Janus Henderson and tokenization platform Centrifuge have launched JQQQ, the first issuer-sponsored fund licensed to track the Nasdaq-100 Index and issued natively on a public blockchain. The product debuted exclusively on the Stellar network, expanding the London-based asset manager’s onchain investment platform beyond U.S. Treasuries and structured credit into one of the world’s most closely followed equity benchmarks.

The fund provides eligible professional investors outside the United States with indirect economic exposure to the Nasdaq-100, which includes major technology companies such as Nvidia, Apple and Microsoft. Shares do not convey ownership of the underlying stocks or associated shareholder rights. JQQQ is structured as a segregated portfolio of Anemoy Capital SPC Limited, a British Virgin Islands investment company, with Anemoy Asset Management Limited as investment manager and Janus Henderson Investors US LLC serving as sub-investment manager.

Structure and Target Investors

Centrifuge supplies the tokenization infrastructure that enables the fund’s onchain issuance and operation. Unlike third-party stock tokens that merely replicate prices of existing securities, JQQQ is designed as a blockchain-native vehicle from the outset. This structure opens the possibility that fund shares could later integrate with programmable portfolios, lending markets or collateral arrangements on blockchain platforms, though any such uses would depend on independent third parties, investor eligibility and applicable terms. Janus Henderson does not facilitate, endorse or offer those services.

Access is restricted to jurisdictions where the fund may lawfully be offered and marketed. Several reports cited a minimum investment of $100,000, though the official announcement did not specify subscription thresholds, fee rates or an exact start date for subscriptions. The product is unavailable to U.S. persons.

Janus Henderson oversees approximately $500 billion in total assets under management. The firm previously collaborated with Centrifuge on the Janus Henderson Anemoy S&P 500 Fund, which launched on the Base network and was the first tokenized index fund licensed by S&P Dow Jones Indices.

Nasdaq Licensing and Market Context

JQQQ operates under a formal licensing agreement with Nasdaq. The license permits the fund to track the index but does not make Nasdaq the issuer, nor does it constitute an endorsement, sale or promotion of the product by the exchange. The launch follows Nasdaq’s decision in April to broaden licensing of the Nasdaq-100 Index to additional asset managers, including BlackRock and State Street, while maintaining its longstanding partnership with Invesco, which manages the large Invesco QQQ Trust exchange-traded fund.

The timing coincides with wider institutional interest in bringing traditional market exposure onto public blockchains. Tokenization activity has so far concentrated more heavily on fixed-income and credit products; JQQQ represents a notable extension into licensed equity-index strategies.

Stellar’s Growing Role in Institutional Tokenization

Stellar was selected as the exclusive launch network. The blockchain ranks among the leading platforms for real-world asset activity, with tokenized assets reported in the range of approximately $3.8 billion to more than $4 billion. It already hosts products from issuers including Franklin Templeton, Ondo and Spiko. Additional institutional initiatives are underway, including plans by tokenization platform Tradable to bring substantial private-credit assets onto the network and a planned connection by the Depository Trust & Clearing Corporation that could make further tokenized instruments available in the first half of 2027.

Stellar Development Foundation leadership has pointed to the network’s design focus on regulated financial applications as a reason for rising institutional use. The addition of a licensed Nasdaq-100 product further broadens the range of traditional market exposures available through the chain’s infrastructure.

Distinction From Third-Party Tokens

The issuer-sponsored model used for JQQQ differs from many existing tokenized stock products created by third parties without the involvement of the underlying companies or index providers. Recent objections by multiple U.S. corporations to certain tokenized-stock trading plans have sharpened debate over issuer control, shareholder rights and market structure. By contrast, JQQQ relies on a licensed index, a regulated fund structure and direct issuance by an established asset manager.

Whether the shares ultimately circulate widely within decentralized finance applications will depend on regulatory permissions, platform integrations and investor eligibility criteria. For now, the product remains targeted at professional non-U.S. investors seeking blockchain-native access to Nasdaq-100 performance.

Janus Henderson has described itself as aiming to become one of the most technologically advanced asset managers and ranks among the larger global providers of tokenized funds. The introduction of JQQQ continues that strategy by pairing conventional portfolio management with programmable digital ownership on public blockchain rails.