Janus Henderson Launches Nasdaq-100 Fund on Stellar
Janus Henderson and Centrifuge have launched JQQQ, a tokenized investment fund offering exposure to the Nasdaq-100 Index through the Stellar blockchain.
Global asset manager Janus Henderson has partnered with Centrifuge to launch JQQQ, a blockchain-native investment fund designed to track the Nasdaq-100 Index, one of the world’s most recognized stock market benchmarks.
Announced on October 27, 2026, the fund combines traditional investment management with public blockchain infrastructure. It marks another step toward bringing established financial products into the growing market for tokenized real-world assets (RWAs).
How the JQQQ Fund Works
JQQQ is an investment fund that seeks to track the performance of the Nasdaq-100 Index, which includes 100 of the largest non-financial companies listed on the Nasdaq stock exchange.
Unlike traditional funds that issue and manage shares through conventional financial systems, JQQQ is designed to operate directly on public blockchain infrastructure.
The fund brings together three organizations with different responsibilities:
- Janus Henderson: Provides investment management expertise for the strategy.
- Centrifuge: Supplies the infrastructure for issuing and managing tokenized fund shares.
- Nasdaq: Licenses the Nasdaq-100 Index as the fund’s investment benchmark.
According to the announcement, JQQQ is the first blockchain-native fund to provide exposure to the Nasdaq-100 through an issuer-sponsored investment strategy.
The fund offers indirect exposure to the index’s performance rather than direct ownership of its underlying stocks. It is available only to eligible investors in permitted jurisdictions and is not available to U.S. persons.
Stellar Becomes the Exclusive Network for JQQQ
JQQQ is launching exclusively on Stellar, a public blockchain network used for payments and tokenized financial assets.
Stellar has developed an institutional asset ecosystem that includes tokenized U.S. Treasuries, sovereign debt, money-market funds, and credit instruments.
According to the announcement, the value of real-world assets on Stellar surpassed $4 billion in 2026, reflecting growing use of the network for traditional financial products.
The launch also extends Janus Henderson’s existing tokenization activities. The asset manager, which oversees approximately half a trillion dollars in assets, already operates institutional onchain investment strategies covering U.S. Treasuries, structured credit, and public equities.
With JQQQ included, Janus Henderson’s onchain platform now represents more than $1 billion in institutional strategies, according to the company.
Why Blockchain-Native Funds Matter
Traditional asset tokenization often involves creating digital representations of existing financial instruments. Blockchain-native funds take the concept further by designing the issuance and operation of investment products around blockchain infrastructure from the outset.
This approach can create opportunities beyond digital ownership records.
For example, tokenized fund shares could potentially be integrated into financial applications that allow investors to:
- Manage onchain portfolios: Combine tokenized investment products within blockchain-connected financial services.
- Use assets as collateral: Pledge eligible fund shares to support borrowing or other financial transactions.
- Access new distribution channels: Connect investment products with digital platforms and financial applications.
- Automate investment processes: Use programmable systems to manage certain portfolio operations.
These capabilities remain potential applications rather than guaranteed features of JQQQ. Their availability depends on independent service providers, investor eligibility, and applicable regulations.
Anil Sood, Chief Strategy and Growth Officer at Centrifuge, described the broader significance of connecting traditional investments with onchain finance:
“Tokenization becomes much more powerful when the assets investors want to own can also become building blocks for an onchain financial system.”
The model also introduces additional considerations. Tokenized fund shares remain exposed to traditional investment risks alongside potential failures involving blockchain networks, smart contracts, digital wallets, and third-party services.
Tokenization Expands Beyond Traditional Financial Assets
The launch reflects a broader shift in institutional tokenization, where financial companies are exploring how entire investment products can operate through public blockchain networks.
Earlier tokenization initiatives concentrated heavily on assets such as government bonds, cash-equivalent instruments, and private credit. JQQQ extends this approach to a widely followed public equity benchmark.
Importantly, JQQQ does not replace the Nasdaq-100 Index or provide direct ownership of its constituent stocks. Instead, it introduces another investment structure through which eligible investors can gain exposure to the index.
For the crypto industry, the significance extends beyond the individual fund. By combining a licensed equity benchmark, established asset management, and public blockchain infrastructure, JQQQ demonstrates how tokenization is expanding from individual financial instruments toward complete investment strategies.
Its longer-term importance will depend on whether blockchain-native funds can deliver practical advantages in distribution, portfolio management, and financial integration while maintaining the safeguards expected of traditional investment products.
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