# Ketju research: deJAAA (Open Market Factory notes linked to JAAA)

- URL: https://riadefi.com/rejections/open-market-factory-dejaaa/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized RWA
- Reviewed: 2026-09-23
- Next review: 2026-12-23

## Research summary

deJAAA looks like a share of the Janus Henderson Anemoy AAA CLO Fund and trades under a name that says so. It is not one. The Centrifuge pool that issues it names the issuer as Open Market Factory Limited and the instrument as the “OMF Series 2 20-Year Variable Rate Tokenized Notes,” which “offer exposure to the underlying JAAA Tokens.” The pool holds JAAA, the permissioned fund share, and issues a note against it that anyone can hold. Centrifuge calls this format deRWA and sells it as a wrapping service for issuers. About 9.9 million deJAAA were outstanding on 2026-09-23, 8.9 million of them on Ethereum, at a price of $1.049.

The holder’s claim is on Open Market Factory, not on the fund. No note terms, no domicile, and no offering document for Open Market Factory are public. The pool sheet admits “Non-US Persons and Entities” to subscribe, with a 10,000 USD minimum, but the token’s hook lets any wallet that is not frozen receive it, so the eligibility rule binds only at the vault.

The assessment is adverse. A note from an undisclosed issuer on undisclosed terms is a worse holding than the fund share it tracks, and US persons are outside the stated class.

## Observable review triggers

- Open Market Factory Limited publishes the note terms, its domicile, and an offering document that gives holders security over the JAAA the pool holds
- The deJAAA hook changes, or a freeze or authTransferFrom is used against a holder
- The Chronicle proof of asset shows the pool’s JAAA below deJAAA outstanding
- The note is opened to US persons under a published exemption

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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