N-30D 1 d818891dn30d.htm SPDR S&P 500 ETF TRUST SPDR S&P 500 ETF TRUST
Table of Contents

Annual Report

September 30, 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

Trust Overview

 

 

INVESTMENT OBJECTIVE

SPDR S&P 500® ETF Trust (the “Trust”) seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500® Index (the “Index”).

INVESTMENT STRATEGY

The Trust seeks to achieve this investment objective by holding a portfolio of the common stocks that are included in the Index (the “Portfolio”), with the weight of each stock in the Portfolio substantially corresponding to the weight of such stock in the Index.

PERFORMANCE OVERVIEW

The Trust ended its fiscal year on September 30, 2019, with a 12-month total return of 4.11% based on net asset value (“NAV”), as compared to the Index return of 4.25%.

The Trust’s performance reflects the operating expenses of the Trust, including brokerage expenses, marketing expenses, license fees, expenses relating to legal and audit services and Trustee fees. The Trust’s performance also reflects the impact of an expense waiver, and without this waiver, such performance would be lower. Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.

Table of Contents

SPDR S&P 500® ETF Trust

Annual Report

September 30, 2019

Table of Contents

 

Schedule of Investments

      1  

Portfolio Statistics

      8  

Statement of Assets and Liabilities

     9  

Statements of Operations

      10  

Statements of Changes in Net Assets

      11  

Financial Highlights

      12  

Notes to Financial Statements

      13  

Report of Independent Registered Public Accounting Firm

      20  

Other Information (Unaudited)

      21  

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments

September 30, 2019

 

 

 

Common Stocks    Shares      Value  
               

3M Co.

      6,381,536      $ 1,049,124,518  

Abbott Laboratories

      19,624,317        1,641,966,603  

AbbVie, Inc.

      16,366,181        1,239,247,225  

ABIOMED, Inc.(a)

      498,273        88,637,784  

Accenture PLC Class A

      7,061,131        1,358,208,548  

Activision Blizzard, Inc.

      8,499,909        449,815,184  

Adobe Systems, Inc.(a)

      5,401,556        1,492,179,845  

Advance Auto Parts, Inc.

      794,133        131,349,598  

Advanced Micro Devices, Inc.(a)

      12,053,261        349,424,036  

AES Corp.

      7,320,441        119,616,006  

Affiliated Managers Group, Inc.

      566,395        47,209,023  

Aflac, Inc.

      8,270,061        432,689,592  

Agilent Technologies, Inc.

      3,436,133        263,310,872  

Air Products & Chemicals, Inc.

      2,435,294        540,294,327  

Akamai Technologies, Inc.(a)

      1,815,180        165,871,148  

Alaska Air Group, Inc.

      1,365,971        88,665,178  

Albemarle Corp.

      1,184,215        82,326,627  

Alexandria Real Estate Equities, Inc. REIT

      1,244,852        191,757,002  

Alexion Pharmaceuticals, Inc.(a)

      2,480,290        242,919,603  

Align Technology, Inc.(a)

      805,540        145,738,297  

Allegion PLC

      1,037,295        107,515,627  

Allergan PLC

      3,642,232        612,951,223  

Alliance Data Systems Corp.

      455,042        58,304,531  

Alliant Energy Corp.

      2,610,039        140,759,403  

Allstate Corp.

      3,655,095        397,235,725  

Alphabet, Inc. Class A(a)

      3,325,875        4,061,358,997  

Alphabet, Inc. Class C(a)

      3,355,556        4,090,422,764  

Altria Group, Inc.

      20,712,433        847,138,510  

Amazon.com, Inc.(a)

      4,613,732        8,009,023,516  

Amcor PLC(a)

      18,009,115        175,588,871  

Ameren Corp.

      2,700,678        216,189,274  

American Airlines Group, Inc.

      4,383,002        118,209,564  

American Electric Power Co., Inc.

      5,445,377        510,177,371  

American Express Co.

      7,580,304        896,598,357  

American International Group, Inc.

      9,628,951        536,332,571  

American Tower Corp. REIT

      4,915,362        1,086,933,999  

American Water Works Co., Inc.

      1,997,914        248,200,856  

Ameriprise Financial, Inc.

      1,453,054        213,744,243  

AmerisourceBergen Corp.

      1,721,070        141,695,693  

AMETEK, Inc.

      2,513,000        230,743,660  

Amgen, Inc.

      6,658,645        1,288,514,394  

Amphenol Corp. Class A

      3,314,097        319,810,360  

Analog Devices, Inc.

      4,102,693        458,393,889  

ANSYS, Inc.(a)

      931,275        206,147,034  
Common Stocks    Shares      Value  
               

Anthem, Inc.

      2,847,285      $ 683,633,128  

AO Smith Corp.

      1,571,994        74,999,834  

Aon PLC

      2,618,745        506,910,470  

Apache Corp.

      4,150,455        106,251,648  

Apartment Investment & Management Co. Class A REIT

      1,651,020        86,084,183  

Apple, Inc.

      47,167,737        10,564,158,056  

Applied Materials, Inc.

      10,256,804        511,814,520  

Aptiv PLC

      2,860,182        250,037,110  

Archer-Daniels-Midland Co.

      6,189,969        254,222,027  

Arconic, Inc.

      4,427,996        115,127,896  

Arista Networks, Inc.(a)

      604,304        144,380,312  

Arthur J Gallagher & Co.

      2,049,372        183,562,250  

Assurant, Inc.

      682,046        85,815,028  

AT&T, Inc.

      81,132,958        3,070,071,131  

Atmos Energy Corp.

      1,291,009        147,033,015  

Autodesk, Inc.(a)

      2,437,234        359,979,462  

Automatic Data Processing, Inc.

      4,818,727        777,838,912  

AutoZone, Inc.(a)

      272,281        295,321,418  

AvalonBay Communities, Inc. REIT

      1,547,144        333,146,518  

Avery Dennison Corp.

      946,428        107,485,828  

Baker Hughes a GE Co.

      7,214,571        167,378,047  

Ball Corp.

      3,713,015        270,344,622  

Bank of America Corp.

      93,018,758        2,713,357,171  

Bank of New York Mellon Corp.

      9,524,619        430,608,025  

Baxter International, Inc.

      5,669,051        495,871,891  

BB&T Corp.

      8,497,234        453,497,379  

Becton Dickinson and Co.

      2,986,606        755,491,854  

Berkshire Hathaway, Inc. Class B(a)

      21,772,086        4,529,029,330  

Best Buy Co., Inc.

      2,571,805        177,428,827  

Biogen, Inc.(a)

      2,048,028        476,821,879  

BlackRock, Inc.

      1,304,318        581,256,274  

Boeing Co.

      5,935,595        2,258,315,830  

Booking Holdings, Inc.(a)

      472,207        926,758,180  

BorgWarner, Inc.

      2,280,487        83,648,263  

Boston Properties, Inc. REIT

      1,595,924        206,927,506  

Boston Scientific Corp.(a)

      15,396,966        626,502,547  

Bristol-Myers Squibb Co.

      18,109,596        918,337,613  

Broadcom, Inc.

      4,419,910        1,220,204,554  

Broadridge Financial Solutions, Inc.

      1,284,456        159,824,860  

Brown-Forman Corp. Class B

      2,020,905        126,872,416  

C.H. Robinson Worldwide, Inc.

      1,514,537        128,402,447  

Cabot Oil & Gas Corp.

      4,685,099        82,317,189  
 

 

See accompanying notes to financial statements.

 

1

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

September 30, 2019

 

 

 

Common Stocks    Shares      Value  
               

Cadence Design Systems, Inc.(a)

      3,118,055      $ 206,041,074  

Campbell Soup Co.

      1,872,380        87,852,070  

Capital One Financial Corp.

      5,210,801        474,078,675  

Capri Holdings, Ltd.(a)

      1,687,152        55,945,960  

Cardinal Health, Inc.

      3,273,408        154,472,124  

CarMax, Inc.(a)

      1,843,996        162,271,648  

Carnival Corp.

      4,409,710        192,748,424  

Caterpillar, Inc.

      6,246,701        789,020,803  

Cboe Global Markets, Inc.

      1,235,657        141,989,346  

CBRE Group, Inc. Class A(a)

      3,734,492        197,965,421  

CBS Corp. Class B

      3,633,535        146,685,808  

CDW Corp.

      1,606,828        198,025,483  

Celanese Corp.

      1,400,856        171,310,680  

Celgene Corp.(a)

      7,869,473        781,438,669  

Centene Corp.(a)

      4,561,187        197,316,950  

CenterPoint Energy, Inc.

      5,531,867        166,951,746  

CenturyLink, Inc.

      10,650,793        132,921,897  

Cerner Corp.

      3,589,834        244,718,984  

CF Industries Holdings, Inc.

      2,452,167        120,646,616  

Charles Schwab Corp.

      12,917,682        540,346,638  

Charter Communications, Inc. Class A(a)

      1,795,164        739,822,988  

Chevron Corp.

      21,074,133        2,499,392,174  

Chipotle Mexican Grill, Inc.(a)

      283,114        237,948,824  

Chubb, Ltd.

      5,068,770        818,302,229  

Church & Dwight Co., Inc.

      2,714,746        204,257,489  

Cigna Corp.(a)

      4,194,958        636,752,675  

Cimarex Energy Co.

      1,119,861        53,686,136  

Cincinnati Financial Corp.

      1,683,101        196,367,394  

Cintas Corp.

      937,968        251,469,221  

Cisco Systems, Inc.

      47,137,065        2,329,042,382  

Citigroup, Inc.

      25,083,172        1,732,745,522  

Citizens Financial Group, Inc.

      4,964,232        175,584,886  

Citrix Systems, Inc.

      1,397,389        134,875,986  

Clorox Co.

      1,415,847        215,024,684  

CME Group, Inc.

      3,963,219        837,586,703  

CMS Energy Corp.

      3,147,958        201,311,914  

Coca-Cola Co.

      42,730,796        2,326,264,534  

Cognizant Technology Solutions Corp. Class A

      6,132,348        369,565,952  

Colgate-Palmolive Co.

      9,509,909        699,073,411  

Comcast Corp. Class A

      50,360,098        2,270,233,218  

Comerica, Inc.

      1,709,538        112,812,413  

Conagra Brands, Inc.

      5,374,680        164,895,182  

Concho Resources, Inc.

      2,217,062        150,538,510  

ConocoPhillips

      12,326,398        702,358,158  

Consolidated Edison, Inc.

      3,688,173        348,421,703  

Constellation Brands, Inc. Class A

      1,854,880        384,479,526  
Common Stocks    Shares      Value  
               

Cooper Cos., Inc.

      544,396      $ 161,685,612  

Copart, Inc.(a)

      2,230,134        179,146,664  

Corning, Inc.

      8,682,802        247,633,513  

Corteva, Inc.(a)

      8,295,297        232,268,316  

Costco Wholesale Corp.

      4,883,066        1,406,860,145  

Coty, Inc. Class A

      3,333,344        35,033,445  

Crown Castle International Corp. REIT

      4,599,635        639,395,261  

CSX Corp.

      8,862,297        613,891,313  

Cummins, Inc.

      1,752,033        285,003,208  

CVS Health Corp.

      14,439,894        910,724,115  

D.R. Horton, Inc.

      3,727,759        196,490,177  

Danaher Corp.

      7,089,254        1,023,900,955  

Darden Restaurants, Inc.

      1,353,049        159,957,453  

DaVita, Inc.(a)

      1,075,129        61,357,612  

Deere & Co.

      3,505,721        591,345,018  

Delta Air Lines, Inc.

      6,425,400        370,103,040  

DENTSPLY SIRONA, Inc.

      2,489,176        132,697,973  

Devon Energy Corp.

      4,604,842        110,792,499  

Diamondback Energy, Inc.

      1,810,390        162,772,165  

Digital Realty Trust, Inc. REIT

      2,294,240        297,815,294  

Discover Financial Services

      3,533,454        286,527,785  

Discovery, Inc. Class A(a)

      1,746,108        46,498,856  

Discovery, Inc. Class C(a)

      3,985,115        98,113,531  

DISH Network Corp. Class A(a)

      2,671,566        91,020,254  

Dollar General Corp.

      2,865,126        455,383,126  

Dollar Tree, Inc.(a)

      2,626,971        299,895,009  

Dominion Energy, Inc.

      9,126,128        739,581,413  

Dover Corp.

      1,611,955        160,486,240  

Dow, Inc.

      8,287,771        394,912,288  

DTE Energy Co.

      2,026,534        269,447,961  

Duke Energy Corp.

      8,060,435        772,673,299  

Duke Realty Corp. REIT

      3,971,103        134,898,369  

DuPont de Nemours, Inc.

      8,294,294        591,466,105  

DXC Technology Co.

      2,958,879        87,286,930  

E*TRADE Financial Corp.

      2,717,374        118,722,070  

Eastman Chemical Co.

      1,537,819        113,537,177  

Eaton Corp. PLC

      4,683,376        389,422,714  

eBay, Inc.

      8,754,514        341,250,956  

Ecolab, Inc.

      2,779,616        550,475,153  

Edison International

      3,976,020        299,871,428  

Edwards Lifesciences Corp.(a)

      2,313,129        508,680,198  

Electronic Arts, Inc.(a)

      3,290,418        321,868,689  

Eli Lilly & Co.

      9,433,130        1,054,906,928  

Emerson Electric Co.

      6,804,575        454,953,884  

Entergy Corp.

      2,207,530        259,075,721  

EOG Resources, Inc.

      6,420,772        476,549,698  

Equifax, Inc.

      1,334,306        187,696,825  

Equinix, Inc. REIT

      941,791        543,225,049  
 

 

See accompanying notes to financial statements.

 

2

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

September 30, 2019

 

 

 

Common Stocks    Shares      Value  
               

Equity Residential REIT

      3,870,485      $ 333,868,036  

Essex Property Trust, Inc. REIT

      726,028        237,157,046  

Estee Lauder Cos., Inc. Class A

      2,456,293        488,679,492  

Everest Re Group, Ltd.

      445,984        118,671,883  

Evergy, Inc.

      2,614,316        174,008,873  

Eversource Energy

      3,563,330        304,557,815  

Exelon Corp.

      10,773,492        520,467,399  

Expedia Group, Inc.

      1,534,785        206,290,452  

Expeditors International of Washington, Inc.

      1,901,383        141,253,743  

Extra Space Storage, Inc. REIT

      1,407,281        164,398,566  

Exxon Mobil Corp.

      46,979,876        3,317,249,044  

F5 Networks, Inc.(a)

      663,540        93,174,287  

Facebook, Inc. Class A(a)

      26,711,617        4,756,804,755  

Fastenal Co.

      6,325,340        206,648,858  

Federal Realty Investment Trust REIT

      773,990        105,370,999  

FedEx Corp.

      2,649,890        385,744,487  

Fidelity National Information Services, Inc.

      6,811,607        904,308,945  

Fifth Third Bancorp

      8,068,559        220,917,145  

First Republic Bank

      1,867,782        180,614,519  

FirstEnergy Corp.

      5,995,581        289,166,872  

Fiserv, Inc.(a)

      6,304,718        653,105,738  

FleetCor Technologies, Inc.(a)

      954,119        273,622,247  

FLIR Systems, Inc.

      1,488,460        78,278,111  

Flowserve Corp.

      1,420,310        66,342,680  

FMC Corp.

      1,457,142        127,762,211  

Ford Motor Co.

      43,478,770        398,265,533  

Fortinet, Inc.(a)

      1,602,045        122,972,974  

Fortive Corp.

      3,272,246        224,345,186  

Fortune Brands Home & Security, Inc.

      1,551,134        84,847,030  

Fox Corp. Class A

      3,894,931        122,826,649  

Fox Corp. Class B(a)

      1,774,037        55,953,127  

Franklin Resources, Inc.

      3,263,245        94,177,251  

Freeport-McMoRan, Inc.

      16,093,249        154,012,393  

Gap, Inc.

      2,389,643        41,484,202  

Garmin, Ltd.

      1,604,226        135,861,900  

Gartner, Inc.(a)

      986,180        141,013,878  

General Dynamics Corp.

      2,597,928        474,719,383  

General Electric Co.

      96,548,912        863,147,273  

General Mills, Inc.

      6,644,486        366,244,068  

General Motors Co.

      13,950,387        522,860,505  

Genuine Parts Co.

      1,613,698        160,708,184  

Gilead Sciences, Inc.

      14,076,162        892,147,148  

Global Payments, Inc.

      3,331,358        529,685,922  

Globe Life, Inc.(a)

      1,131,482        108,350,716  
Common Stocks    Shares      Value  
               

Goldman Sachs Group, Inc.

      3,593,028      $ 744,583,192  

H&R Block, Inc.

      2,221,877        52,480,735  

Halliburton Co.

      9,607,502        181,101,413  

Hanesbrands, Inc.

      4,020,454        61,593,355  

Harley-Davidson, Inc.

      1,760,639        63,330,185  

Hartford Financial Services Group, Inc.

      3,998,316        242,337,933  

Hasbro, Inc.

      1,276,144        151,465,531  

HCA Healthcare, Inc.

      2,945,905        354,745,880  

HCP, Inc. REIT

      5,452,948        194,288,537  

Helmerich & Payne, Inc.

      1,222,142        48,971,230  

Henry Schein, Inc.(a)

      1,665,690        105,771,315  

Hershey Co.

      1,653,828        256,326,802  

Hess Corp.

      2,873,468        173,787,345  

Hewlett Packard Enterprise Co.

      14,496,342        219,909,508  

Hilton Worldwide Holdings, Inc.

      3,228,110        300,569,322  

HollyFrontier Corp.

      1,738,164        93,235,117  

Hologic, Inc.(a)

      2,968,381        149,873,557  

Home Depot, Inc.

      12,171,919        2,824,128,646  

Honeywell International, Inc.

      7,988,942        1,351,728,986  

Hormel Foods Corp.

      3,012,650        131,743,184  

Host Hotels & Resorts, Inc. REIT

      8,182,086        141,468,267  

HP, Inc.

      16,453,961        311,308,942  

Humana, Inc.

      1,494,864        382,191,879  

Huntington Bancshares, Inc.

      11,661,013        166,402,656  

Huntington Ingalls Industries, Inc.

      459,930        97,408,575  

IDEX Corp.

      829,964        136,014,500  

IDEXX Laboratories, Inc.(a)

      951,228        258,667,430  

IHS Markit, Ltd.(a)

      4,453,596        297,856,500  

Illinois Tool Works, Inc.

      3,268,489        511,485,844  

Illumina, Inc.(a)

      1,622,424        493,573,829  

Incyte Corp.(a)

      1,961,164        145,577,204  

Ingersoll-Rand PLC

      2,676,854        329,815,181  

Intel Corp.

      49,188,100        2,534,662,793  

Intercontinental Exchange, Inc.(b)

      6,242,458        575,991,600  

International Business Machines Corp.

      9,836,159        1,430,374,242  

International Flavors & Fragrances, Inc.

      1,185,527        145,452,308  

International Paper Co.

      4,397,869        183,918,882  

Interpublic Group of Cos., Inc.

      4,281,234        92,303,405  

Intuit, Inc.

      2,887,587        767,924,887  

Intuitive Surgical, Inc.(a)

      1,277,246        689,623,433  

Invesco, Ltd.

      4,455,356        75,473,731  

IPG Photonics Corp.(a)

      392,725        53,253,510  

IQVIA Holdings, Inc.(a)

      2,022,672        302,146,743  

Iron Mountain, Inc. REIT

      3,173,097        102,776,612  

J.M. Smucker Co.

      1,257,579        138,358,842  
 

 

See accompanying notes to financial statements.

 

3

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

September 30, 2019

 

 

 

Common Stocks    Shares      Value  
               

Jack Henry & Associates, Inc.

      845,932      $ 123,480,694  

Jacobs Engineering Group, Inc.

      1,504,329        137,646,103  

JB Hunt Transport Services, Inc.

      961,709        106,413,101  

Johnson & Johnson

      29,303,546        3,791,292,781  

Johnson Controls International PLC

      8,829,244        387,515,519  

JPMorgan Chase & Co.

      35,503,147        4,178,365,370  

Juniper Networks, Inc.

      3,791,134        93,830,566  

Kansas City Southern

      1,112,807        148,014,459  

Kellogg Co.

      2,761,899        177,728,201  

KeyCorp

      11,132,760        198,608,438  

Keysight Technologies, Inc.(a)

      2,075,208        201,813,978  

Kimberly-Clark Corp.

      3,814,362        541,830,122  

Kimco Realty Corp. REIT

      4,613,796        96,336,060  

Kinder Morgan, Inc.

      21,493,226        442,975,388  

KLA Corp.

      1,792,511        285,815,879  

Kohl’s Corp.

      1,793,379        89,059,201  

Kraft Heinz Co.

      6,873,858        192,021,223  

Kroger Co.

      8,948,567        230,694,057  

L Brands, Inc.

      2,490,783        48,794,439  

L3Harris Technologies, Inc.

      2,479,159        517,251,734  

Laboratory Corp. of America Holdings(a)

      1,092,626        183,561,168  

Lam Research Corp.

      1,604,904        370,909,363  

Lamb Weston Holdings, Inc.

      1,619,464        117,767,422  

Leggett & Platt, Inc.

      1,435,493        58,769,083  

Leidos Holdings, Inc.

      1,500,916        128,898,666  

Lennar Corp. Class A

      3,184,210        177,838,128  

Lincoln National Corp.

      2,253,193        135,912,602  

Linde PLC

      6,008,378        1,163,942,986  

LKQ Corp.(a)

      3,471,022        109,163,642  

Lockheed Martin Corp.

      2,759,241        1,076,269,544  

Loews Corp.

      2,887,342        148,640,366  

Lowe’s Cos., Inc.

      8,569,669        942,320,803  

LyondellBasell Industries NV Class A

      2,866,249        256,443,298  

M&T Bank Corp.

      1,484,179        234,455,757  

Macerich Co. REIT

      1,169,784        36,953,477  

Macy’s, Inc.

      3,416,562        53,093,373  

Marathon Oil Corp.

      9,070,790        111,298,593  

Marathon Petroleum Corp.

      7,349,838        446,502,658  

MarketAxess Holdings, Inc.

      418,226        136,969,015  

Marriott International, Inc. Class A

      3,066,051        381,324,763  

Marsh & McLennan Cos., Inc.

      5,656,270        565,909,813  

Martin Marietta Materials, Inc.

      691,212        189,461,209  

Masco Corp.

      3,255,603        135,693,533  

Mastercard, Inc. Class A

      9,912,644        2,691,976,731  

Maxim Integrated Products, Inc.

      3,022,085        175,008,942  
Common Stocks    Shares      Value  
               

McCormick & Co., Inc.

      1,353,661      $ 211,577,214  

McDonald’s Corp.

      8,432,300        1,810,499,133  

McKesson Corp.

      2,053,014        280,564,893  

Medtronic PLC

      14,897,084        1,618,121,264  

Merck & Co., Inc.

      28,428,816        2,393,137,731  

MetLife, Inc.

      8,838,066        416,803,193  

Mettler-Toledo International, Inc.(a)

      274,555        193,396,542  

MGM Resorts International

      5,789,527        160,485,688  

Microchip Technology, Inc.

      2,616,254        243,076,159  

Micron Technology, Inc.(a)

      12,277,209        526,078,406  

Microsoft Corp.

      84,773,899        11,786,115,178  

Mid-America Apartment Communities, Inc. REIT

      1,259,016        163,684,670  

Mohawk Industries, Inc.(a)

      688,305        85,398,001  

Molson Coors Brewing Co. Class B

      2,077,043        119,429,972  

Mondelez International, Inc. Class A

      16,012,699        885,822,509  

Monster Beverage Corp.(a)

      4,339,613        251,957,931  

Moody’s Corp.

      1,825,662        373,950,347  

Morgan Stanley

      13,947,294        595,131,035  

Mosaic Co.

      3,869,320        79,321,060  

Motorola Solutions, Inc.

      1,828,231        311,548,845  

MSCI, Inc.

      930,749        202,670,595  

Mylan NV(a)

      5,701,761        112,780,833  

Nasdaq, Inc.

      1,287,170        127,880,339  

National Oilwell Varco, Inc.

      4,238,913        89,864,956  

Nektar Therapeutics(a)

      1,883,644        34,310,575  

NetApp, Inc.

      2,641,565        138,708,578  

Netflix, Inc.(a)

      4,861,472        1,301,027,137  

Newell Brands, Inc.

      4,288,747        80,285,344  

Newmont Goldcorp Corp.

      9,066,273        343,793,072  

News Corp. Class A

      4,158,968        57,892,835  

News Corp. Class B

      1,368,564        19,563,622  

NextEra Energy, Inc.

      5,426,839        1,264,399,219  

Nielsen Holdings PLC

      3,890,551        82,674,209  

NIKE, Inc. Class B

      13,911,632        1,306,580,477  

NiSource, Inc.

      4,112,108        123,034,271  

Noble Energy, Inc.

      5,343,655        120,018,491  

Nordstrom, Inc.

      1,166,959        39,291,510  

Norfolk Southern Corp.

      2,942,011        528,561,696  

Northern Trust Corp.

      2,409,363        224,841,755  

Northrop Grumman Corp.

      1,747,381        654,900,925  

Norwegian Cruise Line Holdings, Ltd.(a)

      2,397,116        124,098,695  

NRG Energy, Inc.

      2,809,000        111,236,400  

Nucor Corp.

      3,380,603        172,106,499  

NVIDIA Corp.

      6,742,665        1,173,695,697  

NVR, Inc.(a)

      37,570        139,660,839  

O’Reilly Automotive, Inc.(a)

      849,605        338,576,089  
 

 

See accompanying notes to financial statements.

 

4

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

September 30, 2019

 

 

 

Common Stocks    Shares      Value  
               

Occidental Petroleum Corp.

      9,903,526      $ 440,409,801  

Omnicom Group, Inc.

      2,444,238        191,383,835  

ONEOK, Inc.

      4,565,404        336,424,621  

Oracle Corp.

      24,445,924        1,345,259,198  

PACCAR, Inc.

      3,819,301        267,389,263  

Packaging Corp. of America

      1,045,446        110,921,821  

Parker-Hannifin Corp.

      1,423,055        257,017,964  

Paychex, Inc.

      3,532,683        292,400,172  

PayPal Holdings, Inc.(a)

      13,065,142        1,353,418,060  

Pentair PLC

      1,865,941        70,532,570  

People’s United Financial, Inc.

      4,377,025        68,434,786  

PepsiCo, Inc.

      15,518,597        2,127,599,649  

PerkinElmer, Inc.

      1,225,293        104,358,205  

Perrigo Co. PLC

      1,510,750        84,435,818  

Pfizer, Inc.

      61,419,195        2,206,791,676  

Philip Morris International, Inc.

      17,275,307        1,311,714,061  

Phillips 66

      4,980,162        509,968,589  

Pinnacle West Capital Corp.

      1,245,480        120,898,744  

Pioneer Natural Resources Co.

      1,862,572        234,255,680  

PNC Financial Services Group, Inc.

      4,943,734        692,913,757  

PPG Industries, Inc.

      2,619,493        310,436,115  

PPL Corp.

      8,007,909        252,169,054  

Principal Financial Group, Inc.

      2,868,089        163,882,605  

Procter & Gamble Co.

      27,787,587        3,456,220,071  

Progressive Corp.

      6,445,124        497,885,829  

Prologis, Inc. REIT

      6,978,642        594,719,871  

Prudential Financial, Inc.

      4,503,797        405,116,540  

Public Service Enterprise Group, Inc.

      5,579,777        346,392,556  

Public Storage REIT

      1,656,302        406,241,192  

PulteGroup, Inc.

      2,850,957        104,202,478  

PVH Corp.

      836,873        73,837,305  

Qorvo, Inc.(a)

      1,321,811        97,999,068  

QUALCOMM, Inc.

      13,458,864        1,026,642,146  

Quanta Services, Inc.

      1,604,457        60,648,475  

Quest Diagnostics, Inc.

      1,475,014        157,870,748  

Ralph Lauren Corp.

      579,016        55,278,658  

Raymond James Financial, Inc.

      1,400,960        115,523,162  

Raytheon Co.

      3,081,479        604,555,365  

Realty Income Corp. REIT

      3,494,052        267,923,907  

Regency Centers Corp. REIT

      1,851,024        128,627,658  

Regeneron Pharmaceuticals, Inc.(a)

      887,212        246,112,609  

Regions Financial Corp.

      11,214,660        177,415,921  

Republic Services, Inc.

      2,378,427        205,852,857  

ResMed, Inc.

      1,581,532        213,680,789  

Robert Half International, Inc.

      1,333,657        74,231,349  

Rockwell Automation, Inc.

      1,312,616        216,319,117  

Rollins, Inc.

      1,610,488        54,869,326  
Common Stocks    Shares      Value  
               

Roper Technologies, Inc.

      1,151,938      $ 410,781,091  

Ross Stores, Inc.

      4,075,733        447,719,270  

Royal Caribbean Cruises, Ltd.

      1,895,365        205,324,890  

S&P Global, Inc.

      2,722,697        667,006,311  

salesforce.com, Inc.(a)

      9,737,723        1,445,467,602  

SBA Communications Corp. REIT

      1,252,009        301,921,970  

Schlumberger, Ltd.

      15,298,032        522,733,753  

Seagate Technology PLC

      2,628,679        141,396,643  

Sealed Air Corp.

      1,732,288        71,907,275  

Sempra Energy

      3,025,402        446,579,589  

Sherwin-Williams Co.

      911,556        501,237,298  

Simon Property Group, Inc. REIT

      3,409,876        530,747,199  

Skyworks Solutions, Inc.

      1,915,720        151,820,810  

SL Green Realty Corp. REIT

      943,379        77,121,233  

Snap-on, Inc.

      616,458        96,500,335  

Southern Co.

      11,605,641        716,880,445  

Southwest Airlines Co.

      5,421,083        292,792,693  

Stanley Black & Decker, Inc.

      1,675,911        242,018,308  

Starbucks Corp.

      13,290,757        1,175,168,734  

State Street Corp.(c)

      4,139,924        245,042,102  

Stryker Corp.

      3,562,874        770,649,646  

SunTrust Banks, Inc.

      4,892,283        336,589,070  

SVB Financial Group(a)

      573,928        119,922,256  

Symantec Corp.

      6,313,539        149,188,927  

Synchrony Financial

      6,777,248        231,036,384  

Synopsys, Inc.(a)

      1,651,850        226,716,412  

Sysco Corp.

      5,697,874        452,411,196  

T Rowe Price Group, Inc.

      2,623,288        299,710,654  

T-Mobile US, Inc.(a)

      3,496,282        275,402,133  

Take-Two Interactive Software, Inc.(a)

      1,241,315        155,586,422  

Tapestry, Inc.

      3,204,251        83,470,739  

Target Corp.

      5,683,932        607,669,170  

TE Connectivity, Ltd.

      3,737,258        348,237,700  

TechnipFMC PLC

      4,662,612        112,555,454  

Teleflex, Inc.

      512,173        174,010,777  

Texas Instruments, Inc.

      10,385,572        1,342,231,325  

Textron, Inc.

      2,589,158        126,765,176  

Thermo Fisher Scientific, Inc.

      4,446,793        1,295,217,397  

Tiffany & Co.

      1,190,482        110,274,348  

TJX Cos., Inc.

      13,424,643        748,289,601  

Tractor Supply Co.

      1,324,137        119,754,950  

TransDigm Group, Inc.

      551,264        287,026,627  

Travelers Cos., Inc.

      2,898,931        431,042,050  

TripAdvisor, Inc.(a)

      1,116,151        43,172,721  

Twitter, Inc.(a)

      8,583,016        353,620,259  

Tyson Foods, Inc. Class A

      3,271,218        281,782,719  

UDR, Inc. REIT

      3,251,533        157,634,320  
 

 

See accompanying notes to financial statements.

 

5

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

September 30, 2019

 

 

 

Common Stocks    Shares      Value  
               

Ulta Salon Cosmetics & Fragrance, Inc.(a)

      653,258      $ 163,739,118  

Under Armour, Inc. Class A(a)

      2,017,896        40,236,846  

Under Armour, Inc. Class C(a)

      2,148,802        38,957,780  

Union Pacific Corp.

      7,835,374        1,269,173,881  

United Continental Holdings, Inc.(a)

      2,452,241        216,802,627  

United Parcel Service, Inc. Class B

      7,754,111        929,097,580  

United Rentals, Inc.(a)

      871,865        108,669,254  

United Technologies Corp.

      8,980,223        1,225,980,044  

UnitedHealth Group, Inc.

      10,513,523        2,284,798,818  

United Rentals, Inc.(a)

      871,865        108,669,254  

United Technologies Corp.

      8,980,223        1,225,980,044  

UnitedHealth Group, Inc.

      10,513,523        2,284,798,818  

Universal Health Services, Inc. Class B

      919,020        136,704,225  

Unum Group

      2,379,537        70,719,840  

US Bancorp

      15,922,143        881,131,394  

Valero Energy Corp.

      4,628,102        394,499,414  

Varian Medical Systems, Inc.(a)

      1,008,787        120,136,444  

Ventas, Inc. REIT

      4,099,644        299,397,001  

VeriSign, Inc.(a)

      1,161,058        219,010,371  

Verisk Analytics, Inc.

      1,810,206        286,265,977  

Verizon Communications, Inc.

      45,923,933        2,771,968,596  

Vertex Pharmaceuticals, Inc.(a)

      2,842,085        481,506,041  

VF Corp.

      3,602,298        320,568,499  

Viacom, Inc. Class B

      3,911,940        94,003,918  

Visa, Inc. Class A

      19,175,123        3,298,312,907  

Vornado Realty Trust REIT

      1,758,479        111,962,358  

Vulcan Materials Co.

      1,465,388        221,625,281  

W.W. Grainger, Inc.

      495,691        147,294,581  

Wabtec Corp.

      2,021,978        145,299,339  

Walgreens Boots Alliance, Inc.

      8,423,606        465,909,648  

Walmart, Inc.

      15,790,550        1,874,022,474  

Walt Disney Co.

      20,001,426        2,606,585,836  

Waste Management, Inc.

      4,334,491        498,466,465  

Waters Corp.(a)

      741,264        165,472,363  

WEC Energy Group, Inc.

      3,481,198        331,061,930  

WellCare Health Plans, Inc.(a)

      558,119        144,647,701  

Wells Fargo & Co.

      44,519,947        2,245,586,127  

Welltower, Inc. REIT

      4,492,972        407,287,912  

Western Digital Corp.

      3,251,279        193,906,280  

Western Union Co.

      4,766,906        110,449,212  

WestRock Co.

      2,843,366        103,640,691  

Weyerhaeuser Co. REIT

      8,221,546        227,736,824  

Whirlpool Corp.

      695,661        110,164,876  

Williams Cos., Inc.

      13,367,381        321,619,187  
Common Stocks    Shares      Value  
               

Willis Towers Watson PLC

      1,424,838      $ 274,950,989  

Wynn Resorts, Ltd.

      1,068,523        116,169,821  

Xcel Energy, Inc.

      5,822,256        377,806,192  

Xerox Holdings Corp.(a)

      2,202,991        65,891,461  

Xilinx, Inc.

      2,808,431        269,328,533  

Xylem, Inc.

      1,984,676        158,019,903  

Yum! Brands, Inc.

      3,381,880        383,606,648  

Zimmer Biomet Holdings, Inc.

      2,256,682        309,774,738  

Zions Bancorp

      2,024,238        90,119,076  

Zoetis, Inc.

      5,284,947        658,451,547  
     

 

 

  

Total Common Stocks
(Cost $285,310,693,368)

       $ 274,267,350,525  
     

 

 

  

 

(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

 

 

See accompanying notes to financial statements.

 

6

Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

September 30, 2019

 

 

 

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of September 30, 2019.

 

Description   

Level 1 —

Quoted

Prices

     

Level 2 —

Other Significant

Observable

Inputs

     

Level 3 —

Significant

Unobservable

Inputs

      Total  

ASSETS:

            

INVESTMENTS:

            

Common Stocks

   $ 274,267,350,525      $ —      $ —      $ 274,267,350,525  

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 September 30, 2019 and for the year 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
9/30/19		     Value at
9/30/19		     Dividend
Income		  

Intercontinental Exchange, Inc.

     6,513,317     $ 487,782,310     $ 377,295,520     $ 396,674,868     $ 46,085,028     $ 61,503,610       6,242,458     $ 575,991,600     $ 6,708,769  

State Street Corp

     4,311,343       361,204,317       205,892,468       217,369,310       (9,423,924 )      (95,261,449 )      4,139,924       245,042,102       8,133,253  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

TOTAL

     $ 848,986,627     $ 583,187,988     $ 614,044,178     $ 36,661,104     $ (33,757,839 )      $ 821,033,702     $ 14,842,022  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

      

 

 

    

 

 

  

 

*

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

September 30, 2019

 

 

 

INDUSTRY BREAKDOWN

AS OF SEPTEMBER 30, 2019*

 

INDUSTRY   

% OF

NET ASSETS

  

Software

      7.1 % 

Banks

      5.5  

IT Services

      5.2  

Interactive Media & Services

      5.1  

Technology Hardware, Storage & Peripherals

      4.4  

Pharmaceuticals

      4.2  

Oil, Gas & Consumable Fuels

      4.1  

Semiconductors & Semiconductor Equipment

      3.9  

Health Care Equipment & Supplies

      3.8  

Internet & Catalog Retail

      3.8  

Equity Real Estate Investment Trusts (REITs)

      3.1  

Capital Markets

      2.6  

Insurance

      2.6  

Aerospace & Defense

      2.5  

Biotechnology

      2.3  

Electric Utilities

      2.3  

Health Care Providers & Services

      2.3  

Media

      2.3  

Specialty Retail

      2.3  

Diversified Telecommunication Services

      2.1  

Food & Staples Retailing

      2.0  

Household Products

      2.0  

Hotels, Restaurants & Leisure

      1.9  

Beverages

      1.8  

Chemicals

      1.8  

Diversified Financial Services

      1.7  

Machinery

      1.7  

Industrial Conglomerates

      1.4  

Food Products

      1.2  

Multi-Utilities

      1.2  

Communications Equipment

      1.1  

Life Sciences Tools & Services

      1.1  

Road & Rail

      1.0  

Tobacco

      0.8  

Consumer Finance

      0.7  

Textiles, Apparel & Luxury Goods

      0.6  

Air Freight & Logistics

      0.5  

Commercial Services & Supplies

      0.5  

Electrical Equipment

      0.5  

Electronic Equipment, Instruments & Components

      0.5  

Multiline Retail

      0.5  

Energy Equipment & Services

      0.4  

Household Durables

      0.4  

Airlines

      0.3  

Automobiles

      0.3  

Containers & Packaging

      0.3  

 

INDUSTRY   

% OF

NET ASSETS

  

Metals & Mining

      0.3 %  

Professional Services

      0.3  

Building Products

      0.2  

Construction Materials

      0.2  

Personal Products

      0.2  

Trading Companies & Distributors

      0.2  

Auto Components

      0.1  

Construction & Engineering

      0.1  

Distributors

      0.1  

Gas Utilities

      0.1  

Health Care Technology

      0.1  

Leisure Equipment & Products

      0.1  

Real Estate Management & Development

      0.1  

Water Utilities

      0.1  

Wireless Telecommunication Services

      0.1  

Diversified Consumer Services

      0.0 ** 

Independent Power Producers & Energy Traders

      0.0 ** 

Other Assets in Excess of Liabilities

      0.0 ** 

 

  

Total

      100.0 % 

 

  

 

*

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

 

**

Amount shown represents less than 0.05% of net assets.

 

 

See accompanying notes to financial statements.

 

8

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SPDR S&P 500® ETF Trust

Statement of Assets and Liabilities

September 30, 2019

 

 

 

ASSETS

   

Investments in unaffiliated issuers, at value (Note 2)

    $ 273,446,316,823  

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

      821,033,702  
  

 

 

  

Total Investments

      274,267,350,525  

Cash

      1,114,827,098  

Dividends receivable — unaffiliated issuers (Note 2)

      236,512,746  

Dividends receivable — affiliated issuers (Note 2)

      2,147,052  
  

 

 

  

Total Assets

      275,620,837,421  
  

 

 

  

LIABILITIES

   

Payable for investments purchased

      37,185,683  

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

      317,146  

Accrued Trustee expense (Note 3)

      12,590,011  

Accrued Marketing expense (Note 3)

      22,557,234  

Distribution payable

      1,254,640,965  

Accrued expenses and other liabilities

      34,106,683  
  

 

 

  

Total Liabilities

      1,361,397,722  
  

 

 

  

NET ASSETS

    $ 274,259,439,699  
  

 

 

  

NET ASSETS CONSIST OF:

   

Paid in Capital (Note 4)

    $ 292,854,928,423  

Total distributable earnings (loss)

    $ (18,595,488,724 ) 
  

 

 

  

NET ASSETS

    $ 274,259,439,699  
  

 

 

  

NET ASSET VALUE PER UNIT

    $ 296.82  
  

 

 

  

UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

      923,982,116  
  

 

 

  

COST OF INVESTMENTS:

   

Unaffiliated issuers

    $ 284,405,920,717  

Affiliates of the Trustee and the Sponsor (Note 3)

      904,772,651  
  

 

 

  

Total Cost of Investments

    $ 285,310,693,368  
  

 

 

  

 

See accompanying notes to financial statements.

 

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Table of Contents

SPDR S&P 500® ETF Trust

Statements of Operations

 

 

 

     Year Ended
9/30/19		     Year Ended
9/30/18		     Year Ended
9/30/17		  

INVESTMENT INCOME

       

Dividend income — unaffiliated issuers (Note 2)

    $ 5,569,189,037     $ 4,995,395,848     $ 4,737,367,911  

Dividend income — affiliates of the Trustee and the Sponsor

      14,842,022       13,606,086       11,842,443  

Foreign taxes withheld

      —       —       (9,787 ) 
  

 

 

    

 

 

    

 

 

  

Total Investment Income

      5,584,031,059       5,009,001,934       4,749,200,567  

EXPENSES

 

Trustee expense (Note 3)

      129,443,668       143,201,038       126,137,525  

S&P license fee (Note 3)

      79,275,442       80,322,526       69,123,020  

Marketing expense (Note 3)

      36,911,835       22,626,082       18,358,255  

Legal and audit fees

      605,028       603,472       241,998  

Other expenses

      1,591,672       4,372,847       2,644,758  
  

 

 

    

 

 

    

 

 

  

Total Expenses

      247,827,645       251,125,965       216,505,556  

Trustee expense waiver

      —       —       (658,036 ) 
  

 

 

    

 

 

    

 

 

  

Net Expenses

      247,827,645       251,125,965       215,847,520  
  

 

 

    

 

 

    

 

 

  

NET INVESTMENT INCOME (LOSS)

      5,336,203,414       4,757,875,969       4,533,353,047  
  

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on:

       

Investments — unaffiliated issuers

      (1,874,707,476 )      (631,225,982 )      (1,368,210,820 ) 

Investments — affiliates of the Trustee and the Sponsor

      (2,398,982 )      (838,353 )      (355,947 ) 

In-kind redemptions — unaffiliated issuers

      19,405,809,495       37,318,292,156       22,363,636,511  

In-kind redemptions — affiliated issuers

      39,060,086       142,784,439       89,897,379  
  

 

 

    

 

 

    

 

 

  

Net realized gain (loss)

      17,567,763,123       36,829,012,260       21,084,967,123  
  

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation/depreciation on:

       

Investments — unaffiliated issuers

      (13,388,014,704 )      (760,564,842 )      12,961,822,882  

Investments — affiliates of the Trustee and the Sponsor

      (33,757,839 )      (158,416,456 )      113,290,379  
  

 

 

    

 

 

    

 

 

  

Net change in unrealized appreciation/depreciation

      (13,421,772,543 )      (918,981,298 )      13,075,113,261  
  

 

 

    

 

 

    

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS)

      4,145,990,580       35,910,030,962       34,160,080,384  
  

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

    $ 9,482,193,994     $ 40,667,906,931     $ 38,693,433,431  
  

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

 

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SPDR S&P 500® ETF Trust

Statements of Changes In Net Assets

 

 

 

     Year Ended
9/30/19		     Year Ended
9/30/18		     Year Ended
9/30/17		  

INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:

       

Net investment income (loss)

    $ 5,336,203,414     $ 4,757,875,969     $ 4,533,353,047  

Net realized gain (loss)

      17,567,763,123       36,829,012,260       21,084,967,123  

Net change in unrealized appreciation/depreciation

      (13,421,772,543 )      (918,981,298 )      13,075,113,261  
  

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      9,482,193,994       40,667,906,931       38,693,433,431  
  

 

 

    

 

 

    

 

 

  

NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

      (53,196,888 )      2,991,782       57,766,713  
  

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO UNITHOLDERS(a)

      (5,057,184,141 )      (4,894,169,793 )      (4,709,369,232 ) 
  

 

 

    

 

 

    

 

 

  

INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:

       

Proceeds from issuance of Units

      487,497,849,720       617,352,015,478       457,292,137,220  

Cost of Units redeemed

      (497,053,054,235 )      (617,035,693,780 )      (445,257,589,858 ) 

Net income equalization (Note 2)

      53,196,888       (2,991,782 )      (57,766,713 ) 
  

 

 

    

 

 

    

 

 

  

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

      (9,502,007,627 )      313,329,916       11,976,780,649  
  

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

      (5,130,194,662 )      36,090,058,836       46,018,611,561  
  

 

 

    

 

 

    

 

 

  

NET ASSETS AT BEGINNING OF PERIOD

      279,389,634,361       243,299,575,525       197,280,963,964  
  

 

 

    

 

 

    

 

 

  

NET ASSETS AT END OF PERIOD(b)

    $ 274,259,439,699     $ 279,389,634,361     $ 243,299,575,525  
  

 

 

    

 

 

    

 

 

  

UNIT TRANSACTIONS:

       

Units sold

      1,753,650,000       2,275,100,000       1,958,700,000  

Units redeemed

      (1,791,100,000 )      (2,281,850,000 )      (1,902,150,000 ) 
  

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE)

      (37,450,000 )      (6,750,000 )      56,550,000  
  

 

 

    

 

 

    

 

 

  

 

(a)

For the period ended September 30, 2017, the distributions to unitholders were $4,709,369,232 from net investment income. See Note 7 on the notes to financial statements.

(b)

Distribution in excess of net investment income amounted to $(1,093,659,404) as of September 30, 2017. See Note 7 on the notes to financial statements.

 

See accompanying notes to financial statements.

 

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SPDR S&P 500® ETF Trust

Financial Highlights

Selected data for a Unit outstanding throughout each period

 

 

 

    Year Ended
9/30/19		     Year Ended
9/30/18		     Year Ended
9/30/17		     Year Ended
9/30/16		     Year Ended
9/30/15		  

Net asset value, beginning of period

   $ 290.60     $ 251.30     $ 216.40     $ 191.77     $ 196.98  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) from investment operations:

          

Net investment income (loss)(a)

     5.71       4.86       4.65       4.27       4.28  

Net realized and unrealized gain (loss)

     6.05       39.46       34.97       24.76       (5.47 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     11.76       44.32       39.62       29.03       (1.19 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equalization credits and charges(a)

     (0.06 )      0.00 (b)      0.06       0.02       0.08  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contribution by Trustee

     —       —       —       —       0.03 (c) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Less Distributions from:

          

Net investment income

     (5.48 )      (5.02 )      (4.78 )      (4.42 )      (4.13 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of period

   $ 296.82     $ 290.60     $ 251.30     $ 216.40     $ 191.77  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total return(d)

     4.11 %      17.72 %      18.44 %(e)      15.30 %      (0.64 )%(f) 

Ratios and Supplemental Data:

          

Net assets, end of period (in 000s)

   $ 274,259,440     $ 279,389,634     $ 243,299,576     $ 197,280,964     $ 166,683,901  

Ratios to average net assets:

          

Total expenses (excluding Trustee earnings credit and fee waivers)

     0.10 %      0.10 %      0.09 %      0.11 %      0.11 % 

Total expenses (excluding Trustee earnings credit)

     0.10 %      0.10 %      0.09 %      0.11 %      0.11 % 

Net expenses(g)

     0.09 %      0.09 %      0.09 %      0.09 %      0.09 % 

Net investment income (loss)

     2.03 %      1.79 %      1.98 %      2.07 %      2.09 % 

Portfolio turnover rate(h)

     3 %      2 %      3 %      4 %      3 % 

 

(a)

Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the year.

(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)

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

September 30, 2019

 

 

 

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 is an “Exchange-Traded Fund” the units of which are listed and traded on the New York Stock Exchange under the symbol “SPY” and operate under an exemptive order granted by the U.S. Securities and Exchange Commission (the “SEC”). 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

 

13

Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

September 30, 2019

 

 

 

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

 

price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Trust are valued pursuant to the policy and procedures developed by the Oversight Committee of the Trustee (the “Committee”). The Committee provides oversight of the valuation of investments for the Trust.

Valuation techniques used to value the Trust’s equity investments are as follows:

Equity investments (including preferred stocks) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the 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, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if

 

14

Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

September 30, 2019

 

 

 

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

 

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 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. These book-tax differences are primarily due to differing treatments for expired carry forward losses, in-kind transactions, REITs and losses deferred due to wash sales.

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.

 

15

Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

September 30, 2019

 

 

 

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, 2019 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, 2019.

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 year ended September 30, 2019, the Trustee reclassified $19,444,869,581 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 September 30, 2019, the Trust had the following capital loss carryforwards that may be utilized to offset any net realized capital gains:

 

Non-Expiring – Short Term

    $ 700,709,060  

Non-Expiring – Long Term

      5,842,521,334  

At September 30, 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

   $ 285,368,674,899     $ 17,630,053,721     $ 28,731,378,095     $ (11,101,324,374 ) 

The tax character of distributions paid during the years ended September 30, 2019, 2018 and 2017 were as follows:

 

Distributions paid from:

    2019      2018      2017  

Ordinary Income

    $ 5,057,184,141      $ 4,894,169,793      $ 4,709,369,232  

As of September 30, 2019, the components of distributable earnings (excluding unrealized appreciation/ (depreciation)) were undistributed ordinary income of $303,707,011 and undistributed capital gain of $0.

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

 

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Notes to Financial Statements (continued)

September 30, 2019

 

 

 

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

 

structure of the S&P 500® Index. For these services, the Trustee received a fee at the following annual rates for the year ended September 30, 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 year ended September 30, 2019, the Adjustment Amount reduced the Trustee’s fee by $28,507,217. The Adjustment Amount included an excess of net transaction fees from processing orders of $6,005,194 and a Trustee earnings credit of $22,502,023.

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 year ended September 30, 2017 is identified in the Statements of Operations. No amounts were waived for the years ended September 31, 2019 and 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 SEC 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 years ended September 30, 2019, 2018 and 2017, 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 for the years ended September 30, 2019, 2018 and 2017. The Trust reimbursed the Sponsor for $549,533, $367,362 and $245,507 of legal fees for the years ended September 30, 2019, 2018 and 2017, respectively, 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

 

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Notes to Financial Statements (continued)

September 30, 2019

 

 

 

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

 

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 September 30, 2019 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 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 year ended September 30, 2019, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $192,702,859,903, $202,225,064,807, $8,921,019,725, and $7,348,613,677, respectively. Net realized gain (loss) on investment transactions in the 2019 Statement of Operations includes net gains resulting from in-kind transactions of $19,444,869,581.

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

 

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Notes to Financial Statements (continued)

September 30, 2019

 

 

 

Note 6 — Market Risk – (continued)

 

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 — Recent Accounting Pronouncements

In August 2018, the SEC released its Final Rule on Disclosure Update and Simplification (the “Final Rule”) which is intended to simplify an issuer’s disclosure compliance efforts by removing redundant or outdated disclosure requirements without significantly altering the mix of information provided to investors. The Trust adopted the Final Rule in 2018 with the most notable impacts being that the Trust is no longer required to present components of distributable earnings on the Statement of Assets and Liabilities or the sources of distributions to Unitholders and the amount of undistributed net investment income on the Statements of Changes in Net Assets.

Note 8 — 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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SPDR S&P 500® ETF Trust

Report of Independent Registered Public Accounting Firm

 

 

 

To the Trustee and Unitholders of

the SPDR S&P 500® ETF Trust

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the SPDR S&P 500 ETF Trust (the “Trust”) as of September 30, 2019, the related statements of operations and of changes in net assets for each of the three years in the period ended September 30, 2019, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Trust as of September 30, 2019, the results of its operations and the changes in its net assets for each of the three years in the period ended September 30, 2019, and the financial highlights for each of the five years in the period ended September 30, 2019 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Trust’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2019 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

November 26, 2019

We have served as the auditor of one or more investment companies in the SPDR Funds since 1993.

 

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Other Information

September 30, 2019 (Unaudited)

 

 

 

For U.S. federal income tax purposes, the Trust reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

For the fiscal year ended September 30, 2019, certain dividends paid by the Trust may be designated as qualified dividend income for U.S. federal income tax purposes and subject to a maximum U.S. federal income tax rate of 20% in the case of certain non-corporate unitholders that meet applicable holding period requirements with respect to their Units. Complete information will be reported in conjunction with your 2019 Form 1099-DIV.

 

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Other Information (continued)

September 30, 2019 (Unaudited)

 

 

 

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

Bid/Ask Price(1) vs Net Asset Value

As of September 30, 2019

 

     Bid/Ask Price Above NAV      Bid/Ask Price Below NAV  
     50-99
BASIS
POINTS		      100-199
BASIS
POINTS		      >200
BASIS
POINTS		      50-99
BASIS
POINTS		      100-199
BASIS
POINTS		      >200
BASIS
POINTS		  

2019

      0        0        0        0        0        0  

2018

      0        0        0        0        0        0  

2017

      0        0        0        0        0        0  

2016

      0        0        0        0        0        0  

2015

      0        0        0        0        0        0  

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

      4.11 %      66.25 %      242.03 % 

Return Based on Bid/Ask Price

      4.10 %      66.23 %      242.52 % 

S&P 500® Index

      4.25 %      67.27 %      246.74 % 

Average Annual Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500® ETF Trust

       

Return Based on NAV

      4.11 %      10.70 %      13.09 % 

Return Based on Bid/Ask Price

      4.10 %      10.70 %      13.10 % 

S&P 500® Index

      4.25 %      10.84 %      13.24 % 

 

(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

 

SPDRAR