# Why Ketju rejected Centrifuge (JAAA)

- URL: https://riadefi.com/rejections/centrifuge-protocol/
- Exposure: tokenized RWA
- Memo version: v1
- Reviewed: 2026-07-31
- Next review: 2026-10-31

## The memo

Centrifuge is infrastructure, while JAAA and JTRSY are legally and economically different funds; one protocol verdict should not blur them. JAAA is an open-ended BVI professional fund holding AAA CLO tranches, managed by Anemoy with Janus Henderson as sub-investment manager. Its April 2026 factsheet states that it is open to non-U.S. professional investors. That resolves the current Ketju client question against purchase on access, before credit analysis. JTRSY holds short U.S. Treasuries and is the more defensible exposure, but its own eligibility, redemption and fee terms require a separate product memo. This pass also corrects the prior claim that a 42% fall in JAAA TVL was an investment drawdown: fund flows are not NAV performance. This record is now scoped only to JAAA and rejected for the intended U.S. client on documented access. JTRSY is removed from the symbols and inherits no verdict; it requires its own product memo before use.

## What would reopen the file

- JAAA remains unavailable to U.S. investors; formalize rejection rather than treating secondary acquisition as a loophole
- Any JAAA portfolio security below AAA or any unexplained NAV-per-share move above 2%
- Any redemption gate, suspension, or settlement beyond the executed offering terms
- A proposed-size redemption cannot be completed through the issuer or an approved secondary venue
- Any live hub, spoke, vault, transfer hook, or messenger implementation not mapped to a published security review
- JTRSY must receive a separate memo before use; no verdict may be inherited from JAAA or the Centrifuge platform

---

Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json