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About SPDR S&P 500 ETF Trust
SPY tracks the value of 1 share of the SPDR S&P 500 ETF Trust. The ETF seeks to track the investment results of an index composed of the 500 largest U.S. companies by market capitalization.
On Lighter, SPY is a synthetic perpetual market with its own order book, so its mark price, funding rate and open interest can differ from the same instrument on another venue.
SPY is listed as a Lighter synthetic perpetual market. Prices track traditional-asset exposure synthetically and do not represent ownership of the underlying shares, ETFs, commodities, or cash instruments. Educational market data only — not investment advice.
Sector tags: Equity Indices.
Frequently Asked Questions
- What is SPY?
- SPY tracks the value of 1 share of the SPDR S&P 500 ETF Trust. The ETF seeks to track the investment results of an index composed of the 500 largest U.S. companies by market capitalization.
- Does trading SPY give me any of the rights of owning SPDR S&P 500 ETF shares?
- No. SPY is a synthetic perpetual with no delivery mechanism or arbitrage bridge to SPDR S&P 500 ETF shares. It gives price exposure only — there are no shareholder rights, no dividends, no voting rights, and no claim on the underlying shares.
- Where does the SPDR S&P 500 ETF Trust trade, and in what currency?
- The SPDR S&P 500 ETF Trust trades on NYSE Arca, and its shares trade in U.S. dollars. SPY's price already reflects that USD-denominated ETF, with no currency conversion involved.
- What is SPY on Lighter?
- SPY on Lighter is a synthetic perpetual market that tracks price exposure linked to 1 share of the SPDR S&P 500 ETF Trust. It trades on Lighter with its own order book, so you can go long or short without holding any shares.
- Can Lighter's SPY price differ from the price on other venues?
- Yes. Lighter's SPY market runs its own order book, so its mark price, funding rate, and open interest can differ from the same instrument on another venue.
- What does it mean that Lighter runs its own order book?
- An order book is the live list of buy and sell orders in a market. Because SPY on Lighter has its own book, prices are set by the orders on Lighter itself rather than imported from any other market.
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