Anemoy Capital / Janus Henderson Anemoy Treasury Fund (JTRSY)

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

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.

Kill criteria: the events that revoke this verdict
• 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

The research file

Fund history and identity

The Anemoy Liquid Treasury Fund (LTF, token ALTF1) launched on Centrifuge Chain around October 2023 investing exclusively in 0-3 month US Treasury Bills, rebalanced monthly. Janus Henderson Investors joined as sub-investment manager in September 2024, and the fund was renamed the Janus Henderson Anemoy Treasury Fund (JTRSY) in February 2025 — the same underlying legal vehicle, not a new product. JTRSY has since crossed roughly $872-882M AUM, consistent with DefiLlama’s tracked TVL for this protocol slug, confirming this registry entry researches JTRSY under its Anemoy branding rather than a distinct product.

Legal structure

The fund is licensed as a BVI Professional Fund by the BVI Financial Services Commission under Anemoy Capital SPC Limited, a Segregated Portfolio Company — JTRSY and Anemoy’s other funds (JAAA, ACRDX) each sit in their own segregated portfolio, providing bankruptcy-remote asset separation between funds under BVI SPC law. Anemoy Asset Management Limited is investment manager; Janus Henderson Investors is sub-investment manager. This is a real, licensed offshore fund structure, distinctly lighter-touch than a US-registered vehicle but genuinely regulated within its own jurisdiction.

Eligibility — the disqualifying fact

The fund is restricted to non-US persons meeting BVI’s ”Professional Investor” or ”Sophisticated Private Investor” standard — a distinct, lighter bar than a US accredited-investor or qualified-purchaser test, but one that explicitly excludes US Persons under Regulation S Rule 902 regardless of their US accreditation status. Base tokens are not freely transferable; recipient wallets must be KYC-whitelisted per both the fund’s own disclosures and third-party product pages. Centrifuge has since introduced a wrapped ”deRWA” variant (deJTRSY) that is freely transferable and DeFi-composable, sitting on top of the permissioned base token — a materially different, unwrapped-holder risk profile this memo does not extend approval to, since the underlying eligibility restriction on the base fund is the disqualifying fact either way.

Custody, redemption, and ratings

Custodian is Pershing LLC (BNY-affiliated); Circle acts as exchange agent converting proceeds to and from USDC. Minimum subscription and redemption is $100,000 USDC; the annual management fee is 25 basis points, accrued daily in NAV. Marketing describes ”daily or even instant redemption,” though actual settlement depends on fund processes rather than a guaranteed same-day service level. Chronicle Labs was engaged in September 2024 to publish real-time on-chain price and verification data layered on top of Centrifuge’s own discounted-cash-flow NAV computation, cross-checked against custodian mark-to-market reporting. S&P Global Ratings assigns AA+f/S1+, the highest given to any tokenized fund; Moody’s assigns Aa; Particula upgraded its rating to AA+ in May 2025.

Platform-level context and comparison

No hack, fraud, or NAV impairment was found against LTF/JTRSY specifically. Centrifuge as infrastructure provider carries older, unrelated platform history worth noting: its pre-Anemoy Tinlake real-world-lending pools accumulated roughly $15.5M in defaulted loans from 2023 across different originators, structurally distinct from JTRSY’s T-bill-only book. Against BlackRock BUIDL ($5M minimum, US qualified-purchaser gate) and Ondo OUSG (Cayman LP, qualified-access gating, $100K non-instant minimum), Anemoy’s $100,000 minimum and BVI professional-investor bar sit in the same institutional tier — but unlike Ondo’s USDY, which offers a US-accredited retail tier, Anemoy/JTRSY has no comparable path for this registry’s client population at any allocation size.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• BVI Financial Services Commission — Anemoy Capital SPC Limited · primary · accessed 2026-08-17
  Supports: BVI Professional Fund license, Segregated Portfolio Company structure
• Janus Henderson — partnership with Anemoy and Centrifuge · primary · accessed 2026-08-17
  Supports: sub-investment manager role, fund rating
• Centrifuge governance forum — Anemoy Liquid Treasury Fund pool onboarding proposal · primary · accessed 2026-08-17
  Supports: original 2023 launch structure, redemption flow, minimums
• Cube Exchange — JTRSY product page · secondary · accessed 2026-08-17
  Supports: current $100,000 minimum, 25bps management fee, KYC-whitelisted transfer restriction
• Particula — Anemoy JTRSY rating update, May 2025 · secondary · accessed 2026-08-17
  Supports: AA+ rating upgrade
• The Block — Anemoy taps Chronicle for real-time on-chain data · secondary · accessed 2026-08-17
  Supports: NAV oracle mechanism

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.