N-30D 1 d690538dn30d.htm SPDR S&P 500 ETF TRUST SPDR S&P 500 ETF TRUST
Table of Contents

Semi-Annual Report

March 31, 2019

 

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, 2019

(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, 2019 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

3M Co.

      6,485,358      $ 1,347,527,685  

Abbott Laboratories

      19,783,528        1,581,495,228  

AbbVie, Inc.

      16,613,275        1,338,863,832  

ABIOMED, Inc.(a)

      508,560        145,239,650  

Accenture PLC Class A

      7,180,440        1,263,901,049  

Activision Blizzard, Inc.

      8,603,830        391,732,380  

Adobe Systems, Inc.(a)

      5,493,649        1,464,002,522  

Advance Auto Parts, Inc.

      820,816        139,973,752  

Advanced Micro Devices, Inc.(a)

      9,842,816        251,188,664  

AES Corp.

      7,469,721        135,052,556  

Affiliated Managers Group, Inc.

      594,750        63,703,673  

Aflac, Inc.

      8,541,866        427,093,300  

Agilent Technologies, Inc.

      3,577,747        287,579,304  

Air Products & Chemicals, Inc.

      2,473,905        472,416,899  

Akamai Technologies, Inc.(a)

      1,825,892        130,934,715  

Alaska Air Group, Inc.

      1,366,165        76,669,180  

Albemarle Corp.

      1,207,366        98,979,865  

Alexandria Real Estate Equities, Inc. REIT

      1,269,979        181,048,206  

Alexion Pharmaceuticals, Inc.(a)

      2,517,041        340,253,602  

Align Technology, Inc.(a)

      814,704        231,644,788  

Allegion PLC

      1,058,140        95,983,879  

Allergan PLC

      3,553,400        520,253,294  

Alliance Data Systems Corp.

      527,478        92,298,100  

Alliant Energy Corp.

      2,662,564        125,486,641  

Allstate Corp.

      3,738,400        352,082,512  

Alphabet, Inc. Class A(a)

      3,376,322        3,973,559,599  

Alphabet, Inc. Class C(a)

      3,466,807        4,067,639,321  

Altria Group, Inc.

      21,113,654        1,212,557,149  

Amazon.com, Inc.(a)

      4,653,551        8,286,810,943  

Ameren Corp.

      2,755,560        202,671,438  

American Airlines Group, Inc.

      4,556,858        144,725,810  

American Electric Power Co., Inc.

      5,556,576        465,363,240  

American Express Co.

      7,789,257        851,365,790  

American International Group, Inc.

      9,872,685        425,117,816  

American Tower Corp. REIT

      4,968,902        979,171,828  

American Water Works Co., Inc.

      2,038,628        212,547,355  

Ameriprise Financial, Inc.

      1,525,959        195,475,348  

AmerisourceBergen Corp.

      1,781,091        141,632,356  

AMETEK, Inc.

      2,563,964        212,732,093  

Amgen, Inc.

      7,008,489        1,331,472,740  

Amphenol Corp. Class A

      3,336,815        315,128,809  

Anadarko Petroleum Corp.

      5,710,030        259,692,164  

Analog Devices, Inc.

      4,139,461        435,761,059  
Common Stocks    Shares      Value  
               

ANSYS, Inc.(a)

      931,981      $ 170,282,249  

Anthem, Inc.

      2,896,759        831,311,898  

AO Smith Corp.

      1,604,452        85,549,381  

Aon PLC

      2,699,980        460,886,586  

Apache Corp.

      4,234,171        146,756,367  

Apartment Investment & Management Co. Class A REIT

      1,744,653        87,738,599  

Apple, Inc.

      50,522,136        9,596,679,733  

Applied Materials, Inc.

      10,691,566        424,027,508  

Aptiv PLC

      2,951,989        234,653,606  

Archer-Daniels-Midland Co.

      6,317,006        272,452,469  

Arconic, Inc.

      4,790,046        91,537,779  

Arista Networks, Inc.(a)

      588,471        185,050,591  

Arthur J Gallagher & Co.

      2,073,338        161,927,698  

Assurant, Inc.

      587,643        55,773,197  

AT&T, Inc.

      82,158,907        2,576,503,324  

Atmos Energy Corp.

      1,317,335        135,593,292  

Autodesk, Inc.(a)

      2,466,994        384,407,005  

Automatic Data Processing, Inc.

      4,906,840        783,818,622  

AutoZone, Inc.(a)

      282,996        289,821,864  

AvalonBay Communities, Inc. REIT

      1,560,315        313,202,030  

Avery Dennison Corp.

      965,078        109,053,814  

Baker Hughes a GE Co.

      5,783,022        160,305,370  

Ball Corp.

      3,842,351        222,318,429  

Bank of America Corp.

      101,310,506        2,795,156,861  

Bank of New York Mellon Corp.

      9,892,822        498,895,013  

Baxter International, Inc.

      5,367,916        436,465,250  

BB&T Corp.

      8,607,482        400,506,137  

Becton Dickinson and Co.

      3,030,996        756,930,631  

Berkshire Hathaway, Inc. Class B(a)

      21,931,454        4,405,809,794  

Best Buy Co., Inc.

      2,625,545        186,571,228  

Biogen, Inc.(a)

      2,215,106        523,606,756  

BlackRock, Inc.

      1,367,131        584,270,775  

Boeing Co.

      5,926,069        2,260,321,238  

Booking Holdings, Inc.(a)

      507,094        884,833,392  

BorgWarner, Inc.

      2,327,731        89,408,148  

Boston Properties, Inc. REIT

      1,740,235        232,982,662  

Boston Scientific Corp.(a)

      15,611,900        599,184,722  

Brighthouse Financial, Inc.(a)

      1,327,637        48,179,947  

Bristol-Myers Squibb Co.

      18,390,737        877,422,062  

Broadcom, Inc.

      4,460,660        1,341,365,069  

Broadridge Financial Solutions, Inc.

      1,297,189        134,505,527  

Brown-Forman Corp. Class B

      1,868,928        98,642,020  

C.H. Robinson Worldwide, Inc.

      1,546,123        134,497,240  
 

 

See accompanying notes to financial statements.

 

1

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Cabot Oil & Gas Corp.

      4,910,472      $ 128,163,319  

Cadence Design Systems, Inc.(a)

      3,132,255        198,929,515  

Campbell Soup Co.

      2,118,603        80,782,332  

Capital One Financial Corp.

      5,269,695        430,481,385  

Capri Holdings, Ltd.

      1,721,371        78,752,723  

Cardinal Health, Inc.

      3,340,374        160,839,008  

CarMax, Inc.(a)

      1,972,717        137,695,647  

Carnival Corp.

      4,499,372        228,208,148  

Caterpillar, Inc.

      6,482,033        878,250,651  

Cboe Global Markets, Inc.

      1,241,084        118,449,057  

CBRE Group, Inc. Class A(a)

      3,520,871        174,107,071  

CBS Corp. Class B

      3,917,248        186,186,797  

Celanese Corp. Series A

      1,451,381        143,120,680  

Celgene Corp.(a)

      7,911,809        746,400,061  

Centene Corp.(a)

      4,654,243        247,140,303  

CenterPoint Energy, Inc.

      5,645,423        173,314,486  

CenturyLink, Inc.

      10,586,943        126,937,447  

Cerner Corp.(a)

      3,664,724        209,658,860  

CF Industries Holdings, Inc.

      2,584,376        105,649,291  

Charles Schwab Corp.

      13,392,755        572,674,204  

Charter Communications, Inc. Class A(a)

      1,954,452        678,018,943  

Chevron Corp.

      21,429,710        2,639,711,678  

Chipotle Mexican Grill, Inc.(a)

      274,329        194,858,632  

Chubb, Ltd.

      5,161,356        723,002,748  

Church & Dwight Co., Inc.

      2,769,901        197,300,048  

Cigna Corp.(a)

      4,280,937        688,460,288  

Cimarex Energy Co.

      1,143,102        79,902,830  

Cincinnati Financial Corp.

      1,685,472        144,782,045  

Cintas Corp.

      957,743        193,569,438  

Cisco Systems, Inc.

      49,648,100        2,680,500,919  

Citigroup, Inc.

      26,521,601        1,650,174,014  

Citizens Financial Group, Inc.

      5,303,129        172,351,692  

Citrix Systems, Inc.

      1,426,308        142,145,855  

Clorox Co.

      1,445,584        231,958,409  

CME Group, Inc.

      4,030,201        663,290,481  

CMS Energy Corp.

      3,154,979        175,227,534  

Coca-Cola Co.

      43,343,275        2,031,065,866  

Cognizant Technology Solutions Corp. Class A

      6,486,249        469,928,740  

Colgate-Palmolive Co.

      9,705,672        665,226,759  

Comcast Corp. Class A

      50,893,924        2,034,739,082  

Comerica, Inc.

      1,810,607        132,753,705  

Conagra Brands, Inc.

      5,433,192        150,716,746  

Concho Resources, Inc.

      2,262,438        251,040,120  

ConocoPhillips

      12,776,944        852,733,243  

Consolidated Edison, Inc.

      3,617,459        306,796,698  

Constellation Brands, Inc. Class A

      1,878,380        329,336,365  
Common Stocks    Shares      Value  
               

Cooper Cos., Inc.

      555,609      $ 164,554,718  

Copart, Inc.(a)

      2,250,054        136,330,772  

Corning, Inc.

      8,861,383        293,311,777  

Costco Wholesale Corp.

      4,961,833        1,201,458,243  

Coty, Inc. Class A

      5,011,126        57,627,949  

Crown Castle International Corp. REIT

      4,681,172        599,190,016  

CSX Corp.

      8,725,965        652,876,701  

Cummins, Inc.

      1,630,028        257,332,520  

CVS Health Corp.

      14,610,944        787,968,210  

D.R. Horton, Inc.

      3,804,938        157,448,334  

Danaher Corp.

      7,078,004        934,438,088  

Darden Restaurants, Inc.

      1,381,243        167,779,587  

DaVita, Inc.(a)

      1,412,519        76,685,657  

Deere & Co.

      3,577,700        571,859,568  

Delta Air Lines, Inc.

      7,007,832        361,954,523  

DENTSPLY SIRONA, Inc.

      2,473,515        122,661,609  

Devon Energy Corp.

      4,937,111        155,815,223  

Diamondback Energy, Inc.

      1,742,622        176,928,412  

Digital Realty Trust, Inc. REIT

      2,341,084        278,588,996  

Discover Financial Services

      3,698,362        263,175,440  

Discovery, Inc. Class A(a)

      1,728,773        46,711,446  

Discovery, Inc. Class C(a)

      4,008,846        101,904,865  

DISH Network Corp. Class A(a)

      2,536,583        80,384,315  

Dollar General Corp.

      2,961,087        353,257,679  

Dollar Tree, Inc.(a)

      2,680,514        281,561,191  

Dominion Energy, Inc.

      9,006,008        690,400,573  

Dover Corp.

      1,645,102        154,310,568  

DowDuPont, Inc.

      25,395,336        1,353,825,362  

DTE Energy Co.

      2,051,863        255,949,391  

Duke Energy Corp.

      8,190,074        737,106,660  

Duke Realty Corp. REIT

      4,051,822        123,904,717  

DXC Technology Co.

      3,020,815        194,268,613  

E*TRADE Financial Corp.

      2,773,762        128,785,770  

Eastman Chemical Co.

      1,570,567        119,174,624  

Eaton Corp. PLC

      4,817,705        388,114,315  

eBay, Inc.

      9,683,743        359,654,215  

Ecolab, Inc.

      2,853,247        503,712,225  

Edison International

      3,670,205        227,259,094  

Edwards Lifesciences Corp.(a)

      2,335,673        446,884,315  

Electronic Arts, Inc.(a)

      3,400,761        345,619,340  

Eli Lilly & Co.

      9,739,187        1,263,756,905  

Emerson Electric Co.

      6,979,480        477,884,996  

Entergy Corp.

      2,136,063        204,271,705  

EOG Resources, Inc.

      6,533,632        621,871,094  

Equifax, Inc.

      1,361,280        161,311,680  

Equinix, Inc. REIT

      938,797        425,425,249  

Equity Residential REIT

      4,167,058        313,862,809  
 

 

See accompanying notes to financial statements.

 

2

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
   

Essex Property Trust, Inc. REIT

      740,887      $ 214,294,156  

Estee Lauder Cos., Inc. Class A

      2,458,391        406,986,630  

Everest Re Group, Ltd.

      455,128        98,289,443  

Evergy, Inc.

      2,867,534        166,460,349  

Eversource Energy

      3,570,407        253,320,377  

Exelon Corp.

      10,923,383        547,589,190  

Expedia Group, Inc.

      1,321,599        157,270,281  

Expeditors International of Washington, Inc.

      1,940,626        147,293,513  

Extra Space Storage, Inc. REIT

      1,435,711        146,313,308  

Exxon Mobil Corp.

      47,786,890        3,861,180,712  

F5 Networks, Inc.(a)

      677,256        106,281,784  

Facebook, Inc. Class A(a)

      26,905,240        4,484,834,456  

Fastenal Co.

      3,227,392        207,553,580  

Federal Realty Investment Trust REIT

      837,486        115,447,445  

FedEx Corp.

      2,704,105        490,551,688  

Fidelity National Information Services, Inc.

      3,657,546        413,668,453  

Fifth Third Bancorp

      8,676,260        218,815,277  

First Republic Bank

      1,879,813        188,846,014  

FirstEnergy Corp.

      5,674,486        236,115,362  

Fiserv, Inc.(a)

      4,410,475        389,356,733  

FleetCor Technologies, Inc.(a)

      981,650        242,065,073  

FLIR Systems, Inc.

      1,519,321        72,289,293  

Flowserve Corp.

      1,448,979        65,406,912  

Fluor Corp.

      1,556,518        57,279,862  

FMC Corp.

      1,518,730        116,668,839  

Foot Locker, Inc.

      1,300,032        78,781,939  

Ford Motor Co.

      44,017,002        386,469,278  

Fortinet, Inc.(a)

      1,635,880        137,364,844  

Fortive Corp.

      3,296,253        276,522,664  

Fortune Brands Home & Security, Inc.

      1,583,138        75,373,200  

Fox Corp. Class A(a)

      3,974,070        145,888,110  

Fox Corp. Class B(a)

      1,810,699        64,967,880  

Franklin Resources, Inc.

      3,407,582        112,927,267  

Freeport-McMoRan, Inc.

      16,154,174        208,227,303  

Gap, Inc.

      2,438,123        63,830,060  

Garmin, Ltd.

      1,346,806        116,296,698  

Gartner, Inc.(a)

      1,006,754        152,704,447  

General Dynamics Corp.

      3,051,467        516,552,334  

General Electric Co.

      98,055,989        979,579,330  

General Mills, Inc.

      6,721,671        347,846,474  

General Motors Co.

      14,765,109        547,785,544  

Genuine Parts Co.

      1,645,993        184,400,596  

Gilead Sciences, Inc.

      14,433,281        938,307,598  

Global Payments, Inc.

      1,767,477        241,295,960  
Common Stocks    Shares      Value  
   

Goldman Sachs Group, Inc.

      3,875,373      $ 744,032,862  

H&R Block, Inc.

      2,269,484        54,331,447  

Halliburton Co.

      9,804,330        287,266,869  

Hanesbrands, Inc.

      4,101,898        73,341,936  

Harley-Davidson, Inc.

      1,851,278        66,016,573  

Harris Corp.

      1,330,391        212,476,747  

Hartford Financial Services Group, Inc.

      4,049,279        201,330,152  

Hasbro, Inc.

      1,301,473        110,651,234  

HCA Healthcare, Inc.

      3,006,865        392,035,059  

HCP, Inc. REIT

      5,345,110        167,301,943  

Helmerich & Payne, Inc.

      1,205,807        66,994,637  

Henry Schein, Inc.(a)

      1,701,161        102,256,788  

Hershey Co.

      1,556,679        178,753,450  

Hess Corp.

      2,867,592        172,715,066  

Hewlett Packard Enterprise Co.

      15,506,838        239,270,510  

Hilton Worldwide Holdings, Inc.

      3,323,965        276,254,731  

HollyFrontier Corp.

      1,804,610        88,913,135  

Hologic, Inc.(a)

      3,028,290        146,569,236  

Home Depot, Inc.

      12,739,505        2,444,583,614  

Honeywell International, Inc.

      8,211,475        1,304,967,607  

Hormel Foods Corp.

      3,027,877        135,527,775  

Host Hotels & Resorts, Inc. REIT

      8,351,325        157,840,043  

HP, Inc.

      17,269,899        335,554,138  

Humana, Inc.

      1,534,125        408,077,250  

Huntington Bancshares, Inc.

      11,899,338        150,883,606  

Huntington Ingalls Industries, Inc.

      481,255        99,716,036  

IDEXX Laboratories, Inc.(a)

      964,007        215,551,965  

IHS Markit, Ltd.(a)

      4,094,361        222,651,351  

Illinois Tool Works, Inc.

      3,399,980        487,999,129  

Illumina, Inc.(a)

      1,655,952        514,487,727  

Incyte Corp.(a)

      2,001,150        172,118,912  

Ingersoll-Rand PLC

      2,731,647        294,881,294  

Intel Corp.

      50,719,336        2,723,628,343  

Intercontinental Exchange, Inc.(b)

      6,389,893        486,526,453  

International Business Machines Corp.

      10,022,399        1,414,160,499  

International Flavors & Fragrances, Inc.

      1,127,636        145,228,240  

International Paper Co.

      4,549,034        210,483,803  

Interpublic Group of Cos., Inc.

      4,269,720        89,706,817  

Intuit, Inc.

      2,921,939        763,824,074  

Intuitive Surgical, Inc.(a)

      1,289,454        735,736,663  

Invesco, Ltd.

      4,546,794        87,798,592  

IPG Photonics Corp.(a)

      400,726        60,822,192  
 

 

See accompanying notes to financial statements.

 

3

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
   

IQVIA Holdings, Inc.(a)

      1,794,899      $ 258,196,221  

Iron Mountain, Inc. REIT

      3,186,648        112,998,538  

J.M. Smucker Co.

      1,283,053        149,475,675  

Jack Henry & Associates, Inc.

      863,458        119,796,163  

Jacobs Engineering Group, Inc.

      1,321,971        99,398,999  

JB Hunt Transport Services, Inc.

      960,765        97,315,887  

Jefferies Financial Group, Inc.

      2,962,139        55,658,592  

Johnson & Johnson

      30,036,287        4,198,772,560  

Johnson Controls International PLC

      10,297,476        380,388,763  

JPMorgan Chase & Co.

      36,928,362        3,738,258,085  

Juniper Networks, Inc.

      3,869,986        102,438,529  

Kansas City Southern

      1,135,667        131,714,659  

Kellogg Co.

      2,819,449        161,779,984  

KeyCorp

      11,361,339        178,941,089  

Keysight Technologies, Inc.(a)

      2,117,480        184,644,256  

Kimberly-Clark Corp.

      3,864,404        478,799,656  

Kimco Realty Corp. REIT

      4,708,974        87,116,019  

Kinder Morgan, Inc.

      21,932,071        438,860,741  

KLA-Tencor Corp.

      1,860,974        222,218,905  

Kohl’s Corp.

      1,865,442        128,286,446  

Kraft Heinz Co.

      7,014,142        229,011,736  

Kroger Co.

      8,985,628        221,046,449  

L Brands, Inc.

      2,541,784        70,102,403  

L3 Technologies, Inc.

      893,230        184,335,875  

Laboratory Corp. of America Holdings(a)

      1,133,205        173,357,701  

Lam Research Corp.

      1,718,607        307,647,839  

Lamb Weston Holdings, Inc.

      1,652,902        123,868,476  

Leggett & Platt, Inc.

      1,464,811        61,844,320  

Lennar Corp. Class A

      3,249,361        159,511,131  

Lincoln National Corp.

      2,300,419        135,034,595  

Linde PLC

      6,207,283        1,092,047,298  

LKQ Corp.(a)

      3,543,682        100,569,695  

Lockheed Martin Corp.

      2,772,646        832,237,423  

Loews Corp.

      3,099,946        148,580,412  

Lowe’s Cos., Inc.

      9,037,629        989,349,247  

LyondellBasell Industries NV Class A

      3,427,522        288,186,050  

M&T Bank Corp.

      1,560,390        245,012,438  

Macerich Co. REIT

      1,192,247        51,683,907  

Macy’s, Inc.

      3,393,571        81,547,511  

Marathon Oil Corp.

      9,459,232        158,063,767  

Marathon Petroleum Corp.

      7,586,310        454,040,653  

Marriott International, Inc. Class A

      3,209,676        401,498,371  

Marsh & McLennan Cos., Inc.

      5,689,812        534,273,347  

Martin Marietta Materials, Inc.

      694,841        139,788,112  

Masco Corp.

      3,418,647        134,387,014  
Common Stocks    Shares      Value  
   

Mastercard, Inc. Class A

      10,179,650      $ 2,396,798,592  

Mattel, Inc.(a)

      3,810,637        49,538,281  

Maxim Integrated Products, Inc.

      3,137,349        166,812,846  

McCormick & Co., Inc.

      1,380,948        208,012,197  

McDonald’s Corp.

      8,640,417        1,640,815,188  

McKesson Corp.

      2,160,661        252,926,977  

Medtronic PLC

      15,106,743        1,375,922,152  

Merck & Co., Inc.

      29,112,330        2,421,272,486  

MetLife, Inc.

      10,780,806        458,938,911  

Mettler-Toledo International, Inc.(a)

      280,270        202,635,210  

MGM Resorts International

      5,701,775        146,307,547  

Microchip Technology, Inc.

      2,669,504        221,462,052  

Micron Technology, Inc.(a)

      12,643,667        522,562,757  

Microsoft Corp.

      86,530,909        10,205,455,407  

Mid-America Apartment Communities, Inc. REIT

      1,284,490        140,433,292  

Mohawk Industries, Inc.(a)

      702,746        88,651,408  

Molson Coors Brewing Co. Class B

      2,085,163        124,379,973  

Mondelez International, Inc. Class A

      16,348,774        816,130,798  

Monster Beverage Corp.(a)

      4,428,947        241,731,927  

Moody’s Corp.

      1,874,125        339,385,296  

Morgan Stanley

      14,646,049        618,063,268  

Mosaic Co.

      3,948,988        107,846,862  

Motorola Solutions, Inc.

      1,831,469        257,174,877  

MSCI, Inc.

      949,399        188,778,497  

Mylan NV(a)

      5,742,341        162,737,944  

Nasdaq, Inc.

      1,281,251        112,096,650  

National Oilwell Varco, Inc.

      4,324,459        115,203,588  

Nektar Therapeutics(a)

      1,922,416        64,593,178  

NetApp, Inc.

      2,781,873        192,895,074  

Netflix, Inc.(a)

      4,917,969        1,753,551,027  

Newell Brands, Inc.

      4,378,337        67,163,690  

Newmont Mining Corp.

      6,007,666        214,894,213  

News Corp. Class A

      4,245,470        52,813,647  

News Corp. Class B

      1,271,602        15,882,309  

NextEra Energy, Inc.

      5,386,306        1,041,280,676  

Nielsen Holdings PLC

      3,971,143        93,996,955  

NIKE, Inc. Class B

      14,178,018        1,193,930,896  

NiSource, Inc.

      4,196,219        120,263,637  

Noble Energy, Inc.

      5,454,112        134,880,190  

Nordstrom, Inc.

      1,274,599        56,566,704  

Norfolk Southern Corp.

      3,012,307        562,970,055  

Northern Trust Corp.

      2,489,010        225,031,394  

Northrop Grumman Corp.

      1,911,687        515,390,815  

Norwegian Cruise Line Holdings, Ltd.(a)

      2,446,612        134,465,796  
 

 

See accompanying notes to financial statements.

 

4

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
   

NRG Energy, Inc.

      3,249,443      $ 138,036,339  

Nucor Corp.

      3,523,344        205,587,122  

NVIDIA Corp.

      6,830,189        1,226,428,737  

O’Reilly Automotive, Inc.(a)

      895,456        347,705,565  

Occidental Petroleum Corp.

      8,442,706        558,907,137  

Omnicom Group, Inc.

      2,496,436        182,214,864  

ONEOK, Inc.

      4,636,478        323,811,624  

Oracle Corp.

      28,702,475        1,541,609,932  

PACCAR, Inc.

      3,897,316        265,563,112  

Packaging Corp. of America

      1,045,346        103,886,485  

Parker-Hannifin Corp.

      1,471,692        252,571,781  

Paychex, Inc.

      3,604,405        289,073,281  

PayPal Holdings, Inc.(a)

      13,232,196        1,374,031,233  

Pentair PLC

      1,826,691        81,306,016  

People’s United Financial, Inc.

      4,149,286        68,214,262  

PepsiCo, Inc.

      15,842,637        1,941,515,164  

PerkinElmer, Inc.

      1,249,587        120,410,203  

Perrigo Co. PLC

      1,399,917        67,420,003  

Pfizer, Inc.

      62,615,981        2,659,300,713  

Philip Morris International, Inc.

      17,510,772        1,547,777,137  

Phillips 66

      4,759,449        452,956,761  

Pinnacle West Capital Corp.

      1,239,307        118,452,963  

Pioneer Natural Resources Co.

      1,888,297        287,549,867  

PNC Financial Services Group, Inc.

      5,108,909        626,658,778  

PPG Industries, Inc.

      2,695,662        304,259,370  

PPL Corp.

      8,059,224        255,799,770  

Principal Financial Group, Inc.

      2,951,118        148,116,612  

Procter & Gamble Co.

      28,213,864        2,935,652,549  

Progressive Corp.

      6,577,235        474,152,871  

Prologis, Inc. REIT

      7,100,521        510,882,486  

Prudential Financial, Inc.

      4,654,905        427,692,671  

Public Service Enterprise Group, Inc.

      5,693,446        338,247,627  

Public Storage REIT

      1,690,592        368,177,126  

PulteGroup, Inc.

      2,907,026        81,280,447  

PVH Corp.

      854,018        104,147,495  

Qorvo, Inc.(a)

      1,387,610        99,533,265  

QUALCOMM, Inc.

      13,650,381        778,481,228  

Quanta Services, Inc.

      1,636,914        61,777,134  

Quest Diagnostics, Inc.

      1,504,642        135,297,409  

Ralph Lauren Corp.

      627,008        81,310,397  

Raymond James Financial, Inc.

      1,463,104        117,648,193  

Raytheon Co.

      3,172,968        577,734,013  

Realty Income Corp. REIT

      3,422,455        251,755,790  

Red Hat, Inc.(a)

      1,993,691        364,247,346  

Regency Centers Corp. REIT

      1,888,780        127,473,762  

Regeneron Pharmaceuticals, Inc.(a)

      882,975        362,567,194  
Common Stocks    Shares      Value  
   

Regions Financial Corp.

      11,575,267      $ 163,790,028  

Republic Services, Inc.

      2,428,264        195,183,860  

ResMed, Inc.

      1,614,298        167,838,563  

Robert Half International, Inc.

      1,360,708        88,663,733  

Rockwell Automation, Inc.

      1,369,456        240,284,750  

Rollins, Inc.

      1,645,048        68,466,898  

Roper Technologies, Inc.

      1,167,160        399,133,705  

Ross Stores, Inc.

      4,195,745        390,623,859  

Royal Caribbean Cruises, Ltd.

      1,934,608        221,744,769  

S&P Global, Inc.

      2,798,914        589,311,343  

salesforce.com, Inc.(a)

      8,617,261        1,364,715,625  

SBA Communications Corp. REIT(a)

      1,277,136        254,992,974  

Schlumberger, Ltd.

      15,611,896        680,210,309  

Seagate Technology PLC

      2,907,668        139,248,221  

Sealed Air Corp.

      1,767,721        81,421,229  

Sempra Energy

      3,087,034        388,534,099  

Sherwin-Williams Co.

      922,825        397,469,956  

Simon Property Group, Inc. REIT

      3,480,361        634,156,578  

Skyworks Solutions, Inc.

      1,989,636        164,105,177  

SL Green Realty Corp. REIT

      961,831        86,487,844  

Snap-on, Inc.

      629,031        98,455,932  

Southern Co.

      11,653,821        602,269,469  

Southwest Airlines Co.

      5,602,489        290,825,204  

Stanley Black & Decker, Inc.

      1,710,365        232,900,402  

Starbucks Corp.

      14,008,401        1,041,384,530  

State Street Corp.(c)

      4,270,687        281,053,911  

Stryker Corp.

      3,484,199        688,198,986  

SunTrust Banks, Inc.

      4,992,504        295,805,862  

SVB Financial Group(a)

      585,739        130,244,924  

Symantec Corp.

      7,149,815        164,374,247  

Synchrony Financial

      7,355,860        234,651,934  

Synopsys, Inc.(a)

      1,685,890        194,130,233  

Sysco Corp.

      5,325,583        355,535,921  

T Rowe Price Group, Inc.

      2,700,019        270,325,902  

Take-Two Interactive Software, Inc.(a)

      1,266,720        119,540,366  

Tapestry, Inc.

      3,270,452        106,256,985  

Target Corp.

      5,885,490        472,369,427  

TE Connectivity, Ltd.

      3,876,101        312,995,156  

TechnipFMC PLC

      4,811,487        113,166,174  

Teleflex, Inc.

      522,841        157,981,637  

Texas Instruments, Inc.

      10,569,749        1,121,133,276  

Textron, Inc.

      2,642,734        133,880,904  

Thermo Fisher Scientific, Inc.

      4,534,493        1,241,181,424  

Tiffany & Co.

      1,215,247        128,269,321  

TJX Cos., Inc.

      13,960,816        742,855,019  

Torchmark Corp.

      1,155,067        94,657,741  

Total System Services, Inc.

      1,867,891        177,468,324  
 

 

See accompanying notes to financial statements.

 

5

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2019 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
   

Tractor Supply Co.

      1,352,133      $ 132,184,522  

TransDigm Group, Inc.(a)

      548,169        248,863,244  

Travelers Cos., Inc.

      2,976,582        408,267,987  

TripAdvisor, Inc.(a)

      1,138,648        58,583,440  

Twitter, Inc.(a)

      8,206,119        269,817,193  

Tyson Foods, Inc. Class A

      3,298,442        229,010,828  

UDR, Inc. REIT

      3,083,490        140,175,455  

Ulta Salon Cosmetics & Fragrance, Inc.(a)

      632,624        220,614,968  

Under Armour, Inc. Class A(a)

      2,060,168        43,551,952  

Under Armour, Inc. Class C(a)

      2,086,065        39,364,047  

Union Pacific Corp.

      8,141,702        1,361,292,574  

United Continental Holdings, Inc.(a)

      2,549,043        203,362,651  

United Parcel Service, Inc. Class B

      7,839,821        876,021,599  

United Rentals, Inc.(a)

      921,397        105,269,607  

United Technologies Corp.

      9,130,456        1,176,824,474  

UnitedHealth Group, Inc.

      10,822,109        2,675,874,671  

Universal Health Services, Inc. Class B

      957,314        128,059,894  

Unum Group

      2,429,393        82,186,365  

US Bancorp

      16,946,950        816,673,520  

Valero Energy Corp.

      4,753,796        403,264,515  

Varian Medical Systems, Inc.(a)

      1,028,509        145,760,295  

Ventas, Inc. REIT

      4,012,157        256,015,738  

VeriSign, Inc.(a)

      1,196,761        217,283,927  

Verisk Analytics, Inc.

      1,835,544        244,127,352  

Verizon Communications, Inc.

      46,602,690        2,755,617,060  

Vertex Pharmaceuticals, Inc.(a)

      2,879,826        529,743,993  

VF Corp.

      3,658,668        317,974,836  

Viacom, Inc. Class B

      3,910,499        109,767,707  

Visa, Inc. Class A

      19,739,359        3,083,090,482  

Vornado Realty Trust REIT

      1,955,599        131,885,597  

Vulcan Materials Co.

      1,465,187        173,478,141  

W.W. Grainger, Inc.

      505,978        152,263,960  
Common Stocks    Shares      Value  
   

Wabtec Corp.

      1,506,565      $ 111,063,972  

Walgreens Boots Alliance, Inc.

      9,017,075        570,510,335  

Walmart, Inc.

      16,035,188        1,563,911,886  

Walt Disney Co.

      19,858,171        2,204,852,764  

Waste Management, Inc.

      4,384,450        455,588,199  

Waters Corp.(a)

      805,335        202,710,873  

WEC Energy Group, Inc.

      3,553,207        280,987,610  

WellCare Health Plans, Inc.(a)

      556,549        150,129,093  

Wells Fargo & Co.

      46,179,504        2,231,393,633  

Welltower, Inc. REIT

      4,352,931        337,787,446  

Western Digital Corp.

      3,239,833        155,706,374  

Western Union Co.

      4,975,465        91,896,839  

WestRock Co.

      2,842,615        109,014,285  

Weyerhaeuser Co. REIT

      8,389,689        220,984,408  

Whirlpool Corp.

      710,139        94,370,372  

Williams Cos., Inc.

      13,640,525        391,755,878  

Willis Towers Watson PLC

      1,453,667        255,336,609  

Wynn Resorts, Ltd.

      1,090,621        130,132,898  

Xcel Energy, Inc.

      5,756,060        323,548,133  

Xerox Corp.

      2,250,726        71,978,217  

Xilinx, Inc.

      2,851,562        361,549,546  

Xylem, Inc.

      2,025,043        160,059,399  

Yum! Brands, Inc.

      3,451,095        344,453,792  

Zimmer Biomet Holdings, Inc.

      2,302,764        294,062,963  

Zions Bancorp

      2,162,202        98,185,593  

Zoetis, Inc.

      5,392,864        542,899,619  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $280,363,452,533)

       $ 266,306,493,364  
     

 

 

  

 

(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, 2019.

 

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

ASSETS:

            

INVESTMENTS:

            

Common Stocks

   $ 266,306,493,364      $ —      $ —      $ 266,306,493,364  

 

See accompanying notes to financial statements.

 

6

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2019 (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, 2019 and for the six months then ended, are (Note 3):

 

    Number
of Shares
Held at
9/30/18		     Value at
9/30/18		     Cost of
Purchases*		     Proceeds
from
Shares
Sold*		     Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
Depreciation		     Number
of Shares
Held at
3/31/19		     Value at
3/31/19		     Dividend
Income		  

Intercontinental Exchange, Inc.

     6,513,317     $ 487,782,310     $ 202,459,507     $ 211,207,003     $ 17,867,115     $ (10,375,476 )      6,389,893     $ 486,526,453     $ 3,294,357  

State Street Corp

     4,311,343       361,204,317       127,550,495       131,070,778       (3,144,619 )      (73,485,504 )      4,270,687       281,053,911       4,085,611  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

TOTAL

     $ 848,986,627     $ 330,010,002     $ 342,277,781     $ 14,722,496     $ (83,860,980 )      $ 767,580,364     $ 7,379,968  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

*

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

March 31, 2019 (Unaudited)

 

 

 

INDUSTRY BREAKDOWN

AS OF MARCH 31, 2019*

 

INDUSTRY    % OF
NET ASSETS		  

Software

      6.7 % 

Banks

      5.3  

IT Services

      5.1  

Interactive Media & Services

      5.0  

Oil, Gas & Consumable Fuels

      5.0  

Pharmaceuticals

      4.8  

Internet & Catalog Retail

      4.2  

Technology Hardware, Storage & Peripherals

      4.1  

Semiconductors & Semiconductor Equipment

      4.0  

Health Care Equipment & Supplies

      3.9  

Equity Real Estate Investment Trusts (REITs)

      2.9  

Insurance

      2.7  

Health Care Providers & Services

      2.6  

Aerospace & Defense

      2.4  

Biotechnology

      2.4  

Capital Markets

      2.3  

Specialty Retail

      2.3  

Media

      2.2  

Diversified Telecommunication Services

      2.0  

Electric Utilities

      2.0  

Hotels, Restaurants & Leisure

      2.0  

Chemicals

      1.8  

Food & Staples Retailing

      1.8  

Beverages

      1.7  

Diversified Financial Services

      1.7  

Household Products

      1.7  

Industrial Conglomerates

      1.5  

Machinery

      1.5  

Communications Equipment

      1.3  

Food Products

      1.3  

Life Sciences Tools & Services

      1.1  

Multi-Utilities

      1.1  

Tobacco

      1.1  

Road & Rail

      0.9  

Air Freight & Logistics

      0.7  

Consumer Finance

      0.7  

Commercial Services & Supplies

      0.5  

Electrical Equipment

      0.5  

Energy Equipment & Services

      0.5  

Textiles, Apparel & Luxury Goods

      0.5  

Airlines

      0.4  

Electronic Equipment, Instruments & Components

      0.4  

Multiline Retail

      0.4  

Automobiles

      0.3  

Metals & Mining

      0.3  

Professional Services

      0.3  

 

INDUSTRY    % OF
NET ASSETS		  

Building Products

      0.2 %  

Construction Materials

      0.2  

Containers & Packaging

      0.2  

Household Durables

      0.2  

Independent Power Producers & Energy Traders

      0.2  

Personal Products

      0.2  

Trading Companies & Distributors

      0.2  

Auto Components

      0.1  

Distributors

      0.1  

Gas Utilities

      0.1  

Health Care Technology

      0.1  

Real Estate Management & Development

      0.1  

Water Utilities

      0.1  

Construction & Engineering

      0.0 ** 

Diversified Consumer Services

      0.0 ** 

Leisure Equipment & Products

      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

Statement of Assets and Liabilities

March 31, 2019 (Unaudited)

 

 

 

ASSETS

 

Investments in unaffiliated issuers, at value (Note 2)

    $ 265,538,913,000  

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

      767,580,364  
  

 

 

  

Total Investments

      266,306,493,364  

Cash

      1,230,785,734  

Receivable for units of fractional undivided interest (“Units”) issued in-kind

      1,032,938  

Dividends receivable — unaffiliated issuers (Note 2)

      232,728,428  

Dividends receivable — affiliated issuers (Note 2)

      1,988,422  
  

 

 

  

Total Assets

      267,773,028,886  
  

 

 

  

LIABILITIES

 

Payable for investments purchased

      4,394,888  

Accrued Trustee expense (Note 3)

      9,523,589  

Accrued Marketing expense (Note 3)

      22,841,020  

Distribution payable

      1,140,428,054  

Accrued expenses and other liabilities

      33,204,792  
  

 

 

  

Total Liabilities

      1,210,392,343  
  

 

 

  

NET ASSETS

    $ 266,562,636,543  
  

 

 

  

NET ASSETS CONSIST OF:

 

Paid in capital (Note 4)

    $ 287,642,092,205  

Total distributable earnings (loss)

      (21,079,455,662 ) 
  

 

 

  

NET ASSETS

    $ 266,562,636,543  
  

 

 

  

NET ASSET VALUE PER UNIT

    $ 282.67  
  

 

 

  

UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

      943,032,116  
  

 

 

  

COST OF INVESTMENTS:

 

Unaffiliated issuers

    $ 279,462,030,079  

Affiliates of the Trustee and the Sponsor (Note 3)

      901,422,454  
  

 

 

  

Total Cost of Investments

    $ 280,363,452,533  
  

 

 

  

 

See accompanying notes to financial statements.

 

9

Table of Contents

SPDR S&P 500® ETF Trust

Statements of Operations

 

 

 

    Six Months Ended
3/31/19
(Unaudited)		     Year Ended
9/30/18		     Year Ended
9/30/17		     Year Ended
9/30/16		  

INVESTMENT INCOME

 

Dividend income — unaffiliated issuers (Note 2)

   $ 2,690,002,299     $ 4,995,395,848     $ 4,737,367,911     $ 3,945,216,356  

Dividend income — affiliates of the Trustee and the Sponsor

     7,379,968       13,606,086       11,842,443       9,522,352  

Foreign taxes withheld

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

 

 

    

 

 

    

 

 

    

 

 

  

Total Investment Income

     2,697,382,267       5,009,001,934       4,749,200,567       3,954,737,007  

EXPENSES

 

Trustee expense (Note 3)

     58,264,299       143,201,038       126,137,525       103,362,752  

S&P license fee (Note 3)

     38,523,275       80,322,526       69,123,020       55,221,522  

Marketing expense (Note 3)

     21,648,323       22,626,082       18,358,255       36,504,376  

Legal and audit fees

     216,995       603,472       241,998       384,056  

Other expenses

     1,753,018       4,372,847       2,644,758       2,221,602  
 

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

     120,405,910       251,125,965       216,505,556       197,694,308  

Trustee expense waiver

     —       —       (658,036 )      (25,222,398 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

Net Expenses

     120,405,910       251,125,965       215,847,520       172,471,910  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INVESTMENT INCOME (LOSS)

     2,576,976,357       4,757,875,969       4,533,353,047       3,782,265,097  
 

 

 

    

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) on:

        

Investments — unaffiliated issuers

     (1,115,528,725 )      (631,225,982 )      (1,368,210,820 )      (1,028,840,743 ) 

Investments — affiliates of the Trustee and the Sponsor

     —       (838,353 )      (355,947 )      26,620,667  

In-kind redemptions — unaffiliated issuers

     9,418,155,893       37,318,292,156       22,363,636,511       11,251,354,143  

In-kind redemptions —affiliated issuers

     14,722,496       142,784,439       89,897,379       30,680,189  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

     8,317,349,664       36,829,012,260       21,084,967,123       10,279,814,256  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation / depreciation on:

        

Investments — unaffiliated issuers

     (16,351,527,889 )      (760,564,842 )      12,961,822,882       10,942,349,396  

Investments — affiliates of the Trustee and the Sponsor

     (83,860,980 )      (158,416,456 )      113,290,379       24,374,172  
 

 

 

    

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation/depreciation

     (16,435,388,869 )      (918,981,298 )      13,075,113,261       10,966,723,568  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS)

     (8,118,039,205 )      35,910,030,962       34,160,080,384       21,246,537,824  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

   $ (5,541,062,848 )    $ 40,667,906,931     $ 38,693,433,431     $ 25,028,802,921  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

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
3/31/19
(Unaudited)		     Year Ended
9/30/18		     Year Ended
9/30/17		     Year Ended
9/30/16		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

        

Net investment income (loss)

   $ 2,576,976,357     $ 4,757,875,969     $ 4,533,353,047     $ 3,782,265,097  

Net realized gain (loss)

     8,317,349,664       36,829,012,260       21,084,967,123       10,279,814,256  

Net change in unrealized appreciation/depreciation

     (16,435,388,869 )      (918,981,298 )      13,075,113,261       10,966,723,568  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

     (5,541,062,848 )      40,667,906,931       38,693,433,431       25,028,802,921  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

     (16,950,896 )      2,991,782       57,766,713       21,466,005  
 

 

 

    

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO UNITHOLDERS(a)

     (2,508,366,220 )      (4,894,169,793 )      (4,709,369,232 )      (3,930,525,113 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:

        

Proceeds from issuance of Units

     279,249,659,335       617,352,015,478       457,292,137,220       432,172,352,001  

Cost of Units redeemed

     (284,027,228,085 )      (617,035,693,780 )      (445,257,589,858 )      (422,673,566,737 ) 

Net income equalization (Note 2)

     16,950,896       (2,991,782 )      (57,766,713 )      (21,466,005 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

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

     (4,760,617,854 )      313,329,916       11,976,780,649       9,477,319,259  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

     (12,826,997,818 )      36,090,058,836       46,018,611,561       30,597,063,072  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS AT BEGINNING OF PERIOD

     279,389,634,361       243,299,575,525       197,280,963,964       166,683,900,892  
 

 

 

    

 

 

    

 

 

    

 

 

  

NET ASSETS AT END OF PERIOD(b)

   $ 266,562,636,543     $ 279,389,634,361     $ 243,299,575,525     $ 197,280,963,964  
 

 

 

    

 

 

    

 

 

    

 

 

  

UNIT TRANSACTIONS:

        

Units sold

     1,040,100,000       2,275,100,000       1,958,700,000       2,107,450,000  

Units redeemed

     (1,058,500,000 )      (2,281,850,000 )      (1,902,150,000 )      (2,065,000,000 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE)

     (18,400,000 )      (6,750,000 )      56,550,000       42,450,000  
 

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

For the periods ended September 30, 2017 and 2016, respectively, the distributions to unitholders were $4,709,369,232 and $3,930,525,113, respectively, from net investment income.

(b)

Distribution in excess of net investment income amounted to $(1,093,659,404) and $(985,690,493) as of September 30, 2017 and 2016, respectively.

 

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
3/31/19
(Unaudited)		     Year Ended
9/30/18		     Year Ended
9/30/17		     Year Ended
9/30/16		     Year Ended
9/30/15		     Year Ended
9/30/14		  

Net asset value, beginning of period

   $ 290.60     $ 251.30     $ 216.40     $ 191.77     $ 196.98     $ 167.96  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from investment operations:

            

Net investment income (loss)(a)

     2.72       4.86       4.65       4.27       4.28       3.60  

Net realized and unrealized gain (loss)

     (7.96 )      39.46       34.97       24.76       (5.47 )      29.03  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (5.24 )      44.32       39.62       29.03       (1.19 )      32.63  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equalization credits and charges(a)

     (0.02 )      0.00 (b)      0.06       0.02       0.08       0.07  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contribution by Trustee

     —       —       —       —       0.03 (c)      —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Less Distributions from:

            

Net investment income

     (2.67 )      (5.02 )      (4.78 )      (4.42 )      (4.13 )      (3.68 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 282.67     $ 290.60     $ 251.30     $ 216.40     $ 191.77     $ 196.98  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total return(d)

     (1.78 )%      17.72 %      18.44 %(e)      15.30 %      (0.64 )%(f)      19.57 % 

Ratios and Supplemental Data:

            

Net assets, end of period (in 000s)

   $ 266,562,637     $ 279,389,634      $ 243,299,576      $ 197,280,964      $ 166,683,901      $ 179,915,396  

Ratios to average net assets:

 

Total expenses (excluding Trustee earnings credit and fee waivers)

     0.10 %(g)      0.10 %      0.09 %      0.11 %      0.11 %      0.11 % 

Total expenses (excluding Trustee earnings credit)

     0.10 %(g)      0.10 %      0.09 %      0.11 %      0.11 %      0.11 % 

Net expenses(h)

     0.09 %(g)      0.09 %      0.09 %      0.09 %      0.09 %      0.09 % 

Net investment income (loss)

     2.02 %(g)      1.79 %      1.98 %      2.07 %      2.09 %      1.93 % 

Portfolio turnover rate(i)

     1 %      2 %      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)

Amount is less than $0.005 per Unit.

(c)

Contribution paid by the Trustee (State Street Bank and Trust Company) in the amount of $26,920,521.

(d)

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.

(e)

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.

(f)

Total return would have been lower by 0.01% if the Trustee had not made a contribution.

(g)

Annualized.

(h)

Net of expenses waived by the Trustee.

(i)

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, 2019 (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 have not changed 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 Trustee in the preparation of the Trust’s 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 of the Trustee (the “Committee”). The Committee provides oversight of the valuation of investments for the Trust.

 

13

Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

 

 

 

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

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 (“NAV”) 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 Trustee values the Trust’s 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.

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 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.

 

14

Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

 

 

 

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

 

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 Trustee’s policy is to record all REIT distributions as dividend income initially and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or Trustee’s estimates of such re-designations for which actual information has not yet been reported. 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, if any, to its holders of Units (“Unitholders”), 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 Trustee 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 U.S. Federal income tax principles 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.

 

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

 

 

 

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

 

The Trustee has reviewed the Trust’s tax positions for the open tax years as of September 30, 2018 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 Trustee has the Trust recognize 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 ended September 30, 2018.

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, 2019, the Trustee reclassified $9,432,878,389 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, 2019, 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

   $ 280,414,107,926     $ 13,847,622,096     $ 27,955,236,658     $ (14,107,614,562 ) 

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 pays SSBT for such services. 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, 2019:

 

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, 2019, the Adjustment Amount reduced the Trustee’s fee by $18,483,076. The Adjustment Amount included an excess of net transaction fees from processing orders of $4,345,060 and a Trustee earnings credit of $14,138,016.

 

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

 

 

 

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

 

The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2020, so that the total operating expenses would not exceed 0.0945% per annum of the daily NAV of the Trust. The total amount of such waivers by the Trustee for the years ended September 30, 2017 and 2016 are identified in the Statements of Operations. No amounts were waived for the six months ended March 31, 2019 and the year ended September 30, 2018. 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, 2019, and the years ended September 30, 2018, 2017 and 2016, did not exceed 0.20% per annum. The licensing and marketing fee disclosed below are subject to both the reimbursement from the Trust to the Sponsor and expense limitation of 0.20% of the Trust’s NAV. The Trust reimbursed the Sponsor for $253,069 of legal fees, which are included in Legal and audit fees on the Statements of Operations.

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, 2019 are listed in the Schedule of Investments.

 

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Notes to Financial Statements (continued)

March 31, 2019 (Unaudited)

 

 

 

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

 

 

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 2017 Statements of Operations.

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, 2019, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $106,086,884,226, $110,865,407,108, $4,502,092,524, and $3,489,221,495, respectively. Net realized gain (loss) on investment transactions in the Statements of Operations includes net gains resulting from in-kind transactions of $9,432,878,389.

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 issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

 

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Other Information

March 31, 2019 (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

      9.36 %      66.80 %      331.93 % 

Return Based on Bid/Ask Price

      9.31 %      66.75 %      333.33 % 

S&P 500® Index

      9.50 %      67.81 %      338.09 % 

Average Annual Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500® ETF Trust

       

Return Based on NAV

      9.36 %      10.77 %      15.76 % 

Return Based on Bid/Ask Price

      9.31 %      10.77 %      15.79 % 

S&P 500® Index

      9.50 %      10.92 %      15.93 % 

 

(1)

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.

 

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(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