N-30D 1 d80506dn30d.htm SPDR S&P 500 ETF TRUST SPDR S&P 500 ETF TRUST

Annual Report

September 30, 2015

 

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 Markets, LLC. SPDR® S&P 500® ETF Trust is permitted to use these trademarks pursuant to a sublicense from State Street Global Markets, LLC. SPDR® S&P 500® ETF Trust is not sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.

 

LOGO

SPDR S&P 500 ETF Trust

Trust Overview

 

 

 

INVESTMENT OBJECTIVE

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

INVESTMENT STRATEGY

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

PERFORMANCE OVERVIEW

The Trust ended its fiscal year on September 30, 2015, with a 12-month total return of -0.64% based on net asset value (“NAV”), as compared to the Index return of -0.61%.

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

 

1

SPDR S&P 500 ETF Trust

Schedule of Investments

September 30, 2015

 

 

 

Common Stocks    Shares      Value  
               

3M Co.

      6,146,658       $ 871,411,705   

Abbott Laboratories

      14,616,689         587,883,232   

AbbVie, Inc.

      16,274,854         885,514,806   

Accenture PLC (Class A)

      6,135,936         602,917,071   

ACE, Ltd.

      3,206,310         331,532,454   

Activision Blizzard, Inc.

      4,881,769         150,797,844   

Adobe Systems, Inc.(a)

      4,905,191         403,304,804   

ADT Corp.

      1,697,783         50,763,712   

Advance Auto Parts, Inc.

      708,973         134,371,653   

AES Corp.

      6,701,167         65,604,425   

Aetna, Inc.

      3,439,449         376,310,115   

Affiliated Managers Group, Inc.(a)

      537,696         91,940,639   

AFLAC, Inc.

      4,238,750         246,398,538   

Agilent Technologies, Inc.

      3,288,756         112,902,993   

AGL Resources, Inc.

      1,151,439         70,283,837   

Air Products & Chemicals, Inc.

      1,897,613         242,097,467   

Airgas, Inc.

      667,036         59,586,326   

Akamai Technologies, Inc.(a)

      1,751,237         120,940,427   

Alcoa, Inc.

      12,854,163         124,171,215   

Alexion Pharmaceuticals, Inc.(a)

      2,226,645         348,225,012   

Allegion PLC

      937,155         54,036,357   

Allergan PLC(a)

      3,875,096         1,053,289,844   

Alliance Data Systems Corp.(a)

      614,537         159,152,792   

Allstate Corp.

      3,938,879         229,400,313   

Alphabet, Inc. (Class A)(a)

      2,854,508         1,822,232,272   

Alphabet, Inc. (Class C)(a)

      2,914,320         1,773,130,574   

Altera Corp.

      2,982,683         149,372,765   

Altria Group, Inc.

      19,328,149         1,051,451,306   

Amazon.com, Inc.(a)

      3,775,672         1,932,728,740   

Ameren Corp.

      2,350,782         99,367,555   

American Airlines Group, Inc.

      6,606,743         256,539,831   

American Electric Power Co., Inc.

      4,810,980         273,552,323   

American Express Co.

      8,371,071         620,547,493   

American International Group, Inc.

      12,724,650         723,014,613   

American Tower Corp.

      4,166,780         366,593,304   

Ameriprise Financial, Inc.

      1,753,132         191,319,295   

AmerisourceBergen Corp.

      2,035,948         193,394,701   

AMETEK, Inc.

      2,395,784         125,347,419   

Amgen, Inc.

      7,466,106         1,032,711,782   

Amphenol Corp. (Class A)

      3,025,360         154,172,346   

Anadarko Petroleum Corp.

      4,986,730         301,148,625   

Analog Devices, Inc.

      3,078,270         173,645,211   

Anthem, Inc.

      2,573,876         360,342,640   

Aon PLC

      2,765,823         245,079,576   

Apache Corp.

      3,685,786         144,335,380   
Common Stocks    Shares      Value  
               

Apartment Investment & Management Co. (Class A)

      1,530,653       $ 56,664,774   

Apple, Inc.

      56,118,114         6,189,827,974   

Applied Materials, Inc.

      11,809,314         173,478,823   

Archer-Daniels-Midland Co.

      5,990,607         248,310,660   

Assurant, Inc.

      696,137         55,001,784   

AT&T, Inc.

      60,550,045         1,972,720,466   

Autodesk, Inc.(a)

      2,222,837         98,116,025   

Automatic Data Processing, Inc.

      4,609,816         370,444,814   

AutoNation, Inc.(a)

      771,175         44,866,962   

Autozone, Inc.(a)

      303,505         219,686,024   

Avago Technologies, Ltd.

      2,550,811         318,876,883   

AvalonBay Communities, Inc.

      1,308,313         228,719,279   

Avery Dennison Corp.

      891,265         50,418,861   

Baker Hughes, Inc.

      4,249,522         221,145,125   

Ball Corp.

      1,354,977         84,279,569   

Bank of America Corp.

      103,035,485         1,605,292,856   

Bank of New York Mellon Corp.

      10,887,723         426,254,355   

Baxalta, Inc.

      5,314,778         167,468,655   

Baxter International, Inc.

      5,315,006         174,597,947   

BB&T Corp.

      7,627,200         271,528,320   

Becton, Dickinson & Co.

      2,070,124         274,622,650   

Bed Bath & Beyond, Inc.(a)

      1,695,868         96,698,393   

Berkshire Hathaway, Inc. (Class B)(a)

      18,455,872         2,406,645,709   

Best Buy Co., Inc.

      3,025,136         112,293,048   

Biogen, Inc.(a)

      2,309,944         674,064,759   

BlackRock, Inc.

      1,261,380         375,222,709   

Boeing Co.

      6,285,894         823,137,819   

BorgWarner, Inc.

      2,231,351         92,801,888   

Boston Properties, Inc.

      1,506,172         178,330,765   

Boston Scientific Corp.(a)

      13,166,128         216,056,160   

Bristol-Myers Squibb Co.

      16,414,738         971,752,490   

Broadcom Corp. (Class A)

      5,507,425         283,246,868   

Brown-Forman Corp. (Class B)

      1,029,647         99,772,794   

C.H. Robinson Worldwide, Inc.

      1,434,863         97,255,014   

C.R. Bard, Inc.

      728,710         135,765,960   

CA, Inc.

      3,119,973         85,175,263   

Cablevision Systems Corp. (Class A)

      2,164,707         70,288,036   

Cabot Oil & Gas Corp.

      4,079,382         89,175,291   

Cameron International Corp.(a)

      1,933,393         118,555,659   

Campbell Soup Co.

      1,742,441         88,306,910   

Capital One Financial Corp.

      5,338,176         387,124,524   
 

 

See accompanying notes to financial statements.

 

2

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

September 30, 2015

 

 

 

Common Stocks    Shares      Value  
               

Cardinal Health, Inc.

      3,246,705       $ 249,411,878   

CarMax, Inc.(a)

      2,056,478         121,990,275   

Carnival Corp.

      4,560,053         226,634,634   

Caterpillar, Inc.

      5,917,996         386,800,219   

CBRE Group, Inc. (Class A)(a)

      2,856,418         91,405,376   

CBS Corp. (Class B)

      4,372,154         174,448,945   

Celgene Corp.(a)

      7,787,536         842,377,769   

CenterPoint Energy, Inc.

      4,152,566         74,912,291   

CenturyLink, Inc.

      5,553,246         139,497,540   

Cerner Corp.(a)

      3,007,090         180,305,116   

CF Industries Holdings, Inc.

      2,346,282         105,348,062   

Charles Schwab Corp.

      11,797,032         336,923,234   

Chesapeake Energy Corp.

      5,066,253         37,135,634   

Chevron Corp.

      18,523,510         1,461,134,469   

Chipotle Mexican Grill, Inc.(a)

      303,683         218,727,681   

Chubb Corp.

      2,233,409         273,927,614   

CIGNA Corp.

      2,531,250         341,769,375   

Cimarex Energy Co.

      919,821         94,263,256   

Cincinnati Financial Corp.

      1,425,704         76,702,875   

Cintas Corp.

      876,957         75,199,063   

Cisco Systems, Inc.

      50,022,895         1,313,100,994   

Citigroup, Inc.

      29,620,704         1,469,483,125   

Citrix Systems, Inc.(a)

      1,594,494         110,466,544   

Clorox Co.

      1,284,453         148,392,855   

CME Group, Inc.

      3,331,010         308,917,867   

CMS Energy Corp.

      2,691,399         95,060,213   

Coach, Inc.

      2,672,314         77,310,044   

Coca-Cola Co.

      38,491,933         1,544,296,352   

Coca-Cola Enterprises, Inc.

      2,073,591         100,258,125   

Cognizant Technology Solutions Corp. (Class A)(a)

      5,993,750         375,268,688   

Colgate-Palmolive Co.

      8,875,316         563,227,553   

Columbia Pipeline Group, Inc.

      3,098,329         56,668,437   

Comcast Corp. (Class A)

      20,698,102         1,177,308,042   

Comcast Corp. (Special Class A)

      3,734,326         213,752,820   

Comerica, Inc.

      1,761,857         72,412,323   

Computer Sciences Corp.

      1,373,674         84,316,110   

ConAgra Foods, Inc.

      4,251,479         172,227,414   

ConocoPhillips

      12,106,951         580,649,370   

CONSOL Energy, Inc.

      2,206,118         21,619,956   

Consolidated Edison, Inc.

      2,875,433         192,222,696   

Constellation Brands, Inc. (Class A)

      1,693,582         212,053,402   

Corning, Inc.

      12,057,749         206,428,663   

Costco Wholesale Corp.

      4,309,562         623,033,378   

Crown Castle International Corp.

      3,314,151         261,387,089   

CSX Corp.

      9,742,521         262,073,815   

Cummins, Inc.

      1,634,920         177,519,614   
Common Stocks    Shares      Value  
               

CVS Health Corp.

      10,966,368       $ 1,058,035,185   

D.R. Horton, Inc.

      3,233,591         94,938,232   

Danaher Corp.

      5,847,102         498,231,561   

Darden Restaurants, Inc.

      1,118,757         76,679,605   

DaVita, Inc.(a)

      1,675,778         121,209,023   

Deere & Co.

      3,062,133         226,597,842   

Delphi Automotive PLC

      2,797,870         212,750,035   

Delta Air Lines, Inc.

      7,822,057         350,975,698   

DENTSPLY International, Inc.

      1,378,798         69,725,815   

Devon Energy Corp.

      3,794,788         140,748,687   

Diamond Offshore Drilling, Inc.

      677,543         11,721,494   

Discover Financial Services

      4,283,037         222,675,094   

Discovery Communications, Inc. (Class A)(a)

      1,448,211         37,696,932   

Discovery Communications, Inc. (Class C)(a)

      2,659,861         64,608,024   

Dollar General Corp.

      2,899,830         210,063,685   

Dollar Tree, Inc.(a)

      2,313,981         154,249,973   

Dominion Resources, Inc.

      5,828,422         410,204,340   

Dover Corp.

      1,574,428         90,025,793   

Dow Chemical Co.

      11,421,954         484,290,850   

Dr. Pepper Snapple Group, Inc.

      1,905,842         150,656,810   

DTE Energy Co.

      1,761,017         141,532,936   

Duke Energy Corp.

      6,788,494         488,364,258   

Dun & Bradstreet Corp.

      355,163         37,292,115   

E*TRADE Financial Corp.(a)

      2,845,963         74,934,206   

E. I. du Pont de Nemours & Co.

      8,876,145         427,830,189   

Eastman Chemical Co.

      1,455,507         94,200,413   

Eaton Corp. PLC

      4,632,493         237,646,891   

eBay, Inc.(a)

      11,036,998         269,744,231   

Ecolab, Inc.

      2,623,719         287,874,449   

Edison International

      3,188,720         201,112,570   

Edwards Lifesciences Corp.(a)

      1,055,861         150,111,758   

Electronic Arts, Inc.(a)

      3,046,037         206,369,007   

Eli Lilly & Co.

      9,580,565         801,797,485   

EMC Corp.

      19,064,432         460,596,677   

Emerson Electric Co.

      6,465,196         285,567,707   

Endo International PLC(a)

      2,051,414         142,121,962   

Ensco PLC (Class A)

      2,265,590         31,899,507   

Entergy Corp.

      1,748,352         113,817,715   

EOG Resources, Inc.

      5,389,138         392,329,246   

EQT Corp.

      1,479,487         95,826,373   

Equifax, Inc.

      1,177,112         114,391,744   

Equinix, Inc.

      558,896         152,802,166   

Equity Residential

      3,563,644         267,700,937   

Essex Property Trust, Inc.

      637,406         142,409,249   
 

 

See accompanying notes to financial statements.

 

3

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

September 30, 2015

 

 

 

Common Stocks    Shares      Value  
               

Estee Lauder Cos., Inc. (Class A)

      2,199,420       $ 177,449,206   

Eversource Energy

      3,099,293         156,886,212   

Exelon Corp.

      8,457,280         251,181,216   

Expedia, Inc.

      968,692         113,995,675   

Expeditors International of Washington, Inc.

      1,907,585         89,751,874   

Express Scripts Holding Co.(a)

      6,634,323         537,114,790   

Exxon Mobil Corp.

      41,048,358         3,051,945,417   

F5 Networks, Inc.(a)

      721,397         83,537,773   

Facebook, Inc. (Class A)(a)

      22,289,657         2,003,840,164   

Fastenal Co.

      2,861,529         104,760,577   

FedEx Corp.

      2,588,032         372,624,847   

Fidelity National Information Services, Inc.

      2,779,582         186,454,361   

Fifth Third Bancorp

      8,063,821         152,486,855   

First Solar, Inc.(a)

      733,781         31,369,138   

FirstEnergy Corp.

      4,118,727         128,957,342   

Fiserv, Inc.(a)

      2,337,423         202,444,206   

FLIR Systems, Inc.

      1,389,451         38,890,733   

Flowserve Corp.

      1,333,821         54,873,396   

Fluor Corp.

      1,445,435         61,214,172   

FMC Corp.

      1,295,318         43,924,233   

FMC Technologies, Inc.(a)

      2,293,732         71,105,692   

Ford Motor Co.

      38,336,884         520,231,516   

Fossil Group, Inc.(a)

      439,218         24,543,502   

Franklin Resources, Inc.

      3,845,833         143,295,738   

Freeport-McMoRan, Inc.

      11,186,126         108,393,561   

Frontier Communications Corp.

      11,325,941         53,798,220   

GameStop Corp. (Class A)

      1,060,895         43,719,483   

Gap, Inc.

      2,334,045         66,520,283   

Garmin, Ltd.

      1,181,881         42,405,890   

General Dynamics Corp.

      2,983,362         411,554,788   

General Electric Co.

      99,391,401         2,506,651,133   

General Growth Properties, Inc.

      5,740,386         149,077,824   

General Mills, Inc.

      5,908,483         331,643,151   

General Motors Co..

      14,216,393         426,776,118   

Genuine Parts Co.

      1,494,343         123,866,091   

Genworth Financial, Inc. (Class A)(a)

      4,793,828         22,147,485   

Gilead Sciences, Inc.

      14,429,169         1,416,800,104   

Goldman Sachs Group, Inc.

      3,963,067         688,622,522   

Goodyear Tire & Rubber Co.

      2,681,142         78,637,895   

H&R Block, Inc.

      2,702,523         97,831,333   

Halliburton Co.

      8,353,769         295,305,734   

Hanesbrands, Inc.

      3,962,124         114,663,869   

Harley-Davidson, Inc.

      2,026,633         111,262,152   

Harman International Industries, Inc.

      698,725         67,070,613   
Common Stocks    Shares      Value  
               

Harris Corp.

      1,206,205       $ 88,233,896   

Hartford Financial Services Group, Inc.

      4,124,637         188,825,882   

Hasbro, Inc.

      1,116,069         80,513,218   

HCA Holdings, Inc.(a)

      3,155,826         244,134,699   

HCP, Inc.

      4,532,600         168,839,350   

Helmerich & Payne, Inc.

      1,055,372         49,876,881   

Henry Schein, Inc.(a)

      821,033         108,967,500   

Hershey Co.

      1,453,463         133,544,180   

Hess Corp.

      2,381,229         119,204,324   

Hewlett-Packard Co.

      17,806,135         456,015,117   

Home Depot, Inc.

      12,636,011         1,459,332,910   

Honeywell International, Inc.

      7,695,358         728,673,449   

Hormel Foods Corp.

      1,308,324         82,829,992   

Host Hotels & Resorts, Inc.

      7,341,099         116,062,775   

Hudson City Bancorp, Inc.

      4,612,245         46,906,532   

Humana, Inc.

      1,466,541         262,510,839   

Huntington Bancshares, Inc.

      7,961,417         84,391,020   

Illinois Tool Works, Inc.

      3,240,858         266,755,022   

Ingersoll-Rand PLC

      2,613,513         132,688,055   

Intel Corp.

      46,799,693         1,410,542,747   

Intercontinental Exchange, Inc.(b)

      1,087,396         255,527,186   

International Business Machines Corp.

      8,866,319         1,285,350,265   

International Flavors & Fragrances, Inc.

      790,953         81,673,807   

International Paper Co.

      4,143,494         156,582,638   

Interpublic Group of Cos., Inc.

      4,143,999         79,274,701   

Intuit, Inc.

      2,711,518         240,647,223   

Intuitive Surgical, Inc.(a)

      361,932         166,336,709   

Invesco, Ltd.

      4,214,634         131,623,020   

Iron Mountain, Inc.

      1,889,867         58,623,674   

Jacobs Engineering Group, Inc.(a)

      1,286,957         48,170,801   

JB Hunt Transport Services, Inc.

      912,000         65,116,800   

JM Smucker Co.

      1,014,709         115,768,150   

Johnson & Johnson

      27,235,477         2,542,431,778   

Johnson Controls, Inc.

      6,438,460         266,294,706   

Joy Global, Inc.

      956,376         14,278,694   

JPMorgan Chase & Co.

      36,438,558         2,221,658,881   

Juniper Networks, Inc.

      3,540,177         91,017,951   

Kansas City Southern

      1,071,459         97,374,194   

Kellogg Co.

      2,506,994         166,840,451   

Keurig Green Mountain, Inc.

      1,184,368         61,752,948   

KeyCorp

      8,371,469         108,912,812   

Kimberly-Clark Corp.

      3,580,291         390,394,931   

Kimco Realty Corp.

      4,040,462         98,708,487   

Kinder Morgan, Inc.

      17,711,323         490,249,421   
 

 

See accompanying notes to financial statements.

 

4

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

September 30, 2015

 

 

 

Common Stocks    Shares      Value  
               

KLA-Tencor Corp.

      1,550,173       $ 77,508,650   

Kohl’s Corp.

      1,974,554         91,441,596   

Kraft Heinz Co.

      5,850,513         412,929,208   

Kroger Co.

      9,603,563         346,400,517   

L Brands, Inc.

      2,532,487         228,253,053   

L-3 Communications Holdings, Inc.

      808,381         84,491,982   

Laboratory Corp. of America Holdings(a)

      981,530         106,466,559   

Lam Research Corp.

      1,553,765         101,507,467   

Legg Mason, Inc.

      1,083,632         45,089,928   

Leggett & Platt, Inc.

      1,334,306         55,040,123   

Lennar Corp. (Class A)

      1,752,444         84,345,130   

Leucadia National Corp.

      3,326,664         67,398,213   

Level 3 Communications, Inc.(a)

      2,889,083         126,224,036   

Lincoln National Corp.

      2,484,077         117,894,294   

Linear Technology Corp.

      2,306,601         93,071,350   

Lockheed Martin Corp.

      2,628,240         544,860,434   

Loews Corp.

      2,820,493         101,932,617   

Lowe’s Cos., Inc.

      9,105,571         627,555,953   

LyondellBasell Industries NV (Class A)

      3,662,778         305,329,174   

M & T Bank Corp.

      1,292,651         157,638,789   

Macerich Co.

      1,360,508         104,514,225   

Macy’s, Inc.

      3,256,658         167,131,689   

Mallinckrodt PLC(a)

      1,133,978         72,506,553   

Marathon Oil Corp.

      6,563,298         101,074,789   

Marathon Petroleum Corp.

      5,275,724         244,424,293   

Marriott International, Inc. (Class A)

      1,960,777         133,724,991   

Marsh & McLennan Cos., Inc.

      5,214,741         272,313,775   

Martin Marietta Materials, Inc.

      661,055         100,447,307   

Masco Corp.

      3,475,330         87,508,809   

MasterCard, Inc. (Class A)

      9,832,422         886,097,871   

Mattel, Inc.

      3,284,756         69,176,961   

McCormick & Co., Inc.

      1,138,119         93,530,619   

McDonald’s Corp.

      9,265,887         912,967,846   

McGraw-Hill Cos., Inc.

      2,679,163         231,747,600   

McKesson Corp.

      2,280,828         422,021,605   

Mead Johnson Nutrition Co.

      1,982,005         139,533,152   

Medtronic PLC

      13,917,268         931,621,920   

Merck & Co., Inc.

      27,705,806         1,368,389,758   

MetLife, Inc.

      10,947,224         516,161,612   

Michael Kors Holdings, Ltd.(a)

      1,902,645         80,367,725   

Microchip Technology, Inc.

      2,064,991         88,980,462   

Micron Technology, Inc.(a)

      10,497,810         157,257,194   

Microsoft Corp.

      78,701,656         3,483,335,295   

Mohawk Industries, Inc.(a)

      626,213         113,839,261   

Molson Coors Brewing Co. (Class B)

      1,557,838         129,331,711   
Common Stocks    Shares      Value  
               

Mondelez International, Inc. (Class A)

      15,856,325       $ 663,904,328   

Monsanto Co.

      4,602,858         392,807,902   

Monster Beverage Corp.(a)

      1,498,502         202,507,560   

Moody’s Corp.

      1,742,547         171,118,115   

Morgan Stanley

      14,994,074         472,313,331   

Mosaic Co.

      3,327,103         103,506,174   

Motorola Solutions, Inc.

      1,555,044         106,333,909   

Murphy Oil Corp.

      1,625,155         39,328,751   

Mylan NV(a)

      4,042,767         162,761,799   

Nasdaq, Inc.

      1,162,730         62,008,391   

National-Oilwell Varco, Inc.

      3,798,663         143,019,662   

Navient Corp.

      3,817,719         42,911,162   

NetApp, Inc.

      3,048,130         90,224,648   

Netflix, Inc.(a)

      4,193,820         433,053,853   

Newell Rubbermaid, Inc.

      2,673,485         106,164,089   

Newfield Exploration Co.(a)

      1,574,669         51,806,610   

Newmont Mining Corp.

      5,193,195         83,454,644   

News Corp. (Class A)

      3,714,784         46,880,574   

News Corp. (Class B)

      1,093,354         14,016,798   

NextEra Energy, Inc.

      4,535,618         442,449,536   

Nielsen Holdings PLC

      3,627,066         161,295,625   

NIKE, Inc. (Class B)

      6,667,296         819,877,389   

NiSource, Inc.

      3,098,329         57,474,003   

Noble Energy, Inc.

      4,201,075         126,788,444   

Nordstrom, Inc.

      1,388,061         99,537,854   

Norfolk Southern Corp.

      2,965,878         226,593,079   

Northern Trust Corp.

      2,154,972         146,882,892   

Northrop Grumman Corp.

      1,842,505         305,763,705   

NRG Energy, Inc.

      3,286,502         48,804,555   

Nucor Corp.

      3,133,660         117,668,933   

NVIDIA Corp.

      5,020,023         123,743,567   

O’Reilly Automotive, Inc.(a)

      978,001         244,500,250   

Occidental Petroleum Corp.

      7,547,042         499,236,828   

Omnicom Group, Inc.

      2,427,912         159,999,401   

Oneok, Inc.

      2,029,331         65,344,458   

Oracle Corp.

      32,031,448         1,156,975,902   

Owens-Illinois, Inc.(a)

      1,598,822         33,127,592   

PACCAR, Inc.

      3,461,166         180,569,030   

Parker-Hannifin Corp.

      1,361,154         132,440,284   

Patterson Cos., Inc.

      813,951         35,203,381   

Paychex, Inc.

      3,187,850         151,837,296   

PayPal Holdings, Inc.(a)

      10,856,000         336,970,240   

Pentair PLC

      1,786,437         91,179,744   

People’s United Financial, Inc.

      3,079,933         48,447,346   

Pepco Holdings, Inc.

      2,482,120         60,116,946   

PepsiCo, Inc.

      14,457,848         1,363,375,066   

PerkinElmer, Inc.

      1,080,826         49,674,763   

Perrigo Co. PLC

      1,436,983         225,994,316   

Pfizer, Inc.

      60,712,092         1,906,966,810   
 

 

See accompanying notes to financial statements.

 

5

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

September 30, 2015

 

 

 

Common Stocks    Shares      Value  
               

PG&E Corp.

      4,818,053       $ 254,393,198   

Philip Morris International, Inc.

      15,249,583         1,209,749,419   

Phillips 66

      4,694,145         360,698,102   

Pinnacle West Capital Corp.

      1,065,703         68,354,190   

Pioneer Natural Resources Co.

      1,465,723         178,290,546   

Pitney Bowes, Inc.

      1,937,121         38,451,852   

Plum Creek Timber Co., Inc.

      1,709,709         67,550,603   

PNC Financial Services Group, Inc.

      5,054,323         450,845,612   

PPG Industries, Inc.

      2,686,093         235,543,495   

PPL Corp.

      6,560,756         215,783,265   

Praxair, Inc.

      2,845,115         289,803,414   

Precision Castparts Corp.

      1,356,810         311,672,825   

priceline.com, Inc.(a)

      498,993         617,184,482   

Principal Financial Group, Inc.

      2,690,592         127,372,625   

Procter & Gamble Co.

      26,701,294         1,920,891,090   

Progressive Corp.

      5,783,172         177,196,390   

ProLogis, Inc.

      5,147,222         200,226,936   

Prudential Financial, Inc.

      4,446,495         338,867,384   

Public Service Enterprise Group, Inc.

      4,951,056         208,736,521   

Public Storage, Inc.

      1,447,778         306,393,258   

Pulte Group, Inc.

      3,303,633         62,339,555   

PVH Corp.

      803,363         81,894,824   

Qorvo, Inc.(a)

      1,438,545         64,806,452   

QUALCOMM, Inc.

      15,449,012         830,075,415   

Quanta Services, Inc.(a)

      2,115,877         51,225,382   

Quest Diagnostics, Inc.

      1,414,782         86,966,650   

Ralph Lauren Corp.

      592,160         69,969,626   

Range Resources Corp.

      1,649,062         52,967,871   

Raytheon Co.

      3,015,835         329,510,132   

Realty Income Corp.

      2,284,630         108,268,616   

Red Hat, Inc.(a)

      1,796,549         129,135,942   

Regeneron Pharmaceuticals, Inc.(a)

      761,534         354,219,925   

Regions Financial Corp.

      13,151,821         118,497,907   

Republic Services, Inc.

      2,367,266         97,531,359   

Reynolds American, Inc.

      8,163,648         361,404,697   

Robert Half International, Inc.

      1,342,464         68,680,458   

Rockwell Automation, Inc.

      1,328,083         134,760,582   

Rockwell Collins, Inc.

      1,311,327         107,319,002   

Roper Industries, Inc.

      986,949         154,654,908   

Ross Stores, Inc.

      4,099,324         198,694,234   

Royal Caribbean Cruises, Ltd.

      1,690,782         150,631,768   

Ryder System, Inc.

      505,206         37,405,452   

Salesforce.com, Inc.(a)

      6,110,127         424,226,118   

SanDisk Corp.

      2,011,119         109,264,095   

SCANA Corp.

      1,394,488         78,453,895   

Schlumberger, Ltd.

      12,491,412         861,532,686   
Common Stocks    Shares      Value  
               

Scripps Networks Interactive (Class A)

      953,235       $ 46,889,630   

Seagate Technology PLC

      2,968,738         132,999,462   

Sealed Air Corp.

      2,069,415         97,014,175   

Sempra Energy

      2,318,918         224,285,749   

Sherwin-Williams Co.

      789,594         175,905,751   

Sigma-Aldrich Corp.

      1,172,685         162,909,400   

Signet Jewelers, Ltd.

      792,905         107,938,158   

Simon Property Group, Inc.

      3,056,385         561,519,052   

Skyworks Solutions, Inc.

      1,879,135         158,241,958   

SL Green Realty Corp.

      977,668         105,744,571   

Snap-on, Inc.

      566,870         85,563,358   

Southern Co.

      8,911,409         398,339,982   

Southwest Airlines Co.

      6,487,723         246,792,983   

Southwestern Energy Co.(a)

      3,765,524         47,784,500   

Spectra Energy Corp.

      6,541,109         171,834,933   

St. Jude Medical, Inc.

      2,754,625         173,789,291   

Stanley Black & Decker, Inc.

      1,531,649         148,539,320   

Staples, Inc.

      6,280,707         73,672,693   

Starbucks Corp.

      14,605,187         830,158,829   

Starwood Hotels & Resorts Worldwide, Inc.

      1,682,074         111,824,280   

State Street Corp.(c)

      4,038,276         271,412,530   

Stericycle, Inc.(a)

      825,158         114,952,761   

Stryker Corp.

      3,118,816         293,480,586   

SunTrust Banks, Inc.

      5,099,152         194,991,572   

Symantec Corp.

      6,741,332         131,253,734   

Sysco Corp.

      5,433,934         211,760,408   

T. Rowe Price Group, Inc.

      2,519,872         175,131,104   

Target Corp.

      6,183,061         486,359,578   

TE Connectivity, Ltd.

      3,975,528         238,094,372   

TECO Energy, Inc.

      2,272,604         59,678,581   

TEGNA, Inc.

      2,206,325         49,399,617   

Tenet Healthcare Corp.(a)

      963,402         35,568,802   

Teradata Corp.(a)

      1,421,315         41,161,282   

Tesoro Corp.

      1,236,457         120,233,079   

Texas Instruments, Inc.

      10,099,394         500,121,991   

Textron, Inc.

      2,723,086         102,496,957   

Thermo Fisher Scientific, Inc.

      3,908,757         477,962,806   

Tiffany & Co.

      1,103,328         85,198,988   

Time Warner Cable, Inc.

      2,776,084         497,946,187   

Time Warner, Inc.

      8,025,635         551,762,406   

TJX Cos., Inc.

      6,636,235         473,959,904   

Torchmark Corp.

      1,142,591         64,442,132   

Total System Services, Inc.

      1,618,388         73,523,367   

Tractor Supply Co.

      1,341,018         113,074,638   

Transocean, Ltd.

      3,317,816         42,866,183   

Travelers Cos., Inc.

      3,061,172         304,678,449   

TripAdvisor, Inc.(a)

      1,098,999         69,258,917   
 

 

See accompanying notes to financial statements.

 

6

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

September 30, 2015

 

 

 

Common Stocks    Shares      Value  
               

Twenty-First Century Fox, Inc. (Class A)

      11,855,009       $ 319,848,143   

Twenty-First Century Fox, Inc. (Class B)

      4,373,316         118,385,664   

Tyco International PLC

      4,133,611         138,310,624   

Tyson Foods, Inc. (Class A)

      2,999,674         129,285,949   

U.S. Bancorp

      16,259,725         666,811,322   

Under Armour, Inc. (Class A)(a)

      1,775,039         171,788,274   

Union Pacific Corp.

      8,538,934         754,927,155   

United Continental Holdings, Inc.(a)

      3,729,148         197,831,301   

United Parcel Service, Inc. (Class B)

      6,876,776         678,669,023   

United Rentals, Inc.(a)

      945,330         56,767,067   

United Technologies Corp.

      8,129,721         723,463,872   

UnitedHealth Group, Inc.

      9,387,035         1,088,989,930   

Universal Health Services, Inc. (Class B)

      895,106         111,718,180   

Unum Group

      2,485,418         79,732,209   

Urban Outfitters, Inc.(a)

      998,086         29,323,767   

V.F. Corp.

      3,357,620         229,023,260   

Valero Energy Corp.

      4,889,717         293,871,992   

Varian Medical Systems, Inc.(a)

      978,532         72,196,091   

Ventas, Inc.

      3,238,934         181,574,640   

VeriSign, Inc.(a)

      981,872         69,280,888   

Verizon Communications, Inc.

      40,040,223         1,742,150,103   

Vertex Pharmaceuticals, Inc.(a)

      2,393,973         249,308,348   

Viacom, Inc. (Class B)

      3,417,341         147,458,264   

Visa, Inc. (Class A)

      19,214,193         1,338,460,684   

Vornado Realty Trust

      1,744,703         157,756,045   

Vulcan Materials Co.

      1,288,198         114,907,262   

W.W. Grainger, Inc.

      593,160         127,535,332   

Wal-Mart Stores, Inc.

      15,534,061         1,007,228,515   
Common Stocks    Shares      Value  
               

Walgreens Boots Alliance, Inc.

      8,602,156       $ 714,839,164   

Walt Disney Co.

      15,282,843         1,561,906,555   

Waste Management, Inc.

      4,166,146         207,515,732   

Waters Corp.(a)

      824,757         97,494,525   

WEC Energy Group, Inc.

      3,093,693         161,552,648   

Wells Fargo & Co.

      46,011,081         2,362,669,009   

Welltower, Inc.

      3,464,313         234,603,276   

Western Digital Corp.

      2,271,906         180,480,213   

Western Union Co.

      5,110,300         93,825,108   

WestRock Co.

      2,559,689         131,670,402   

Weyerhaeuser Co.

      5,142,969         140,608,772   

Whirlpool Corp.

      771,967         113,679,860   

Whole Foods Market, Inc.

      3,525,609         111,585,525   

Williams Cos., Inc.

      6,718,214         247,566,186   

Wyndham Worldwide Corp.

      1,162,019         83,549,166   

Wynn Resorts, Ltd.

      788,460         41,882,995   

Xcel Energy, Inc.

      4,977,964         176,269,705   

Xerox Corp.

      9,879,502         96,127,554   

Xilinx, Inc.

      2,558,713         108,489,431   

XL Group PLC

      3,010,082         109,326,178   

Xylem, Inc.

      1,786,853         58,698,121   

Yahoo!, Inc.(a)

      8,528,670         246,563,850   

Yum! Brands, Inc.

      4,242,654         339,200,187   

Zimmer Holdings, Inc.

      1,663,814         156,282,049   

Zions Bancorporation

      1,979,867         54,525,537   

Zoetis, Inc.

      4,506,108         185,561,527   
     

 

 

  

Total Common Stocks(d)
(Cost $187,265,485,366)

       $ 166,521,059,535   
     

 

 

  

 

(a) Non-income producing security
(b) Affiliate of the Sponsor. See the table below for more information.
(c) Affiliate of the Trustee. See the table below for more information.
(d) The values of the securities of the Trust are determined based on Level 1 inputs (Note 2).

PLC = Public Limited Company

 

INVESTMENTS IN AFFILIATES OF THE TRUSTEE AND THE SPONSOR

SPDR S&P 500 ETF Trust has invested in State Street Corp., which is considered an affiliate of the Trustee, and Intercontinental Exchange, Inc., which is considered an affiliate of the Sponsor. Amounts related to these investments at September 30, 2015 and for the year then ended are (Note 3):

 

    Number of
Shares Held
at 9/30/14		     Cost at
9/30/2014		     Value at
9/30/2014		     Purchased*     Sold*     Number of
Shares Held
at 9/30/15		     Value at 9/30/15     Dividend
Income		     Realized
Gain		  
          Cost     Shares     Proceeds     Shares          

State Street Corp.

     4,345,108      $ 304,063,006      $ 319,843,400      $ 353,485,900        4,703,996      $ 373,197,530        5,010,828        4,038,276      $ 271,412,530      $ 5,474,530      $ 23,501,116   

Intercontinental Exchange, Inc.

     1,163,922        237,253,071        227,022,986        285,683,784        1,269,782        301,548,437        1,346,308        1,087,396        255,527,186        3,154,917        26,928,011   

 

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

 

See accompanying notes to financial statements.

 

7

SPDR S&P 500 ETF Trust

Schedule of Investments (continued)

September 30, 2015

 

 

 

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2015*

 

INDUSTRY   PERCENT OF
NET ASSETS**		  

Pharmaceuticals

             6.01 % 

Oil, Gas & Consumable Fuels

     5.77   

Technology Hardware, Storage & Peripherals

     4.57   

Insurance

     4.20   

Software

     3.97   

Internet Software & Services

     3.87   

IT Services

     3.77   

Diversified Financial Services

     3.70   

Biotechnology

     3.58   

Media

     3.34   

Banks

     2.82   

Health Care Providers & Services

     2.81   

Specialty Retail

     2.69   

Aerospace & Defense

     2.68   

Real Estate Investment Trusts (REITs)

     2.56   

Food & Staples Retailing

     2.44   

Diversified Telecommunication Services

     2.42   

Semiconductors & Semiconductor Equipment

     2.41   

Industrial Conglomerates

     2.33   

Beverages

     2.28   

Capital Markets

     2.14   

Chemicals

     2.10   

Internet & Catalog Retail

     1.90   

Hotels, Restaurants & Leisure

     1.88   

Household Products

     1.81   

Food Products

     1.70   

Health Care Equipment & Supplies

     1.69   

Electric Utilities

     1.68   

Tobacco

     1.57   

Communications Equipment

     1.51   

Multi-Utilities

     1.34   

Machinery

     1.23   

Energy Equipment & Services

     1.11   

Textiles, Apparel & Luxury Goods

     1.00   

Road & Rail

     0.87   

Consumer Finance

     0.76   

Air Freight & Logistics

     0.74   

Multiline Retail

     0.73   

Automobiles

     0.64   

Airlines

     0.63   

Electrical Equipment

     0.56   

Commercial Services & Supplies

     0.46   

Household Durables

             0.44   

Life Sciences Tools & Services

     0.44   

Auto Components

     0.39   

Electronic Equipment, Instruments & Components

     0.38   

Metals & Mining

     0.26   

 

INDUSTRY   PERCENT OF
NET ASSETS**		  

Professional Services

     0.23 % 

Containers & Packaging

     0.21   

Trading Companies & Distributors

     0.17   

Construction Materials

     0.13   

Health Care Technology

     0.11   

Personal Products

             0.11   

Construction & Engineering

     0.10   

Paper & Forest Products

     0.09   

Leisure Products

     0.09   

Building Products

     0.09   

Gas Utilities

     0.08   

Distributors

     0.07   

Independent Power & Renewable Electricity Producers

     0.07   

Diversified Consumer Services

     0.06   

Thrifts & Mortgage Finance

     0.06   

Real Estate Management & Development

     0.05   

Other Assets & Liabilities

     0.10   

 

  

TOTAL

     100.00 % 

 

  

 

* SPDR S&P 500 ETF Trust’s industry breakdown is expressed as a percentage of net assets and may change over time.

 

** Each security is valued based on Level 1 inputs. (Note 2)

REIT = Real Estate Investment Trust

 

 

See accompanying notes to financial statements.

 

8

SPDR S&P 500 ETF Trust

Statement of Assets and Liabilities

September 30, 2015

 

 

 

ASSETS

  

Investments in unaffiliated issuers, at value

    $ 165,994,119,819   

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

      526,939,716   
  

 

 

  

Total investments

      166,521,059,535   

Cash

      932,164,435   

Dividends receivable — unaffiliated issuers net of withholding tax

      195,965,737   

Dividends receivable — affiliated issuers

      1,388,613   
  

 

 

  

Total Assets

      167,650,578,320   
  

 

 

  

LIABILITIES

   

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

      180,998   

Income distribution payable

      919,630,875   

Accrued Trustee expense (Note 3)

      5,640,042   

Accrued marketing expense (Note 3)

      16,965,194   

Accrued expenses and other liabilities

      24,260,319   
  

 

 

  

Total Liabilities

      966,677,428   
  

 

 

  

NET ASSETS

    $ 166,683,900,892   
  

 

 

  

NET ASSETS CONSIST OF:

   

Paid in Capital (Note 4)

    $ 193,671,312,074   

Distribution in excess of net investment income

      (919,630,875 ) 

Accumulated net realized loss on investments

      (5,323,354,476 ) 

Net unrealized depreciation on investments

      (20,744,425,831 ) 
  

 

 

  

NET ASSETS

    $ 166,683,900,892   
  

 

 

  

NET ASSET VALUE PER UNIT

    $ 191.77   
  

 

 

  

UNITS OUTSTANDING, UNLIMITED UNITS AUTHORIZED

      869,182,116   
  

 

 

  

COST OF INVESTMENTS:

   

Unaffiliated issuers

    $ 186,709,316,445   

Affiliates of the Trustee and the Sponsor (Note 3)

      556,168,921   
  

 

 

  

Total Cost of Investments

    $ 187,265,485,366   
  

 

 

  

 

See accompanying notes to financial statements.

 

9

SPDR S&P 500 ETF Trust

Statements of Operations

 

 

 

     For the Year Ended
September 30, 2015		     For the Year Ended
September 30, 2014		     For the Year Ended
September 30, 2013		  

INVESTMENT INCOME

  

    

Dividend income — unaffiliated issuers

    $ 4,005,208,734      $ 3,282,246,167      $ 2,928,179,277   

Dividend income — affiliates of the Trustee and the Sponsor

      8,629,447        7,737,949        7,182,288   

Foreign taxes withheld

      (400,124 )      (55,714 )      (2,155,873 ) 
  

 

 

    

 

 

    

 

 

  

Total Investment Income

      4,013,438,057        3,289,928,402        2,933,205,692   

EXPENSES

       

Trustee expense (Note 3)

      105,581,093        94,051,423        74,263,542   

S&P license fee (Note 3)

      55,780,384        49,409,863        39,725,196   

Marketing expense (Note 3)

      36,786,924        32,539,910        26,083,464   

Legal and audit services

      558,523        31,642        475,897   

Other expenses

      3,771,679        2,594,912        3,081,480   
  

 

 

    

 

 

    

 

 

  

Total Expenses

      202,478,603        178,627,750        143,629,579   

Trustee expense waiver

      (28,513,292 )      (24,863,548 )      (20,385,210 ) 
  

 

 

    

 

 

    

 

 

  

Net Expenses

      173,965,311        153,764,202        123,244,369   
  

 

 

    

 

 

    

 

 

  

NET INVESTMENT INCOME

      3,839,472,746        3,136,164,200        2,809,961,323   
  

 

 

    

 

 

    

 

 

  

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

       

Net realized gain (loss) on:

       

Investment transactions — unaffiliated issuers

      20,747,712,041        19,553,859,588        16,411,092,129   

Investment transactions — affiliates of the Trustee and the Sponsor

      50,429,127        71,893,864        75,913,401   

Net change in unrealized appreciation (depreciation) on:

       

Investment transactions — unaffiliated issuers

      (25,396,805,455 )      4,246,483,070        2,965,943,531   

Investment transactions — affiliates of the Trustee and the Sponsor

      (34,779,514 )      (15,568,822 )      65,931,190   
  

 

 

    

 

 

    

 

 

  

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

      (4,633,443,801 )      23,856,667,700        19,518,880,251   
  

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

    $ (793,971,055 )    $ 26,992,831,900      $ 22,328,841,574   
  

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

 

10

SPDR S&P 500 ETF Trust

Statements of Changes in Net Assets

 

 

 

     For the Year Ended
September 30, 2015		     For the Year Ended
September 30, 2014		     For the Year Ended
September 30, 2013		  

INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS:

       

Net investment income

    $ 3,839,472,746      $ 3,136,164,200      $ 2,809,961,323   

Net realized gain (loss) on investment transactions

      20,798,141,168        19,625,753,452        16,487,005,530   

Net change in unrealized appreciation (depreciation) on investment transactions

      (25,431,584,969 )      4,230,914,248        3,031,874,721   
  

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

      (793,971,055 )      26,992,831,900        22,328,841,574   
  

 

 

    

 

 

    

 

 

  

NET EQUALIZATION CREDITS AND CHARGES

      69,539,438        62,384,940        69,879,138   
  

 

 

    

 

 

    

 

 

  

DISTRIBUTIONS TO UNITHOLDERS FROM NET INVESTMENT INCOME

      (3,768,615,848 )      (3,236,399,773 )      (2,898,906,428 ) 
  

 

 

    

 

 

    

 

 

  

INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:

       

Proceeds from issuance of Units

      515,823,857,164        384,831,248,199        421,569,465,638   

Cost of Units redeemed

      (524,519,686,326 )      (373,296,420,608 )      (414,539,883,142 ) 

Net income equalization (Note 2)

      (69,539,438 )      (62,384,940 )      (69,879,138 ) 
  

 

 

    

 

 

    

 

 

  

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

      (8,765,368,600 )      11,472,442,651        6,959,703,358   
  

 

 

    

 

 

    

 

 

  

Contribution by Trustee (Note 3)

      26,920,521        —        —   
  

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE) IN NET ASSETS DURING THE YEAR

      (13,231,495,544 )      35,291,259,718        26,459,517,642   

NET ASSETS AT BEGINNING OF YEAR

      179,915,396,436        144,624,136,718        118,164,619,076   
  

 

 

    

 

 

    

 

 

  

NET ASSETS AT END OF YEAR*

    $ 166,683,900,892      $ 179,915,396,436      $ 144,624,136,718   
  

 

 

    

 

 

    

 

 

  

UNIT TRANSACTIONS:

       

Units sold

      2,537,300,000        2,061,700,000        2,724,700,000   

Units redeemed

      (2,581,500,000 )      (2,009,400,000 )      (2,684,200,000 ) 
  

 

 

    

 

 

    

 

 

  

NET INCREASE (DECREASE)

      (44,200,000 )      52,300,000        40,500,000   
  

 

 

    

 

 

    

 

 

  

*INCLUDES DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME

    $ (919,630,875 )    $ (804,394,943 )    $ (704,159,370 ) 
  

 

 

    

 

 

    

 

 

  

 

See accompanying notes to financial statements.

 

11

SPDR S&P 500 ETF Trust

Financial Highlights

Selected data for a Unit outstanding throughout each year

 

 

 

    For the Year
Ended
September 30,
2015		     For the Year
Ended
September 30,
2014		     For the Year
Ended
September 30,
2013		     For the Year
Ended
September 30,
2012		     For the Year
Ended
September 30,
2011		  

Net asset value, beginning of year

   $ 196.98      $ 167.96      $ 144.00      $ 113.12      $ 114.13   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Investment operations:

          

Net investment income (1)

     4.28        3.60        3.36        2.77        2.42   

Net realized and unrealized gain (loss) on investments

     (5.47 )      29.03        23.91        30.80        (1.16 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total from investment operations

     (1.19 )      32.63        27.27        33.57        1.26   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net equalization credits and charges (1)

     0.08        0.07        0.08        0.16        0.19   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Contribution by Trustee

     0.03 (2)      —        —        —        —   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Less distributions from:

          

Net investment income

     (4.13 )      (3.68 )      (3.39 )      (2.85 )      (2.46 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net asset value, end of year

   $ 191.77      $ 196.98      $ 167.96      $ 144.00      $ 113.12   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total return (3)

     (0.64 )%(4)      19.57 %      19.09 %      29.96 %      1.01 % 

Ratios and supplemental data

          

Ratio to average net assets:

          

Net investment income

     2.09 %      1.93 %      2.15 %      2.08 %      1.92 % 

Total expenses (5)

     0.09 %      0.09 %      0.09 %      0.09 %      0.09 % 

Total expenses excluding Trustee earnings credit

     0.11 %      0.11 %      0.11 %      0.11 %      0.11 % 

Total expenses excluding Trustee earnings credit and fee waivers

     0.11 %      0.11 %      0.11 %      0.11 %      0.11 % 

Portfolio turnover rate (6)

     2.77 %      3.54 %      2.99 %      3.80 %      3.72 % 

Net assets, end of year (000’s)

   $ 166,683,901      $ 179,915,396      $ 144,624,137      $ 118,164,619      $ 80,865,260   

 

(1) Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the year.
(2) Contribution paid by the Trustee in the amount of $26,920,521. (See Note 3).
(3) 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. Broker commission charges are not included in this calculation.
(4) Total return would have been lower by 0.01% if the Trustee had not made a contribution. (See Note 3).
(5) Net of expenses waived by the Trustee.
(6) Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions of Units.

 

See accompanying notes to financial statements.

 

12

SPDR S&P 500 ETF Trust

Notes to Financial Statements

September 30, 2015

 

 

 

Note 1 — Organization

 

SPDR S&P 500 ETF Trust (the “Trust”) is a unit investment trust created under the laws of the State of New York and registered under the Investment Company Act of 1940, as amended. The Trust was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the Standard & Poor’s 500® Index (the “S&P 500 Index”). Each unit of fractional undivided interest in the Trust is referred to as a “Unit”. The Trust commenced operations on January 22, 1993 upon the initial issuance of 150,000 Units (equivalent to three “Creation Units” — see Note 4) in exchange for a portfolio of securities assembled to reflect the intended portfolio composition of the Trust.

Under the Amended and Restated Standard Terms and Conditions of the Trust, as amended (the “Trust Agreement”), PDR Services, LLC, as sponsor of the Trust (the “Sponsor”), and State Street Bank and Trust Company, as trustee of the Trust (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.

On November 13, 2013, the Sponsor became an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”), following the acquisition of NYSE Holdings LLC (the parent company of the Sponsor) by ICE. As the parent company, ICE is the publicly-traded entity, trading on the New York Stock Exchange under the symbol “ICE.”

Note 2 — Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its 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 in Financial Accounting Standards Board Accounting Standards Codification 946, Financial Services Investment Companies.

Security Valuation

The Trust’s investments are valued at fair value each day that the Trust’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Trust’s listing exchange 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 policies 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

 

13

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

September 30, 2015

 

 

 

Note 2 — Significant Accounting Policies – (continued)

 

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 and the prices used by the Trust’s underlying index, “S&P 500 Index,” which, in turn, could result in a difference between the Trust’s performance and the performance of the S&P 500 Index.

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

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

 

•  

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

 

•  

Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

 

•  

Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

Changes in valuation techniques may result in transfers in or out of an assigned level within the fair value hierarchy. Transfers between different levels of the fair value hierarchy are recognized at the end of the reporting period. The Trust did not hold any investments valued using Level 2 or Level 3 inputs as of September 30, 2015 and did not have any transfers between levels for the year ended September 30, 2015.

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 daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. 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

 

14

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

September 30, 2015

 

 

 

Note 2 — Significant Accounting Policies – (continued)

 

characterize a portion of their distributions as a return of capital or capital gain. The Trust’s policy is to record all REIT distributions as dividend income initially and re-designate the prior calendar year’s return of capital or capital gain distributions at year end. 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 to its holders of Units (“unitholders”), if any, 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 Trust follows the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring the Trust’s Units, equivalent on a per Unit basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per Unit is unaffected by sales or reacquisitions of the Trust’s Units. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Federal Income Taxes

For U.S. federal income tax purposes, the Trust has qualified as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (a “RIC”), and intends to continue to qualify as a RIC. As a RIC, the Trust will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to its Unitholders, provided that it distributes on a timely basis at least 90% of its “investment company taxable income” determined prior to the deduction for dividends paid by the Trust (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided that the Trust distributes substantially all of its ordinary income and capital gains during each calendar year, the Trust will not be subject to U.S. federal excise tax. Income and capital gain distributions are determined in accordance with tax regulations which may differ from U.S. GAAP. These book-tax differences are primarily due to differing treatments for Equalization, in-kind transactions, REITs and losses deferred due to wash sales.

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. 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 Trust has reviewed its tax positions for the open tax years as of September 30, 2015 and has determined that no provision for income tax is required in the Trust’s financial statements. The Trust’s federal 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 Trust recognizes 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 ending September 30, 2015.

 

15

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

September 30, 2015

 

 

 

Note 2 — Significant Accounting Policies – (continued)

 

No income tax returns are currently under examination. The Trustee has analyzed the relevant tax laws and regulations and their application to the Trust’s facts and circumstances and does not believe there are any uncertain tax positions that require recognition of any tax liabilities. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Trust’s investments may change over time based on factors including, but not limited to, new tax laws, regulations and interpretations thereof.

During the year ended September 30, 2015, the Trust reclassified $20,994,772,151 of non-taxable security gains realized from the in-kind redemption of Creation Units (Note 4) as an increase to paid in capital in the Statement of Assets and Liabilities.

At September 30, 2015, the Trust had the following capital loss carryforwards that may be utilized to offset any net realized gains, expiring September 30:

 

2016

    $ 917,820,735   

2017

      2,553,965,847   

2018

      188,539,023   

Non-Expiring – Short Term

      225,974,901   

Non-Expiring – Long Term

      1,431,208,137   

During the tax year ended September 30, 2015, the Trust utilized capital loss carryforwards of $0 and had $1,056,971,322 of capital loss carryforwards expire.

At September 30, 2015, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax Cost   

Gross Unrealized
Appreciation

    Gross Unrealized
Depreciation		    Net Unrealized
Depreciation
$187,271,331,198    $2,173,839,582    $22,924,111,245    $(20,750,271,663)

The tax character of distributions paid during the years ended September 30, 2015, 2014 and 2013 were as follows:

 

Distributions paid from:

    2015      2014      2013  

Ordinary Income

    $ 3,768,615,848       $ 3,236,399,773       $ 2,898,906,428   

As of September 30, 2015, the components of distributable earnings (excluding unrealized appreciation/(depreciation)) were undistributed ordinary income of $0 and undistributed capital gain of $0.

Note 3 — Transactions with the Trustee and Sponsor

In accordance with the Trust Agreement, the Trustee 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 is also 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

 

16

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

September 30, 2015

 

 

 

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

 

weighting structure of the S&P 500 Index. For these services, the Trustee received a fee at the following annual rates for the year ended September 30, 2015:

 

Net asset value of the Trust

   

Fee as a percentage of net asset value of the Trust

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

The adjustment amount (the “Adjustment Amount”) is the sum of (a) the excess or deficiency of transaction fees received by the Trustee, less the expenses incurred in processing orders for the creation and redemption of Units and (b) the amounts earned by the Trustee with respect to the cash held by the Trustee for the benefit of the Trust. During the year ended September 30, 2015, the Adjustment Amount reduced the Trustee’s fee by $5,379,678. The Adjustment Amount included an excess of net transaction fees from processing orders of $4,617,041 and a Trustee earnings credit of $762,637.

The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2016, so that the total operating expenses would not exceed 0.0945% per annum of the daily Net Asset Value (“NAV”) of the Trust. The total amount of such waivers by the Trustee for the years ended September 30, 2015, September 30, 2014 and September 30, 2013 are identified in the Statements of Operations. 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 Securities and Exchange Commission, dated December 30, 1997, the Sponsor is reimbursed by the Trust for certain expenses up to a maximum of 0.20% of the Trust’s net asset value on an annualized basis. The expenses reimbursed to the Sponsor for the years ended October 31, 2015, 2014 and 2013 did not exceed 0.20% per annum.

S&P Dow Jones Indices LLC (“S&P”), per a license from Standard & Poor’s Financial Services LLC, and State Street Global Markets, LLC (“SSGM” or the “Marketing Agent”) have entered into a license agreement (the “License Agreement”). The License Agreement grants SSGM, 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 SSGM 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 December 31, 2017, 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

 

17

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

September 30, 2015

 

 

 

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

 

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 $35,000, 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 value of these investments at September 30, 2015 are listed in the Schedule of Investments.

Contribution from the Trustee

On July 20, 2015, the Trustee made a cash contribution to the Trust in connection with the correction of a class action processing error.

Note 4 — Unitholder Transactions

Units are issued and redeemed by the Trust only in Creation Unit size aggregations of 50,000 Units. Such transactions are only permitted on an in-kind basis, with a separate cash payment that is equivalent to the undistributed net investment income per Unit (income equalization) and a balancing cash component to equate the transaction to the NAV per Unit of the Trust on the transaction date. There is a transaction fee payable to the Trustee in connection with each creation and redemption of Creation Units made through the clearing process (the “Transaction Fee”). The Transaction Fee is non-refundable, regardless of the NAV of the Trust. The Transaction Fee is the lesser of $3,000 or 0.10% (10 basis points) of the value of one Creation Unit at the time of creation per participating party per day, regardless of the number of Creation Units created or redeemed on such day. The Transaction Fee is currently $3,000. For creations and redemptions outside the clearing process, including orders from a participating party restricted from engaging in transactions in one or more of the common stocks that are included in the S&P 500 Index, an additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit is charged per Creation Unit per day.

Note 5 — Investment Transactions

For the year ended September 30, 2015, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $203,381,038,879, $212,149,481,404, $6,238,069,055, and $5,052,074,589, respectively. Net realized gain (loss) on investment transactions in the Statements of Operations includes net gains resulting from in-kind transactions of $20,925,560,095.

Note 6 — Market Risk

In the normal course of business, the Trust invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk). Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements.

An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and

 

18

SPDR S&P 500 ETF Trust

Notes to Financial Statements (continued)

September 30, 2015

 

 

 

Note 6 — Market Risk – (continued)

 

perceived trends in stock prices. The value of a Unit will decline, more or less, in correlation with any decline in value of the S&P 500 Index. The values of equity securities could decline generally or could underperform other investments. The Trust would not sell an equity security because the security’s issuer was in financial trouble unless that security was removed from the S&P 500 Index.

Note 7 — Subsequent Events

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

 

19

SPDR S&P 500 ETF Trust

Report of Independent Registered Public Accounting Firm

 

 

 

Report of Independent Registered Public Accounting Firm

To the Trustee and Unitholders of SPDR S&P 500 ETF Trust:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the SPDR S&P 500 ETF Trust at September 30, 2015, the results of its operations, the changes in its net assets, and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Trustee. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2015 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

November 25, 2015

 

20

SPDR S&P 500 ETF Trust

Other Information

September 30, 2015 (Unaudited)

 

 

 

For U.S. federal income tax purposes, the percentage of Trust distributions that qualify for the corporate dividends received deduction for the fiscal year ended September 30, 2015 is 91.69%.

For the fiscal year ended September 30, 2015, certain dividends paid by the Trust may be designated as qualified dividend income for U.S. federal income tax purposes and subject to a maximum U.S. federal income tax rate of 20% in the case of certain non-corporate shareholders that meet applicable holding period requirements with respect to their Units. Complete information will be reported in conjunction with your 2015 Form 1099-DIV.

FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS

Bid/Ask Price (1) vs Net Asset Value

As of September 30, 2015

 

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

2015

      0         0         0         0         0         0   

2014

      0         0         0         0         0         0   

2013

      0         0         0         0         0         0   

2012

      0         0         0         0         0         0   

2011

      0         0         0         0         0         0   

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

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

Cumulative Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500 ETF Trust

       

Return Based on NAV

      -0.64 %      85.73 %      91.32 % 

Return Based on Bid/Ask Price

      -0.70 %      85.68 %      91.22 % 

S&P 500 Index

      -0.61 %      87.02 %      93.05 % 

 

21

SPDR S&P 500 ETF Trust

Other Information (continued)

September 30, 2015 (Unaudited)

 

 

 

Average Annual Total Return

 

     1 Year     5 Year     10 Year  

SPDR S&P 500 ETF Trust

       

Return Based on NAV

      -0.64 %      13.18 %      6.70 % 

Return Based on Bid/Ask Price

      -0.70 %      13.18 %      6.70 % 

S&P 500 Index

      -0.61 %      13.34 %      6.80 % 

 

(1) Currently, 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. Through November 28, 2008, the bid/ask price was the midpoint of the best bid and best offer prices on NYSE Alternext US (formerly the American Stock Exchange and now NYSE MKT) at the close of trading, 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 Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Distributor

ALPS Distributors, Inc.

1290 Broadway Suite 1100

Denver, CO 80203

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

101 Seaport Boulevard, Suite 500

Boston, MA 02210

 

SPDRAR

IBG-17343