Janus Henderson and tokenization platform Centrifuge on October 27 announced JQQQ, a British Virgin Islands-based professional fund designed to track the Nasdaq-100 by directly holding constituent shares and issuing fund shares as tokens. The product is aimed at non-U.S. professional investors, expanding Janus Henderson’s on-chain suite from Treasury bonds and structured credit into public equities.
The two companies described JQQQ as the first blockchain-native fund providing access to the Nasdaq-100 under an issuer-sponsored model, rather than a third-party-created tokenized product. However, the fund currently remains in a “seeding soon” status on the Centrifuge portal and is not yet open for subscriptions.
Introducing Janus Henderson Nasdaq-100 Index® Fund (JQQQ), the first blockchain-native Nasdaq-100® fund.
Launched by Janus Henderson Investors @JHIAdvisors and Centrifuge, the fund brings one of the world’s most recognized equity benchmarks onchain through an issuer-sponsored… pic.twitter.com/1U6Qp4KnvZ
— Centrifuge (@centrifuge) October 27, 2026
JQQQ Holds Nasdaq-100 Stocks Directly
JQQQ plans to purchase and directly hold stocks in the Nasdaq-100 according to their index weightings. This full physical replication approach allows the fund to track the benchmark’s performance without relying entirely on derivatives or a price-referencing token. Dividends from the portfolio will be reinvested rather than distributed to investors, according to Centrifuge’s product documentation.
Buyers of JQQQ own fund shares in tokenized form, not direct ownership of Nvidia, Apple, Microsoft, or other companies in the Nasdaq-100. They receive the portfolio’s investment returns net of fees and operational expenses, but carry no voting rights or direct legal shareholder rights in the constituent companies.
The fund is available exclusively to non-U.S. professional investors and requires a minimum investment of 100,000 USDC. The listed expense ratio is 0.10% with no entry or exit fees. Subscriptions and redemptions are processed daily with an expected T+1 settlement time. USDT is also accepted but may incur conversion fees to USDC.
JQQQ is established as a segregated portfolio of Anemoy Capital SPC Limited in the British Virgin Islands. Janus Henderson Investors manages the equity portfolio, Anemoy Asset Management manages the fund, and Centrifuge provides the blockchain infrastructure. J.P. Morgan serves as the custodian.
Technology accounts for 68.01% of the Nasdaq-100, while the 10 largest constituents represent 46.86% of the index based on September 30 data on the product page. This high concentration leaves JQQQ’s performance heavily dependent on a small group of mega-cap tech companies. Centrifuge classifies the fund’s risk profile as “high.”
Issuer-Backed Structure Distinguishes JQQQ
According to Janus Henderson and Centrifuge, Nasdaq has licensed the use of the Nasdaq-100 as a benchmark for JQQQ but does not issue, sell, promote, or endorse the product. The two companies describe the product as the first blockchain-native fund to offer index exposure through an issuer-sponsored model.
In this context, issuer-sponsored refers to how the fund was structured with direct involvement from the issuer and manager, and does not mean Nasdaq sponsors the product. The fund and its tokenized shares were established as a unified structure from the outset, rather than a third party issuing tokens based on an existing product.
Tokenized wrappers are typically issued against stocks or ETFs held in custody elsewhere. Synthetic tokens and tracker certificates may only offer returns tied to the reference asset’s price. While these products can create similar exposure, they differ from JQQQ in legal rights, underlying assets backing the token, redemption procedures, and eligibility requirements.
The use of JQQQ in portfolio management, collateral, or lending will depend on third-party platforms, jurisdiction-specific regulations, and investor qualifications.
Janus Henderson, which currently manages roughly $500 billion in global assets, stated that its institutional on-chain strategies have surpassed $1 billion, ranging from U.S. Treasuries and structured credit to public equities.
Tokenized Equities Reach $3.7 Billion
Capital market tokenization is expanding from cash equivalents and government bonds to listed equities. According to RWA.xyz, tokenized public stocks reached $3.74 billion in distributed value on October 28, a 17.79% increase over 30 days. The asset class recorded $10.14 billion in monthly transfer volume and approximately 4.51 million holding addresses.
The transfer volume metric may include minting, burning, and wallet-to-wallet transfers, rather than strictly reflecting secondary market trading. Actual liquidity can therefore vary significantly across different products.
The scale of tokenized stocks remains small compared to the traditional product ecosystem tied to the Nasdaq-100. Nasdaq reported that over $1.7 trillion in global exposure was linked to the index as of late June 2026. This figure encompasses ETFs, mutual funds, futures, options, and structured products, giving it a broader scope than the distributed value tracked by RWA.xyz.
RWA.xyz also noted that Stellar had $3.77 billion in distributed RWA value on October 28, ranking fourth behind Ethereum, BNB Chain, and Solana. The network has 84 RWA assets and 24,384 holding addresses, excluding stablecoins from its asset value calculation.
Fund Remains in Seeding Phase
JQQQ is currently tagged with a “seeding soon” status on Centrifuge. The platform stated it will notify users when the fund opens for subscriptions, but has not provided a specific timeline. Return charts on the product page represent historical data of the Nasdaq-100 Total Return Index, not JQQQ’s investment performance.
Once operational, fund returns may cause tracking-error relative to the index due to fees, transaction and rebalancing costs, cash drag for redemptions, and dividend withholding taxes. Fund documentation also warns of risks related to smart contracts, wallets, and third-party blockchain infrastructure.
Information regarding the issuance network remains inconsistent. The October 27 announcement stated JQQQ is launching exclusively on Stellar, whereas Centrifuge’s product page lists both Stellar and Ethereum under “Available networks.” Janus Henderson and Centrifuge have not clarified Ethereum’s role prior to fund onboarding.
