Tokenized State Street SPDR S&P 500 ETF Trust ($SPY) Now Available on Solana

Backpack expands its tokenized securities lineup on Solana with the State Street SPDR S&P 500 ETF Trust ($SPY). Each $SPY token is tradable 24/7 and redeemable 1:1 for a traditional share of the State Street SPDR S&P 500 ETF Trust (NYSE Arca: SPY) through Backpack Securities.

Token details

About the State Street SPDR S&P 500 ETF Trust

State Street SPDR S&P 500 ETF Trust (NYSE Arca: SPY) seeks investment results that, before expenses, correspond generally to the price and yield performance of the S&P 500 Index, which it does by holding the index’s constituent stocks at weights that substantially match it. Launched in January 1993, it was the first exchange-traded fund listed in the United States. It is structured as a unit investment trust rather than an open-end fund, meaning it issues Units, has no portfolio manager or board of directors, and operates under a trust agreement administered by its trustee, State Street Global Advisors Trust Company, with PDR Services LLC as sponsor.

Moving between $SPY and traditional SPY shares

$SPY and traditional State Street SPDR S&P 500 ETF Trust (NYSE Arca: SPY) 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 State Street SPDR S&P 500 ETF Trust from Backpack Exchange to tokenize it into $SPY on Solana.

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

How to trade $SPY

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

$SPY 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 $SPY, are:

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