Table of Contents

Semi-Annual Report

March 31, 2021

 

SPDR® S&P 500® ETF Trust

A Unit Investment Trust

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

 

 

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Table of Contents

SPDR S&P 500® ETF Trust

Semi-Annual Report

March 31, 2021

(Unaudited)

Table of Contents

 

Schedule of Investments (Unaudited)

     1  

Portfolio Statistics (Unaudited)

     9  

Statement of Assets and Liabilities (Unaudited)

     10  

Statements of Operations (Unaudited)

     11  

Statements of Changes in Net Assets (Unaudited)

     12  

Financial Highlights (Unaudited)

     13  

Notes to Financial Statements (Unaudited)

     14  

Other Information (Unaudited)

     22  


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments

March 31, 2021 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

3M Co.

     6,007,792      $ 1,157,581,363  

Abbott Laboratories

     18,378,459        2,202,474,527  

AbbVie, Inc.

     18,319,623        1,982,549,601  

ABIOMED, Inc.(a)

     469,354        149,597,200  

Accenture PLC Class A

     6,579,764        1,817,659,805  

Activision Blizzard, Inc.

     8,037,552        747,492,336  

Adobe, Inc.(a)

     4,972,627        2,363,837,697  

Advance Auto Parts, Inc.

     682,382        125,210,273  

Advanced Micro Devices, Inc.(a)

     12,546,999        984,939,421  

AES Corp.

     6,949,105        186,305,505  

Aflac, Inc.

     6,643,526        340,015,661  

Agilent Technologies, Inc.

     3,160,934        401,881,149  

Air Products & Chemicals, Inc.

     2,295,474        645,808,655  

Akamai Technologies, Inc.(a)

     1,693,068        172,523,629  

Alaska Air Group, Inc.

     1,293,848        89,547,220  

Albemarle Corp.

     1,210,063        176,802,305  

Alexandria Real Estate Equities, Inc. REIT

     1,318,877        216,691,491  

Alexion Pharmaceuticals, Inc.(a)

     2,280,382        348,693,212  

Align Technology, Inc.(a)

     746,920        404,479,588  

Allegion PLC

     941,130        118,224,751  

Alliant Energy Corp.

     2,592,330        140,400,593  

Allstate Corp.

     3,141,996        361,015,340  

Alphabet, Inc. Class A(a)

     3,119,451        6,433,930,077  

Alphabet, Inc. Class C(a)

     2,989,952        6,185,104,406  

Altria Group, Inc.

     19,282,539        986,494,695  

Amazon.com, Inc.(a)

     4,439,823        13,737,167,548  

Amcor PLC

     16,204,309        189,266,329  

Ameren Corp.

     2,583,866        210,223,338  

American Airlines Group, Inc.

     6,385,677        152,617,680  

American Electric Power Co., Inc.

     5,151,766        436,354,580  

American Express Co.

     6,769,495        957,477,373  

American International Group, Inc.

     8,971,561        414,575,834  

American Tower Corp. REIT

     4,610,271        1,102,131,385  

American Water Works Co., Inc.

     1,882,376        282,205,810  

Ameriprise Financial, Inc.

     1,211,338        281,575,518  

AmerisourceBergen Corp.

     1,529,168        180,548,866  

AMETEK, Inc.

     2,392,032        305,534,247  

Amgen, Inc.

     5,991,841        1,490,829,959  
Common Stocks    Shares      Value  
               

Amphenol Corp. Class A

     6,215,849      $ 410,059,559  

Analog Devices, Inc.

     3,826,968        593,486,197  

ANSYS, Inc.(a)

     896,786        304,512,654  

Anthem, Inc.

     2,540,663        911,970,984  

AO Smith Corp.

     1,404,796        94,978,258  

Aon PLC Class A

     2,344,391        539,467,813  

APA Corp.

     3,919,434        70,157,869  

Apple, Inc.

     163,690,835        19,994,835,495  

Applied Materials, Inc.

     9,520,040        1,271,877,344  

Aptiv PLC

     2,801,359        386,307,406  

Archer-Daniels-Midland Co.

     5,793,294        330,217,758  

Arista Networks, Inc.(a)

     568,520        171,630,503  

Arthur J Gallagher & Co.

     2,007,666        250,496,487  

Assurant, Inc.

     600,674        85,157,553  

AT&T, Inc.

     73,987,003        2,239,586,581  

Atmos Energy Corp.

     1,306,650        129,162,353  

Autodesk, Inc.(a)

     2,281,009        632,181,644  

Automatic Data Processing, Inc.

     4,439,573        836,726,323  

AutoZone, Inc.(a)

     230,088        323,112,578  

AvalonBay Communities, Inc. REIT

     1,447,469        267,072,505  

Avery Dennison Corp.

     861,322        158,181,785  

Baker Hughes Co.

     7,562,450        163,424,545  

Ball Corp.

     3,402,003        288,285,734  

Bank of America Corp.

     78,815,643        3,049,377,228  

Bank of New York Mellon Corp.

     8,369,934        395,814,179  

Baxter International, Inc.

     5,239,945        441,936,961  

Becton Dickinson and Co.

     3,014,365        732,942,850  

Berkshire Hathaway, Inc. Class B(a)

     19,777,703        5,052,609,785  

Best Buy Co., Inc.

     2,390,968        274,507,036  

Bio-Rad Laboratories, Inc. Class A(a)

     223,535        127,676,486  

Biogen, Inc.(a)

     1,580,493        442,142,917  

BlackRock, Inc.

     1,472,804        1,110,435,304  

Boeing Co.

     5,691,555        1,449,752,890  

Booking Holdings,
Inc.(a)

     424,926        990,009,592  

BorgWarner, Inc.

     2,488,357        115,360,231  

Boston Properties, Inc. REIT

     1,470,733        148,926,424  

Boston Scientific
Corp.(a)

     14,702,011        568,232,725  
 

 

See accompanying notes to financial statements.

 

1


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Bristol-Myers Squibb Co.

     23,243,434      $ 1,467,357,988  

Broadcom, Inc.

     4,234,943        1,963,573,671  

Broadridge Financial Solutions, Inc.

     1,201,252        183,911,681  

Brown-Forman Corp. Class B

     1,895,039        130,700,840  

C.H. Robinson Worldwide, Inc.

     1,388,304        132,485,851  

Cabot Oil & Gas Corp.

     4,160,627        78,136,575  

Cadence Design Systems, Inc.(a)

     2,894,090        396,461,389  

Caesars Entertainment, Inc.(a)

     2,160,813        188,963,097  

Campbell Soup Co.

     2,115,318        106,337,036  

Capital One Financial Corp.

     4,764,200        606,149,166  

Cardinal Health, Inc.

     3,046,686        185,086,175  

CarMax, Inc.(a)

     1,686,322        223,707,477  

Carnival Corp.

     8,276,848        219,667,546  

Carrier Global Corp.

     8,477,152        357,905,357  

Catalent, Inc.(a)

     1,720,146        181,148,575  

Caterpillar, Inc.

     5,657,122        1,311,716,878  

Cboe Global Markets, Inc.

     1,112,214        109,764,400  

CBRE Group, Inc. Class A(a)

     3,481,760        275,442,034  

CDW Corp.

     1,462,674        242,438,216  

Celanese Corp.

     1,184,313        177,421,931  

Centene Corp.(a)

     6,033,479        385,599,643  

CenterPoint Energy, Inc.

     5,692,579        128,936,914  

Cerner Corp.

     3,177,490        228,397,981  

CF Industries Holdings, Inc.

     2,219,795        100,734,297  

Charles Schwab Corp.

     15,525,490        1,011,951,438  

Charter Communications, Inc. Class A(a)

     1,467,119        905,241,765  

Chevron Corp.

     19,984,794        2,094,206,563  

Chipotle Mexican Grill, Inc.(a)

     291,944        414,799,874  

Chubb, Ltd.

     4,670,749        737,838,220  

Church & Dwight Co., Inc.

     2,542,199        222,061,083  

Cigna Corp.

     3,650,080        882,370,339  

Cincinnati Financial Corp.

     1,555,240        160,329,692  

Cintas Corp.

     915,270        312,390,804  

Cisco Systems, Inc.

     43,798,047        2,264,797,010  

Citigroup, Inc.

     21,654,950        1,575,397,612  

Citizens Financial Group, Inc.

     4,410,143        194,707,813  
Common Stocks    Shares      Value  
               

Citrix Systems, Inc.

     1,275,578      $ 179,040,128  

Clorox Co.

     1,304,951        251,698,949  

CME Group, Inc.

     3,724,259        760,605,416  

CMS Energy Corp.

     2,992,001        183,170,301  

Coca-Cola Co.

     40,235,462        2,120,811,202  

Cognizant Technology Solutions Corp. Class A

     5,504,598        430,019,196  

Colgate-Palmolive Co.

     8,803,053        693,944,668  

Comcast Corp. Class A

     47,423,119        2,566,064,969  

Comerica, Inc.

     1,443,506        103,557,120  

Conagra Brands, Inc.

     5,068,798        190,586,805  

ConocoPhillips

     14,054,291        744,455,794  

Consolidated Edison, Inc.

     3,552,538        265,729,842  

Constellation Brands, Inc. Class A

     1,763,926        402,175,128  

Cooper Cos., Inc.

     509,941        195,863,239  

Copart, Inc.(a)

     2,157,259        234,299,900  

Corning, Inc.

     7,976,015        347,036,413  

Corteva, Inc.

     7,719,171        359,867,752  

Costco Wholesale Corp.

     4,592,336        1,618,706,593  

Crown Castle International Corp. REIT

     4,474,602        770,213,242  

CSX Corp.

     7,910,535        762,733,785  

Cummins, Inc.

     1,535,435        397,846,563  

CVS Health Corp.

     13,604,424        1,023,460,818  

D.R. Horton, Inc.

     3,433,674        306,009,027  

Danaher Corp.

     6,575,865        1,480,095,694  

Darden Restaurants, Inc.

     1,352,170        192,008,140  

DaVita, Inc.(a)

     748,975        80,717,036  

Deere & Co.

     3,251,576        1,216,544,645  

Delta Air Lines, Inc.

     6,620,492        319,637,354  

DENTSPLY SIRONA, Inc.

     2,272,188        144,988,316  

Devon Energy Corp.

     6,165,756        134,721,769  

DexCom, Inc.(a)

     997,871        358,624,859  

Diamondback Energy, Inc.

     1,875,580        137,836,374  

Digital Realty Trust, Inc. REIT

     2,913,387        410,321,425  

Discover Financial Services

     3,181,914        302,250,011  

Discovery, Inc.
Class A(a)

     1,676,574        72,863,906  

Discovery, Inc.
Class C(a)

     3,004,805        110,847,256  

DISH Network Corp. Class A(a)

     2,581,434        93,447,911  

Dollar General Corp.

     2,541,643        514,987,705  
 

 

See accompanying notes to financial statements.

 

2


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Dollar Tree, Inc.(a)

     2,439,791      $ 279,258,478  

Dominion Energy, Inc.

     8,357,906        634,866,540  

Domino’s Pizza, Inc.

     402,597        148,071,151  

Dover Corp.

     1,490,452        204,385,683  

Dow, Inc.

     7,737,898        494,761,198  

DTE Energy Co.

     2,010,273        267,647,747  

Duke Energy Corp.

     7,974,184        769,747,982  

Duke Realty Corp. REIT

     3,885,429        162,916,038  

DuPont de Nemours, Inc.

     5,585,371        431,637,471  

DXC Technology Co.

     2,640,784        82,550,908  

Eastman Chemical Co.

     1,409,256        155,187,271  

Eaton Corp. PLC

     4,129,908        571,083,678  

eBay, Inc.

     6,706,054        410,678,747  

Ecolab, Inc.

     2,579,862        552,271,058  

Edison International

     3,934,690        230,572,834  

Edwards Lifesciences Corp.(a)

     6,479,062        541,908,746  

Electronic Arts, Inc.

     2,983,811        403,918,495  

Eli Lilly & Co.

     8,252,620        1,541,754,468  

Emerson Electric Co.

     6,224,777        561,599,381  

Enphase Energy, Inc.(a)

     1,310,827        212,563,706  

Entergy Corp.

     2,079,863        206,883,973  

EOG Resources, Inc.

     6,054,022        439,098,216  

Equifax, Inc.

     1,263,673        228,889,090  

Equinix, Inc. REIT

     926,470        629,619,747  

Equity Residential REIT

     3,556,883        254,779,529  

Essex Property Trust, Inc. REIT

     674,207        183,276,431  

Estee Lauder Cos., Inc. Class A

     2,364,531        687,723,841  

Etsy, Inc.(a)

     1,292,792        260,717,363  

Everest Re Group, Ltd.

     414,874        102,809,926  

Evergy, Inc.

     2,354,564        140,167,195  

Eversource Energy

     3,558,474        308,128,264  

Exelon Corp.

     10,128,918        443,038,873  

Expedia Group, Inc.

     1,419,198        244,272,360  

Expeditors International of Washington, Inc.

     1,757,194        189,232,222  

Extra Space Storage, Inc. REIT

     1,350,791        179,047,347  

Exxon Mobil Corp.

     43,919,420        2,452,021,219  

F5 Networks, Inc.(a)

     639,431        133,398,095  

Facebook, Inc.
Class A(a)

     24,951,206        7,348,878,703  

Fastenal Co.

     5,958,407        299,588,704  

Federal Realty Investment Trust REIT

     720,459        73,090,566  

FedEx Corp.

     2,520,976        716,058,023  

Fidelity National Information Services, Inc.

     6,443,888        906,075,092  
Common Stocks    Shares      Value  
               

Fifth Third Bancorp

     7,376,715      $ 276,257,977  

First Republic Bank

     1,815,706        302,768,975  

FirstEnergy Corp.

     5,635,518        195,496,119  

Fiserv, Inc.(a)

     5,972,909        711,015,087  

FleetCor Technologies, Inc.(a)

     865,307        232,447,419  

FLIR Systems, Inc.

     1,368,733        77,292,353  

FMC Corp.

     1,341,900        148,427,559  

Ford Motor Co.(a)

     40,541,027        496,627,581  

Fortinet, Inc.(a)

     1,406,890        259,458,654  

Fortive Corp.

     3,507,299        247,755,601  

Fortune Brands Home & Security, Inc.

     1,438,668        137,853,168  

Fox Corp. Class A

     3,468,687        125,254,288  

Fox Corp. Class B

     1,594,553        55,697,736  

Franklin Resources, Inc.

     2,848,740        84,322,704  

Freeport-McMoRan,
Inc.(a)

     15,130,666        498,252,831  

Gap, Inc.(a)

     2,152,787        64,109,997  

Garmin, Ltd.

     1,550,197        204,393,474  

Gartner, Inc.(a)

     920,366        168,012,813  

Generac Holdings,
Inc.(a)

     652,147        213,545,535  

General Dynamics Corp.

     2,405,400        436,724,424  

General Electric Co.

     90,961,210        1,194,320,687  

General Mills, Inc.

     6,343,217        388,966,066  

General Motors Co.

     13,145,059        755,315,090  

Genuine Parts Co.

     1,498,065        173,161,333  

Gilead Sciences, Inc.

     13,036,362        842,540,076  

Global Payments, Inc.

     3,062,988        617,437,121  

Globe Life, Inc.

     985,746        95,252,636  

Goldman Sachs Group, Inc.

     3,569,605        1,167,260,835  

Halliburton Co.

     9,221,752        197,898,798  

Hanesbrands, Inc.

     3,644,217        71,681,748  

Hartford Financial Services Group, Inc.

     3,708,805        247,711,086  

Hasbro, Inc.

     1,325,008        127,359,769  

HCA Healthcare, Inc.

     2,750,190        517,970,785  

Healthpeak Properties, Inc. REIT

     5,588,415        177,376,292  

Henry Schein, Inc.(a)

     1,477,970        102,334,643  

Hershey Co.

     1,520,274        240,446,536  

Hess Corp.

     2,834,533        200,571,555  

Hewlett Packard Enterprise Co.

     13,448,560        211,680,334  

Hilton Worldwide Holdings, Inc.

     2,879,867        348,233,518  

HollyFrontier Corp.

     1,558,328        55,756,976  

Hologic, Inc.(a)

     2,672,696        198,795,128  
 

 

See accompanying notes to financial statements.

 

3


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Home Depot, Inc.

     11,167,218      $ 3,408,793,294  

Honeywell International, Inc.

     7,215,158        1,566,194,347  

Hormel Foods Corp.

     2,913,778        139,220,313  

Host Hotels & Resorts, Inc. REIT

     7,317,563        123,300,937  

Howmet Aerospace, Inc.

     4,048,743        130,086,113  

HP, Inc.

     12,994,046        412,560,960  

Humana, Inc.

     1,336,895        560,493,229  

Huntington Bancshares, Inc.

     10,553,286        165,897,656  

Huntington Ingalls Industries, Inc.

     417,682        85,979,840  

IDEX Corp.

     787,182        164,772,936  

IDEXX Laboratories,
Inc.(a)

     886,165        433,609,396  

IHS Markit, Ltd.

     3,867,348        374,281,939  

Illinois Tool Works, Inc.

     2,989,611        662,258,629  

Illumina, Inc.(a)

     1,513,636        581,327,042  

Incyte Corp.(a)

     1,944,941        158,065,355  

Ingersoll Rand, Inc.(a)

     3,866,336        190,262,395  

Intel Corp.

     42,150,651        2,697,641,664  

Intercontinental Exchange, Inc.(b)

     5,827,400        650,804,032  

International Business Machines Corp.

     9,270,411        1,235,374,970  

International Flavors & Fragrances, Inc.

     2,580,183        360,219,349  

International Paper Co.

     4,077,957        220,495,135  

Interpublic Group of Cos., Inc.

     4,052,381        118,329,525  

Intuit, Inc.

     2,840,815        1,088,202,594  

Intuitive Surgical, Inc.(a)

     1,221,101        902,320,373  

Invesco, Ltd.

     3,904,778        98,478,501  

IPG Photonics Corp.(a)

     372,788        78,635,901  

IQVIA Holdings, Inc.(a)

     1,984,548        383,295,601  

Iron Mountain, Inc. REIT

     2,991,720        110,723,557  

J.M. Smucker Co.

     1,137,037        143,869,292  

Jack Henry & Associates, Inc.

     789,325        119,756,389  

Jacobs Engineering Group, Inc.

     1,349,339        174,429,053  

JB Hunt Transport Services, Inc.

     866,260        145,592,318  

Johnson & Johnson

     27,266,726        4,481,286,418  

Johnson Controls International PLC

     7,472,282        445,871,067  

JPMorgan Chase & Co.

     31,652,583        4,818,472,710  

Juniper Networks, Inc.

     3,404,490        86,235,732  

Kansas City Southern

     942,371        248,710,554  
Common Stocks    Shares      Value  
               

Kellogg Co.

     2,640,602      $ 167,150,107  

KeyCorp

     10,050,713        200,813,246  

Keysight Technologies, Inc.(a)

     1,930,253        276,798,280  

Kimberly-Clark Corp.

     3,506,607        487,593,703  

Kimco Realty Corp. REIT

     4,485,664        84,106,200  

Kinder Morgan, Inc.

     20,197,381        336,286,394  

KLA Corp.

     1,598,475        528,136,140  

Kraft Heinz Co.

     6,725,615        269,024,600  

Kroger Co.

     7,898,393        284,263,164  

L Brands, Inc.

     2,423,713        149,930,886  

L3Harris Technologies, Inc.

     2,132,599        432,235,165  

Laboratory Corp. of America Holdings(a)

     1,012,383        258,188,036  

Lam Research Corp.

     1,482,511        882,449,848  

Lamb Weston Holdings, Inc.

     1,518,243        117,633,468  

Las Vegas Sands Corp.

     3,407,343        207,030,161  

Leggett & Platt, Inc.

     1,385,445        63,245,564  

Leidos Holdings, Inc.

     1,383,936        133,245,358  

Lennar Corp. Class A

     2,847,843        288,287,147  

Lincoln National Corp.

     1,871,913        116,564,023  

Linde PLC

     5,424,160        1,519,524,182  

Live Nation Entertainment, Inc.(a)

     1,493,696        126,441,366  

LKQ Corp.(a)

     2,894,867        122,539,720  

Lockheed Martin Corp.

     2,557,109        944,851,775  

Loews Corp.

     2,363,409        121,195,614  

Lowe’s Cos., Inc.

     7,583,559        1,442,241,251  

Lumen Technologies, Inc.

     10,241,135        136,719,152  

LyondellBasell Industries NV Class A

     2,668,994        277,708,826  

M&T Bank Corp.

     1,334,260        202,287,159  

Marathon Oil Corp.

     8,189,483        87,463,678  

Marathon Petroleum Corp.

     6,756,357        361,397,536  

MarketAxess Holdings, Inc.

     394,050        196,205,376  

Marriott International, Inc. Class A

     2,759,912        408,770,566  

Marsh & McLennan Cos., Inc.

     5,272,042        642,134,716  

Martin Marietta Materials, Inc.

     646,268        217,029,720  

Masco Corp.

     2,667,572        159,787,563  

Mastercard, Inc. Class A

     9,095,988        3,238,626,527  

Maxim Integrated Products, Inc.

     2,780,824        254,083,889  
 

 

See accompanying notes to financial statements.

 

4


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

McCormick & Co., Inc.

     2,582,732      $ 230,276,385  

McDonald’s Corp.

     7,734,831        1,733,685,020  

McKesson Corp.

     1,649,639        321,745,591  

Medtronic PLC

     13,985,226        1,652,074,747  

Merck & Co., Inc.

     26,250,104        2,023,620,517  

MetLife, Inc.

     7,798,592        474,076,408  

Mettler-Toledo International, Inc.(a)

     242,905        280,722,879  

MGM Resorts International

     4,261,106        161,879,417  

Microchip Technology, Inc.

     2,793,233        433,565,626  

Micron Technology,
Inc.(a)

     11,603,692        1,023,561,671  

Microsoft Corp.

     78,233,725        18,445,165,343  

Mid-America Apartment Communities, Inc. REIT

     1,186,564        171,292,379  

Mohawk Industries,
Inc.(a)

     612,068        117,706,797  

Molson Coors Brewing Co. Class B

     1,952,592        99,875,081  

Mondelez International, Inc. Class A

     14,649,657        857,444,424  

Monolithic Power Systems, Inc.

     440,400        155,553,684  

Monster Beverage
Corp.(a)

     3,835,422        349,368,590  

Moody’s Corp.

     1,669,405        498,501,027  

Morgan Stanley

     15,568,055        1,209,015,151  

Mosaic Co.

     3,578,867        113,127,986  

Motorola Solutions, Inc.

     1,753,369        329,721,040  

MSCI, Inc.

     856,800        359,239,104  

Nasdaq, Inc.

     1,199,732        176,912,481  

NetApp, Inc.

     2,309,296        167,816,540  

Netflix, Inc.(a)

     4,594,790        2,396,918,151  

Newell Brands, Inc.

     3,919,735        104,970,503  

Newmont Corp.

     8,302,703        500,403,910  

News Corp. Class A

     4,057,249        103,175,842  

News Corp. Class B

     1,273,138        29,867,817  

NextEra Energy, Inc.

     20,332,393        1,537,332,235  

Nielsen Holdings PLC

     3,732,467        93,871,545  

NIKE, Inc. Class B

     13,190,551        1,752,892,322  

NiSource, Inc.

     4,007,957        96,631,843  

Norfolk Southern Corp.

     2,613,360        701,739,427  

Northern Trust Corp.

     2,161,256        227,169,618  

Northrop Grumman Corp.

     1,608,441        520,555,845  

NortonLifeLock, Inc.

     6,036,663        128,339,455  

Norwegian Cruise Line Holdings, Ltd.(a)

     3,768,154        103,963,369  
Common Stocks    Shares      Value  
               

Nov, Inc.

     4,058,810      $ 55,686,873  

NRG Energy, Inc.

     2,551,234        96,258,059  

Nucor Corp.

     3,091,546        248,158,397  

NVIDIA Corp.

     6,431,022        3,433,715,576  

NVR, Inc.(a)

     35,886        169,056,434  

NXP Semiconductors NV

     2,873,753        578,601,429  

O’Reilly Automotive,
Inc.(a)

     728,195        369,376,914  

Occidental Petroleum Corp.

     8,697,734        231,533,679  

Old Dominion Freight Line, Inc.

     994,598        239,111,305  

Omnicom Group, Inc.

     2,230,782        165,412,485  

ONEOK, Inc.

     4,616,411        233,867,381  

Oracle Corp.

     19,241,765        1,350,194,650  

Otis Worldwide Corp.

     4,229,063        289,479,362  

PACCAR, Inc.

     3,599,124        334,430,602  

Packaging Corp. of America

     983,872        132,311,107  

Parker-Hannifin Corp.

     1,339,141        422,405,246  

Paychex, Inc.

     3,329,748        326,381,899  

Paycom Software, Inc.(a)

     509,208        188,437,512  

PayPal Holdings, Inc.(a)

     12,150,002        2,950,506,486  

Penn National Gaming, Inc.(a)

     1,542,380        161,703,119  

Pentair PLC

     1,722,859        107,368,573  

People’s United Financial, Inc.

     4,444,964        79,564,856  

PepsiCo, Inc.

     14,312,430        2,024,493,223  

PerkinElmer, Inc.

     1,162,549        149,143,411  

Perrigo Co. PLC

     1,380,685        55,876,322  

Pfizer, Inc.

     57,863,938        2,096,410,474  

Philip Morris International, Inc.

     16,156,127        1,433,694,710  

Phillips 66

     4,531,454        369,494,759  

Pinnacle West Capital Corp.

     1,168,917        95,091,398  

Pioneer Natural Resources Co.

     2,111,229        335,305,390  

PNC Financial Services Group, Inc.

     4,399,058        771,638,764  

Pool Corp.

     417,456        144,122,509  

PPG Industries, Inc.

     2,457,960        369,333,070  

PPL Corp.

     7,977,782        230,079,233  

Principal Financial Group, Inc.

     2,630,130        157,702,595  

Procter & Gamble Co.

     25,546,309        3,459,736,628  

Progressive Corp.

     6,076,810        581,003,804  

Prologis, Inc. REIT

     7,671,686        813,198,716  

Prudential Financial, Inc.

     4,118,694        375,213,023  
 

 

See accompanying notes to financial statements.

 

5


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

Public Service Enterprise Group, Inc.

     5,239,916      $ 315,495,342  

Public Storage REIT

     1,578,023        389,392,955  

PulteGroup, Inc.

     2,758,559        144,658,834  

PVH Corp.

     737,498        77,953,539  

Qorvo, Inc.(a)

     1,175,132        214,696,616  

QUALCOMM, Inc.

     11,785,268        1,562,608,684  

Quanta Services, Inc.

     1,435,280        126,275,934  

Quest Diagnostics, Inc.

     1,384,696        177,711,885  

Ralph Lauren Corp.

     504,638        62,151,216  

Raymond James Financial, Inc.

     1,273,171        156,039,838  

Raytheon Technologies Corp.

     15,763,412        1,218,038,845  

Realty Income Corp. REIT

     3,873,766        245,984,141  

Regency Centers Corp. REIT

     1,647,210        93,413,279  

Regeneron Pharmaceuticals,
Inc.(a)

     1,092,244        516,784,326  

Regions Financial Corp.

     9,966,179        205,901,258  

Republic Services, Inc.

     2,183,497        216,930,427  

ResMed, Inc.

     1,509,371        292,848,161  

Robert Half International, Inc.

     1,173,778        91,636,848  

Rockwell Automation, Inc.

     1,204,854        319,816,446  

Rollins, Inc.

     2,310,783        79,537,151  

Roper Technologies, Inc.

     1,088,792        439,153,365  

Ross Stores, Inc.

     3,693,409        442,876,673  

Royal Caribbean Cruises, Ltd.

     2,271,219        194,439,059  

S&P Global, Inc.

     2,497,202        881,187,670  

salesforce.com, Inc.(a)

     9,520,741        2,017,159,396  

SBA Communications Corp. REIT

     1,134,004        314,742,810  

Schlumberger NV

     14,503,900        394,361,041  

Seagate Technology PLC

     2,083,561        159,913,307  

Sealed Air Corp.

     1,607,108        73,637,689  

Sempra Energy

     3,139,142        416,187,446  

ServiceNow, Inc.(a)

     2,035,081        1,017,764,359  

Sherwin-Williams Co.

     836,427        617,291,490  

Simon Property Group, Inc. REIT

     3,407,814        387,706,999  

Skyworks Solutions, Inc.

     1,710,665        313,872,814  

Snap-on, Inc.

     562,312        129,747,871  

Southern Co.

     10,961,555        681,370,259  

Southwest Airlines Co.

     6,128,001        374,175,741  
Common Stocks    Shares      Value  
               

Stanley Black & Decker, Inc.

     1,668,927      $ 333,234,654  

Starbucks Corp.

     12,213,640        1,334,584,443  

State Street Corp.(c)

     3,649,521        306,596,259  

STERIS PLC

     885,412        168,653,278  

Stryker Corp.

     3,395,534        827,084,172  

SVB Financial Group(a)

     539,369        266,264,901  

Synchrony Financial

     5,634,581        229,102,063  

Synopsys, Inc.(a)

     1,580,870        391,707,969  

Sysco Corp.

     5,294,987        416,927,276  

T Rowe Price Group, Inc.

     2,362,157        405,346,141  

T-Mobile US, Inc.(a)

     6,059,849        759,238,481  

Take-Two Interactive Software, Inc.(a)

     1,194,969        211,151,022  

Tapestry, Inc.

     2,881,970        118,765,984  

Target Corp.

     5,196,261        1,029,223,416  

TE Connectivity, Ltd.

     3,432,774        443,205,451  

Teledyne Technologies, Inc.(a)

     383,990        158,837,464  

Teleflex, Inc.

     484,288        201,202,292  

Teradyne, Inc.

     1,733,510        210,933,497  

Tesla, Inc.(a)

     7,965,043        5,320,091,171  

Texas Instruments, Inc.

     9,546,958        1,804,279,592  

Textron, Inc.

     2,354,327        132,030,658  

Thermo Fisher Scientific, Inc.

     4,085,377        1,864,484,355  

TJX Cos., Inc.

     12,455,764        823,948,789  

Tractor Supply Co.

     1,206,409        213,630,906  

Trane Technologies PLC

     2,473,430        409,501,071  

TransDigm Group, Inc.(a)

     567,280        333,515,258  

Travelers Cos., Inc.

     2,616,436        393,511,974  

Trimble, Inc.(a)

     2,603,300        202,510,707  

Truist Financial Corp.

     13,976,255        815,095,192  

Twitter, Inc.(a)

     8,280,282        526,874,344  

Tyler Technologies,
Inc.(a)

     421,080        178,761,092  

Tyson Foods, Inc. Class A

     3,057,383        227,163,557  

UDR, Inc. REIT

     3,076,590        134,939,237  

Ulta Beauty, Inc.(a)

     584,411        180,682,349  

Under Armour, Inc. Class A(a)

     1,960,796        43,451,239  

Under Armour, Inc. Class C(a)

     2,034,705        37,560,654  

Union Pacific Corp.

     6,948,900        1,531,607,049  

United Continental Holdings, Inc.(a)

     3,303,824        190,102,033  

United Parcel Service, Inc. Class B

     7,461,120        1,268,315,789  

United Rentals, Inc.(a)

     748,875        246,612,026  
 

 

See accompanying notes to financial statements.

 

6


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

 

Common Stocks    Shares      Value  
               

UnitedHealth Group, Inc.

     9,806,876      $ 3,648,844,353  

Universal Health Services, Inc. Class B

     807,420        107,701,754  

Unum Group

     2,130,627        59,295,349  

US Bancorp

     14,181,173        784,360,679  

Valero Energy Corp.

     4,238,408        303,470,013  

Varian Medical Systems, Inc.(a)

     954,500        168,497,885  

Ventas, Inc. REIT

     3,887,002        207,332,687  

VeriSign, Inc.(a)

     1,032,630        205,245,539  

Verisk Analytics, Inc.

     1,688,939        298,418,632  

Verizon Communications, Inc.

     42,930,471        2,496,406,889  

Vertex Pharmaceuticals, Inc.(a)

     2,696,863        579,528,890  

VF Corp.

     3,338,667        266,826,267  

ViacomCBS, Inc. Class B

     6,093,718        274,826,682  

Viatris, Inc.(a)

     12,522,578        174,940,415  

Visa, Inc. Class A

     17,593,145        3,724,996,597  

Vornado Realty Trust REIT

     1,627,596        73,876,582  

Vulcan Materials Co.

     1,375,048        232,039,350  

W.W. Grainger, Inc.

     456,325        182,954,382  

Walgreens Boots Alliance, Inc.

     7,439,965        408,454,078  

Walmart, Inc.

     14,382,369        1,953,557,181  

Walt Disney Co.(a)

     18,831,977        3,474,876,396  

Waste Management, Inc.

     4,038,717        521,075,267  

Waters Corp.(a)

     645,087        183,314,373  

WEC Energy Group, Inc.

     3,272,537        306,276,738  

Wells Fargo & Co.

     42,888,294        1,675,645,647  

Welltower, Inc. REIT

     4,330,205        310,172,584  

West Pharmaceutical Services, Inc.

     768,884        216,656,134  
Common Stocks    Shares      Value  
               

Western Digital Corp.

     3,173,806      $ 211,851,551  

Western Union Co.

     4,263,075        105,127,430  

Westinghouse Air Brake Technologies Corp.

     1,842,209        145,829,264  

WestRock Co.

     2,741,868        142,714,229  

Weyerhaeuser Co. REIT

     7,757,555        276,168,958  

Whirlpool Corp.

     653,480        143,994,318  

Williams Cos., Inc.

     12,592,056        298,305,807  

Willis Towers Watson PLC

     1,337,962        306,232,743  

WR Berkley Corp.

     1,453,433        109,516,177  

Wynn Resorts, Ltd.

     1,091,492        136,840,352  

Xcel Energy, Inc.

     5,487,245        364,956,665  

Xilinx, Inc.

     2,549,793        315,919,353  

Xylem, Inc.

     1,870,999        196,791,675  

Yum! Brands, Inc.

     3,113,008        336,765,205  

Zebra Technologies Corp. Class A(a)

     554,477        269,021,151  

Zimmer Biomet Holdings, Inc.

     2,156,240        345,170,899  

Zions Bancorp

     1,713,364        94,166,485  

Zoetis, Inc.

     4,929,636        776,319,077  
     

 

 

 

Total Common Stocks
(Cost $331,976,322,674)

      $ 348,706,464,517  
     

 

 

 

 

(a)

Non-income producing security.

(b)

Affiliate of PDR Services LLC (the “Sponsor”). See the table below for more information.

(c)

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

PLC = Public Limited Company

REIT = Real Estate Investment Trust

 

The following table summarizes the value of the Trust’s investments according to the fair value hierarchy as of March 31, 2021.

 

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

ASSETS:

           

INVESTMENTS:

           

Common Stocks

   $ 348,706,464,517      $      $      $ 348,706,464,517  

 

See accompanying notes to financial statements.

 

7


Table of Contents

SPDR S&P 500® ETF Trust

Schedule of Investments (continued)

March 31, 2021 (Unaudited)

 

 

 

INVESTMENTS IN AFFILIATES OF THE TRUSTEE AND THE SPONSOR

SPDR S&P 500® ETF Trust has invested in State Street Corp., which is considered an affiliate of the Trustee and Intercontinental Exchange, Inc., which is considered an affiliate of the Sponsor. Amounts related to these investments at March 31, 2021 and for the six months then ended are (Note 3):

 

    Number
of Shares
Held at
9/30/20
    Value at
9/30/20
    Cost of
Purchases*
    Proceeds
from
Shares
Sold*
    Realized
Gain
(Loss)
    Change in
Unrealized
Appreciation/
Depreciation
    Number
of Shares
Held at
3/31/21
    Value at
3/31/21
    Dividend
Income
 

Intercontinental Exchange, Inc.

    5,919,844     $ 592,280,392     $ 593,372,079     $ 297,129,258     $ 54,560,507     $ 15,202,649       5,827,400     $ 650,804,032     $ 3,597,458  

State Street Corp.

    3,723,303       220,903,567       358,036,766       126,308,248       (3,974,635     94,185,204       3,649,521       306,596,259       3,784,278  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

TOTAL

    $ 813,183,959     $ 951,408,845     $ 423,437,506     $ 50,585,872     $ 109,387,853       $ 957,400,291     $ 7,381,736  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

*

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

 

See accompanying notes to financial statements.

 

8


Table of Contents

SPDR S&P 500® ETF Trust

Portfolio Statistics

March 31, 2021 (Unaudited)

 

 

 

INDUSTRY BREAKDOWN

AS OF MARCH 31, 2021*

 

INDUSTRY    % OF NET
ASSETS
 

Software

     8.9

Interactive Media & Services

     6.3  

Technology Hardware, Storage & Peripherals

     6.0  

Semiconductors & Semiconductor Equipment

     5.8  

IT Services

     5.0  

Internet & Catalog Retail

     5.0  

Banks

     4.6  

Health Care Equipment & Supplies

     3.8  

Pharmaceuticals

     3.7  

Capital Markets

     2.8  

Health Care Providers & Services

     2.6  

Oil, Gas & Consumable Fuels

     2.5  

Equity Real Estate Investment Trusts (REITs)

     2.3  

Specialty Retail

     2.3  

Machinery

     1.9  

Automobiles

     1.8  

Chemicals

     1.8  

Hotels, Restaurants & Leisure

     1.8  

Biotechnology

     1.7  

Food & Staples Retailing

     1.7  

Insurance

     1.7  

Aerospace & Defense

     1.6  

Electric Utilities

     1.6  

Diversified Financial Services

     1.5  

Household Products

     1.5  

Beverages

     1.4  

Diversified Telecommunication Services

     1.3  

Industrial Conglomerates

     1.2  

Life Sciences Tools & Services

     1.1  

Media

     1.1  

Entertainment

     1.0  

Road & Rail

     1.0  

Communications Equipment

     0.9  

Food Products

     0.9  

Multi-Utilities

     0.9  

Electrical Equipment

     0.8  

Air Freight & Logistics

     0.7  

Consumer Finance

     0.7  

Electronic Equipment, Instruments & Components

     0.7  

Tobacco

     0.7  

Textiles, Apparel & Luxury Goods

     0.6  

Commercial Services & Supplies

     0.5  

Multiline Retail

     0.5  

Household Durables

     0.4  

Airlines

     0.3  

 

INDUSTRY    % OF NET
ASSETS
 

Building Products

     0.3 %  

Containers & Packaging

     0.3  

Metals & Mining

     0.3  

Professional Services

     0.3  

Trading Companies & Distributors

     0.3  

Construction Materials

     0.2  

Energy Equipment & Services

     0.2  

Personal Products

     0.2  

Wireless Telecommunication Services

     0.2  

Auto Components

     0.1  

Construction & Engineering

     0.1  

Internet Software & Services

     0.1  

Distributors

     0.1  

Health Care Technology

     0.1  

Independent Power Producers & Energy Traders

     0.1  

Real Estate Management & Development

     0.1  

Water Utilities

     0.1  

Gas Utilities

     0.0 ** 

Leisure Equipment & Products

     0.0 ** 

Other Assets in Excess of Liabilities

     0.0 ** 

 

 

Total

     100.0

 

 

 

*

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

 

**

Amount shown represents less than 0.05% of net assets.

 

 

See accompanying notes to financial statements.

 

9


Table of Contents

SPDR S&P 500® ETF Trust

Statement of Assets and Liabilities

March 31, 2021 (Unaudited)

 

 

 

ASSETS

 

Investments in unaffiliated issuers, at value (Note 2)

   $ 347,749,064,226  

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

     957,400,291  
  

 

 

 

Total Investments

     348,706,464,517  

Cash

     997,220,591  

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

     1,391,149  

Dividends receivable — unaffiliated issuers (Note 2)

     226,321,728  

Dividends receivable — affiliated issuers (Note 2)

     1,877,407  
  

 

 

 

Total Assets

     349,933,275,392  
  

 

 

 

LIABILITIES

 

Accrued Trustee expense (Note 3)

     31,831,037  

Accrued Marketing expense (Note 3)

     8,759,299  

Distribution payable

     1,108,777,685  

Accrued expenses and other liabilities

     41,625,075  
  

 

 

 

Total Liabilities

     1,190,993,096  
  

 

 

 

NET ASSETS

   $ 348,742,282,296  
  

 

 

 

NET ASSETS CONSIST OF:

 

Paid in Capital (Note 4)

   $ 344,460,682,643  

Total distributable earnings (loss)

   $ 4,281,599,653  
  

 

 

 

NET ASSETS

   $ 348,742,282,296  
  

 

 

 

NET ASSET VALUE PER UNIT

   $ 395.88  
  

 

 

 

UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

   $ 880,932,116  
  

 

 

 

COST OF INVESTMENTS:

 

Unaffiliated issuers

   $ 331,024,913,829  

Affiliates of the Trustee and the Sponsor (Note 3)

     951,408,845  
  

 

 

 

Total Cost of Investments

   $ 331,976,322,674  
  

 

 

 

 

See accompanying notes to financial statements.

 

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Table of Contents

SPDR S&P 500® ETF Trust

Statements of Operations

 

 

 

    Six Months Ended
3/31/21
(Unaudited)
    Year Ended
9/30/20
    Year Ended
9/30/19
    Year Ended
9/30/18
 

INVESTMENT INCOME

 

Dividend income — unaffiliated issuers (Note 2)

  $ 2,661,656,072     $ 5,344,744,140     $ 5,569,189,037     $ 4,995,395,848  

Dividend income — affiliates of the Trustee and the Sponsor

    7,381,736       15,314,759       14,842,022       13,606,086  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Investment Income

    2,669,037,808       5,360,058,899       5,584,031,059       5,009,001,934  

EXPENSES

 

Trustee expense (Note 3)

    94,170,902       156,390,558       129,443,668       143,201,038  

S&P license fee (Note 3)

    48,458,138       85,102,695       79,275,442       80,322,526  

Marketing expense (Note 3)

    6,780,810       19,590,285       36,911,835       22,626,082  

Legal and audit fees

    349,670       405,831       605,028       603,472  

Other expenses

    1,941,208       4,688,948       1,591,672       4,372,847  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total Expenses

    151,700,728       266,178,317       247,827,645       251,125,965  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INVESTMENT INCOME (LOSS)

    2,517,337,080       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

    (2,126,236,131     (2,843,848,543     (1,874,707,476     (631,225,982

Investments — affiliates of the Trustee and the Sponsor

    12,345,368       (8,520,407     (2,398,982     (838,353

In-kind redemptions — unaffiliated issuers

    31,698,449,547       33,362,317,592       19,405,809,495       37,318,292,156  

In-kind redemptions — affiliated issuers

    38,240,504       79,983,578       39,060,086       142,784,439  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain (loss)

    29,622,799,288       30,589,932,220       17,567,763,123       36,829,012,260  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation/depreciation on:

       

Investments — unaffiliated issuers

    23,046,497,506       4,637,256,785       (13,388,014,704     (760,564,842

Investments — affiliates of the Trustee and the Sponsor

    109,387,853       (19,657,458     (33,757,839     (158,416,456
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation/depreciation

    23,155,885,359       4,617,599,327       (13,421,772,543     (918,981,298
 

 

 

   

 

 

   

 

 

   

 

 

 

NET REALIZED AND UNREALIZED GAIN (LOSS)

    52,778,684,647       35,207,531,547       4,145,990,580       35,910,030,962  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

  $ 55,296,021,727     $ 40,301,412,129     $ 9,482,193,994     $ 40,667,906,931  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying notes to financial statements.

 

11


Table of Contents

SPDR S&P 500® ETF Trust

Statements of Changes in Net Assets

 

 

 

    Six Months Ended
3/31/21
(Unaudited)
    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)

  $ 2,517,337,080     $ 5,093,880,582     $ 5,336,203,414     $ 4,757,875,969  

Net realized gain (loss)

    29,622,799,288       30,589,932,220       17,567,763,123       36,829,012,260  

Net change in unrealized appreciation/depreciation

    23,155,885,359       4,617,599,327       (13,421,772,543     (918,981,298
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    55,296,021,727       40,301,412,129       9,482,193,994       40,667,906,931  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

    24,013,990       (28,962,904     (53,196,888     2,991,782  
 

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO UNITHOLDERS

    (2,470,551,428     (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

    349,205,581,013       615,842,536,075       487,497,849,720       617,352,015,478  

Cost of Units redeemed

    (347,242,274,152     (631,300,529,687     (497,053,054,235     (617,035,693,780

Net income equalization (Note 2)

    (24,013,990     28,962,904       53,196,888       (2,991,782
 

 

 

   

 

 

   

 

 

   

 

 

 

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

    1,939,292,871       (15,429,030,708     (9,502,007,627     313,329,916  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

    54,788,777,160       19,694,065,437       (5,130,194,662     36,090,058,836  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS AT BEGINNING OF PERIOD

    293,953,505,136       274,259,439,699       279,389,634,361       243,299,575,525  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS AT END OF PERIOD

  $ 348,742,282,296     $ 293,953,505,136     $ 274,259,439,699     $ 279,389,634,361  
 

 

 

   

 

 

   

 

 

   

 

 

 

UNIT TRANSACTIONS:

       

Units sold

    941,900,000       2,081,250,000       1,753,650,000       2,275,100,000  

Units redeemed

    (937,900,000     (2,128,300,000     (1,791,100,000     (2,281,850,000
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE (DECREASE)

    4,000,000       (47,050,000     (37,450,000     (6,750,000
 

 

 

   

 

 

   

 

 

   

 

 

 

 

See accompanying notes to financial statements.

 

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Table of Contents

SPDR S&P 500® ETF Trust

Financial Highlights

Selected data for a Unit outstanding throughout each period

 

 

 

    Six Months
Ended
3/31/21
(Unaudited)
    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

  $ 335.21     $ 296.82     $ 290.60     $ 251.30     $ 216.40     $ 191.77  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from investment operations:

           

Net investment income (loss)(a)

    2.89       5.59       5.71       4.86       4.65       4.27  

Net realized and unrealized gain (loss)

    60.61       38.51       6.05       39.46       34.97       24.76  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total from investment operations

    63.50       44.10       11.76       44.32       39.62       29.03  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net equalization credits and charges(a)

    0.03       (0.03     (0.06     0.00 (b)      0.06       0.02  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less Distributions from:

 

Net investment income

    (2.86     (5.68     (5.48     (5.02     (4.78     (4.42
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 395.88     $ 335.21     $ 296.82     $ 290.60     $ 251.30     $ 216.40  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total return(c)

    18.99     14.98     4.11     17.72     18.44 %(d)      15.30

Ratios and Supplemental Data:

           

Net assets, end of period (in 000s)

  $ 348,742,282     $ 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 %(e)      0.09     0.10     0.10     0.09     0.11

Total expenses (excluding Trustee earnings credit)

    0.09 %(e)      0.09     0.10     0.10     0.09     0.11

Net expenses(f)

    0.09 %(e)      0.09     0.09     0.09     0.09     0.09

Net investment income (loss)

    1.57 %(e)      1.81     2.03     1.79     1.98     2.07

Portfolio turnover rate(g)

    3     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 period.

(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 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)

Annualized.

(f)

Net of expenses waived by the Trustee.

(g)

Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Units.

 

See accompanying notes to financial statements.

 

13


Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements

March 31, 2021 (Unaudited)

 

 

 

Note 1 — Organization

SPDR S&P 500® ETF Trust (the “Trust”) is a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940, as amended. The Trust 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.”

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.

 

14


Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

 

 

 

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

 

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, the S&P 500® Index, which in turn could result in a difference between the Trust’s performance and the performance of the S&P 500® Index.

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

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

 

 

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

 

 

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as

 

15


Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

 

 

 

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

 

  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 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

 

16


Table of Contents

SPDR S&P 500® ETF Trust

Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

 

 

 

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

 

gain) for such taxable year. In addition, provided that the Trust distributes substantially all of its ordinary income and capital gains during each calendar year, the Trust will not be subject to U.S. federal excise tax. Income and capital gain distributions are determined in accordance with U.S. federal income tax principles, which may differ from U.S. GAAP.

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

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 six months ended March 31, 2021, the Trustee reclassified $31,736,690,051 of non-taxable security gains realized from the in-kind redemption of Creation Units (Note 4) as an increase to paid in capital in the Statement of Assets and Liabilities.

At March 31, 2021, 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

  $ 331,856,193,661     $ 37,363,982,580     $ 20,513,711,724     $ 16,850,270,856  

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

 

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Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

 

 

 

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

 

services, the Trustee received a fee at the following annual rates for the six months ended March 31, 2021:

 

Net asset value of the Trust

  

Fee as a percentage of net asset value of the Trust

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

The adjustment amount (the “Adjustment Amount”) is the sum of (a) the excess or deficiency of transaction fees received by the Trustee, less the expenses incurred in processing orders for the creation and redemption of Units and (b) the amounts earned by the Trustee with respect to the cash held by the Trustee for the benefit of the Trust. During the six months ended March 31, 2021, the Adjustment Amount reduced the Trustee’s fee by $2,466,199. The Adjustment Amount included an excess of net transaction fees from processing orders of $2,178,866 and a Trustee earnings credit of $267,333.

The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2022, 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 six months ended March 31, 2021 and 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.

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 six months ended March 31, 2021, and 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 six months ended March 31, 2021 and years ended September 30, 2020, 2019 and 2018. The Trust reimbursed the Sponsor for $278,329, $402,393, $549,533, and $367,362 of legal fees for the six months ended March 31, 2021 and 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

 

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Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

 

 

 

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

 

November 29, 2031, but its term may be extended without the consent of any of the owners of beneficial interests of Units. Pursuant to such arrangements and in accordance with the Trust Agreement, the Trust reimburses the Sponsor for payment of fees under the License Agreement to S&P equal to 0.03% of the daily size of the Trust (based on Unit closing price and outstanding Units) plus an annual license fee of $600,000.

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

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

Investments in Affiliates of the Trustee and the Sponsor

The Trust has invested in companies that are considered affiliates of the Trustee (State Street Corp.) and the Sponsor (ICE). Such investments were made according to the representative portion of the S&P 500® Index. The market values of these investments at March 31, 2021 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 six months ended March 31, 2021, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $146,618,735,496, $144,594,264,259, $8,218,417,136, and $8,217,900,211, respectively. Net realized gain (loss) on investment transactions in the Statement of Operations includes net gains resulting from in-kind transactions of $31,763,690,051.

 

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Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

 

 

 

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, 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

 

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Notes to Financial Statements (continued)

March 31, 2021 (Unaudited)

 

 

 

Note 6 — Equity Investing and Market Risk – (continued)

 

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 Trust’s 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 Portfolio Securities and the declaration of such dividends generally depends upon various factors, including the financial condition of the issuers and general economic conditions.

Note 7 — Subsequent Events

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

 

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Other Information

March 31, 2021 (Unaudited)

 

 

 

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

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

Cumulative Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500® ETF Trust

      

Return Based on NAV

     56.09     111.19     263.31

Return Based on Bid/Ask Price

     56.21     111.42     263.59

S&P 500® Index

     56.35     112.71     267.88

Average Annual Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500® ETF Trust

      

Return Based on NAV

     56.09     16.13     13.77

Return Based on Bid/Ask Price

     56.21     16.15     13.78

S&P 500® Index

     56.35     16.29     13.91

 

 

(1)

The bid/ask price is the midpoint of the best bid and best offer prices on NYSE Arca at the time the Trust’s NAV is calculated, ordinarily 4:00 p.m.

 

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(Unaudited)

 

 

 

Sponsor

PDR Services LLC

c/o NYSE Holdings LLC

11 Wall Street

New York, NY 10005

Trustee

State Street Global Advisors Trust Company

One Iron Street

Boston, MA 02210

Distributor

ALPS Distributors, Inc.

1290 Broadway Suite 1100

Denver, CO 80203

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard, Suite 500

Boston, MA 02210

 

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