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Name | Symbol | Market | Type |
---|---|---|---|
SPDR S&P 500 | AMEX:SPY | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
7.29 | 1.44% | 512.32 | 512.55 | 508.56 | 511.16 | 72,831,465 | 00:59:58 |
Semi-Annual Report
March 31, 2021
SPDR® S&P 500® ETF Trust
A Unit Investment Trust
Standard & Poors®, S&P®, S&P 500®, Standard & Poors 500®, 500®, Standard & Poors Depositary Receipts®, SPDR® and SPDRs® are trademarks of Standard & Poors 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.
SPDR S&P 500® ETF Trust
Semi-Annual Report
March 31, 2021
(Unaudited)
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SPDR S&P 500® ETF Trust
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,
|
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
|
14,702,011 | 568,232,725 |
See accompanying notes to financial statements.
1
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.
|
1,676,574 | 72,863,906 | ||||||
Discovery, Inc.
|
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
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 | ||||||
Dominos 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.
|
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,
|
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,
|
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
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,
|
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 | ||||||
Lowes 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
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 | |||||
McDonalds 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,
|
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,
|
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
|
3,835,422 | 349,368,590 | ||||||
Moodys 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 | ||||||
OReilly Automotive,
|
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 | ||||||
Peoples 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
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,
|
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,
|
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
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
|
$ | 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 Trusts 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
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
SPDR S&P 500® ETF Trust
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 Trusts 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
SPDR S&P 500® ETF Trust
Statement of Assets and Liabilities
March 31, 2021 (Unaudited)
See accompanying notes to financial statements.
10
SPDR S&P 500® ETF Trust
See accompanying notes to financial statements.
11
SPDR S&P 500® ETF Trust
Statements of Changes in Net Assets
See accompanying notes to financial statements.
12
SPDR S&P 500® ETF Trust
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
SPDR S&P 500® ETF Trust
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 & Poors 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 Trusts 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 Trusts 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 Trusts 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
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 Trusts 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 Trusts 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 Trusts net asset value (NAV) and the prices used by the Trusts underlying index, the S&P 500® Index, which in turn could result in a difference between the Trusts performance and the performance of the S&P 500® Index.
The Trustee values the Trusts 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
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 Committees 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 Trustees 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 Trustees 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 Trusts 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 Trusts 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
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 Trusts 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 Trusts 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 Trusts financial statements. Generally, the Trusts tax returns for the prior three fiscal years remain subject to examinations by the Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts portfolio from time to time to conform to changes in the composition and/or weighting structure of the S&P 500® Index. For these
17
SPDR S&P 500® ETF Trust
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 Trustees 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 Trusts 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 Trusts 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 & Poors 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 Trusts 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
18
SPDR S&P 500® ETF Trust
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.
19
SPDR S&P 500® ETF Trust
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 Trusts 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 Trusts 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 Trusts 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 Trusts 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 Trusts investments are likely to
20
SPDR S&P 500® ETF Trust
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 Trusts 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 Trusts 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.
21
SPDR S&P 500® ETF Trust
March 31, 2021 (Unaudited)
Comparison of Total Returns Based on NAV and Bid/Ask Price(1)
The table below is provided to compare the Trusts 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 Trusts NAV is calculated, ordinarily 4:00 p.m. |
22
SPDR S&P 500® ETF Trust
(Unaudited)
Sponsor
PDR Services LLC
c/o NYSE Holdings LLC
11 Wall Street
New York, NY 10005
Trustee
State Street Global Advisors Trust Company
One Iron Street
Boston, MA 02210
Distributor
ALPS Distributors, Inc.
1290 Broadway Suite 1100
Denver, CO 80203
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
101 Seaport Boulevard, Suite 500
Boston, MA 02210
SPYSAR
1 Year SPDR S&P 500 Chart |
1 Month SPDR S&P 500 Chart |
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