Tokenized iShares MSCI South Korea ETF ($EWY) Now Available on Solana

Backpack expands its tokenized securities lineup on Solana with the iShares MSCI South Korea ETF ($EWY). Each $EWY token is tradable 24/7 and redeemable 1:1 for a traditional share of the iShares MSCI South Korea ETF (NYSE Arca: EWY) through Backpack Securities.

Token details

About the iShares MSCI South Korea ETF

iShares MSCI South Korea ETF (NYSE Arca: EWY) is an exchange-traded fund managed by BlackRock Fund Advisors that holds South Korean equities. It tracks the MSCI Korea 25/50 Index, which applies a capping method that limits any single group entity to 25 percent of index weight and caps the combined weight of all group entities above 5 percent at 50 percent. The fund launched in 2000 and has tracked this index since 2013.

Moving between $EWY and traditional EWY shares

$EWY and traditional iShares MSCI South Korea ETF (NYSE Arca: EWY) shares are convertible 1:1 through Backpack Exchange. The flow works the same way as depositing or withdrawing a stablecoin.

Withdraw a share of the iShares MSCI South Korea ETF from Backpack Exchange to tokenize it into $EWY on Solana.

Deposit $EWY from a Solana wallet to Backpack Exchange to convert it back into the underlying EWY share held in Backpack Securities.

How to trade $EWY

You can trade Backpack-issued $EWY on Solana using Backpack Wallet.

$EWY is also accessible across the Solana ecosystem, including decentralized exchanges, aggregators, wallets, and apps such as Backpack, fomo, Titan, Jupiter, Phantom, Solflare, Raydium, Kamino, and others.

Unlike most tokenized stocks that only track a price, tokenized securities issued by Backpack, including $EWY, are:

• Redeemable 1:1 for real underlying shares
• Transferable to traditional brokerages