SPY is a tokenized representation of the SPDR S&P 500 ETF Trust on the Base network. Launched in January 1993 as the first ETF in the United States, the underlying trust seeks to provide investment results corresponding to the price and yield performance of the S&P 500 Index before expenses. The S&P 500 Index measures the large-cap U.S. equity market across all eleven GICS sectors using a float-adjusted market capitalization-weighted methodology. The trust holds a portfolio of common stocks matching the index's composition and weightings.