About Backed CSPX Core S&P 500

bCSPX is a tokenized tracker certificate referencing the iShares Core S&P 500 UCITS ETF (accumulating, so it makes no distributions), issued by Backed Assets (JE) Limited in Jersey. It is a debt security rather than ownership of ETF shares: holders have creditors' rights against the issuer, not a claim on the underlying fund. Its price floats with the ETF instead of holding a peg. Kraken's parent Payward acquired Backed Finance AG in January 2026, and the original bTokens no longer appear in the issuer's continued public offer, where S&P 500 exposure is now SPYx.