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If you want to know, it's probably in the prospectus. I'd be shocked if termination called for anything other than liquidating the holdings of the trust and distributing the proceeds pro-rata to shareholders. Even if something weird was supposed to happen, there would be at least 20 years of notice for everyone to get their money out.

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Since it's an ETF, I'm pretty sure you can hand in your SPY shares to the trust and they'll give you the underlying S&P 500 companies' shares without even having to sell.

Only authorized participants can do that.

ETF shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, less wealthy investors must buy and sell ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may pay more than net asset value (NAV) when buying and receive less than net asset value when selling.

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