SP500 xStock 

SPYX Price

What is the SP500 xStock (SPYX) tokenized stock?

SP500 xStock (SPYX) gives crypto traders on-chain exposure to the S&P 500 — a 1:1 backed tracker certificate that packages the SPDR S&P 500 ETF Trust (SPY) into a token moving on public blockchains. Backed Assets (JE) Limited issues the certificate, with Backed Finance AG as tokenizer, under the Swiss DLT Act. A prospectus is filed with the Liechtenstein FMA. SPYX is a certificate on SPY — not the ETF itself and not a State Street product.

Which S&P 500 ETF does SPYX track?

SP500 xStock tracks the SPDR S&P 500 ETF Trust (SPY, ISIN US78462F1030). SPY is administered by State Street Global Advisors and holds the large-cap US equities in the S&P 500 index. Each SPYX certificate mirrors the price of the underlying SPY share. State Street Global Advisors and S&P Dow Jones Indices expressly disclaim any sponsorship of the certificate.

How does SPYX maintain its 1:1 backing?

Backed Assets (JE) Limited issues each SPYX certificate against a 1:1 reserve of the underlying SPY ETF. Licensed third-party custodians hold the reserve: Alpaca Securities LLC, InCore Bank AG, Maerki Baumann & Co. AG and GTN Europe Financial Services Limited. Security Agent Services AG acts as security agent for holders. The structure operates under the Swiss DLT Act, with a prospectus filed with the Liechtenstein FMA.

What is the point of a tokenized S&P 500 for crypto traders?

A tokenized S&P 500 gives crypto-market participants S&P 500 price exposure without a brokerage account or a traditional securities intermediary. SPYX trades around the clock on Solana and Arbitrum, settles in crypto pairs, and composes with other on-chain assets. Raydium pools pair SPYx against sibling xStocks such as QQQx and TSLAx. The certificate moves an off-chain ETF onto DeFi rails.

Is SPYX the same as the SPY ETF?

SPYX is not the SPY ETF, and SPYX holders own no fund shares. The certificate replicates SPY's price through a 1:1 reserve held by the issuer, while SPY shareholders own registered ETF units administered by State Street. SPY trades during US market hours on regulated exchanges. SPYX trades around the clock on crypto venues, and on-chain prices can deviate from the ETF's NAV because DEX liquidity is thinner.

Who can buy SP500 xStock?

Eligibility is restricted by securities law. The prospectus excludes US persons entirely and generally excludes UK retail investors, with narrow professional exceptions. Swiss buyers must qualify as FinSA professional clients, and EU buyers must be qualified investors. Distribution runs through licensed distributors to these eligible professional classes.

On which exchanges can SPYX be traded — CEX or DEX?

SPYX trades on both venue types. Centralized exchanges quote SPYX against USDT and carry the deepest order books; per DropsTab data, Gate, MEXC, BingX, DigiFinex and BigONE run the live spot markets. Perpetual futures trade on Gate.io Futures and Kraken Futures. On Solana, concentrated-liquidity pools on Raydium and Meteora quote SPYx against USDC, SOL and other xStocks — composability the CEX venues don't offer.

How does the SPYX token supply expand and contract?

SPYX supply has no fixed maximum. Backed mints new certificates when eligible investors subscribe and burns certificates on redemption, so the float expands and contracts with demand — see DropsTab for the live figure. Issuance and redemption each cost up to 0.50%. The underlying fund charges a 0.0945% annual management fee that flows through to holders. No scheduled unlock or emission calendar exists for this instrument.

Which blockchains host the SPYX token?

SPYX exists as a Solana SPL token (XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W) and as an ERC-20 on Arbitrum One (0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48). Backed Finance also deploys xStocks on additional EVM chains. The certificate itself carries ISIN CH1436219716.

What are the main risks of holding SPYX?

SPYX holders carry issuer and counterparty risk on Backed Assets (JE) Limited and its custody chain — the certificate is a claim, not an ETF share. On-chain prices can trade at a premium or discount to NAV because DEX liquidity is thinner than the SPY market. Eligibility limits apply as well: US persons and most UK retail investors are excluded under the prospectus. The Swiss DLT framework and licensed custodians mitigate, but do not remove, these risks.