# Why Ketju rejected Anemoy Capital / Janus Henderson Anemoy Treasury Fund (JTRSY)

- URL: https://riadefi.com/rejections/anemoy-capital/
- Exposure: tokenized RWA
- Memo version: v1
- Reviewed: 2026-08-17
- Next review: 2026-11-17

## The memo

REJECTED ON ACCESS, NOT FUND QUALITY. DefiLlama's "anemoy-capital" slug tracks the Janus Henderson Anemoy Treasury Fund (JTRSY) — the renamed Anemoy Liquid Treasury Fund, launched October 2023, with Janus Henderson Investors joining as sub-investment manager in September 2024 and the fund renamed in February 2025. On fund quality this is the strongest issuer/RWA entry researched in this batch: S&P Global Ratings AA+f/S1+, the highest rating given to any tokenized fund, Moody's Aa, custody through Pershing LLC (a BNY-affiliate) and USDC settlement through Circle, and no hack, fraud, or NAV impairment identified against the fund itself. None of that reaches this registry's clients: the fund is licensed as a BVI Professional Fund under Anemoy Capital SPC Limited, restricted to non-US "Professional Investors" or "Sophisticated Private Investors" under BVI rules — explicitly excluding US Persons under Regulation S — with a flat $100,000 subscription and redemption minimum. This is the same access bar already applied to BlackRock BUIDL, Circle USYC, and Ondo Global Markets in this registry: a well-run fund that a US mass-affluent advisor cannot lawfully source for a client.

## What would reopen the file

- A US-eligible share class or offering opens to this registry's target client population
- Confirmed smart-contract-level freeze or force-transfer mechanics on the base JTRSY token, from primary contract source rather than secondary description
- Any fund NAV impairment, missed redemption, or custodian/exchange-agent (Pershing, Circle) operational failure
- A minimum subscription size that fits proposed advisor position sizes, should eligibility ever open to this client population

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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