0001193125-25-130577.txt : 20250529 0001193125-25-130577.hdr.sgml : 20250529 20250529154930 ACCESSION NUMBER: 0001193125-25-130577 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20250331 FILED AS OF DATE: 20250529 DATE AS OF CHANGE: 20250529 EFFECTIVENESS DATE: 20250529 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPDR S&P 500 ETF TRUST CENTRAL INDEX KEY: 0000884394 ORGANIZATION NAME: EIN: 000000000 STATE OF INCORPORATION: NY FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-06125 FILM NUMBER: 251002917 BUSINESS ADDRESS: STREET 1: 11 WALL STREET STREET 2: PDR SERVICES LLC C/O NYSE EURONEXT CITY: NEW YORK STATE: NY ZIP: 10005 BUSINESS PHONE: 212-656-4440 MAIL ADDRESS: STREET 1: 11 WALL STREET STREET 2: PDR SERVICES LLC C/O NYSE EURONEXT CITY: NEW YORK STATE: NY ZIP: 10005 FORMER COMPANY: FORMER CONFORMED NAME: SPDR TRUST SERIES 1 DATE OF NAME CHANGE: 19920929 N-30D 1 d931023dn30d.htm SPDR S&P 500 ETF TRUST SPDR S&P 500 ETF TRUST
Semi-Annual Report
March 31, 2025
SPDR® S&P 500® ETF Trust
A Unit Investment Trust
“Standard & Poor’s®”, “S&P®”, “S&P 500®”, “Standard & Poor’s 500®”, “500®”, “Standard & Poor’s Depositary Receipts®”, “SPDR®” and “SPDRs®” are trademarks of Standard & Poor’s Financial Services LLC and have been licensed for use by S&P Dow Jones Indices LLC (“S&P”) and sublicensed for use by State Street Global Advisors Funds Distributors, LLC. SPDR® S&P 500® ETF Trust is permitted to use these trademarks pursuant to a sublicense from State Street Global Advisors Funds Distributors, LLC. SPDR® S&P 500® ETF Trust is not sponsored, endorsed, sold or promoted by S&P, its affiliates or its third party licensors.


SPDR S&P 500® ETF Trust
Schedule of Investments 
March 31, 2025 (Unaudited)

Common Stocks Shares Value
3M Co.

6,499,379 $ 954,498,800
A.O. Smith Corp.

1,427,069 93,273,230
Abbott Laboratories

20,767,331 2,754,786,457
AbbVie, Inc.

21,134,385 4,428,076,345
Accenture PLC Class A

7,481,662 2,334,577,810
Adobe, Inc. (a)

5,211,342 1,998,705,997
Advanced Micro Devices, Inc. (a)

19,399,933 1,993,149,116
AES Corp.

8,536,534 106,023,752
Aflac, Inc.

5,925,488 658,855,011
Agilent Technologies, Inc.

3,415,266 399,517,817
Air Products & Chemicals, Inc.

2,662,130 785,115,380
Airbnb, Inc. Class A (a)

5,185,537 619,464,250
Akamai Technologies, Inc. (a)

1,799,535 144,862,568
Albemarle Corp.

1,411,106 101,627,854
Alexandria Real Estate Equities, Inc. REIT

1,844,084 170,596,211
Align Technology, Inc. (a)

837,644 133,068,126
Allegion PLC

1,041,323 135,850,999
Alliant Energy Corp.

3,079,817 198,186,224
Allstate Corp.

3,171,840 656,792,909
Alphabet, Inc. Class A

69,830,539 10,798,594,551
Alphabet, Inc. Class C

56,595,054 8,841,845,286
Altria Group, Inc.

20,280,058 1,217,209,081
Amazon.com, Inc. (a)

112,916,236 21,483,443,061
Amcor PLC

17,355,678 168,350,077
Ameren Corp.

3,230,970 324,389,388
American Electric Power Co., Inc.

6,379,332 697,069,608
American Express Co.

6,644,280 1,787,643,534
American International Group, Inc.

7,103,049 617,539,080
American Tower Corp. REIT

5,594,904 1,217,451,110
American Water Works Co., Inc.

2,334,476 344,381,900
Ameriprise Financial, Inc.

1,151,534 557,469,125
AMETEK, Inc.

2,770,732 476,953,806
Amgen, Inc.

6,433,662 2,004,407,396
Amphenol Corp. Class A

14,498,520 950,957,927
Analog Devices, Inc.

5,941,206 1,198,163,014
Common Stocks Shares Value
ANSYS, Inc. (a)

1,047,634 $ 331,639,019
Aon PLC Class A

2,590,543 1,033,859,806
APA Corp.

4,442,001 93,370,861
Apollo Global Management, Inc.

5,354,340 733,223,320
Apple, Inc.

179,838,861 39,947,606,194
Applied Materials, Inc.

9,729,237 1,411,906,873
Aptiv PLC (a)

2,746,822 163,435,909
Arch Capital Group Ltd.

4,488,649 431,718,261
Archer-Daniels-Midland Co.

5,727,508 274,977,659
Arista Networks, Inc. (a)

12,362,694 957,861,531
Arthur J Gallagher & Co.

3,045,194 1,051,322,777
Assurant, Inc.

614,408 128,872,078
AT&T, Inc.

85,944,349 2,430,506,190
Atmos Energy Corp.

1,900,376 293,760,122
Autodesk, Inc. (a)

2,575,505 674,267,209
Automatic Data Processing, Inc.

4,870,941 1,488,218,604
AutoZone, Inc. (a)

200,911 766,029,443
AvalonBay Communities, Inc. REIT

1,701,662 365,210,698
Avery Dennison Corp.

962,431 171,283,845
Axon Enterprise, Inc. (a)

867,672 456,352,088
Baker Hughes Co.

11,853,002 520,939,438
Ball Corp.

3,575,235 186,162,486
Bank of America Corp.

79,269,687 3,307,924,039
Bank of New York Mellon Corp.

8,591,702 720,586,047
Baxter International, Inc.

6,128,155 209,766,746
Becton Dickinson & Co.

3,437,421 787,375,654
Berkshire Hathaway, Inc. Class B (a)

21,943,495 11,686,666,567
Best Buy Co., Inc.

2,340,863 172,310,925
Biogen, Inc. (a)

1,745,393 238,839,578
Bio-Techne Corp.

1,892,205 110,939,979
Blackrock, Inc.

1,742,748 1,649,476,127
Blackstone, Inc.

8,762,442 1,224,814,143
Boeing Co. (a)

8,979,578 1,531,467,028
Booking Holdings, Inc.

396,343 1,825,916,530
Boston Scientific Corp. (a)

17,640,005 1,779,523,704
Bristol-Myers Squibb Co.

24,271,476 1,480,317,321
 
See accompanying notes to financial statements. 
1

SPDR S&P 500® ETF Trust
Schedule of Investments  (continued) 
March 31, 2025 (Unaudited)

Common Stocks Shares Value
Broadcom, Inc.

56,115,245 $ 9,395,375,470
Broadridge Financial Solutions, Inc.

1,401,461 339,798,234
Brown & Brown, Inc.

2,843,512 353,732,893
Brown-Forman Corp. Class B

2,181,598 74,043,436
Builders FirstSource, Inc. (a)

1,378,519 172,232,164
Bunge Global SA

1,598,100 122,126,802
BXP, Inc. REIT

1,744,529 117,214,904
Cadence Design Systems, Inc. (a)

3,285,281 835,545,517
Caesars Entertainment, Inc. (a)

2,545,196 63,629,900
Camden Property Trust REIT

1,280,517 156,607,229
Campbell's Co.

2,352,954 93,929,924
Capital One Financial Corp.

4,565,960 818,676,628
Cardinal Health, Inc.

2,899,019 399,397,848
CarMax, Inc. (a)

1,856,096 144,627,000
Carnival Corp. (a)

12,440,920 242,971,168
Carrier Global Corp.

9,667,635 612,928,059
Caterpillar, Inc.

5,721,543 1,886,964,881
Cboe Global Markets, Inc.

1,250,587 282,995,332
CBRE Group, Inc. Class A (a)

3,538,516 462,767,122
CDW Corp.

1,596,366 255,833,615
Cencora, Inc.

2,066,246 574,602,350
Centene Corp. (a)

5,936,952 360,432,356
CenterPoint Energy, Inc.

7,806,646 282,834,785
CF Industries Holdings, Inc.

2,084,538 162,906,645
CH Robinson Worldwide, Inc.

1,408,051 144,184,422
Charles River Laboratories International, Inc. (a)

612,590 92,207,047
Charles Schwab Corp.

20,409,613 1,597,664,506
Charter Communications, Inc. Class A (a)

1,158,254 426,851,347
Chevron Corp.

20,011,924 3,347,794,766
Common Stocks Shares Value
Chipotle Mexican Grill, Inc. (a)

16,225,786 $ 814,696,715
Chubb Ltd.

4,461,311 1,347,271,309
Church & Dwight Co., Inc.

2,928,037 322,347,593
Cigna Group

3,277,641 1,078,343,889
Cincinnati Financial Corp.

1,867,461 275,861,339
Cintas Corp.

4,102,958 843,280,958
Cisco Systems, Inc.

47,679,950 2,942,329,714
Citigroup, Inc.

22,471,999 1,595,287,209
Citizens Financial Group, Inc.

5,233,181 214,403,426
Clorox Co.

1,482,959 218,365,713
CME Group, Inc.

4,312,702 1,144,116,714
CMS Energy Corp.

3,578,915 268,812,306
Coca-Cola Co.

46,351,931 3,319,725,298
Cognizant Technology Solutions Corp. Class A

5,921,306 452,979,909
Colgate-Palmolive Co.

9,715,434 910,336,166
Comcast Corp. Class A

45,152,101 1,666,112,527
Conagra Brands, Inc.

5,716,872 152,468,976
ConocoPhillips

15,274,107 1,604,086,717
Consolidated Edison, Inc.

4,152,629 459,239,241
Constellation Brands, Inc. Class A

1,860,536 341,445,567
Constellation Energy Corp.

3,744,695 755,042,853
Cooper Cos., Inc. (a)

2,378,607 200,635,500
Copart, Inc. (a)

10,501,543 594,282,318
Corning, Inc.

9,230,518 422,573,114
Corpay, Inc. (a)

833,787 290,758,203
Corteva, Inc.

8,207,164 516,476,831
CoStar Group, Inc. (a)

5,045,110 399,724,065
Costco Wholesale Corp.

5,314,122 5,025,990,305
Coterra Energy, Inc.

8,823,543 255,000,393
Crowdstrike Holdings, Inc. Class A (a)

2,948,692 1,039,649,825
Crown Castle, Inc. REIT

5,206,247 542,647,125
CSX Corp.

23,099,679 679,823,553
Cummins, Inc.

1,643,211 515,048,056
CVS Health Corp.

15,063,315 1,020,539,591
 
See accompanying notes to financial statements. 
2

SPDR S&P 500® ETF Trust
Schedule of Investments  (continued) 
March 31, 2025 (Unaudited)

Common Stocks Shares Value
Danaher Corp.

7,661,888 $ 1,570,687,040
Darden Restaurants, Inc.

1,407,509 292,424,070
DaVita, Inc. (a)

526,662 80,563,486
Dayforce, Inc. (a)

1,888,992 110,184,903
Deckers Outdoor Corp. (a)

1,819,920 203,485,255
Deere & Co.

3,032,252 1,423,187,476
Dell Technologies, Inc. Class C

3,734,809 340,427,840
Delta Air Lines, Inc.

7,679,627 334,831,737
Devon Energy Corp.

7,868,759 294,291,587
Dexcom, Inc. (a)

4,678,662 319,505,828
Diamondback Energy, Inc.

2,238,434 357,880,828
Digital Realty Trust, Inc. REIT

3,788,270 542,821,208
Discover Financial Services

3,007,360 513,356,352
Dollar General Corp.

2,625,227 230,836,210
Dollar Tree, Inc. (a)

2,425,982 182,118,469
Dominion Energy, Inc.

10,062,087 564,181,218
Domino's Pizza, Inc.

413,757 190,100,654
DoorDash, Inc. Class A (a)

4,061,631 742,344,298
Dover Corp.

1,643,302 288,695,295
Dow, Inc.

8,385,052 292,806,016
DR Horton, Inc.

3,395,188 431,630,250
DTE Energy Co.

2,480,750 343,013,302
Duke Energy Corp.

9,289,981 1,133,098,983
DuPont de Nemours, Inc.

4,997,198 373,190,747
Eastman Chemical Co.

1,388,521 122,342,585
Eaton Corp. PLC

4,729,860 1,285,717,844
eBay, Inc.

5,737,947 388,631,150
Ecolab, Inc.

3,018,827 765,333,021
Edison International

4,637,133 273,219,876
Edwards Lifesciences Corp. (a)

7,064,915 512,065,039
Electronic Arts, Inc.

2,839,350 410,342,862
Elevance Health, Inc.

2,777,484 1,208,094,441
Eli Lilly & Co.

9,432,818 7,790,658,714
Emerson Electric Co.

6,750,965 740,175,803
Enphase Energy, Inc. (a)

1,585,809 98,399,448
Entergy Corp.

5,134,540 438,951,825
Common Stocks Shares Value
EOG Resources, Inc.

6,737,260 $ 863,986,222
EPAM Systems, Inc. (a)

679,478 114,723,066
EQT Corp.

7,132,400 381,084,132
Equifax, Inc.

1,485,748 361,868,783
Equinix, Inc. REIT

1,165,303 950,129,801
Equity Residential REIT

4,079,956 292,043,250
Erie Indemnity Co. Class A

299,600 125,547,380
Essex Property Trust, Inc. REIT

771,011 236,368,842
Estee Lauder Cos., Inc. Class A

2,797,484 184,633,944
Everest Group Ltd.

514,918 187,085,157
Evergy, Inc.

2,744,058 189,202,799
Eversource Energy

4,389,311 272,620,106
Exelon Corp.

12,046,448 555,100,324
Expand Energy Corp.

2,517,456 280,243,202
Expedia Group, Inc.

1,471,302 247,325,866
Expeditors International of Washington, Inc.

1,676,755 201,629,789
Extra Space Storage, Inc. REIT

2,539,223 377,049,223
Exxon Mobil Corp.

52,112,568 6,197,747,712
F5, Inc. (a)

690,165 183,770,235
FactSet Research Systems, Inc.

455,124 206,917,575
Fair Isaac Corp. (a)

291,765 538,061,342
Fastenal Co.

6,862,283 532,170,047
Federal Realty Investment Trust REIT

909,834 88,999,962
FedEx Corp.

2,652,818 646,703,972
Fidelity National Information Services, Inc.

6,341,394 473,575,304
Fifth Third Bancorp

8,032,213 314,862,750
First Solar, Inc. (a)

1,282,344 162,126,752
FirstEnergy Corp.

6,127,517 247,674,237
Fiserv, Inc. (a)

6,808,995 1,503,630,366
Ford Motor Co.

46,600,629 467,404,309
Fortinet, Inc. (a)

7,620,198 733,520,259
Fortive Corp.

4,084,600 298,911,028
Fox Corp. Class A

2,608,005 147,613,083
Fox Corp. Class B

1,584,173 83,501,759
 
See accompanying notes to financial statements. 
3

SPDR S&P 500® ETF Trust
Schedule of Investments  (continued) 
March 31, 2025 (Unaudited)

Common Stocks Shares Value
Franklin Resources, Inc.

3,705,149 $ 71,324,118
Freeport-McMoRan, Inc.

17,201,784 651,259,542
Garmin Ltd.

1,840,248 399,573,048
Gartner, Inc. (a)

922,774 387,325,159
GE HealthCare Technologies, Inc.

5,472,622 441,695,322
GE Vernova, Inc.

3,298,693 1,007,024,999
Gen Digital, Inc.

6,503,781 172,610,348
Generac Holdings, Inc. (a)

712,685 90,261,555
General Dynamics Corp.

3,037,828 828,051,156
General Electric Co.

12,848,997 2,571,726,750
General Mills, Inc.

6,599,145 394,562,880
General Motors Co.

11,911,698 560,207,157
Genuine Parts Co.

1,665,363 198,411,348
Gilead Sciences, Inc.

14,929,025 1,672,797,251
Global Payments, Inc.

2,964,230 290,257,402
Globe Life, Inc.

1,005,586 132,455,788
GoDaddy, Inc. Class A (a)

1,681,560 302,916,218
Goldman Sachs Group, Inc.

3,735,772 2,040,814,886
Halliburton Co.

10,392,503 263,657,801
Hartford Insurance Group, Inc.

3,443,005 426,003,009
Hasbro, Inc.

1,573,368 96,746,398
HCA Healthcare, Inc.

2,140,606 739,686,403
Healthpeak Properties, Inc. REIT

8,378,342 169,410,075
Henry Schein, Inc. (a)

1,493,555 102,293,582
Hershey Co.

1,769,702 302,672,133
Hess Corp.

3,311,073 528,877,690
Hewlett Packard Enterprise Co.

15,723,655 242,615,997
Hilton Worldwide Holdings, Inc.

2,880,477 655,452,541
Hologic, Inc. (a)

2,686,293 165,932,319
Home Depot, Inc.

11,895,798 4,359,691,009
Honeywell International, Inc.

7,782,395 1,647,922,141
Hormel Foods Corp.

3,489,243 107,957,178
Host Hotels & Resorts, Inc. REIT

8,373,322 118,984,906
Common Stocks Shares Value
Howmet Aerospace, Inc.

4,848,840 $ 629,040,013
HP, Inc.

11,227,038 310,876,682
Hubbell, Inc.

642,824 212,716,890
Humana, Inc.

1,442,305 381,633,903
Huntington Bancshares, Inc.

17,403,128 261,220,951
Huntington Ingalls Industries, Inc.

470,783 96,058,563
IDEX Corp.

903,871 163,573,535
IDEXX Laboratories, Inc. (a)

980,889 411,924,336
Illinois Tool Works, Inc.

3,197,450 792,999,574
Incyte Corp. (a)

1,919,311 116,214,281
Ingersoll Rand, Inc.

4,827,496 386,344,505
Insulet Corp. (a)

837,696 219,987,347
Intel Corp.

51,837,077 1,177,220,019
Intercontinental Exchange, Inc. (b)

6,877,205 1,186,317,863
International Business Machines Corp.

11,071,216 2,752,968,571
International Flavors & Fragrances, Inc.

3,062,726 237,698,165
International Paper Co.

6,287,759 335,451,943
Interpublic Group of Cos., Inc.

4,462,121 121,191,206
Intuit, Inc.

3,351,193 2,057,598,990
Intuitive Surgical, Inc. (a)

4,266,234 2,112,937,713
Invesco Ltd.

5,403,796 81,975,585
Invitation Homes, Inc. REIT

6,824,462 237,832,501
IQVIA Holdings, Inc. (a)

2,002,913 353,113,562
Iron Mountain, Inc. REIT

3,515,212 302,448,840
J.M. Smucker Co.

1,278,082 151,337,690
Jabil, Inc.

1,311,410 178,443,559
Jack Henry & Associates, Inc.

875,374 159,843,292
Jacobs Solutions, Inc.

1,467,090 177,356,510
JB Hunt Transport Services, Inc.

954,160 141,167,972
Johnson & Johnson

28,823,054 4,780,015,275
Johnson Controls International PLC

7,902,931 633,103,802
JPMorgan Chase & Co.

33,474,070 8,211,189,371
 
See accompanying notes to financial statements. 
4

SPDR S&P 500® ETF Trust
Schedule of Investments  (continued) 
March 31, 2025 (Unaudited)

Common Stocks Shares Value
Juniper Networks, Inc.

3,952,151 $ 143,028,345
Kellanova

3,221,249 265,720,830
Kenvue, Inc.

22,966,421 550,734,776
Keurig Dr. Pepper, Inc.

14,327,823 490,298,103
KeyCorp

11,872,987 189,849,062
Keysight Technologies, Inc. (a)

2,069,870 310,004,430
Kimberly-Clark Corp.

3,970,803 564,727,603
Kimco Realty Corp. REIT

8,041,636 170,804,349
Kinder Morgan, Inc.

23,152,723 660,547,187
KKR & Co., Inc.

8,079,580 934,080,244
KLA Corp.

1,590,903 1,081,495,859
Kraft Heinz Co.

10,443,235 317,787,641
Kroger Co.

7,973,811 539,747,267
L3Harris Technologies, Inc.

2,254,334 471,854,650
Labcorp Holdings, Inc.

1,001,953 233,194,541
Lam Research Corp.

15,367,711 1,117,232,590
Lamb Weston Holdings, Inc.

1,708,109 91,042,210
Las Vegas Sands Corp.

4,113,919 158,920,691
Leidos Holdings, Inc.

1,570,345 211,902,354
Lennar Corp. Class A

2,795,574 320,875,984
Lennox International, Inc.

384,020 215,369,937
Linde PLC

5,701,217 2,654,714,684
Live Nation Entertainment, Inc. (a)

1,880,459 245,550,336
LKQ Corp.

3,113,859 132,463,562
Lockheed Martin Corp.

2,508,057 1,120,374,142
Loews Corp.

2,115,074 194,396,451
Lowe's Cos., Inc.

6,759,729 1,576,571,595
Lululemon Athletica, Inc. (a)

1,341,295 379,666,963
LyondellBasell Industries NV Class A

3,112,331 219,108,102
M&T Bank Corp.

1,987,392 355,246,320
Marathon Petroleum Corp.

3,782,925 551,134,343
MarketAxess Holdings, Inc.

453,148 98,038,570
Marriott International, Inc. Class A

2,739,564 652,564,145
Common Stocks Shares Value
Marsh & McLennan Cos., Inc.

5,877,187 $ 1,434,209,944
Martin Marietta Materials, Inc.

732,098 350,038,017
Masco Corp.

2,537,636 176,467,207
Mastercard, Inc. Class A

9,749,610 5,343,956,233
Match Group, Inc.

3,007,629 93,838,025
McCormick & Co., Inc.

3,011,397 247,868,087
McDonald's Corp.

8,580,438 2,680,271,418
McKesson Corp.

1,500,247 1,009,651,229
Medtronic PLC

15,347,759 1,379,149,624
Merck & Co., Inc.

30,289,463 2,718,782,199
Meta Platforms, Inc. Class A

26,216,631 15,110,217,443
MetLife, Inc.

6,930,810 556,474,735
Mettler-Toledo International, Inc. (a)

250,521 295,842,754
MGM Resorts International (a)

2,711,185 80,359,523
Microchip Technology, Inc.

6,432,575 311,400,956
Micron Technology, Inc.

13,338,410 1,158,974,445
Microsoft Corp.

88,996,843 33,408,524,894
Mid-America Apartment Communities, Inc. REIT

1,395,514 233,860,236
Moderna, Inc. (a)

4,061,547 115,144,857
Mohawk Industries, Inc. (a)

629,099 71,830,524
Molina Healthcare, Inc. (a)

664,306 218,815,753
Molson Coors Beverage Co. Class B

2,061,255 125,468,592
Mondelez International, Inc. Class A

15,485,719 1,050,706,034
Monolithic Power Systems, Inc.

572,522 332,051,310
Monster Beverage Corp. (a)

8,387,816 490,854,992
Moody's Corp.

1,853,221 863,026,487
Morgan Stanley

14,813,621 1,728,305,162
Mosaic Co.

3,781,063 102,126,512
Motorola Solutions, Inc.

2,001,887 876,446,147
 
See accompanying notes to financial statements. 
5

SPDR S&P 500® ETF Trust
Schedule of Investments  (continued) 
March 31, 2025 (Unaudited)

Common Stocks Shares Value
MSCI, Inc.

929,492 $ 525,627,726
Nasdaq, Inc.

4,957,043 376,041,282
NetApp, Inc.

2,434,081 213,809,675
Netflix, Inc. (a)

5,119,569 4,774,151,680
Newmont Corp.

13,637,512 658,419,079
News Corp. Class A

4,543,071 123,662,393
News Corp. Class B

1,347,784 40,932,200
NextEra Energy, Inc.

24,612,190 1,744,758,149
NIKE, Inc. Class B

14,141,465 897,700,198
NiSource, Inc.

5,590,931 224,140,424
Nordson Corp.

650,672 131,253,556
Norfolk Southern Corp.

2,710,008 641,865,395
Northern Trust Corp.

2,346,099 231,442,666
Northrop Grumman Corp.

1,628,946 834,036,641
Norwegian Cruise Line Holdings Ltd. (a)

5,279,889 100,106,695
NRG Energy, Inc.

2,426,441 231,628,058
Nucor Corp.

2,812,707 338,481,160
NVIDIA Corp.

293,185,547 31,775,449,584
NVR, Inc. (a)

35,717 258,747,878
NXP Semiconductors NV

3,044,523 578,642,041
Occidental Petroleum Corp.

8,085,332 399,091,988
Old Dominion Freight Line, Inc.

2,251,198 372,460,709
Omnicom Group, Inc.

2,336,851 193,748,316
ON Semiconductor Corp. (a)

5,044,942 205,278,690
ONEOK, Inc.

7,433,269 737,528,950
Oracle Corp.

19,420,904 2,715,236,588
O'Reilly Automotive, Inc. (a)

688,053 985,690,967
Otis Worldwide Corp.

4,746,941 489,884,311
PACCAR, Inc.

6,275,371 611,032,874
Packaging Corp. of America

1,068,255 211,535,855
Palantir Technologies, Inc. Class A (a)

24,536,390 2,070,871,316
Palo Alto Networks, Inc. (a)

7,926,478 1,352,574,206
Paramount Global Class B

7,140,775 85,403,669
Common Stocks Shares Value
Parker-Hannifin Corp.

1,540,029 $ 936,106,628
Paychex, Inc.

3,836,855 591,949,989
Paycom Software, Inc.

563,658 123,148,000
PayPal Holdings, Inc. (a)

11,842,975 772,754,119
Pentair PLC

1,979,214 173,141,641
PepsiCo, Inc.

16,427,469 2,463,134,702
Pfizer, Inc.

67,825,419 1,718,696,117
PG&E Corp.

26,186,570 449,885,273
Philip Morris International, Inc.

18,616,337 2,954,971,172
Phillips 66 Co.

4,946,985 610,853,708
Pinnacle West Capital Corp.

1,363,527 129,875,947
PNC Financial Services Group, Inc.

4,739,889 833,130,290
Pool Corp.

455,940 145,148,499
PPG Industries, Inc.

2,779,084 303,892,835
PPL Corp.

8,839,808 319,205,467
Principal Financial Group, Inc.

2,520,585 212,661,756
Procter & Gamble Co.

28,071,762 4,783,989,680
Progressive Corp.

7,017,420 1,986,000,034
Prologis, Inc. REIT

11,083,558 1,239,030,949
Prudential Financial, Inc.

4,237,962 473,295,596
PTC, Inc. (a)

1,438,856 222,950,737
Public Service Enterprise Group, Inc.

5,967,990 491,165,577
Public Storage REIT

1,887,673 564,961,652
PulteGroup, Inc.

2,423,749 249,161,397
QUALCOMM, Inc.

13,240,637 2,033,894,250
Quanta Services, Inc.

1,765,120 448,658,202
Quest Diagnostics, Inc.

1,328,883 224,847,004
Ralph Lauren Corp.

481,463 106,278,143
Raymond James Financial, Inc.

2,191,606 304,435,989
Realty Income Corp. REIT

10,467,385 607,213,004
Regency Centers Corp. REIT

1,961,223 144,659,808
Regeneron Pharmaceuticals, Inc.

1,260,937 799,724,074
Regions Financial Corp.

10,887,458 236,584,462
Republic Services, Inc.

2,430,198 588,496,748
 
See accompanying notes to financial statements. 
6

SPDR S&P 500® ETF Trust
Schedule of Investments  (continued) 
March 31, 2025 (Unaudited)

Common Stocks Shares Value
ResMed, Inc.

1,758,488 $ 393,637,539
Revvity, Inc.

1,457,739 154,228,786
Rockwell Automation, Inc.

1,352,409 349,435,437
Rollins, Inc.

3,373,250 182,256,698
Roper Technologies, Inc.

1,284,453 757,287,800
Ross Stores, Inc.

3,949,781 504,742,514
Royal Caribbean Cruises Ltd.

2,962,818 608,681,330
RTX Corp.

15,943,222 2,111,839,186
S&P Global, Inc.

3,771,080 1,916,085,748
Salesforce, Inc.

11,456,962 3,074,590,322
SBA Communications Corp. REIT

1,284,637 282,632,986
Schlumberger NV

16,770,592 701,010,746
Seagate Technology Holdings PLC

2,526,370 214,615,132
Sempra

7,579,813 540,895,456
ServiceNow, Inc. (a)

2,467,583 1,964,541,530
Sherwin-Williams Co.

2,775,544 969,192,209
Simon Property Group, Inc. REIT

3,668,523 609,268,300
Skyworks Solutions, Inc.

1,917,671 123,939,077
Smurfit WestRock PLC

5,924,881 266,975,138
Snap-on, Inc.

628,883 211,939,860
Solventum Corp. (a)

1,658,846 126,138,650
Southern Co.

13,111,181 1,205,573,093
Southwest Airlines Co.

7,095,216 238,257,353
Stanley Black & Decker, Inc.

1,848,730 142,130,362
Starbucks Corp.

13,598,398 1,333,866,860
State Street Corp. (c)

3,453,290 309,173,054
Steel Dynamics, Inc.

1,696,020 212,138,182
STERIS PLC

1,176,165 266,577,797
Stryker Corp.

4,106,063 1,528,481,952
Super Micro Computer, Inc. (a)

6,032,264 206,544,719
Synchrony Financial

4,664,093 246,917,083
Synopsys, Inc. (a)

1,850,471 793,574,488
Sysco Corp.

5,856,675 439,484,892
T. Rowe Price Group, Inc.

2,661,081 244,473,511
Take-Two Interactive Software, Inc. (a)

1,957,340 405,658,715
Common Stocks Shares Value
Tapestry, Inc.

2,478,236 $ 174,492,597
Targa Resources Corp.

2,612,077 523,643,076
Target Corp.

5,485,631 572,480,451
TE Connectivity PLC

3,571,876 504,777,516
Teledyne Technologies, Inc. (a)

558,265 277,854,073
Teradyne, Inc.

1,950,735 161,130,711
Tesla, Inc. (a)

33,500,860 8,682,082,878
Texas Instruments, Inc.

10,898,149 1,958,397,375
Texas Pacific Land Corp.

225,656 298,991,943
Textron, Inc.

2,185,771 157,921,955
Thermo Fisher Scientific, Inc.

4,579,842 2,278,929,379
TJX Cos., Inc.

13,457,890 1,639,171,002
TKO Group Holdings, Inc.

797,191 121,818,757
T-Mobile U.S., Inc.

5,740,736 1,531,111,699
Tractor Supply Co.

6,398,860 352,577,186
Trane Technologies PLC

2,685,023 904,637,949
TransDigm Group, Inc.

671,466 928,832,203
Travelers Cos., Inc.

2,714,362 717,840,175
Trimble, Inc. (a)

2,916,033 191,437,566
Truist Financial Corp.

15,754,047 648,279,034
Tyler Technologies, Inc. (a)

512,314 297,854,236
Tyson Foods, Inc. Class A

3,411,813 217,707,788
U.S. Bancorp

18,664,735 788,025,112
Uber Technologies, Inc. (a)

25,008,797 1,822,140,949
UDR, Inc. REIT

3,603,940 162,789,970
Ulta Beauty, Inc. (a)

555,200 203,503,008
Union Pacific Corp.

7,234,343 1,709,041,190
United Airlines Holdings, Inc. (a)

3,939,505 272,022,820
United Parcel Service, Inc. Class B

8,760,770 963,597,092
United Rentals, Inc.

781,938 490,040,545
UnitedHealth Group, Inc.

11,017,292 5,770,306,685
Universal Health Services, Inc. Class B

703,187 132,128,837
Valero Energy Corp.

3,792,268 500,844,835
Ventas, Inc. REIT

5,233,228 359,836,757
 
See accompanying notes to financial statements. 
7

SPDR S&P 500® ETF Trust
Schedule of Investments  (continued) 
March 31, 2025 (Unaudited)

Common Stocks Shares Value
Veralto Corp.

2,962,426 $ 288,688,414
VeriSign, Inc. (a)

973,930 247,251,609
Verisk Analytics, Inc.

1,691,473 503,416,194
Verizon Communications, Inc.

50,423,293 2,287,200,570
Vertex Pharmaceuticals, Inc. (a)

3,074,188 1,490,427,826
Viatris, Inc.

14,331,394 124,826,442
VICI Properties, Inc. REIT

12,627,355 411,904,320
Visa, Inc. Class A

20,631,350 7,230,462,921
Vistra Corp.

4,075,457 478,621,670
Vulcan Materials Co.

1,581,837 369,042,572
W.R. Berkley Corp.

3,610,080 256,893,293
Walgreens Boots Alliance, Inc.

8,603,287 96,098,716
Walmart, Inc.

51,933,416 4,559,234,591
Walt Disney Co.

21,642,379 2,136,102,807
Warner Bros Discovery, Inc. (a)

26,740,987 286,930,791
Waste Management, Inc.

4,373,727 1,012,561,538
Waters Corp. (a)

711,246 262,143,938
WEC Energy Group, Inc.

3,789,084 412,934,374
Wells Fargo & Co.

39,373,417 2,826,617,606
Welltower, Inc. REIT

7,293,690 1,117,466,245
West Pharmaceutical Services, Inc.

867,422 194,198,437
Western Digital Corp. (a)

4,140,777 167,411,614
Common Stocks Shares Value
Westinghouse Air Brake Technologies Corp.

2,045,417 $ 370,936,373
Weyerhaeuser Co. REIT

8,703,721 254,844,951
Williams Cos., Inc.

14,596,093 872,262,518
Williams-Sonoma, Inc.

1,473,868 233,018,531
Willis Towers Watson PLC

1,194,720 403,755,624
Workday, Inc. Class A (a)

2,561,869 598,273,268
WW Grainger, Inc.

530,886 524,425,117
Wynn Resorts Ltd.

1,072,250 89,532,875
Xcel Energy, Inc.

6,878,803 486,950,464
Xylem, Inc.

2,910,071 347,637,082
Yum! Brands, Inc.

3,342,913 526,040,790
Zebra Technologies Corp. Class A (a)

616,272 174,133,816
Zimmer Biomet Holdings, Inc.

2,384,648 269,894,461
Zoetis, Inc.

5,360,813 882,657,860
Total Common Stocks
(Cost $631,638,907,290)
  $569,299,017,968
(a) Non-income producing security.
(b) Affiliate of PDR Services LLC (the “Sponsor”). See the table below for more information.
(c) Affiliate of State Street Global Advisors Trust Company (the "Trustee"). See the table below for more information.
PLC = Public Limited Company
REIT = Real Estate Investment Trust
 
The following table summarizes the value of the Trust's investments according to the fair value hierarchy as of March 31, 2025.
Description Level 1 –
Quoted Prices
Level 2 –
Other Significant
Observable Inputs
Level 3 –
Significant
Unobservable Inputs
Total
ASSETS:         
INVESTMENTS:        
Common Stocks $569,299,017,968 $— $— $569,299,017,968
See accompanying notes to financial statements. 
8

SPDR S&P 500® ETF Trust
Schedule of Investments  (continued) 
March 31, 2025 (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, 2025 and for the six months then ended are (Note 4):
  Number of
Shares Held
at 9/30/24
Value at
9/30/24
  Cost of
Purchases*
  Proceeds
from
Shares Sold*
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
Number of
Shares Held
at 3/31/25
Value at
3/31/25
  Dividend
Income
Intercontinental Exchange, Inc.

6,951,228 $1,116,645,266   $668,229,160   $682,341,141   $111,190,012   $(27,405,434) 6,877,205 $1,186,317,863   $ 6,752,305
State Street Corp.

3,615,568 319,869,301   204,979,386   219,053,556   7,562,908   (4,184,985) 3,453,290 309,173,054   5,548,827
TOTAL

  $1,436,514,567   $873,208,546   $901,394,697   $118,752,920   $(31,590,419)   $1,495,490,917   $12,301,132
* Purchased and Sold figures include securities received or delivered from processing creations or redemptions of Units.
See accompanying notes to financial statements. 
9

SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2025 (Unaudited)

INDUSTRY BREAKDOWN AS OF MARCH 31, 2025*
INDUSTRY % OF
NET ASSETS
Semiconductors & Semiconductor Equipment

9.9%
Software

9.8
Technology Hardware, Storage & Peripherals

7.3
Interactive Media & Services

6.1
Financial Services

5.0
Broadline Retail

3.8
Banks

3.5
Pharmaceuticals

3.4
Oil, Gas & Consumable Fuels

3.4
Capital Markets

3.2
Health Care Equipment & Supplies

2.5
Insurance

2.4
Health Care Providers & Services

2.4
Hotels, Restaurants & Leisure

2.1
Aerospace & Defense

2.1
Consumer Staples Distribution & Retail

2.0
Specialty Retail

1.9
Biotechnology

1.9
Automobiles

1.7
Electric Utilities

1.6
Machinery

1.6
Entertainment

1.5
Chemicals

1.3
Beverages

1.3
Household Products

1.2
IT Services

1.2
Life Sciences Tools & Services

1.0
Specialized REITs

1.0
Ground Transportation

0.9
Communications Equipment

0.9
Diversified Telecommunication Services

0.8
Tobacco

0.7
Electrical Equipment

0.7
Multi-Utilities

0.7
Professional Services

0.7
Food Products

0.7
Commercial Services & Supplies

0.6
Consumer Finance

0.6
INDUSTRY % OF
NET ASSETS
Electronic Equipment, Instruments & Components

0.6%
Building Products

0.5
Media

0.5
Industrial Conglomerates

0.5
Air Freight & Logistics

0.3
Metals & Mining

0.3
Health Care REITs

0.3
Textiles, Apparel & Luxury Goods

0.3
Household Durables

0.3
Residential REITs

0.3
Retail REITs

0.3
Trading Companies & Distributors

0.3
Wireless Telecommunication Services

0.3
Energy Equipment & Services

0.3
Containers & Packaging

0.2
Industrial REITs

0.2
Real Estate Management & Development

0.2
Airlines

0.2
Personal Care Products

0.1
Construction Materials

0.1
Independent Power and Renewable Electricity Producers

0.1
Distributors

0.1
Construction & Engineering

0.1
Water Utilities

0.1
Gas Utilities

0.1
Auto Components

0.0 **
Hotel & Resort REITs

0.0 **
Office REITs

0.0 **
Leisure Products

0.0 **
Other Assets in Excess of Liabilities

0.0 **
Total 100.0%
* The Trust’s industry breakdown is expressed as a percentage of net assets and may change over time.
** Amount shown represents less than 0.05% of net assets.
See accompanying notes to financial statements. 
10

SPDR S&P 500® ETF Trust
Statement of Assets and Liabilities
March 31, 2025 (Unaudited) 

ASSETS  
Investments in unaffiliated issuers, at value (Note 3)

$567,803,527,051
Investments in affiliates of the Trustee and the Sponsor, at value  

1,495,490,917
Total Investments

569,299,017,968
Cash

1,780,116,389
Dividends receivable — unaffiliated issuers (Note 3)

317,576,607
Receivable for foreign taxes recoverable

617,478
Total Assets

571,397,328,442
LIABILITIES  
Payable for units of fractional undivided interest (“Units”) redeemed in-kind

1,015,414
Accrued Trustee expense (Note 4)

51,784,924
Accrued marketing expense (Note 4)

41,736,318
Distribution payable

1,755,265,039
Accrued expenses and other liabilities

79,243,495
Total Liabilities

1,929,045,190
NET ASSETS

$569,468,283,252
NET ASSETS CONSIST OF:  
Paid-in Capital (Note 5)

$657,627,096,489
Total distributable earnings (loss)

(88,158,813,237)
NET ASSETS

$569,468,283,252
NET ASSET VALUE PER UNIT

$ 559.02
UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

1,018,682,116
COST OF INVESTMENTS:  
Unaffiliated issuers

$630,226,893,116
Affiliates of the Trustee and the Sponsor (Note 4)

1,412,014,174
Total Cost of Investments

$631,638,907,290
See accompanying notes to financial statements. 
11

SPDR S&P 500® ETF Trust
Statements of Operations

  Six Months Ended
3/31/25
(Unaudited)
  Year Ended
9/30/24
  Year Ended
9/30/23
  Year Ended
9/30/22
INVESTMENT INCOME              
Dividend income — unaffiliated issuers (Note 3)

$ 4,125,553,692   $ 7,220,023,318   $ 6,311,737,018   $ 5,814,040,700
Dividend income — affiliates of the Trustee and the Sponsor

12,301,132   19,479,204   19,996,068   18,096,796
Foreign taxes withheld

(956,049)   (1,851,725)   (1,679,078)   (1,312,601)
Total Investment Income

4,136,898,775   7,237,650,797   6,330,054,008   5,830,824,895
EXPENSES              
Trustee expense (Note 4)

149,429,645   231,636,853   175,093,321   223,329,603
S&P license fee (Note 4)

92,607,236   150,726,719   115,509,122   117,918,485
Marketing expense (Note 4)

42,278,369   80,946,186   65,729,666   25,359,401
Registration and filing fees

3,281,119   3,546,000    
Legal and audit fees

204,072   330,925   588,706   441,522
Other expenses

2,969,946   5,707,312   5,042,924   2,504,225
Total Expenses

290,770,387   472,893,995   361,963,739   369,553,236
NET INVESTMENT INCOME (LOSS)

3,846,128,388   6,764,756,802   5,968,090,269   5,461,271,659
REALIZED AND UNREALIZED GAIN (LOSS)              
Net realized gain (loss) on:              
Investments — unaffiliated issuers

(1,815,082,734)   (3,951,898,541)   (3,915,717,181)   (2,352,742,735)
Investments — affiliates of the Trustee and the Sponsor

(1,016,912)   (6,161,327)   (17,957,675)  
In-kind redemptions — unaffiliated issuers

57,823,043,472   74,790,852,885   24,760,750,943   50,130,219,174
In-kind redemptions — affiliated issuers

119,769,832   97,883,398   15,556,396   87,262,145
Net realized gain (loss)

56,126,713,658   70,930,676,415   20,842,632,483   47,864,738,584
Net change in unrealized appreciation/depreciation on:              
Investments — unaffiliated issuers

(72,385,720,257)   73,445,093,833   44,789,048,168   (113,100,095,302)
Investments — affiliates of the Trustee and the Sponsor

(31,590,419)   326,127,232   154,584,224   (331,704,873)
Net change in unrealized appreciation/depreciation

(72,417,310,676)   73,771,221,065   44,943,632,392   (113,431,800,175)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(16,290,597,018)   144,701,897,480   65,786,264,875   (65,567,061,591)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$(12,444,468,630)   $151,466,654,282   $71,754,355,144   $ (60,105,789,932)
See accompanying notes to financial statements. 
12

SPDR S&P 500® ETF Trust
Statements of Changes in Net Assets

  Six Months
Ended
3/31/25
(Unaudited)
  Year Ended
9/30/24
  Year Ended
9/30/23
  Year Ended
9/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 3,846,128,388   $ 6,764,756,802   $ 5,968,090,269   $ 5,461,271,659
Net realized gain (loss)

56,126,713,658   70,930,676,415   20,842,632,483   47,864,738,584
Net change in unrealized appreciation/depreciation

(72,417,310,676)   73,771,221,065   44,943,632,392   (113,431,800,175)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

(12,444,468,630)   151,466,654,282   71,754,355,144   (60,105,789,932)
NET EQUALIZATION CREDITS AND CHARGES (NOTE 3)

(67,722,588)   (64,412,896)   (13,333,359)   49,404,768
DISTRIBUTIONS TO UNITHOLDERS

(3,779,154,663)   (6,848,328,973)   (6,037,265,137)   (5,672,206,879)
INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:              
Proceeds from issuance of Units

524,829,346,649   931,210,511,336   656,633,347,164   752,047,231,926
Cost of Units redeemed

(528,788,332,974)   (890,145,523,272)   (648,847,861,480)   (740,656,771,588)
Net income equalization (Note 3)

67,722,588   64,412,896   13,333,359   (49,404,768)
NET INCREASE (DECREASE) IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS

(3,891,263,737)   41,129,400,960   7,798,819,043   11,341,055,570
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

(20,182,609,618)   185,683,313,373   73,502,575,691   (54,387,536,473)
NET ASSETS AT BEGINNING OF PERIOD

589,650,892,870   403,967,579,497   330,465,003,806   384,852,540,279
NET ASSETS AT END OF PERIOD

$ 569,468,283,252   $ 589,650,892,870   $ 403,967,579,497   $ 330,465,003,806
UNIT TRANSACTIONS:              
Units sold

893,150,000   1,848,950,000   1,598,300,000   1,757,900,000
Units redeemed

(901,650,000)   (1,767,150,000)   (1,577,850,000)   (1,729,600,000)
NET INCREASE (DECREASE)

(8,500,000)   81,800,000   20,450,000   28,300,000
See accompanying notes to financial statements. 
13

SPDR S&P 500® ETF Trust
Financial Highlights
Selected data for a Unit outstanding throughout each period 

  Six Months
Ended
3/31/25
(Unaudited)
  Year Ended
9/30/24
  Year Ended
9/30/23
  Year Ended
9/30/22
  Year Ended
9/30/21
  Year Ended
9/30/20
Net asset value, beginning of period

$ 574.05   $ 427.31   $ 357.29   $ 429.22   $ 335.21   $ 296.82
Income (loss) from investment operations:                      
Net investment income (loss) (a)

3.67   6.83   6.41   5.98   5.44   5.59
Net realized and unrealized gain (loss)

(14.98)   146.99   70.13   (71.78)   94.21   38.51
Total from investment operations

(11.31)   153.82   76.54   (65.80)   99.65   44.10
Net equalization credits and charges (a)

(0.06)   (0.07)   (0.01)   0.05   0.02   (0.03)
Less Distributions from:                      
Net investment income

(3.66)   (7.01)   (6.51)   (6.18)   (5.66)   (5.68)
Net asset value, end of period

$ 559.02   $ 574.05   $ 427.31   $ 357.29   $ 429.22   $ 335.21
Total return (b)

(2.01)%   36.15%   21.45%   (15.53)%   29.79%   14.98%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$569,468,283   $589,650,893   $403,967,579   $330,465,004   $384,852,540   $293,953,505
Ratios to average net assets:                      
Total expenses (excluding Trustee earnings credit and fee waivers)

0.09%(c)   0.09%   0.09%   0.09%   0.09%   0.09%
Total expenses (excluding Trustee earnings credit)

0.09%(c)   0.09%   0.09%   0.09%   0.09%   0.09%
Net expenses (d)

0.09%(c)   0.09%   0.09%   0.09%   0.09%   0.09%
Net investment income (loss)

1.25%(c)   1.35%   1.56%   1.40%   1.36%   1.81%
Portfolio turnover rate (e)

1%   3%   2%   2%   4%   2%

(a) Per Unit numbers have been calculated using the average shares method, which more appropriately presents per Unit data for the period.
(b) 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.
(c) Annualized.
(d) Net of expenses waived by the Trustee.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Units.
See accompanying notes to financial statements. 
14

SPDR S&P 500® ETF Trust
Notes to Financial Statements
March 31, 2025 (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 (“NYSE”)  under the symbol “SPY”, and operates under an exemptive order granted by the U.S. Securities and Exchange Commission (the “SEC”). The Trust was created to provide investors with the opportunity to purchase a security representing a proportionate undivided interest in a portfolio of securities consisting of substantially all of the component common stocks, in substantially the same weighting, which comprise the Standard & Poor’s 500® Index (the “S&P 500® Index”). Each unit of fractional undivided interest in the Trust is referred to as a “Unit”. The Trust commenced operations on January 22, 1993 upon the initial issuance of 150,000 Units (equivalent to three “Creation Units” - see Note 5) 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 (the “Sponsor”) and State Street Global Advisors Trust Company (the “Trustee”) are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, based on experience, the Trustee expects the risk of material loss to be remote.
The Sponsor is an indirect, wholly-owned subsidiary of Intercontinental Exchange, Inc. (“ICE”). ICE is a publicly-traded entity, trading on the NYSE under the symbol “ICE.”
Note 2   Segment Reporting
The Trust has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through the Trust's investments in accordance with its investment objective. The Trust's chief operating decision maker (“CODM”) is the President of the Trustee. The CODM assesses performance based on the Trust's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. The Trust's Total Return is utilized by the CODM to compare results, including the impact of the Trust's costs, to the Trust's competitors and to the Trust's benchmark index.
Note 3   Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trustee (who is responsible for the preparation of the Trust's financial statements) in the preparation of the Trust's financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Trustee to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trust is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
15

SPDR S&P 500® ETF Trust
Notes to Financial Statements  (continued) 
March 31, 2025 (Unaudited)

Note 3  Summary of Significant Accounting Policies  (continued) 
Security Valuation
The Trust’s investments are valued at fair value each day that the NYSE is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Trust are valued pursuant to the policy and procedures developed by the Oversight Committee of the Trustee (the “Committee”). The Committee provides oversight of the valuation of investments for the Trust. 
Valuation techniques used to value the Trust’s equity investments are as follows:
Equity investments (including preferred stocks) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
In the event that prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Trustee.
Fair value pricing could result in a difference between the prices used to calculate the Trust’s net asset value (“NAV”) and the prices used by the Trust’s underlying index, the S&P 500® Index, which in turn could result in a difference between the Trust’s performance and the performance of the S&P 500® Index.
The Trustee values the Trust's assets and liabilities at fair value using a hierarchy that prioritizes the inputs to valuation techniques, giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with the investment.
The three levels of the fair value hierarchy are as follows:
•  Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and
16

SPDR S&P 500® ETF Trust
Notes to Financial Statements  (continued) 
March 31, 2025 (Unaudited)

Note 3  Summary of Significant Accounting Policies  (continued) 
default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on the trade date for financial reporting purposes. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Trust may include a return of capital that is estimated by the Trustee. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. The Trust invests in real estate investment trusts (“REITs”). REITs determine the characterization of their income annually and may characterize a portion of their distributions as a return of capital or capital gain. The Trustee’s policy is to record all REIT distributions as dividend income initially and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or Trustee’s estimates of such re-designations for which actual information has not yet been reported. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method.
Distributions
The Trust declares and distributes dividends from net investment income, if any, to its holders of Units (“Unitholders”), quarterly. Capital gain distributions, if any, are generally declared and paid annually. Additional distributions may be paid by the Trust to avoid imposition of federal income and excise tax on any remaining undistributed net investment income and capital gains. The amount and character of income and gains to be distributed are determined in accordance with federal tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
Equalization
The Trustee follows the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring the Trust's Units, equivalent on a per Unit basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per Unit is unaffected by sales or reacquisitions of the Trust's Units. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
Federal Income Taxes
For U.S. federal income tax purposes, the Trust has qualified as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (a “RIC”), and intends to continue to qualify as a RIC. As a RIC, the Trust will generally not be subject to U.S. federal income tax for any taxable year on income, including net capital gains, that it distributes to its Unitholders, provided that it distributes on
17

SPDR S&P 500® ETF Trust
Notes to Financial Statements  (continued) 
March 31, 2025 (Unaudited)

Note 3  Summary of Significant Accounting Policies  (continued) 
a timely basis at least 90% of its “investment company taxable income” determined prior to the deduction for dividends paid by the Trust (generally, its taxable income other than net capital gain) for such taxable year. In addition, provided that the Trust distributes substantially all of its ordinary income and capital gains during each calendar year, the Trust will not be subject to U.S. federal excise tax. Income and capital gain distributions are determined in accordance with U.S. federal income tax principles, which may differ from U.S. GAAP.
U.S. GAAP requires the evaluation of tax positions taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are more likely than not to be sustained by the applicable tax authority. For U.S. GAAP purposes, the Trust recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities.
The Trustee has reviewed the Trust's tax positions for the open tax years as of September 30, 2024 and has determined that no provision for income tax is required in the Trust’s financial statements. Generally, the Trust’s tax returns for the prior three fiscal years remain subject to examinations by the Trust’s major tax jurisdictions, which include the United States of America, the Commonwealth of Massachusetts and the State of New York. The Trustee has the Trust recognize interest and penalties, if any, related to tax liabilities as income tax expense in the Statements of Operations. There were no such expenses for the year ended September 30, 2024.
No income tax returns are currently under examination. The Trustee has analyzed the relevant tax laws and regulations and their application to the Trust’s facts and circumstances and does not believe there are any uncertain tax positions that require recognition of any tax liabilities. Any potential tax liability is also subject to ongoing interpretation of laws by taxing authorities. The tax treatment of the Trust’s investments may change over time based on factors including, but not limited to, new tax laws, regulations and interpretations thereof.
During the six months ended March 31, 2025, the Trustee reclassified $57,942,813,304 of non-taxable security gains realized from the in-kind redemption of Creation Units (Note 5) as an increase to paid in capital in the Statement of Assets and Liabilities.
At  March 31, 2025, 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

$631,668,690,690   $14,454,358,260   $76,824,030,982   $(62,369,672,722)
18

SPDR S&P 500® ETF Trust
Notes to Financial Statements  (continued) 
March 31, 2025 (Unaudited)

Note 4   Transactions with Affiliates of the Trustee and Sponsor
State Street Bank and Trust Company (“SSBT”), the parent of 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 pays SSBT for such services. The Trustee oversees the services provided by SSBT and is responsible for determining the composition of the portfolio of securities which must be delivered and/or received in exchange for the issuance and/or redemption of Creation Units of the Trust, and for adjusting the composition of the Trust’s portfolio from time to time to conform to changes in the composition and/or weighting structure of the S&P 500® Index. For these services, the Trustee received a fee at the following annual rates for the six months ended March 31, 2025:
Net asset value of the Trust   Fee as a percentage of net asset value of the Trust
$0 – $499,999,999
$500,000,000 – $2,499,999,999
$2,500,000,000 and above
  0.10% per annum plus or minus the Adjustment Amount
0.08% per annum plus or minus the Adjustment Amount
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, 2025, the Adjustment Amount reduced the Trustee’s fee by $35,485,652. The Adjustment Amount included an excess of net transaction fees from processing orders of $3,536,790 and a Trustee earnings credit of $31,948,862.
The Trustee has voluntarily agreed to waive a portion of its fee, as needed, for one year until February 1, 2026, 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, 2025 and the years ended September 30, 2024, 2023 and 2022. The Trustee has not entered into an agreement with the Trust to recapture waived fees in subsequent periods, and the Trustee may discontinue the voluntary waiver.
In accordance with the Trust Agreement and under the terms of an exemptive order issued by the SEC, dated December 30, 1997, the Sponsor is reimbursed by the Trust for certain expenses up to a maximum of 0.20% of the Trust’s NAV on an annualized basis. The expenses reimbursed to the Sponsor for the six months ended March 31, 2025 and the years ended September 30, 2024,  2023 and 2022, did not exceed 0.20% per annum. The licensing and marketing fee disclosed below are subject to both the reimbursement from the Trust to the Sponsor and expense limitation of 0.20% of the Trust’s NAV for the six months ended March 31, 2025 and the years ended September 30, 2024, 2023 and 2022. The Trust reimbursed the Sponsor for $72,457, $384,319, $446,722 and $300,191 of legal fees for the six months ended March 31, 2025, and the years ended September 30, 2024,  2023 and 2022, respectively, which are included in Legal and audit fees on the Statements of Operations.
S&P Dow Jones Indices LLC (“S&P”), per a license from Standard & Poor’s Financial Services LLC, and State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Marketing Agent”) have entered into a license agreement (the “License Agreement”). The License Agreement grants SSGA FD, an affiliate of the Trustee, a license to use the S&P 500® Index and to use certain trade names and trademarks of S&P
19

SPDR S&P 500® ETF Trust
Notes to Financial Statements  (continued) 
March 31, 2025 (Unaudited)

Note 4  Transactions with Affiliates of the Trustee and Sponsor  (continued) 
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”, the principal U.S. listing exchange for the Trust) have each received a sublicense from SSGA FD for the use of the S&P 500® Index and certain trade names and trademarks in connection with their rights and duties with respect to the Trust. The License Agreement may be amended without the consent of any of the owners of beneficial interests of Units. Currently, the License Agreement is scheduled to terminate on November 29, 2031, but its term may be extended without the consent of any of the owners of beneficial interests of Units. Pursuant to such arrangements and in accordance with the Trust Agreement, the Trust reimburses the Sponsor for payment of fees under the License Agreement to S&P equal to 0.03% of the daily size of the Trust (based on Unit closing price and outstanding Units) plus an annual license fee of $600,000.
The Sponsor has entered into an agreement with the Marketing Agent pursuant to which the Marketing Agent has agreed to market and promote the Trust. The Marketing Agent is reimbursed by the Sponsor for the expenses it incurs for providing such services out of amounts that the Trust reimburses the Sponsor. Expenses incurred by the Marketing Agent include, but are not limited to: printing and distribution of marketing materials describing the Trust, associated legal, consulting, advertising and marketing costs and other out-of-pocket expenses.
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, 2025 are listed in the Schedule of Investments.
Note 5   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
20

SPDR S&P 500® ETF Trust
Notes to Financial Statements  (continued) 
March 31, 2025 (Unaudited)

Note 5  Unitholder Transactions  (continued) 
additional amount not to exceed three (3) times the Transaction Fee applicable for one Creation Unit is charged per Creation Unit per day.
Note 6   Investment Transactions
For the six months ended March 31, 2025, the Trust had in-kind contributions, in-kind redemptions, purchases and sales of investment securities of $363,229,567,497, $367,116,772,469, $5,985,430,260, and $6,085,897,973, respectively. Net realized gain (loss) on investment transactions in the Statement of Operations includes net gains resulting from in-kind transactions of $57,942,813,304.
Note 7   Equity Investing and Market Risk
An investment in the Trust involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates, perceived trends in securities prices, war, acts of terrorism, the spread of infectious disease or other public health issues. Local, regional or global events such as war, acts of terrorism, the spread of infectious disease or other public health issues, recessions, or other events could have a significant impact on the Trust and its investments and could result in increased premiums or discounts to the Trust’s net asset value. For example, conflict, loss of life and disaster connected to ongoing armed conflicts between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on their respective regions, including significant adverse effects on the regional or global economies and the markets for certain securities. Russia’s invasion of Ukraine has resulted in sanctions against Russian governmental institutions, Russian entities, and Russian individuals that may result in the devaluation of Russian currency; a downgrade in the country’s credit rating; a freeze of Russian foreign assets; and a decline in the value and liquidity of Russian securities, properties, or interests. These Russian-related sanctions as well as the potential for military escalation and other corresponding events in Europe and the Middle East, and the resulting disruption of the Russian and Israeli economies, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Trust, even if the Trust does not have direct exposure to securities of Russian or Israeli issuers.
An investment in the Trust is subject to the risks of any investment in a broadly based portfolio of equity securities, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of such investment. The value of common stocks actually held by the Trust and that make up the Trust's portfolio (the "Portfolio Securities") may fluctuate in accordance with changes in the financial condition of the issuers of Portfolio Securities, the value of equity securities generally and other factors. The identity and weighting of common stocks that are included in the S&P 500® Index and the Portfolio Securities change from time to time.
The financial condition of issuers of Portfolio Securities may become impaired or the general condition of the stock market may deteriorate, either of which may cause a decrease in the value of the Trust's portfolio and thus in the value of Units. Since the Trust is not actively managed, the adverse financial condition of an
21

SPDR S&P 500® ETF Trust
Notes to Financial Statements  (continued) 
March 31, 2025 (Unaudited)

Note 7  Equity Investing and Market Risk  (continued) 
issuer will not result in its elimination from the Trust’s portfolio unless such issuer is removed from the S&P 500® Index. Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political, economic and banking crises, as well as war, acts of terrorism and the spread of infectious disease or other public health issues.
The impact of infectious disease outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. Public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally. These factors, as well as any restrictive measures instituted in order to prevent or control a pandemic or other public health crisis could have a material and adverse effect on the Trust’s investments.
Holders of common stocks of any given issuer incur more risk than holders of preferred stocks and debt obligations of the issuer because the rights of common stockholders, as owners of the issuer, generally are subordinate to the rights of creditors of, or holders of debt obligations or preferred stocks issued by, such issuer. Further, unlike debt securities that typically have a stated principal amount payable at maturity, or preferred stocks that typically have a liquidation preference and may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Equity securities values are subject to market fluctuations as long as the equity securities remain outstanding. The value of the Trust's portfolio will fluctuate over the entire life of the Trust.
There can be no assurance that the issuers of Portfolio Securities will pay dividends. Distributions generally depend upon the declaration of dividends by the issuers of Portfolio Securities and the declaration of such dividends generally depends upon various factors, including the financial condition of the issuers and general economic conditions.
Note 8   Subsequent Events
The Trustee has evaluated the impact of all subsequent events on the Trust through the date on which the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
22

SPDR S&P 500® ETF Trust
Other Information
March 31, 2025 (Unaudited)

Comparison of Total Returns Based on NAV and Bid/Ask Price(1)
The table below is provided to compare the Trust’s total pre-tax return at NAV with the total pre-tax returns based on bid/ask price and the performance of the S&P 500® Index. Past performance is not necessarily an indication of how the Trust will perform in the future. The return based on NAV shown in the table below reflects the impact of a fee waiver and, without this waiver, returns would have been lower.
Cumulative Total Return
  1 Year   5 Year   10 Year
SPDR S&P 500® ETF Trust          
Return Based on NAV

8.13%   133.03%   220.70%
Return Based on Bid/Ask Price

8.23%   133.04%   220.85%
S&P 500® Index

8.25%   134.57%   224.82%
Average Annual Total Return
  1 Year   5 Year   10 Year
SPDR S&P 500® ETF Trust          
Return Based on NAV

8.13%   18.44%   12.36%
Return Based on Bid/Ask Price

8.23%   18.44%   12.36%
S&P 500® Index

8.25%   18.59%   12.50%
(1) The bid/ask price is the midpoint of the best bid and best offer prices on NYSE Arca at the time the Trust’s NAV is calculated, ordinarily 4:00 p.m.
23

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 1000
Denver, CO 80203
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
101 Seaport Boulevard, Suite 500
Boston, MA 02210
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