Annual Report
September 30, 2023
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
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, 2023, with a 12-month total return of 21.45% based on net asset value (“NAV”), as compared to the Index return of 21.62%.
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.




SPDR S&P 500® ETF Trust
Schedule of Investments
September 30, 2023

Common Stocks Shares Value
3M Co.

6,216,996 $ 582,035,166
A O Smith Corp.

1,400,677 92,626,770
Abbott Laboratories

19,509,480 1,889,493,138
AbbVie, Inc.

19,842,798 2,957,767,470
Accenture PLC Class A

7,091,528 2,177,879,164
Activision Blizzard, Inc.

8,023,871 751,275,042
Adobe, Inc. (a)

5,124,204 2,612,831,620
Advanced Micro Devices, Inc. (a)

18,165,814 1,867,808,995
AES Corp.

7,525,626 114,389,515
Aflac, Inc.

6,077,315 466,433,926
Agilent Technologies, Inc.

3,329,699 372,326,942
Air Products & Chemicals, Inc.

2,495,158 707,127,777
Airbnb, Inc. Class A (a)

4,792,993 657,646,570
Akamai Technologies, Inc. (a)

1,715,669 182,787,375
Alaska Air Group, Inc. (a)

1,390,480 51,558,998
Albemarle Corp.

1,317,826 224,083,133
Alexandria Real Estate Equities, Inc. REIT

1,750,937 175,268,794
Align Technology, Inc. (a)

802,034 244,877,021
Allegion PLC

995,731 103,755,170
Alliant Energy Corp.

2,828,801 137,055,408
Allstate Corp.

2,940,440 327,594,420
Alphabet, Inc. Class A (a)

66,689,982 8,727,051,045
Alphabet, Inc. Class C (a)

56,737,704 7,480,866,272
Altria Group, Inc.

19,950,478 838,917,600
Amazon.com, Inc. (a)

102,059,546 12,973,809,488
Amcor PLC

16,542,440 151,528,750
Ameren Corp.

2,908,576 217,648,742
American Airlines Group, Inc. (a)

7,330,973 93,909,764
American Electric Power Co., Inc.

5,779,867 434,761,596
American Express Co.

6,540,778 975,818,670
American International Group, Inc.

8,003,228 484,995,617
American Tower Corp. REIT

5,237,460 861,300,297
American Water Works Co., Inc.

2,174,505 269,268,954
Common Stocks Shares Value
Ameriprise Financial, Inc.

1,153,770 $ 380,374,894
AMETEK, Inc.

2,587,630 382,348,209
Amgen, Inc.

6,015,990 1,616,857,472
Amphenol Corp. Class A

6,694,575 562,277,354
Analog Devices, Inc.

5,637,002 986,982,680
ANSYS, Inc. (a)

975,915 290,383,508
Aon PLC Class A

2,280,854 739,498,484
APA Corp.

3,479,087 142,990,476
Apple, Inc.

165,192,563 28,282,618,711
Applied Materials, Inc.

9,440,529 1,307,041,240
Aptiv PLC (a)

3,179,515 313,468,384
Arch Capital Group Ltd. (a)

4,161,346 331,700,890
Archer-Daniels-Midland Co.

6,027,134 454,566,446
Arista Networks, Inc. (a)

2,819,063 518,510,258
Arthur J Gallagher & Co.

2,416,361 550,761,163
Assurant, Inc.

597,166 85,741,094
AT&T, Inc.

80,309,898 1,206,254,668
Atmos Energy Corp.

1,668,898 176,786,365
Autodesk, Inc. (a)

2,402,703 497,143,278
Automatic Data Processing, Inc.

4,631,704 1,114,295,348
AutoZone, Inc. (a)

204,188 518,635,478
AvalonBay Communities, Inc. REIT

1,573,882 270,298,495
Avery Dennison Corp.

906,003 165,499,568
Axon Enterprise, Inc. (a)

791,820 157,564,262
Baker Hughes Co.

11,265,321 397,891,138
Ball Corp.

3,523,057 175,377,777
Bank of America Corp.

77,721,248 2,128,007,770
Bank of New York Mellon Corp.

8,755,210 373,409,706
Bath & Body Works, Inc.

2,556,249 86,401,216
Baxter International, Inc.

5,686,172 214,596,131
Becton Dickinson & Co.

3,261,273 843,136,909
Berkshire Hathaway, Inc. Class B (a)

20,502,126 7,181,894,738
Best Buy Co., Inc.

2,183,119 151,661,277
Biogen, Inc. (a)

1,624,717 417,568,516
Bio-Rad Laboratories, Inc. Class A (a)

234,719 84,135,026
Bio-Techne Corp.

1,772,211 120,634,403
 
See accompanying notes to financial statements.
1


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
September 30, 2023

Common Stocks Shares Value
BlackRock, Inc.

1,577,590 $ 1,019,896,159
Blackstone, Inc.

7,979,182 854,889,559
Boeing Co. (a)

6,378,970 1,222,720,970
Booking Holdings, Inc. (a)

401,137 1,237,086,451
BorgWarner, Inc.

2,672,316 107,881,397
Boston Properties, Inc. REIT

1,578,121 93,866,637
Boston Scientific Corp. (a)

16,460,885 869,134,728
Bristol-Myers Squibb Co.

23,486,112 1,363,133,940
Broadcom, Inc.

4,639,325 3,853,330,558
Broadridge Financial Solutions, Inc.

1,323,557 236,982,881
Brown & Brown, Inc.

2,648,357 184,961,253
Brown-Forman Corp. Class B

2,028,982 117,051,972
Bunge Ltd.

1,691,739 183,130,747
Cadence Design Systems, Inc. (a)

3,055,756 715,963,631
Caesars Entertainment, Inc. (a)

2,383,285 110,465,260
Camden Property Trust REIT

1,200,159 113,511,038
Campbell Soup Co.

2,211,800 90,860,744
Capital One Financial Corp.

4,287,612 416,112,745
Cardinal Health, Inc.

2,862,058 248,483,876
CarMax, Inc. (a)

1,778,581 125,799,034
Carnival Corp. (a)

11,291,595 154,920,683
Carrier Global Corp.

9,434,511 520,785,007
Catalent, Inc. (a)

2,028,840 92,373,085
Caterpillar, Inc.

5,734,983 1,565,650,359
Cboe Global Markets, Inc.

1,184,329 185,004,033
CBRE Group, Inc. Class A (a)

3,483,212 257,270,038
CDW Corp.

1,507,152 304,082,988
Celanese Corp.

1,117,184 140,228,936
Cencora, Inc.

1,874,154 337,291,495
Centene Corp. (a)

6,087,497 419,306,793
CenterPoint Energy, Inc.

7,092,699 190,438,968
Common Stocks Shares Value
Ceridian HCM Holding, Inc. (a)

1,717,286 $ 116,517,855
CF Industries Holdings, Inc.

2,169,254 185,991,838
CH Robinson Worldwide, Inc.

1,308,719 112,719,967
Charles River Laboratories International, Inc. (a)

572,850 112,267,143
Charles Schwab Corp.

16,717,006 917,763,629
Charter Communications, Inc. Class A (a)

1,144,463 503,357,717
Chevron Corp.

19,946,705 3,363,413,397
Chipotle Mexican Grill, Inc. (a)

309,988 567,845,318
Chubb Ltd.

4,617,507 961,272,607
Church & Dwight Co., Inc.

2,747,772 251,778,348
Cigna Group

3,327,465 951,887,913
Cincinnati Financial Corp.

1,763,263 180,364,172
Cintas Corp.

972,728 467,891,895
Cisco Systems, Inc.

45,812,345 2,462,871,667
Citigroup, Inc.

21,649,194 890,431,349
Citizens Financial Group, Inc.

5,309,751 142,301,327
Clorox Co.

1,391,984 182,433,423
CME Group, Inc.

4,046,539 810,198,039
CMS Energy Corp.

3,281,059 174,257,043
Coca-Cola Co.

43,753,746 2,449,334,701
Cognizant Technology Solutions Corp. Class A

5,677,655 384,604,350
Colgate-Palmolive Co.

9,293,625 660,869,674
Comcast Corp. Class A

46,269,490 2,051,589,187
Comerica, Inc.

1,475,288 61,298,216
Conagra Brands, Inc.

5,333,936 146,256,525
ConocoPhillips

13,462,462 1,612,802,948
Consolidated Edison, Inc.

3,877,639 331,654,464
Constellation Brands, Inc. Class A

1,813,502 455,787,458
Constellation Energy Corp.

3,615,295 394,356,379
 
See accompanying notes to financial statements.
2


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
September 30, 2023

Common Stocks Shares Value
Cooper Cos., Inc.

555,785 $ 176,745,188
Copart, Inc. (a)

9,769,027 420,947,373
Corning, Inc.

8,577,253 261,348,899
Corteva, Inc.

7,979,326 408,222,318
CoStar Group, Inc. (a)

4,575,055 351,775,979
Costco Wholesale Corp.

4,981,740 2,814,483,830
Coterra Energy, Inc.

8,543,460 231,100,593
Crown Castle, Inc. REIT

4,870,707 448,251,165
CSX Corp.

22,555,693 693,587,560
Cummins, Inc.

1,591,890 363,683,189
CVS Health Corp.

14,439,654 1,008,176,642
Danaher Corp.

7,387,807 1,832,914,917
Darden Restaurants, Inc.

1,358,980 194,633,116
DaVita, Inc. (a)

605,379 57,226,477
Deere & Co.

3,065,384 1,156,814,614
Delta Air Lines, Inc.

7,224,628 267,311,236
DENTSPLY SIRONA, Inc.

2,379,826 81,294,856
Devon Energy Corp.

7,201,767 343,524,286
Dexcom, Inc. (a)

4,345,210 405,408,093
Diamondback Energy, Inc.

2,010,148 311,331,722
Digital Realty Trust, Inc. REIT

3,403,167 411,851,270
Discover Financial Services

2,810,140 243,442,428
Dollar General Corp.

2,471,243 261,457,509
Dollar Tree, Inc. (a)

2,342,273 249,334,961
Dominion Energy, Inc.

9,388,275 419,374,244
Domino's Pizza, Inc.

394,551 149,451,973
Dover Corp.

1,578,074 220,157,104
Dow, Inc.

7,915,072 408,101,112
DR Horton, Inc.

3,422,914 367,860,568
DTE Energy Co.

2,324,997 230,825,702
Duke Energy Corp.

8,662,498 764,552,073
DuPont de Nemours, Inc.

5,161,514 384,997,329
DXC Technology Co. (a)

2,306,602 48,046,520
Eastman Chemical Co.

1,348,721 103,473,875
Eaton Corp. PLC

4,480,750 955,654,360
eBay, Inc.

5,982,444 263,765,956
Ecolab, Inc.

2,852,021 483,132,357
Edison International

4,295,958 271,891,182
Common Stocks Shares Value
Edwards Lifesciences Corp. (a)

6,838,212 $ 473,751,327
Electronic Arts, Inc.

2,771,784 333,722,794
Elevance Health, Inc.

2,649,114 1,153,477,218
Eli Lilly & Co.

8,964,572 4,815,140,558
Emerson Electric Co.

6,437,092 621,629,974
Enphase Energy, Inc. (a)

1,531,252 183,979,928
Entergy Corp.

2,385,161 220,627,392
EOG Resources, Inc.

6,545,784 829,743,580
EPAM Systems, Inc. (a)

642,914 164,386,681
EQT Corp.

4,091,423 166,029,945
Equifax, Inc.

1,377,330 252,299,309
Equinix, Inc. REIT

1,052,027 764,045,129
Equity Residential REIT

3,838,386 225,351,642
Essex Property Trust, Inc. REIT

721,103 152,938,735
Estee Lauder Cos., Inc. Class A

2,610,247 377,311,204
Etsy, Inc. (a)

1,382,866 89,305,486
Everest Group Ltd.

483,827 179,823,981
Evergy, Inc.

2,586,316 131,126,221
Eversource Energy

3,924,281 228,196,940
Exelon Corp.

11,196,230 423,105,532
Expedia Group, Inc. (a)

1,549,656 159,723,044
Expeditors International of Washington, Inc.

1,662,673 190,592,206
Extra Space Storage, Inc. REIT

2,381,121 289,496,691
Exxon Mobil Corp.

45,004,743 5,291,657,682
F5, Inc. (a)

666,495 107,399,004
FactSet Research Systems, Inc.

431,146 188,522,900
Fair Isaac Corp. (a)

279,515 242,767,163
Fastenal Co.

6,431,505 351,417,433
Federal Realty Investment Trust REIT

822,850 74,574,896
FedEx Corp.

2,601,545 689,201,301
Fidelity National Information Services, Inc.

6,674,463 368,897,570
Fifth Third Bancorp

7,654,753 193,894,893
First Solar, Inc. (a)

1,201,315 194,120,491
FirstEnergy Corp.

5,801,402 198,291,920
 
See accompanying notes to financial statements.
3


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
September 30, 2023

Common Stocks Shares Value
Fiserv, Inc. (a)

6,853,194 $ 774,136,794
FleetCor Technologies, Inc. (a)

829,726 211,862,237
FMC Corp.

1,411,772 94,546,371
Ford Motor Co.

44,259,791 549,706,604
Fortinet, Inc. (a)

7,293,253 427,968,086
Fortive Corp.

3,956,972 293,449,044
Fox Corp. Class A

2,852,050 88,983,960
Fox Corp. Class B

1,482,925 42,826,874
Franklin Resources, Inc.

3,212,912 78,973,377
Freeport-McMoRan, Inc.

16,103,467 600,498,284
Garmin Ltd.

1,729,222 181,914,154
Gartner, Inc. (a)

886,815 304,718,502
GE HealthCare Technologies, Inc.

4,406,824 299,840,305
Gen Digital, Inc.

6,325,986 111,843,432
Generac Holdings, Inc. (a)

700,986 76,379,435
General Dynamics Corp.

2,535,909 560,359,812
General Electric Co.

12,235,692 1,352,655,751
General Mills, Inc.

6,578,803 420,977,604
General Motors Co.

15,468,226 509,987,411
Genuine Parts Co.

1,578,595 227,917,546
Gilead Sciences, Inc.

14,008,058 1,049,763,867
Global Payments, Inc.

2,923,078 337,293,970
Globe Life, Inc.

977,757 106,311,519
Goldman Sachs Group, Inc.

3,706,214 1,199,219,664
Halliburton Co.

10,101,523 409,111,681
Hartford Financial Services Group, Inc.

3,438,183 243,801,557
Hasbro, Inc.

1,429,871 94,571,668
HCA Healthcare, Inc.

2,262,879 556,622,976
Healthpeak Properties, Inc. REIT

6,160,217 113,101,584
Henry Schein, Inc. (a)

1,468,210 109,014,593
Hershey Co.

1,684,668 337,068,373
Hess Corp.

3,106,636 475,315,308
Hewlett Packard Enterprise Co.

14,505,852 251,966,649
Hilton Worldwide Holdings, Inc.

2,939,752 441,491,955
Hologic, Inc. (a)

2,753,850 191,117,190
Common Stocks Shares Value
Home Depot, Inc.

11,302,855 $ 3,415,270,667
Honeywell International, Inc.

7,464,470 1,378,986,188
Hormel Foods Corp.

3,244,431 123,385,711
Host Hotels & Resorts, Inc. REIT

8,055,080 129,445,136
Howmet Aerospace, Inc.

4,402,528 203,616,920
HP, Inc.

9,738,049 250,267,859
Humana, Inc.

1,393,155 677,797,771
Huntington Bancshares, Inc.

16,090,965 167,346,036
Huntington Ingalls Industries, Inc.

445,902 91,222,631
IDEX Corp.

844,007 175,570,336
IDEXX Laboratories, Inc. (a)

933,280 408,095,346
Illinois Tool Works, Inc.

3,093,813 712,536,072
Illumina, Inc. (a)

1,769,530 242,921,078
Incyte Corp. (a)

2,089,125 120,688,751
Ingersoll Rand, Inc.

4,561,676 290,669,995
Insulet Corp. (a)

784,159 125,065,519
Intel Corp.

47,052,295 1,672,709,087
Intercontinental Exchange, Inc. (b)

6,433,366 707,798,927
International Business Machines Corp.

10,243,481 1,437,160,384
International Flavors & Fragrances, Inc.

2,868,041 195,514,355
International Paper Co.

3,912,397 138,772,722
Interpublic Group of Cos., Inc.

4,370,220 125,250,505
Intuit, Inc.

3,148,248 1,608,565,833
Intuitive Surgical, Inc. (a)

3,948,019 1,153,966,474
Invesco Ltd.

5,096,415 73,999,946
Invitation Homes, Inc. REIT

6,497,008 205,890,184
IQVIA Holdings, Inc. (a)

2,058,789 405,066,736
Iron Mountain, Inc. REIT

3,275,164 194,708,500
J M Smucker Co.

1,148,024 141,103,630
Jack Henry & Associates, Inc.

819,436 123,849,557
Jacobs Solutions, Inc.

1,415,689 193,241,549
 
See accompanying notes to financial statements.
4


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
September 30, 2023

Common Stocks Shares Value
JB Hunt Transport Services, Inc.

918,090 $ 173,078,327
Johnson & Johnson

27,071,116 4,216,326,317
Johnson Controls International PLC

7,648,100 406,955,401
JPMorgan Chase & Co.

32,670,928 4,737,937,979
Juniper Networks, Inc.

3,609,753 100,315,036
Kellogg Co.

2,963,674 176,368,240
Kenvue, Inc.

19,386,515 389,281,221
Keurig Dr Pepper, Inc.

11,309,929 357,054,459
KeyCorp

10,515,333 113,144,983
Keysight Technologies, Inc. (a)

2,004,936 265,273,082
Kimberly-Clark Corp.

3,802,649 459,550,132
Kimco Realty Corp. REIT

6,874,505 120,922,543
Kinder Morgan, Inc.

21,792,843 361,325,337
KLA Corp.

1,536,905 704,916,847
Kraft Heinz Co.

8,929,058 300,373,511
Kroger Co.

7,331,971 328,105,702
L3Harris Technologies, Inc.

2,126,021 370,182,777
Laboratory Corp. of America Holdings

996,904 200,427,549
Lam Research Corp.

1,498,465 939,192,908
Lamb Weston Holdings, Inc.

1,610,590 148,915,151
Las Vegas Sands Corp.

3,682,776 168,818,452
Leidos Holdings, Inc.

1,529,422 140,951,532
Lennar Corp. Class A

2,838,906 318,610,420
Linde PLC

5,485,503 2,042,527,042
Live Nation Entertainment, Inc. (a)

1,591,995 132,199,265
LKQ Corp.

3,007,845 148,918,406
Lockheed Martin Corp.

2,519,631 1,030,428,294
Loews Corp.

2,078,914 131,616,045
Lowe's Cos., Inc.

6,587,510 1,369,148,078
LyondellBasell Industries NV Class A

2,852,968 270,176,070
M&T Bank Corp.

1,870,136 236,478,697
Marathon Oil Corp.

6,809,162 182,145,084
Marathon Petroleum Corp.

4,495,297 680,318,248
Common Stocks Shares Value
MarketAxess Holdings, Inc.

421,660 $ 90,083,442
Marriott International, Inc. Class A

2,816,397 553,590,994
Marsh & McLennan Cos., Inc.

5,553,289 1,056,790,897
Martin Marietta Materials, Inc.

694,953 285,264,307
Masco Corp.

2,528,406 135,143,301
Mastercard, Inc. Class A

9,353,866 3,703,289,088
Match Group, Inc. (a)

3,149,011 123,362,506
McCormick & Co., Inc.

2,818,852 213,217,965
McDonald's Corp.

8,192,727 2,158,292,001
McKesson Corp.

1,516,498 659,449,155
Medtronic PLC

14,962,834 1,172,487,672
Merck & Co., Inc.

28,526,985 2,936,853,106
Meta Platforms, Inc. Class A (a)

24,986,558 7,501,214,577
MetLife, Inc.

7,101,897 446,780,340
Mettler-Toledo International, Inc. (a)

245,837 272,404,605
MGM Resorts International (a)

3,155,876 116,010,002
Microchip Technology, Inc.

6,119,701 477,642,663
Micron Technology, Inc.

12,294,092 836,367,079
Microsoft Corp.

83,514,381 26,369,665,801
Mid-America Apartment Communities, Inc. REIT

1,301,060 167,381,369
Moderna, Inc. (a)

3,716,505 383,877,801
Mohawk Industries, Inc. (a)

575,653 49,396,784
Molina Healthcare, Inc. (a)

652,100 213,817,069
Molson Coors Beverage Co. Class B

2,104,682 133,836,728
Mondelez International, Inc. Class A

15,294,244 1,061,420,534
Monolithic Power Systems, Inc.

536,907 248,051,034
Monster Beverage Corp. (a)

8,361,120 442,721,304
Moody's Corp.

1,768,729 559,219,048
 
See accompanying notes to financial statements.
5


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
September 30, 2023

Common Stocks Shares Value
Morgan Stanley

14,343,242 $ 1,171,412,574
Mosaic Co.

3,735,799 132,994,444
Motorola Solutions, Inc.

1,877,360 511,092,486
MSCI, Inc.

889,087 456,172,758
Nasdaq, Inc.

3,800,510 184,666,781
NetApp, Inc.

2,369,894 179,827,557
Netflix, Inc. (a)

4,981,717 1,881,096,339
Newmont Corp.

8,942,411 330,422,086
News Corp. Class A

4,282,507 85,907,090
News Corp. Class B

1,298,413 27,097,879
NextEra Energy, Inc.

22,750,894 1,303,398,717
NIKE, Inc. Class B

13,772,372 1,316,914,211
NiSource, Inc.

4,535,733 111,941,890
Nordson Corp.

604,760 134,964,289
Norfolk Southern Corp.

2,552,141 502,593,127
Northern Trust Corp.

2,326,798 161,665,925
Northrop Grumman Corp.

1,599,081 703,899,465
Norwegian Cruise Line Holdings Ltd. (a)

4,649,810 76,628,869
NRG Energy, Inc.

2,575,707 99,216,234
Nucor Corp.

2,796,285 437,199,160
NVIDIA Corp.

27,764,031 12,077,075,845
NVR, Inc. (a)

36,725 219,002,193
NXP Semiconductors NV

2,898,085 579,385,153
Occidental Petroleum Corp.

7,459,108 483,946,927
Old Dominion Freight Line, Inc.

1,007,219 412,093,582
Omnicom Group, Inc.

2,220,933 165,415,090
ON Semiconductor Corp. (a)

4,855,554 451,323,744
ONEOK, Inc.

6,544,317 415,106,027
Oracle Corp.

17,698,306 1,874,604,572
O'Reilly Automotive, Inc. (a)

679,120 617,225,003
Organon & Co.

2,831,036 49,146,785
Otis Worldwide Corp.

4,628,988 371,754,026
PACCAR, Inc.

5,868,435 498,934,301
Packaging Corp. of America

1,013,553 155,631,063
Palo Alto Networks, Inc. (a)

3,438,529 806,128,739
Common Stocks Shares Value
Paramount Global Class B

5,421,339 $ 69,935,273
Parker-Hannifin Corp.

1,444,913 562,822,512
Paychex, Inc.

3,608,208 416,134,629
Paycom Software, Inc.

546,813 141,772,207
PayPal Holdings, Inc. (a)

12,344,418 721,654,676
Pentair PLC

1,840,935 119,200,541
PepsiCo, Inc.

15,475,648 2,622,193,797
Pfizer, Inc.

63,472,759 2,105,391,416
PG&E Corp. (a)

23,510,008 379,216,429
Philip Morris International, Inc.

17,449,169 1,615,444,066
Phillips 66

5,006,108 601,483,876
Pinnacle West Capital Corp.

1,260,105 92,844,536
Pioneer Natural Resources Co.

2,621,253 601,708,626
PNC Financial Services Group, Inc.

4,477,381 549,688,065
Pool Corp.

439,002 156,328,612
PPG Industries, Inc.

2,634,944 342,015,731
PPL Corp.

8,244,393 194,237,899
Principal Financial Group, Inc.

2,499,913 180,168,730
Procter & Gamble Co.

26,501,055 3,865,443,882
Progressive Corp.

6,581,286 916,773,140
Prologis, Inc. REIT

10,383,725 1,165,157,782
Prudential Financial, Inc.

4,080,981 387,244,287
PTC, Inc. (a)

1,336,134 189,303,465
Public Service Enterprise Group, Inc.

5,613,391 319,458,082
Public Storage REIT

1,780,909 469,305,140
PulteGroup, Inc.

2,466,791 182,665,874
Qorvo, Inc. (a)

1,100,620 105,076,191
QUALCOMM, Inc.

12,544,381 1,393,178,954
Quanta Services, Inc.

1,632,244 305,343,885
Quest Diagnostics, Inc.

1,250,669 152,406,524
Ralph Lauren Corp.

461,547 53,580,991
Raymond James Financial, Inc.

2,113,138 212,222,449
Realty Income Corp. REIT

7,968,106 397,927,214
 
See accompanying notes to financial statements.
6


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
September 30, 2023

Common Stocks Shares Value
Regency Centers Corp. REIT

1,847,402 $ 109,809,575
Regeneron Pharmaceuticals, Inc. (a)

1,199,811 987,396,461
Regions Financial Corp.

10,552,247 181,498,648
Republic Services, Inc.

2,302,458 328,123,290
ResMed, Inc.

1,648,242 243,725,545
Revvity, Inc.

1,395,638 154,497,127
Robert Half, Inc.

1,204,018 88,230,439
Rockwell Automation, Inc.

1,287,941 368,183,694
Rollins, Inc.

3,148,338 117,527,458
Roper Technologies, Inc.

1,192,795 577,646,763
Ross Stores, Inc.

3,829,986 432,596,919
Royal Caribbean Cruises Ltd. (a)

2,649,525 244,127,233
RTX Corp.

16,363,079 1,177,650,796
S&P Global, Inc.

3,657,987 1,336,665,030
Salesforce, Inc. (a)

10,949,842 2,220,408,961
SBA Communications Corp. REIT

1,216,053 243,417,329
Schlumberger NV

15,974,819 931,331,948
Seagate Technology Holdings PLC

2,186,821 144,220,845
Sealed Air Corp.

1,622,972 53,330,860
Sempra

7,071,606 481,081,356
ServiceNow, Inc. (a)

2,293,234 1,281,826,077
Sherwin-Williams Co.

2,657,032 677,676,012
Simon Property Group, Inc. REIT

3,683,431 397,921,051
Skyworks Solutions, Inc.

1,796,722 177,138,822
Snap-on, Inc.

598,837 152,739,365
SolarEdge Technologies, Inc. (a)

629,895 81,577,701
Southern Co.

12,245,693 792,541,251
Southwest Airlines Co.

6,679,701 180,819,506
Stanley Black & Decker, Inc.

1,727,424 144,378,098
Starbucks Corp.

12,876,817 1,175,267,088
State Street Corp. (c)

3,581,968 239,848,577
Steel Dynamics, Inc.

1,750,658 187,705,551
STERIS PLC

1,108,911 243,317,252
Common Stocks Shares Value
Stryker Corp.

3,799,056 $ 1,038,168,033
Synchrony Financial

4,701,464 143,723,754
Synopsys, Inc. (a)

1,710,413 785,028,255
Sysco Corp.

5,678,393 375,057,858
T Rowe Price Group, Inc.

2,527,443 265,052,947
Take-Two Interactive Software, Inc. (a)

1,775,356 249,242,229
Tapestry, Inc.

2,605,989 74,922,184
Targa Resources Corp.

2,514,650 215,555,798
Target Corp.

5,177,101 572,432,058
TE Connectivity Ltd.

3,529,569 436,007,659
Teledyne Technologies, Inc. (a)

528,097 215,769,872
Teleflex, Inc.

528,528 103,808,184
Teradyne, Inc.

1,731,617 173,958,244
Tesla, Inc. (a)

31,043,610 7,767,732,094
Texas Instruments, Inc.

10,207,824 1,623,146,094
Textron, Inc.

2,226,827 174,004,262
Thermo Fisher Scientific, Inc.

4,338,668 2,196,103,582
TJX Cos., Inc.

12,919,810 1,148,312,713
T-Mobile U.S., Inc. (a)

5,819,526 815,024,616
Tractor Supply Co.

1,223,361 248,403,451
Trane Technologies PLC

2,567,800 521,032,298
TransDigm Group, Inc. (a)

620,488 523,152,047
Travelers Cos., Inc.

2,573,791 420,325,808
Trimble, Inc. (a)

2,792,976 150,429,687
Truist Financial Corp.

14,924,664 426,994,637
Tyler Technologies, Inc. (a)

468,464 180,892,689
Tyson Foods, Inc. Class A

3,217,361 162,444,557
U.S. Bancorp

17,503,960 578,680,918
UDR, Inc. REIT

3,441,763 122,767,686
Ulta Beauty, Inc. (a)

560,032 223,704,782
Union Pacific Corp.

6,851,422 1,395,155,062
United Airlines Holdings, Inc. (a)

3,676,955 155,535,197
United Parcel Service, Inc. Class B

8,131,173 1,267,405,936
United Rentals, Inc.

767,806 341,343,513
UnitedHealth Group, Inc.

10,413,873 5,250,570,628
 
See accompanying notes to financial statements.
7


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
September 30, 2023

Common Stocks Shares Value
Universal Health Services, Inc. Class B

698,648 $ 87,841,013
Valero Energy Corp.

3,969,972 562,584,732
Ventas, Inc. REIT

4,506,724 189,868,282
VeriSign, Inc. (a)

1,008,520 204,255,556
Verisk Analytics, Inc.

1,633,217 385,831,184
Verizon Communications, Inc.

47,262,573 1,531,779,991
Vertex Pharmaceuticals, Inc. (a)

2,896,310 1,007,162,839
VF Corp.

3,721,776 65,763,782
Viatris, Inc.

13,483,358 132,945,910
VICI Properties, Inc. REIT

11,310,273 329,128,944
Visa, Inc. Class A

18,063,669 4,154,824,507
Vulcan Materials Co.

1,495,102 302,040,506
W R Berkley Corp.

2,286,966 145,199,471
Walgreens Boots Alliance, Inc.

8,073,586 179,556,553
Walmart, Inc.

16,044,630 2,566,017,676
Walt Disney Co. (a)

20,581,807 1,668,155,457
Warner Bros Discovery, Inc. (a)

24,897,641 270,388,381
Waste Management, Inc.

4,143,873 631,692,000
Waters Corp. (a)

664,336 182,167,575
WEC Energy Group, Inc.

3,548,407 285,824,184
Wells Fargo & Co.

41,132,739 1,680,683,716
Welltower, Inc. REIT

5,831,428 477,710,582
West Pharmaceutical Services, Inc.

830,218 311,506,096
Western Digital Corp. (a)

3,597,409 164,149,773
Common Stocks Shares Value
Westinghouse Air Brake Technologies Corp.

2,013,530 $ 213,977,833
Westrock Co.

2,848,527 101,977,267
Weyerhaeuser Co. REIT

8,214,980 251,871,287
Whirlpool Corp.

610,668 81,646,312
Williams Cos., Inc.

13,659,230 460,179,459
Willis Towers Watson PLC

1,178,251 246,207,329
WW Grainger, Inc.

500,070 345,968,429
Wynn Resorts Ltd.

1,088,914 100,626,543
Xcel Energy, Inc.

6,156,201 352,257,821
Xylem, Inc.

2,683,573 244,285,650
Yum! Brands, Inc.

3,150,357 393,605,604
Zebra Technologies Corp. Class A (a)

580,490 137,303,300
Zimmer Biomet Holdings, Inc.

2,348,884 263,591,762
Zions Bancorp NA

1,689,368 58,942,050
Zoetis, Inc.

5,175,128 900,368,769
Total Common Stocks
(Cost $467,601,685,458)
  $403,907,885,747
(a) Non-income producing security.
(b) Affiliate of the 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 September 30, 2023.
Description Level 1 –
Quoted Prices
Level 2 –
Other Significant
Observable Inputs
Level 3 –
Significant
Unobservable Inputs
Total
ASSETS:         
INVESTMENTS:        
Common Stocks $403,907,885,747 $— $— $403,907,885,747
See accompanying notes to financial statements.
8


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
September 30, 2023

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, 2023 and for the year then ended are (Note 3):
  Number of
Shares Held
at 9/30/22
Value at
9/30/22
  Cost of
Purchases*
  Proceeds
from
Shares Sold*
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
Number of
Shares Held
at 9/30/23
Value at
9/30/23
  Dividend
Income
Intercontinental Exchange, Inc.

6,118,547 $552,810,721   $ 761,055,631   $ 728,623,517   $ 8,820,304   $113,735,788 6,433,366 $707,798,927   $10,183,442
State Street Corp.

3,973,516 241,629,508   330,259,532   361,667,316   (11,221,583)   40,848,436 3,581,968 239,848,577   9,812,626
TOTAL

  $794,440,229   $1,091,315,163   $1,090,290,833   $ (2,401,279)   $154,584,224   $947,647,504   $19,996,068
* 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
Portfolio Statistics
September 30, 2023 

INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2023*
INDUSTRY % OF
NET ASSETS
Software

10.2%
Semiconductors & Semiconductor Equipment

7.4
Technology Hardware, Storage & Peripherals

7.2
Interactive Media & Services

5.9
Financial Services

4.4
Oil, Gas & Consumable Fuels

4.3
Pharmaceuticals

4.1
Banks

3.8
Broadline Retail

3.3
Health Care Providers & Services

3.0
Health Care Equipment & Supplies

2.6
Automobiles

2.2
Insurance

2.2
Hotels, Restaurants & Leisure

2.1
Biotechnology

2.1
Specialty Retail

2.1
Capital Markets

2.1
Consumer Staples Distribution & Retail

1.8
Machinery

1.8
Chemicals

1.7
Beverages

1.6
Electric Utilities

1.6
Life Sciences Tools & Services

1.6
Aerospace & Defense

1.5
Household Products

1.3
Entertainment

1.3
IT Services

1.2
Specialized REITs

1.1
Food Products

1.0
Communications Equipment

0.9
Industrial Conglomerates

0.8
Ground Transportation

0.8
Media

0.8
Professional Services

0.7
Multi-Utilities

0.7
Diversified Telecommunication Services

0.7
Tobacco

0.6
Electrical Equipment

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

0.6%
Air Freight & Logistics

0.6
Commercial Services & Supplies

0.5
Building Products

0.4
Consumer Finance

0.4
Energy Equipment & Services

0.4
Metals & Mining

0.4
Textiles, Apparel & Luxury Goods

0.4
Household Durables

0.3
Residential REITs

0.3
Industrial REITs

0.3
Retail REITs

0.3
Trading Companies & Distributors

0.3
Containers & Packaging

0.2
Wireless Telecommunication Services

0.2
Health Care REITs

0.2
Personal Care Products

0.2
Passenger Airlines

0.2
Real Estate Management & Development

0.1
Construction Materials

0.1
Distributors

0.1
Automobile Components

0.1
Construction & Engineering

0.1
Water Utilities

0.1
Office REITs

0.1
Gas Utilities

0.0**
Hotel & Resort REITs

0.0**
Independent Power & Renewable Electricity Producers

0.0**
Leisure Equipment & Products

0.0**
Other Assets in Excess of Liabilities

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


SPDR S&P 500® ETF Trust
Statement of Assets and Liabilities
September 30, 2023 

ASSETS  
Investments in unaffiliated issuers, at value (Note 2)

$402,960,238,243
Investments in affiliates of the Trustee and the Sponsor, at value  

947,647,504
Total Investments

403,907,885,747
Cash

1,370,568,809
Receivable for units of fractional undivided interest (“Units”) issued in-kind

476,593
Dividends receivable — unaffiliated issuers (Note 2)

266,673,391
Dividends receivable — affiliated issuers (Note 2)

2,501,872
Receivable for foreign taxes recoverable

547,276
Total Assets

405,548,653,688
LIABILITIES  
Accrued Trustee expense (Note 3)

35,273,956
Accrued marketing expense (Note 3)

34,796,254
Distribution payable

1,458,624,445
Accrued expenses and other liabilities

52,379,536
Total Liabilities

1,581,074,191
NET ASSETS

$403,967,579,497
NET ASSETS CONSIST OF:  
Paid-in Capital (Note 4)

$487,707,477,985
Total distributable earnings (loss)

(83,739,898,488)
NET ASSETS

$403,967,579,497
NET ASSET VALUE PER UNIT

$ 427.31
UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

945,382,116
COST OF INVESTMENTS:  
Unaffiliated issuers

$466,442,977,884
Affiliates of the Trustee and the Sponsor (Note 3)

1,158,707,574
Total Cost of Investments

$467,601,685,458
See accompanying notes to financial statements.
11


SPDR S&P 500® ETF Trust
Statements of Operations

  Year Ended
9/30/23
  Year Ended
9/30/22
  Year Ended
9/30/21
INVESTMENT INCOME          
Dividend income — unaffiliated issuers (Note 2)

$ 6,311,737,018   $ 5,814,040,700   $ 5,063,477,430
Dividend income — affiliates of the Trustee and the Sponsor

19,996,068   18,096,796   15,321,426
Foreign taxes withheld

(1,679,078)   (1,312,601)   (484,053)
Total Investment Income

6,330,054,008   5,830,824,895   5,078,314,803
EXPENSES          
Trustee expense (Note 3)

175,093,321   223,329,603   203,372,449
S&P license fee (Note 3)

115,509,122   117,918,485   105,207,778
Marketing expense (Note 3)

65,729,666   25,359,401   15,493,874
Legal and audit fees

588,706   441,522   616,921
Other expenses

5,042,924   2,504,225   4,823,485
Total Expenses

361,963,739   369,553,236   329,514,507
NET INVESTMENT INCOME (LOSS)

5,968,090,269   5,461,271,659   4,748,800,296
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers

(3,915,717,181)   (2,352,742,735)   (3,076,057,194)
Investments — affiliates of the Trustee and the Sponsor

(17,957,675)     (6,071,948)
In-kind redemptions — unaffiliated issuers

24,760,750,943   50,130,219,174   72,888,738,765
In-kind redemptions — affiliated issuers

15,556,396   87,262,145   114,827,869
Net realized gain (loss)

20,842,632,483   47,864,738,584   69,921,437,492
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers

44,789,048,168   (113,100,095,302)   11,150,654,602
Investments — affiliates of the Trustee and the Sponsor

154,584,224   (331,704,873)   69,456,986
Net change in unrealized appreciation/depreciation

44,943,632,392   (113,431,800,175)   11,220,111,588
NET REALIZED AND UNREALIZED GAIN (LOSS)

65,786,264,875   (65,567,061,591)   81,141,549,080
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$71,754,355,144   $ (60,105,789,932)   $85,890,349,376
See accompanying notes to financial statements.
12


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

  Year Ended
9/30/23
  Year Ended
9/30/22
  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:          
Net investment income (loss)

$ 5,968,090,269   $ 5,461,271,659   $ 4,748,800,296
Net realized gain (loss)

20,842,632,483   47,864,738,584   69,921,437,492
Net change in unrealized appreciation/depreciation

44,943,632,392   (113,431,800,175)   11,220,111,588
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

71,754,355,144   (60,105,789,932)   85,890,349,376
NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

(13,333,359)   49,404,768   14,211,571
DISTRIBUTIONS TO UNITHOLDERS

(6,037,265,137)   (5,672,206,879)   (4,958,580,733)
INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:          
Proceeds from issuance of Units

656,633,347,164   752,047,231,926   653,742,584,343
Cost of Units redeemed

(648,847,861,480)   (740,656,771,588)   (643,775,317,843)
Net income equalization (Note 2)

13,333,359   (49,404,768)   (14,211,571)
NET INCREASE (DECREASE) IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS

7,798,819,043   11,341,055,570   9,953,054,929
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD

73,502,575,691   (54,387,536,473)   90,899,035,143
NET ASSETS AT BEGINNING OF PERIOD

330,465,003,806   384,852,540,279   293,953,505,136
NET ASSETS AT END OF PERIOD

$ 403,967,579,497   $ 330,465,003,806   $ 384,852,540,279
UNIT TRANSACTIONS:          
Units sold

1,598,300,000   1,757,900,000   1,652,950,000
Units redeemed

(1,577,850,000)   (1,729,600,000)   (1,633,250,000)
NET INCREASE (DECREASE)

20,450,000   28,300,000   19,700,000
See accompanying notes to financial statements.
13


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

  Year Ended
9/30/23
  Year Ended
9/30/22
  Year Ended
9/30/21
  Year Ended
9/30/20
  Year Ended
9/30/19
Net asset value, beginning of period

$ 357.29   $ 429.22   $ 335.21   $ 296.82   $ 290.60
Income (loss) from investment operations:                  
Net investment income (loss) (a)

6.41   5.98   5.44   5.59   5.71
Net realized and unrealized gain (loss)

70.13   (71.78)   94.21   38.51   6.05
Total from investment operations

76.54   (65.80)   99.65   44.10   11.76
Net equalization credits and charges (a)

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

(6.51)   (6.18)   (5.66)   (5.68)