Key Notes
- WSJ reports that JQQQ is the first tokenized fund licensed to track the Nasdaq-100.
- Janus Henderson manages the fund, using Centrifuge technology on Stellar.
- Initial access is for eligible non-US professional investors with a $100,000 minimum.
Janus Henderson is launching a tokenized fund that tracks the Nasdaq-100 Index on the Stellar blockchain, according to The Wall Street Journal. The product, identified as JQQQ, uses infrastructure from Centrifuge.
The newspaper’s October 27 report describes it as the first tokenized fund licensed to track the benchmark. Initial access is limited to eligible non-US professional investors, with a minimum investment of $100,000.
Nasdaq-100 Exposure in a Tokenized Fund
Nasdaq’s index description says the benchmark includes 100 of the largest domestic and international non-financial companies listed on its stock market, selected by market capitalization.
Although widely associated with technology, the index also spans industries such as telecommunications, retail and biotechnology. It excludes financial companies, including investment companies.
JQQQ brings exposure to that equity benchmark into a blockchain-based fund format. The fund’s tokenization and its investment strategy are separate parts of the product: Stellar supplies the network, Centrifuge the tokenization technology, and Janus Henderson the investment management.
The reported Nasdaq licence concerns use of the benchmark. It should not be read as a guarantee of investment performance or a statement that the underlying companies’ shares have themselves moved onto Stellar.
A Professional-Investor Launch
The $100,000 entry threshold puts the initial offering in a different market from small-ticket retail investing. Eligibility also depends on professional-investor status and being outside the United States.
The reported launch does not establish a US retail ETF listing, a round-the-clock secondary market, or unrestricted transfers to any crypto wallet. Those features require their own product terms and operating arrangements; a blockchain-based ownership record alone does not establish them.
Building on an Earlier Centrifuge Relationship
Janus Henderson’s tokenization work predates JQQQ. In September 2024, the firm announced a partnership with Anemoy and Centrifuge involving a tokenized short-term US Treasury fund.
That arrangement named Janus Henderson as sub-adviser, with portfolio operations managed through its Tabula subsidiary. The new Nasdaq-100 strategy extends the story from short-term government debt into equity-index exposure.
The distinction between a fund and its blockchain distribution also appears in CoinScreamer’s Aviva coverage, which examined a tokenized share class of an existing sterling money-market fund.
Our separate Hong Kong report covered an explicit approval for continuous secondary trading in two tokenized funds. That service has its own platform and eligibility rules, rather than being an automatic feature of every tokenized fund launch.
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