Welch Group, LLC reports 60.07% decrease in ownership of SPY / State Street SPDR S&P 500 ETF Trust

State Street SPDR S&P 500 ETF Trust

US ˙ ARCA ˙ US78462F1030

Security	SPY / State Street SPDR S&P 500 ETF Trust
Institution	Welch Group, LLC
Latest Disclosed Ownership	5,297 shares
Latest Disclosed Value	$ 3,444,801

On April 21, 2026 - Welch Group, LLC filed a 13F-HR form disclosing ownership of 5,297 shares of State Street SPDR S&P 500 ETF Trust (US:SPY) valued at $3,444,851 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 13,265 shares of State Street SPDR S&P 500 ETF Trust. This represents a change in shares of -60.07% during the quarter. The current value of the position is $3,906,802 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)

File Date	Effective Date	Form	Security	Class	ID	Reported Shares	ΔShares	ΔShares (%)	Reported Value (x1000)	ΔValue (%)	Alloc (%)
2026-04-21	2026-03-31	13F	STATE STR SPDR S&P 500 ETF T	COMMON	78462F103	5,297	-7,968	-60.07	3,445	-61.92	0.1294
2026-01-26	2025-12-31	13F	SPDR S&P 500 ETF TR	COMMON STOCK	78462F103	13,265	7,673	137.21	9,045	142.82	0.3487
2025-10-14	2025-09-30	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	5,592	540	10.69	3,726	19.35	0.1454
2025-07-25	2025-06-30	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	5,052	1,352	36.54	3,122	51.87	0.1304
2025-04-08	2025-03-31	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	3,700	-4,748	-56.20	2,056	-58.64	0.0904
2025-01-27	2024-12-31	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	8,448	6,056	253.18	4,969	262.17	0.2238
2024-10-24	2024-09-30	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	2,392	114	5.00	1,372	10.73	0.0597
2024-07-17	2024-06-30	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	2,278	-15	-0.65	1,240	3.34	0.0596
2024-04-09	2024-03-31	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	2,293	-1,451	-38.76	1,199	-32.60	0.0595
2024-01-23	2023-12-31	13F	SPDR S&P 500 ETF TR	Common	78462F103	3,744	908	32.02	1,780	46.78	0.0958
2023-10-18	2023-09-30	13F	SPDR S&P 500 ETF TR	Common	78462F103	2,836	-79	-2.71	1,212	-6.19	0.0718
2023-07-18	2023-06-30	13F	SPDR S&P 500 ETF TR	Common	78462F103	2,915	-314	-9.72	1,292	-2.20	0.0741
2023-04-13	2023-03-31	13F	SPDR S&P 500 ETF TR	Common	78462F103	3,229	-3,064	-48.69	1,322	-45.10	0.0768
2023-01-30	2022-12-31	13F	SPDR S&P 500 ETF TR	Common	78462F103	6,293	6,293		2,407		0.1377
2022-10-12	2022-09-30	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	0	-2,274	-100.00	0	-100.00
2022-07-21	2022-06-30	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	2,274	-10,624	-82.37	858	-85.27	0.0524
2022-04-29	2022-03-31	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	12,898	-3,340	-20.57	5,825	-24.48	0.3325
2022-01-26	2021-12-31	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	16,238	1,658	11.37	7,713	23.27	0.4512
2021-11-05	2021-09-30	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	14,580	-79	-0.54	6,257	-0.29	0.4236
2021-07-21	2021-06-30	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	14,659	-737	-4.79	6,275	2.84	0.4278
2021-04-23	2021-03-31	13F	SPDR S&P 500 ETF TR	COMMON	78462F103	15,396	-176	-1.13	6,102	4.81	0.4392
2021-01-25	2020-12-31	13F	SPDR S&P 500 ETF TR	Common	78462F103	15,572	-198	-1.26	5,822	10.24	0.4670
2020-10-28	2020-09-30	13F	SPDR S&P 500 ETF TR	Common	78462F103	15,770	-207	-1.30	5,281	7.18	0.4614
2020-07-22	2020-06-30	13F	SPDR S&P 500 ETF TR	Common	78462F103	15,977	15,512	3,335.91	4,927	4,005.83	0.4603
2020-04-28	2020-03-31	13F	SPDR S&P 500 ETF TR	Common	78462F103	465	-19,973	-97.72	120	-98.18	0.0128
2020-01-24	2019-12-31	13F	S P D R TRUST Unit SR	Common	78462F103	20,438	63	0.31	6,578	8.78	0.6472
2019-11-05	2019-09-30	13F	S P D R TRUST Unit SR	Common	78462F103	20,375	-359	-1.73	6,047	-0.46	0.6211
2019-07-11	2019-06-30	13F	SPDR TRUST Unit SR	Common	78462F103	20,734	-4,314	-17.22	6,075	-14.15	0.6483
2019-04-15	2019-03-31	13F	S P D R TRUST Unit SR	Common	78462F103	25,048	25,048		7,076		0.7790
2019-01-10	2018-12-31	13F	S P D R TRUST Unit SR	Common	78462F103	0	-30,873	-100.00	0	-100.00
2018-11-01	2018-09-30	13F	S P D R TRUST Unit SR	Common	78462F103	30,873	-337	-1.08	8,976	6.01	0.9349
2018-07-30	2018-06-30	13F	S P D R TRUST Unit SR	Common	78462F103	31,210	-420	-1.33	8,467	1.73	1.0546
2018-04-23	2018-03-31	13F	S P D R TRUST Unit SR	Common	78462F103	31,630	-15,703	-33.18	8,323	-34.11	1.0539
2018-02-01	2017-12-31	13F	S P D R TRUST Unit SR	Common	78462F103	47,333	15,255	47.56	12,631	56.73	1.9594
2017-11-07	2017-09-30	13F	S P D R TRUST Unit SR	Common	78462F103	32,078	-6	-0.02	8,059	3.88	1.3473
2017-08-07	2017-06-30	13F	S P D R TRUST Unit SR	Common	78462F103	32,084	508	1.61	7,758	4.22	1.2940
2017-05-01	2017-03-31	13F	S P D R TRUST Unit SR	Common	78462F103	31,576	-9,669	-23.44	7,444	-19.25	1.4010
2017-02-09	2016-12-31	13F	S P D R TRUST Unit SR	Common	78462F103	41,245	10,183	32.78	9,219	37.21	1.8020
2016-10-28	2016-09-30	13F	S P D R TRUST Unit SR	Common	78462F103	31,062	-1,859	-5.65	6,719	-2.57	1.3352
2016-07-27	2016-06-30	13F	S P D R TRUST Unit SR	Common	78462F103	32,921	32,107	3,944.35	6,896	4,029.34	1.4043
2016-05-05	2016-03-31	13F	S P D R TRUST Unit SR	Common	78462F103	814	-2,839	-77.72	167	-77.58	0.0279
2016-01-21	2015-12-31	13F	S P D R TRUST Unit SR	Common	78462F103	3,653	2,823	340.12	745	365.63	0.1338
2015-10-23	2015-09-30	13F	S P D R TRUST Unit SR	COM	78462F103	830	830		160		0.0309

Legend

Shares: The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value: The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price: The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class: This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred

Allocation (%): The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation: The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%): The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis: The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss: This is the market value of the position as of the effective date minus the cost basis.