Janus Henderson Launches Nasdaq-100 Fund on Stellar

Janus Henderson and Centrifuge have launched JQQQ, a blockchain-native fund designed to track the Nasdaq-100 Index through an issuer-sponsored investment strategy. According to the official Janus Henderson announcement, the fund is being issued and operated exclusively on Stellar using Centrifuge’s on-chain fund infrastructure. The product extends Janus Henderson’s blockchain platform beyond Treasury and credit strategies into public-equity index exposure.

JQQQ is structured as the Janus Henderson NASDAQ-100 Index Fund Segregated Portfolio within Anemoy Capital SPC Limited, a British Virgin Islands segregated portfolio company. Anemoy Asset Management serves as investment manager, while Janus Henderson Investors US acts as sub-investment manager. The fund provides indirect economic exposure to the Nasdaq-100 rather than direct ownership of the index’s underlying shares, and investors do not receive shareholder rights in the companies represented by the benchmark.

Stellar Hosts a Native Fund Rather Than a Synthetic Stock Token

The structure differs from synthetic equity tokens that simply reference the market price of a stock or index through another contractual instrument. JQQQ is an issuer-sponsored investment fund whose shares and operating infrastructure are built for public blockchain rails from issuance onward. Nasdaq has licensed use of the Nasdaq-100 Index to Janus Henderson, but Nasdaq does not issue, sponsor or endorse the fund.

Centrifuge provides the full-stack infrastructure supporting the on-chain product. Its broader relationship with Janus Henderson already includes the JTRSY tokenized Treasury strategy, where instant USDC liquidity has been tested against tokenized fund redemptions, and tokenized vaults have been used to manage loyalty-program reserves. JQQQ extends that infrastructure into an equity-index strategy rather than creating another Treasury or private-credit product.

The launch also broadens Stellar’s institutional asset base. Stellar said real-world assets on the network surpassed $4 billion during 2026, spanning Treasuries, sovereign debt, money-market funds and credit. That figure measures the network’s wider RWA footprint and should not be confused with JQQQ’s fund size, which was not disclosed in the launch announcement. Institutional activity on Stellar is also being supported by real-time security monitoring infrastructure as higher-value financial products move onto the network.

On-Chain Composability Remains Conditional

Janus Henderson and Centrifuge describe blockchain-native issuance as enabling programmable portfolios and possible integration with lending, collateral and structured-product applications. Those capabilities are potential downstream uses rather than features guaranteed to every JQQQ investor at launch. The fund documentation states that any collateral or lending functionality would be supplied independently by third parties and remain subject to investor eligibility, applicable law and individual platform terms.

That distinction matters because tokenization does not remove the legal framework surrounding the investment vehicle. JQQQ is available only to eligible investors in jurisdictions where it can legally be marketed and is expressly unavailable to U.S. persons. Public blockchain issuance therefore increases technical portability without turning the fund into a permissionless equity token accessible to every Stellar wallet.

The product enters a market where asset managers are increasingly building complete fund infrastructure around blockchain rails. WisdomTree’s tokenized fund platform recently passed $1.2 billion in AUM, combining regulated funds with blockchain-based transfer, settlement and secondary-liquidity mechanisms. JQQQ adds a major equity benchmark to that trend while preserving a conventional regulated fund structure underneath the tokenized representation.

For Janus Henderson, the concrete milestone is the addition of Nasdaq-100 exposure to an on-chain platform that already exceeds $1 billion across institutional strategies. The next indicators of JQQQ’s significance will be disclosed assets under management, investor participation, secondary-market infrastructure and whether eligible third parties actually integrate the fund shares into collateral, lending or portfolio applications.