SPDR S&P 500 ETF Trust

PROSPECTUS DATED JANUARY 30, 2023

SPDR? S&P 500? ETF Trust ("SPDR 500 Trust" or the "Trust")

(formerly known as "SPDR Trust, Series 1") (A Unit Investment Trust constituted outside Singapore and

organized in the United States)

PROSPECTUS ISSUED PURSUANT TO DIVISION 2 OF PART 13 OF

THE SECURITIES AND FUTURES ACT 2001 OF SINGAPORE

This Prospectus incorporates and is not valid without the U.S. Prospectus dated January 27, 2023

issued by the SPDR 500 Trust, attached hereto

The collective investment scheme offered in this Prospectus is a recognised scheme under the Securities and Futures Act 2001 of Singapore (the "Act"). A copy of this Prospectus has been lodged with and registered by the Monetary Authority of Singapore (the "Authority"). The Authority assumes no responsibility for the contents of the Prospectus. Registration of the Prospectus by the Authority does not imply that the Act or any other legal or regulatory requirements have been complied with. The Authority has not, in any way, considered the investment merits of the collective investment scheme. The date of registration of this Prospectus with the Authority is January 30, 2023. This Prospectus will expire on January 30, 2024 (12 months after the date of registration).

The SPDR 500 Trust has been admitted to the Official List of the Singapore Exchange Securities Trading Limited ("SGX-ST"), and permission has been granted by the SGX-ST to deal in and for quotation on the SGX-ST Mainboard of all the units in the SPDR 500 Trust ("Units") already issued as well as those Units which may be issued from time to time. The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions expressed in this Prospectus and admission to the Official List of the SGX-ST is not to be taken as an indication of the merits of the SPDR 500 Trust or the Units.

IMPORTANT: If you are in doubt about the contents of this Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser.

SPDR? S&P 500? ETF Trust

PROSPECTUS

TABLE OF CONTENTS

Page

SPDR? S&P 500? ETF TRUST . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-3 CORPORATE INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-6 TRADING AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-7 EXCHANGE RATES AND RISKS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-11 GENERAL AND STATUTORY INFORMATION . . . . . . . . . . . . . . . . . . . . . . S-12 "Standard & Poor's?," "S&P?," "S&P 500?," "Standard & Poor's 500?," "500?," "Standard & Poor's Depositary Receipts?," "SPDR?" and "SPDRs?" are registered 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. The Trust is permitted to use these trademarks pursuant to a sublicense from State Street Global Advisors Funds Distributors, LLC. The Trust is not sponsored, endorsed, sold or marketed by S&P, its affiliates or its third-party licensors.

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SPDR? S&P 500? ETF TRUST

This Prospectus, relating to the SPDR? S&P 500? ETF Trust ("SPDR 500 Trust" or the "Trust"), which is issued pursuant to Division 2 of Part 13 of the Securities and Futures Act 2001 of Singapore, has been lodged with and registered by the Monetary Authority of Singapore, who assumes no responsibility for its contents.

This Prospectus incorporates and is not valid without the attached U.S. Prospectus, dated January 27, 2023 issued by the Trust ("U.S. Prospectus"). Terms defined in the U.S. Prospectus shall have the same meaning when used in this Prospectus.

The Trust's fiscal year end is September 30.

The Trust is a unit investment trust organised in the United States ("U.S."), and is a single fund that issues securities called "Units," which represent an undivided ownership interest in the common stocks that are actually held by the Trust and make up the Trust's Portfolio (the "Portfolio Securities"). The "Portfolio" means the portfolio of the common stocks that are included in the Index (as defined below). 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"). The Trust's Portfolio consists of substantially all of the component common stocks that comprise the Index, which are weighted in accordance with the terms of the Trust Agreement (defined below).

The Trust's portfolio turnover ratio, calculated based on the lesser of purchases or sales of underlying investments of the Trust and expressed as a percentage of daily average net asset value, was 2% during the most recent fiscal year. The Trust's portfolio turnover ratio, expressed as a percentage of monthly average value, can be found on page 2 of the U.S. Prospectus and in the "Financial Highlights" section on page 24 of the U.S. Prospectus.

The top ten constituents (by weight) of the Trust as of January 26, 2023 are set out below:

No. Name

1. Apple Inc. 2. Microsoft Corporation 3. Inc. 4. Alphabet Inc. Class A 5. Berkshire Hathaway Inc. Class B 6. Alphabet Inc. Class C 7. NVIDIA Corporation 8. Exxon Mobil Corporation 9. UnitedHealth Group Incorporated 10. Johnson & Johnson

Weighting

6.33% 5.44% 2.59% 1.71% 1.65% 1.54% 1.45% 1.43% 1.35% 1.30%

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For additional details regarding the Trust's Portfolio, please consult pages 62 to 67 in the U.S. Prospectus attached hereto. All Units are denominated in U.S. dollars.

PDR Services LLC, the sponsor of the Trust (the "Sponsor"), accepts full responsibility for the accuracy of information contained in this Prospectus, other than that given in the U.S. Prospectus under the heading "Report of Independent Registered Public Accounting Firm," and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief, the facts stated and the opinions expressed in this Prospectus are fair and accurate in all material respects as at the date of this Prospectus and there are no other facts the omission of which would make any statement in this Prospectus misleading.

The Trust is governed by an amended and restated trust agreement (the "Trust Agreement") dated as of January 1, 2004 and effective as of January 27, 2004, as amended by an amendment dated November 1, 2004 (effective as of November 8, 2004), by an amendment dated February 1, 2009 (effective as of February 13, 2009), by an amendment dated November 23, 2009 (effective as of January 27, 2010), each made between State Street Bank and Trust Company, the retired trustee of the Trust (the "Retired Trustee"), and the Sponsor, by an amendment dated April 12, 2017 (effective as of June 16, 2017), made between State Street Global Advisors Trust Company, the trustee of the Trust (the "Trustee"), and the Sponsor, and by an amendment dated August 4, 2017 (effective as of September 5, 2017), made between the Trustee and the Sponsor. Terms defined in the U.S. Prospectus shall have the same meaning when used in this Prospectus.

Copies of the Trust Agreement are available for inspection, free of charge, at the offices of State Street Global Advisors Trust Company, at One Iron Street, Boston, Massachusetts, U.S. 02210 during normal U.S. business hours, or State Street Global Advisors Singapore Limited1, at 168 Robinson Road, #33-01, Capital Tower, Singapore 068912 during normal Singapore business hours.

Investors should seek professional advice to ascertain (a) the possible tax consequences, (b) the legal requirements and (c) any foreign exchange restrictions or exchange control requirements which they may encounter under the laws of the countries of their citizenship, residence or domicile and which may be relevant to the subscription, holding or disposal of Units.

Investors in the Trust are advised to carefully consider the risk factors set out under the headings "Principal Risks of Investing in the Trust" on pages 4 to 6 of the U.S. Prospectus and "Additional Risk Information" on pages 73 to 74 of the U.S. Prospectus, and to refer to pages S-18 to S-24 of this Prospectus for a discussion of the U.S. and Singapore tax consequences of an investment in Units.

1 State Street Global Advisors Singapore Limited will hold copies of the Trust Agreement for inspection by investors; however, it is not in any way acting as an agent for or acting as the Trustee.

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ENQUIRIES All enquiries about the Trust or requests for additional copies of this Prospectus

should be directed to an investor's local broker. IMPORTANT: READ AND RETAIN THIS PROSPECTUS FOR FUTURE

REFERENCE

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