JAAA brings senior CLO notes into a BVI fund whose participating shares are recorded onchain, but three similar-looking labels conceal different objects: AAA-rated notes, the fund share, and Janus Henderson’s same-ticker U.S. ETF. Following the loss waterfall, legal fund rights and contract permissions shows where credit protection ends and administration begins.
Janus Henderson launched its U.S. JAAA ETF on October 16, 2020. On June 5, 2025, Janus, Anemoy and Centrifuge announced a separate BVI onchain fund using the JAAA strategy and name, alongside a stated US$1 billion allocation from Grove/Sky. Shared expertise does not merge the vehicles: an exchange-traded ETF share and a permissioned BVI participating share follow different documents, investors and redemption systems.
A CLO owns a diversified pool made primarily of below-investment-grade corporate loans and finances it with layers. Cash reaches senior notes first; losses fall first on equity and junior debt.
JAAA buys the senior AAA layer across many CLOs. Subordination is real credit protection, but it is not a sovereign guarantee: defaults, recoveries, manager behavior, correlation and downgrades determine how far losses travel.
The BVI fund owns and trades the notes. Its investor owns a participating fund interest whose value is expressed through NAV, while the token records that interest on supported chains. The Ethereum share token and USDC vault are separate contracts. A wallet balance cannot identify which individual corporate loans or CLO notes economically support that investor at a moment in time.
Access begins with non-U.S. professional-investor qualification, KYC/AML and an approved wallet. The current pool page lists a USD 500,000 minimum, 0.50% expense ratio, and daily settlement cutoffs: T+0 by 10:00 ET or T+1 by 15:00 ET. These are dealing windows, not a permissionless or fixed-price exit.
Janus Henderson decides what CLO paper to buy, sell or avoid. Anemoy Capital SPC Limited is the fund issuer. Centrifuge’s deployed Ethereum Tranche contract records six-decimal shares and separates the share token from the USDC vault.
Root, BalanceSheet and Spoke are visible JAAA wards that can mint, burn, change vault settings or use authorized transfer functions; the current FullRestrictions hook 0x3c5e…80a7 screens ordinary transfers. At protocol level, ProtocolGuardian handles pauses, upgrades and cross-chain operations, while OpsGuardian handles routine wiring and pool creation without pause authority. Root privilege escalation waits 48 hours, and global pause stops cross-chain messaging rather than local vault deposits, redemptions or withdrawals.
The same-ticker ETF establishes the public AAA CLO strategy but remains a separate U.S. exchange-traded fund.
Janus Henderson, Anemoy and Centrifuge present the onchain fund with a stated US$1 billion Grove/Sky allocation.
The current Centrifuge product page records JAAA inception, separating the June announcement from the operating fund date.
The fund company appears in the regulator’s current Professional Funds category.
Last evidence review: 2026-09-05
Janus Henderson Anemoy AAA CLO Fund (JAAA) is an open-ended BVI professional fund issued by Anemoy Capital SPC Limited. It invests in an actively managed portfolio of senior AAA-rated CLO notes. Janus Henderson’s securitized-credit team selects the securities, while Centrifuge supplies the onchain share-token and distribution infrastructure.
The tokenized fund is not the Janus Henderson AAA CLO ETF traded on NYSE Arca, despite the identical ticker and related investment expertise. The token evidences a participating share of the BVI fund. It is not direct title to one CLO note, one corporate loan or the ETF, and it grants no equity or governance rights in Janus Henderson, Anemoy or Centrifuge.
AAA CLO tranches were historically bought through institutional credit desks. A single senior note sits above layers designed to absorb losses, but its collateral pool consists largely of below-investment-grade corporate loans. JAAA packages a managed selection of those notes into a fund whose ownership and NAV can be represented onchain.
Tokenization improves distribution and reporting; it cannot make the collateral sovereign or the senior tranche lossless. It also creates a naming trap: the onchain BVI fund and the U.S. ETF share JAAA but have different legal vehicles, investor gates, subscription routes and liquidity arrangements.
An eligible non-U.S. professional investor completes onboarding and subscribes with an accepted stablecoin. The Centrifuge deployment registry separates the JAAA share token—0x5a0f93d040de44e78f251b03c43be9cf317dcf64 on Ethereum—from the USDC vault at 0x4880799ee5200fc58da299e965df644fbf46780b. Approved fund instructions cause shares to be minted or burned at the applicable NAV; transfer hooks can enforce eligibility.
Janus Henderson trades senior AAA CLO tranches and manages reinvestment, downgrade, liquidity and diversification decisions. Interest and price changes, less fees and expenses, flow through NAV. The current Centrifuge page lists a 0.50% expense ratio, USD 500,000 minimum, and daily settlement as T+0 for requests by 10:00 ET or T+1 for requests by 15:00 ET. Redemption remains a permissioned fund request at NAV, not a fixed-price DEX swap.
No. The fund targets senior CLO notes rated AAA. The rating describes tranche credit quality, not a government guarantee, fixed token price or guarantee that the fund cannot lose money.
No. The ETF is a U.S.-listed 1940 Act vehicle whose shares trade on NYSE Arca. This JAAA is a BVI professional-fund share issued through Anemoy and Centrifuge for eligible non-U.S. professionals.
A CLO is backed mainly by below-investment-grade corporate loans. Its waterfall sends losses first to junior layers, providing subordination to the senior tranche, but severe credit deterioration can still reach it.
No. Investor qualification, KYC/AML, wallet approval and applicable jurisdiction rules come first. Redemption follows the fund’s NAV and processing terms, not an open DEX conversion.
The deployed Tranche contract gives wards authority over mint, burn, vault settings and authorized transfers, while the current FullRestrictions hook 0x3c5e…80a7 screens transfers. Current ward addresses are visible, but their ultimate controllers and complete legal delegation were not resolved.
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