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Quarterly Report
December 31, 2025
State Street SPDR® S&P 500® ETF Trust (formerly 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.
State Street SPDR® S&P 500® ETF Trust
December 31, 2025 (Unaudited)
TABLE OF CONTENTS
1
10
Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited)
Common Stocks Shares Value
3M Co.
6,470,473 $1,035,922,727
A.O. Smith Corp.
1,371,183 91,704,719
Abbott Laboratories
21,179,639 2,653,596,970
AbbVie, Inc.
21,517,398 4,916,510,269
Accenture PLC Class A
7,553,470 2,026,596,001
Adobe, Inc. (a)
5,098,561 1,784,445,364
Advanced Micro Devices, Inc. (a)
19,830,002 4,246,793,228
AES Corp.
8,746,792 125,428,997
Aflac, Inc.
5,745,369 633,541,840
Agilent Technologies, Inc.
3,458,213 470,559,043
Air Products & Chemicals, Inc.
2,711,426 669,776,451
Airbnb, Inc. Class A (a)
5,180,094 703,042,358
Akamai Technologies, Inc. (a)
1,740,127 151,826,081
Albemarle Corp.
1,446,089 204,534,828
Alexandria Real Estate Equities, Inc. REIT
1,890,924 92,541,821
Align Technology, Inc. (a)
812,069 126,804,574
Allegion PLC
1,047,459 166,776,422
Alliant Energy Corp.
3,155,353 205,129,499
Allstate Corp.
3,187,483 663,474,586
Alphabet, Inc. Class A
70,870,193 22,182,370,409
Alphabet, Inc. Class C
56,638,150 17,773,051,470
Altria Group, Inc.
20,472,619 1,180,451,212
Amazon.com, Inc. (a)
118,490,081 27,349,880,496
Amcor PLC
28,103,306 234,381,572
Ameren Corp.
3,310,558 330,592,322
American Electric Power Co., Inc.
6,506,622 750,278,583
American Express Co.
6,544,301 2,421,064,155
American International Group, Inc.
6,572,281 562,258,640
American Tower Corp. REIT
5,705,652 1,001,741,322
American Water Works Co., Inc.
2,376,756 310,166,658
Ameriprise Financial, Inc.
1,131,540 554,839,324
AMETEK, Inc.
2,803,856 575,659,675
Amgen, Inc.
6,561,582 2,147,671,404
Amphenol Corp. Class A
14,909,196 2,014,828,747
Analog Devices, Inc.
5,992,155 1,625,072,436
Common Stocks Shares Value
Aon PLC Class A
2,617,804 $923,770,676
APA Corp.
4,319,938 105,665,683
Apollo Global Management, Inc.
5,655,799 818,733,463
Apple, Inc.
179,978,594 48,928,980,565
Applied Materials, Inc.
9,703,363 2,493,667,257
AppLovin Corp. Class A (a)
3,299,818 2,223,483,365
Aptiv PLC (a)
2,631,852 200,257,619
Arch Capital Group Ltd. (a)
4,398,360 421,890,691
Archer-Daniels-Midland Co.
5,832,544 335,312,955
ARES Management Corp. Class A
2,501,980 404,395,027
Arista Networks, Inc. (a)
12,562,779 1,646,100,932
Arthur J Gallagher & Co.
3,124,005 808,461,254
Assurant, Inc.
614,697 148,049,772
AT&T, Inc.
86,350,811 2,144,954,145
Atmos Energy Corp.
1,948,548 326,635,101
Autodesk, Inc. (a)
2,594,279 767,932,527
Automatic Data Processing, Inc.
4,926,281 1,267,187,262
AutoZone, Inc. (a)
202,711 687,494,357
AvalonBay Communities, Inc. REIT
1,722,597 312,324,062
Avery Dennison Corp.
941,412 171,224,015
Axon Enterprise, Inc. (a)
956,532 543,243,219
Baker Hughes Co.
12,007,402 546,817,087
Ball Corp.
3,263,963 172,892,120
Bank of America Corp.
81,829,996 4,500,649,780
Bank of New York Mellon Corp.
8,493,894 986,056,154
Baxter International, Inc.
6,280,083 120,012,386
Becton Dickinson & Co.
3,486,169 676,560,818
Berkshire Hathaway, Inc. Class B (a)
22,335,349 11,226,863,175
Best Buy Co., Inc.
2,379,955 159,290,388
Biogen, Inc. (a)
1,788,995 314,845,230
Bio-Techne Corp.
1,897,866 111,613,499
Blackrock, Inc.
1,755,304 1,878,772,083
Blackstone, Inc.
8,983,939 1,384,784,357
Block, Inc. (a)
6,691,845 435,572,191
 
See accompanying notes to Schedule of Investments.
1
Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS (continued) 
December 31, 2025 (Unaudited)
Common Stocks Shares Value
Boeing Co. (a)
9,537,816 $2,070,850,610
Booking Holdings, Inc.
392,696 2,103,016,670
Boston Scientific Corp. (a)
18,060,298 1,722,049,414
Bristol-Myers Squibb Co.
24,803,536 1,337,902,732
Broadcom, Inc.
57,519,371 19,907,454,303
Broadridge Financial Solutions, Inc.
1,425,023 318,022,383
Brown & Brown, Inc.
3,565,302 284,154,569
Brown-Forman Corp. Class B
2,098,363 54,683,340
Builders FirstSource, Inc. (a)
1,358,372 139,762,895
Bunge Global SA
1,648,629 146,859,871
BXP, Inc. REIT
1,788,392 120,680,692
Cadence Design Systems, Inc. (a)
3,320,573 1,037,944,708
Camden Property Trust REIT
1,311,437 144,362,985
Campbell's Co.
2,410,741 67,187,352
Capital One Financial Corp.
7,743,448 1,876,702,057
Cardinal Health, Inc.
2,894,110 594,739,605
Carnival Corp. (a)
13,217,320 403,656,953
Carrier Global Corp.
9,642,810 509,526,080
Carvana Co. (a)
1,722,615 726,977,982
Caterpillar, Inc.
5,700,068 3,265,397,955
Cboe Global Markets, Inc.
1,281,197 321,580,447
CBRE Group, Inc. Class A (a)
3,569,681 573,969,008
CDW Corp.
1,594,162 217,124,864
Cencora, Inc.
2,361,474 797,587,844
Centene Corp. (a)
5,668,237 233,247,953
CenterPoint Energy, Inc.
7,999,108 306,685,801
CF Industries Holdings, Inc.
1,899,837 146,933,394
CH Robinson Worldwide, Inc.
1,443,620 232,076,351
Charles River Laboratories International, Inc. (a)
603,759 120,437,845
Charles Schwab Corp.
20,344,620 2,032,630,984
Common Stocks Shares Value
Charter Communications, Inc. Class A (a)
1,071,709 $223,719,254
Chevron Corp.
23,053,529 3,513,588,355
Chipotle Mexican Grill, Inc. (a)
16,105,422 595,900,614
Chubb Ltd.
4,458,015 1,391,435,642
Church & Dwight Co., Inc.
2,924,771 245,242,048
Cigna Group
3,252,583 895,208,419
Cincinnati Financial Corp.
1,900,384 310,370,715
Cintas Corp.
4,160,519 782,468,808
Cisco Systems, Inc.
47,998,783 3,697,346,254
Citigroup, Inc.
21,794,072 2,543,150,262
Citizens Financial Group, Inc.
5,229,628 305,462,571
Clorox Co.
1,502,238 151,470,658
CME Group, Inc.
4,391,140 1,199,132,511
CMS Energy Corp.
3,668,343 256,527,226
Coca-Cola Co.
47,154,779 3,296,590,600
Cognizant Technology Solutions Corp. Class A
5,878,872 487,946,376
Coinbase Global, Inc. Class A (a)
2,779,031 628,450,070
Colgate-Palmolive Co.
9,817,957 775,814,962
Comcast Corp. Class A
44,268,217 1,323,177,006
Comfort Systems USA, Inc.
428,867 400,257,282
Conagra Brands, Inc.
5,858,878 101,417,178
ConocoPhillips
15,051,326 1,408,954,627
Consolidated Edison, Inc.
4,391,518 436,165,568
Constellation Brands, Inc. Class A
1,716,978 236,874,285
Constellation Energy Corp.
3,806,741 1,344,807,393
Cooper Cos., Inc. (a)
2,437,501 199,777,582
Copart, Inc. (a)
10,808,685 423,160,018
Corning, Inc.
9,496,396 831,504,434
Corpay, Inc. (a)
852,174 256,444,722
Corteva, Inc.
8,230,492 551,689,879
CoStar Group, Inc. (a)
5,169,821 347,618,764
Costco Wholesale Corp.
5,398,187 4,655,072,578
 
See accompanying notes to Schedule of Investments.
2
Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS (continued) 
December 31, 2025 (Unaudited)
Common Stocks Shares Value
Coterra Energy, Inc.
9,244,585 $243,317,477
CRH PLC
8,164,037 1,018,871,818
Crowdstrike Holdings, Inc. Class A (a)
3,056,513 1,432,771,034
Crown Castle, Inc. REIT
5,291,931 470,293,908
CSX Corp.
22,711,116 823,277,955
Cummins, Inc.
1,676,764 855,904,184
CVS Health Corp.
15,440,797 1,225,381,650
Danaher Corp.
7,657,188 1,752,883,477
Darden Restaurants, Inc.
1,416,771 260,714,199
Datadog, Inc. Class A (a)
3,964,064 539,073,063
DaVita, Inc. (a)
430,999 48,965,796
Dayforce, Inc. (a)
1,940,763 134,223,169
Deckers Outdoor Corp. (a)
1,775,187 184,033,636
Deere & Co.
3,062,322 1,425,725,254
Dell Technologies, Inc. Class C
3,671,117 462,120,208
Delta Air Lines, Inc.
7,898,033 548,123,490
Devon Energy Corp.
7,640,611 279,875,581
Dexcom, Inc. (a)
4,756,767 315,706,626
Diamondback Energy, Inc.
2,268,597 341,038,187
Digital Realty Trust, Inc. REIT
3,932,700 608,428,017
Dollar General Corp.
2,689,843 357,130,455
Dollar Tree, Inc. (a)
2,310,615 284,228,751
Dominion Energy, Inc.
10,432,661 611,249,608
Domino's Pizza, Inc.
379,055 157,997,705
DoorDash, Inc. Class A (a)
4,553,282 1,031,227,307
Dover Corp.
1,663,948 324,869,208
Dow, Inc.
8,687,600 203,116,088
DR Horton, Inc.
3,335,761 480,449,657
DTE Energy Co.
2,541,583 327,813,375
Duke Energy Corp.
9,476,174 1,110,702,355
DuPont de Nemours, Inc.
5,121,308 205,876,582
Eaton Corp. PLC
4,730,939 1,506,851,381
eBay, Inc.
5,505,599 479,537,673
Ecolab, Inc.
3,109,953 816,424,862
Edison International
4,693,279 281,690,606
Edwards Lifesciences Corp. (a)
7,068,222 602,565,926
Common Stocks Shares Value
Electronic Arts, Inc.
2,741,416 $560,153,531
Elevance Health, Inc.
2,707,061 948,960,234
Eli Lilly & Co.
9,672,456 10,394,795,014
EMCOR Group, Inc.
544,646 333,208,976
Emerson Electric Co.
6,857,349 910,107,359
Entergy Corp.
5,436,447 502,490,796
EOG Resources, Inc.
6,609,171 694,029,047
EPAM Systems, Inc. (a)
671,660 137,609,701
EQT Corp.
7,595,546 407,121,266
Equifax, Inc.
1,490,631 323,437,114
Equinix, Inc. REIT
1,192,329 913,514,787
Equity Residential REIT
4,226,998 266,469,954
Erie Indemnity Co. Class A
307,205 88,060,313
Essex Property Trust, Inc. REIT
790,277 206,799,685
Estee Lauder Cos., Inc. Class A
2,982,576 312,335,359
Everest Group Ltd.
506,472 171,871,273
Evergy, Inc.
2,811,482 203,804,330
Eversource Energy
4,545,519 306,049,794
Exelon Corp.
12,299,978 536,156,041
Expand Energy Corp.
2,897,095 319,723,404
Expedia Group, Inc.
1,425,112 403,748,481
Expeditors International of Washington, Inc.
1,632,346 243,235,877
Extra Space Storage, Inc. REIT
2,585,273 336,654,250
Exxon Mobil Corp.
51,365,867 6,181,368,435
F5, Inc. (a)
707,403 180,571,690
FactSet Research Systems, Inc.
456,278 132,407,313
Fair Isaac Corp. (a)
288,853 488,340,659
Fastenal Co.
13,979,325 560,990,312
Federal Realty Investment Trust REIT
954,490 96,212,592
FedEx Corp.
2,643,624 763,637,229
Fidelity National Information Services, Inc.
6,307,484 419,195,387
Fifth Third Bancorp
8,055,816 377,092,747
First Solar, Inc. (a)
1,314,285 343,330,671
FirstEnergy Corp.
6,367,586 285,076,825
 
See accompanying notes to Schedule of Investments.
3
Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS (continued) 
December 31, 2025 (Unaudited)
Common Stocks Shares Value
Fiserv, Inc. (a)
6,551,195 $440,043,768
Ford Motor Co.
47,607,759 624,613,798
Fortinet, Inc. (a)
7,699,168 611,390,931
Fortive Corp.
3,868,422 213,575,579
Fox Corp. Class A
2,549,049 186,259,010
Fox Corp. Class B
1,786,148 115,974,590
Franklin Resources, Inc.
3,794,834 90,658,584
Freeport-McMoRan, Inc.
17,491,584 888,397,551
Garmin Ltd.
1,992,782 404,235,829
Gartner, Inc. (a)
877,894 221,475,098
GE HealthCare Technologies, Inc.
5,558,050 455,871,261
GE Vernova, Inc.
3,304,613 2,159,795,918
Gen Digital, Inc.
6,810,518 185,177,984
Generac Holdings, Inc. (a)
705,709 96,237,536
General Dynamics Corp.
3,088,116 1,039,645,133
General Electric Co.
12,847,695 3,957,475,491
General Mills, Inc.
6,505,710 302,515,515
General Motors Co.
11,362,392 923,989,717
Genuine Parts Co.
1,705,916 209,759,431
Gilead Sciences, Inc.
15,123,287 1,856,232,246
Global Payments, Inc.
2,883,509 223,183,597
Globe Life, Inc.
982,387 137,396,646
GoDaddy, Inc. Class A (a)
1,646,105 204,248,708
Goldman Sachs Group, Inc.
3,653,189 3,211,153,131
Halliburton Co.
10,251,153 289,697,584
Hartford Insurance Group, Inc.
3,394,236 467,725,721
Hasbro, Inc.
1,613,797 132,331,354
HCA Healthcare, Inc.
1,945,551 908,299,940
Healthpeak Properties, Inc. REIT
8,583,131 138,016,746
Henry Schein, Inc. (a)
1,218,693 92,108,817
Hershey Co.
1,812,790 329,891,524
Hewlett Packard Enterprise Co.
16,071,287 386,032,314
Hilton Worldwide Holdings, Inc.
2,831,273 813,283,169
Hologic, Inc. (a)
2,692,455 200,560,973
Home Depot, Inc.
12,118,095 4,169,836,489
Common Stocks Shares Value
Honeywell International, Inc.
7,738,643 $1,509,731,863
Hormel Foods Corp.
3,575,288 84,734,326
Host Hotels & Resorts, Inc. REIT
7,758,871 137,564,783
Howmet Aerospace, Inc.
4,897,392 1,004,063,308
HP, Inc.
11,427,724 254,609,691
Hubbell, Inc.
651,403 289,294,586
Humana, Inc.
1,463,781 374,918,228
Huntington Bancshares, Inc.
19,169,470 332,590,305
Huntington Ingalls Industries, Inc.
482,444 164,064,731
IDEX Corp.
911,798 162,245,336
IDEXX Laboratories, Inc. (a)
974,784 659,470,620
Illinois Tool Works, Inc.
3,215,440 791,962,872
Incyte Corp. (a)
2,015,407 199,061,749
Ingersoll Rand, Inc.
4,401,398 348,678,750
Insulet Corp. (a)
853,703 242,656,541
Intel Corp. (a)
54,613,499 2,015,238,113
Interactive Brokers Group, Inc. Class A
5,418,856 348,486,629
Intercontinental Exchange, Inc. (b)
6,945,025 1,124,816,249
International Business Machines Corp.
11,385,141 3,372,392,616
International Flavors & Fragrances, Inc.
3,138,738 211,519,554
International Paper Co.
6,394,979 251,898,223
Intuit, Inc.
3,396,039 2,249,604,154
Intuitive Surgical, Inc. (a)
4,317,925 2,445,500,003
Invesco Ltd.
5,378,274 141,287,258
Invitation Homes, Inc. REIT
6,853,946 190,471,159
IQVIA Holdings, Inc. (a)
2,069,100 466,395,831
Iron Mountain, Inc. REIT
3,583,394 297,242,532
J.M. Smucker Co.
1,309,125 128,045,516
Jabil, Inc.
1,300,910 296,633,498
Jack Henry & Associates, Inc.
881,426 160,842,616
Jacobs Solutions, Inc.
1,446,632 191,620,875
 
See accompanying notes to Schedule of Investments.
4
Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS (continued) 
December 31, 2025 (Unaudited)
Common Stocks Shares Value
JB Hunt Transport Services, Inc.
916,220 $178,058,195
Johnson & Johnson
29,336,188 6,071,124,107
Johnson Controls International PLC
7,443,790 891,393,853
JPMorgan Chase & Co.
33,157,649 10,684,057,661
Kenvue, Inc.
23,307,477 402,053,978
Keurig Dr. Pepper, Inc.
16,505,269 462,312,585
KeyCorp
11,329,120 233,833,037
Keysight Technologies, Inc. (a)
2,094,333 425,547,522
Kimberly-Clark Corp.
4,040,447 407,640,698
Kimco Realty Corp. REIT
8,243,432 167,094,367
Kinder Morgan, Inc.
23,819,352 654,793,986
KKR & Co., Inc.
8,360,481 1,065,794,118
KLA Corp.
1,600,528 1,944,769,562
Kraft Heinz Co.
10,365,732 251,369,001
Kroger Co.
7,406,948 462,786,111
L3Harris Technologies, Inc.
2,274,449 667,709,993
Labcorp Holdings, Inc.
1,011,447 253,751,823
Lam Research Corp.
15,298,839 2,618,855,260
Lamb Weston Holdings, Inc.
1,674,914 70,162,147
Las Vegas Sands Corp.
3,705,586 241,196,593
Leidos Holdings, Inc.
1,560,922 281,590,329
Lennar Corp. Class A
2,627,957 270,153,980
Lennox International, Inc.
386,573 187,712,117
Linde PLC
5,687,347 2,425,027,887
Live Nation Entertainment, Inc. (a)
1,926,723 274,558,028
Lockheed Martin Corp.
2,480,322 1,199,657,342
Loews Corp.
2,066,857 217,660,711
Lowe's Cos., Inc.
6,830,784 1,647,311,869
Lululemon Athletica, Inc. (a)
1,314,388 273,142,970
LyondellBasell Industries NV Class A
3,136,233 135,798,889
M&T Bank Corp.
1,872,104 377,191,514
Marathon Petroleum Corp.
3,661,270 595,432,340
Marriott International, Inc. Class A
2,712,964 841,669,951
Common Stocks Shares Value
Marsh & McLennan Cos., Inc.
5,967,284 $1,107,050,528
Martin Marietta Materials, Inc.
734,009 457,038,044
Masco Corp.
2,543,117 161,386,205
Mastercard, Inc. Class A
9,987,113 5,701,443,069
Match Group, Inc.
2,915,759 94,149,858
McCormick & Co., Inc.
3,084,160 210,062,138
McDonald's Corp.
8,673,981 2,651,028,813
McKesson Corp.
1,503,351 1,233,183,792
Medtronic PLC
15,615,664 1,500,040,684
Merck & Co., Inc.
30,231,593 3,182,177,479
Meta Platforms, Inc. Class A
26,527,124 17,510,289,281
MetLife, Inc.
6,741,422 532,167,853
Mettler-Toledo International, Inc. (a)
248,855 346,951,152
MGM Resorts International (a)
2,540,411 92,699,597
Microchip Technology, Inc.
6,592,135 420,050,842
Micron Technology, Inc.
13,671,967 3,902,116,101
Microsoft Corp.
90,527,717 43,781,014,496
Mid-America Apartment Communities, Inc. REIT
1,429,476 198,568,511
Moderna, Inc. (a)
4,165,530 122,841,480
Molina Healthcare, Inc. (a)
626,082 108,650,270
Molson Coors Beverage Co. Class B
2,032,220 94,864,030
Mondelez International, Inc. Class A
15,716,885 846,039,920
Monolithic Power Systems, Inc.
582,198 527,680,979
Monster Beverage Corp. (a)
8,680,822 665,558,623
Moody's Corp.
1,868,771 954,661,665
Morgan Stanley
14,712,320 2,611,878,170
Mosaic Co.
3,874,533 93,337,500
Motorola Solutions, Inc.
2,029,752 778,044,537
MSCI, Inc.
915,282 525,124,742
Nasdaq, Inc.
5,494,239 533,655,434
 
See accompanying notes to Schedule of Investments.
5
Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS (continued) 
December 31, 2025 (Unaudited)
Common Stocks Shares Value
NetApp, Inc.
2,434,419 $260,701,931
Netflix, Inc. (a)
51,611,438 4,839,088,427
Newmont Corp.
13,291,971 1,327,203,304
News Corp. Class A
4,561,069 119,135,122
News Corp. Class B
1,477,741 43,785,466
NextEra Energy, Inc.
25,366,634 2,036,433,378
NIKE, Inc. Class B
14,452,735 920,783,747
NiSource, Inc.
5,785,417 241,599,014
Nordson Corp.
648,375 155,888,801
Norfolk Southern Corp.
2,733,304 789,159,531
Northern Trust Corp.
2,303,376 314,618,128
Northrop Grumman Corp.
1,633,945 931,691,778
Norwegian Cruise Line Holdings Ltd. (a)
5,432,473 121,252,797
NRG Energy, Inc.
2,334,261 371,707,722
Nucor Corp.
2,793,683 455,677,634
NVIDIA Corp.
295,978,560 55,200,001,440
NVR, Inc. (a)
34,751 253,431,050
NXP Semiconductors NV
3,070,931 666,576,283
Occidental Petroleum Corp.
8,797,726 361,762,493
Old Dominion Freight Line, Inc.
2,250,099 352,815,523
Omnicom Group, Inc.
3,875,528 312,948,886
ON Semiconductor Corp. (a)
4,901,176 265,398,680
ONEOK, Inc.
7,678,843 564,394,961
Oracle Corp.
20,486,596 3,993,042,426
O'Reilly Automotive, Inc. (a)
10,281,193 937,747,614
Otis Worldwide Corp.
4,746,654 414,620,227
PACCAR, Inc.
6,386,555 699,391,638
Packaging Corp. of America
1,094,946 225,810,714
Palantir Technologies, Inc. Class A (a)
27,823,592 4,945,643,478
Palo Alto Networks, Inc. (a)
8,331,054 1,534,580,147
Paramount Skydance Corp. Class B
3,801,662 50,942,271
Parker-Hannifin Corp.
1,537,153 1,351,096,001
Paychex, Inc.
3,945,288 442,582,408
Common Stocks Shares Value
Paycom Software, Inc.
595,395 $94,882,147
PayPal Holdings, Inc.
11,396,460 665,325,335
Pentair PLC
1,992,865 207,536,961
PepsiCo, Inc.
16,654,621 2,390,271,206
Pfizer, Inc.
69,296,937 1,725,493,731
PG&E Corp.
26,754,400 429,943,208
Philip Morris International, Inc.
18,960,161 3,041,209,824
Phillips 66 Co.
4,922,175 635,157,462
Pinnacle West Capital Corp.
1,467,419 130,160,065
PNC Financial Services Group, Inc.
4,776,653 997,030,781
Pool Corp.
398,231 91,095,341
PPG Industries, Inc.
2,745,781 281,332,721
PPL Corp.
9,058,127 317,215,608
Principal Financial Group, Inc.
2,435,256 214,813,932
Procter & Gamble Co.
28,461,787 4,078,858,695
Progressive Corp.
7,144,713 1,626,994,044
Prologis, Inc. REIT
11,310,433 1,443,889,877
Prudential Financial, Inc.
4,262,991 481,206,424
PTC, Inc. (a)
1,457,539 253,917,869
Public Service Enterprise Group, Inc.
6,065,791 487,083,017
Public Storage REIT
1,922,899 498,992,291
PulteGroup, Inc.
2,374,271 278,407,017
Qnity Electronics, Inc. Class W/I
2,560,721 209,082,870
QUALCOMM, Inc.
13,045,089 2,231,362,473
Quanta Services, Inc.
1,813,929 765,586,874
Quest Diagnostics, Inc.
1,354,958 235,125,862
Ralph Lauren Corp.
470,124 166,240,548
Raymond James Financial, Inc.
2,147,551 344,875,215
Realty Income Corp. REIT
11,204,731 631,610,686
Regency Centers Corp. REIT
2,009,281 138,700,667
Regeneron Pharmaceuticals, Inc.
1,227,648 947,584,662
Regions Financial Corp.
10,680,497 289,441,469
Republic Services, Inc.
2,450,706 519,378,123
 
See accompanying notes to Schedule of Investments.
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Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS (continued) 
December 31, 2025 (Unaudited)
Common Stocks Shares Value
ResMed, Inc.
1,782,330 $429,309,827
Revvity, Inc.
1,400,890 135,536,108
Robinhood Markets, Inc. Class A (a)
9,578,041 1,083,276,437
Rockwell Automation, Inc.
1,368,964 532,622,823
Rollins, Inc.
3,554,933 213,367,079
Roper Technologies, Inc.
1,307,934 582,200,661
Ross Stores, Inc.
3,961,418 713,609,839
Royal Caribbean Cruises Ltd.
3,078,413 858,630,954
RTX Corp.
16,317,274 2,992,588,052
S&P Global, Inc.
3,775,932 1,973,264,304
Salesforce, Inc.
11,595,400 3,071,737,414
Sandisk Corp. (a)
1,695,718 402,529,539
SBA Communications Corp. REIT
1,297,671 251,008,502
Seagate Technology Holdings PLC
2,653,679 730,796,660
Sempra
7,937,422 700,794,988
ServiceNow, Inc. (a)
12,635,782 1,935,675,445
Sherwin-Williams Co.
2,807,835 909,822,775
Simon Property Group, Inc. REIT
3,977,176 736,215,049
Skyworks Solutions, Inc.
1,787,462 113,342,965
SLB Ltd.
18,172,611 697,464,810
Smurfit WestRock PLC
6,351,600 245,616,372
Snap-on, Inc.
631,539 217,628,339
Solventum Corp. (a)
1,803,578 142,915,521
Southern Co.
13,405,513 1,168,960,734
Southwest Airlines Co.
6,299,154 260,344,035
Stanley Black & Decker, Inc.
1,893,842 140,674,584
Starbucks Corp.
13,852,002 1,166,477,088
State Street Corp. (c)
3,402,129 438,908,662
Steel Dynamics, Inc.
1,672,012 283,322,433
STERIS PLC
1,195,393 303,056,033
Stryker Corp.
4,193,756 1,473,979,421
Super Micro Computer, Inc. (a)
6,098,727 178,509,739
Synchrony Financial
4,386,929 366,001,486
Synopsys, Inc. (a)
2,262,296 1,062,645,677
Sysco Corp.
5,814,402 428,463,283
Common Stocks Shares Value
T. Rowe Price Group, Inc.
2,672,115 $273,571,134
Take-Two Interactive Software, Inc. (a)
2,111,383 540,577,389
Tapestry, Inc.
2,492,494 318,465,958
Targa Resources Corp.
2,619,931 483,377,270
Target Corp.
5,532,490 540,800,898
TE Connectivity PLC
3,583,430 815,266,159
Teledyne Technologies, Inc. (a)
568,514 290,357,155
Teradyne, Inc.
1,907,390 369,194,408
Tesla, Inc. (a)
34,225,542 15,391,910,748
Texas Instruments, Inc.
11,067,206 1,920,049,569
Texas Pacific Land Corp.
703,604 202,089,141
Textron, Inc.
2,154,830 187,836,531
Thermo Fisher Scientific, Inc.
4,576,122 2,651,633,893
TJX Cos., Inc.
13,555,708 2,082,292,306
TKO Group Holdings, Inc.
807,578 168,783,802
T-Mobile U.S., Inc.
5,858,298 1,189,468,826
Tractor Supply Co.
6,449,926 322,560,799
Trade Desk, Inc. Class A (a)
5,363,182 203,586,389
Trane Technologies PLC
2,700,698 1,051,111,662
TransDigm Group, Inc.
685,477 911,581,588
Travelers Cos., Inc.
2,716,884 788,059,373
Trimble, Inc. (a)
2,883,256 225,903,108
Truist Financial Corp.
15,581,359 766,758,676
Tyler Technologies, Inc. (a)
524,029 237,882,965
Tyson Foods, Inc. Class A
3,447,454 202,089,753
U.S. Bancorp
18,961,343 1,011,777,262
Uber Technologies, Inc. (a)
25,308,276 2,067,939,232
UDR, Inc. REIT
3,692,251 135,431,767
Ulta Beauty, Inc. (a)
546,568 330,679,106
Union Pacific Corp.
7,227,728 1,671,918,041
United Airlines Holdings, Inc. (a)
3,941,052 440,688,435
United Parcel Service, Inc. Class B
8,987,457 891,465,860
United Rentals, Inc.
774,977 627,204,386
 
See accompanying notes to Schedule of Investments.
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Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS (continued) 
December 31, 2025 (Unaudited)
Common Stocks Shares Value
UnitedHealth Group, Inc.
11,030,390 $3,641,242,043
Universal Health Services, Inc. Class B
681,223 148,520,238
Valero Energy Corp.
3,715,104 604,781,780
Ventas, Inc. REIT
5,721,387 442,720,926
Veralto Corp.
3,035,561 302,888,277
VeriSign, Inc.
1,016,335 246,918,588
Verisk Analytics, Inc.
1,700,906 380,475,663
Verizon Communications, Inc.
51,394,935 2,093,315,703
Vertex Pharmaceuticals, Inc. (a)
3,090,330 1,401,032,009
Viatris, Inc.
14,075,548 175,240,573
VICI Properties, Inc. REIT
12,943,404 363,968,520
Visa, Inc. Class A
20,555,678 7,209,081,831
Vistra Corp.
3,880,270 626,003,959
Vulcan Materials Co.
1,605,539 457,931,834
W.R. Berkley Corp.
3,666,391 257,087,337
Walmart, Inc.
53,410,888 5,950,507,032
Walt Disney Co.
21,744,926 2,473,920,231
Warner Bros Discovery, Inc. (a)
30,152,590 868,997,644
Waste Management, Inc.
4,515,418 992,082,489
Waters Corp. (a)
728,991 276,892,652
WEC Energy Group, Inc.
3,962,234 417,857,198
Wells Fargo & Co.
38,234,513 3,563,456,612
Welltower, Inc. REIT
8,359,490 1,551,604,939
West Pharmaceutical Services, Inc.
876,282 241,100,229
Common Stocks Shares Value
Western Digital Corp.
4,164,205 $717,367,595
Westinghouse Air Brake Technologies Corp.
2,076,937 443,322,203
Weyerhaeuser Co. REIT
8,770,328 207,769,070
Williams Cos., Inc.
14,878,647 894,355,471
Williams-Sonoma, Inc.
1,490,265 266,146,426
Willis Towers Watson PLC
1,166,304 383,247,494
Workday, Inc. Class A (a)
2,631,147 565,117,753
WW Grainger, Inc.
533,028 537,851,903
Wynn Resorts Ltd.
1,024,017 123,219,966
Xcel Energy, Inc.
7,201,881 531,930,931
Xylem, Inc.
2,955,251 402,446,081
Yum! Brands, Inc.
3,379,495 511,250,004
Zebra Technologies Corp. Class A (a)
617,242 149,878,702
Zimmer Biomet Holdings, Inc.
2,413,826 217,051,234
Zoetis, Inc.
5,367,670 675,360,239
Total Common Stocks
(Cost $718,854,762,718) 		  $711,788,359,586
(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 Fund's investments according to the fair value hierarchy as of December 31, 2025. 
Description Level 1 –
Quoted Prices 		Level 2 –
Other Significant
Observable Inputs 		Level 3 –
Significant
Unobservable Inputs 		Total
ASSETS:        
INVESTMENTS:        
Common Stocks $711,788,359,586 $— $— $711,788,359,586
See accompanying notes to Schedule of Investments.
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Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
SCHEDULE OF INVESTMENTS (continued) 
December 31, 2025 (Unaudited)
INVESTMENTS IN AFFILIATES OF THE TRUSTEE AND THE SPONSOR
State Street 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 December 31, 2025 and for the period then ended are:
  Number of
Shares Held
at 9/30/25 		Value at
9/30/25 		  Cost of
Purchases* 		  Proceeds
from
Shares Sold* 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		Number of
Shares Held
at 12/31/25 		Value at
12/31/25 		  Dividend
Income
Intercontinental Exchange, Inc.
6,821,558 $1,149,296,092   $331,929,145   $313,345,140   $3,334,962   $(46,398,810) 6,945,025 $1,124,816,249   $3,401,642
State Street Corp.
3,377,124 391,780,155   126,930,989   124,278,561   21,146,503   23,329,576 3,402,129 438,908,662   2,836,784
TOTAL
  $1,541,076,247   $458,860,134   $437,623,701   $24,481,465   $(23,069,234)   $1,563,724,911   $6,238,426
* Purchased and Sold figures include securities received or delivered from processing creations or redemptions of Units.
See accompanying notes to Schedule of Investments.
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Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
NOTES TO SCHEDULE OF INVESTMENTS
December 31, 2025 (Unaudited)
Security Valuation
The Trust’s investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of the Trust are valued pursuant to the policy and procedures developed by the Oversight Committee of the Trustee (the “Committee”). The Committee provides oversight of the valuation of investments for the Trust. 
Valuation techniques used to value the 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, 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 an identical asset or liability;
•  Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
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Table of Contents
STATE STREET SPDR® S&P 500® ETF Trust
NOTES TO SCHEDULE OF INVESTMENTS  (continued)
December 31, 2025 (Unaudited)
•  Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
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 December 31, 2025 are listed in the Schedule of Investments.
Other information regarding the Trust is available in the Trust’s most recent Report to Shareholders. This information is also available on the Trust's website at https://www.ssga.com/spdrs as well as on the website of the U.S. Securities and Exchange Commission at www.sec.gov.
11