in affiliates of the Trustee and the Sponsor, at value

      760,391,320  
  

 

 

  

Total Investments

      239,941,574,841  

Cash

      928,820,843  

Dividends receivable — unaffiliated issuers (Note 2)

      251,026,352  

Dividends receivable — affiliated issuers (Note 2)

      1,621,949  
  

 

 

  

Total Assets

      241,123,043,985  
  

 

 

  

LIABILITIES

   

Payable for units of fractional undivided interest (“Units”) redeemed in-kind

      352,150  

Accrued Trustee expense (Note 3)

      12,040,962  

Accrued Marketing expense (Note 3)

      3,963,869  

Distribution payable

      1,048,751,261  

Accrued expenses and other liabilities

      29,649,398  
  

 

 

  

Total Liabilities

      1,094,757,640  
  

 

 

  

NET ASSETS

    $ 240,028,286,345  
  

 

 

  

NET ASSETS CONSIST OF:

   

Paid in capital (Note 4)

    $ 246,950,707,093  

Distribution in excess of net investment income

      (1,054,903,873 ) 

Accumulated net realized gain (loss) on investments

      (6,037,590,198 ) 

Net unrealized appreciation (depreciation) on investments

      170,073,323  
  

 

 

  

NET ASSETS

    $ 240,028,286,345  
  

 

 

  

NET ASSET VALUE PER UNIT

   $ 235.73  
  

 

 

  

UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

      1,018,232,116  
  

 

 

  

COST OF INVESTMENTS:

   

Unaffiliated issuers

    $ 239,047,662,038  

Affiliates of the Trustee and the Sponsor (Note 3)

      723,839,480  
  

 

 

  

Total Cost of Investments

    $ 239,771,501,518  
  

 

 

  

 

See accompanying notes to financial statements.

 

9

Table of Contents

SPDR S&P 500 ETF Trust

Statements of Operations

 

 

 

    Six Months Ended
3/31/17
(Unaudited)		     Year Ended
9/30/16		     Year Ended
9/30/15		     Year Ended
9/30/14		  

INVESTMENT INCOME

        

Dividend income — unaffiliated issuers (Note 2)

   $ 2,380,111,413     $ 3,945,216,356     $ 4,005,208,734     $ 3,282,246,167  

Dividend income — affiliates of the Trustee and the Sponsor

     5,823,475       9,522,352       8,629,447       7,737,949  

Foreign taxes withheld

     (9,787 )      (1,701 )      (400,124 )      (55,714 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investment Income (loss)

     2,385,925,101       3,954,737,007       4,013,438,057       3,289,928,402  

EXPENSES

        

Trustee expense (Note 3)

     61,689,454       103,362,752       105,581,093       94,051,423  

S&P license fee (Note 3)

     33,101,931       55,221,522       55,780,384       49,409,863  

Marketing expense (Note 3)

     13,000,215       36,504,376       36,786,924       32,539,910  

Legal and audit fees

     205,644       384,056       558,523       31,642  

Other expenses

     1,016,546       2,221,602       3,771,679       2,594,912  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

     109,013,790       197,694,308       202,478,603       178,627,750  

Trustee expense waiver

     (5,685,115 )      (25,222,398 )      (28,513,292 )      (24,863,548 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Expenses

     103,328,675       172,471,910       173,965,311       153,764,202  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INVESTMENT INCOME (LOSS)

     2,282,596,426       3,782,265,097       3,839,472,746       3,136,164,200  
 

 

 

    

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) on:

        

Investments — unaffiliated issuers

     8,941,462,262       10,253,193,589       20,747,712,041       19,553,859,588  

Investments — affiliates of the Trustee and the Sponsor

     37,531,803       26,620,667       50,429,127       71,893,864  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

     8,978,994,065       10,279,814,256       20,798,141,168       19,625,753,452  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

        

Investments — unaffiliated issuers

     9,906,368,713       10,942,349,396       (25,396,805,455 )      4,246,483,070  

Investments — affiliates of the Trustee and the Sponsor

     41,406,873       24,374,172       (34,779,514 )      (15,568,822 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation/depreciation

     9,947,775,586       10,966,723,568       (25,431,584,969 )      4,230,914,248  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS)

     18,926,769,651       21,246,537,824       (4,633,443,801 )      23,856,667,700  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

   $ 21,209,366,077     $ 25,028,802,921     $ (793,971,055 )    $ 26,992,831,900  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

 

10

Table of Contents

SPDR S&P 500 ETF Trust

Statements of Changes in Net Assets

 

 

 

    Six Months Ended
3/31/17
(Unaudited)		     Year Ended
9/30/16		     Year Ended
9/30/15		     Year Ended
9/30/14		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

        

Net investment income (loss)

   $ 2,282,596,426     $ 3,782,265,097     $ 3,839,472,746     $ 3,136,164,200  

Net realized gain (loss)

     8,978,994,065       10,279,814,256       20,798,141,168       19,625,753,452  

Net change in unrealized appreciation/depreciation

     9,947,775,586       10,966,723,568       (25,431,584,969 )      4,230,914,248  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

     21,209,366,077       25,028,802,921       (793,971,055 )      26,992,831,900  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

     66,807,844       21,466,005       69,539,438       62,384,940  
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO UNITHOLDERS FROM:
NET INVESTMENT INCOME

     (2,351,809,806 )      (3,930,525,113 )      (3,768,615,848 )      (3,236,399,773 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:

        

Proceeds from issuance of Units

     249,503,711,766       432,172,352,001       515,823,857,164       384,831,248,199  

Cost of Units redeemed

     (225,613,945,656 )      (422,673,566,737 )      (524,519,686,326 )      (373,296,420,608 ) 

Net income equalization (Note 2)

     (66,807,844 )      (21,466,005 )      (69,539,438 )      (62,384,940 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS

     23,822,958,266       9,477,319,259       (8,765,368,600 )      11,472,442,651  

Contribution by Trustee (Note 3)

     —       —       26,920,521       —  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

     42,747,322,381       30,597,063,072       (13,231,495,544 )      35,291,259,718  

NET ASSETS AT BEGINNING OF PERIOD

     197,280,963,964       166,683,900,892       179,915,396,436       144,624,136,718  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS AT END OF PERIOD

   $ 240,028,286,345     $ 197,280,963,964     $ 166,683,900,892     $ 179,915,396,436  
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTION IN EXCESS OF NET INVESTMENT INCOME

   $ (1,054,903,873 )    $ (985,690,493 )    $ (919,630,875 )    $ (804,394,943 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

UNIT TRANSACTIONS:

        

Units sold

     1,104,350,000       2,107,450,000       2,537,300,000       2,061,700,000  

Units redeemed

     (997,750,000 )      (2,065,000,000 )      (2,581,500,000 )      (2,009,400,000 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE)

     106,600,000       42,450,000       (44,200,000 )      52,300,000  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

 

11

Table of Contents

SPDR S&P 500 ETF Trust

Financial Highlights

Selected data for a unit outstanding throughout each period

 

 

 

    Six Months Ended
3/31/17
(Unaudited)		     Year Ended
9/30/16		     Year Ended
9/30/15		     Year Ended
9/30/14		     Year Ended
9/30/13		     Year Ended
9/30/12		  

Net asset value, beginning of period

   $ 216.40     $ 191.77     $ 196.98     $ 167.96     $ 144.00     $ 113.12  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from investment operations:

            

Net investment income (loss)(a)

     2.35       4.27       4.28       3.60       3.36       2.77  

Net realized and unrealized gain (loss)

     19.27       24.76       (5.47 )      29.03       23.91       30.80  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     21.62       29.03       (1.19 )      32.63       27.27       33.57  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equalization credits and charges(a)

     0.07       0.02       0.08       0.07       0.08       0.16  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contribution by Trustee

     —       —       0.03 (b)      —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Less distributions from:

            

Net investment income

     (2.36 )      (4.42 )      (4.13 )      (3.68 )      (3.39 )      (2.85 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 235.73     $ 216.40     $ 191.77     $ 196.98     $ 167.96     $ 144.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total return(c)

     10.04 %      15.30 %      (0.64 )%(d)      19.57 %      19.09 %      29.96 % 

Ratios and Supplemental Data:

            

Net assets, end of period (in 000s)

   $ 240,028,286     $ 197,280,964     $ 166,683,901     $ 179,915,396     $ 144,624,137     $ 118,164,619  

Ratios to average net assets:

            

Total expenses (excluding Trustee earnings credit and fee waivers)

     0.10 %(e)      0.11 %      0.11 %      0.11 %      0.11 %      0.11 % 

Total expenses (excluding Trustee earnings credit)

     0.10 %(e)      0.11 %      0.11 %      0.11 %      0.11 %      0.11 % 

Net expenses(f)

     0.09 %(e)      0.09 %      0.09 %      0.09 %      0.09 %      0.09 % 

Net investment income (loss)

     2.09 %(e)      2.07 %      2.09 %      1.93 %      2.15 %      2.08 % 

Portfolio turnover rate(g)

     1 %      4 %      3 %      4 %      3 %      4 % 

 

(a) Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the period.
(b) Contribution paid by the Trustee in the amount of $26,920,521. (See Note 3).
(c) Total return is calculated assuming a purchase of Units at net asset value per Unit on the first day and a sale at net asset value per Unit on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Unit on the respective payment dates of the Trust. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation.
(d) Total return would have been lower by 0.01% if the Trustee had not made a contribution. (See Note 3).
(e) The ratios for periods less than one year are annualized.
(f) Net of expenses waived by the Trustee.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Units.

 

See accompanying notes to financial statements.

 

12

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements

March 31, 2017 (Unaudited)

 

 

 

Note 1 — Organization

SPDR S&P 500 ETF Trust (the “Trust”) is a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940, as amended. The Trust was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the S&P 500® Index. Each unit of fractional undivided interest in the Trust is referred to as a “Unit”. The Trust commenced operations on January 22, 1993 upon the initial issuance of 150,000 Units (equivalent to three “Creation Units” — see Note 4) in exchange for a portfolio of securities assembled to reflect the intended portfolio composition of the Trust.

Under the Amended and Restated Standard Terms and Conditions of the Trust, as amended (the “Trust Agreement”), PDR Services LLC, as sponsor of the Trust (the “Sponsor”), and State Street Bank and Trust Company (“SSBT”), as trustee of the Trust (the “Trustee”), are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trustee expects the risk of material loss to be remote.

On November 13, 2013, the Sponsor became an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”), following the acquisition of NYSE Holdings LLC (the parent company of the Sponsor) by ICE. ICE is a publicly-traded entity, trading on the New York Stock Exchange under the symbol “ICE.”

Note 2 — Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires Management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in Financial Accounting Standards Board, Accounting Standards Codification 946, Financial Services Investment Companies.

Security Valuation

The Trust’s investments are valued at fair value each day that the Trust’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Trust’s listing exchange is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Trust are valued pursuant to the policy and procedures developed by the Oversight Committee of the Trustee (the “Committee”). The Committee provides oversight of the valuation of investments for the Trust. Valuation techniques used to value the Trust’s equity investments are as follows:

Equity investments (including preferred stocks) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the

 

13

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

 

 

 

Note 2 — Summary of Significant Accounting Policies – (continued)

 

primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

In the event that prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Trustee.

Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value and the prices used by the Trust’s underlying index, S&P 500 Index, which in turn could result in a difference between the Trust’s performance and the performance of the S&P 500 Index.

The Trust values its assets and liabilities at fair value using a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with the investment.

The three levels of the fair value hierarchy are as follows:

 

•  

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities;

 

•  

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

 

•  

Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period. The Trust did not hold any investments valued using Level 2 or Level 3 inputs as of March 31, 2017 and did not have any transfers between levels for the six months ended March 31, 2017.

Investment Transactions and Income Recognition

Investment transactions are accounted for on the trade date for financial reporting purposes. Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Trust may include a return of capital that is estimated by the Trustee. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The Trust invests in real estate investment trusts (“REITs”). REITs determine the characterization of their income annually and may

 

14

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

 

 

 

Note 2 — Summary of Significant Accounting Policies – (continued)

 

characterize a portion of their distributions as a return of capital or capital gain. The Trust’s policy is to record all REIT distributions as dividend income initially and re-designate the prior calendar year’s return of capital or capital gain distributions at year end. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method.

Distributions

The Trust declares and distributes dividends from net investment income to its holders of Units (“Unitholders”), if any, quarterly. Capital gain distributions, if any, are generally declared and paid annually. Additional distributions may be paid by the Trust to avoid imposition of federal income and excise tax on any remaining undistributed net investment income and capital gains. The amount and character of income and gains to be distributed are determined in accordance with federal tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

Equalization

The Trust follows the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring the Trust’s Units, equivalent on a per Unit basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per Unit is unaffected by sales or reacquisitions of the Trust’s Units. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Federal Income Taxes

For U.S. federal income tax purposes, the Trust has qualified as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (a “RIC”), and intends to continue to qualify as a RIC. As a RIC, the Trust will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to its Unitholders, provided that it distributes on a timely basis at least 90% of its “investment company taxable income” determined prior to the deduction for dividends paid by the Trust (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided that the Trust distributes substantially all of its ordinary income and capital gains during each calendar year, the Trust will not be subject to U.S. federal excise tax. Income and capital gain distributions are determined in accordance with tax regulations which may differ from U.S. GAAP.

U.S. GAAP requires the evaluation of tax positions taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. For U.S. GAAP purposes, the Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.

The Trust has reviewed its tax positions for the open tax years as of September 30, 2016 and has determined that no provision for income tax is required in the Trust’s financial statements. Generally, the Trust’s tax returns for the prior three fiscal years remain subject to examinations by the Trust’s major tax jurisdictions, which include the United States of America, the Commonwealth of Massachusetts and the State of New York. The Trust recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. There were no such expenses for the year ending September 30, 2016.

 

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Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

 

 

 

Note 2 — Summary of Significant Accounting Policies – (continued)

 

No income tax returns are currently under examination. The Trustee has analyzed the relevant tax laws and regulations and their application to the Trust’s facts and circumstances and does not believe there are any uncertain tax positions that require recognition of any tax liabilities. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Trust’s investments may change over time based on factors including, but not limited to, new tax laws, regulations and interpretations thereof.

During the six months ended March 31, 2017, the Trust reclassified $9,667,751,218 of non-taxable security gains realized from the in-kind redemption of Creation Units (Note 4) as an increase to paid in capital in the Statement of Assets and Liabilities.

At March 31, 2017, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

 

    Tax Cost      Gross Unrealized
Appreciation		      Gross Unrealized
Depreciation		      Net Unrealized
Appreciation
(Depreciation)		  

SPDR S&P 500 ETF Trust

   $ 239,776,458,533      $ 13,604,468,399      $ 13,439,352,091      $ 165,116,308  

Note 3 — Transactions with the Trustee and Sponsor

In accordance with the Trust Agreement, the Trustee maintains the Trust’s accounting records, acts as custodian and transfer agent to the Trust, and provides administrative services, including the filing of certain regulatory reports. The Trustee is also responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of Creation Units of the Trust, and for adjusting the composition of the Trust’s portfolio from time to time to conform to changes in the composition and/or weighting structure of the S&P 500 Index. For these services, the Trustee received a fee at the following annual rates for the six months ended March 31, 2017:

 

Net asset value of the Trust

   

Fee as a percentage of net asset value of the Trust

$0 – $499,999,999    0.10% per annum plus or minus the Adjustment Amount
$500,000,000 – $2,499,999,999    0.08% per annum plus or minus the Adjustment Amount
$2,500,000,000 and above    0.06% per annum plus or minus the Adjustment Amount

The adjustment amount (the “Adjustment Amount”) is the sum of (a) the excess or deficiency of transaction fees received by the Trustee, less the expenses incurred in processing orders for the creation and redemption of Units and (b) the amounts earned by the Trustee with respect to the cash held by the Trustee for the benefit of the Trust. During the six months ended March 31, 2017, the Adjustment Amount reduced the Trustee’s fee by $4,215,232. The Adjustment Amount included an excess of net transaction fees from processing orders of $2,213,862 and a Trustee earnings credit of $2,001,370.

The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2018, so that the total operating expenses would not exceed 0.0945% per annum of the daily net asset value (“NAV”) of the Trust. The total amount of such waivers by the Trustee for the six months ended March 31, 2017 and years ended September 30, 2016, 2015 and 2014 are identified in the Statements of Operations. The Trustee has not entered into an agreement with the Trust to recapture waived fees in subsequent periods, and the Trustee may discontinue the voluntary waiver.

 

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Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

 

 

 

Note 3 — Transactions with the Trustee and Sponsor – (continued)

 

In accordance with the Trust Agreement and under the terms of an exemptive order issued by the U.S. Securities and Exchange Commission, dated December 30, 1997, the Sponsor is reimbursed by the Trust for certain expenses up to a maximum of 0.20% of the Trust’s NAV on an annualized basis. The expenses reimbursed to the Sponsor for the six months ended March 31, 2017 and years ended September 30, 2016, 2015, and 2014, did not exceed 0.20% per annum.

S&P Dow Jones Indices LLC (“S&P”), per a license from Standard & Poor’s Financial Services LLC, and State Street Global Markets, LLC (“SSGM” or the “Marketing Agent”) have entered into a license agreement (the “License Agreement”). The License Agreement grants SSGM, an affiliate of the Trustee, a license to use the S&P 500 Index and to use certain trade names and trademarks of S&P in connection with the Trust. The S&P 500 Index also serves as the basis for determining the composition of the Trust’s portfolio. The Trustee (on behalf of the Trust), the Sponsor and NYSE Arca, Inc. (“NYSE Arca”) have each received a sublicense from SSGM for the use of the S&P 500 Index and certain trade names and trademarks in connection with their rights and duties with respect to the Trust. The License Agreement may be amended without the consent of any of the owners of beneficial interests of Units. Currently, the License Agreement is scheduled to terminate on December 31, 2017, but its term may be extended without the consent of any of the owners of beneficial interests of Units. Pursuant to such arrangements and in accordance with the Trust Agreement, the Trust reimburses the Sponsor for payment of fees under the License Agreement to S&P equal to 0.03% of the daily size of the Trust (based on Unit closing price and outstanding Units) plus an annual license fee of $600,000.

The Sponsor has entered into an agreement with the Marketing Agent pursuant to which the Marketing Agent has agreed to market and promote the Trust. The Marketing Agent is reimbursed by the Sponsor for the expenses it incurs for providing such services out of amounts that the Trust reimburses the Sponsor. Expenses incurred by the Marketing Agent include, but are not limited to: printing and distribution of marketing materials describing the Trust, associated legal, consulting, advertising and marketing costs and other out-of-pocket expenses.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of the Units. The Sponsor pays the Distributor for its services a flat annual fee of $25,000, and the Trust does not reimburse the Sponsor for this fee.

Investments in Affiliates of the Trustee and the Sponsor

The Trust has invested in companies that are considered affiliates of the Trustee (State Street Corp.) and the Sponsor (ICE). Such investments were made according to the representative portion of the S&P 500 Index. The market values of these investments at March 31, 2017 are listed in the Schedule of Investments.

Contribution from the Trustee

On July 20, 2015, the Trustee made a cash contribution to the Trust in connection with the correction of a class action processing error.

Note 4 — Unitholder Transactions

Units are issued and redeemed by the Trust only in Creation Unit size aggregations of 50,000 Units. Such transactions are only permitted on an in-kind basis, with a separate cash payment that is equivalent to the undistributed net investment income per Unit (income equalization) and a balancing cash component to equate the transaction to the NAV per Unit of the Trust on the transaction date. There is a transaction fee payable to the

 

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Notes to Financial Statements (continued)

March 31, 2017 (Unaudited)

 

 

 

Note 4 — Unitholder Transactions – (continued)

 

Trustee in connection with each creation and redemption of Creation Units made through the clearing process (the “Transaction Fee”). The Transaction Fee is non-refundable, regardless of the NAV of the Trust. The Transaction Fee is the lesser of $3,000 or 0.10% (10 basis points) of the value of one Creation Unit at the time of creation per participating party per day, regardless of the number of Creation Units created or redeemed on such day. The Transaction Fee is currently $3,000. For creations and redemptions outside the clearing process, including orders from a participating party restricted from engaging in transactions in one or more of the common stocks that are included in the S&P 500 Index, an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit is charged per Creation Unit per day.

Note 5 — Investment Transactions

For the six months ended March 31, 2017, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $121,405,404,896, $97,578,897,018, $3,323,067,335, and $2,979,102,971, respectively. Net realized gain (loss) on investment transactions in the Statements of Operations includes net gains resulting from in-kind transactions of $9,667,751,218.

Note 6 — Market Risk

In the normal course of business, the Trust invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk). Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. The value of a Unit will decline, more or less, in correlation with any decline in value of the S&P 500 Index. The values of equity securities could decline generally or could underperform other investments. The Trust would not sell an equity security because the security’s issuer was in financial trouble unless that security was removed from the S&P 500 Index.

Note 7 — Subsequent Events

The Trustee has evaluated the impact of all subsequent events on the Trust through the date on which the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements other than below.

Effective June 16, 2017, SSBT will resign as Trustee of the Trust. PDR Services, LLC, as Sponsor of the Trust, has appointed State Street Global Advisors Trust Company (“SSGA TC”), a wholly-owned subsidiary of SSBT, as Trustee of the Trust, effective on June 16, 2017.

The services received, and the trustee fees paid, by the Trust will not change as a result of the change in the identity of the Trustee. SSBT will continue to maintain the Trust’s accounting records, act as custodian and transfer agent to the Trust, and provide administrative services, including the filing of certain regulatory reports.

Effective May 1, 2017, State Street Global Markets, LLC, the marketing agent to the Trust, will be renamed State Street Global Advisors Funds Distributors, LLC (“SSGA FD”). An affiliate of SSGA FD may assist in the assembly of shares for the purchase of Creation Units (or upon redemptions), for which it may receive commissions or other fees.

 

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Other Information

March 31, 2017 (Unaudited)

 

 

 

Comparison of Total Returns Based on NAV and Bid/Ask Price(1)

The table below is provided to compare the Trust’s total pre-tax return at NAV with the total pre-tax returns based on bid/ask price and the performance of the S&P 500 Index. Past performance is not necessarily an indication of how the Trust will perform in the future. The return based on NAV shown in the table below reflects the impact of a fee waiver and, without this waiver, returns would have been lower.

Cumulative Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500 ETF Trust

       

Return Based on NAV

      17.00 %      85.44 %      104.34 % 

Return Based on Bid/Ask Price

      17.01 %      85.52 %      104.22 % 

S&P 500 Index

      17.17 %      86.71 %      106.27 % 

Average Annual Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500 ETF Trust

       

Return Based on NAV

      17.00 %      13.15 %      7.41 % 

Return Based on Bid/Ask Price

      17.01 %      13.16 %      7.40 % 

S&P 500 Index

      17.17 %      13.30 %      7.51 % 

 

 

(1) Currently, the bid/ask price is the midpoint of the best bid and best offer prices on NYSE Arca at the time the Trust’s NAV is calculated, ordinarily 4:00 p.m. Through November 28, 2008, the bid/ask price was the midpoint of the best bid and best offer prices on NYSE Alternext US (formerly the American Stock Exchange and now NYSE MKT) at the close of trading, ordinarily 4:00 p.m.

 

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(Unaudited)

 

 

 

Sponsor

PDR Services LLC

c/o NYSE Holdings LLC

11 Wall Street

New York, NY 10005

Trustee

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Distributor

ALPS Distributors, Inc.

1290 Broadway Suite 1100

Denver, CO 80203

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard, Suite 500

Boston, MA 02210

 

SPYSAR