Janus Henderson launched JQQQ, a tokenised fund tracking the Nasdaq-100 index, with an index licence from Nasdaq. The fund is issued by the asset manager itself, runs on the Stellar network and uses Centrifuge's infrastructure. With it, the firm's onchain fund platform passes $1 billion, while the group manages about $500 billion in total. It follows SPXA, which tracks the S&P 500.
What it means: The launch highlights a distinction the industry is debating hard: the difference between tokens issued by the manager or index owner itself and tokens created by third parties, often without agreement from the issuer of the underlying asset. In the second case, the investor may not have the same rights as the holder of the actual share or fund unit. That is also why 22 companies recently objected to a plan by OKX and ICE for stock tokens without their consent. A fund licensed by the index provider and issued by a known manager gives a clearer legal basis. Choosing Stellar over Ethereum also shows managers choosing networks with low cost and predictable operation. For European and Greek investors, access to such products depends on securities rules and the EU DLT pilot regime, not on MiCA, so their availability in Greece is not a given. For Greek asset managers and brokers, the main takeaway is that tokenisation is now passing into the hands of traditional issuers, with all the compliance requirements that brings.
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