Janus Henderson, the London-based asset management giant overseeing approximately $500 billion in assets, has introduced a new fund called JQQQ that tracks the Nasdaq-100 Index. Uniquely, this fund is native to a public blockchain from its inception, making it available exclusively on the Stellar network through a partnership with tokenization firm Centrifuge.
Onchain-First Fund Structure
Unlike most tokenized products, which are digital replicas of conventional securities existing within traditional systems, JQQQ is structured to originate and operate entirely on blockchain infrastructure. Janus Henderson and Centrifuge stated that this approach enables JQQQ shares to integrate directly with onchain applications, programmable investment portfolios, and potentially serve as collateral in lending arrangements on blockchain platforms.
However, the legal documentation specified that any use of JQQQ shares as collateral or in lending and similar decentralized finance applications would be independent of Janus Henderson. The asset manager does not facilitate, endorse, or offer such onchain collateral services, which would rely entirely on third-party providers.
Anil Sood, chief strategy and growth officer at Centrifuge, emphasized that tokenization’s benefits increase when widely desired assets can act as fundamental building blocks for the evolving onchain financial ecosystem.
Eligibility and Fee Structure
JQQQ is open exclusively to eligible investors outside the United States. The fund will only be marketed in jurisdictions where it may lawfully be offered. While the release described the fund’s fees as competitive, it did not specify rates or provide details regarding the minimum investment, custodians, or a launch date for subscriptions.
Nick Cherney, Janus Henderson’s head of innovation, described the firm as “a top five global provider of tokenized funds,” adding that its onchain platform now supports over $1 billion in strategies, including U.S. Treasuries, structured credit, and public equities. Cherney further noted Janus Henderson’s ambition to become “the world’s most technologically sophisticated asset manager.”
Sean Wasserman, Nasdaq’s head of index product management, stated that “demand continues to grow for exposure to established, transparent benchmarks.”
Previous Efforts and Broader Blockchain Trends
This marks the second collaboration between Centrifuge and Janus Henderson on blockchain-based index funds. In September, the firms launched the Janus Henderson Anemoy S&P 500 Fund on the Base network. Centrifuge also provides tokenization strategies for other major financial institutions, including Apollo and S&P Dow Jones Indices.
Denelle Dixon, CEO and executive director of the Stellar Development Foundation, highlighted Stellar’s design for regulated financial applications, and projected a growing wave of similar products. She pointed to the network’s capacity, noting real-world assets on Stellar exceed $4 billion in 2026.
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