# SP500 Reference Token (SPYs)

This section provides the official **Terms and Conditions for the SP500 Reference Token (SPYs)** and any future updates. The SPYs is a price-tracker token referencing the SPDR S\&P 500 ETF (SPY), issued by ARTokens GmbH. The SP500 Reference Tokens seek to maintain a stable value in relation to shares of the SPDR S\&P 500 ETF Trust (ISIN: US78462F1030) ("SPY Shares").

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### Overview

Our Terms & Conditions govern the issuance, subscription, transfer, redemption, and related rights and obligations of the SPYs Asset-Referenced Tokens under the EU Markets in Crypto-Assets Regulation (MiCAR). It includes:

* Issuer details, offer limits, and supported blockchains
* How to subscribe, pay, and redeem the tokens
* The backing asset and reserve custody and audit
* Tokenholder rights to redeem for shares or cash
* Termination, costs, taxes, and legal venue
* Disclosures and notices

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### Version History & Audit Trail

This table tracks the publication dates and versions of all official updates regarding the Terms Sheet.

<table><thead><tr><th width="320">Document</th><th>Published Date</th><th>Link to file</th></tr></thead><tbody><tr><td>SPYs Terms and Conditions</td><td>Sep, 11th 2025</td><td><a href="https://cdn.prod.website-files.com/68300ee57ec0959e8542df73/68c2c7aeee836a42f87a1f1e_SPYs-Terms-and-Conditions_250911.pdf">Link</a></td></tr><tr><td>SPYs Terms and Conditions (redline)</td><td>Sep, 11th 2025</td><td><a href="https://cdn.prod.website-files.com/68300ee57ec0959e8542df73/68c2c6ba2573759327942bb8_SPYs-Terms-and-Conditions_250911_redline(250702).pdf">Link</a></td></tr><tr><td>SPYs Terms and Conditions</td><td>July, 3rd 2025</td><td><a href="https://cdn.prod.website-files.com/68300ee57ec0959e8542df73/686a86291a139a44028759c1_SPYs-Terms-and-Conditions_250630a.pdf">Link</a></td></tr></tbody></table>

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*Please always check for the latest version before relying on any document.*


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