As filed with the Securities and Exchange
Commission on January 14, 2021
File No. 33-46080
811-06125
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST EFFECTIVE AMENDMENT NO. 35
TO
Form S-6
FOR REGISTRATION UNDER THE SECURITIES ACT OF 1933
OF
SECURITIES OF UNIT INVESTMENT TRUSTS
REGISTERED
ON FORM N-8B-2
SPDR S&P 500 ETF TRUST
(formerly known as SPDR TRUST SERIES 1 prior to January 27,
2010)
(I.R.S. Employer Identification Number: 13-3574560)
PDR SERVICES LLC
C. |
Complete address of Depositor’s principal executive
office:
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PDR SERVICES LLC
c/o NYSE Holdings LLC
11 Wall Street
New York, New York 10005
D. |
Name and complete address of agent for service:
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Sherry J. Sandler, Esq.
PDR SERVICES LLC
c/o NYSE Holdings LLC
11 Wall Street
New York, New York 10005
Copy to:
Gregory S. Rowland, Esq.
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017
It is proposed that this filing will become effective:
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☒ |
immediately upon filing pursuant to paragraph
(b) of Rule 485.
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E. |
Title of securities being registered:
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An indefinite number of Units pursuant to Rule 24f-2 under the Investment Company Act
of 1940.
F. |
Approximate date of proposed public offering:
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AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THE REGISTRATION
STATEMENT.
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☐ |
Check box if it is proposed that this filing will
become effective on [date] at [time] pursuant to Rule 487.
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SPDR S&P 500 ETF TRUST
Cross Reference Sheet
Pursuant to Regulation C
Under the Securities Act of 1933, as
amended
(Form N-8B-2 Items required by
Instruction 1
as to Prospectus in Form S-6)
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Form N-8B-2
Item Number
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Form S-6
Heading in Prospectus
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I. Organization and General Information
1. (a) Name of Trust
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Registration Statement Front Cover |
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(b) Title of securities issued
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Registration Statement Front Cover |
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2. Name, address and Internal Revenue Service Employer
Identification Number of depositor
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Sponsor |
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3. Name, address and Internal Revenue Service Employer
Identification Number of trustee
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Trustee |
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4. Name, address and Internal Revenue Service Employer
Identification Number of principal underwriter
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* |
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5. State of organization of Trust
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Organization of the Trust |
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6. (a) Dates of execution and termination of Trust Agreement
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Organization of the Trust |
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(b) Dates of execution and termination of Trust Agreement
7. Changes of name
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Same as set forth in 6(a)
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8. Fiscal Year
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* |
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9. Material Litigation
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* |
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II. General Description of the Trust and Securities of the
Trust
10. (a) Registered or bearer securities
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Summary—Voting Rights; Book-Entry-Only System;
Book-Entry-Only System |
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(b) Cumulative or distributive
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Summary—Dividends; Dividends and Distributions;
Additional Information Regarding Dividends and Distributions |
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(c) Rights of holders as to withdrawal or redemption
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Summary—Redemption of Units; Purchases and
Redemptions of Creation Units—Redemption |
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(d) Rights of holders as to conversion, transfer, etc.
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Summary—Redemption of Units; Purchases and
Redemptions of Creation Units—Redemption; Trust Agreement |
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(e) Lapses or defaults in principal payments with respect to
periodic payment plan certificates
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* |
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(f) Voting rights
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Summary—Voting Rights; Book-Entry-Only System;
Trust Agreement |
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(g) Notice to holders as to change in:
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(1) Composition of Trust assets
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(2) Terms and conditions of Trust’s securities
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Summary—Amendments to the Trust Agreement; Trust
Agreement—Amendments to the Trust Agreement |
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(3) Provisions of Trust Agreement
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Same as set forth in 10(g)(2) |
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(4) Identity of depositor and trustee
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Sponsor; Trustee |
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(h) Consent of holders required to change:
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(1) Composition of Trust assets
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(2) Terms and conditions of Trust’s securities
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Summary—Amendments to the Trust Agreement; Trust
Agreement—Amendments to the Trust Agreement |
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(3) Provisions of Trust Agreement
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Same as set forth in 10(h)(2) |
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(4) Identity of depositor and trustee
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Sponsor; Trustee |
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Not applicable, answer negative or not required.
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i
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Form N-8B-2
Item Number
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Form S-6
Heading in Prospectus
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(i) Other principal features of the securities
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Summary—The Trust’s Investments and Portfolio
Turnover; Summary—Redemption of Units; Summary—Amendments to the
Trust Agreement; Purchases and Redemptions of Creation Units; Trust
Agreement |
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11. Type of securities comprising units
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Summary—The Trust’s Investments and Portfolio
Turnover; Portfolio Adjustments |
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12. Certain information regarding securities comprising periodic
payment certificates
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* |
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13. (a) Certain information regarding loads, fees, expenses and
charges
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Summary—Fees and Expenses of the Trust;
Summary—The Trust’s Investments and Portfolio Turnover; Expenses of
the Trust; Purchases and Redemptions of Creation
Units—Redemption |
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(b) Certain information regarding periodic payment plan
certificates
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* |
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(c) Certain percentages
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Same as set forth in 13(a) |
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(d) Reasons for certain differences in prices
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* |
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(e) Certain other loads, fees, or charges payable by holders
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* |
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(f) Certain profits receivable by depositor, principal
underwriters, custodian, trustee or affiliated persons
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Summary—The Trust’s Investments and Portfolio
Turnover; Portfolio Adjustments—Adjustments to the Portfolio
Deposit |
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(g) Ratio of annual charges and deductions to income
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* |
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14. Issuance of Trust’s securities
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Purchases and Redemptions of Creation
Units—Purchase (Creation) |
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15. Receipt and handling of payments from purchasers
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Purchases and Redemptions of Creation Units |
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16. Acquisition and disposition of underlying securities
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Purchases and Redemptions of Creation Units; |
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Portfolio Adjustments; Trust Agreement |
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17. (a) Withdrawal or redemption by holders
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Trust Agreement; Purchases and Redemptions of
Creation Units—Redemption |
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(b) Persons entitled or required to redeem or repurchase
securities
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Same as set forth in 17(a) |
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(c) Cancellation or resale of repurchased or redeemed
securities
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Same as set forth in 17(a) |
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18. (a) Receipt, custody and disposition of income
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Additional Information Regarding Dividends and
Distributions—General Policies |
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(b) Reinvestment of distributions
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Dividends and Distributions—No Dividend
Reinvestment Service |
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(c) Reserves or special funds
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Same as set forth in 18(a) |
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(d) Schedule of distributions
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* |
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19. Records, accounts and reports
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The S&P 500 Index; Additional Information
Regarding Dividends and Distributions—General Policies; |
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Investments by Investment Companies; Expenses of
the Trust |
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20. Certain miscellaneous provisions of Trust Agreement
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(a) Amendments
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Trust Agreement—Amendments to the Trust
Agreement |
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(b) Extension or termination
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Trust Agreement—Amendments to the Trust Agreement;
Trust Agreement—Termination of the Trust Agreement;
Organization of the Trust
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(c) Removal or resignation of trustee
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Trustee |
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(d) Successor trustee
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Same as set forth in 20(c) |
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(e) Removal or resignation of depositor
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Sponsor |
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(f) Successor depositor
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Same as set forth in 20(e) |
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21. Loans to security holders
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* |
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22. Limitations on liabilities
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Trustee; Sponsor |
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23. Bonding arrangements
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* |
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24. Other material provisions of Trust Agreement
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III. Organization, Personnel and Affiliated Persons of
Depositor
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25. Organization of depositor |
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Sponsor |
* |
Not applicable, answer negative or not required.
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ii
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Form N-8B-2
Item Number
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Form S-6
Heading in Prospectus
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26. Fees received by depositor
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* |
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27. Business of depositor
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Sponsor |
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28. Certain information as to officials and affiliated persons of
depositor
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Sponsor |
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29. Ownership of voting securities of depositor
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Sponsor |
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30. Persons controlling depositor
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Sponsor |
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31. Payments by depositor for certain services rendered to
Trust
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* |
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32. Payments by depositor for certain other services rendered to
Trust
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33. Remuneration of employees of depositor for certain services
rendered to Trust
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* |
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34. Compensation of other persons for certain services rendered to
Trust
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* |
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IV. Distribution and Redemption of Securities
35. Distribution of Trust’s securities in states
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36. Suspension of sales of Trust’s securities
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37. Denial or revocation of authority to distribute
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38. (a) Method of distribution
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Purchases and Redemptions of Creation
Units—Purchase (Creation) |
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(b) Underwriting agreements
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Purchases and Redemptions of Creation Units |
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(c) Selling agreements
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Same as set forth in 38(b) |
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39. (a) Organization of principal underwriter
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Distributor |
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(b) NASD membership of principal underwriter
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Distributor |
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40. Certain fees received by principal underwriters
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* |
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41. (a) Business of principal underwriters
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Purchases and Redemptions of Creation Units;
Distributor |
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(b) Branch offices of principal underwriters
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* |
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(c) Salesmen of principal underwriters
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* |
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42. Ownership of Trust’s securities by certain persons
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* |
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43. Certain brokerage commissions received by principal
underwriters
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* |
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44. (a) Method of valuation for determining offering price
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Portfolio Adjustments; Determination of Net Asset
Value |
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(b) Schedule as to components of offering price
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* |
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(c) Variation in offering price to certain persons
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* |
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45. Suspension of redemption rights
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* |
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46. (a) Certain information regarding redemption
or withdrawal valuation
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Determination of Net Asset Value; Purchases and
Redemptions of Creation Units—Redemption |
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(b) Schedule as to components of redemption price
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* |
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47. Maintenance of position in underlying securities
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Purchases and Redemptions of Creation Units;
Portfolio Adjustments; Determination of Net Asset Value; Additional
Information Regarding Dividends and Distributions—General
Policies |
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V. Information Concerning the Trustee or Custodian
48. Organization and regulation of trustee
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Trustee |
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49. Fees and expenses of trustee
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Summary—Fees and Expenses of the Trust; Expenses
of the Trust; Purchases and Redemptions of Creation
Units—Redemption |
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50. Trustee’s lien
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Expenses of the Trust; Purchases and Redemptions
of Creation Units—Redemption |
VI. Information Concerning Insurance of Holders of Securities
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51. (a) Name and address of insurance company
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* |
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(b) Types of policies
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* |
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(c) Types of risks insured and excluded
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(d) Coverage
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* |
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(e) Beneficiaries
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* |
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(f) Terms and manner of cancellation
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* |
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(g) Method of determining premiums
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* |
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Not applicable, answer negative or not required.
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iii
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Form N-8B-2
Item Number
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Form S-6
Heading in Prospectus
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(h) Aggregate premiums paid
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* |
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(i) Recipients of premiums
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* |
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(j) Other material provisions of Trust Agreement relating to
insurance
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* |
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VII. Policy of Registrant
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52. (a) Method of selecting and eliminating
securities from the Trust
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Purchases and Redemptions of Creation Units;
Portfolio Adjustments; Trust Agreement |
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(b) Elimination of securities from the Trust
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Portfolio Adjustments |
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(c) Policy of Trust regarding substitution and elimination of
securities
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Portfolio Adjustments; Trust Agreement |
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(d) Description of any other fundamental policy of the Trust
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* |
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(e) Code of Ethics pursuant to Rule 17j-1 of the 1940 Act
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Code of Ethics |
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53. (a) Taxable status of the Trust
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Federal Income Taxes |
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(b) Qualification of the Trust as a regulated investment
company
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Same as set forth in 53(a) |
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VIII. Financial and Statistical Information
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54. Information regarding the Trust’s last ten fiscal years
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* |
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55. Certain information regarding periodic payment plan
certificates
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* |
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56. Certain information regarding periodic payment plan
certificates
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* |
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57. Certain information regarding periodic payment plan
certificates
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* |
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58. Certain information regarding periodic payment plan
certificates
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* |
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59. Financial statements (Instruction 1(c) to Form S-6)
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* |
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Not applicable, answer negative or not required.
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iv
Undertaking to File Reports
Subject to the terms and conditions of Section 15(d) of the
Securities Exchange Act of 1934, the undersigned registrant hereby
undertakes to file with the Securities and Exchange Commission such
supplementary and periodic information, documents, and reports as
may be prescribed by any rule or regulations of the Commission
heretofore or hereafter duly adopted pursuant to authority
conferred in that section.

SPDR®
S&P 500®
ETF Trust
(“SPY” or the
“Trust”)
(A Unit
Investment Trust)
Principal U.S. Listing Exchange for SPDR®
S&P 500®
ETF Trust: NYSE Arca, Inc.
under the symbol
“SPY”
Prospectus
Dated January 14, 2021
The U.S. Securities and
Exchange Commission has not approved or disapproved these
securities or passed upon the accuracy or adequacy of this
prospectus. Any representation to the contrary is a criminal
offense. Securities of the Trust (“Units”) are not guaranteed or
insured by the Federal Deposit Insurance Corporation or any other
agency of the U.S. Government, nor are such Units deposits or
obligations of any bank. Such Units of the Trust involve investment
risks, including the loss of principal.
COPYRIGHT
2021 PDR Services LLC
“Standard & Poor’s®”,
“S&P®”,
“S&P 500®”,
“Standard & Poor’s 500®”,
“500®”,
“Standard & Poor’s Depositary Receipts®”,
“SPDR®”
and “SPDRs®”
are registered 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. The Trust is permitted to
use these trademarks pursuant to a sublicense from State Street
Global Advisors Funds Distributors, LLC. The Trust is not
sponsored, endorsed, sold or marketed by S&P, its affiliates or
its third party licensors.
i
SUMMARY
Investment
Objective
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”).
Fees and Expenses of the
Trust
This table estimates the
fees and expenses that the Trust pays on an annual basis, which you
therefore pay indirectly when you buy and hold Units. It does not
reflect brokerage commissions and other fees to financial
intermediaries that you may pay for purchases and sales of Units on
the secondary markets.
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Unitholder
Fees:
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None |
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(fees paid directly from
your investment)
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Estimated Annual Trust
Ordinary Operating Expenses:
(expenses that you pay each
year as a percentage of the value of your investment)
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Current Estimated Annual Trust Ordinary Operating Expenses
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As a % of
Trust Average Net Assets |
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Trustee’s Fee
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0.0555 |
% |
S&P License
Fee
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0.0302 |
% |
Marketing
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0.0070 |
% |
Other Operating
Expenses
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0.0018 |
% |
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Total
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0.0945 |
% |
Future expense accruals will
depend primarily on the level of the Trust’s net assets and the
level of expenses.
1
Growth of
$10,000 Investment Since Inception(1)(2)

(1) |
Past performance is not necessarily an indication of how
the Trust will perform in the future.
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(2) |
Effective as of September 30, 1997, the Trust’s
fiscal year end changed from December 31 to
September 30.
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The Trust’s Investments and
Portfolio Turnover
The Trust seeks to achieve
its 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.
In this prospectus, the term
“Portfolio Securities” refers to the common stocks that are
actually held by the Trust and make up the Trust’s Portfolio, while
the term “Index Securities” refers to the common stocks that are
included in the Index, as determined by the index provider, S&P
Dow Jones Indices LLC (“S&P”). At any time, the Portfolio will
consist of as many of the Index Securities as is practicable. To
maintain the correspondence between the composition and weightings
of Portfolio Securities and Index Securities, State Street Global
Advisors Trust Company (the “Trustee”) or its parent company, State
Street Bank and Trust Company (“SSBT”) adjusts the Portfolio from
time to time to conform to periodic changes made by S&P to the
identity and/or relative weightings of Index Securities in the
Index. The Trustee or SSBT aggregates certain of these adjustments
and makes changes to the Portfolio at least monthly, or more
frequently in the case of significant changes to the
Index.
The Trust may pay
transaction costs, such as brokerage commissions, when it buys and
sells securities (or “turns over” its Portfolio). Such transaction
costs may be higher if there are significant rebalancings of Index
Securities in the Index, which may also result in higher taxes when
Units are held in a taxable account. These costs, which are not
reflected in estimated annual Trust ordinary operating expenses,
affect the Trust’s performance. During the most recent fiscal year,
the Trust’s portfolio turnover rate was 2% of the average value of
its portfolio. The Trust’s portfolio
turnover rate does not
include securities received or delivered from processing creations
or redemptions of Units. Portfolio turnover will be a function of
changes to
2
the Index as well as
requirements of the Trust Agreement (as defined below in
“Organization of the Trust”).
Although the Trust may fail
to own certain Index Securities at any particular time, the Trust
generally will be substantially invested in Index Securities, which
should result in a close correspondence between the performance of
the Index and the performance of the Trust. See “The S&P 500
Index” below for more information regarding the Index. The Trust
does not hold or trade futures or swaps and is not a commodity
pool.
Dividends
Payments of dividends are
made quarterly, on the last Business Day (as defined in “Purchases
and Redemptions of Creation Units — Purchase (Creation)”) of April,
July, October and January. See “Dividends and Distributions” and
“Additional Information Regarding Dividends and
Distributions.”
Redemption of
Units
Only certain institutional
investors (typically market makers or other broker-dealers) are
permitted to purchase or redeem Units directly with the Trust, and
they may do so only in large blocks of 50,000 Units known as
“Creation Units.” See “Purchases and Redemptions of Creation Units
— Redemption” and “Trust Agreement” for more information regarding
the rights of Beneficial Owners (as defined in “Book-Entry-Only
System”).
Voting Rights;
Book-Entry-Only-System
Beneficial Owners shall not
have the right to vote concerning the Trust, except with respect to
termination and as otherwise expressly set forth in the
Trust Agreement. See “Trust Agreement.” Units are represented
by one or more global securities registered in the name of
Cede & Co., as nominee for The Depository
Trust Company (“DTC”) and deposited with, or on behalf of,
DTC. See “Book-Entry-Only System.”
Amendments to the Trust
Agreement
The Trust Agreement (as
defined below in “Organization of the Trust”) may be amended from
time to time by the Trustee and PDR Services, LLC (the “Sponsor”)
without the consent of any Beneficial Owners under certain
circumstances described herein. The Trust Agreement may also
be amended by the Sponsor and the Trustee with the consent of the
Beneficial Owners to modify the rights of Beneficial Owners under
certain circumstances. Promptly after the execution of an amendment
to the Trust Agreement, the Trustee arranges for written notice to
be provided to Beneficial Owners. See “Trust Agreement — Amendments
to the Trust Agreement.”
3
Principal Risks of Investing
in the Trust
As with all investments,
there are certain risks of investing in the Trust, and you could
lose money on an investment in the Trust. Prospective investors
should carefully consider the risk factors described below, as well
as the additional risk factors under “Additional Risk Information”
and the other information included in this prospectus, before
deciding to invest in Units.
Passive Strategy/Index
Risk. The Trust is not actively managed.
Rather, the Trust attempts to track the performance of an unmanaged
index of securities. This differs from an actively managed fund,
which typically seeks to outperform a benchmark index. As a result,
the Trust will hold constituent securities of the Index regardless
of the current or projected performance of a specific security or a
particular industry or market sector. Maintaining investments in
securities regardless of market conditions or the performance of
individual securities could cause the Trust’s return to be lower
than if the Trust employed an active strategy.
Index Tracking
Risk. While the Trust is intended to
track the performance of the Index as closely as possible
(i.e., to achieve a high degree of correlation with the
Index), the Trust’s return may not match or achieve a high degree
of correlation with the return of the Index due to expenses and
transaction costs incurred in adjusting the Portfolio. In addition,
it is possible that the Trust may not always fully replicate the
performance of the Index due to the unavailability of certain Index
Securities in the secondary market or due to other extraordinary
circumstances (e.g., if trading in a security has been
halted).
Equity Investing
and MarketRisk. 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, perceived trends in securities prices, war, acts of
terrorism, the spread of infectious disease or other public health
issues. Local, regional or global events such as war, acts of
terrorism, the spread of infectious disease or other public health
issues, recessions, or other events could have a significant impact
on the Trust and its investments and could result in increased
premiums or discounts to the Trust’s net asset value.
An investment in the Trust
is subject to the risks of any investment in a broadly based
portfolio of equity securities, including the risk that the general
level of stock prices may decline, thereby adversely affecting the
value of such investment. The value of Portfolio Securities may
fluctuate in accordance with changes in the financial condition of
the issuers of Portfolio Securities, the value of equity securities
generally and other factors. The identity and weighting of Index
Securities and the Portfolio Securities change from time to
time.
The financial condition of
issuers of Portfolio Securities may become impaired or the general
condition of the stock market may deteriorate, either of which may
cause a decrease in the value of the Portfolio and thus in the
value of Units. Since the Trust is not actively managed, the
adverse financial condition of an issuer will not result in
its
4
elimination from the
Portfolio unless such issuer is removed from the Index. Equity
securities are susceptible to general stock market fluctuations and
to volatile increases and decreases in value as market confidence
in and perceptions of their issuers change. These investor
perceptions are based on various and unpredictable factors,
including expectations regarding government, economic, monetary and
fiscal policies, inflation and interest rates, economic expansion
or contraction, and global or regional political, economic and
banking crises, as well as war, acts of terrorism and the spread of
infectious disease or other public health issues.
An outbreak of infectious
respiratory illness caused by a novel coronavirus known as
COVID-19 was first detected
in China in December 2019 and was declared a pandemic by the World
Health Organization in March 2020. This coronavirus has resulted in
travel restrictions, restrictions on gatherings of people
(including closings of, or limitations on, dining and entertainment
establishments, as well as schools and universities), closed
businesses (or businesses that are restricted in their operations),
closed international borders, enhanced health screenings at ports
of entry and elsewhere, disruption of and delays in healthcare
service preparation and delivery, prolonged quarantines,
cancellations, supply chain disruptions, and lower consumer demand,
as well as general concern and uncertainty. The impact of
COVID-19, and other
infectious disease outbreaks that may arise in the future, could
adversely affect the economies of many nations or the entire global
economy, individual issuers and capital markets in ways that cannot
be foreseen. Public health crises caused by the COVID-19 outbreak may exacerbate other
pre-existing political,
social and economic risks in certain countries or globally. The
duration of the COVID-19
outbreak cannot be determined with certainty. The risk of further
spreading of COVID-19 has
led to significant uncertainty and volatility in the financial
markets and disruption to the global economy, the consequences of
which are currently unpredictable. Certain of the Trust’s
investments are likely to have exposure to businesses that, as a
result of COVID-19,
experience a slowdown or temporary suspension in business
activities. These factors, as well as any restrictive measures
instituted in order to prevent or control a pandemic or other
public health crisis, such as the one posed by COVID-19, could have a material and
adverse effect on the Trust’s investments.
Holders of common stocks of
any given issuer incur more risk than holders of preferred stocks
and debt obligations of the issuer because the rights of common
stockholders, as owners of the issuer, generally are subordinate to
the rights of creditors of, or holders of debt obligations or
preferred stocks issued by, such issuer. Further, unlike debt
securities that typically have a stated principal amount payable at
maturity, or preferred stocks that typically have a liquidation
preference and may have stated optional or mandatory redemption
provisions, common stocks have neither a fixed principal amount nor
a maturity. Equity securities values are subject to market
fluctuations as long as the equity securities remain outstanding.
The value of the Portfolio will fluctuate over the entire life of
the Trust.
There can be no assurance
that the issuers of Portfolio Securities will pay dividends.
Distributions generally depend upon the declaration of dividends by
the issuers of
5
Portfolio Securities and the
declaration of such dividends generally depends upon various
factors, including the financial condition of the issuers and
general economic conditions.
Trust Performance
The following bar chart and
table provide an indication of the risks of investing in the Trust
by showing changes in the Trust’s performance based on net assets
from year to year and by showing how the Trust’s average annual
return for certain time periods compares with the average annual
return of the Index. The Trust’s past performance (before and after
taxes) is not necessarily an indication of how the Trust will
perform in the future. Updated performance information is available
online at http://www.spdrs.com.
The total returns in the bar
chart, as well as the total and after-tax returns presented in the
table, have been calculated assuming that the reinvested price for
the last income distribution made in the last calendar year shown
below (i.e., 12/18/20) was the net asset value per Unit
(“NAV”) on the last Business Day of such year (i.e.,
12/31/20), rather than the actual reinvestment price for such
distribution which was the NAV on the last Business Day of January
of the following calendar year (e.g., 1/29/21). Therefore,
the actual performance calculation for the last calendar year may
be different from that shown below in the bar chart and table. No
dividend reinvestment services are provided by the Trust (see
“Dividends and Distributions”), so investors’ performance may be
different from that shown below in the bar chart and
table.
Annual Total Return
(years ended 12/31)

Highest Quarterly Return:
20.44% for the quarter ended June 30, 2020.
Lowest Quarterly Return:
–19.60% for the quarter ended March 31, 2020.
6
Average Annual Total
Returns (for periods ending December 31, 2020)
The after-tax returns presented in the
table are calculated using the highest historical individual
federal marginal income tax rates and do not reflect the impact of
state and local taxes. Your actual after-tax returns will depend on your
specific tax situation and may differ from those shown below.
After-tax returns are not
relevant to investors who hold Units through tax-deferred arrangements, such as
401(k) plans or individual retirement accounts. The returns after
taxes can exceed the return before taxes due to an assumed tax
benefit for a holder of Units from realizing a capital loss on a
sale of the Units.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Past
One Year |
|
|
Past
Five Years |
|
|
Past
Ten Years |
|
Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Before
Taxes
|
|
|
18.23 |
% |
|
|
15.04 |
% |
|
|
13.74 |
% |
Return After Taxes on
Distributions
|
|
|
17.74 |
% |
|
|
14.52 |
% |
|
|
13.24 |
% |
Return After Taxes on
Distributions and Sale or Redemption of Creation Units
|
|
|
11.05 |
% |
|
|
12.00 |
% |
|
|
11.41 |
% |
Index (reflects no deduction
for fees, expenses or taxes)
|
|
|
18.40 |
% |
|
|
15.22 |
% |
|
|
13.88 |
% |
PURCHASE AND SALE
INFORMATION
Individual Units of the
Trust may be purchased and sold on NYSE Arca, Inc. (the
“Exchange”), under the market symbol “SPY”, through your
broker-dealer at market prices. Units trade at market prices that
may be greater than NAV (premium) or less than NAV (discount).
Units are also listed and traded on the Singapore Exchange
Securities Trading Limited (stock code S27), the Tokyo Stock
Exchange (code 1557) and the Australian Securities Exchange. In the
future, Units may be listed and traded on other non-U.S. exchanges. Units may be
purchased on other trading markets or venues in addition to the
Exchange, the Singapore Exchange Securities Trading Limited, the
Tokyo Stock Exchange and the Australian Securities
Exchange.
Only certain institutional
investors (typically market makers or other broker-dealers) are
permitted to purchase or redeem Units directly with the Trust, and
they may do so only in large blocks of 50,000 Units known as
“Creation Units.” Creation Unit transactions are conducted in
exchange for the deposit or delivery of in-kind securities and/or cash
constituting a substantial replication of the securities included
in the Index.
7
TAX
INFORMATION
The Trust will make
distributions that are expected to be taxable currently to you as
ordinary income and/or capital gains, unless you are investing
through a tax-deferred
arrangement, such as a 401(k) plan or individual retirement
account. See “Federal Income Taxes,” below, for more
information.
THE S&P 500
INDEX
The Index includes five
hundred (500) selected companies, all of which are listed on
national stock exchanges and spans over 24 separate industry
groups. As of December 31, 2020, the five largest industry
groups represented in the Index were: Software 8.59%; Technology
Hardware, Storage & Peripherals 7.01%; IT Services 5.49%;
Interactive Media & Services 5.48%; and Semiconductors &
Semiconductor Equipment 5.12%. Since 1968, the Index has been a
component of the U.S. Commerce Department’s list of Leading
Indicators that track key sectors of the U.S. economy. Current
information regarding the market value of the Index is available
from market information services. The Index is determined,
comprised and calculated without regard to the Trust.
S&P is not responsible
for and does not participate in the creation or sale of Units or in
the determination of the timing, pricing, or quantities and
proportions of purchases or sales of Index Securities or Portfolio
Securities by the Trust. The information in this prospectus
concerning S&P and the Index has been obtained from sources
that the Sponsor believes to be reliable, but the Sponsor takes no
responsibility for the accuracy of such information.
The following table shows
the actual performance of the Index for the years 1960 through
2020. The results shown should not be considered representative of
the income yield or capital gain or loss that may be generated by
the Index in the future.
THE RESULTS SHOULD NOT BE
CONSIDERED REPRESENTATIVE OF THE FUTURE PERFORMANCE OF THE
TRUST.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Calendar
Year-End
Index Value* |
|
|
Calendar
Year-End Index
Value
1960=100 |
|
|
Change In
Index
for
Calendar Year |
|
|
Calendar
Year-End
Yield** |
|
1960
|
|
|
58.11 |
|
|
|
100.00 |
|
|
|
— |
% |
|
|
3.47 |
% |
1961
|
|
|
71.55 |
|
|
|
123.13 |
|
|
|
23.13 |
|
|
|
2.98 |
|
1962
|
|
|
63.10 |
|
|
|
108.59 |
|
|
|
–11.81 |
|
|
|
3.37 |
|
1963
|
|
|
75.02 |
|
|
|
129.10 |
|
|
|
18.89 |
|
|
|
3.17 |
|
1964
|
|
|
84.75 |
|
|
|
145.84 |
|
|
|
12.97 |
|
|
|
3.01 |
|
1965
|
|
|
92.43 |
|
|
|
159.06 |
|
|
|
9.06 |
|
|
|
3.00 |
|
1966
|
|
|
80.33 |
|
|
|
138.24 |
|
|
|
–13.09 |
|
|
|
3.40 |
|
1967
|
|
|
96.47 |
|
|
|
166.01 |
|
|
|
20.09 |
|
|
|
3.20 |
|
1968
|
|
|
103.86 |
|
|
|
178.73 |
|
|
|
7.66 |
|
|
|
3.07 |
|
1969
|
|
|
92.06 |
|
|
|
158.42 |
|
|
|
–11.36 |
|
|
|
3.24 |
|
1970
|
|
|
92.15 |
|
|
|
158.58 |
|
|
|
0.10 |
|
|
|
3.83 |
|
1971
|
|
|
102.09 |
|
|
|
175.68 |
|
|
|
10.79 |
|
|
|
3.14 |
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Calendar
Year-End
Index Value* |
|
|
Calendar
Year-End Index
Value
1960=100 |
|
|
Change In
Index
for
Calendar Year |
|
|
Calendar
Year-End
Yield** |
|
1972
|
|
|
118.05 |
|
|
|
203.15 |
|
|
|
15.63 |
% |
|
|
2.84 |
% |
1973
|
|
|
97.55 |
|
|
|
167.87 |
|
|
|
–17.37 |
|
|
|
3.06 |
|
1974
|
|
|
68.56 |
|
|
|
117.98 |
|
|
|
–29.72 |
|
|
|
4.47 |
|
1975
|
|
|
90.19 |
|
|
|
155.21 |
|
|
|
31.55 |
|
|
|
4.31 |
|
1976
|
|
|
107.46 |
|
|
|
184.93 |
|
|
|
19.15 |
|
|
|
3.77 |
|
1977
|
|
|
95.10 |
|
|
|
163.66 |
|
|
|
–11.50 |
|
|
|
4.62 |
|
1978
|
|
|
96.11 |
|
|
|
165.39 |
|
|
|
1.06 |
|
|
|
5.28 |
|
1979
|
|
|
107.94 |
|
|
|
185.75 |
|
|
|
12.31 |
|
|
|
5.47 |
|
1980
|
|
|
135.76 |
|
|
|
233.63 |
|
|
|
25.77 |
|
|
|
5.26 |
|
1981
|
|
|
122.55 |
|
|
|
210.89 |
|
|
|
–9.73 |
|
|
|
5.20 |
|
1982
|
|
|
140.64 |
|
|
|
242.02 |
|
|
|
14.76 |
|
|
|
5.81 |
|
1983
|
|
|
164.93 |
|
|
|
283.82 |
|
|
|
17.27 |
|
|
|
4.40 |
|
1984
|
|
|
167.24 |
|
|
|
287.80 |
|
|
|
1.40 |
|
|
|
4.64 |
|
1985
|
|
|
211.28 |
|
|
|
363.59 |
|
|
|
26.33 |
|
|
|
4.25 |
|
1986
|
|
|
242.17 |
|
|
|
416.75 |
|
|
|
14.62 |
|
|
|
3.49 |
|
1987
|
|
|
247.08 |
|
|
|
425.19 |
|
|
|
2.03 |
|
|
|
3.08 |
|
1988
|
|
|
277.72 |
|
|
|
477.92 |
|
|
|
12.40 |
|
|
|
3.64 |
|
1989
|
|
|
353.40 |
|
|
|
608.15 |
|
|
|
27.25 |
|
|
|
3.45 |
|
1990
|
|
|
330.22 |
|
|
|
568.26 |
|
|
|
–6.56 |
|
|
|
3.61 |
|
1991
|
|
|
417.09 |
|
|
|
717.76 |
|
|
|
26.31 |
|
|
|
3.24 |
|
1992
|
|
|
435.71 |
|
|
|
749.80 |
|
|
|
4.46 |
|
|
|
2.99 |
|
1993
|
|
|
464.45 |
|
|
|
802.70 |
|
|
|
7.06 |
|
|
|
2.78 |
|
1994
|
|
|
459.27 |
|
|
|
790.34 |
|
|
|
–1.54 |
|
|
|
2.82 |
|
1995
|
|
|
615.93 |
|
|
|
1,059.92 |
|
|
|
34.11 |
|
|
|
2.56 |
|
1996
|
|
|
740.74 |
|
|
|
1,274.70 |
|
|
|
20.26 |
|
|
|
2.19 |
|
1997
|
|
|
970.43 |
|
|
|
1,669.99 |
|
|
|
31.01 |
|
|
|
1.77 |
|
1998
|
|
|
1,229.23 |
|
|
|
2,115.35 |
|
|
|
26.67 |
|
|
|
1.49 |
|
1999
|
|
|
1,469.25 |
|
|
|
2,528.39 |
|
|
|
19.53 |
|
|
|
1.14 |
|
2000
|
|
|
1,320.28 |
|
|
|
2,272.04 |
|
|
|
–10.14 |
|
|
|
1.19 |
|
2001
|
|
|
1,148.08 |
|
|
|
1,975.70 |
|
|
|
–13.04 |
|
|
|
1.36 |
|
2002
|
|
|
879.82 |
|
|
|
1,514.06 |
|
|
|
–23.37 |
|
|
|
1.81 |
|
2003
|
|
|
1,111.92 |
|
|
|
1,913.47 |
|
|
|
26.38 |
|
|
|
1.63 |
|
2004
|
|
|
1,211.92 |
|
|
|
2,085.56 |
|
|
|
8.99 |
|
|
|
1.72 |
|
2005
|
|
|
1,248.29 |
|
|
|
2,148.15 |
|
|
|
3.00 |
|
|
|
1.86 |
|
2006
|
|
|
1,418.30 |
|
|
|
2,440.72 |
|
|
|
13.62 |
|
|
|
1.81 |
|
2007
|
|
|
1,468.36 |
|
|
|
2,526.86 |
|
|
|
3.53 |
|
|
|
1.89 |
|
2008
|
|
|
903.25 |
|
|
|
1,554.38 |
|
|
|
–38.49 |
|
|
|
3.14 |
|
2009
|
|
|
1,115.10 |
|
|
|
1,918.95 |
|
|
|
23.45 |
|
|
|
1.95 |
|
2010
|
|
|
1,257.64 |
|
|
|
2,164.24 |
|
|
|
12.78 |
|
|
|
1.87 |
|
2011
|
|
|
1,257.60 |
|
|
|
2,164.17 |
|
|
|
–0.003 |
|
|
|
2.23 |
|
2012
|
|
|
1,426.19 |
|
|
|
2,454.29 |
|
|
|
13.41 |
|
|
|
2.19 |
|
2013
|
|
|
1,848.36 |
|
|
|
3,180.79 |
|
|
|
29.60 |
|
|
|
1.89 |
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
|
|
Calendar
Year-End
Index Value* |
|
|
Calendar
Year-End Index
Value
1960=100 |
|
|
Change In
Index
for
Calendar Year |
|
|
Calendar
Year-End
Yield** |
|
2014
|
|
|
2,058.90 |
|
|
|
3,543.10 |
|
|
|
11.39 |
% |
|
|
2.01 |
% |
2015
|
|
|
2,043.94 |
|
|
|
3,517.36 |
|
|
|
–0.0073 |
|
|
|
2.20 |
|
2016
|
|
|
2,238.83 |
|
|
|
3,852.74 |
|
|
|
9.53 |
|
|
|
2.10 |
|
2017
|
|
|
2,673.61 |
|
|
|
4,600.95 |
|
|
|
19.42 |
|
|
|
1.83 |
|
2018
|
|
|
2,506.85 |
|
|
|
4,313.97 |
|
|
|
–6.24 |
|
|
|
2.14 |
|
2019
|
|
|
3,230.78 |
|
|
|
5,559.77 |
|
|
|
28.8 |
|
|
|
1.80 |
|
2020
|
|
|
3,756.07 |
|
|
|
6,463.73 |
|
|
|
16.26 |
|
|
|
1.48 |
|
* |
Source: S&P. Reflects no deduction for fees, expenses
or taxes.
|
** |
Source: S&P. Yields are obtained by dividing the
aggregate cash dividends by the aggregate market value of the
stocks in the Index.
|
DIVIDENDS AND
DISTRIBUTIONS
Dividends and Capital
Gains
Holders of Units receive on
the last Business Day of April, July, October and January an amount
corresponding to the amount of any cash dividends declared on the
Portfolio Securities during the applicable period, net of fees and
expenses associated with operation of the Trust, and taxes, if
applicable. Because of such fees and expenses, the dividend yield
for Units is ordinarily less than that of the Index. Although all
such distributions are currently made quarterly, under certain
limited circumstances the Trustee may vary the times at which such
distributions are made.
Any capital gain income
recognized by the Trust in any taxable year that is not distributed
during the year ordinarily is distributed at least annually in
January of the following taxable year. The Trust may make
additional distributions shortly after the end of the year in order
to satisfy certain distribution requirements imposed by the
Internal Revenue Code of 1986, as amended (the “Code”).
The amount of distributions
may vary significantly from period to period. Under limited certain
circumstances, special dividend payments also may be made to
holders of Units. See “Additional Information Regarding Dividends
and Distributions.” Investors should consult their tax advisors
regarding tax consequences associated with Trust dividends, as well
as those associated with Unit sales or redemptions.
No Dividend Reinvestment
Service
No dividend reinvestment
service is provided by the Trust. Broker-dealers, at their own
discretion, may offer a dividend reinvestment service under which
additional Units are purchased in the secondary market at current
market prices. Investors should consult their broker-dealer for
further information regarding any dividend reinvestment program
offered by such broker-dealer.
10
Distributions in cash that
are reinvested in additional Units through a dividend reinvestment
service, if offered by an investor’s broker-dealer, will be taxable
dividends to the same extent as if such dividends had been received
in cash.
FEDERAL INCOME
TAXES
The following is a
description of the material U.S. federal income tax consequences of
owning and disposing of Units. The discussion below provides
general tax information relating to an investment in Units, but it
does not purport to be a comprehensive description of all the U.S.
federal income tax considerations that may be relevant to a
particular person’s decision to invest in Units. This discussion
does not describe all of the tax consequences that may be relevant
in light of the particular circumstances of a beneficial owner of
Units, including alternative minimum tax consequences, Medicare
contribution tax consequences and tax consequences applicable to
beneficial owners subject to special rules, such as:
|
• |
|
certain financial institutions;
|
|
• |
|
regulated investment companies;
|
|
• |
|
real estate investment trusts;
|
|
• |
|
dealers or traders in securities that use a mark-to-market method of tax
accounting;
|
|
• |
|
persons holding Units as part of a hedging transaction,
straddle, wash sale, conversion transaction or integrated
transaction or persons entering into a constructive sale with
respect to the Units;
|
|
• |
|
U.S. Holders (as defined below) whose functional currency for
U.S. federal income tax purposes is not the U.S. dollar;
|
|
• |
|
entities classified as partnerships or otherwise treated as
pass-through entities for U.S. federal income tax
purposes;
|
|
• |
|
certain former U.S. citizens and residents and expatriated
entities;
|
|
• |
|
tax-exempt entities,
including an “individual retirement account” or “Roth IRA”;
or
|
If an entity that is
classified as a partnership for U.S. federal income tax purposes
holds Units, the U.S. federal income tax treatment of a partner
will generally depend on the status of the partner and the
activities of the partnership. Partnerships holding Units and
partners in such partnerships should consult their tax advisors as
to the particular U.S. federal income tax consequences of holding
and disposing of the Units in light of their specific
circumstances.
The following discussion
applies only to an owner of Units that (i) is treated as the
beneficial owner of such Units for U.S. federal income tax purposes
and (ii) holds such Units as capital assets.
11
This discussion is based on
the Code, administrative pronouncements, judicial decisions, and
final, temporary and proposed Treasury regulations all as of the
date hereof, any of which is subject to change, possibly with
retroactive effect.
Prospective purchasers of
Units are urged to consult their tax advisors with regard to the
application of the U.S. federal income and estate tax laws to their
particular situations, as well as any tax consequences arising
under the laws of any state, local or non-U.S. taxing
jurisdiction.
Taxation of the
Trust
The Trust believes that it
qualified as a regulated investment company under Subchapter M of
the Code (a “RIC”) for its taxable year ended September 30,
2020 and intends to qualify as a RIC in the current and future
taxable years. Assuming that the Trust so qualifies and that it
satisfies the distribution requirements described below, the Trust
generally will not be subject to U.S. federal income tax on income
distributed in a timely manner to the holders of its Units
(“Unitholders”).
To qualify as a RIC for any
taxable year, the Trust must, among other things, satisfy both an
income test and an asset diversification test for such taxable
year. Specifically, (i) at least 90% of the Trust’s gross
income for such taxable year must consist of dividends; interest;
payments with respect to certain securities loans; gains from the
sale or other disposition of stock, securities or foreign
currencies; other income (including, but not limited to, gains from
options, futures or forward contracts) derived with respect to its
business of investing in such stock, securities or currencies; and
net income derived from interests in “qualified publicly traded
partnerships” (such income, “Qualifying RIC Income”) and
(ii) the Trust’s holdings must be diversified so that, at the
end of each quarter of such taxable year, (a) at least 50% of
the value of the Trust’s total assets is represented by cash and
cash items, securities of other RICs, U.S. government securities
and other securities, with such other securities limited, in
respect of any one issuer, to an amount not greater than 5% of the
value of the Trust’s total assets and not greater than 10% of the
outstanding voting securities of such issuer and (b) not more
than 25% of the value of the Trust’s total assets is invested
(x) in the securities (other than U.S. government securities
or securities of other RICs) of any one issuer or of two or more
issuers that the Trust controls and that are engaged in the same,
similar or related trades or businesses or (y) in the
securities of one or more “qualified publicly traded partnerships.”
A “qualified publicly traded partnership” is generally defined as
an entity that is treated as a partnership for U.S. federal income
tax purposes if (i) interests in such entity are traded on an
established securities market or are readily tradable on a
secondary market or the substantial equivalent thereof and
(ii) less than 90% of such entity’s gross income for the
relevant taxable year consists of Qualifying RIC Income. The
Trust’s share of income derived from a partnership other than a
“qualified publicly traded partnership” will be treated as
Qualifying RIC Income only to the extent that such income would
have constituted Qualifying RIC Income if derived directly by the
Trust.
12
In order to be exempt from
U.S. federal income tax on its distributed income, the Trust must
distribute to its Unitholders on a timely basis at least 90% of the
sum of (i) its “investment company taxable income” (determined
prior to the deduction for dividends paid by the Trust) and
(ii) its net tax-exempt interest income for each
taxable year. In general, a RIC’s “investment company taxable
income” for any taxable year is its taxable income, determined
without regard to net capital gain (that is, the excess of net
long-term capital gains over net short-term capital losses) and
with certain other adjustments. Any taxable income, including any
net capital gain, that the Trust does not distribute to its
Unitholders in a timely manner will be subject to U.S. federal
income tax at regular corporate rates.
A RIC will be subject to a
nondeductible 4% excise tax on certain amounts that it fails to
distribute during each calendar year. In order to avoid this excise
tax, a RIC must distribute during each calendar year an amount at
least equal to the sum of (i) 98% of its ordinary taxable income
for the calendar year, (ii) 98.2% of its capital gain net income
for the one-year period
ended on October 31 of the calendar year and (iii) any
ordinary income and capital gains for previous years that were not
distributed during those years. For purposes of determining whether
the Trust has met this distribution requirement, (i) certain
ordinary gains and losses that would otherwise be taken into
account for the portion of the calendar year after October 31
will be treated as arising on January 1 of the following
calendar year and (ii) the Trust will be deemed to have
distributed any income or gains on which it has paid U.S. federal
income tax.
If the Trust failed to
qualify as a RIC or failed to satisfy the 90% distribution
requirement in any taxable year, the Trust would be subject to U.S.
federal income tax at regular corporate rates on its taxable
income, including its net capital gain, even if such income were
distributed to its Unitholders, and all distributions out of
earnings and profits would be taxable as dividend income. Such
distributions generally would be eligible for the
dividends-received deduction in the case of corporate U.S. Holders
(defined below) and would constitute “qualified dividend income”
for individual U.S. Holders. See “Federal Income Taxes — Tax
Consequences to U.S. Holders — Distributions.” In addition, the
Trust could be required to recognize unrealized gains, pay taxes
and make distributions (which could be subject to interest charges)
before requalifying for taxation as a RIC. If the Trust fails to
satisfy the income test or diversification test described above,
however, it may be able to avoid losing its status as a RIC by
timely curing such failure, paying a tax and/or providing notice of
such failure to the U.S. Internal Revenue Service (the
“IRS”).
In order to meet the
distribution requirements necessary to be exempt from U.S. federal
income and excise tax, the Trust may be required to make
distributions in excess of the yield performance of the Portfolio
Securities and may be required to sell securities.
13
Tax Consequences to U.S.
Holders
The discussion in this
section applies only to U.S. Holders. A “U.S. Holder” is
(i) an individual who is a citizen or resident of the United
States; (ii) a corporation, or other entity taxable as a
corporation, created or organized in or under the laws of the
United States, any state therein or the District of Columbia; or
(iii) an estate or trust the income of which is subject to
U.S. federal income taxation regardless of its source.
Distributions. Distributions of
the Trust’s ordinary income and net short-term capital gains will,
except as described below with respect to distributions of
“qualified dividend income,” generally be taxable to U.S. Holders
as ordinary income to the extent such distributions are paid out of
the Trust’s current or accumulated earnings and profits, as
determined for U.S. federal income tax purposes. Distributions (or
deemed distributions, as described below), if any, of net capital
gains will be taxable as long-term capital gains, regardless of the
length of time the U.S. Holder has owned Units. A distribution of
an amount in excess of the Trust’s current and accumulated earnings
and profits will be treated as a return of capital that will be
applied against and reduce the U.S. Holder’s basis in its Units. If
the amount of any such distribution exceeds the U.S. Holder’s basis
in its Units, the excess will be treated as gain from a sale or
exchange of the Units.
The ultimate tax
characterization of the distributions that the Trust makes during
any taxable year cannot be determined until after the end of the
taxable year. As a result, it is possible that the Trust will make
total distributions during a taxable year in an amount that exceeds
its current and accumulated earnings and profits. Return-of-capital distributions
may result, for example, if the Trust makes distributions of cash
amounts deposited in connection with Portfolio Deposits (as defined
below in “Purchases and Redemptions of Creation Units — Purchase
(Creation)”). Return-of-capital distributions
may be more likely to occur in periods during which the number of
outstanding Units fluctuates significantly.
Distributions of the Trust’s
“qualified dividend income” to an individual or other non-corporate U.S. Holder will be
treated as “qualified dividend income” and will therefore be taxed
at rates applicable to long-term capital gains, provided that the
U.S. Holder meets certain holding period and other requirements
with respect to its Units and that the Trust meets certain holding
period and other requirements with respect to the underlying shares
of stock. “Qualified dividend income” generally includes dividends
from domestic corporations and dividends from foreign corporations
that meet certain specified criteria.
Dividends distributed by the
Trust to a corporate U.S. Holder will qualify for the
dividends-received deduction only to the extent that the dividends
consist of distributions of dividends eligible for the
dividends-received deduction received by the Trust, the Trust meets
certain holding period requirements with respect to the underlying
shares of stock and the U.S. Holder meets certain holding period
and other requirements with respect to the underlying shares of
stock. Dividends eligible
14
for the dividends-received
deduction generally are dividends from domestic
corporations.
The Trust intends to
distribute its net capital gains at least annually. If, however,
the Trust retains any net capital gains for reinvestment, it may
elect to treat such net capital gains as having been distributed to
the Unitholders. If the Trust makes such an election, each U.S.
Holder will be required to report its share of such undistributed
net capital gain as long-term capital gain and will be entitled to
claim its share of the U.S. federal income taxes paid by the Trust
on such undistributed net capital gain as a credit against its own
U.S. federal income tax liability, if any, and to claim a refund on
a properly filed U.S. federal income tax return to the extent that
the credit exceeds such tax liability. In addition, each U.S.
Holder will be entitled to increase the adjusted tax basis of its
Units by the difference between its share of such undistributed net
capital gain and the related credit and/or refund. There can be no
assurance that the Trust will make this election if it retains all
or a portion of its net capital gain for a taxable year.
Because the tax treatment of
a distribution depends upon the Trust’s current and accumulated
earnings and profits, a distribution received shortly after an
acquisition of Units may be taxable, even though, as an economic
matter, the distribution represents a return of the U.S. Holder’s
initial investment. Although dividends generally will be treated as
distributed when paid, dividends declared in October, November or
December, payable to Unitholders of record on a specified date in
one of those months, and paid during the following January, will be
treated for U.S. federal income tax purposes as having been
distributed by the Trust and received by the Unitholders on
December 31 of the year in which declared. Unitholders will be
notified annually as to the U.S. federal tax status of
distributions.
Sales and Redemptions of
Units. In general, upon the sale or
other disposition of Units, a U.S. Holder will recognize capital
gain or loss in an amount equal to the difference, if any, between
the amount realized on the sale or other disposition and the U.S.
Holder’s adjusted tax basis in the relevant Units. Such gain or
loss generally will be long-term capital gain or loss if the U.S.
Holder’s holding period for the relevant Units was more than one
year on the date of the sale or other disposition. Under current
law, net capital gain (that is, the excess of net long-term capital
gains over net short-term capital losses) recognized by
non-corporate U.S. Holders
is generally subject to U.S. federal income tax at lower rates than
the rates applicable to ordinary income.
Losses recognized by a U.S.
Holder on the sale or other disposition of Units held for six
months or less will be treated as long-term capital losses to the
extent of any distribution of long-term capital gain received (or
deemed received, as discussed above) with respect to such Units. In
addition, no loss will be allowed on a sale or other disposition of
Units if the U.S. Holder acquires Units, or enters into a contract
or option to acquire Units, within 30 days before or after such
sale or other disposition. In such a case, the basis of the Units
acquired will be adjusted to reflect the disallowed
loss.
15
If a U.S. Holder receives an
in-kind distribution in
redemption of Units (which must constitute a Creation Unit, as
discussed in “Purchases and Redemptions of Creation Units —
Redemption”), the U.S. Holder will realize gain or loss in an
amount equal to the difference between the aggregate fair market
value as of the redemption date of the stocks and cash received in
the redemption and the U.S. Holder’s adjusted tax basis in the
relevant Units. The U.S. Holder will generally have an initial tax
basis in the distributed stocks equal to their respective fair
market values on the redemption date. The IRS may assert that any
resulting loss may not be recognized on the ground that there has
been no material change in the U.S. Holder’s economic position. The
Trust will not recognize gain or loss for U.S. federal income tax
purposes on an in-kind
distribution in redemption of Creation Units.
Under U.S. Treasury
regulations, if a U.S. Holder recognizes losses with respect to
Units of $2 million or more for an individual U.S. Holder or
$10 million or more for a corporate U.S. Holder, the U.S.
Holder must file with the IRS a disclosure statement on IRS Form
8886. Direct shareholders of portfolio securities are in many cases
exempted from this reporting requirement, but under current
guidance, shareholders of a RIC are not exempted. The fact that a
loss is reportable under these regulations does not affect the
legal determination of whether the U.S. Holder’s treatment of the
loss is proper. Certain states may have similar disclosure
requirements.
Portfolio
Deposits. Upon the transfer of a
Portfolio Deposit (as defined below in “Purchases and Redemptions
of Creation Units — Purchase (Creation)”) to the Trust, a U.S.
Holder will generally realize gain or loss with respect to each
stock included in the Portfolio Deposit in an amount equal to the
difference, if any, between the amount received with respect to
such stock and the U.S. Holder’s basis in the stock. The amount
received with respect to each stock included in a Portfolio Deposit
is determined by allocating among all of the stocks included in the
Portfolio Deposit an amount equal to the fair market value of the
Creation Units received (determined as of the date of transfer of
the Portfolio Deposit) plus the amount of any cash received from
the Trust, reduced by the amount of any cash that the U.S. Holder
pays to the Trust. This allocation is made among such stocks in
accordance with their relative fair market values as of the date of
transfer of the Portfolio Deposit. The IRS may assert that any loss
resulting from the transfer of a Portfolio Deposit to the Trust may
not be recognized on the ground that there has been no material
change in the economic position of the U.S. Holder. The Trust will
not recognize gain or loss for U.S. federal income tax purposes on
the issuance of Creation Units in exchange for Portfolio
Deposits.
Backup Withholding and
Information Reporting. Payments
on the Units and proceeds from a sale or other disposition of Units
will be subject to information reporting unless the U.S. Holder is
an exempt recipient. A U.S. Holder will be subject to backup
withholding on all such amounts unless (i) the U.S. Holder is
an exempt recipient or (ii) the U.S. Holder provides its
correct taxpayer identification number (generally, on IRS Form
W-9) and certifies that it
is not subject to backup
16
withholding. Backup
withholding is not an additional tax. Any amounts withheld pursuant
to the backup withholding rules will be allowed as a credit against
the U.S. Holder’s U.S. federal income tax liability and may entitle
the U.S. Holder to a refund, provided that the required information
is furnished to the IRS on a timely basis.
Tax Consequences to
Non-U.S.
Holders
The discussion in this
section applies only to Non-U.S. Holders. A “Non-U.S. Holder” is a person that, for
U.S. federal income tax purposes, is a beneficial owner of Units
and is a nonresident alien individual, a foreign corporation, a
foreign trust or a foreign estate. The discussion below does not
apply to a Non-U.S. Holder
who is a nonresident alien individual and is present in the United
States for 183 days or more during any taxable year; a nonresident
alien individual who is a former citizen or resident of the United
States; an expatriated entity; a controlled foreign corporation; a
passive foreign investment company; a foreign government for
purposes of Section 892 of the Code or a tax-exempt organization for U.S.
federal income tax purposes. Such Non-U.S. Holders should consult their
tax advisors with respect to the particular tax consequences to
them of an investment in the Trust. The U.S. federal income
taxation of a Non-U.S.
Holder depends on whether the income that the Non-U.S. Holder derives from the Trust
is “effectively connected” with a trade or business that the
Non-U.S. Holder conducts in
the United States (and, if required by an applicable tax treaty, is
attributable to a U.S. permanent establishment maintained by the
Non-U.S.
Holder).
If the income that a
Non-U.S. Holder derives
from the Trust is not “effectively connected” with a U.S. trade or
business conducted by such Non-U.S. Holder (or, if an applicable
tax treaty so provides, the Non-U.S. Holder does not maintain a
permanent establishment in the United States), distributions of
“investment company taxable income” to such Non-U.S. Holder will generally be
subject to U.S. federal withholding tax at a rate of 30% (or lower
rate under an applicable tax treaty). Provided that certain
requirements are satisfied, this withholding tax will not be
imposed on dividends paid by the Trust to the extent that the
underlying income out of which the dividends are paid consists of
U.S.-source interest income or short-term capital gains that would
not have been subject to U.S. withholding tax if received directly
by the Non-U.S. Holder
(“interest-related dividends” and “short-term capital gain
dividends,” respectively).
A Non-U.S. Holder whose income from the
Trust is not “effectively connected” with a U.S. trade or business
(or, if an applicable tax treaty so provides, does not maintain a
permanent establishment in the United States) will generally be
exempt from U.S. federal income tax on capital gain dividends and
any amounts retained by the Trust that are designated as
undistributed capital gains. In addition, such a Non-U.S. Holder will generally be
exempt from U.S. federal income tax on any gains realized upon the
sale or exchange of Units.
If the income from the Trust
is “effectively connected” with a U.S. trade or business carried on
by a Non-U.S. Holder (and,
if required by an applicable tax treaty, is
17
attributable to a U.S.
permanent establishment maintained by the Non-U.S. Holder), any distributions of
“investment company taxable income,” any capital gain dividends,
any amounts retained by the Trust that are designated as
undistributed capital gains and any gains realized upon the sale or
exchange of Units will be subject to U.S. federal income tax, on a
net income basis, at the rates applicable to U.S. Holders. A
Non-U.S. Holder that is a
corporation may also be subject to the U.S. branch profits
tax.
Information returns will be
filed with the IRS in connection with certain payments on the Units
and may be filed in connection with payments of the proceeds from a
sale or other disposition of Units. A Non-U.S. Holder may be subject to
backup withholding on distributions or on the proceeds from a
redemption or other disposition of Units if such Non-U.S. Holder does not certify its
non-U.S. status under
penalties of perjury or otherwise establish an exemption. Backup
withholding is not an additional tax. Any amounts withheld pursuant
to the backup withholding rules will be allowed as a credit against
the Non-U.S. Holder’s U.S.
federal income tax liability, if any, and may entitle the
Non-U.S. Holder to a
refund, provided that the required information is furnished to the
IRS on a timely basis.
In order to qualify for the
exemption from U.S. withholding on interest-related dividends, to
qualify for an exemption from U.S. backup withholding and to
qualify for a reduced rate of U.S. withholding tax on Trust
distributions pursuant to an income tax treaty, a Non-U.S. Holder must generally deliver
to the withholding agent a properly executed IRS form (generally,
Form W-8BEN or Form
W-8BEN-E, as applicable). In
order to claim a refund of any Trust-level taxes imposed on
undistributed net capital gain, any withholding taxes or any backup
withholding, a Non-U.S.
Holder must obtain a U.S. taxpayer identification number and file a
U.S. federal income tax return, even if the Non-U.S. Holder would not otherwise be
required to obtain a U.S. taxpayer identification number or file a
U.S. income tax return.
Under Sections 1471 through
1474 of the Code (“FATCA”), a withholding tax at the rate of 30%
will generally be imposed on payments of dividends on Units to
certain foreign entities (including financial intermediaries)
unless the foreign entity provides the withholding agent with
certifications and other information (which may include information
relating to ownership by U.S. persons of interests in, or accounts
with, the foreign entity). Treasury and the IRS have issued
proposed regulations that (i) provide that “withholdable
payments” will not include gross proceeds from the disposition of
property that can produce U.S. source dividends or interest, as
otherwise would have been the case after December 31, 2018 and
(ii) state that taxpayers may rely on these provisions of the
proposed regulations until final regulations are issued. If FATCA
withholding is imposed, a beneficial owner of Units that is not a
foreign financial institution generally may obtain a refund of any
amounts withheld by filing a U.S. federal income tax return (which
may entail significant administrative burden). Non-U.S. Holders should consult their
tax advisors regarding the possible implications of FATCA on their
investment in Units.
18
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, 2020, the related statements of
operations and of changes in net assets for each of the three years
in the period ended September 30, 2020, including the related
notes, and the financial highlights for each of the five years in
the period ended September 30, 2020 (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, 2020, the results of
its operations and the changes in its net assets for each of the
three years in the period ended September 30, 2020 and the
financial highlights for each of the five years in the period ended
September 30, 2020 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 (the Trustee). 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 (the Trustee), as well as evaluating
the overall presentation of the financial statements. Our
procedures included confirmation of securities owned as of
September 30, 2020 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 24, 2020
We have served as the
auditor of one or more investment companies in the SPDR Funds since
1993.
19
SPDR S&P
500®
ETF Trust
Statement of Assets and
Liabilities
September 30,
2020
|
|
|
|
|
ASSETS
|
|
|
|
|
Investments in unaffiliated
issuers, at value (Note 2)
|
|
$ |
293,094,904,469 |
|
Investments in affiliates of
the Trustee and the Sponsor, at value
|
|
|
813,183,959 |
|
|
|
|
|
|
Total Investments
|
|
|
293,908,088,428 |
|
Cash
|
|
|
1,094,750,606 |
|
Dividends receivable —
unaffiliated issuers (Note 2)
|
|
|
206,099,750 |
|
Dividends receivable —
affiliated issuers (Note 2)
|
|
|
1,945,598 |
|
|
|
|
|
|
Total Assets
|
|
|
295,210,884,382 |
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Payable for units of
fractional undivided interest (“Units”) redeemed in-kind
|
|
|
166,632 |
|
Accrued Trustee expense
(Note 3)
|
|
|
13,789,112 |
|
Accrued Marketing expense
(Note 3)
|
|
|
13,330,495 |
|
Distribution
payable
|
|
|
1,193,626,401 |
|
Accrued expenses and other
liabilities
|
|
|
36,466,606 |
|
|
|
|
|
|
Total Liabilities
|
|
|
1,257,379,246 |
|
|
|
|
|
|
NET ASSETS
|
|
$ |
293,953,505,136 |
|
|
|
|
|
|
NET ASSETS CONSIST
OF:
|
|
|
|
|
Paid in capital (Note
4)
|
|
$ |
310,760,685,731 |
|
Total distributable earnings
(loss)
|
|
|
(16,807,180,595 |
) |
|
|
|
|
|
NET ASSETS
|
|
$ |
293,953,505,136 |
|
|
|
|
|
|
NET ASSET VALUE PER
UNIT
|
|
$ |
335.21 |
|
|
|
|
|
|
UNITS OUTSTANDING
(UNLIMITED UNITS AUTHORIZED)
|
|
|
876,932,116 |
|
|
|
|
|
|
COST OF
INVESTMENTS:
|
|
|
|
|
Unaffiliated
issuers
|
|
$ |
299,417,251,578 |
|
Affiliates of the Trustee
and the Sponsor (Note 3)
|
|
|
916,580,366 |
|
|
|
|
|
|
Total Cost of
Investments
|
|
$ |
300,333,831,944 |
|
|
|
|
|
|
See accompanying notes to
financial statements.
20
SPDR S&P
500®
ETF Trust
Statements of
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
9/30/20 |
|
|
Year Ended
9/30/19 |
|
|
Year Ended
9/30/18 |
|
INVESTMENT
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend income —
unaffiliated issuers (Note 2)
|
|
$ |
5,344,744,140 |
|
|
$ |
5,569,189,037 |
|
|
$ |
4,995,395,848 |
|
Dividend income — affiliates
of the Trustee and the Sponsor
|
|
|
15,314,759 |
|
|
|
14,842,022 |
|
|
|
13,606,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment
Income
|
|
|
5,360,058,899 |
|
|
|
5,584,031,059 |
|
|
|
5,009,001,934 |
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Trustee expense (Note
3)
|
|
|
156,390,558 |
|
|
|
129,443,668 |
|
|
|
143,201,038 |
|
S&P license fee (Note
3)
|
|
|
85,102,695 |
|
|
|
79,275,442 |
|
|
|
80,322,526 |
|
Marketing expense (Note
3)
|
|
|
19,590,285 |
|
|
|
36,911,835 |
|
|
|
22,626,082 |
|
Legal and audit
fees
|
|
|
405,831 |
|
|
|
605,028 |
|
|
|
603,472 |
|
Other expenses
|
|
|
4,688,948 |
|
|
|
1,591,672 |
|
|
|
4,372,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses
|
|
|
266,178,317 |
|
|
|
247,827,645 |
|
|
|
251,125,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INVESTMENT INCOME
(LOSS)
|
|
|
5,093,880,582 |
|
|
|
5,336,203,414 |
|
|
|
4,757,875,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED
GAIN (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss)
on:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments — unaffiliated
issuers
|
|
|
(2,843,848,543 |
) |
|
|
(1,874,707,476 |
) |
|
|
(631,225,982 |
) |
Investments — affiliates of
the Trustee and the Sponsor
|
|
|
(8,520,407 |
) |
|
|
(2,398,982 |
) |
|
|
(838,353 |
) |
In-kind redemptions — unaffiliated
issuers
|
|
|
33,362,317,592 |
|
|
|
19,405,809,495 |
|
|
|
37,318,292,156 |
|
In-kind redemptions — affiliated
issuers
|
|
|
79,983,578 |
|
|
|
39,060,086 |
|
|
|
142,784,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain
(loss)
|
|
|
30,589,932,220 |
|
|
|
17,567,763,123 |
|
|
|
36,829,012,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation on:
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments — unaffiliated
issuers
|
|
|
4,637,256,785 |
|
|
|
(13,388,014,704 |
) |
|
|
(760,564,842 |
) |
Investments — affiliates of
the Trustee and the Sponsor
|
|
|
(19,657,458 |
) |
|
|
(33,757,839 |
) |
|
|
(158,416,456 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized
appreciation/depreciation
|
|
|
4,617,599,327 |
|
|
|
(13,421,772,543 |
) |
|
|
(918,981,298 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REALIZED AND
UNREALIZED GAIN (LOSS)
|
|
|
35,207,531,547 |
|
|
|
4,145,990,580 |
|
|
|
35,910,030,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN NET ASSETS FROM OPERATIONS
|
|
$ |
40,301,412,129 |
|
|
$ |
9,482,193,994 |
|
|
$ |
40,667,906,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to
financial statements.
21
SPDR S&P
500®
ETF Trust
Statements of Changes in Net
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
9/30/20 |
|
|
Year Ended
9/30/19 |
|
|
Year Ended
9/30/18 |
|
INCREASE (DECREASE) IN
NET ASSETS FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(loss)
|
|
$ |
5,093,880,582 |
|
|
$ |
5,336,203,414 |
|
|
$ |
4,757,875,969 |
|
Net realized gain
(loss)
|
|
|
30,589,932,220 |
|
|
|
17,567,763,123 |
|
|
|
36,829,012,260 |
|
Net change in unrealized
appreciation/depreciation
|
|
|
4,617,599,327 |
|
|
|
(13,421,772,543 |
) |
|
|
(918,981,298 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
40,301,412,129 |
|
|
|
9,482,193,994 |
|
|
|
40,667,906,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET EQUALIZATION CREDITS
AND CHARGES (NOTE 2)
|
|
|
(28,962,904 |
) |
|
|
(53,196,888 |
) |
|
|
2,991,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO
UNITHOLDERS
|
|
|
(5,149,353,080 |
) |
|
|
(5,057,184,141 |
) |
|
|
(4,894,169,793 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCREASE (DECREASE) IN
NET ASSETS FROM UNIT TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of
Units
|
|
|
615,842,536,075 |
|
|
|
487,497,849,720 |
|
|
|
617,352,015,478 |
|
Cost of Units
redeemed
|
|
|
(631,300,529,687 |
) |
|
|
(497,053,054,235 |
) |
|
|
(617,035,693,780 |
) |
Net income equalization
(Note 2)
|
|
|
28,962,904 |
|
|
|
53,196,888 |
|
|
|
(2,991,782 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS
|
|
|
(15,429,030,708 |
) |
|
|
(9,502,007,627 |
) |
|
|
313,329,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE)
IN NET ASSETS DURING THE PERIOD
|
|
|
19,694,065,437 |
|
|
|
(5,130,194,662 |
) |
|
|
36,090,058,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS AT BEGINNING
OF PERIOD
|
|
|
274,259,439,699 |
|
|
|
279,389,634,361 |
|
|
|
243,299,575,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS AT END OF
PERIOD
|
|
$ |
293,953,505,136 |
|
|
$ |
274,259,439,699 |
|
|
$ |
279,389,634,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIT
TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
Units sold
|
|
|
2,081,250,000 |
|
|
|
1,753,650,000 |
|
|
|
2,275,100,000 |
|
Units redeemed
|
|
|
(2,128,300,000 |
) |
|
|
(1,791,100,000 |
) |
|
|
(2,281,850,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE
(DECREASE)
|
|
|
(47,050,000 |
) |
|
|
(37,450,000 |
) |
|
|
(6,750,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to
financial statements.
22
SPDR S&P
500®
ETF Trust
Financial
Highlights
Selected data for a Unit
outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
9/30/20 |
|
|
Year Ended
9/30/19 |
|
|
Year Ended
9/30/18 |
|
|
Year Ended
9/30/17 |
|
|
Year Ended
9/30/16 |
|
Net asset value,
beginning of period
|
|
$ |
296.82 |
|
|
$ |
290.60 |
|
|
$ |
251.30 |
|
|
$ |
216.40 |
|
|
$ |
191.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
investment operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(loss)(a)
|
|
|
5.59 |
|
|
|
5.71 |
|
|
|
4.86 |
|
|
|
4.65 |
|
|
|
4.27 |
|
Net realized and unrealized
gain (loss)
|
|
|
38.51 |
|
|
|
6.05 |
|
|
|
39.46 |
|
|
|
34.97 |
|
|
|
24.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total from investment
operations
|
|
|
44.10 |
|
|
|
11.76 |
|
|
|
44.32 |
|
|
|
39.62 |
|
|
|
29.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net equalization credits and
charges(a)
|
|
|
(0.03 |
) |
|
|
(0.06 |
) |
|
|
0.00 |
(b) |
|
|
0.06 |
|
|
|
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions
from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income
|
|
|
(5.68 |
) |
|
|
(5.48 |
) |
|
|
(5.02 |
) |
|
|
(4.78 |
) |
|
|
(4.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of
period
|
|
$ |
335.21 |
|
|
$ |
296.82 |
|
|
$ |
290.60 |
|
|
$ |
251.30 |
|
|
$ |
216.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total return(c)
|
|
|
14.98 |
% |
|
|
4.11 |
% |
|
|
17.72 |
% |
|
|
18.44 |
%(d) |
|
|
15.30 |
% |
Ratios and Supplemental
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of period
(in 000s)
|
|
$ |
293,953,505 |
|
|
$ |
274,259,440 |
|
|
$ |
279,389,634 |
|
|
$ |
243,299,576 |
|
|
$ |
197,280,964 |
|
Ratios to average net
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses (excluding
Trustee earnings credit and fee waivers)
|
|
|
0.09 |
% |
|
|
0.10 |
% |
|
|
0.10 |
% |
|
|
0.09 |
% |
|
|
0.11 |
% |
Total expenses (excluding
Trustee earnings credit)
|
|
|
0.09 |
% |
|
|
0.10 |
% |
|
|
0.10 |
% |
|
|
0.09 |
% |
|
|
0.11 |
% |
Net expenses(e)
|
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
|
|
0.09 |
% |
Net investment income
(loss)
|
|
|
1.81 |
% |
|
|
2.03 |
% |
|
|
1.79 |
% |
|
|
1.98 |
% |
|
|
2.07 |
% |
Portfolio turnover
rate(f)
|
|
|
2 |
% |
|
|
3 |
% |
|
|
2 |
% |
|
|
3 |
% |
|
|
4 |
% |
(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) |
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
|
See accompanying notes to
financial statements.
23
|
respective payment dates of
the Trust. Total return for a period of less than one year is not
annualized. Broker commission charges are not included in this
calculation. |
(d) |
Reflects a non-recurring litigation payment
received by the Trust from State Street Corp., an affiliate, which
amounted to less than $0.005 per Unit outstanding as of
March 20, 2017. This payment resulted in an increase to total
return of less than 0.005% for the period ended September 30,
2017.
|
(e) |
Net of expenses waived by the Trustee.
|
(f) |
Portfolio turnover rate excludes securities received or
delivered from in-kind
processing of creations or redemptions of Units.
|
See accompanying notes to
financial statements.
24
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
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 on and traded
on the New York Stock Exchange under the symbol “SPY”, and operates
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.”
25
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
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 the Trustee 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.
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.
26
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
Note 2 — Summary of
Significant Accounting Policies – (continued)
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 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
27
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
Note 2 — Summary of
Significant Accounting Policies – (continued)
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 in-kind
transactions, REITs and losses deferred due to wash
sales.
28
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
Note 2 — Summary of
Significant Accounting Policies – (continued)
U.S. GAAP requires the
evaluation of tax positions taken in the course of preparing the
Trust’s tax returns to determine whether the tax positions are more
likely than not to be sustained by the applicable tax authority.
For U.S. GAAP purposes, the Trust recognizes the tax benefits of
uncertain tax positions only when the position is more likely than
not to be sustained, assuming examination by tax
authorities.
The Trustee has reviewed the
Trust’s tax positions for the open tax years as of
September 30, 2020 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, 2020.
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, 2020, the Trustee reclassified $33,442,301,170
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, 2020,
the Trust had capital loss carryforwards that may be utilized to
offset any future net realized capital gains as follows:
|
|
|
|
|
Non-Expiring – Short
Term
|
|
$ |
1,128,692,265 |
|
Non-Expiring – Long
Term
|
|
|
8,196,616,310 |
|
At September 30, 2020,
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
|
|
$ |
300,383,553,994 |
|
|
$ |
36,167,065,292 |
|
|
$ |
42,642,530,858 |
|
|
$ |
(6,475,465,566 |
) |
29
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
Note 2 — Summary of
Significant Accounting Policies – (continued)
The tax character of
distributions paid during the years ended September 30, 2020,
2019 and 2018 were as follows:
|
|
|
|
|
|
|
Distributions
paid from:
|
|
2020 |
|
2019 |
|
2018 |
Ordinary Income |
|
$5,149,353,080 |
|
$5,057,184,141 |
|
$4,894,169,793 |
As of September 30,
2020, the components of distributable earnings (excluding
unrealized appreciation/ (depreciation)) were undistributed
ordinary income of $187,219,949 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 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,
2020:
|
|
|
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, 2020, the
Adjustment Amount reduced the Trustee’s fee by $13,211,549. The
Adjustment Amount included an excess of net transaction fees from
processing orders of $4,942,000 and a Trustee earnings credit of
$8,269,549.
The Trustee has voluntarily
agreed to waive a portion of its fee, as needed, for one year until
February 1, 2021, so that the total operating expenses would
not exceed 0.0945% per annum of the daily NAV of the Trust. No
amounts were waived for the years ended September 30, 2020,
2019 and 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.
30
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
Note 3 — Transactions
with Affiliates of the Trustee and Sponsor –
(continued)
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, 2020, 2019 and 2018, 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, 2020, 2019 and 2018. The
Trust reimbursed the Sponsor for $402,393, $549,533, and $367,362
of legal fees for the years ended September 30, 2020, 2019,
and 2018, 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
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.
31
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
Note 3 — Transactions
with Affiliates of the Trustee and Sponsor –
(continued)
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,
2020 are listed in the Schedule of Investments.
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, 2020, the Trust had in-kind contributions,
in-kind redemptions, purchases and sales of investment securities
of $221,857,538,781, $237,279,951,868, $6,761,536,197, and
$5,932,024,358, respectively. Net realized gain (loss) on
investment transactions in the 2020 Statement of Operations
includes net gains resulting from in-kind transactions of
$33,442,301,170.
32
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
Note 6 — Equity Investing
and Market Risk
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,
perceived trends in securities prices, war, acts of terrorism, the
spread of infectious disease or other public health issues. Local,
regional or global events such as war, acts of terrorism, the
spread of infectious disease or other public health issues,
recessions, or other events could have a significant impact on the
Trust and its investments and could result in increased premiums or
discounts to the Trust’s net asset value.
An investment in
the Trust is subject to the risks of any investment in a broadly
based portfolio of equity securities, including the risk that the
general level of stock prices may decline, thereby adversely
affecting the value of such investment. The value of common stocks
actually held by the Trust and that make up the Trust’s portfolio
(the “Portfolio Securities”) may fluctuate in accordance with
changes in the financial condition of the issuers of Portfolio
Securities, the value of equity securities generally and other
factors. The identity and weighting of common stocks that are
included in the S&P 500®
Index and the Portfolio Securities change from time to
time.
The financial
condition of issuers of Portfolio Securities may become impaired or
the general condition of the stock market may deteriorate, either
of which may cause a decrease in the value of the Trust’s portfolio
and thus in the value of Units. Since the Trust is not actively
managed, the adverse financial condition of an issuer will not
result in its elimination from the Trust’s portfolio unless such
issuer is removed from the S&P 500®
Index. Equity securities are susceptible to general stock market
fluctuations and to volatile increases and decreases in value as
market confidence in and perceptions of their issuers change. These
investor perceptions are based on various and unpredictable
factors, including expectations regarding government, economic,
monetary and fiscal policies, inflation and interest rates,
economic expansion or contraction, and global or regional
political, economic and banking crises, as well as war, acts of
terrorism and the spread of infectious disease or other public
health issues.
An outbreak of infectious
respiratory illness caused by a novel coronavirus known as COVID-19
was first detected in China in December 2019 and was declared a
pandemic by the World Health Organization in March 2020. This
coronavirus has resulted in travel restrictions, restrictions on
gatherings of people (including closings of, or limitations on,
dining and entertainment establishments, as well as schools and
universities), closed businesses (or businesses that are restricted
in their operations), closed international borders, enhanced health
screenings at ports of entry and elsewhere, disruption of and
delays in healthcare service preparation and delivery,
33
SPDR S&P
500®
ETF Trust
Notes to Financial
Statements
September 30,
2020
Note 6 — Equity Investing
and Market Risk – (continued)
prolonged quarantines,
cancellations, supply chain disruptions, and lower consumer demand,
as well as general concern and uncertainty. The impact of COVID-19,
and other infectious disease outbreaks that may arise in the
future, could adversely affect the economies of many nations or the
entire global economy, individual issuers and capital markets in
ways that cannot necessarily be foreseen. Public health crises
caused by the COVID-19 outbreak may exacerbate other pre-existing
political, social and economic risks in certain countries or
globally. The duration of the COVID-19 outbreak cannot be
determined with certainty. The risk of further spreading of
COVID-19 has led to significant uncertainty and volatility in the
financial markets and disruption to the global economy, the
consequences of which are currently unpredictable. Certain of the
Trust’s investments are likely to have exposure to businesses that,
as a result of COVID-19, experience a slowdown or temporary
suspension in business activities. These factors, as well as any
restrictive measures instituted in order to prevent or control a
pandemic or other public health crisis, such as the one posed by
COVID-19, could have a material and adverse effect on the Trust’s
investments.
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.
34
SPDR S&P
500®
ETF Trust
Other
Information
September 30, 2020
(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, 2020, 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 2020
Form 1099-DIV.
FREQUENCY
DISTRIBUTION OF DISCOUNTS AND PREMIUMS
Bid/Ask Price(1)
vs Net Asset Value
As of
September 30, 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
2020
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
|
|
0 |
|
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 |
|
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
|
|
|
14.98% |
|
|
|
92.42% |
|
|
|
257.91% |
|
Return Based on Bid/Ask
Price
|
|
|
14.87% |
|
|
|
92.37% |
|
|
|
257.65% |
|
S&P 500®
Index
|
|
|
15.15% |
|
|
|
93.80% |
|
|
|
262.44% |
|
|
Average Annual Total
Return |
|
|
|
1 Year |
|
|
5 Year |
|
|
10 Year |
|
SPDR S&P 500®
ETF Trust
|
|
|
|
|
|
|
|
|
|
|
|
|
Return Based on
NAV
|
|
|
14.98% |
|
|
|
13.99% |
|
|
|
13.60% |
|
Return Based on Bid/Ask
Price
|
|
|
14.87% |
|
|
|
13.98% |
|
|
|
13.59% |
|
S&P 500®
Index
|
|
|
15.15% |
|
|
|
14.15% |
|
|
|
13.74% |
|
(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.
|
35
SPDR S&P
500®
ETF Trust
Schedule of
Investments
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
3M Co.
|
|
|
6,085,208 |
|
|
$ |
974,728,617 |
|
Abbott
Laboratories
|
|
|
18,674,697 |
|
|
|
2,032,367,275 |
|
AbbVie, Inc.
|
|
|
18,644,080 |
|
|
|
1,633,034,967 |
|
ABIOMED, Inc.(a)
|
|
|
472,866 |
|
|
|
131,012,254 |
|
Accenture PLC
Class A
|
|
|
6,710,434 |
|
|
|
1,516,490,980 |
|
Activision Blizzard,
Inc.
|
|
|
8,151,088 |
|
|
|
659,830,574 |
|
Adobe Systems,
Inc.(a)
|
|
|
5,059,398 |
|
|
|
2,481,280,561 |
|
Advance Auto Parts,
Inc.
|
|
|
730,107 |
|
|
|
112,071,425 |
|
Advanced Micro Devices,
Inc.(a)
|
|
|
12,383,223 |
|
|
|
1,015,300,454 |
|
AES Corp.
|
|
|
6,944,979 |
|
|
|
125,773,570 |
|
Aflac, Inc.
|
|
|
6,992,929 |
|
|
|
254,192,969 |
|
Agilent Technologies,
Inc.
|
|
|
3,261,721 |
|
|
|
329,238,118 |
|
Air Products &
Chemicals, Inc.
|
|
|
2,321,062 |
|
|
|
691,351,527 |
|
Akamai Technologies,
Inc.(a)
|
|
|
1,703,846 |
|
|
|
188,343,137 |
|
Alaska Air Group,
Inc.
|
|
|
1,296,337 |
|
|
|
47,484,824 |
|
Albemarle Corp.
|
|
|
1,123,991 |
|
|
|
100,349,916 |
|
Alexandria Real Estate
Equities, Inc. REIT
|
|
|
1,236,947 |
|
|
|
197,911,520 |
|
Alexion Pharmaceuticals,
Inc.(a)
|
|
|
2,333,509 |
|
|
|
267,023,435 |
|
Align Technology,
Inc.(a)
|
|
|
756,373 |
|
|
|
247,606,265 |
|
Allegion PLC
|
|
|
984,886 |
|
|
|
97,415,074 |
|
Alliant Energy
Corp.
|
|
|
2,533,989 |
|
|
|
130,880,532 |
|
Allstate Corp.
|
|
|
3,323,365 |
|
|
|
312,861,581 |
|
Alphabet, Inc.
Class A(a)
|
|
|
3,169,146 |
|
|
|
4,644,700,378 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Alphabet, Inc.
Class C(a)
|
|
|
3,096,513 |
|
|
$ |
4,550,635,505 |
|
Altria Group,
Inc.
|
|
|
19,658,954 |
|
|
|
759,621,983 |
|
Amazon.com, Inc.(a)
|
|
|
4,490,668 |
|
|
|
14,139,901,052 |
|
Amcor PLC
|
|
|
16,652,547 |
|
|
|
184,010,644 |
|
Ameren Corp.
|
|
|
2,561,098 |
|
|
|
202,531,630 |
|
American Airlines Group,
Inc.
|
|
|
5,251,457 |
|
|
|
64,540,407 |
|
American Electric Power Co.,
Inc.
|
|
|
5,197,597 |
|
|
|
424,799,603 |
|
American Express
Co.
|
|
|
6,878,880 |
|
|
|
689,607,720 |
|
American International
Group, Inc.
|
|
|
9,138,328 |
|
|
|
251,578,170 |
|
American Tower Corp.
REIT
|
|
|
4,689,709 |
|
|
|
1,133,643,357 |
|
American Water Works Co.,
Inc.
|
|
|
1,895,570 |
|
|
|
274,630,182 |
|
Ameriprise Financial,
Inc.
|
|
|
1,268,591 |
|
|
|
195,502,559 |
|
AmerisourceBergen
Corp.
|
|
|
1,550,441 |
|
|
|
150,268,742 |
|
AMETEK, Inc.
|
|
|
2,384,650 |
|
|
|
237,034,210 |
|
Amgen, Inc.
|
|
|
6,177,622 |
|
|
|
1,570,104,408 |
|
Amphenol Corp.
Class A
|
|
|
3,119,012 |
|
|
|
337,695,429 |
|
Analog Devices,
Inc.
|
|
|
3,875,298 |
|
|
|
452,402,289 |
|
ANSYS, Inc.(a)
|
|
|
900,343 |
|
|
|
294,619,240 |
|
Anthem, Inc.
|
|
|
2,652,792 |
|
|
|
712,513,403 |
|
AO Smith Corp.
|
|
|
1,458,677 |
|
|
|
77,018,146 |
|
Aon PLC
Class A
|
|
|
2,443,417 |
|
|
|
504,076,927 |
|
Apache Corp.
|
|
|
3,938,057 |
|
|
|
37,293,400 |
|
Apartment
Investment & Management Co. Class A REIT
|
|
|
1,566,726 |
|
|
|
52,830,001 |
|
Apple, Inc.
|
|
|
169,565,193 |
|
|
|
19,637,345,001 |
|
See accompanying notes to
financial statements.
36
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Applied Materials,
Inc.
|
|
|
9,632,879 |
|
|
$ |
572,674,657 |
|
Aptiv PLC
|
|
|
2,848,168 |
|
|
|
261,120,042 |
|
Archer-Daniels-Midland
Co.
|
|
|
5,853,642 |
|
|
|
272,135,817 |
|
Arista Networks,
Inc.(a)
|
|
|
573,113 |
|
|
|
118,594,273 |
|
Arthur J
Gallagher & Co.
|
|
|
2,005,695 |
|
|
|
211,761,278 |
|
Assurant, Inc.
|
|
|
638,166 |
|
|
|
77,415,917 |
|
AT&T, Inc.
|
|
|
75,150,492 |
|
|
|
2,142,540,527 |
|
Atmos Energy
Corp.
|
|
|
1,259,463 |
|
|
|
120,392,068 |
|
Autodesk, Inc.(a)
|
|
|
2,313,022 |
|
|
|
534,331,212 |
|
Automatic Data Processing,
Inc.
|
|
|
4,553,764 |
|
|
|
635,204,540 |
|
AutoZone, Inc.(a)
|
|
|
246,903 |
|
|
|
290,762,849 |
|
AvalonBay Communities, Inc.
REIT
|
|
|
1,467,951 |
|
|
|
219,223,802 |
|
Avery Dennison
Corp.
|
|
|
878,567 |
|
|
|
112,316,005 |
|
Baker Hughes a GE
Co.
|
|
|
6,846,882 |
|
|
|
90,995,062 |
|
Ball Corp.
|
|
|
3,450,814 |
|
|
|
286,831,660 |
|
Bank of America
Corp.
|
|
|
80,418,040 |
|
|
|
1,937,270,584 |
|
Bank of New York Mellon
Corp.
|
|
|
8,522,732 |
|
|
|
292,670,617 |
|
Baxter International,
Inc.
|
|
|
5,369,133 |
|
|
|
431,785,676 |
|
Becton Dickinson and
Co.
|
|
|
3,057,431 |
|
|
|
711,403,045 |
|
Berkshire Hathaway, Inc.
Class B(a)
|
|
|
20,907,256 |
|
|
|
4,451,991,093 |
|
Best Buy Co.,
Inc.
|
|
|
2,401,886 |
|
|
|
267,305,893 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Bio-Rad Laboratories, Inc.
Class A(a)
|
|
|
226,063 |
|
|
$ |
116,526,434 |
|
Biogen, Inc.(a)
|
|
|
1,669,824 |
|
|
|
473,695,672 |
|
BlackRock, Inc.
|
|
|
1,495,809 |
|
|
|
842,963,162 |
|
Boeing Co.
|
|
|
5,596,296 |
|
|
|
924,843,877 |
|
Booking Holdings,
Inc.(a)
|
|
|
432,971 |
|
|
|
740,674,830 |
|
BorgWarner, Inc.
|
|
|
2,163,654 |
|
|
|
83,819,956 |
|
Boston Properties, Inc.
REIT
|
|
|
1,516,139 |
|
|
|
121,745,962 |
|
Boston Scientific
Corp.(a)
|
|
|
15,114,326 |
|
|
|
577,518,396 |
|
Bristol-Myers Squibb
Co.
|
|
|
23,773,273 |
|
|
|
1,433,290,629 |
|
Broadcom, Inc.
|
|
|
4,228,999 |
|
|
|
1,540,708,916 |
|
Broadridge Financial
Solutions, Inc.
|
|
|
1,203,961 |
|
|
|
158,922,852 |
|
Brown-Forman Corp.
Class B
|
|
|
1,917,389 |
|
|
|
144,417,739 |
|
C.H. Robinson Worldwide,
Inc.
|
|
|
1,423,216 |
|
|
|
145,438,443 |
|
Cabot Oil & Gas
Corp.
|
|
|
4,302,968 |
|
|
|
74,699,524 |
|
Cadence Design Systems,
Inc.(a)
|
|
|
2,950,411 |
|
|
|
314,602,325 |
|
Campbell Soup Co.
|
|
|
2,135,256 |
|
|
|
103,282,333 |
|
Capital One Financial
Corp.
|
|
|
4,816,570 |
|
|
|
346,118,720 |
|
Cardinal Health,
Inc.
|
|
|
3,084,964 |
|
|
|
144,839,060 |
|
CarMax, Inc.(a)
|
|
|
1,732,786 |
|
|
|
159,260,361 |
|
Carnival Corp.
|
|
|
5,462,479 |
|
|
|
82,920,431 |
|
Carrier Global
Corp.
|
|
|
8,566,617 |
|
|
|
261,624,483 |
|
Catalent, Inc.(a)
|
|
|
1,731,187 |
|
|
|
148,293,478 |
|
See accompanying notes to
financial statements.
37
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Caterpillar, Inc.
|
|
|
5,725,734 |
|
|
$ |
853,993,226 |
|
Cboe Global Markets,
Inc.
|
|
|
1,173,130 |
|
|
|
102,930,426 |
|
CBRE Group, Inc.
Class A(a)
|
|
|
3,521,598 |
|
|
|
165,409,458 |
|
CDW Corp.
|
|
|
1,515,598 |
|
|
|
181,159,429 |
|
Celanese Corp.
|
|
|
1,275,141 |
|
|
|
137,013,900 |
|
Centene Corp.(a)
|
|
|
6,122,039 |
|
|
|
357,098,535 |
|
CenterPoint Energy,
Inc.
|
|
|
5,762,319 |
|
|
|
111,500,873 |
|
CenturyLink, Inc.
|
|
|
10,095,902 |
|
|
|
101,867,651 |
|
Cerner Corp.
|
|
|
3,219,534 |
|
|
|
232,740,113 |
|
CF Industries Holdings,
Inc.
|
|
|
2,300,715 |
|
|
|
70,654,958 |
|
Charles Schwab
Corp.
|
|
|
12,232,760 |
|
|
|
443,192,895 |
|
Charter Communications, Inc.
Class A(a)
|
|
|
1,577,632 |
|
|
|
984,978,763 |
|
Chevron Corp.
|
|
|
19,695,417 |
|
|
|
1,418,070,024 |
|
Chipotle Mexican Grill,
Inc.(a)
|
|
|
294,925 |
|
|
|
366,801,172 |
|
Chubb, Ltd.
|
|
|
4,769,086 |
|
|
|
553,786,266 |
|
Church & Dwight
Co., Inc.
|
|
|
2,575,508 |
|
|
|
241,350,855 |
|
Cigna Corp.(a)
|
|
|
3,872,979 |
|
|
|
656,121,372 |
|
Cincinnati Financial
Corp.
|
|
|
1,597,757 |
|
|
|
124,577,113 |
|
Cintas Corp.
|
|
|
917,082 |
|
|
|
305,232,402 |
|
Cisco Systems,
Inc.
|
|
|
44,651,886 |
|
|
|
1,758,837,790 |
|
Citigroup, Inc.
|
|
|
22,024,051 |
|
|
|
949,456,839 |
|
Citizens Financial Group,
Inc.
|
|
|
4,591,115 |
|
|
|
116,063,387 |
|
Citrix Systems,
Inc.(a)
|
|
|
1,302,998 |
|
|
|
179,435,855 |
|
Clorox Co.
|
|
|
1,320,384 |
|
|
|
277,505,105 |
|
CME Group, Inc.
|
|
|
3,770,040 |
|
|
|
630,765,392 |
|
CMS Energy Corp.
|
|
|
2,987,337 |
|
|
|
183,452,365 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Coca-Cola Co.
|
|
|
40,775,423 |
|
|
$ |
2,013,082,634 |
|
Cognizant Technology
Solutions Corp. Class A
|
|
|
5,757,982 |
|
|
|
399,719,110 |
|
Colgate-Palmolive
Co.
|
|
|
9,011,932 |
|
|
|
695,270,554 |
|
Comcast Corp.
Class A
|
|
|
48,082,101 |
|
|
|
2,224,277,992 |
|
Comerica, Inc.
|
|
|
1,520,690 |
|
|
|
58,166,393 |
|
Conagra Brands,
Inc.
|
|
|
5,099,230 |
|
|
|
182,093,503 |
|
Concho Resources,
Inc.
|
|
|
2,103,879 |
|
|
|
92,823,141 |
|
ConocoPhillips
|
|
|
11,345,571 |
|
|
|
372,588,552 |
|
Consolidated Edison,
Inc.
|
|
|
3,500,049 |
|
|
|
272,303,812 |
|
Constellation Brands, Inc.
Class A
|
|
|
1,760,027 |
|
|
|
333,542,717 |
|
Cooper Cos., Inc.
|
|
|
516,166 |
|
|
|
174,009,882 |
|
Copart, Inc.(a)
|
|
|
2,159,579 |
|
|
|
227,101,328 |
|
Corning, Inc.
|
|
|
8,114,733 |
|
|
|
262,998,497 |
|
Corteva, Inc.(a)
|
|
|
7,872,195 |
|
|
|
226,797,938 |
|
Costco Wholesale
Corp.
|
|
|
4,657,075 |
|
|
|
1,653,261,625 |
|
Crown Castle International
Corp. REIT
|
|
|
4,408,474 |
|
|
|
734,010,921 |
|
CSX Corp.
|
|
|
8,098,199 |
|
|
|
628,987,116 |
|
Cummins, Inc.
|
|
|
1,560,696 |
|
|
|
329,556,567 |
|
CVS Health Corp.
|
|
|
13,827,873 |
|
|
|
807,547,783 |
|
D.R. Horton, Inc.
|
|
|
3,490,884 |
|
|
|
264,015,557 |
|
Danaher Corp.
|
|
|
6,656,508 |
|
|
|
1,433,345,868 |
|
Darden Restaurants,
Inc.
|
|
|
1,373,983 |
|
|
|
138,415,047 |
|
DaVita, Inc.(a)
|
|
|
848,829 |
|
|
|
72,702,204 |
|
Deere &
Co.
|
|
|
3,311,070 |
|
|
|
733,832,444 |
|
Delta Air Lines,
Inc.
|
|
|
6,727,860 |
|
|
|
205,737,959 |
|
See accompanying notes to
financial statements.
38
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
DENTSPLY SIRONA,
Inc.
|
|
|
2,340,459 |
|
|
$ |
102,348,272 |
|
Devon Energy
Corp.
|
|
|
4,086,315 |
|
|
|
38,656,540 |
|
DexCom, Inc.(a)
|
|
|
1,009,752 |
|
|
|
416,250,067 |
|
Diamondback Energy,
Inc.
|
|
|
1,695,807 |
|
|
|
51,077,707 |
|
Digital Realty Trust, Inc.
REIT
|
|
|
2,838,426 |
|
|
|
416,567,400 |
|
Discover Financial
Services
|
|
|
3,232,053 |
|
|
|
186,748,022 |
|
Discovery, Inc.
Class A(a)
|
|
|
1,656,564 |
|
|
|
36,063,398 |
|
Discovery, Inc.
Class C(a)
|
|
|
3,346,989 |
|
|
|
65,600,984 |
|
DISH Network Corp.
Class A(a)
|
|
|
2,692,712 |
|
|
|
78,169,429 |
|
Dollar General
Corp.
|
|
|
2,626,572 |
|
|
|
550,582,023 |
|
Dollar Tree, Inc.(a)
|
|
|
2,493,200 |
|
|
|
227,728,888 |
|
Dominion Energy,
Inc.
|
|
|
8,878,571 |
|
|
|
700,785,609 |
|
Domino’s Pizza,
Inc.
|
|
|
406,386 |
|
|
|
172,827,838 |
|
Dover Corp.
|
|
|
1,530,088 |
|
|
|
165,769,734 |
|
Dow, Inc.
|
|
|
7,802,489 |
|
|
|
367,107,107 |
|
DTE Energy Co.
|
|
|
2,019,859 |
|
|
|
232,364,579 |
|
Duke Energy Corp.
|
|
|
7,774,243 |
|
|
|
688,486,960 |
|
Duke Realty Corp.
REIT
|
|
|
3,880,306 |
|
|
|
143,183,291 |
|
DuPont de Nemours,
Inc.
|
|
|
7,794,597 |
|
|
|
432,444,242 |
|
DXC Technology Co
|
|
|
2,694,087 |
|
|
|
48,089,453 |
|
E*TRADE Financial
Corp.
|
|
|
2,386,749 |
|
|
|
119,456,787 |
|
Eastman Chemical
Co.
|
|
|
1,441,437 |
|
|
|
112,605,058 |
|
Eaton Corp. PLC
|
|
|
4,231,553 |
|
|
|
431,745,353 |
|
eBay, Inc.
|
|
|
6,986,976 |
|
|
|
364,021,450 |
|
Ecolab, Inc.
|
|
|
2,615,312 |
|
|
|
522,643,950 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Edison
International
|
|
|
3,998,487 |
|
|
$ |
203,283,079 |
|
Edwards Lifesciences
Corp.(a)
|
|
|
6,563,537 |
|
|
|
523,901,523 |
|
Electronic Arts,
Inc.(a)
|
|
|
3,072,013 |
|
|
|
400,621,215 |
|
Eli Lilly &
Co.
|
|
|
8,373,374 |
|
|
|
1,239,426,819 |
|
Emerson Electric
Co.
|
|
|
6,320,938 |
|
|
|
414,463,905 |
|
Entergy Corp.
|
|
|
2,094,973 |
|
|
|
206,417,690 |
|
EOG Resources,
Inc.
|
|
|
6,121,674 |
|
|
|
220,012,964 |
|
Equifax, Inc.
|
|
|
1,265,806 |
|
|
|
198,604,961 |
|
Equinix, Inc.
REIT
|
|
|
936,438 |
|
|
|
711,814,617 |
|
Equity Residential
REIT
|
|
|
3,611,786 |
|
|
|
185,392,975 |
|
Essex Property Trust, Inc.
REIT
|
|
|
688,641 |
|
|
|
138,272,226 |
|
Estee Lauder Cos., Inc.
Class A
|
|
|
2,377,680 |
|
|
|
518,928,660 |
|
Etsy, Inc.(a)
|
|
|
1,258,536 |
|
|
|
153,075,734 |
|
Everest Re Group,
Ltd.
|
|
|
422,918 |
|
|
|
83,543,222 |
|
Evergy, Inc.
|
|
|
2,406,370 |
|
|
|
122,291,723 |
|
Eversource Energy
|
|
|
3,558,292 |
|
|
|
297,295,297 |
|
Exelon Corp.
|
|
|
10,224,961 |
|
|
|
365,644,605 |
|
Expedia Group,
Inc.
|
|
|
1,456,039 |
|
|
|
133,504,216 |
|
Expeditors International of
Washington, Inc.
|
|
|
1,791,695 |
|
|
|
162,184,231 |
|
Extra Space Storage, Inc.
REIT
|
|
|
1,365,487 |
|
|
|
146,093,454 |
|
Exxon Mobil Corp.
|
|
|
44,597,143 |
|
|
|
1,531,019,919 |
|
F5 Networks, Inc.(a)
|
|
|
628,948 |
|
|
|
77,215,946 |
|
See accompanying notes to
financial statements.
39
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Facebook, Inc.
Class A(a)
|
|
|
25,359,393 |
|
|
$ |
6,641,625,027 |
|
Fastenal Co.
|
|
|
6,001,005 |
|
|
|
270,585,315 |
|
Federal Realty Investment
Trust REIT
|
|
|
734,755 |
|
|
|
53,960,407 |
|
FedEx Corp.
|
|
|
2,542,337 |
|
|
|
639,448,602 |
|
Fidelity National
Information Services, Inc.
|
|
|
6,535,939 |
|
|
|
962,155,580 |
|
Fifth Third
Bancorp
|
|
|
7,492,493 |
|
|
|
159,739,951 |
|
First Republic
Bank
|
|
|
1,772,443 |
|
|
|
193,302,634 |
|
FirstEnergy Corp.
|
|
|
5,690,046 |
|
|
|
163,361,221 |
|
Fiserv, Inc.(a)
|
|
|
5,862,372 |
|
|
|
604,117,435 |
|
FleetCor Technologies,
Inc.(a)
|
|
|
886,127 |
|
|
|
210,986,839 |
|
FLIR Systems,
Inc.
|
|
|
1,412,621 |
|
|
|
50,642,463 |
|
Flowserve Corp.
|
|
|
1,346,204 |
|
|
|
36,737,907 |
|
FMC Corp.
|
|
|
1,367,044 |
|
|
|
144,783,630 |
|
Ford Motor Co.
|
|
|
41,072,176 |
|
|
|
273,540,692 |
|
Fortinet, Inc.(a)
|
|
|
1,419,356 |
|
|
|
167,214,330 |
|
Fortive Corp.
|
|
|
3,555,121 |
|
|
|
270,935,771 |
|
Fortune Brands
Home & Security, Inc.
|
|
|
1,472,461 |
|
|
|
127,397,326 |
|
Fox Corp.
Class A
|
|
|
3,695,710 |
|
|
|
102,851,609 |
|
Fox Corp.
Class B(a)
|
|
|
1,682,916 |
|
|
|
47,071,161 |
|
Franklin Resources,
Inc.
|
|
|
2,974,956 |
|
|
|
60,540,355 |
|
Freeport-McMoRan,
Inc.
|
|
|
15,273,560 |
|
|
|
238,878,478 |
|
Gap, Inc.
|
|
|
2,269,914 |
|
|
|
38,656,635 |
|
Garmin, Ltd.
|
|
|
1,521,627 |
|
|
|
144,341,537 |
|
Gartner, Inc.(a)
|
|
|
935,366 |
|
|
|
116,873,982 |
|
General Dynamics
Corp.
|
|
|
2,465,593 |
|
|
|
341,312,039 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
General Electric
Co.
|
|
|
91,830,719 |
|
|
$ |
572,105,379 |
|
General Mills,
Inc.
|
|
|
6,358,986 |
|
|
|
392,222,256 |
|
General Motors
Co.
|
|
|
13,241,054 |
|
|
|
391,802,788 |
|
Genuine Parts Co.
|
|
|
1,531,727 |
|
|
|
145,774,459 |
|
Gilead Sciences,
Inc.
|
|
|
13,223,542 |
|
|
|
835,595,619 |
|
Global Payments,
Inc.
|
|
|
3,161,496 |
|
|
|
561,418,460 |
|
Globe Life, Inc.(a)
|
|
|
1,057,971 |
|
|
|
84,531,883 |
|
Goldman Sachs Group,
Inc.
|
|
|
3,629,064 |
|
|
|
729,332,992 |
|
Halliburton Co.
|
|
|
9,267,879 |
|
|
|
111,677,942 |
|
Hanesbrands, Inc.
|
|
|
3,818,172 |
|
|
|
60,136,209 |
|
Hartford Financial Services
Group, Inc.
|
|
|
3,794,761 |
|
|
|
139,874,890 |
|
Hasbro, Inc.
|
|
|
1,343,310 |
|
|
|
111,118,603 |
|
HCA Healthcare,
Inc.
|
|
|
2,783,775 |
|
|
|
347,081,067 |
|
Healthpeak Properties, Inc.
REIT
|
|
|
5,694,507 |
|
|
|
154,605,865 |
|
Henry Schein,
Inc.(a)
|
|
|
1,544,076 |
|
|
|
90,760,787 |
|
Hershey Co.
|
|
|
1,560,579 |
|
|
|
223,693,394 |
|
Hess Corp.
|
|
|
2,883,339 |
|
|
|
118,015,065 |
|
Hewlett Packard Enterprise
Co.
|
|
|
13,649,309 |
|
|
|
127,894,025 |
|
Hilton Worldwide Holdings,
Inc.
|
|
|
2,924,785 |
|
|
|
249,542,656 |
|
HollyFrontier
Corp.
|
|
|
1,562,258 |
|
|
|
30,792,105 |
|
Hologic, Inc.(a)
|
|
|
2,730,612 |
|
|
|
181,503,780 |
|
Home Depot, Inc.
|
|
|
11,353,901 |
|
|
|
3,153,091,847 |
|
See accompanying notes to
financial statements.
40
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Honeywell International,
Inc.
|
|
|
7,402,039 |
|
|
$ |
1,218,449,640 |
|
Hormel Foods
Corp.
|
|
|
2,931,898 |
|
|
|
143,340,493 |
|
Host Hotels &
Resorts, Inc. REIT
|
|
|
7,565,639 |
|
|
|
81,633,245 |
|
Howmet Aerospace,
Inc.
|
|
|
4,079,831 |
|
|
|
68,214,774 |
|
HP, Inc.
|
|
|
14,486,822 |
|
|
|
275,104,750 |
|
Humana, Inc.
|
|
|
1,392,301 |
|
|
|
576,259,461 |
|
Huntington Bancshares,
Inc.
|
|
|
10,938,169 |
|
|
|
100,303,010 |
|
Huntington Ingalls
Industries, Inc.
|
|
|
430,454 |
|
|
|
60,586,401 |
|
IDEX Corp.
|
|
|
786,502 |
|
|
|
143,465,830 |
|
IDEXX Laboratories,
Inc.(a)
|
|
|
902,566 |
|
|
|
354,807,720 |
|
IHS Markit, Ltd.(a)
|
|
|
3,934,303 |
|
|
|
308,882,129 |
|
Illinois Tool Works,
Inc.
|
|
|
3,041,434 |
|
|
|
587,635,463 |
|
Illumina, Inc.(a)
|
|
|
1,545,854 |
|
|
|
477,792,554 |
|
Incyte Corp.(a)
|
|
|
1,960,603 |
|
|
|
175,944,513 |
|
Ingersoll-Rand
PLC
|
|
|
3,915,028 |
|
|
|
139,374,997 |
|
Intel Corp.
|
|
|
44,789,665 |
|
|
|
2,319,208,854 |
|
Intercontinental Exchange,
Inc.(b)
|
|
|
5,919,844 |
|
|
|
592,280,392 |
|
International Business
Machines Corp.
|
|
|
9,392,881 |
|
|
|
1,142,831,831 |
|
International
Flavors & Fragrances, Inc.
|
|
|
1,125,303 |
|
|
|
137,793,352 |
|
International Paper
Co.
|
|
|
4,139,271 |
|
|
|
167,806,046 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Interpublic Group of Cos.,
Inc.
|
|
|
4,061,952 |
|
|
$ |
67,712,740 |
|
Intuit, Inc.
|
|
|
2,758,711 |
|
|
|
899,919,115 |
|
Intuitive Surgical,
Inc.(a)
|
|
|
1,233,753 |
|
|
|
875,397,104 |
|
Invesco, Ltd.
|
|
|
3,925,616 |
|
|
|
44,791,279 |
|
IPG Photonics
Corp.(a)
|
|
|
372,964 |
|
|
|
63,392,691 |
|
IQVIA Holdings,
Inc.(a)
|
|
|
2,017,378 |
|
|
|
317,999,294 |
|
Iron Mountain, Inc.
REIT
|
|
|
3,010,743 |
|
|
|
80,657,805 |
|
J.M. Smucker Co.
|
|
|
1,192,960 |
|
|
|
137,810,739 |
|
Jack Henry &
Associates, Inc.
|
|
|
802,646 |
|
|
|
130,502,213 |
|
Jacobs Engineering Group,
Inc.
|
|
|
1,376,071 |
|
|
|
127,658,107 |
|
JB Hunt Transport Services,
Inc.
|
|
|
900,505 |
|
|
|
113,805,822 |
|
Johnson &
Johnson
|
|
|
27,769,579 |
|
|
|
4,134,334,922 |
|
Johnson Controls
International PLC
|
|
|
7,869,731 |
|
|
|
321,478,511 |
|
JPMorgan Chase &
Co.
|
|
|
32,144,491 |
|
|
|
3,094,550,149 |
|
Juniper Networks,
Inc.
|
|
|
3,530,776 |
|
|
|
75,911,684 |
|
Kansas City
Southern
|
|
|
1,005,215 |
|
|
|
181,773,028 |
|
Kellogg Co.
|
|
|
2,620,251 |
|
|
|
169,242,012 |
|
KeyCorp
|
|
|
10,391,506 |
|
|
|
123,970,667 |
|
Keysight Technologies,
Inc.(a)
|
|
|
1,969,163 |
|
|
|
194,513,921 |
|
Kimberly-Clark
Corp.
|
|
|
3,609,929 |
|
|
|
533,042,116 |
|
Kimco Realty Corp.
REIT
|
|
|
4,374,251 |
|
|
|
49,254,066 |
|
Kinder Morgan,
Inc.
|
|
|
20,393,577 |
|
|
|
251,452,804 |
|
KLA Corp.
|
|
|
1,639,873 |
|
|
|
317,708,995 |
|
Kraft Heinz Co.
|
|
|
6,834,266 |
|
|
|
204,686,267 |
|
See accompanying notes to
financial statements.
41
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Kroger Co.
|
|
|
8,205,051 |
|
|
$ |
278,233,279 |
|
L Brands, Inc.
|
|
|
2,359,491 |
|
|
|
75,055,409 |
|
L3Harris Technologies,
Inc.
|
|
|
2,283,642 |
|
|
|
387,853,757 |
|
Laboratory Corp. of America
Holdings(a)
|
|
|
1,021,695 |
|
|
|
192,354,518 |
|
Lam Research
Corp.
|
|
|
1,522,879 |
|
|
|
505,215,108 |
|
Lamb Weston Holdings,
Inc.
|
|
|
1,537,047 |
|
|
|
101,860,105 |
|
Las Vegas Sands
Corp.
|
|
|
3,464,241 |
|
|
|
161,641,485 |
|
Leggett & Platt,
Inc.
|
|
|
1,361,005 |
|
|
|
56,032,576 |
|
Leidos Holdings,
Inc.
|
|
|
1,403,561 |
|
|
|
125,127,463 |
|
Lennar Corp.
Class A
|
|
|
2,896,520 |
|
|
|
236,587,754 |
|
Lincoln National
Corp.
|
|
|
1,915,995 |
|
|
|
60,028,123 |
|
Linde PLC
|
|
|
5,541,207 |
|
|
|
1,319,527,623 |
|
Live Nation Entertainment,
Inc.(a)
|
|
|
1,487,688 |
|
|
|
80,156,629 |
|
LKQ Corp.(a)
|
|
|
2,952,828 |
|
|
|
81,881,920 |
|
Lockheed Martin
Corp.
|
|
|
2,594,619 |
|
|
|
994,465,570 |
|
Loews Corp.
|
|
|
2,560,501 |
|
|
|
88,977,410 |
|
Lowe’s Cos., Inc.
|
|
|
7,987,340 |
|
|
|
1,324,780,212 |
|
LyondellBasell Industries NV
Class A
|
|
|
2,701,282 |
|
|
|
190,413,368 |
|
M&T Bank
Corp.
|
|
|
1,353,034 |
|
|
|
124,600,901 |
|
Marathon Oil
Corp.
|
|
|
8,474,125 |
|
|
|
34,659,171 |
|
Marathon Petroleum
Corp.
|
|
|
6,831,286 |
|
|
|
200,429,931 |
|
MarketAxess Holdings,
Inc.
|
|
|
396,583 |
|
|
|
190,990,407 |
|
Marriott International, Inc.
Class A
|
|
|
2,804,987 |
|
|
|
259,685,696 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Marsh & McLennan
Cos., Inc.
|
|
|
5,342,462 |
|
|
$ |
612,780,391 |
|
Martin Marietta Materials,
Inc.
|
|
|
655,840 |
|
|
|
154,358,502 |
|
Masco Corp.
|
|
|
2,790,797 |
|
|
|
153,856,639 |
|
Mastercard, Inc.
Class A
|
|
|
9,317,171 |
|
|
|
3,150,787,717 |
|
Maxim Integrated Products,
Inc.
|
|
|
2,847,721 |
|
|
|
192,534,417 |
|
McCormick & Co.,
Inc.
|
|
|
1,283,869 |
|
|
|
249,198,973 |
|
McDonald’s Corp.
|
|
|
7,848,478 |
|
|
|
1,722,662,436 |
|
McKesson Corp.
|
|
|
1,700,239 |
|
|
|
253,216,594 |
|
Medtronic PLC
|
|
|
14,187,228 |
|
|
|
1,474,336,734 |
|
Merck & Co.,
Inc.
|
|
|
26,694,350 |
|
|
|
2,214,296,333 |
|
MetLife, Inc.
|
|
|
8,137,470 |
|
|
|
302,469,760 |
|
Mettler-Toledo
International, Inc.(a)
|
|
|
252,989 |
|
|
|
244,324,127 |
|
MGM Resorts
International
|
|
|
4,318,449 |
|
|
|
93,926,266 |
|
Microchip Technology,
Inc.
|
|
|
2,662,631 |
|
|
|
273,611,962 |
|
Micron Technology,
Inc.(a)
|
|
|
11,766,433 |
|
|
|
552,551,694 |
|
Microsoft Corp.
|
|
|
79,819,345 |
|
|
|
16,788,402,834 |
|
Mid-America Apartment Communities, Inc.
REIT
|
|
|
1,194,423 |
|
|
|
138,493,347 |
|
Mohawk Industries,
Inc.(a)
|
|
|
630,929 |
|
|
|
61,572,361 |
|
Molson Coors Brewing Co.
Class B
|
|
|
1,970,710 |
|
|
|
66,137,028 |
|
Mondelez International, Inc.
Class A
|
|
|
15,065,292 |
|
|
|
865,501,025 |
|
See accompanying notes to
financial statements.
42
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Monster Beverage
Corp.(a)
|
|
|
3,893,821 |
|
|
$ |
312,284,444 |
|
Moody’s Corp.
|
|
|
1,708,614 |
|
|
|
495,241,768 |
|
Morgan Stanley
|
|
|
12,668,633 |
|
|
|
612,528,406 |
|
Mosaic Co.
|
|
|
3,672,259 |
|
|
|
67,092,172 |
|
Motorola Solutions,
Inc.
|
|
|
1,802,802 |
|
|
|
282,697,382 |
|
MSCI, Inc.
|
|
|
882,245 |
|
|
|
314,767,371 |
|
Mylan NV(a)
|
|
|
5,410,517 |
|
|
|
80,237,967 |
|
Nasdaq, Inc.
|
|
|
1,210,141 |
|
|
|
148,496,402 |
|
National Oilwell Varco,
Inc.
|
|
|
4,020,349 |
|
|
|
36,424,362 |
|
NetApp, Inc.
|
|
|
2,410,320 |
|
|
|
105,668,429 |
|
Netflix, Inc.(a)
|
|
|
4,652,610 |
|
|
|
2,326,444,578 |
|
Newell Brands,
Inc.
|
|
|
4,007,358 |
|
|
|
68,766,263 |
|
Newmont Goldcorp
Corp.
|
|
|
8,490,725 |
|
|
|
538,736,501 |
|
News Corp.
Class A
|
|
|
3,939,419 |
|
|
|
55,230,654 |
|
News Corp.
Class B
|
|
|
1,299,871 |
|
|
|
18,172,197 |
|
NextEra Energy,
Inc.
|
|
|
5,164,648 |
|
|
|
1,433,499,699 |
|
Nielsen Holdings
PLC
|
|
|
3,689,286 |
|
|
|
52,314,075 |
|
NIKE, Inc.
Class B
|
|
|
13,101,778 |
|
|
|
1,644,797,210 |
|
NiSource, Inc.
|
|
|
3,900,149 |
|
|
|
85,803,278 |
|
Noble Energy,
Inc.
|
|
|
5,072,345 |
|
|
|
43,368,550 |
|
Norfolk Southern
Corp.
|
|
|
2,690,825 |
|
|
|
575,809,642 |
|
Northern Trust
Corp.
|
|
|
2,194,846 |
|
|
|
171,132,143 |
|
Northrop Grumman
Corp.
|
|
|
1,635,376 |
|
|
|
515,944,774 |
|
NortonLifeLock,
Inc.
|
|
|
6,233,683 |
|
|
|
129,909,954 |
|
Norwegian Cruise Line
Holdings, Ltd.(a)
|
|
|
2,708,472 |
|
|
|
46,341,956 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
NRG Energy, Inc.
|
|
|
2,667,401 |
|
|
$ |
81,995,907 |
|
Nucor Corp.
|
|
|
3,188,451 |
|
|
|
143,033,912 |
|
NVIDIA Corp.
|
|
|
6,507,363 |
|
|
|
3,521,915,003 |
|
NVR, Inc.(a)
|
|
|
36,748 |
|
|
|
150,046,494 |
|
O’Reilly Automotive,
Inc.(a)
|
|
|
784,941 |
|
|
|
361,920,596 |
|
Occidental Petroleum
Corp.
|
|
|
8,829,623 |
|
|
|
88,384,526 |
|
Old Dominion Freight Line,
Inc.
|
|
|
1,004,922 |
|
|
|
181,810,488 |
|
Omnicom Group,
Inc.
|
|
|
2,291,533 |
|
|
|
113,430,884 |
|
ONEOK, Inc.
|
|
|
4,685,190 |
|
|
|
121,721,236 |
|
Oracle Corp.
|
|
|
20,391,186 |
|
|
|
1,217,353,804 |
|
Otis Worldwide
Corp.
|
|
|
4,265,150 |
|
|
|
266,230,663 |
|
PACCAR, Inc.
|
|
|
3,623,657 |
|
|
|
309,025,469 |
|
Packaging Corp. of
America
|
|
|
991,809 |
|
|
|
108,156,771 |
|
Parker-Hannifin
Corp.
|
|
|
1,350,598 |
|
|
|
273,279,999 |
|
Paychex, Inc.
|
|
|
3,351,910 |
|
|
|
267,381,861 |
|
Paycom Software,
Inc.(a)
|
|
|
516,232 |
|
|
|
160,703,022 |
|
PayPal Holdings,
Inc.(a)
|
|
|
12,375,466 |
|
|
|
2,438,338,066 |
|
Pentair PLC
|
|
|
1,771,049 |
|
|
|
81,060,913 |
|
People’s United Financial,
Inc.
|
|
|
4,690,855 |
|
|
|
48,362,715 |
|
PepsiCo, Inc.
|
|
|
14,604,461 |
|
|
|
2,024,178,295 |
|
PerkinElmer, Inc.
|
|
|
1,162,246 |
|
|
|
145,873,495 |
|
Perrigo Co. PLC
|
|
|
1,433,588 |
|
|
|
65,816,025 |
|
Pfizer, Inc.
|
|
|
58,610,850 |
|
|
|
2,151,018,195 |
|
Philip Morris International,
Inc.
|
|
|
16,425,509 |
|
|
|
1,231,748,920 |
|
Phillips 66
|
|
|
4,618,198 |
|
|
|
239,407,384 |
|
Pinnacle West Capital
Corp.
|
|
|
1,181,717 |
|
|
|
88,097,002 |
|
See accompanying notes to
financial statements.
43
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Pioneer Natural Resources
Co.
|
|
|
1,747,327 |
|
|
$ |
150,252,649 |
|
PNC Financial Services
Group, Inc.
|
|
|
4,488,450 |
|
|
|
493,325,540 |
|
PPG Industries,
Inc.
|
|
|
2,485,871 |
|
|
|
303,475,132 |
|
PPL Corp.
|
|
|
8,096,914 |
|
|
|
220,317,030 |
|
Principal Financial Group,
Inc.
|
|
|
2,722,750 |
|
|
|
109,645,143 |
|
Procter & Gamble
Co.
|
|
|
26,259,079 |
|
|
|
3,649,749,390 |
|
Progressive Corp.
|
|
|
6,156,208 |
|
|
|
582,808,211 |
|
Prologis, Inc.
REIT
|
|
|
7,768,288 |
|
|
|
781,645,139 |
|
Prudential Financial,
Inc.
|
|
|
4,166,368 |
|
|
|
264,647,695 |
|
Public Service Enterprise
Group, Inc.
|
|
|
5,293,930 |
|
|
|
290,689,696 |
|
Public Storage
REIT
|
|
|
1,604,163 |
|
|
|
357,279,183 |
|
PulteGroup, Inc.
|
|
|
2,828,676 |
|
|
|
130,939,412 |
|
PVH Corp.
|
|
|
779,951 |
|
|
|
46,516,278 |
|
Qorvo, Inc.(a)
|
|
|
1,225,386 |
|
|
|
158,087,048 |
|
QUALCOMM, Inc.
|
|
|
11,900,451 |
|
|
|
1,400,445,074 |
|
Quanta Services,
Inc.(a)
|
|
|
1,497,404 |
|
|
|
79,152,775 |
|
Quest Diagnostics,
Inc.
|
|
|
1,398,793 |
|
|
|
160,147,811 |
|
Ralph Lauren
Corp.
|
|
|
524,731 |
|
|
|
35,665,966 |
|
Raymond James Financial,
Inc.
|
|
|
1,302,404 |
|
|
|
94,762,915 |
|
Raytheon Co.
|
|
|
16,113,004 |
|
|
|
927,142,250 |
|
Realty Income Corp.
REIT
|
|
|
3,616,042 |
|
|
|
219,674,552 |
|
Regency Centers Corp.
REIT
|
|
|
1,663,820 |
|
|
|
63,258,436 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Regeneron Pharmaceuticals,
Inc.(a)
|
|
|
1,102,617 |
|
|
$ |
617,222,944 |
|
Regions Financial
Corp.
|
|
|
10,184,845 |
|
|
|
117,431,263 |
|
Republic Services,
Inc.
|
|
|
2,216,643 |
|
|
|
206,923,624 |
|
ResMed, Inc.
|
|
|
1,501,173 |
|
|
|
257,346,087 |
|
Robert Half International,
Inc.
|
|
|
1,238,832 |
|
|
|
65,583,766 |
|
Rockwell Automation,
Inc.
|
|
|
1,214,850 |
|
|
|
268,093,098 |
|
Rollins, Inc.
|
|
|
1,481,750 |
|
|
|
80,296,033 |
|
Roper Technologies,
Inc.
|
|
|
1,092,965 |
|
|
|
431,841,401 |
|
Ross Stores, Inc.
|
|
|
3,758,560 |
|
|
|
350,748,819 |
|
Royal Caribbean Cruises,
Ltd.
|
|
|
1,879,323 |
|
|
|
121,648,578 |
|
S&P Global,
Inc.
|
|
|
2,548,457 |
|
|
|
918,973,594 |
|
salesforce.com,
Inc.(a)
|
|
|
9,598,180 |
|
|
|
2,412,214,598 |
|
SBA Communications Corp.
REIT
|
|
|
1,184,763 |
|
|
|
377,323,320 |
|
Schlumberger,
Ltd.
|
|
|
14,564,316 |
|
|
|
226,620,757 |
|
Seagate Technology
PLC
|
|
|
2,354,089 |
|
|
|
115,985,965 |
|
Sealed Air Corp.
|
|
|
1,644,626 |
|
|
|
63,827,935 |
|
Sempra Energy
|
|
|
3,050,905 |
|
|
|
361,105,116 |
|
ServiceNow, Inc.(a)
|
|
|
2,017,421 |
|
|
|
978,449,185 |
|
Sherwin-Williams
Co.
|
|
|
864,347 |
|
|
|
602,225,129 |
|
Simon Property Group, Inc.
REIT
|
|
|
3,237,213 |
|
|
|
209,382,937 |
|
Skyworks Solutions,
Inc.
|
|
|
1,764,586 |
|
|
|
256,747,263 |
|
See accompanying notes to
financial statements.
44
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
SL Green Realty Corp.
REIT
|
|
|
772,591 |
|
|
$ |
35,825,045 |
|
Snap-on, Inc.
|
|
|
577,105 |
|
|
|
84,909,459 |
|
Southern Co.
|
|
|
11,171,352 |
|
|
|
605,710,705 |
|
Southwest Airlines
Co.
|
|
|
6,221,547 |
|
|
|
233,308,013 |
|
Stanley Black &
Decker, Inc.
|
|
|
1,684,221 |
|
|
|
273,180,646 |
|
Starbucks Corp.
|
|
|
12,357,519 |
|
|
|
1,061,758,032 |
|
State Street
Corp.(c)
|
|
|
3,723,303 |
|
|
|
220,903,567 |
|
STERIS PLC
|
|
|
859,113 |
|
|
|
157,709,959 |
|
Stryker Corp.
|
|
|
3,446,845 |
|
|
|
718,219,093 |
|
SVB Financial
Group(a)
|
|
|
544,757 |
|
|
|
131,079,429 |
|
Synchrony
Financial
|
|
|
5,680,312 |
|
|
|
148,653,765 |
|
Synopsys, Inc.(a)
|
|
|
1,595,211 |
|
|
|
341,343,250 |
|
Sysco Corp.
|
|
|
5,365,038 |
|
|
|
333,812,664 |
|
T Rowe Price Group,
Inc.
|
|
|
2,407,563 |
|
|
|
308,697,728 |
|
T-Mobile US, Inc.(a)
|
|
|
6,155,317 |
|
|
|
703,922,052 |
|
Take-Two Interactive Software,
Inc.(a)
|
|
|
1,177,178 |
|
|
|
194,493,349 |
|
Tapestry, Inc.
|
|
|
2,910,756 |
|
|
|
45,495,116 |
|
Target Corp.
|
|
|
5,288,076 |
|
|
|
832,448,924 |
|
TE Connectivity,
Ltd.
|
|
|
3,481,184 |
|
|
|
340,250,924 |
|
TechnipFMC PLC
|
|
|
4,424,614 |
|
|
|
27,919,314 |
|
Teledyne, Inc.
|
|
|
387,922 |
|
|
|
120,337,284 |
|
Teleflex, Inc.
|
|
|
485,825 |
|
|
|
165,384,547 |
|
Teradyne, Inc.
|
|
|
1,751,200 |
|
|
|
139,150,352 |
|
Texas Instruments,
Inc.
|
|
|
9,660,737 |
|
|
|
1,379,456,636 |
|
Textron, Inc.
|
|
|
2,425,537 |
|
|
|
87,537,630 |
|
Thermo Fisher Scientific,
Inc.
|
|
|
4,178,147 |
|
|
|
1,844,735,463 |
|
Tiffany &
Co.
|
|
|
1,129,455 |
|
|
|
130,847,362 |
|
TJX Cos., Inc.
|
|
|
12,668,706 |
|
|
|
705,013,489 |
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
Shares |
|
|
Value |
|
|
|
|
Tractor Supply
Co.
|
|
|
1,245,905 |
|
|
$ |
178,588,023 |
|
Trane Technologies
PLC
|
|
|
2,527,146 |
|
|
|
306,416,453 |
|
TransDigm Group,
Inc.
|
|
|
571,573 |
|
|
|
271,565,764 |
|
Travelers Cos.,
Inc.
|
|
|
2,674,019 |
|
|
|
289,302,116 |
|
Truist Financial
Corp.
|
|
|
14,255,378 |
|
|
|
542,417,133 |
|
Twitter, Inc.(a)
|
|
|
8,299,573 |
|
|
|
369,330,999 |
|
Tyler Technologies,
Inc.(a)
|
|
|
420,624 |
|
|
|
146,612,701 |
|
Tyson Foods, Inc.
Class A
|
|
|
3,105,246 |
|
|
|
184,700,032 |
|
UDR, Inc. REIT
|
|
|
3,085,906 |
|
|
|
100,631,395 |
|
Ulta Salon
Cosmetics & Fragrance, Inc.(a)
|
|
|
603,760 |
|
|
|
135,230,165 |
|
Under Armour, Inc.
Class A(a)
|
|
|
1,911,701 |
|
|
|
21,468,402 |
|
Under Armour, Inc.
Class C(a)
|
|
|
2,039,247 |
|
|
|
20,066,190 |
|
Union Pacific
Corp.
|
|
|
7,160,094 |
|
|
|
1,409,607,706 |
|
United Continental Holdings,
Inc.(a)
|
|
|
3,069,080 |
|
|
|
106,650,530 |
|
United Parcel Service, Inc.
Class B
|
|
|
7,448,653 |
|
|
|
1,241,169,049 |
|
United Rentals,
Inc.(a)
|
|
|
762,114 |
|
|
|
132,988,893 |
|
UnitedHealth Group,
Inc.
|
|
|
10,033,002 |
|
|
|
3,127,989,034 |
|
Universal Health Services,
Inc. Class B
|
|
|
845,397 |
|
|
|
90,474,387 |
|
Unum Group
|
|
|
2,199,585 |
|
|
|
37,019,016 |
|
US Bancorp
|
|
|
14,501,412 |
|
|
|
519,875,620 |
|
Valero Energy
Corp.
|
|
|
4,318,317 |
|
|
|
187,069,492 |
|
See accompanying notes to
financial statements.
45
SPDR S&P
500®
ETF Trust
Schedule of Investments
(continued)
September 30,
2020