SP500 xStock

SPYx does not tokenize the S&P 500 directly. Its reference asset is SPY, the exchange-traded trust launched in 1993 to follow the index. That distinction determines whose rules and expenses enter the return.

Backed assigns the certificate its own ISIN, CH1436219716. State Street issues SPY, S&P Dow Jones maintains the index, and neither entity issues or endorses SPYx.

Backed Assets (JE) Limited is the certificate debtor. It is registered in Jersey as company 152608 and wholly owned by the Swiss tokenization company Backed Finance AG. Brokers and custodians hold the reference assets through the issuer structure.

The “1:1” statement describes collateral policy, not the transfer of an ETF share into each wallet. A holder relies on certificate terms, custody records and the security arrangement instead of appearing on SPY’s ownership register.

SPY normally distributes cash. SPYx routes received cash through tax and reinvestment, then adjusts a multiplier. EVM balances rebase; on other architectures the raw units can stay still while interfaces multiply them for value.

This preserves economic tracking through corporate actions but changes what a wallet number means. The listed 0.0945% annual cost is the ongoing expense of the underlying SPY fund, already reflected in SPY performance. Issuance/redemption fees are separately listed at up to 0.50%, before venue costs.

Direct purchases from the issuer require qualified/professional investor status. Existing holders have a separate redemption route, subject to issuer onboarding, KYC/AML, wallet whitelisting and applicable eligibility and jurisdiction rules. The U.S. Persons exclusion is a legal classification, not merely a citizenship test; partners may impose narrower access rules. Technical transferability does not remove these restrictions or the separate operating hours of issuer dealing and collateral markets.

The EVM contract also depends on assigned roles for minting, burning, pausing, sanctions, multiplier updates and upgrades. Twenty-four-hour transferability therefore coexists with compliance and administrator controls.

If the issuer defaults, the relevant path is enforcement against allocated collateral and distribution of net proceeds. Market movement, custody gaps, lending, costs or delayed sale can create a shortfall.

Holders do not step through the wrapper to vote SPY shares, demand distributions from the trust, or claim assets from S&P 500 companies. The index name describes exposure; the Jersey certificate defines the remedy.