Centrifuge (JAAA)

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

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.

Kill criteria: the events that revoke this verdict
• 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

The research file

Infrastructure versus fund claim

Centrifuge v3 is a hub-and-spoke issuance and accounting system. A hub maintains pool accounting, prices and request processing; spoke chains issue share tokens and vaults. Transfer hooks can enforce compliance. Deposits may be synchronous, but redemptions remain request-based: the investor requests redemption, the pool manager approves a batch and price, shares are revoked, the spoke is notified, and the investor claims settlement assets. The immutable protocol core does not make the off-chain portfolio or manager immutable.

JAAA is a share of the Janus Henderson Anemoy AAA CLO Fund, not a share of Centrifuge itself. JTRSY is a share of a separate Treasury fund. Protocol code, fund legal claim, manager discretion, custodian and bank accounts, valuation and redemption liquidity are separate layers and must each work.

JAAA portfolio, terms, and access

The April 2026 JAAA factsheet identifies Anemoy Capital SPC Limited as issuer, Anemoy Asset Management as manager, Trident Trust Cayman as administrator and MHA Cayman as auditor. It describes an open-ended BVI licensed professional fund targeting AAA-rated CLOs, accepting subscriptions and redemptions in USDC and other stablecoins, with no entry fee and a 50-basis-point annual management fee. It reports $412 million AUM and a 2025-07-25 inception date. Every numeric term here comes from that factsheet and should be refreshed from the executed documents before any decision.

Most importantly, the factsheet and Centrifuge pool page say “non-US Professional Investors.” A U.S. client is outside the stated primary offering. Secondary DeFi availability would not cure issuer eligibility or create a lawful redemption relationship. The appropriate next formal action is rejection for the present U.S. mandate, not an attempt to route around the restriction.

Credit, valuation, and concentration

AAA CLO notes sit at the top of a payment waterfall over primarily below-investment-grade corporate loans. Subordination absorbs ordinary losses first, but correlated defaults, manager behavior, downgrade, spread widening and dealer illiquidity can reduce market value or principal. “AAA” describes the tranche’s credit rating; it does not make JAAA Treasury-like. Fund NAV depends on off-chain security pricing and manager-supplied accounting pushed into the protocol.

The prior memo inferred a roughly 42% investment drawdown from a contraction in TVL. That was invalid and is removed. A large allocator redeeming can shrink AUM without loss; a mark-to-market loss can occur without an outflow. The correct records are NAV per share, distributions, realized losses, rating migration and redemption fulfillment. Allocator concentration matters for liquidity planning, but it must be measured from holder records rather than guessed from flows.

Control, cross-chain, and security

Pool managers control share prices, asset prices, permissions and the approval and fulfillment of investment requests. Authorized balance-sheet managers can withdraw approved deposit assets for allocation. Cross-chain operation adds message delivery and synchronization between the hub and spokes; share tokens can be customized with transfer restrictions. A wallet token is therefore a permissioned, manager-serviced fund claim, not bearer cash.

Centrifuge’s public protocol-v3 repository reports 19 security reviews and an immutable core, with v3.1.0 released in January 2026. No exploit of the JAAA or JTRSY fund vault was identified in this pass. That short clean record does not test a prolonged credit or redemption cycle, and a protocol audit does not audit custody, bank accounts, fund NAV or a CLO manager’s portfolio.

Exit and product comparison

Centrifuge redemptions are asynchronous and manager-approved. Blockchain settlement begins only after the fund produces liquidity, applies a price and fulfills the batch. JAAA’s public factsheet says redemption in stablecoins but does not state a binding dealing frequency, notice period, settlement maximum, gate or suspension terms. Those must come from the private offering documents. The registry’s $10 million liquidity floor is not proven by AUM.

The public Janus Henderson JAAA ETF is the natural comparator: it publishes a prospectus, daily holdings and exchange bid/ask data and charges 20 basis points, versus the tokenized fund factsheet’s 50-basis-point management fee. JTRSY is not a CLO comparator at all; its current deck describes 0-to-3-month Treasuries, daily redemptions usually settling T+1 but no later than seven U.S. business days, a $500,000 minimum and 15-basis-point management fee. JTRSY deserves its own access and operational review.

Decision and open questions

Recommendation: retain the formal rejection for JAAA and keep JTRSY outside this record until the registry gives it a separate product memo. JAAA is rejected for the current U.S. client base on the issuer’s stated access rule. Independently underwrite JTRSY rather than inheriting either JAAA’s structured-credit concerns or Centrifuge’s platform credibility.

Still unresolved for JAAA: executed offering memorandum and subscription agreement; redemption schedule and gate; custodian; valuation agent and stale-price policy; portfolio holdings and rating agencies; manager, vintage and geography concentration; largest investors; complete expense ratio; live hub and spoke authorities; and whether all deployed contracts map to reviewed v3. Observable reopen requires an eligible U.S. share class, enforceable exit terms, position-level holdings, a proposed-size redemption test and authority mapping.

Sources

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

• Centrifuge v3 protocol repository · primary · accessed 2026-08-15
  Supports: hub and spoke architecture, transfer hooks, protocol implementation
• Centrifuge pool concepts · primary · accessed 2026-08-15
  Supports: manager pricing, pool requests, fund versus protocol boundary
• Centrifuge asynchronous investment flow · primary · accessed 2026-08-15
  Supports: subscription request, vault settlement, share claim
• Centrifuge redemption-batch processing · primary · accessed 2026-08-15
  Supports: manager approval, redemption batches, settlement control
• Centrifuge JAAA fund page · primary · accessed 2026-08-15
  Supports: JAAA fund identity, non-US professional-investor access, fund disclosures
• JAAA April 2026 factsheet · primary · accessed 2026-08-15
  Supports: non-US professional investors, $500k minimum, 50bp management fee, T+1 or T+2 settlement
• Anemoy JAAA fund page · primary · accessed 2026-08-15
  Supports: manager and fund structure, AAA CLO mandate, fund reporting
• Janus Henderson JAAA ETF comparator · primary · accessed 2026-08-15
  Supports: public ETF alternative, exchange access, AAA CLO portfolio
• JTRSY term sheet, scope-separation evidence · primary · accessed 2026-08-15
  Supports: separate JTRSY fund, distinct terms, no inherited JAAA verdict

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.