Nasdaq xStock

qqqx
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CoinYQ Dossier

QQQx kept trading after Nasdaq closed; its arbitrage window did not

On 30 June 2025, xStocks put an ETF-linked certificate into wallets and markets that could remain open through the weekend. QQQx inherited its price reference from Invesco QQQ, but not the fund unit, shareholder vote or instant access to the issuer. The product’s history turns on that mismatch: the token clock runs continuously while collateral purchase, redemption and legal enforcement still keep market and business hours.

A 1999 fund became the reference, not the token

Invesco QQQ Trust was formed on 10 March 1999 to track the Nasdaq-100. The index is a benchmark calculation, QQQ is an ETF unit holding a portfolio, and Nasdaq, Inc. is a separate listed company and exchange operator. QQQx added a fourth object: Product 72, an open-ended tracker certificate issued by Backed Assets (JE) Limited with ISIN CH1436219724.

That sequence defines what crossed into the wallet. QQQx follows QQQ’s economic value, including distributions reinvested net of tax, but a token holder does not become a QQQ shareholder or an owner of the index companies. The enforceable instrument is the Jersey certificate recorded onchain.

The Solana mint opened a longer trading clock

The Solana ledger first recorded QQQx on 12 June 2025. On 30 June, Backed launched more than sixty xStocks through exchanges and Solana applications. Fractional token transfers and secondary venues made QQQ-shaped exposure available outside the ETF’s own trading session.

Yet the ETF never moved to Solana. The issuer still buys and sells QQQ through brokers and custodians, and direct issuance and redemption operate on business days when the underlying US market is open. Weekend trading adds a new price, but it also creates periods when the issuer route cannot immediately close a gap between QQQx and QQQ.

The May 2026 terms turned “backed” into a creditor structure

Replacement Final Terms dated 8 May 2026 named QQQ as standard collateral, allowed the underlying to be lent and placed product accounts behind Security Agent Services AG. The issuer must maintain collateral value corresponding to the product, but investors exercise the security through the agent rather than receiving title to a numbered QQQ unit.

That choice matters in distress. Realisation costs and senior service-provider claims are paid before investors receive their pro-rata net proceeds. Once those proceeds are distributed, the terms leave no residual claim against unrelated issuer or service-provider assets. “1:1” describes the collateral-value design; it does not remove custody, lending or limited-recourse risk.

Two ledgers widened access and split the control surface

QQQx now has official ledgers on Ethereum and Solana, but they do not share one verified public supply-conservation rule. Ethereum used an upgradeable proxy with divided mint, burn, multiplier and pause roles; Solana used Token-2022 authorities including mint, freeze, permanent delegate, pause and scaled display. The September 5, 2026 snapshots showed both representations unpaused, yet each chain could still be administered under its own keys.

The same split appears at the exit. A secondary token can trade in small fractions around the clock, while direct redemption requires KYC, issuer acceptance, token deactivation and collateral sale, with settlement by T+5 and a current USD 5,000 operational minimum. The displayed 0.20% annual management cost sits below the 0.25% legal ceiling, and issue or redemption can add up to 0.50% with at least USD 100. QQQx succeeded in extending where and when QQQ exposure trades; it did not make the underlying market, issuer process or collateral machinery continuous.

How the project changed

  1. 1999-03-10
    Invesco QQQ Trust is formed

    The ETF wrapper begins tracking the Nasdaq-100 decades before any QQQx token exists.

  2. 2025-06-12
    The Solana QQQx mint first appears

    Token-2022 records the ledger that will carry the first public xStocks launch.

  3. 2025-06-30
    QQQx goes live with xStocks

    The certificate reaches exchanges and Solana DeFi as one of more than sixty launch assets.

  4. 2026-05-08
    Product 72 receives replacement Final Terms

    The document fixes the QQQ reference, collateral, fees, creditor rights and redemption mechanics under the 2026 prospectus.

Evidence and primary sources

Last evidence review: 2026-09-05

What is Nasdaq xStock?

Nasdaq xStock (QQQx) is an open-ended tracker certificate issued by Backed Assets (JE) Limited. Its reference asset is Invesco QQQ Trust, Series 1: the US ETF with ticker QQQ and ISIN US46090E1038. QQQ in turn seeks to track the Nasdaq-100 Index. QQQx is therefore a claim one legal wrapper removed from the ETF and two steps removed from the companies in the index.

The product itself has ISIN CH1436219724. Its official securities ledgers include an Ethereum ERC-20 at 0xa753a7395cae905cd615da0b82a53e0560f250af and a Solana Token-2022 mint at Xs8S1uUs1zvS2p7iwtsG3b6fkhpvmwz4GYU3gWAmWHZ. The Nasdaq name describes the benchmark lineage. It does not make the token Nasdaq, Inc. stock or give a holder ownership in Nasdaq, Invesco, QQQ or a hundred index companies.

What problem does Nasdaq xStock solve?

QQQ solved an older packaging problem when it formed on 10 March 1999: one exchange-traded unit could follow a basket of large non-financial Nasdaq-listed companies. QQQx attacked a newer access problem. Backed wanted the economic movement of that ETF to travel through crypto wallets, exchanges and DeFi without asking the ETF itself to become a blockchain token.

That separation made a launch possible on 30 June 2025 across Solana, Kraken, Bybit and DeFi venues. It also preserved several clocks. A QQQx token can move while Nasdaq is closed, but new certificates and issuer redemptions still depend on business days, QQQ market liquidity, custody and compliance checks. The token extends the trading surface; it does not erase the market and legal machinery underneath.

How does Nasdaq xStock work?

For an accepted issuance, the Jersey issuer receives payment, buys collateral corresponding to the certificates and activates tokens. The QQQx Final Terms name QQQ itself as standard collateral and list Alpaca Securities, InCore Bank, Maerki Baumann and GTN Europe among broker or custody providers. The collateral is held in product accounts and pledged for investors through Security Agent Services AG. The same terms permit lending of the underlying, so “1:1 backed” is an asset-and-security arrangement, not a promise that a numbered QQQ unit sits untouched for every wallet token.

QQQ distributions do not arrive as a cash dividend paid to a QQQx shareholder. The issuer accumulates underlying income net of tax and reflects it through rebasing or a multiplier. Fees then matter. The product page displays a 0.20% annual management cost; the 8 May 2026 Final Terms authorize up to 0.25%. The legal issue and redemption formula can charge up to 0.50% and at least USD 100. Those two management-fee figures describe a current display and a legal ceiling, not one interchangeable number.

Any investor may submit the contractual put directly or through an intermediary, but redemption is conditional. KYC/AML must succeed, the issuer can reject negative or materially problematic cases, received tokens are deactivated, collateral is sold and settlement can run to T+5. The current operating FAQ states a USD 5,000 direct-dealing minimum. Secondary-market sale can be smaller, but it is a trade with market liquidity rather than exercise of the issuer claim.

The chain layer is administered, too. At block 25,909,047 the Ethereum proxy pointed to implementation 0x65c4…5f19 and its ProxyAdmin plus token ownership resolved to the same 2-of-3 Safe. Separate addresses held mint, burn and multiplier duties; a 3-of-5 Safe held pause authority, an external sanctions list was connected, and the token was not paused. Solana uses different Token-2022 controls: live mint and freeze authorities, a permanent delegate, pause authority and a scaled-display multiplier authority. Those tools synchronize legal issuance, redemption, compliance and corporate actions. They are not holder governance, and control observed on one chain must not be projected onto another. On Ethereum, the minter can issue to any account, the pauser can stop transfers, minting and burning, and the burner is limited to balances it or the token contract holds. On Solana, the permanent delegate can transfer or burn balances from any holder token account, the freeze authority can freeze individual accounts, and pause can halt transfers, minting and burning across the mint.

At the recorded snapshots, Ethereum totalSupply was 34,066.098940545497785465 QQQx. Solana held 84,361.76543473 raw nominal units, displayed as 84,591.65374729 after its active UI multiplier; no public bridge invariant was verified, so the two figures are not presented as one conserved supply.

Key facts

  • QQQx is tracker certificate CH1436219724 issued by Backed Assets (JE) Limited, a Jersey private company.
  • Its reference asset is Invesco QQQ Trust, Series 1, ticker QQQ and ISIN US46090E1038.
  • QQQ seeks to track the Nasdaq-100 Index; QQQx is neither the index nor Nasdaq, Inc. stock.
  • QQQx launched with the first xStocks group on 2025-06-30; the Solana mint records its first mint on 2025-06-12.
  • Official ledgers include Ethereum 0xa753a7395cae905cd615da0b82a53e0560f250af and Solana Xs8S1uUs1zvS2p7iwtsG3b6fkhpvmwz4GYU3gWAmWHZ.
  • Standard collateral is QQQ; the documents allow the underlying to be lent and use a product-specific security arrangement.
  • Holders have a creditor claim to allocated collateral through the security agent, with no residual claim after net realization proceeds are exhausted.
  • Underlying distributions are accumulated net of tax and represented through rebasing; QQQx supplies no direct dividend or QQQ voting right.
  • The product page shows 0.20% annual management cost, while the May 2026 Final Terms permit up to 0.25%.
  • Legal issuance/redemption fees are up to 0.50% and at least USD 100 under the Final Terms formula.
  • Direct redemption requires KYC, issuer acceptance and token deactivation, may settle by T+5, and the current FAQ states a USD 5,000 minimum.
  • U.S. Persons and prohibited jurisdictions are excluded even though tokens can transfer onchain.
  • At Ethereum block 25,909,047, a 2-of-3 Safe controlled upgrades and ownership; minter could issue to any account, pauser could halt transfers/mint/burn, and the narrower burner could burn only its or the token contract’s holdings.
  • At Solana slot 444,440,287, the permanent delegate could transfer or burn from any holder account, freeze could stop individual accounts and pause could halt all transfers/mint/burn; QQQx was unpaused.
  • At the recorded snapshots, Ethereum totalSupply was 34,066.098940545497785465 QQQx. Solana held 84,361.76543473 raw nominal units, displayed as 84,591.65374729 after its active UI multiplier; no public bridge invariant was verified, so the two figures are not presented as one conserved supply.

Official links

Official websiteWhitepaperBlock explorerX / Twitter

Frequently asked questions

Is QQQx Nasdaq stock?

No. The name refers to the benchmark chain: QQQx follows QQQ, and QQQ follows the Nasdaq-100. It is a Jersey issuer’s tracker certificate, not Nasdaq, Inc. equity.

Do I own an Invesco QQQ unit?

No. The issuer may hold QQQ as collateral, but the token holder has a certificate-creditor claim under the security documents and no delivery right to a particular ETF unit.

Do QQQ dividends reach my wallet?

Not as a shareholder dividend. Underlying income is accumulated net of tax and reflected through the product multiplier or rebasing, after applicable costs.

Can I redeem one token?

A small token can be sold on a secondary venue if liquidity exists. The current xStocks FAQ places a USD 5,000 minimum on direct issuer redemption, which also requires KYC and acceptance.

Why can QQQx trade when Nasdaq is closed?

Token venues can stay open, but QQQ price discovery, creation and redemption still rely on the underlying market and business-day process. The secondary price can therefore drift.

Can the issuer freeze or change QQQx?

The Ethereum representation is upgradeable and includes role-controlled pause, sanctions, mint, burn and multiplier functions. These powers support operations and compliance but create administrator dependence.

What happens if the issuer defaults?

The security agent can realize product collateral for holders. Recovery is limited to net proceeds from that allocated collateral; the terms deny a residual claim against other issuer or service-provider assets.

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