What is deSPXA?

deSPXA is a tokenized S&P 500 index product built on Centrifuge's deRWA framework. It provides onchain exposure to US equity markets, tradeable 24/7 and mintable at NAV.

How it works

deSPXA tokens represent shares in a fund that tracks the S&P 500 index. When users mint deSPXA, they're acquiring exposure to the 500 largest US public companies through a regulated fund structure.

The token is minted at Net Asset Value (NAV), meaning you pay fair value for the underlying equity exposure. This differs from exchange-traded products where prices can deviate from NAV.

Centrifuge's deRWA infrastructure handles the tokenization, providing onchain verification of the underlying fund holdings and enabling DeFi integrations.

24/7 equity access

Traditional equity markets operate during limited hours — roughly 6.5 hours per day, five days per week. deSPXA trades continuously, enabling global users to manage equity exposure on their schedule.

This always-on access is particularly useful for hedging, portfolio rebalancing, or responding to news outside market hours. NAV-based minting ensures fair pricing regardless of when you transact.

Clearstar's role

Clearstar partnered with Centrifuge on deSPXA's launch. As curators in the DeFi ecosystem, we help integrate tokenized equities into yield strategies and lending markets.

Equity exposure adds diversification to DeFi portfolios. deSPXA can serve as collateral in lending protocols or as a component in multi-asset vaults.

Risks to understand

Market risk is inherent in equity exposure. The S&P 500 can decline significantly during market downturns — deSPXA holders bear this risk directly.

Counterparty risk exists because deSPXA depends on the underlying fund structure and its service providers. Issues with the fund could affect token holders.

Regulatory risk matters as tokenized securities are a new asset class. Regulations may evolve and affect how deSPXA can be used or who can access it.