Janus Henderson and tokenization platform Centrifuge on October 27 introduced JQQQ, a British Virgin Islands-based skilled fund designed to trace the Nasdaq-100 by immediately holding constituent shares and issuing fund shares as tokens. The product is geared toward non-U.S. skilled buyers, increasing Janus Henderson’s on-chain suite from Treasury bonds and structured credit score into public equities.
The 2 corporations described JQQQ as the primary blockchain-native fund offering entry to the Nasdaq-100 below an issuer-sponsored mannequin, quite than a third-party-created tokenized product. Nonetheless, the fund presently stays in a “seeding quickly” standing on the Centrifuge portal and isn’t but open for subscriptions.
Introducing Janus Henderson Nasdaq-100 Index® Fund (JQQQ), the primary blockchain-native Nasdaq-100® fund.
Launched by Janus Henderson Traders @JHIAdvisors and Centrifuge, the fund brings one of many world’s most acknowledged fairness benchmarks onchain by way of an issuer-sponsored… pic.twitter.com/1U6Qp4KnvZ
— Centrifuge (@centrifuge) October 27, 2026
JQQQ Holds Nasdaq-100 Shares Instantly
JQQQ plans to buy and immediately maintain shares within the Nasdaq-100 based on their index weightings. This full bodily replication method permits the fund to trace the benchmark’s efficiency with out relying solely on derivatives or a price-referencing token. Dividends from the portfolio will likely be reinvested quite than distributed to buyers, based on Centrifuge’s product documentation.
Patrons of JQQQ personal fund shares in tokenized type, not direct possession of Nvidia, Apple, Microsoft, or different corporations within the Nasdaq-100. They obtain the portfolio’s funding returns internet of charges and operational bills, however carry no voting rights or direct authorized shareholder rights within the constituent corporations.
The fund is offered completely to non-U.S. skilled buyers and requires a minimal funding of 100,000 USDC. The listed expense ratio is 0.10% with no entry or exit charges. Subscriptions and redemptions are processed each day with an anticipated T+1 settlement time. USDT can be accepted however could incur conversion charges to USDC.
JQQQ is established as a segregated portfolio of Anemoy Capital SPC Restricted within the British Virgin Islands. Janus Henderson Traders manages the fairness portfolio, Anemoy Asset Administration manages the fund, and Centrifuge gives the blockchain infrastructure. J.P. Morgan serves because the custodian.
Expertise accounts for 68.01% of the Nasdaq-100, whereas the ten largest constituents signify 46.86% of the index primarily based on September 30 knowledge on the product web page. This excessive focus leaves JQQQ’s efficiency closely depending on a small group of mega-cap tech corporations. Centrifuge classifies the fund’s threat profile as “excessive.”
Issuer-Backed Construction Distinguishes JQQQ
In line with Janus Henderson and Centrifuge, Nasdaq has licensed using the Nasdaq-100 as a benchmark for JQQQ however doesn’t challenge, promote, promote, or endorse the product. The 2 corporations describe the product because the first blockchain-native fund to supply index publicity by way of an issuer-sponsored mannequin.
On this context, issuer-sponsored refers to how the fund was structured with direct involvement from the issuer and supervisor, and doesn’t imply Nasdaq sponsors the product. The fund and its tokenized shares have been established as a unified construction from the outset, quite than a 3rd occasion issuing tokens primarily based on an current product.
Tokenized wrappers are usually issued in opposition to shares or ETFs held in custody elsewhere. Artificial tokens and tracker certificates could solely supply returns tied to the reference asset’s worth. Whereas these merchandise can create related publicity, they differ from JQQQ in authorized rights, underlying property backing the token, redemption procedures, and eligibility necessities.
The usage of JQQQ in portfolio administration, collateral, or lending will rely upon third-party platforms, jurisdiction-specific rules, and investor {qualifications}.
Janus Henderson, which presently manages roughly $500 billion in international property, said that its institutional on-chain methods have surpassed $1 billion, starting from U.S. Treasuries and structured credit score to public equities.
Tokenized Equities Attain $3.7 Billion
Capital market tokenization is increasing from money equivalents and authorities bonds to listed equities. In line with RWA.xyz, tokenized public shares reached $3.74 billion in distributed worth on October 28, a 17.79% enhance over 30 days. The asset class recorded $10.14 billion in month-to-month switch quantity and roughly 4.51 million holding addresses.
The switch quantity metric could embody minting, burning, and wallet-to-wallet transfers, quite than strictly reflecting secondary market buying and selling. Precise liquidity can subsequently differ considerably throughout completely different merchandise.
The dimensions of tokenized shares stays small in comparison with the normal product ecosystem tied to the Nasdaq-100. Nasdaq reported that over $1.7 trillion in international publicity was linked to the index as of late June 2026. This determine encompasses ETFs, mutual funds, futures, choices, and structured merchandise, giving it a broader scope than the distributed worth tracked by RWA.xyz.
RWA.xyz additionally famous that Stellar had $3.77 billion in distributed RWA worth on October 28, rating fourth behind Ethereum, BNB Chain, and Solana. The community has 84 RWA property and 24,384 holding addresses, excluding stablecoins from its asset worth calculation.
Fund Stays in Seeding Part
JQQQ is presently tagged with a “seeding quickly” standing on Centrifuge. The platform said it’ll notify customers when the fund opens for subscriptions, however has not supplied a selected timeline. Return charts on the product web page signify historic knowledge of the Nasdaq-100 Whole Return Index, not JQQQ’s funding efficiency.
As soon as operational, fund returns could trigger tracking-error relative to the index attributable to charges, transaction and rebalancing prices, money drag for redemptions, and dividend withholding taxes. Fund documentation additionally warns of dangers associated to good contracts, wallets, and third-party blockchain infrastructure.
Info relating to the issuance community stays inconsistent. The October 27 announcement said JQQQ is launching completely on Stellar, whereas Centrifuge’s product web page lists each Stellar and Ethereum below “Accessible networks.” Janus Henderson and Centrifuge haven’t clarified Ethereum’s position previous to fund onboarding.
