The Nasdaq-100 is onchain. What does a JQQQ holder actually own?

Janus Henderson and Centrifuge have launched a fund tied to the Nasdaq-100 on Stellar, putting a licensed equity benchmark into a blockchain-native investment product. JQQQ is a share of a British Virgin Islands segregated portfolio available only to eligible investors outside the United States. Its owner gets exposure through that fund, not stock in the index’s companies and not an unrestricted claim to trade or redeem at any hour. Summary Janus Henderson and Centrifuge announced JQQQ on October 27 as an issuer-sponsored fund seeking to track the Nasdaq-100 Index. The fund is a segregated portfolio of a British Virgin Islands company and excludes U.S. persons from its eligible investor pool. Its token gives indirect economic exposure through an underlying index-tracking investment product, with no direct rights in Nasdaq-100 constituents. The fund launches on Stellar, while any lending or collateral use depends on separate third parties and investor eligibility. The launch release calls fees competitive but does not state a rate, minimum subscription, redemption timetable or initial JQQQ assets. A fund share in a digital wallet can look as easy to move as any other token. The gove...