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- Janus Henderson and Centrifuge announced JQQQ, a blockchain-native fund tracking the Nasdaq-100 on Stellar.
- The fund operates via Centrifuge technology to offer eligible non-U.S. investors equity-index exposure.
- Tokenized shares do not grant direct ownership of the index's constituent stocks.
Janus Henderson and Centrifuge announced JQQQ on Oct. 27, a blockchain-native fund seeking to track the Nasdaq-100 Index and launching exclusively on Stellar. The fund offers eligible investors outside the United States another route to equity-index exposure through blockchain infrastructure.
JQQQ Adds Equity Exposure to On-chain Funds
The companies described JQQQ as the first fund designed for blockchain issuance and operation to offer Nasdaq-100 exposure. It uses Centrifuge’s technology for operating funds on public blockchains, with the index licensed from Nasdaq.
JQQQ provides exposure through an underlying investment product that tracks the Nasdaq-100; its blockchain-native design concerns how the fund is issued and operated. Holding tokenized fund shares does not establish direct ownership of the index’s constituent stocks.
The companies said the structure could connect fund shares with digital distribution channels and financial applications. Those capabilities concern how investors access and potentially use the shares, while the investment objective remains tracking the equity benchmark.
Fund Structure and Investor Restrictions
JQQQ is a segregated portfolio of Anemoy Capital SPC Limited, a British Virgin Islands company. Anemoy Asset Management Limited serves as investment manager, while Janus Henderson Investors US LLC is the sub-investment manager.
The fund is available only to eligible investors in jurisdictions where it can lawfully be offered and marketed. It is not available to U.S. persons.
Nasdaq licenses its index but does not issue, endorse, sell or promote JQQQ. The disclosure also warns that the fund’s value may deviate from the benchmark and that its shares may not be tradable to the same extent or in the same markets as other investment products.
Collateral and Lending Uses Remain Conditional
The companies identified potential applications including blockchain-based portfolios, lending and the use of fund shares as collateral. These were presented as possible uses rather than services available to every investor.
Janus Henderson said any such functionality would come from independent third parties and fall outside its management of the fund. Availability would depend on investor eligibility, jurisdiction, and provider terms.
Tokenized shares also introduce operational risks beyond the underlying investments. Janus Henderson warned that failures involving blockchains, smart contracts, wallets or third-party platforms could delay transfers or redemptions, or cause losses.
