# SP500 Reference Token (SPYs)

This section provides the official **White Paper 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 Whitepaper explains the legal structure, technical design, backing assets, and compliance classification of the token under the EU Markets in Crypto-Assets Regulation (MiCAR). It includes:

* Details about the backing asset, assets custodian, and independent auditor
* Description of the token’s core functionalities, including minting, burning, transferability, and redemption rights
* Information about the supported blockchains and smart contract standards
* Governance and operational arrangements for issuance, redemption, and reserve management
* Conditions for modifications, termination rights, and insolvency protections
* Risk factors and disclaimers as required under MiCAR

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### Version History & Audit Trail

This table tracks the publication dates and versions of all official updates regarding the White paper.

<table><thead><tr><th width="320">Document</th><th>Notification Date</th><th>Link to file</th></tr></thead><tbody><tr><td>SPYs Whitepaper</td><td>Sep, 11th 2025</td><td><a href="https://cdn.prod.website-files.com/68300ee57ec0959e8542df73/68c2b7ecfb0c6c0d159ae42a_SPYs-Whitepaper_250911.pdf">Link</a></td></tr><tr><td>SPYs Whitepaper (redline)</td><td>Sep, 11th 2025</td><td><a href="https://cdn.prod.website-files.com/68300ee57ec0959e8542df73/68c2ca7efb723c0f19243d86_SPYs-Whitepaper_250911_redline(Original-Whitepaper_250703).pdf">Link</a></td></tr><tr><td>SPYs Whitepaper</td><td>July, 3rd 2025</td><td><a href="https://cdn.prod.website-files.com/68300ee57ec0959e8542df73/686a4e8d89728677f9537e92_SPYs-Whitepaper_250703.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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