Janus Henderson and Centrifuge launched JQQQ on October 27, bringing a fund that seeks to track the Nasdaq-100 Index onto the Stellar blockchain. The product combines the asset manager's investment business with Centrifuge's technology for issuing and running funds onchain.

Access comes with limits. JQQQ is available only to eligible investors in places where it can legally be offered and marketed, and U.S. persons are excluded. Investors receive tokenized fund shares providing indirect economic exposure to a Nasdaq-100-tracking investment product, rather than buying the index's constituent stocks directly.

What the partners are putting onchain

The companies' announcement describes JQQQ as the first blockchain-native fund offering Nasdaq-100 exposure through an issuer-sponsored strategy. That is the partners' first-of-its-kind claim, rather than a claim that no token linked to the benchmark has existed before.

The benchmark includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market. Its industries include computer hardware, software, telecommunications, retail and biotechnology.

JQQQ uses the index under a Nasdaq license. The launch's legal notes say Nasdaq does not issue, endorse, sell or promote the fund. The license therefore shouldn't be read as Nasdaq approving the product's suitability for a particular investor.

The legal vehicle is the Janus Henderson NASDAQ-100 Index Fund Segregated Portfolio, part of Anemoy Capital SPC Limited in the British Virgin Islands. Anemoy Asset Management Limited is its investment manager, while Janus Henderson Investors US LLC is the sub-investment manager.

A fund share that could work inside other apps

The partners want the shares to connect with digital financial services, including programmable portfolios, vaults and lending markets. Centrifuge Chief Strategy and Growth Officer Anil Sood described that ambition:

"Tokenization becomes much more powerful when the assets investors want to own can also become building blocks for an onchain financial system."

Those uses remain conditional. Potential collateral and lending services would come from independent third parties, with their own terms, investor restrictions and legal requirements. The asset manager says those activities fall outside its management of the fund and that it does not offer, facilitate or endorse them.

Stellar adds an equity benchmark to its asset lineup

JQQQ is launching exclusively on Stellar. The release says real-world assets on that network surpassed $4 billion in 2026, across products including Treasuries, sovereign debt, money-market funds and credit.

Denelle Dixon, CEO and executive director of the Stellar Development Foundation, said:

"Stellar was purpose-built for regulated finance, and we expect many more products like this to follow."

Janus Henderson says it manages approximately half a trillion dollars globally. The launch also expands its existing tokenized investment business. According to Nick Cherney, Janus Henderson's head of innovation, its onchain platform now includes more than $1 billion in institutional strategies across U.S. Treasuries, structured credit and public equities. That figure describes the wider platform, not money invested in JQQQ alone.

The infrastructure work continues

In a separate October 26 update, Centrifuge outlined expanded digital transfer-agency capabilities and named Johnny Reinsch head of transfer agency. Its stated aim is to connect fund ownership records, investor servicing and activity across digital applications. That broader work provides context for the company's role in operating tokenized funds.

JQQQ's disclosures also identify risks beyond the investments themselves. Problems with blockchain networks, smart contracts, wallets or third-party platforms could delay transfers or redemptions, or cause losses. The fund's value can deviate from the index, and trading may differ from the underlying investment product. The legal notes also warn that an investment could be impaired or lost entirely if the fund liquidates, stops operating or becomes insolvent.

The launch announcement describes fees as competitive but gives no numeric rate or opening asset figure for JQQQ.