Tokenised Funds
Tokenised funds evaluated across what you own and against whom, redemption mechanics, the fee load against the cheapest equivalent, and eligibility.
15providers tracked
7ranked (methodology v2026.11.1)
12 November 2026Ranking snapshot
22 October 2026oldest read · due 6 DecIndependent. Evidence-based.We rank with a published method and sourced evidence. No one can pay to rank.How it works
$10,000 ·
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Funding & access
7 providers match your requirements
Out of 7 ranked providers. 0 excluded.
What this ranks
Ranked here: tokenised funds, where you buy into a fund through a token, compared on what you own and against whom, redemption mechanics, fee load and who can subscribe.Not ranked here: money-market and T-bill funds ranked under those categories, issuance rails and fund software, mirror tokens you cannot buy, and crypto funds whose shares never touch a chain.7 of the 15 assessed are ranked; 8 were turned away by name. Who, and whyRequirements narrow the list; they never change a published ChainChoice Score. How the ranking works
WI
WisdomTree Digital Funds
How WisdomTree Digital Funds was chosen
Leads this ranking on Who can subscribeReal 1940 Act funds at 0.05%
83 / 100 out of 100published score, #1 of all 7 worldwide
Evidence
High
4/4 criteria scored, with 4 dated sources quoted.LiquidityClaim distanceFee vs alternative
Why it leads
- WisdomTree Digital Funds is 12 points ahead of Janus Henderson Anemoy AAA CLO Fund (JAAA), mainly because it scores higher on its fee vs alternative and its access.
- Best in this ranking on claim distance and liquidity
- Ahead of Janus Henderson Anemoy AAA CLO Fund (JAAA) on fee vs alternative (+9.0 points) and access (+5.0 points)
fee/yr on your balance
$5
Based on $10,000 balance
How this is calculated
Priced on the published management fee at the balance above for one year, by the same cost model the provider page uses.Share
#ProviderCompare
2
0.50% for the token — the SAME manager’s listed...
71 / 100 out of 100
$50fee read 22 October 2026 · source
4
MAS-licensed Singapore venue
56 / 100 out of 100
Not priced
5
Feeders into Brevan Howard and Hamilton Lane
≤41 / 100 out of 100
Not priced
6
Same score, not joint · ordered by weighted total (34.30 against 33.20)
2017-vintage tokenised VC fund
≤41 / 100 out of 100
$250fee read 22 October 2026 · source
7
Same score, not joint · ordered by weighted total (33.20 against 31.10)
A daily-transferable token over a quarterly
≤41 / 100 out of 100
Not priced
Compare providers (0)
See key differences in features, fees, security and more.
Fee vs alternative
Fee load vs the cheapest equivalent
24% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Fee vs alternative (0–10) | ChainChoice Score |
|---|---|---|
| WisdomTree Digital Funds | 9 | 83 |
| Bitwise Crypto Carry Fund (USCC) | 7 | 68 |
| Janus Henderson Anemoy AAA CLO Fund (JAAA) | 3 | 71 |
| Blockchain Capital BCAP | 3 | 41 |
| Apollo Diversified Credit Fund (ACRED) | 3 | 41 |
| ADDX | 2 | 56 |
| KAIO | 1 | 41 |
Liquidity
Redemption mechanics
26% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Liquidity (0–10) | ChainChoice Score |
|---|---|---|
| WisdomTree Digital Funds | 10 | 83 |
| Janus Henderson Anemoy AAA CLO Fund (JAAA) | 9 | 71 |
| Bitwise Crypto Carry Fund (USCC) | 8 | 68 |
| ADDX | 5 | 56 |
| Apollo Diversified Credit Fund (ACRED) | 3 | 41 |
| KAIO | 2 | 41 |
| Blockchain Capital BCAP | 1 | 41 |
Claim distance
What you own and against whom
30% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Claim distance (0–10) | ChainChoice Score |
|---|---|---|
| WisdomTree Digital Funds | 9 | 83 |
| Bitwise Crypto Carry Fund (USCC) | 8 | 68 |
| Janus Henderson Anemoy AAA CLO Fund (JAAA) | 7 | 71 |
| Apollo Diversified Credit Fund (ACRED) | 4 | 41 |
| ADDX | 3 | 56 |
| KAIO | 2 | 41 |
| Blockchain Capital BCAP | 1 | 41 |
Access
Who can subscribe
20% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Access (0–10) | ChainChoice Score |
|---|---|---|
| WisdomTree Digital Funds | 8 | 83 |
| ADDX | 5 | 56 |
| Janus Henderson Anemoy AAA CLO Fund (JAAA) | 4 | 71 |
| KAIO | 3 | 41 |
| Apollo Diversified Credit Fund (ACRED) | 3 | 41 |
| Bitwise Crypto Carry Fund (USCC) | 2 | 68 |
| Blockchain Capital BCAP | 1 | 41 |
All 4 published criteria
Every ranked row’s score on each criterion, in the published order. Choose a column to order by it.
| Provider | ChainChoice Score | |||||
|---|---|---|---|---|---|---|
| 1 | WisdomTree Digital Funds | 9 | 10 | 9 | 8 | 83 |
| 2 | Janus Henderson Anemoy AAA CLO Fund (JAAA) | 7 | 9 | 3 | 4 | 71 |
| 3 | Bitwise Crypto Carry Fund (USCC) | 8 | 8 | 7 | 2 | 68 |
| 4 | ADDX | 3 | 5 | 2 | 5 | 56 |
| 5 | KAIO | 2 | 2 | 1 | 3 | 41 |
| 6 | Blockchain Capital BCAP | 1 | 1 | 3 | 1 | 41 |
| 7 | Apollo Diversified Credit Fund (ACRED) | 4 | 3 | 3 | 3 | 41 |
How this ranking works
How firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and which tokenised funds were assessed and left out.
FirmThis verdict holds under every one-point re-read
See the arithmetic
Every published criterion was moved up and down by one point and the ranking re-run. The same product came first each time. The published rankings file
Why this score4 published criteria · leads every one
Published criterionWtScore, and the best hereGap/10 out of 10Pts
What you own and against whom7.2·98.6
Redemption mechanics6.2·108.3
Fee load vs the cheapest equivalent5.8·96.9
Who can subscribe4.8·85.1
Σ methodology points29.0/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Why it ranks first
Why WisdomTree Digital Funds leads this category right now
Real 1940 Act funds at 0.05% — the cheapest wrapper here by an order of magnitude. Strongest on redemption mechanics (10/10): WisdomTree Connect states subscriptions and redemptions generally settle shortly after the 4:00 pm ET NAV strike, so holders exit daily at that day's NAV; neither the Connect FAQ nor the SPXUX fact sheet sets a queue cap or pro-ration. Weakest on who can subscribe (8/10): Retail investors can buy through the WisdomTree Prime app, which WisdomTree says is available in all 50 US states; the SPXUX page is marked for U.S. investors only, so investors outside the United States cannot buy. Published price: WisdomTree 500 Digital Fund (SPXUX) fact sheet (WisdomTree, data as of 06/30/2026, read 2026-10-22): "Gross Expense Ratio 0.05%" and "Net Expense Ratio 0.05%", so the flagship carries 0.05% a year with no fee waiver that can lapse: an ordinary mutual-fund…
Best for
Liquidity — 10/10
Main tradeoff
US investors only — non-US buyers cannot access it at all
Verify before signup
WisdomTree 500 Digital Fund (SPXUX) fact sheet (WisdomTree, data as of 06/30/2026, read 22 October 2026): "Gross Expense Ratio 0.05%" and "Net Expense Ratio 0.05%", so the flagship carries 0.05% a year with no fee waiver that can lapse: an ordinary mutual-fund expense ratio, not a tokenisation premium, and the lowest load in this category by an order of magnitude. The same fact sheet states "WisdomTree’s Digital Funds are open-end mutual funds registered with the SEC under the 1940 Act". WisdomTree Connect FAQ (wisdomtreeconnect.com, read 22 October 2026): "There are no transaction, subscription or minting fees or other service fees for transactions. Investors are responsible for gas fees* and potentially burn fees** if utilizing USDC via the stablecoin conversion service." Redemption is daily at NAV: "Subscriptions and redemptions generally settle shortly after the NAV strike at 4:00 pm ET."
Recommendation summary
What should decide this category
Do you own a registered fund share, a feeder interest, or an SPV note — and against whom does the claim run?
Do you have an investor-side redemption right, or only an issuer option with queue caps?
Do you have an investor-side redemption right, or only an issuer option?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
WI
WisdomTree Digital Funds
Real 1940 Act funds at 0.05% — the cheapest wrapper here by an order of magnitude
Real 1940 Act funds at 0.05% — the cheapest wrapper here by an order of magnitude. Strongest on redemption mechanics (10/10): WisdomTree Connect states subscriptions and redemptions generally settle shortly after the 4:00 pm ET NAV strike, so holders exit daily at that day's NAV; neither the Connect FAQ nor the SPXUX fact sheet sets a queue cap or pro-ration. Weakest on who can subscribe (8/10): Retail investors can buy through the WisdomTree Prime app, which WisdomTree says is available in all 50 US states; the SPXUX page is marked for U.S. investors only, so investors outside the United States cannot buy. Published price: WisdomTree 500 Digital Fund (SPXUX) fact sheet (WisdomTree, data as of 06/30/2026, read 2026-10-22): "Gross Expense Ratio 0.05%" and "Net Expense Ratio 0.05%", so the flagship carries 0.05% a year with no fee waiver that can lapse: an ordinary mutual-fund…
Best for: Liquidity — 10/10
What you own and against whom · weight 30%9/10Redemption mechanics · weight 26%10/10Fee load vs the cheapest equivalent · weight 24%9/10Who can subscribe · weight 20%8/10
Quick pick
Janus Henderson Anemoy AAA CLO Fund (JAAA)
0.50% for the token — the SAME manager’s listed ETF charges 0.20%
0.50% for the token — the SAME manager’s listed ETF charges 0.20%. Strongest on redemption mechanics (9/10): The Centrifuge fund page offers daily subscriptions and redemptions, settling T+0 with a 10:00 ET cutoff or T+1 with a 15:00 ET cutoff; neither the fund page nor the fact sheet sets a queue cap or pro-ration. Weakest on fee load vs the cheapest equivalent (3/10): The tokenised fund charges a 50 bp management fee plus unquantified third-party service fees, while Janus Henderson's listed AAA CLO ETF in the same strategy shows a 0.20% gross and net expense ratio, so the token route costs at least 2.5 times as much. Published price: Anemoy JAAA fact sheet (June 2026, on IPFS, read 2026-10-22): "Entry fee $0", "Min. investment 500,000 USDC", "Mgmt.
Best for: Liquidity — 9/10
What you own and against whom · weight 30%7/10Redemption mechanics · weight 26%9/10Fee load vs the cheapest equivalent · weight 24%3/10Who can subscribe · weight 20%4/10
Quick pick
Bitwise Crypto Carry Fund (USCC)
The crypto basis trade in a Delaware trust — qualified purchasers only
The crypto basis trade in a Delaware trust — qualified purchasers only. Strongest on what you own and against whom (8/10): The USCC token is the fund share itself, in a Delaware statutory trust series managed by Bitwise Investment Manager with Superstate Services as transfer agent; the shares are an unregistered private placement, not a 1940 Act fund. Weakest on who can subscribe (2/10): Superstate limits its funds to Qualified Purchasers with at least $5m of investable assets for individuals or $25m for institutions, in 29 listed countries, and USCC's minimum is $100,000 unless waived. Published price: Bitwise’s USCC page (bitwiseinvestments.com/crypto-funds/uscc, read 2026-10-22): "The management fee is payable monthly in arrears, and is equal to an annual rate of 0.75% of USCC's average daily Net Asset Value.
Best for: Claim distance — 8/10
What you own and against whom · weight 30%8/10Redemption mechanics · weight 26%8/10Fee load vs the cheapest equivalent · weight 24%7/10Who can subscribe · weight 20%2/10
Quick pick
ADDX
MAS-licensed Singapore venue — non-US accredited and institutional investors only
MAS-licensed Singapore venue — non-US accredited and institutional investors only. Strongest on redemption mechanics (5/10): ADDX's shelf mixes daily-access funds with no lock-ups, private credit redeemable monthly or quarterly, notes held to maturity and lower-liquidity private equity, plus a secondary market for selected holdings; no single redemption right covers the shelf. Weakest on fee load vs the cheapest equivalent (2/10): ADDX charges a one-time subscription fee whose amount appears only at order, and says other parties' management and performance fees may apply on top; neither the homepage nor the FAQ publishes a percentage. Published facts: ADDX homepage (addx.co/en, read 2026-10-22): "Unlike many other platforms, you will be charged only a one-time, non-recurring subscription fee with each investment and its exact amount will be shown before you submit your order." The fee cards read "One time…
Best for: Liquidity — 5/10
What you own and against whom · weight 30%3/10Redemption mechanics · weight 26%5/10Fee load vs the cheapest equivalent · weight 24%2/10Who can subscribe · weight 20%5/10
Considered and not ranked
8 products we looked at and left out
A shortlist is only honest if it says who it turned away. Each of these was assessed against the same published criteria as the ranked table and excluded for a stated reason — not overlooked.
We assessed 15 products here and rank 7 — 47% of what we looked at. That share is of the products we assessed, not of the category: how many exist is not something we can count, so we do not claim a number for it.
BlackRock USD Institutional Digital Liquidity Fund (BUIDL)· Ranked elsewhereFranklin Templeton BENJI / Franklin OnChain U.S. Government Money Fund (FOBXX)· Ranked elsewhereOndo OUSG (Ondo Short-Term US Treasuries Fund)· Ranked elsewhereCircle USYC· Ranked elsewhereSecuritize· Ranked elsewhereEnzyme (Enzyme Onyx)BNY and Goldman Sachs tokenised money market funds (GS DAP mirror tokens)Grayscale Bitcoin Trust ETF (GBTC) and the spot crypto ETF complex
What this ranking does not assess
- Contract failure: the code holding the funds is exploited.
- Control failure: a key or vote changes the rules, freezes or mints.
- Custody failure: whoever holds the assets loses or withholds them.
- Information failure: the number is wrong or bought, or your data leaks.
These can still cost you money here; the ranking does not measure them, so a high place says nothing about them. Which criterion scores each family, and why the others do not apply, is in /data/risk-coverage.json.
How this ranking is built
Reviewed on what you own and against whom, redemption mechanics, fee load vs the cheapest equivalent, and who can subscribe.
Data checked Oct 2026 · Independent rankings · We show our work
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
Direct answer
What is the best tokenised fund in 2026?
WisdomTree Digital Funds ranks #1 overall for tokenised funds on ChainChoice. Real 1940 Act funds at 0.05% — the cheapest wrapper here by an order of magnitude. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; the full reasoning and the audit receipt are under Methodology.
How you can lose money here, and what the ranking scores
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by What you own and against whom · 30% (WisdomTree Digital Funds 9/10, Janus Henderson Anemoy AAA CLO Fund (JAAA) 7/10, Bitwise Crypto Carry Fund (USCC) 8/10)
- Regulatory failure: no licence where you are, or a forced market exit.Scored by Who can subscribe · 20% (WisdomTree Digital Funds 8/10, Janus Henderson Anemoy AAA CLO Fund (JAAA) 4/10, Bitwise Crypto Carry Fund (USCC) 2/10)
- Exit failure: you cannot get out at par, on time, or with what is yours.Scored by Redemption mechanics · 26% (WisdomTree Digital Funds 10/10, Janus Henderson Anemoy AAA CLO Fund (JAAA) 9/10, Bitwise Crypto Carry Fund (USCC) 8/10)
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: Fee load vs the cheapest equivalent (24%).
FAQs
3 questions readers ask before choosing tokenised funds.
Frequently asked
Questions people ask before choosing tokenised funds
What do I actually own when I hold a tokenised fund?
Tokenised funds make the most sense when you want managed strategy exposure onchain and can accept that you usually hold a feeder or note rather than the fund itself, without the same volatility as broader crypto assets.
Why compare fees against an ETF rather than against each other?
Because the alternative to a tokenised fund is almost never another tokenised fund - it is the ordinary ETF or fund share holding the same underlying, which anyone can already buy. Scoring these against each other would make the cheapest of them look good even if all of them cost several times the untokenised route. Measuring each against the cheapest equivalent way to hold the same exposure is the only comparison that answers what the wrapper actually costs you
What matters most when choosing a tokenised fund?
What the investor owns and what it costs against the cheapest equivalent route. Where a tokenised share class charges materially more than the same manager's own ETF, that gap is the finding.
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Best picks
Best tokenised funds in 2026
The best tokenised fund depends on what you actually own and against whom. A registered fund share, a feeder interest and an SPV note are not equivalent, and a branded manager's name on the wrapper is not evidence that the manager stands behind it. Fees are scored relatively rather than absolutely — the question is what the same strategy costs untokenised, and a tokenised share class charging materially more than the identical manager's own ETF is the finding rather than a footnote.
Best overall
WI
WisdomTree Digital Funds
Real 1940 Act funds at 0.05% — the cheapest wrapper here by an order of magnitude
Data checked Oct 2026
Real 1940 Act funds at 0.05% — the cheapest wrapper here by an order of magnitude. Strongest on redemption mechanics (10/10): WisdomTree Connect states subscriptions and redemptions generally settle shortly after the 4:00 pm ET NAV strike, so holders exit daily at that day's NAV; neither the Connect FAQ nor the SPXUX fact sheet sets a queue cap or pro-ration. Weakest on who can subscribe (8/10): Retail investors can buy through the WisdomTree Prime app, which WisdomTree says is available in all 50 US states; the SPXUX page is marked for U.S. investors only, so investors outside the United States cannot buy. Published price: WisdomTree 500 Digital Fund (SPXUX) fact sheet (WisdomTree, data as of 06/30/2026, read 2026-10-22): "Gross Expense Ratio 0.05%" and "Net Expense Ratio 0.05%", so the flagship carries 0.05% a year with no fee waiver that can lapse: an ordinary mutual-fund…
Best for: Liquidity — 10/10
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Written and reviewed by Mathias Siemonsmeier, Founder
Not financial advice · For informational purposes only · Always do your own research