N-30D 1 d483307dn30d.htm SPDR S&P 500 ETF TRUST SPDR S&P 500 ETF TRUST
Table of Contents

Semi-Annual Report

March 31, 2018

 

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. SPDR® S&P 500® ETF Trust is permitted to use these trademarks pursuant to a sublicense from State Street Global Advisors Funds Distributors, 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, 2018

(Unaudited)

Table of Contents

 

Schedule of Investments (Unaudited)

      1  

Portfolio Statistics (Unaudited)

      8  

Statement of Assets and Liabilities (Unaudited)

      9  

Statements of Operations (Unaudited)

      10  

Statements of Changes in Net Assets (Unaudited)

      11  

Financial Highlights (Unaudited)

      12  

Notes to Financial Statements (Unaudited)

      13  

Other Information (Unaudited)

      19  

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments

March 31, 2018 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

3M Co.

      6,658,112      $ 1,461,588,746  

Abbott Laboratories

      19,456,751        1,165,848,520  

AbbVie, Inc.

      17,864,666        1,690,890,637  

Accenture PLC Class A

      6,909,126        1,060,550,841  

Activision Blizzard, Inc.

      8,501,643        573,520,837  

Acuity Brands, Inc.

      477,821        66,507,905  

Adobe Systems, Inc.(a)

      5,509,395        1,190,470,072  

Advance Auto Parts, Inc.

      805,627        95,507,081  

Advanced Micro Devices, Inc.(a)

      8,959,060        90,038,553  

AES Corp.

      7,229,472        82,199,097  

Aetna, Inc.

      3,647,075        616,355,675  

Affiliated Managers Group, Inc.

      632,675        119,942,527  

Aflac, Inc.

      8,808,564        385,462,761  

Agilent Technologies, Inc.

      3,592,651        240,348,352  

Air Products & Chemicals, Inc.

      2,436,429        387,465,304  

Akamai Technologies, Inc.(a)

      1,930,552        137,030,581  

Alaska Air Group, Inc.

      1,356,561        84,052,520  

Albemarle Corp.

      1,230,580        114,123,989  

Alexandria Real Estate Equities, Inc. REIT

      1,134,719        141,715,056  

Alexion Pharmaceuticals, Inc.(a)

      2,501,122        278,775,058  

Align Technology, Inc.(a)

      802,828        201,614,196  

Allegion PLC

      1,053,972        89,893,272  

Allergan PLC

      3,702,205        623,044,079  

Alliance Data Systems Corp.

      536,283        114,153,199  

Alliant Energy Corp.

      2,537,671        103,689,237  

Allstate Corp.

      4,013,803        380,508,524  

Alphabet, Inc. Class A(a)

      3,344,872        3,469,100,546  

Alphabet, Inc. Class C(a)

      3,410,769        3,519,197,347  

Altria Group, Inc.

      21,375,958        1,332,149,703  

Amazon.com, Inc.(a)

      4,503,062        6,517,461,755  

Ameren Corp.

      2,671,755        151,088,145  

American Airlines Group, Inc.

      4,820,487        250,472,505  

American Electric Power Co., Inc.

      5,473,308        375,414,196  

American Express Co.

      8,057,062        751,562,743  

American International Group, Inc.

      10,070,672        548,045,970  

American Tower Corp. REIT

      4,939,617        717,923,935  

American Water Works Co., Inc.

      1,985,698        163,085,377  

Ameriprise Financial, Inc.

      1,670,869        247,188,360  

AmerisourceBergen Corp.

      1,849,621        159,455,826  

AMETEK, Inc.

      2,577,047        195,778,261  

Amgen, Inc.

      7,495,768        1,277,878,529  

Amphenol Corp. Class A

      3,424,366        294,940,644  

Anadarko Petroleum Corp.

      6,208,468        375,053,552  

Analog Devices, Inc.

      4,144,503        377,688,558  
Common Stocks    Shares      Value  
               

Andeavor

      1,607,306      $ 161,630,691  

ANSYS, Inc.(a)

      946,946        148,376,969  

Anthem, Inc.

      2,872,217        631,026,075  

AO Smith Corp.

      1,629,960        103,649,156  

Aon PLC

      2,796,348        392,411,515  

Apache Corp.

      4,211,337        162,052,248  

Apartment Investment & Management Co. Class A REIT

      1,717,371        69,982,868  

Apple, Inc.

      56,868,257        9,541,356,159  

Applied Materials, Inc.

      11,775,948        654,860,468  

Aptiv PLC

      2,998,628        254,793,421  

Archer-Daniels-Midland Co.

      6,358,233        275,756,565  

Arconic, Inc.

      4,705,490        108,414,490  

Arthur J Gallagher & Co.

      1,999,141        137,400,961  

Assurant, Inc.

      619,578        56,635,625  

AT&T, Inc.

      68,809,900        2,453,072,935  

Autodesk, Inc.(a)

      2,447,097        307,306,441  

Automatic Data Processing, Inc.

      4,994,982        566,830,557  

AutoZone, Inc.(a)

      307,469        199,452,066  

AvalonBay Communities, Inc. REIT

      1,527,847        251,269,718  

Avery Dennison Corp.

      980,779        104,207,769  

Baker Hughes a GE Co.

      4,742,670        131,703,946  

Ball Corp.

      3,902,019        154,949,174  

Bank of America Corp.

      107,227,469        3,215,751,795  

Bank of New York Mellon Corp.

      11,317,060        583,168,102  

Baxter International, Inc.

      5,588,265        363,460,756  

BB&T Corp.

      8,829,138        459,468,342  

Becton Dickinson and Co.

      2,969,660        643,525,322  

Berkshire Hathaway, Inc. Class B(a)

      21,568,992        4,302,582,524  

Best Buy Co., Inc.

      2,845,585        199,162,494  

Biogen, Inc.(a)

      2,370,758        649,160,956  

BlackRock, Inc.

      1,381,398        748,330,925  

Boeing Co.

      6,199,730        2,032,767,472  

Booking Holdings, Inc.(a)

      548,022        1,140,099,489  

BorgWarner, Inc.

      2,221,846        111,603,325  

Boston Properties, Inc. REIT

      1,714,463        211,256,131  

Boston Scientific Corp.(a)

      15,408,022        420,947,161  

Brighthouse Financial, Inc.(a)

      1,106,142        56,855,699  

Bristol-Myers Squibb Co.

      18,267,907        1,155,445,118  

Broadcom, Ltd.

      4,600,067        1,084,005,789  

Brown-Forman Corp. Class B

      2,931,127        159,453,309  

C.H. Robinson Worldwide, Inc.

      1,570,477        147,169,400  

CA, Inc.

      3,491,720        118,369,308  

Cabot Oil & Gas Corp.

      5,293,354        126,934,629  
 

 

See accompanying notes to financial statements.

 

1

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2018 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Cadence Design Systems, Inc.(a)

      3,183,334      $ 117,051,191  

Campbell Soup Co.

      2,151,666        93,188,654  

Capital One Financial Corp.

      5,418,003        519,153,047  

Cardinal Health, Inc.

      3,511,751        220,116,553  

CarMax, Inc.(a)

      2,084,146        129,092,003  

Carnival Corp.

      4,539,950        297,729,921  

Caterpillar, Inc.

      6,696,997        987,003,418  

Cboe Global Markets, Inc.

      1,261,465        143,933,156  

CBRE Group, Inc. Class A(a)

      3,329,801        157,233,203  

CBS Corp. Class B

      3,869,299        198,843,276  

Celgene Corp.(a)

      8,432,279        752,243,610  

Centene Corp.(a)

      1,918,269        205,005,408  

CenterPoint Energy, Inc.

      4,718,826        129,295,832  

CenturyLink, Inc.

      10,759,705        176,781,953  

Cerner Corp.(a)

      3,512,624        203,732,192  

CF Industries Holdings, Inc.

      2,568,038        96,892,074  

Charles Schwab Corp.

      13,429,624        701,294,965  

Charter Communications, Inc. Class A(a)

      2,085,310        648,990,178  

Chevron Corp.

      21,406,947        2,441,248,236  

Chipotle Mexican Grill, Inc.(a)

      279,266        90,233,637  

Chubb, Ltd.

      5,185,663        709,243,129  

Church & Dwight Co., Inc.

      2,850,993        143,576,007  

Cigna Corp.

      2,759,454        462,870,814  

Cimarex Energy Co.

      1,039,611        97,203,629  

Cincinnati Financial Corp.

      1,664,332        123,593,294  

Cintas Corp.

      952,312        162,445,381  

Cisco Systems, Inc.

      53,998,698        2,316,004,157  

Citigroup, Inc.

      28,807,835        1,944,528,862  

Citizens Financial Group, Inc.

      5,504,356        231,072,865  

Citrix Systems, Inc.(a)

      1,449,369        134,501,443  

Clorox Co.

      1,419,767        188,985,185  

CME Group, Inc.

      3,804,115        615,277,560  

CMS Energy Corp.

      3,152,519        142,777,586  

Coca-Cola Co.

      43,025,987        1,868,618,615  

Cognizant Technology Solutions Corp. Class A

      6,565,057        528,487,088  

Colgate-Palmolive Co.

      9,840,379        705,358,367  

Comcast Corp. Class A

      51,946,856        1,775,024,070  

Comerica, Inc.

      1,959,195        187,945,576  

Conagra Brands, Inc.

      4,612,331        170,102,767  

Concho Resources, Inc.(a)

      1,650,106        248,060,435  

ConocoPhillips

      13,165,050        780,555,814  

Consolidated Edison, Inc.

      3,465,742        270,119,931  

Constellation Brands, Inc. Class A

      1,922,099        438,084,804  

Cooper Cos., Inc.

      536,860        122,838,937  

Corning, Inc.

      9,724,131        271,108,772  

Costco Wholesale Corp.

      4,920,805        927,227,286  

Coty, Inc. Class A

      5,236,644        95,830,585  
Common Stocks    Shares      Value  
               

Crown Castle International Corp. REIT

      4,646,240      $ 509,274,366  

CSRA, Inc.

      1,824,199        75,211,725  

CSX Corp.

      9,999,310        557,061,560  

Cummins, Inc.

      1,757,168        284,819,361  

CVS Health Corp.

      11,352,695        706,251,156  

D.R. Horton, Inc.

      3,765,254        165,068,735  

Danaher Corp.

      6,843,032        670,001,263  

Darden Restaurants, Inc.

      1,386,825        118,226,831  

DaVita, Inc.(a)

      1,632,234        107,629,510  

Deere & Co.

      3,628,689        563,607,975  

Delta Air Lines, Inc.

      7,288,597        399,488,002  

DENTSPLY SIRONA, Inc.

      2,581,267        129,863,543  

Devon Energy Corp.

      5,856,638        186,182,522  

Digital Realty Trust, Inc. REIT

      2,288,933        241,207,760  

Discover Financial Services

      3,976,010        285,994,399  

Discovery Communications, Inc. Class A(a)

      1,646,609        35,286,831  

Discovery Communications, Inc. Class C(a)

      3,514,320        68,599,526  

DISH Network Corp. Class A(a)

      2,515,274        95,303,732  

Dollar General Corp.

      2,904,913        271,754,611  

Dollar Tree, Inc.(a)

      2,637,405        250,289,734  

Dominion Energy, Inc.

      7,301,134        492,315,466  

Dover Corp.

      1,735,303        170,441,461  

DowDuPont, Inc.

      26,224,056        1,670,734,608  

Dr. Pepper Snapple Group, Inc.

      2,052,634        242,990,813  

DTE Energy Co.

      1,997,176        208,505,174  

Duke Energy Corp.

      7,845,616        607,799,872  

Duke Realty Corp. REIT

      3,934,206        104,177,775  

DXC Technology Co.

      3,159,225        317,596,889  

E*TRADE Financial Corp.(a)

      3,092,449        171,352,599  

Eastman Chemical Co.

      1,637,841        172,923,253  

Eaton Corp. PLC

      4,926,665        393,689,800  

eBay, Inc.(a)

      10,550,350        424,546,084  

Ecolab, Inc.

      2,921,267        400,418,068  

Edison International

      3,627,051        230,898,067  

Edwards Lifesciences Corp.(a)

      2,348,975        327,728,992  

Electronic Arts, Inc.(a)

      3,434,289        416,373,198  

Eli Lilly & Co.

      10,820,351        837,170,557  

Emerson Electric Co.

      7,182,840        490,587,972  

Entergy Corp.

      1,995,960        157,241,729  

Envision Healthcare Corp.(a)

      1,289,894        49,570,626  

EOG Resources, Inc.

      6,484,435        682,616,472  

EQT Corp.

      2,735,944        129,984,699  

Equifax, Inc.

      1,334,968        157,272,580  

Equinix, Inc. REIT

      888,079        371,341,353  

Equity Residential REIT

      4,086,643        251,818,942  

Essex Property Trust, Inc. REIT

      730,070        175,713,248  
 

 

See accompanying notes to financial statements.

 

2

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2018 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Estee Lauder Cos., Inc. Class A

      2,493,808      $ 373,372,934  

Everest Re Group, Ltd.

      455,056        116,867,482  

Eversource Energy

      3,493,956        205,863,888  

Exelon Corp.

      10,814,353        421,867,911  

Expedia Group, Inc.

      1,373,852        151,686,999  

Expeditors International of Washington, Inc.

      2,000,190        126,612,027  

Express Scripts Holding Co.(a)

      6,335,454        437,653,162  

Extra Space Storage, Inc. REIT

      1,372,312        119,885,176  

Exxon Mobil Corp.

      47,485,912        3,542,923,894  

F5 Networks, Inc.(a)

      721,648        104,357,517  

Facebook, Inc. Class A(a)

      26,849,959        4,290,354,949  

Fastenal Co.

      3,183,236        173,772,853  

Federal Realty Investment Trust REIT

      802,036        93,124,400  

FedEx Corp.

      2,758,325        662,301,416  

Fidelity National Information Services, Inc.

      3,732,685        359,457,565  

Fifth Third Bancorp

      7,901,271        250,865,354  

FirstEnergy Corp.

      4,925,570        167,518,636  

Fiserv, Inc.(a)

      4,691,260        334,533,751  

FLIR Systems, Inc.

      1,505,545        75,292,305  

Flowserve Corp.

      1,426,917        61,828,314  

Fluor Corp.

      1,520,604        87,008,961  

FMC Corp.

      1,466,409        112,282,937  

Foot Locker, Inc.

      1,387,400        63,182,196  

Ford Motor Co.

      43,580,177        482,868,361  

Fortive Corp.

      3,418,954        265,037,314  

Fortune Brands Home & Security, Inc.

      1,679,790        98,922,833  

Franklin Resources, Inc.

      3,664,309        127,078,236  

Freeport-McMoRan, Inc.(a)

      15,049,601        264,421,490  

Gap, Inc.

      2,474,955        77,218,596  

Garmin, Ltd.

      1,287,300        75,860,589  

Gartner, Inc.(a)

      1,022,914        120,315,145  

General Dynamics Corp.

      3,101,616        685,146,974  

General Electric Co.

      97,303,212        1,311,647,298  

General Mills, Inc.

      6,355,648        286,385,499  

General Motors Co.

      14,305,766        519,871,536  

Genuine Parts Co.

      1,646,947        147,961,718  

GGP, Inc. REIT

      6,981,198        142,835,311  

Gilead Sciences, Inc.

      14,680,052        1,106,729,120  

Global Payments, Inc.

      1,777,384        198,213,864  

Goldman Sachs Group, Inc.

      3,958,929        997,095,858  

Goodyear Tire & Rubber Co.

      2,807,039        74,611,097  

H&R Block, Inc.

      2,305,603        58,585,372  

Halliburton Co.

      9,752,324        457,774,089  

Hanesbrands, Inc.

      4,165,197        76,722,929  

Harley-Davidson, Inc.

      1,963,851        84,209,931  

Harris Corp.

      1,334,470        215,223,322  
Common Stocks    Shares      Value  
               

Hartford Financial Services Group, Inc.

      3,989,769      $ 205,552,899  

Hasbro, Inc.

      1,267,418        106,843,337  

HCA Healthcare, Inc.

      3,137,131        304,301,707  

HCP, Inc. REIT

      5,143,525        119,484,086  

Helmerich & Payne, Inc.

      1,184,194        78,819,953  

Henry Schein, Inc.(a)

      1,764,710        118,606,159  

Hershey Co.

      1,565,811        154,952,657  

Hess Corp.

      2,959,435        149,806,600  

Hewlett Packard Enterprise Co.

      17,855,182        313,179,892  

Hilton Worldwide Holdings, Inc.

      2,271,742        178,922,400  

Hologic, Inc.(a)

      3,121,824        116,631,345  

Home Depot, Inc.

      13,087,049        2,332,635,614  

Honeywell International, Inc.

      8,428,391        1,217,986,783  

Hormel Foods Corp.

      2,952,302        101,323,005  

Host Hotels & Resorts, Inc. REIT

      8,243,928        153,666,818  

HP, Inc.

      18,614,228        408,023,878  

Humana, Inc.

      1,543,007        414,806,572  

Huntington Bancshares, Inc.

      12,352,068        186,516,227  

Huntington Ingalls Industries, Inc.

      507,144        130,721,437  

IDEXX Laboratories, Inc.(a)

      979,154        187,400,284  

IHS Markit, Ltd.(a)

      4,056,574        195,689,130  

Illinois Tool Works, Inc.

      3,472,479        543,998,560  

Illumina, Inc.(a)

      1,647,300        389,454,666  

Incyte Corp.(a)

      1,956,457        163,031,562  

Ingersoll-Rand PLC

      2,827,665        241,793,634  

Intel Corp.

      52,447,669        2,731,474,602  

Intercontinental Exchange, Inc.(b)

      6,556,774        475,497,250  

International Business Machines Corp.

      9,601,335        1,473,132,829  

International Flavors & Fragrances, Inc.

      872,557        119,461,779  

International Paper Co.

      4,599,742        245,764,215  

Interpublic Group of Cos., Inc.

      4,411,150        101,588,785  

Intuit, Inc.

      2,706,069        469,097,061  

Intuitive Surgical, Inc.(a)

      1,258,254        519,444,999  

Invesco, Ltd.

      4,563,702        146,084,101  

IPG Photonics Corp.(a)

      426,948        99,641,124  

IQVIA Holdings, Inc.(a)

      1,629,300        159,850,623  

Iron Mountain, Inc. REIT

      3,153,798        103,633,802  

J.M. Smucker Co.

      1,264,703        156,835,819  

Jacobs Engineering Group, Inc.

      1,344,137        79,505,704  

JB Hunt Transport Services, Inc.

      976,439        114,389,829  

Johnson & Johnson

      30,067,061        3,853,093,867  

Johnson Controls International PLC

      10,414,634        367,011,702  
 

 

See accompanying notes to financial statements.

 

3

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2018 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

JPMorgan Chase & Co.

      38,464,363      $ 4,229,925,999  

Juniper Networks, Inc.

      3,854,860        93,788,744  

Kansas City Southern

      1,191,487        130,884,847  

Kellogg Co.

      2,775,832        180,456,838  

KeyCorp

      11,887,837        232,407,213  

Kimberly-Clark Corp.

      3,965,549        436,725,911  

Kimco Realty Corp. REIT

      4,620,387        66,533,573  

Kinder Morgan, Inc.

      21,342,096        321,411,966  

KLA-Tencor Corp.

      1,744,124        190,126,957  

Kohl’s Corp.

      1,960,940        128,461,179  

Kraft Heinz Co.

      6,646,429        414,006,062  

Kroger Co.

      9,999,559        239,389,442  

L Brands, Inc.

      2,761,692        105,524,251  

L3 Technologies, Inc.

      867,971        180,537,968  

Laboratory Corp. of America Holdings(a)

      1,127,314        182,343,039  

Lam Research Corp.

      1,826,404        371,052,237  

Leggett & Platt, Inc.

      1,487,454        65,983,459  

Lennar Corp. Class A

      3,014,857        177,695,672  

Leucadia National Corp.

      3,660,644        83,206,438  

Lincoln National Corp.

      2,447,008        178,778,404  

LKQ Corp.(a)

      3,374,498        128,062,199  

Lockheed Martin Corp.

      2,780,509        939,617,406  

Loews Corp.

      3,069,516        152,647,031  

Lowe’s Cos., Inc.

      9,314,133        817,315,171  

LyondellBasell Industries NV Class A

      3,614,708        382,002,341  

M&T Bank Corp.

      1,682,811        310,243,036  

Macerich Co. REIT

      1,210,906        67,834,954  

Macy’s, Inc.

      3,398,801        101,080,342  

Marathon Oil Corp.

      9,335,105        150,575,244  

Marathon Petroleum Corp.

      5,317,200        388,740,492  

Marriott International, Inc. Class A

      3,365,115        457,588,338  

Marsh & McLennan Cos., Inc.

      5,740,666        474,121,605  

Martin Marietta Materials, Inc.

      705,830        146,318,559  

Masco Corp.

      3,567,809        144,282,196  

Mastercard, Inc. Class A

      10,346,071        1,812,217,796  

Mattel, Inc.

      3,727,872        49,021,517  

McCormick & Co., Inc.

      1,324,353        140,897,916  

McDonald’s Corp.

      8,914,856        1,394,105,181  

McKesson Corp.

      2,312,379        325,744,830  

Medtronic PLC

      15,188,001        1,218,381,440  

Merck & Co., Inc.

      30,218,448        1,645,998,863  

MetLife, Inc.

      11,618,294        533,163,512  

Mettler-Toledo International, Inc.(a)

      290,225        166,888,082  

MGM Resorts International

      5,778,592        202,366,292  

Michael Kors Holdings, Ltd.(a)

      1,686,986        104,728,091  

Microchip Technology, Inc.

      2,614,050        238,819,608  

Micron Technology, Inc.(a)

      12,958,081        675,634,343  
Common Stocks    Shares      Value  
               

Microsoft Corp.

      86,291,264      $ 7,875,803,665  

Mid-America Apartment Communities, Inc. REIT

      1,249,052        113,963,504  

Mohawk Industries, Inc.(a)

      697,035        161,865,468  

Molson Coors Brewing Co. Class B

      2,056,159        154,890,457  

Mondelez International, Inc. Class A

      16,801,472        701,125,427  

Monsanto Co.

      4,939,903        576,437,281  

Monster Beverage Corp.(a)

      4,623,085        264,486,693  

Moody’s Corp.

      1,858,431        299,764,920  

Morgan Stanley

      15,573,569        840,349,783  

Mosaic Co.

      3,866,616        93,881,436  

Motorola Solutions, Inc.

      1,808,186        190,401,986  

Mylan NV(a)

      5,770,867        237,586,594  

Nasdaq, Inc.

      1,300,965        112,169,202  

National Oilwell Varco, Inc.

      4,215,943        155,188,862  

Navient Corp.

      2,943,287        38,615,925  

Nektar Therapeutics(a)

      1,791,436        190,357,989  

NetApp, Inc.

      3,015,713        186,039,335  

Netflix, Inc.(a)

      4,863,037        1,436,297,978  

Newell Brands, Inc.

      5,384,234        137,190,282  

Newfield Exploration Co.(a)

      2,173,655        53,080,655  

Newmont Mining Corp.

      5,940,827        232,108,111  

News Corp. Class A

      4,169,890        65,884,262  

News Corp. Class B

      1,212,029        19,513,667  

NextEra Energy, Inc.

      5,257,926        858,777,054  

Nielsen Holdings PLC

      3,713,402        118,049,050  

NIKE, Inc. Class B

      14,545,862        966,427,071  

NiSource, Inc.

      3,762,176        89,953,628  

Noble Energy, Inc.

      5,423,879        164,343,534  

Nordstrom, Inc.

      1,290,846        62,489,855  

Norfolk Southern Corp.

      3,184,814        432,434,045  

Northern Trust Corp.

      2,395,044        247,000,888  

Northrop Grumman Corp.

      1,942,590        678,197,021  

Norwegian Cruise Line Holdings, Ltd.(a)

      2,310,362        122,379,875  

NRG Energy, Inc.

      3,430,842        104,743,606  

Nucor Corp.

      3,550,172        216,880,007  

NVIDIA Corp.

      6,773,160        1,568,596,124  

O’Reilly Automotive, Inc.(a)

      951,618        235,411,261  

Occidental Petroleum Corp.

      8,554,403        555,694,019  

Omnicom Group, Inc.

      2,623,377        190,640,807  

ONEOK, Inc.

      4,585,061        260,981,672  

Oracle Corp.

      33,868,143        1,549,467,542  

PACCAR, Inc.

      3,905,973        258,458,233  

Packaging Corp. of America

      1,042,620        117,503,274  

Parker-Hannifin Corp.

      1,477,215        252,648,081  

Paychex, Inc.

      3,573,265        220,077,391  

PayPal Holdings, Inc.(a)

      12,643,289        959,246,336  

Pentair PLC

      1,854,965        126,378,765  
 

 

See accompanying notes to financial statements.

 

4

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2018 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

People’s United Financial, Inc.

      3,834,493      $ 71,551,639  

PepsiCo, Inc.

      15,918,602        1,737,515,408  

PerkinElmer, Inc.

      1,191,071        90,187,896  

Perrigo Co. PLC

      1,476,154        123,022,674  

Pfizer, Inc.

      66,640,388        2,365,067,370  

PG&E Corp.

      5,688,169        249,881,264  

Philip Morris International, Inc.

      17,405,701        1,730,126,679  

Phillips 66

      4,704,969        451,300,626  

Pinnacle West Capital Corp.

      1,218,238        97,215,392  

Pioneer Natural Resources Co.

      1,889,861        324,640,323  

PNC Financial Services Group, Inc.

      5,285,324        799,352,402  

PPG Industries, Inc.

      2,861,864        319,384,022  

PPL Corp.

      7,777,340        220,020,949  

Praxair, Inc.

      3,200,547        461,838,932  

Principal Financial Group, Inc.

      2,961,378        180,377,534  

Procter & Gamble Co.

      28,254,695        2,240,032,220  

Progressive Corp.

      6,471,948        394,335,792  

Prologis, Inc. REIT

      5,947,836        374,654,190  

Prudential Financial, Inc.

      4,775,100        494,461,605  

Public Service Enterprise Group, Inc.

      5,635,027        283,103,756  

Public Storage REIT

      1,673,017        335,255,877  

PulteGroup, Inc.

      3,028,488        89,310,111  

PVH Corp.

      898,483        136,057,281  

Qorvo, Inc.(a)

      1,410,077        99,339,925  

QUALCOMM, Inc.

      16,589,966        919,250,016  

Quanta Services, Inc.(a)

      1,663,432        57,138,889  

Quest Diagnostics, Inc.

      1,529,425        153,401,327  

Ralph Lauren Corp.

      636,152        71,121,794  

Range Resources Corp.

      2,523,059        36,685,278  

Raymond James Financial, Inc.

      1,445,876        129,275,773  

Raytheon Co.

      3,259,075        703,373,566  

Realty Income Corp. REIT

      3,147,244        162,806,932  

Red Hat, Inc.(a)

      2,004,681        299,719,856  

Regency Centers Corp. REIT

      1,625,143        95,850,934  

Regeneron Pharmaceuticals, Inc.(a)

      861,277        296,589,348  

Regions Financial Corp.

      12,583,133        233,794,611  

Republic Services, Inc.

      2,566,525        169,980,951  

ResMed, Inc.

      1,568,836        154,483,281  

Robert Half International, Inc.

      1,436,466        83,157,017  

Rockwell Automation, Inc.

      1,439,710        250,797,482  

Rockwell Collins, Inc.

      1,806,712        243,635,113  

Roper Technologies, Inc.

      1,152,510        323,498,032  

Ross Stores, Inc.

      4,313,003        336,327,974  

Royal Caribbean Cruises, Ltd.

      1,917,737        225,794,354  

S&P Global, Inc.

      2,878,443        549,955,320  

salesforce.com, Inc.(a)

      7,669,356        891,946,103  

SBA Communications Corp. REIT(a)

      1,342,253        229,417,883  
Common Stocks    Shares      Value  
               

SCANA Corp.

      1,567,666      $ 58,865,858  

Schlumberger, Ltd.

      15,524,256        1,005,661,304  

Seagate Technology PLC

      3,249,482        190,159,687  

Sealed Air Corp.

      1,875,779        80,264,583  

Sempra Energy

      2,861,429        318,248,133  

Sherwin-Williams Co.

      920,159        360,812,747  

Simon Property Group, Inc. REIT

      3,478,483        536,903,851  

Skyworks Solutions, Inc.

      2,058,976        206,432,934  

SL Green Realty Corp. REIT

      1,012,330        98,023,914  

Snap-on, Inc.

      638,832        94,253,273  

Southern Co.

      11,216,741        500,939,653  

Southwest Airlines Co.

      6,125,840        350,888,115  

Stanley Black & Decker, Inc.

      1,698,114        260,151,065  

Starbucks Corp.

      15,750,673        911,806,460  

State Street Corp.(c)

      4,173,274        416,200,616  

Stericycle, Inc.(a)

      931,951        54,547,092  

Stryker Corp.

      3,610,431        580,990,557  

SunTrust Banks, Inc.

      5,248,773        357,126,515  

SVB Financial Group(a)

      588,514        141,249,245  

Symantec Corp.

      6,919,522        178,869,644  

Synchrony Financial

      8,010,250        268,583,682  

Synopsys, Inc.(a)

      1,667,639        138,814,270  

Sysco Corp.

      5,411,383        324,466,525  

T Rowe Price Group, Inc.

      2,707,143        292,290,230  

Take-Two Interactive Software, Inc.(a)

      1,273,398        124,512,856  

Tapestry, Inc.

      3,129,970        164,667,722  

Target Corp.

      6,084,133        422,421,354  

TE Connectivity, Ltd.

      3,936,852        393,291,515  

TechnipFMC PLC

      4,885,875        143,889,019  

Texas Instruments, Inc.

      11,028,238        1,145,723,646  

Textron, Inc.

      2,970,826        175,189,609  

Thermo Fisher Scientific, Inc.

      4,502,684        929,624,139  

Tiffany & Co.

      1,135,426        110,885,703  

Time Warner, Inc.

      8,703,560        823,182,705  

TJX Cos., Inc.

      7,086,643        577,986,603  

Torchmark Corp.

      1,235,269        103,972,592  

Total System Services, Inc.

      1,859,577        160,407,112  

Tractor Supply Co.

      1,468,458        92,542,223  

TransDigm Group, Inc.

      554,304        170,138,070  

Travelers Cos., Inc.

      3,061,226        425,081,842  

TripAdvisor, Inc.(a)

      1,250,539        51,134,540  

Twenty-First Century Fox, Inc. Class A

      11,769,545        431,824,606  

Twenty-First Century Fox, Inc. Class B

      4,881,700        177,547,429  

Tyson Foods, Inc. Class A

      3,324,440        243,315,764  

UDR, Inc. REIT

      2,929,311        104,342,058  

Ulta Salon Cosmetics & Fragrance, Inc.(a)

      648,120        132,391,472  
 

 

See accompanying notes to financial statements.

 

5

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2018 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Under Armour, Inc. Class A(a)

      1,993,665      $ 32,596,423  

Under Armour, Inc. Class C(a)

      2,007,064        28,801,368  

Union Pacific Corp.

      8,803,148        1,183,407,186  

United Continental Holdings, Inc.(a)

      2,712,459        188,434,527  

United Parcel Service, Inc. Class B

      7,680,571        803,848,561  

United Rentals, Inc.(a)

      935,171        161,532,087  

United Technologies Corp.

      8,335,694        1,048,797,019  

UnitedHealth Group, Inc.

      10,833,594        2,318,389,116  

Universal Health Services, Inc. Class B

      987,350        116,912,114  

Unum Group

      2,553,432        121,568,898  

US Bancorp

      17,630,587        890,344,643  

Valero Energy Corp.

      4,922,605        456,670,066  

Varian Medical Systems, Inc.(a)

      1,044,669        128,128,653  

Ventas, Inc. REIT

      3,981,575        197,207,410  

VeriSign, Inc.(a)

      936,023        110,974,887  

Verisk Analytics, Inc.(a)

      1,737,122        180,660,688  

Verizon Communications, Inc.

      46,260,887        2,212,195,616  

Vertex Pharmaceuticals, Inc.(a)

      2,844,954        463,670,603  

VF Corp.

      3,665,118        271,658,546  

Viacom, Inc. Class B

      3,924,104        121,882,670  

Visa, Inc. Class A

      20,202,478        2,416,620,418  

Vornado Realty Trust REIT

      1,915,305        128,900,027  

Vulcan Materials Co.

      1,462,419        166,964,377  

W.W. Grainger, Inc.

      580,452        163,844,186  

Walgreens Boots Alliance, Inc.

      9,548,842        625,162,686  

Walmart, Inc.

      16,268,713        1,447,427,396  

Walt Disney Co.

      16,895,516        1,696,985,627  

Waste Management, Inc.

      4,505,820        379,029,578  

Waters Corp.(a)

      889,762        176,751,221  

WEC Energy Group, Inc.

      3,516,018        220,454,329  

Wells Fargo & Co.

      49,200,822        2,578,615,081  

Welltower, Inc. REIT

      4,139,921        225,335,900  
Common Stocks    Shares      Value  
               

Western Digital Corp.

      3,305,823      $ 305,028,288  

Western Union Co.

      5,169,238        99,404,447  

WestRock Co.

      2,846,139        182,636,740  

Weyerhaeuser Co. REIT

      8,437,379        295,308,265  

Whirlpool Corp.

      829,538        127,010,563  

Williams Cos., Inc.

      9,193,995        228,562,716  

Willis Towers Watson PLC

      1,498,809        228,103,742  

Wyndham Worldwide Corp.

      1,170,378        133,926,355  

Wynn Resorts, Ltd.

      892,165        162,695,209  

Xcel Energy, Inc.

      5,656,521        257,258,575  

Xerox Corp.

      2,362,201        67,984,145  

Xilinx, Inc.

      2,855,505        206,281,681  

XL Group, Ltd.

      2,989,038        165,174,240  

Xylem, Inc.

      2,002,026        153,995,840  

Yum! Brands, Inc.

      3,771,078        321,031,870  

Zimmer Biomet Holdings, Inc.

      2,276,482        248,227,597  

Zions Bancorp

      2,248,452        118,560,874  

Zoetis, Inc.

      5,474,800        457,200,548  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $262,986,485,847)

         252,110,128,784  
  

 

 

  

 

(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 Global Advisors Trust Company (the “Trustee”). See the table below for more information.

PLC = Public Limited Company

REIT = Real Estate Investment Trust

 

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of March 31, 2018.

 

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

ASSETS:

            

INVESTMENTS:

            

Common Stocks

   $ 252,110,128,784      $ —      $ —      $ 252,110,128,784  

 

See accompanying notes to financial statements.

 

6

Table of Contents

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

March 31, 2018 (Unaudited)

 

 

 

INVESTMENTS IN AFFILIATES OF THE TRUSTEE AND THE SPONSOR

SPDR S&P 500 ETF Trust has invested in State Street Corp., which is considered an affiliate of the Trustee and Intercontinental Exchange, Inc., which is considered an affiliate of the Sponsor. Amounts related to these investments at March 31, 2018, and for the six months then ended, are (Note 3):

 

    Number
of Shares
Held at
9/30/17		     Value At
9/30/17		     Cost of
Purchases*		     Proceeds
from
Shares
Sold*		     Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
Depreciation		     Number
of Shares
Held at
3/31/18		     Value At
3/31/18		     Dividend
Income		  

Intercontinental Exchange, Inc.

     6,625,888     $ 455,198,506     $ 275,247,911     $ 276,528,226     $ 53,765,373     $ (32,186,315 )      6,556,774     $ 475,497,250     $ 3,051,954  

State Street Corp.

     4,215,714       402,769,316       248,000,648       248,924,852       53,406,981       (39,051,478 )      4,173,274       416,200,616       3,674,948  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

TOTAL

     $ 857,967,822     $ 523,248,559     $ 525,453,078     $ 107,172,354     $ (71,237,793 )      $ 891,697,866     $ 6,726,902  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

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

 

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, 2018*

 

INDUSTRY    PERCENTAGE OF
NET ASSETS		  

Banks

      6.5 % 

Software

      5.8  

Oil, Gas & Consumable Fuels

      4.9  

Internet Software & Services

      4.7  

Pharmaceuticals

      4.5  

Technology Hardware, Storage & Peripherals

      4.4  

IT Services

      4.3  

Semiconductors & Semiconductor Equipment

      4.2  

Internet & Catalog Retail

      3.7  

Capital Markets

      3.2  

Aerospace & Defense

      2.8  

Health Care Equipment & Supplies

      2.8  

Health Care Providers & Services

      2.7  

Real Estate Investment Trusts (REITs)

      2.7  

Biotechnology

      2.6  

Insurance

      2.6  

Media

      2.6  

Specialty Retail

      2.2  

Chemicals

      2.1  

Beverages

      1.9  

Diversified Telecommunication Services

      1.9  

Electric Utilities

      1.8  

Hotels, Restaurants & Leisure

      1.8  

Diversified Financial Services

      1.7  

Food & Staples Retailing

      1.7  

Industrial Conglomerates

      1.7  

Machinery

      1.7  

Household Products

      1.5  

Communications Equipment

      1.2  

Food Products

      1.2  

Tobacco

      1.2  

Road & Rail

      1.0  

Multi-Utilities

      0.9  

Energy Equipment & Services

      0.8  

Life Sciences Tools & Services

      0.8  

Air Freight & Logistics

      0.7  

Consumer Finance

      0.7  

Textiles, Apparel & Luxury Goods

      0.7  

Airlines

      0.5  

Electrical Equipment

      0.5  

Multiline Retail

      0.5  

Automobiles

      0.4  

Containers & Packaging

      0.4  

Electronic Equipment, Instruments & Components

      0.4  

 

INDUSTRY    PERCENTAGE OF
NET ASSETS		  

Household Durables

      0.4 %  

Building Products

      0.3  

Commercial Services & Supplies

      0.3  

Metals & Mining

      0.3  

Professional Services

      0.3  

Auto Components

      0.2  

Personal Products

      0.2  

Trading Companies & Distributors

      0.2  

Construction & Engineering

      0.1  

Construction Materials

      0.1  

Distributors

      0.1  

Health Care Technology

      0.1  

Independent Power Producers & Energy Traders

      0.1  

Leisure Equipment & Products

      0.1  

Real Estate Management & Development

      0.1  

Water Utilities

      0.1  

Diversified Consumer Services

      0.0 ** 

Other Assets in Excess of Liabilities

      0.1  

 

  

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

Statements of Assets and Liabilities

March 31, 2018 (Unaudited)

 

 

 

ASSETS

 

Investments in unaffiliated issuers, at value (Note 2)

    $ 251,218,430,918  

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

      891,697,866  
  

 

 

  

Total Investments

      252,110,128,784  

Cash

      1,092,210,545  

Receivable for investments sold

      3,931,669,077  

Dividends receivable — unaffiliated issuers (Note 2)

      251,877,898  

Dividends receivable — affiliated issuers (Note 2)

      1,770,835  
  

 

 

  

Total Assets

      257,387,657,139  
  

 

 

  

LIABILITIES

 

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

      3,933,320,025  

Accrued Trustee expense (Note 3)

      11,161,888  

Accrued Marketing expense (Note 3)

      5,707,290  

Distribution payable

      1,082,223,117  

Accrued expenses and other liabilities

      34,246,497  
  

 

 

  

Total Liabilities

      5,066,658,817  
  

 

 

  

NET ASSETS

    $ 252,320,998,322  
  

 

 

  

NET ASSETS CONSIST OF:

 

Paid in capital (Note 4)

    $ 268,845,519,157  

Distribution in excess of net investment income

      (1,082,886,712 ) 

Accumulated net realized gain (loss) on investments

      (4,565,277,060 ) 

Net unrealized appreciation (depreciation) on:

   

Investments — affiliated issuers

      37,197,553  

Investments — unaffiliated issuers

      (10,913,554,616 ) 
  

 

 

  

NET ASSETS

    $ 252,320,998,322  
  

 

 

  

NET ASSET VALUE PER UNIT

    $ 263.42  
  

 

 

  

UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

      957,882,116  
  

 

 

  

COST OF INVESTMENTS:

 

Unaffiliated issuers

    $ 262,131,985,534  

Affiliates of the Trustee and the Sponsor (Note 3)

      854,500,313  
  

 

 

  

Total Cost of Investments

    $ 262,986,485,847  
  

 

 

  

 

See accompanying notes to financial statements.

 

9

Table of Contents

SPDR S&P 500 ETF Trust

Statements of Operations

 

 

 

    Six Months Ended
3/31/18
(Unaudited)		     Year Ended
9/30/17		     Year Ended
9/30/16		     Year Ended
9/30/15		  

INVESTMENT INCOME

 

Dividend income — unaffiliated issuers (Note 2)

   $ 2,545,715,446     $ 4,737,367,911     $ 3,945,216,356     $ 4,005,208,734  

Dividend income — affiliates of the Trustee and the Sponsor

     6,726,902       11,842,443       9,522,352       8,629,447  

Foreign taxes withheld

     —       (9,787 )      (1,701 )      (400,124 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Investment Income

     2,552,442,348       4,749,200,567       3,954,737,007       4,013,438,057  

EXPENSES

        

Trustee expense (Note 3)

     72,260,851       126,137,525       103,362,752       105,581,093  

S&P license fee (Note 3)

     40,098,289       69,123,020       55,221,522       55,780,384  

Marketing expense (Note 3)

     11,345,819       18,358,255       36,504,376       36,786,924  

Legal and audit fees

     264,245       241,998       384,056       558,523  

Other expenses

     2,536,347       2,644,758       2,221,602       3,771,679  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

     126,505,551       216,505,556       197,694,308       202,478,603  

Trustee expense waiver

     (1,138,349 )      (658,036 )      (25,222,398 )      (28,513,292 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Expenses

     125,367,202       215,847,520       172,471,910       173,965,311  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INVESTMENT INCOME (LOSS)

     2,427,075,146       4,533,353,047       3,782,265,097       3,839,472,746  
 

 

 

    

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) on:

        

Investments — unaffiliated issuers

     (298,283,501 )      (1,368,210,820 )      (1,028,840,743 )      (255,433,855 ) 

Investments — affiliates of the Trustee and the Sponsor

     —       (355,947 )      26,620,667       50,429,127  

In-kind redemptions — unaffiliated issuers

     24,490,581,775       22,363,636,511       11,251,354,143       20,975,938,027  

In-kind redemptions — affiliated issuers

     107,172,354       89,897,379       30,680,189       27,207,869  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

     24,299,470,628       21,084,967,123       10,279,814,256       20,798,141,168  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation (depreciation) on:

        

Investments — unaffiliated issuers

     (14,102,530,268 )      12,961,822,882       10,942,349,396       (25,396,805,455 ) 

Investments — affiliates of the Trustee and the Sponsor

     (71,237,793 )      113,290,379       24,374,172       (34,779,514 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation/depreciation

     (14,173,768,061 )      13,075,113,261       10,966,723,568       (25,431,584,969 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS)

     10,125,702,567       34,160,080,384       21,246,537,824       (4,633,443,801 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

   $ 12,552,777,713     $ 38,693,433,431     $ 25,028,802,921     $ (793,971,055 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

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
3/31/18
(Unaudited)		     Year Ended
9/30/17		     Year Ended
9/30/16		     Year Ended
9/30/15		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

        

Net investment income (loss)

   $ 2,427,075,146     $ 4,533,353,047     $ 3,782,265,097     $ 3,839,472,746  

Net realized gain (loss)

     24,299,470,628       21,084,967,123       10,279,814,256       20,798,141,168  

Net change in unrealized appreciation/depreciation

     (14,173,768,061 )      13,075,113,261       10,966,723,568       (25,431,584,969 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

     12,552,777,713       38,693,433,431       25,028,802,921       (793,971,055 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

     (17,478,219 )      57,766,713       21,466,005       69,539,438  
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO UNITHOLDERS FROM: NET INVESTMENT INCOME

     (2,416,302,454 )      (4,709,369,232 )      (3,930,525,113 )      (3,768,615,848 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:

        

Proceeds from issuance of Units

     378,184,216,579       457,292,137,220       432,172,352,001       515,823,857,164  

Cost of Units redeemed

     (379,299,269,041 )      (445,257,589,858 )      (422,673,566,737 )      (524,519,686,326 ) 

Net income equalization (Note 2)

     17,478,219       (57,766,713 )      (21,466,005 )      (69,539,438 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

     (1,097,574,243 )      11,976,780,649       9,477,319,259       (8,765,368,600 ) 

Contribution by Trustee (Note 3)

     —       —       —       26,920,521  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

     9,021,422,797       46,018,611,561       30,597,063,072       (13,231,495,544 ) 

NET ASSETS AT BEGINNING OF PERIOD

     243,299,575,525       197,280,963,964       166,683,900,892       179,915,396,436  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS AT END OF PERIOD

   $ 252,320,998,322     $ 243,299,575,525     $ 197,280,963,964     $ 166,683,900,892  
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTION IN EXCESS OF NET INVESTMENT INCOME

   $ (1,082,886,712 )    $ (1,093,659,404 )    $ (985,690,493 )    $ (919,630,875 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

UNIT TRANSACTIONS:

        

Units sold

     1,407,450,000       1,958,700,000       2,107,450,000       2,537,300,000  

Units redeemed

     (1,417,750,000 )      (1,902,150,000 )      (2,065,000,000 )      (2,581,500,000 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE)

     (10,300,000 )      56,550,000       42,450,000       (44,200,000 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

 

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
3/31/18
(Unaudited)		     Year Ended
9/30/17		     Year Ended
9/30/16		     Year Ended
9/30/15		     Year Ended
9/30/14		     Year Ended
9/30/13		  

Net asset value, beginning of period

   $ 251.30     $ 216.40     $ 191.77     $ 196.98     $ 167.96     $ 144.00  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from investment operations:

            

Net investment income (loss)(a)

     2.43       4.65       4.27       4.28       3.60       3.36  

Net realized and unrealized gain (loss)

     12.16       34.97       24.76       (5.47 )      29.03       23.91  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     14.59       39.62       29.03       (1.19 )      32.63       27.27  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equalization credits and charges(a)

     (0.02 )      0.06       0.02       0.08       0.07       0.08  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contribution by Trustee

    —       —       —       0.03 (b)      —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Less Distributions from:

            

Net investment income

    (2.45 )      (4.78 )      (4.42 )      (4.13 )      (3.68 )      (3.39 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 263.42     $ 251.30     $ 216.40     $ 191.77     $ 196.98     $ 167.96  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total return(c)

     5.83 %      18.44 %(d)      15.30 %      (0.64 )%(e)      19.57 %      19.09 % 

Ratios and Supplemental Data:

            

Net assets, end of period (in 000s)

   $ 252,320,998     $ 243,299,576     $ 197,280,964     $ 166,683,901     $ 179,915,396     $ 144,624,137  

Ratios to average net assets:

            

Total expenses (excluding Trustee earnings credit and fee waivers)

     0.10 %(f)      0.09 %      0.11 %      0.11 %      0.11 %      0.11 % 

Total expenses (excluding Trustee earnings credit)

     0.10 %(f)      0.09 %      0.11 %      0.11 %      0.11 %      0.11 % 

Net expenses(g)

     0.09 %(f)      0.09 %      0.09 %      0.09 %      0.09 %      0.09 % 

Net investment income (loss)

     1.83 %(f)      1.98 %      2.07 %      2.09 %      1.93 %      2.15 % 

Portfolio turnover rate(h)

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

 

(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 (State Street Bank and Trust Company) 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) Reflects a non-recurring litigation payment received by the Trust from State Street Corp., an affiliate, which amounted to less than $0.005 per Unit outstanding as of March 20, 2017. This payment resulted in an increase to total return of less than 0.005% for the period ended September 30, 2017.
(e) Total return would have been lower by 0.01% if the Trustee had not made a contribution. (See Note 3).
(f) Annualized.
(g) Net of expenses waived by the Trustee.
(h) 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, 2018 (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 Standard & Poor’s 500® Index (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.

Effective June 16, 2017, State Street Bank and Trust Company (“SSBT”) resigned as trustee of the Trust. PDR Services, LLC, as sponsor of the Trust (the “Sponsor”), appointed State Street Global Advisors Trust Company, a wholly-owned subsidiary of SSBT, as trustee of the Trust (the “Trustee”).

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 continues 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.

Under the Amended and Restated Standard Terms and Conditions of the Trust, as amended (the “Trust Agreement”), the Sponsor and 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.

The Sponsor is an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. (“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.

Security Valuation

The Trust’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE 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

 

13

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

 

 

 

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

 

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 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, 2018 and did not have any transfers between levels for the six months ended March 31, 2018.

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

 

14

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

 

 

 

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

 

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 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, 2017 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

 

15

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

 

 

 

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

 

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, 2017.

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, 2018, the Trust reclassified $24,597,754,129 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, 2018, 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

   $ 263,028,406,497     $ 11,053,403,533     $ 21,971,681,246     $ (10,918,277,713 ) 

Note 3 — Transactions with Affiliates of the Trustee and Sponsor

SSBT 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 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, 2018:

 

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, 2018, the Adjustment Amount reduced the Trustee’s fee by $7,636,550. The Adjustment Amount included an excess of net transaction fees from processing orders of $2,379,148 and a Trustee earnings credit of $5,257,402.

The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2019, so that the total operating expenses would not exceed 0.0945% per annum of the daily net asset value (“NAV”) of the

 

16

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

 

 

 

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

 

Trust. The total amount of such waivers by the Trustee for the six months ended March 31, 2018, and the years ended September 30, 2017, 2016 and 2015 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.

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, 2018, and the years ended September 30, 2017, 2016 and 2015, 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 Advisors Funds Distributors, LLC (“SSGA FD” or the “Marketing Agent”) have entered into a license agreement (the “License Agreement”). The License Agreement grants SSGA FD, 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 SSGA FD 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 November 29, 2031, 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, 2018 are listed in the Schedule of Investments.

On March 20, 2017, the Trust received a non-recurring litigation payment of $661,715 from State Street Corp., an affiliate of the Trustee, which is recorded as a realized gain in the Statements of Operations.

 

17

Table of Contents

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

March 31, 2018 (Unaudited)

 

 

 

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

 

Contribution from SSBT as Trustee

On July 20, 2015, SSBT as trustee of the Trust at such date, 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 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, 2018, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $150,595,619,365, $151,683,691,264, $2,247,014,989, and $1,824,879,708, respectively. Net realized gain (loss) on investment transactions in the Statements of Operations includes net gains resulting from in-kind transactions of $24,597,754,129.

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.

 

18

Table of Contents

SPDR S&P 500 ETF Trust

Other Information

March 31, 2018 (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

      13.83 %      85.55 %      145.18 % 

Return Based on Bid/Ask Price

      13.87 %      85.79 %      145.65 % 

S&P 500 Index

      13.99 %      86.75 %      147.71 % 

Average Annual Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500 ETF Trust

       

Return Based on NAV

      13.83 %      13.16 %      9.38 % 

Return Based on Bid/Ask Price

      13.87 %      13.19 %      9.40 % 

S&P 500 Index

      13.99 %      13.31 %      9.49 % 

 

(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.

 

19

Table of Contents

SPDR S&P 500 ETF Trust

(Unaudited)

 

 

 

Sponsor

PDR Services LLC

c/o NYSE Holdings LLC

11 Wall Street

New York, NY 10005

Trustee

State Street Global Advisors Trust Company

One Iron Street

Boston, MA 02210

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