Summary
Ketju does not approve JAAA on Centrifuge: its April 2026 factsheet states that the fund is open only to non-U.S. professional investors, so a U.S. client cannot buy it. JAAA is an open-ended BVI professional fund that holds AAA CLO tranches. Anemoy manages it, with Janus Henderson as sub-investment manager. Access decides the verdict before any credit analysis. Centrifuge is the issuance and accounting system, while JAAA and JTRSY are separate funds with different legal and economic terms. This memo covers JAAA only. JTRSY holds short U.S. Treasuries and is the easier exposure to defend, but it needs its own memo on eligibility, redemption and fees, and it takes no verdict from this one. A 42% fall in JAAA's TVL reflected fund flows and shows nothing about NAV performance.
Review triggers
- JAAA stays closed to U.S. investors; buying on a secondary market is no way around that
- Any JAAA portfolio security falls below AAA, or NAV per share moves more than 2% without explanation
- Any redemption gate, suspension, or settlement beyond the executed offering terms
- A redemption of the proposed size cannot be completed through the issuer or an approved secondary venue
- Any live hub, spoke, vault, transfer hook or messenger implementation that does not match a published security review
- JTRSY needs its own memo before use and takes no verdict from JAAA or the Centrifuge platform
Facts
- Verdict
- Not approved
- Type
- Tokenized real-world assets
- Chains examined
- Ethereum, Solana
- Instruments
- JAAA
- Reviewed
- Last confirmed