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. Janus Henderson and Centrifuge announced JQQQ on October 27 as an issuer-sponsored fund seeking to track the Nasdaq-100 Index.