SP500 xStock spyx

SP500 xStock (ticker SPYx) is a tokenized tracker certificate issued by Backed Assets (JE) Limited. It is represented as ERC-20 tokens on supported EVM networks and as a Solana SPL token, with additional deployments on Tron and TON.

SPYx tracks the SPDR S&P 500 ETF Trust (ticker SPY), whose investment objective is to track the S&P 500 Index. Thus, SPYx provides onchain exposure to the ETF and its underlying U.S. large-cap equity portfolio; it is not a direct share of the S&P 500 index or an issuance by State Street.

xStocks describes its products as 1:1 collateralized tokenized equities and ETFs. Tokens are designed for self-custody, fractional ownership, transfers and 24/7 secondary-market trading where supported, while issuer issuance and redemption operate on a 24/5 schedule. Corporate actions such as dividends and splits are reflected through token multiplier/rebasing mechanics.

The product is intended for eligible, non-U.S. participants and is subject to jurisdictional restrictions. The issuer page states that SPYx is not offered, marketed or solicited to U.S. persons; users should rely on the applicable legal documentation rather than treating the token as an unrestricted retail substitute for a U.S.-listed ETF.

Traditional U.S. equity exposure is generally tied to brokerage accounts, market hours, custody arrangements and geographic eligibility. It is also difficult to use a conventional ETF position directly inside blockchain wallets, decentralized exchanges or DeFi protocols.

SPYx addresses this access and composability problem by representing exposure to SPY in a blockchain-native instrument that can be transferred across supported networks, held in a self-custodial wallet and integrated with onchain venues. Fractional token amounts allow granular position sizing.

This solves an access and settlement problem, not the investment risks of the underlying market. SPYx still follows the performance of SPY, has issuer/custodian/counterparty and liquidity risks, may trade away from indicative value, and is unavailable in prohibited jurisdictions.

Backed issues SPYx as a tracker certificate and states that each xStock is backed 1:1 by the corresponding underlying security held with regulated custodians. The underlying security is the SPDR S&P 500 ETF Trust (SPY), ISIN US78462F1030; the SPYx certificate has ISIN CH1436219716. Backed Finance AG is listed as tokenizer, with Alpaca Securities, InCore Bank and Maerki Baumann among the listed broker/custody providers.

The token is deployed on multiple chains. The current public asset API lists the EVM contract 0x90a2a4c76b5d8c0bc892a69ea28aa775a8f2dd48 on Ethereum, BNB Smart Chain, Arbitrum, Mantle, HyperEVM, Ink, X Layer and Optimism; Solana mint XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W; Tron token TKN6A3wSWHdZGanW5wBFkeFq2Yw3rhGqNz; and TON address EQB1fyBAA9qQDP6LEGaF3cbU-Xbr-p6ESBZGnqlHkHIHAJZv. Always verify a network and address against the official API before transferring.

Eligible participants can obtain or redeem tokens through supported issuer or partner flows, while secondary trading can occur on exchanges and DeFi venues. The product page lists a management fee of 0.0945% per year (reflecting the underlying fund's ongoing costs) and issuance/redemption fees of up to 0.50% of investment value.

On EVM chains, xStocks use rebasing logic so balanceOf reflects the adjusted exposure. For Solana and TON, the documentation says raw balances remain constant and a multiplier is applied for display. Dividends, stock splits and reverse splits therefore change the multiplier/balance representation rather than requiring holders to take manual action.