Semi-Annual Report
March 31, 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
Schedule of Investments
March 31, 2023 (Unaudited)

Common Stocks Shares Value
3M Co.

5,974,775 $ 628,008,600
A O Smith Corp.

1,382,333 95,588,327
Abbott Laboratories

18,877,102 1,911,495,348
AbbVie, Inc.

19,146,680 3,051,406,392
Accenture PLC Class A

6,818,016 1,948,657,153
Activision Blizzard, Inc.

7,710,638 659,953,506
Adobe, Inc. (a)

4,956,428 1,910,058,658
Advance Auto Parts, Inc.

652,472 79,347,120
Advanced Micro Devices, Inc. (a)

17,456,385 1,710,900,294
AES Corp.

7,231,675 174,138,734
Aflac, Inc.

6,115,529 394,573,931
Agilent Technologies, Inc.

3,199,635 442,637,506
Air Products & Chemicals, Inc.

2,397,477 688,579,369
Akamai Technologies, Inc. (a)

1,710,214 133,909,756
Alaska Air Group, Inc. (a)

1,334,316 55,987,899
Albemarle Corp.

1,266,096 279,857,860
Alexandria Real Estate Equities, Inc. REIT

1,705,252 214,162,599
Align Technology, Inc. (a)

783,967 261,954,733
Allegion PLC

957,303 102,172,949
Alliant Energy Corp.

2,717,729 145,126,729
Allstate Corp.

2,866,579 317,645,619
Alphabet, Inc. Class A (a)

64,483,522 6,688,875,737
Alphabet, Inc. Class C (a)

56,213,704 5,846,225,216
Altria Group, Inc.

19,398,924 865,579,989
Amazon.com, Inc. (a)

96,520,853 9,969,638,906
Amcor PLC

16,203,517 184,396,023
Ameren Corp.

2,794,321 241,401,391
American Airlines Group, Inc. (a)

7,044,237 103,902,496
American Electric Power Co., Inc.

5,553,904 505,349,725
American Express Co.

6,460,433 1,065,648,423
American International Group, Inc.

8,031,127 404,447,556
American Tower Corp. REIT

5,032,928 1,028,428,508
American Water Works Co., Inc.

2,089,210 306,048,373
Common Stocks Shares Value
Ameriprise Financial, Inc.

1,150,104 $ 352,506,876
AmerisourceBergen Corp.

1,750,838 280,326,672
AMETEK, Inc.

2,486,387 361,346,623
Amgen, Inc.

5,781,159 1,397,595,188
Amphenol Corp. Class A

6,432,611 525,672,971
Analog Devices, Inc.

5,487,548 1,082,254,217
ANSYS, Inc. (a)

943,087 313,859,354
Aon PLC Class A

2,236,077 705,012,717
APA Corp.

3,518,026 126,860,018
Apple, Inc.

161,020,782 26,552,326,952
Applied Materials, Inc.

9,127,736 1,121,159,813
Aptiv PLC (a)

2,928,969 328,601,032
Arch Capital Group Ltd. (a)

3,998,146 271,354,169
Archer-Daniels-Midland Co.

5,937,916 473,014,389
Arista Networks, Inc. (a)

2,679,538 449,787,249
Arthur J Gallagher & Co.

2,296,327 439,310,318
Assurant, Inc.

573,947 68,913,816
AT&T, Inc.

77,172,362 1,485,567,968
Atmos Energy Corp.

1,550,011 174,159,236
Autodesk, Inc. (a)

2,337,863 486,649,562
Automatic Data Processing, Inc.

4,486,062 998,731,983
AutoZone, Inc. (a)

203,159 499,395,296
AvalonBay Communities, Inc. REIT

1,512,406 254,174,952
Avery Dennison Corp.

884,631 158,287,025
Baker Hughes Co.

10,823,285 312,360,005
Ball Corp.

3,385,035 186,549,279
Bank of America Corp.

75,564,848 2,161,154,653
Bank of New York Mellon Corp.

7,920,693 359,916,290
Bath & Body Works, Inc.

2,455,987 89,840,004
Baxter International, Inc.

5,463,904 221,615,946
Becton Dickinson & Co.

3,071,539 760,328,764
Berkshire Hathaway, Inc. Class B (a)

19,506,556 6,023,039,296
Best Buy Co., Inc.

2,174,147 170,170,486
Biogen, Inc. (a)

1,561,163 434,050,149
Bio-Rad Laboratories, Inc. Class A (a)

229,293 109,835,933
 
See accompanying notes to financial statements.
1


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2023 (Unaudited)

Common Stocks Shares Value
Bio-Techne Corp.

1,702,745 $ 126,326,652
BlackRock, Inc.

1,624,105 1,086,721,138
Boeing Co. (a)

6,088,285 1,293,334,383
Booking Holdings, Inc. (a)

419,331 1,112,237,738
BorgWarner, Inc.

2,569,281 126,177,390
Boston Properties, Inc. REIT

1,514,825 81,982,329
Boston Scientific Corp. (a)

15,481,936 774,561,258
Bristol-Myers Squibb Co.

23,019,226 1,595,462,554
Broadcom, Inc.

4,524,338 2,902,543,800
Broadridge Financial Solutions, Inc.

1,271,827 186,411,683
Brown & Brown, Inc.

2,544,897 146,127,986
Brown-Forman Corp. Class B

1,948,431 125,225,660
Bunge Ltd.

1,625,658 155,282,852
C.H. Robinson Worldwide, Inc.

1,272,199 126,418,415
Cadence Design Systems, Inc. (a)

2,969,980 623,963,098
Caesars Entertainment, Inc. (a)

2,288,693 111,711,105
Camden Property Trust REIT

1,192,386 125,009,748
Campbell Soup Co.

2,180,029 119,857,994
Capital One Financial Corp.

4,135,030 397,624,485
Cardinal Health, Inc.

2,833,578 213,935,139
CarMax, Inc. (a)

1,738,615 111,758,172
Carnival Corp. (a)

10,849,792 110,125,389
Carrier Global Corp.

9,066,918 414,811,498
Catalent, Inc. (a)

1,949,767 128,119,190
Caterpillar, Inc.

5,634,247 1,289,341,083
Cboe Global Markets, Inc.

1,137,772 152,734,513
CBRE Group, Inc. Class A (a)

3,414,891 248,638,214
CDW Corp.

1,465,803 285,670,347
Celanese Corp.

1,073,754 116,921,073
Centene Corp. (a)

5,962,820 376,909,852
CenterPoint Energy, Inc.

6,815,745 200,791,848
Common Stocks Shares Value
Ceridian HCM Holding, Inc. (a)

1,648,769 $ 120,722,866
CF Industries Holdings, Inc.

2,120,582 153,720,989
Charles River Laboratories International, Inc. (a)

550,851 111,172,749
Charles Schwab Corp.

16,514,013 865,004,001
Charter Communications, Inc. Class A (a)

1,140,366 407,806,285
Chevron Corp.

19,260,084 3,142,475,305
Chipotle Mexican Grill, Inc. (a)

299,064 510,888,041
Chubb Ltd.

4,486,017 871,094,781
Church & Dwight Co., Inc.

2,640,307 233,429,542
Cigna Group

3,233,643 826,292,796
Cincinnati Financial Corp.

1,714,378 192,147,486
Cintas Corp.

935,210 432,702,963
Cisco Systems, Inc.

44,477,032 2,325,036,848
Citigroup, Inc.

20,934,666 981,626,489
Citizens Financial Group, Inc.

5,298,212 160,906,698
Clorox Co.

1,337,298 211,614,036
CME Group, Inc.

3,888,401 744,706,560
CMS Energy Corp.

3,153,379 193,554,403
Coca-Cola Co.

42,137,996 2,613,819,892
Cognizant Technology Solutions Corp. Class A

5,571,781 339,488,616
Colgate-Palmolive Co.

9,042,570 679,549,135
Comcast Corp. Class A

45,543,502 1,726,554,161
Comerica, Inc.

1,417,888 61,564,697
Conagra Brands, Inc.

5,124,060 192,459,694
ConocoPhillips

13,250,249 1,314,557,203
Consolidated Edison, Inc.

3,835,912 366,981,701
Constellation Brands, Inc. Class A

1,753,929 396,195,022
Constellation Energy Corp.

3,534,031 277,421,433
Cooper Cos., Inc.

534,355 199,506,783
Copart, Inc. (a)

4,632,060 348,377,233
 
See accompanying notes to financial statements.
2


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2023 (Unaudited)

Common Stocks Shares Value
Corning, Inc.

8,241,552 $ 290,761,955
Corteva, Inc.

7,733,423 466,402,741
CoStar Group, Inc. (a)

4,396,078 302,669,970
Costco Wholesale Corp.

4,804,107 2,387,016,645
Coterra Energy, Inc.

8,562,672 210,127,971
Crown Castle, Inc. REIT

4,680,216 626,400,109
CSX Corp.

22,725,034 680,387,518
Cummins, Inc.

1,529,814 365,441,968
CVS Health Corp.

13,902,606 1,033,102,652
Danaher Corp.

7,096,538 1,788,611,438
Darden Restaurants, Inc.

1,320,468 204,883,815
DaVita, Inc. (a)

599,973 48,663,810
Deere & Co.

2,927,724 1,208,798,685
Delta Air Lines, Inc. (a)

6,942,501 242,432,135
DENTSPLY SIRONA, Inc.

2,331,625 91,586,230
Devon Energy Corp.

7,052,914 356,947,978
Dexcom, Inc. (a)

4,174,930 485,043,367
Diamondback Energy, Inc.

1,989,665 268,943,018
Digital Realty Trust, Inc. REIT

3,095,282 304,297,173
Discover Financial Services

2,890,681 285,714,910
DISH Network Corp. Class A (a)

2,657,937 24,798,552
Dollar General Corp.

2,420,557 509,430,426
Dollar Tree, Inc. (a)

2,273,837 326,409,301
Dominion Energy, Inc.

9,021,596 504,397,432
Domino's Pizza, Inc.

386,432 127,472,324
Dover Corp.

1,516,737 230,453,020
Dow, Inc.

7,605,996 416,960,701
DR Horton, Inc.

3,382,894 330,474,915
DTE Energy Co.

2,097,632 229,774,609
Duke Energy Corp.

8,323,987 803,015,026
DuPont de Nemours, Inc.

4,959,938 355,974,750
DXC Technology Co. (a)

2,475,132 63,264,374
Eastman Chemical Co.

1,296,733 109,366,461
Eaton Corp. PLC

4,305,778 737,752,003
eBay, Inc.

5,865,330 260,244,692
Ecolab, Inc.

2,682,806 444,084,877
Edison International

4,127,891 291,387,826
Common Stocks Shares Value
Edwards Lifesciences Corp. (a)

6,686,638 $ 553,185,562
Electronic Arts, Inc.

2,845,487 342,738,909
Elevance Health, Inc.

2,585,767 1,188,961,524
Eli Lilly & Co.

8,538,418 2,932,263,510
Emerson Electric Co.

6,185,999 539,047,953
Enphase Energy, Inc. (a)

1,471,564 309,440,478
Entergy Corp.

2,203,092 237,361,132
EOG Resources, Inc.

6,348,487 727,727,065
EPAM Systems, Inc. (a)

617,959 184,769,741
EQT Corp.

3,930,993 125,437,987
Equifax, Inc.

1,323,383 268,435,008
Equinix, Inc. REIT

1,000,272 721,236,123
Equity Residential REIT

3,687,407 221,244,420
Essex Property Trust, Inc. REIT

693,254 144,987,142
Estee Lauder Cos., Inc. Class A

2,508,265 618,186,992
Etsy, Inc. (a)

1,355,032 150,855,713
Everest Re Group Ltd.

425,361 152,287,745
Evergy, Inc.

2,485,073 151,887,662
Eversource Energy

3,770,946 295,114,234
Exelon Corp.

10,758,865 450,688,855
Expedia Group, Inc. (a)

1,608,797 156,101,573
Expeditors International of Washington, Inc.

1,720,151 189,423,028
Extra Space Storage, Inc. REIT

1,449,951 236,240,516
Exxon Mobil Corp.

44,584,205 4,889,103,920
F5, Inc. (a)

640,372 93,295,797
FactSet Research Systems, Inc.

414,149 171,909,108
Fair Isaac Corp. (a)

272,330 191,363,568
Fastenal Co.

6,180,253 333,362,847
Federal Realty Investment Trust REIT

790,334 78,108,709
FedEx Corp.

2,514,063 574,438,255
Fidelity National Information Services, Inc.

6,414,073 348,476,586
Fifth Third Bancorp

7,419,871 197,665,363
First Republic Bank

1,967,378 27,523,618
First Solar, Inc. (a)

1,071,661 233,086,267
 
See accompanying notes to financial statements.
3


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2023 (Unaudited)

Common Stocks Shares Value
FirstEnergy Corp.

5,846,717 $ 234,219,483
Fiserv, Inc. (a)

6,863,238 775,751,791
FleetCor Technologies, Inc. (a)

797,210 168,091,728
FMC Corp.

1,356,828 165,709,404
Ford Motor Co.

42,535,875 535,952,025
Fortinet, Inc. (a)

7,008,031 465,753,740
Fortive Corp.

3,823,134 260,623,045
Fox Corp. Class A

3,303,646 112,489,146
Fox Corp. Class B

1,505,991 47,152,578
Franklin Resources, Inc.

3,087,763 83,184,335
Freeport-McMoRan, Inc.

15,474,848 633,076,032
Garmin Ltd.

1,661,973 167,726,315
Gartner, Inc. (a)

852,082 277,582,753
GE HealthCare, Inc. (a)

3,924,334 321,913,145
Gen Digital, Inc.

6,205,090 106,479,344
Generac Holdings, Inc. (a)

673,214 72,713,844
General Dynamics Corp.

2,436,402 556,011,300
General Electric Co.

11,773,358 1,125,533,025
General Mills, Inc.

6,418,586 548,532,360
General Motors Co.

15,099,228 553,839,683
Genuine Parts Co.

1,528,300 255,699,873
Gilead Sciences, Inc.

13,500,866 1,120,166,852
Global Payments, Inc.

2,848,246 299,749,409
Globe Life, Inc.

974,742 107,241,115
Goldman Sachs Group, Inc.

3,666,238 1,199,263,112
Halliburton Co.

9,815,702 310,568,811
Hartford Financial Services Group, Inc.

3,438,124 239,602,862
Hasbro, Inc.

1,372,658 73,698,008
HCA Healthcare, Inc.

2,291,738 604,285,476
Healthpeak Properties, Inc. REIT

5,919,784 130,057,654
Henry Schein, Inc. (a)

1,465,181 119,470,859
Hershey Co.

1,591,155 404,805,744
Hess Corp.

3,004,182 397,573,446
Hewlett Packard Enterprise Co.

13,940,637 222,074,347
Hilton Worldwide Holdings, Inc.

2,884,804 406,382,339
Hologic, Inc. (a)

2,699,098 217,817,209
Common Stocks Shares Value
Home Depot, Inc.

11,034,350 $ 3,256,457,372
Honeywell International, Inc.

7,233,720 1,382,508,566
Hormel Foods Corp.

3,116,831 124,299,220
Host Hotels & Resorts, Inc. REIT

7,741,367 127,655,142
Howmet Aerospace, Inc.

3,978,253 168,558,580
HP, Inc.

9,357,325 274,637,489
Humana, Inc.

1,353,077 656,864,760
Huntington Bancshares, Inc.

15,454,833 173,094,130
Huntington Ingalls Industries, Inc.

428,166 88,638,925
IDEX Corp.

810,752 187,308,035
IDEXX Laboratories, Inc. (a)

897,130 448,636,770
Illinois Tool Works, Inc.

3,021,359 735,549,849
Illumina, Inc. (a)

1,700,064 395,349,883
Incyte Corp. (a)

2,007,354 145,071,474
Ingersoll Rand, Inc.

4,384,058 255,064,494
Insulet Corp. (a)

753,502 240,336,998
Intel Corp.

44,789,867 1,463,284,955
Intercontinental Exchange, Inc. (b)

6,050,438 631,000,179
International Business Machines Corp.

9,788,685 1,283,198,717
International Flavors & Fragrances, Inc.

2,755,713 253,415,367
International Paper Co.

3,896,560 140,509,954
Interpublic Group of Cos., Inc.

4,200,298 156,419,098
Intuit, Inc.

3,046,716 1,358,317,394
Intuitive Surgical, Inc. (a)

3,793,568 969,142,817
Invesco Ltd.

4,898,412 80,333,957
Invitation Homes, Inc. REIT

6,243,409 194,981,663
IQVIA Holdings, Inc. (a)

2,007,922 399,355,607
Iron Mountain, Inc. REIT

3,147,488 166,533,590
J.B. Hunt Transport Services, Inc.

897,279 157,436,573
J.M. Smucker Co.

1,155,971 181,915,156
Jack Henry & Associates, Inc.

787,659 118,715,964
 
See accompanying notes to financial statements.
4


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2023 (Unaudited)

Common Stocks Shares Value
Jacobs Solutions, Inc.

1,389,631 $ 163,295,539
Johnson & Johnson

28,306,105 4,387,446,275
Johnson Controls International PLC

7,418,050 446,714,971
JPMorgan Chase & Co.

31,756,752 4,138,222,353
Juniper Networks, Inc.

3,467,917 119,365,703
Kellogg Co.

2,766,908 185,272,160
Keurig Dr Pepper Inc.

9,149,859 322,807,026
KeyCorp

10,104,791 126,511,983
Keysight Technologies, Inc. (a)

1,938,702 313,061,599
Kimberly-Clark Corp.

3,654,110 490,454,644
Kimco Realty Corp. REIT

6,602,837 128,953,407
Kinder Morgan, Inc.

21,354,561 373,918,363
KLA Corp.

1,499,284 598,469,194
Kraft Heinz Co.

8,578,585 331,733,882
Kroger Co.

7,042,639 347,695,087
L3Harris Technologies, Inc.

2,059,495 404,155,299
Laboratory Corp. of America Holdings

957,737 219,724,023
Lam Research Corp.

1,460,926 774,466,091
Lamb Weston Holdings, Inc.

1,546,726 161,663,802
Las Vegas Sands Corp. (a)

3,538,413 203,281,827
Leidos Holdings, Inc.

1,469,253 135,259,431
Lennar Corp. Class A

2,746,198 288,652,872
Lincoln National Corp.

1,668,738 37,496,543
Linde PLC

5,390,944 1,916,157,135
Live Nation Entertainment, Inc. (a)

1,529,832 107,088,240
LKQ Corp.

2,743,308 155,710,162
Lockheed Martin Corp.

2,459,957 1,162,895,473
Loews Corp.

2,100,863 121,892,071
Lowe's Cos., Inc.

6,546,958 1,309,195,191
LyondellBasell Industries NV Class A

2,740,898 257,342,913
M&T Bank Corp.

1,832,817 219,149,929
Marathon Oil Corp.

6,864,068 164,463,069
Marathon Petroleum Corp.

4,915,248 662,722,888
Common Stocks Shares Value
MarketAxess Holdings, Inc.

405,402 $ 158,629,749
Marriott International, Inc. Class A

2,908,422 482,914,389
Marsh & McLennan Cos., Inc.

5,361,065 892,885,376
Martin Marietta Materials, Inc.

672,210 238,674,883
Masco Corp.

2,429,380 120,788,774
Mastercard, Inc. Class A

9,134,631 3,319,616,252
Match Group, Inc. (a)

3,026,818 116,199,543
McCormick & Co., Inc.

2,708,912 225,408,568
McDonald's Corp.

7,929,696 2,217,222,299
McKesson Corp.

1,482,591 527,876,526
Medtronic PLC

14,401,376 1,161,038,933
Merck & Co., Inc.

27,449,799 2,920,384,116
Meta Platforms, Inc. Class A (a)

24,097,585 5,107,242,165
MetLife, Inc.

7,123,412 412,730,491
Mettler-Toledo International, Inc. (a)

240,830 368,520,474
MGM Resorts International

3,444,502 153,004,779
Microchip Technology, Inc.

5,931,572 496,947,102
Micron Technology, Inc.

11,813,845 712,847,407
Microsoft Corp.

80,591,530 23,234,538,099
Mid-America Apartment Communities, Inc. REIT

1,250,240 188,836,250
Moderna, Inc. (a)

3,570,588 548,370,905
Mohawk Industries, Inc. (a)

552,915 55,413,141
Molina Healthcare, Inc. (a)

626,235 167,511,600
Molson Coors Beverage Co. Class B

2,022,876 104,542,232
Mondelez International, Inc. Class A

14,763,371 1,029,302,226
Monolithic Power Systems, Inc.

484,473 242,498,115
Monster Beverage Corp. (a)

8,232,528 444,638,837
Moody's Corp.

1,699,263 520,008,463
 
See accompanying notes to financial statements.
5


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2023 (Unaudited)

Common Stocks Shares Value
Morgan Stanley

14,145,045 $ 1,241,934,951
Mosaic Co.

3,679,684 168,823,902
Motorola Solutions, Inc.

1,810,241 517,964,257
MSCI, Inc.

864,396 483,793,797
Nasdaq, Inc.

3,651,184 199,610,229
NetApp, Inc.

2,349,345 150,005,678
Netflix, Inc. (a)

4,821,644 1,665,781,569
Newell Brands, Inc.

4,063,182 50,545,984
Newmont Corp.

8,593,516 421,254,154
News Corp. Class A

4,202,906 72,584,187
News Corp. Class B

1,318,964 22,989,543
NextEra Energy, Inc.

21,514,315 1,658,323,400
NIKE, Inc. Class B

13,486,370 1,653,968,417
NiSource, Inc.

4,355,655 121,784,114
Nordson Corp.

581,112 129,157,953
Norfolk Southern Corp.

2,466,118 522,817,016
Northern Trust Corp.

2,256,543 198,869,135
Northrop Grumman Corp.

1,564,937 722,562,712
Norwegian Cruise Line Holdings Ltd. (a)

4,463,701 60,036,778
NRG Energy, Inc.

2,535,145 86,930,122
Nucor Corp.

2,739,168 423,119,281
NVIDIA Corp.

26,633,530 7,397,995,628
NVR, Inc. (a)

32,537 181,302,346
NXP Semiconductors NV

2,800,731 522,266,313
Occidental Petroleum Corp.

7,859,107 490,644,050
Old Dominion Freight Line, Inc.

979,194 333,748,483
Omnicom Group, Inc.

2,204,596 207,981,587
ON Semiconductor Corp. (a)

4,665,825 384,090,714
ONEOK, Inc.

4,831,254 306,977,879
Oracle Corp.

16,639,100 1,546,105,172
O'Reilly Automotive, Inc. (a)

676,587 574,408,831
Organon & Co.

2,718,474 63,938,508
Otis Worldwide Corp.

4,521,747 381,635,447
PACCAR, Inc.

5,638,777 412,758,440
Packaging Corp. of America

1,014,399 140,829,013
Common Stocks Shares Value
Paramount Global Class B

5,437,705 $ 121,315,199
Parker-Hannifin Corp.

1,388,757 466,775,115
Paychex, Inc.

3,467,059 397,290,291
Paycom Software, Inc. (a)

525,382 159,721,382
PayPal Holdings, Inc. (a)

12,249,027 930,191,110
Pentair PLC

1,768,513 97,745,713
PepsiCo, Inc.

14,911,005 2,718,276,211
PerkinElmer, Inc.

1,367,594 182,245,576
Pfizer, Inc.

60,773,429 2,479,555,903
PG&E Corp. (a)

17,402,858 281,404,214
Philip Morris International, Inc.

16,783,819 1,632,226,398
Phillips 66

5,045,235 511,485,924
Pinnacle West Capital Corp.

1,210,763 95,940,860
Pioneer Natural Resources Co.

2,570,845 525,069,383
PNC Financial Services Group, Inc.

4,359,651 554,111,642
Pool Corp.

422,005 144,511,392
PPG Industries, Inc.

2,531,484 338,155,633
PPL Corp.

7,920,461 220,109,611
Principal Financial Group, Inc.

2,459,362 182,779,784
Procter & Gamble Co.

25,541,588 3,797,778,720
Progressive Corp.

6,324,281 904,751,640
Prologis, Inc. REIT

9,977,927 1,244,945,952
Prudential Financial, Inc.

3,977,512 329,099,343
PTC, Inc. (a)

1,152,335 147,763,917
Public Service Enterprise Group, Inc.

5,394,150 336,864,667
Public Storage REIT

1,711,443 517,095,388
PulteGroup, Inc.

2,491,518 145,205,669
Qorvo, Inc. (a)

1,112,728 113,019,783
QUALCOMM, Inc.

12,095,767 1,543,177,954
Quanta Services, Inc.

1,547,190 257,823,742
Quest Diagnostics, Inc.

1,231,085 174,173,906
Ralph Lauren Corp.

444,017 51,803,463
Raymond James Financial, Inc.

2,087,025 194,656,822
 
See accompanying notes to financial statements.
6


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2023 (Unaudited)

Common Stocks Shares Value
Raytheon Technologies Corp.

15,860,519 $ 1,553,220,626
Realty Income Corp. REIT

6,779,212 429,259,704
Regency Centers Corp. REIT

1,667,400 102,011,532
Regeneron Pharmaceuticals, Inc. (a)

1,163,896 956,338,426
Regions Financial Corp.

10,140,918 188,215,438
Republic Services, Inc.

2,212,471 299,170,329
ResMed, Inc.

1,583,457 346,761,248
Robert Half International, Inc.

1,186,122 95,565,850
Rockwell Automation, Inc.

1,237,697 363,202,185
Rollins, Inc.

2,501,783 93,891,916
Roper Technologies, Inc.

1,146,409 505,210,982
Ross Stores, Inc.

3,765,151 399,595,476
Royal Caribbean Cruises Ltd. (a)

2,358,587 154,015,731
S&P Global, Inc.

3,564,186 1,228,824,407
Salesforce, Inc. (a)

10,826,623 2,162,942,743
SBA Communications Corp. REIT

1,168,928 305,172,033
Schlumberger NV

15,375,890 754,956,199
Seagate Technology Holdings PLC

2,102,265 139,001,762
Sealed Air Corp.

1,600,318 73,470,599
Sempra Energy

3,397,800 513,611,448
ServiceNow, Inc. (a)

2,197,858 1,021,388,570
Sherwin-Williams Co.

2,553,087 573,857,365
Simon Property Group, Inc. REIT

3,539,753 396,346,143
Skyworks Solutions, Inc.

1,726,517 203,694,476
Snap-on, Inc.

575,670 142,127,166
SolarEdge Technologies, Inc. (a)

605,198 183,949,932
Southern Co.

11,767,159 818,758,923
Southwest Airlines Co.

6,418,266 208,850,376
Stanley Black & Decker, Inc.

1,590,062 128,127,196
Starbucks Corp.

12,443,092 1,295,699,170
Common Stocks Shares Value
State Street Corp. (c)

3,778,756 $ 286,014,042
Steel Dynamics, Inc.

1,794,170 202,848,860
STERIS PLC

1,072,410 205,130,585
Stryker Corp.

3,650,268 1,042,042,006
Synchrony Financial

4,731,602 137,594,986
Synopsys, Inc. (a)

1,650,145 637,368,506
Sysco Corp.

5,487,777 423,821,018
T Rowe Price Group, Inc.

2,428,898 274,222,584
Take-Two Interactive Software, Inc. (a)

1,716,661 204,797,657
Tapestry, Inc.

2,604,420 112,276,546
Targa Resources Corp.

2,432,747 177,468,894
Target Corp.

4,974,786 823,973,805
TE Connectivity Ltd.

3,445,402 451,864,472
Teledyne Technologies, Inc. (a)

507,405 226,992,701
Teleflex, Inc.

507,836 128,639,937
Teradyne, Inc.

1,689,200 181,605,892
Tesla, Inc. (a)

29,118,107 6,040,842,478
Texas Instruments, Inc.

9,808,935 1,824,559,999
Textron, Inc.

2,278,893 160,958,213
Thermo Fisher Scientific, Inc.

4,246,163 2,447,360,968
TJX Cos., Inc.

12,548,779 983,322,322
T-Mobile U.S., Inc. (a)

6,412,676 928,811,992
Tractor Supply Co.

1,195,497 280,989,615
Trane Technologies PLC

2,489,192 457,961,544
TransDigm Group, Inc.

561,517 413,866,105
Travelers Cos., Inc.

2,502,071 428,879,990
Trimble, Inc. (a)

2,684,033 140,697,010
Truist Financial Corp.

14,340,573 489,013,539
Tyler Technologies, Inc. (a)

449,989 159,584,099
Tyson Foods, Inc. Class A

3,146,231 186,634,423
U.S. Bancorp

15,083,825 543,771,891
UDR, Inc. REIT

3,307,719 135,814,942
Ulta Beauty, Inc. (a)

553,462 302,007,610
Union Pacific Corp.

6,624,555 1,333,257,939
United Airlines Holdings, Inc. (a)

3,533,021 156,336,179
United Parcel Service, Inc. Class B

7,901,500 1,532,811,985
 
See accompanying notes to financial statements.
7


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2023 (Unaudited)

Common Stocks Shares Value
United Rentals, Inc.

749,007 $ 296,427,010
UnitedHealth Group, Inc.

10,115,812 4,780,631,593
Universal Health Services, Inc. Class B

693,347 88,124,404
Valero Energy Corp.

4,167,428 581,772,949
Ventas, Inc. REIT

4,330,603 187,731,640
VeriSign, Inc. (a)

1,005,366 212,463,997
Verisk Analytics, Inc.

1,690,860 324,408,400
Verizon Communications, Inc.

45,470,657 1,768,353,851
Vertex Pharmaceuticals, Inc. (a)

2,783,414 876,970,249
VF Corp.

3,576,620 81,940,364
Viatris, Inc.

13,129,328 126,304,135
VICI Properties, Inc. REIT

10,866,598 354,468,427
Visa, Inc. Class A

17,592,858 3,966,485,567
Vulcan Materials Co.

1,436,721 246,483,855
W R Berkley Corp.

2,197,376 136,808,630
W.W. Grainger, Inc.

487,698 335,931,259
Walgreens Boots Alliance, Inc.

7,758,939 268,304,111
Walmart, Inc.

15,182,561 2,238,668,619
Walt Disney Co. (a)

19,778,136 1,980,384,758
Warner Bros Discovery, Inc. (a)

23,925,123 361,269,357
Waste Management, Inc.

4,037,316 658,768,852
Waters Corp. (a)

644,871 199,671,408
WEC Energy Group, Inc.

3,409,427 323,179,585
Wells Fargo & Co.

41,254,883 1,542,107,527
Welltower, Inc. REIT

5,107,743 366,174,096
Common Stocks Shares Value
West Pharmaceutical Services, Inc.

801,502 $ 277,696,398
Western Digital Corp. (a)

3,457,170 130,231,594
Westinghouse Air Brake Technologies Corp.

1,959,209 197,997,662
Westrock Co.

2,736,370 83,377,194
Weyerhaeuser Co. REIT

7,999,464 241,023,850
Whirlpool Corp.

586,710 77,457,454
Williams Cos., Inc.

13,123,607 391,870,905
Willis Towers Watson PLC

1,169,746 271,825,575
Wynn Resorts Ltd. (a)

1,130,949 126,564,503
Xcel Energy, Inc.

5,914,667 398,885,142
Xylem, Inc.

1,951,630 204,335,661
Yum! Brands, Inc.

3,044,344 402,096,956
Zebra Technologies Corp. Class A (a)

557,581 177,310,758
Zimmer Biomet Holdings, Inc.

2,268,219 293,053,895
Zions Bancorp NA

1,623,907 48,603,536
Zoetis, Inc.

5,037,539 838,447,991
Total Common Stocks
(Cost $438,733,314,029)
  $371,829,226,515
(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, 2023.
Description Level 1 –
Quoted Prices
Level 2 –
Other Significant
Observable Inputs
Level 3 –
Significant
Unobservable Inputs
Total
ASSETS:        
INVESTMENTS:        
Common Stocks $371,829,226,515 $— $— $371,829,226,515
See accompanying notes to financial statements.
8


SPDR S&P 500® ETF Trust
Schedule of Investments (continued)
March 31, 2023 (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, 2023 and for the six months 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 3/31/23
Value at
3/31/23
  Dividend
Income
Intercontinental Exchange, Inc.

6,118,547 $552,810,721   $354,738,768   $363,725,681   $3,290,663   $ 83,885,708 6,050,438 $631,000,179   $4,891,815
State Street Corp.

3,973,516 241,629,508   180,753,908   197,494,717   (462,994)   61,588,337 3,778,756 286,014,042   4,964,246
TOTAL

  $794,440,229   $535,492,676   $561,220,398   $2,827,669   $145,474,045   $917,014,221   $9,856,061
* 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
March 31, 2023 (Unaudited)

INDUSTRY BREAKDOWN AS OF MARCH 31, 2023*
INDUSTRY % OF
NET ASSETS
Software

9.4%
Technology Hardware, Storage & Peripherals

7.4
Semiconductors & Semiconductor Equipment

6.5
Interactive Media & Services

4.8
Financial Services

4.3
Oil, Gas & Consumable Fuels

4.2
Pharmaceuticals

4.2
Banks

3.1
Health Care Providers & Services

3.0
Health Care Equipment & Supplies

2.9
Capital Markets

2.8
Broadline Retail

2.8
Consumer Finance

2.5
Biotechnology

2.3
Specialty Retail

2.2
Insurance

2.2
Hotels, Restaurants & Leisure

2.1
Automobiles

1.9
Electric Utilities

1.9
Life Sciences Tools & Services

1.8
Beverages

1.8
Chemicals

1.8
Machinery

1.8
Aerospace & Defense

1.8
Household Products

1.5
Entertainment

1.4
Specialized REITs

1.2
IT Services

1.2
Food Products

1.2
Communications Equipment

0.9
Diversified Telecommunication Services

0.9
Industrial Conglomerates

0.8
Multi-Utilities

0.8
Ground Transportation

0.8
Media

0.8
Professional Services

0.8
Tobacco

0.7
Air Freight & Logistics

0.7
INDUSTRY % OF
NET ASSETS
Electronic Equipment, Instruments & Components

0.6%
Electrical Equipment

0.6
Textiles, Apparel & Luxury Goods

0.5
Commercial Services & Supplies

0.5
Metals & Mining

0.5
Building Products

0.4
Energy Equipment & Services

0.4
Household Durables

0.3
Residential REITs

0.3
Industrial REITs

0.3
Retail REITs

0.3
Containers & Packaging

0.3
Trading Companies & Distributors

0.3
Wireless Telecommunication Services

0.2
Passenger Airlines

0.2
Health Care REITs

0.2
Personal Care Products

0.2
Distributors

0.1
Construction Materials

0.1
Automobile Components

0.1
Water Utilities

0.1
Office REITs

0.1
Construction & Engineering

0.1
Real Estate Management & Development

0.1
Gas Utilities

0.0**
Independent Power & Renewable Electricity Producers

0.0**
Hotel & Resort REITs

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
March 31, 2023 (Unaudited) 

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

$370,912,212,294
Investments in affiliates of the Trustee and the Sponsor, at value  

917,014,221
Total Investments

371,829,226,515
Cash

1,362,933,638
Dividends receivable — unaffiliated issuers (Note 2)

258,489,788
Dividends receivable — affiliated issuers (Note 2)

2,442,950
Total Assets

373,453,092,891
LIABILITIES  
Payable for units of fractional undivided interest (“Units”) redeemed in-kind

641,458
Accrued Trustee expense (Note 3)

24,412,527
Accrued Marketing expense (Note 3)

27,640,304
Distribution payable

1,372,652,078
Accrued expenses and other liabilities

45,754,394
Total Liabilities

1,471,100,761
NET ASSETS

$371,981,992,130
NET ASSETS CONSIST OF:  
Paid-in Capital (Note 4)

$457,074,572,125
Total distributable earnings (loss)

(85,092,579,995)
NET ASSETS

$371,981,992,130
NET ASSET VALUE PER UNIT

$ 409.48
UNITS OUTSTANDING (UNLIMITED UNITS AUTHORIZED)

908,432,116
COST OF INVESTMENTS:  
Unaffiliated issuers

$437,596,129,559
Affiliates of the Trustee and the Sponsor (Note 3)

1,137,184,470
Total Cost of Investments

$438,733,314,029
See accompanying notes to financial statements.
11


SPDR S&P 500® ETF Trust
Statements of Operations

  Six Months Ended
3/31/23
(Unaudited)
  Year Ended
9/30/22
  Year Ended
9/30/21
  Year Ended
9/30/20
INVESTMENT INCOME              
Dividend income — unaffiliated issuers (Note 2)

$ 3,222,063,742   $ 5,814,040,700   $ 5,063,477,430   $ 5,344,744,140
Dividend income — affiliates of the Trustee and the Sponsor

9,856,061   18,096,796   15,321,426   15,314,759
Foreign taxes withheld

(800,605)   (1,312,601)   (484,053)  
Total Investment Income

3,231,119,198   5,830,824,895   5,078,314,803   5,360,058,899
EXPENSES              
Trustee expense (Note 3)

91,575,595   223,329,603   203,372,449   156,390,558
S&P license fee (Note 3)

54,681,841   117,918,485   105,207,778   85,102,695
Marketing expense (Note 3)

23,143,118   25,359,401   15,493,874   19,590,285
Legal and audit fees

169,582   441,522   616,921   405,831
Other expenses

1,735,257   2,504,225   4,823,485   4,688,948
Total Expenses

171,305,393   369,553,236   329,514,507   266,178,317
NET INVESTMENT INCOME (LOSS)

3,059,813,805   5,461,271,659   4,748,800,296   5,093,880,582
REALIZED AND UNREALIZED GAIN (LOSS)              
Net realized gain (loss) on:              
Investments — unaffiliated issuers

(2,098,540,462)   (2,352,742,735)   (3,076,057,194)   (2,843,848,543)
Investments — affiliates of the Trustee and the Sponsor

(6,506,745)     (6,071,948)   (8,520,407)
In-kind redemptions — unaffiliated issuers

8,734,722,829   50,130,219,174   72,888,738,765   33,362,317,592
In-kind redemptions — affiliated issuers

9,334,414   87,262,145   114,827,869   79,983,578
Net realized gain (loss)

6,639,010,036   47,864,738,584   69,921,437,492   30,589,932,220
Net change in unrealized appreciation/depreciation on:              
Investments — unaffiliated issuers

41,587,870,544   (113,100,095,302)   11,150,654,602   4,637,256,785
Investments — affiliates of the Trustee and the Sponsor

145,474,045   (331,704,873)   69,456,986   (19,657,458)
Net change in unrealized appreciation/depreciation

41,733,344,589   (113,431,800,175)   11,220,111,588   4,617,599,327
NET REALIZED AND UNREALIZED GAIN (LOSS)

48,372,354,625   (65,567,061,591)   81,141,549,080   35,207,531,547
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$51,432,168,430   $ (60,105,789,932)   $85,890,349,376   $40,301,412,129
See accompanying notes to financial statements.
12


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

  Six Months
Ended
3/31/23
(Unaudited)
  Year Ended
9/30/22
  Year Ended
9/30/21
  Year Ended
9/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 3,059,813,805   $ 5,461,271,659   $ 4,748,800,296   $ 5,093,880,582
Net realized gain (loss)

6,639,010,036   47,864,738,584   69,921,437,492   30,589,932,220
Net change in unrealized appreciation/depreciation

41,733,344,589   (113,431,800,175)   11,220,111,588   4,617,599,327
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

51,432,168,430   (60,105,789,932)   85,890,349,376   40,301,412,129
NET EQUALIZATION CREDITS AND CHARGES (NOTE 2)

(770,280)   49,404,768   14,211,571   (28,962,904)
DISTRIBUTIONS TO UNITHOLDERS

(3,055,152,520)   (5,672,206,879)   (4,958,580,733)   (5,149,353,080)
INCREASE (DECREASE) IN NET ASSETS FROM UNIT TRANSACTIONS:              
Proceeds from issuance of Units

324,012,066,446   752,047,231,926   653,742,584,343   615,842,536,075
Cost of Units redeemed

(330,872,094,032)   (740,656,771,588)   (643,775,317,843)   (631,300,529,687)
Net income equalization (Note 2)

770,280   (49,404,768)   (14,211,571)   28,962,904
NET INCREASE (DECREASE) IN NET ASSETS FROM ISSUANCE AND REDEMPTION OF UNITS

(6,859,257,306)   11,341,055,570   9,953,054,929