deJAAA (Open Market Factory notes linked to JAAA)

Summary

Ketju does not approve deJAAA: it is a note from Open Market Factory Limited on terms that are not public, and US persons are outside the class it is sold to. deJAAA trades under a name that suggests a share of the Janus Henderson Anemoy AAA CLO Fund. 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.” The notes “offer exposure to the underlying JAAA Tokens.” The holder’s claim is on Open Market Factory, and the holder owns no fund share. Open Market Factory has published no note terms, no domicile and no offering document. We judge a note from an undisclosed issuer on undisclosed terms to be a worse holding than the fund share it tracks.

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
• Open Market Factory opens the note to US persons under a published exemption

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-23.

Research

How it works

JAAA is a share of Anemoy’s BVI fund, which holds AAA-rated CLO tranches. Anemoy sells it to non-US professional investors with a 500,000 USDC minimum, and the JAAA token moves only between member wallets. deJAAA runs as a separate Centrifuge pool (281474976710659), and its metadata points to the JAAA pool as its underlying. Members of the deJAAA pool deposit USDC, USDT or JAAA into its vaults and receive deJAAA. The pool uses the money to hold JAAA. The pool holds the permissioned fund share and issues a note against it that anyone can hold. Centrifuge calls this format deRWA and sells it to issuers as a wrapping service.

The note’s price rises with JAAA’s value, and Chronicle publishes a proof-of-asset feed for it. Centrifuge’s launch post calls deJAAA “a freely transferable version” of the fund. It lists Aerodrome, Coinbase’s DEX, OKX Wallet, Bitget Wallet and Morpho as venues. The legal link between the note and the JAAA in the pool is set out in terms that are not public. We do not know whether holders have security over the JAAA, rank ahead of other creditors of Open Market Factory, or can force a sale.

Size and holdings

About 9.9 million deJAAA were outstanding on 2026-09-23, and 8.9 million of them were on Ethereum. The price was $1.049.

Eligibility

The pool sheet’s eligibility line reads “Non-US Persons and Entities,” and the vault minimum is 10,000 USD. Centrifuge runs KYC through [email protected]. The token itself uses Centrifuge’s FreelyTransferable hook. Its verified code “Allows any non-frozen account to receive tokens and transfer tokens.” It requires membership only to deposit or redeem. On 2026-09-23 we asked the hook whether an unlisted address could receive a transfer, and the answer was yes. The stated class therefore limits who may subscribe and redeem, but it does not limit who may hold. A US client can end up owning a note that its issuer says is not for US persons.

Who controls it

On Ethereum, Base, Arbitrum and BSC, Centrifuge’s Root and the Spoke and BalanceSheet contracts control the deJAAA token. Root acts after a 48-hour delay on Ethereum. Spoke and BalanceSheet act on the pool manager’s instructions. Through them the pool manager can mint tokens and move any balance with authTransferFrom. It can freeze a wallet on the hook. It can replace the hook with file(), which could turn a freely transferable token into a restricted one. On Solana, a program address holds the freeze authority, and there is no permanent delegate. The Avalanche and Monad contracts have no verified code, and Stellar uses a Soroban contract, so we did not read those chains.

Withdrawals

A holder sells deJAAA on a decentralized exchange at any time, or requests a redemption through the Centrifuge pool’s vault. The pool metadata lists liquidity as ”Daily via vault; tradable 24/7 on DEXes” and sets a minimum of 10,000 USD. Only approved pool members can redeem through the vault, and the token’s transfer hook lets any non-frozen address hold and sell it. Centrifuge documents its vaults as ERC-7540 request vaults: the holder requests a redemption, the pool approves it, and the holder claims the payout. The pool pays redemptions from the JAAA it holds. The JAAA pool metadata lists daily redemptions with T+0 settlement at a 10:00 ET cutoff, or T+1 at 15:00 ET. Open Market Factory has published no note terms, so we found no stated deadline for paying a redemption. The pool manager can freeze a wallet or replace the transfer hook, which could stop a holder from selling.

Comparison

Ketju covers JAAA itself under the Centrifuge protocol memo. Compared with JAAA, deJAAA replaces the fund share with a note of an unknown issuer, in exchange for DEX trading and a lower minimum. The synthetic stock wrappers Ketju has reviewed at least publish a prospectus or base terms; deJAAA publishes neither. CoinGecko’s name for it, “DeFi Janus Henderson Anemoy AAA CLO Fund,” is not the issuer’s name, and it overstates the claim. Because US persons are outside the stated class, US clients do not qualify.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Centrifuge pool metadata for “JAAA deRWA” (pool 281474976710659) · primary · accessed 2026-09-23
  Supports: issuer Open Market Factory Limited, OMF Series 2 notes, Non-US Persons and Entities, 10,000 USD minimum, daily vault, 24/7 DEX, Chronicle proof of asset
• Centrifuge pool metadata for the Janus Henderson AAA CLO Fund (pool 281474976710663) · primary · accessed 2026-09-23
  Supports: underlying fund, non-US professional investors
• Centrifuge Docs, full-text export · primary · accessed 2026-09-23
  Supports: deJAAA addresses, freely transferable hook, account freezing
• Centrifuge: deRWA Tokens (Internet Archive copy of 2026-05-11) · primary · accessed 2026-09-23
  Supports: wrapping service for issuers, freely transferable
• Centrifuge: Centrifuge Brings deRWA to Millions on EVM (2025-08-20) · primary · accessed 2026-09-23
  Supports: deJAAA first deRWA asset, venues
• Verified FreelyTransferable hook on Ethereum (Blockscout) · primary · accessed 2026-09-23
  Supports: any non-frozen account may hold, membership for deposit and redeem only
• CoinGecko: DeFi Janus Henderson Anemoy AAA CLO Fund · secondary · accessed 2026-09-23
  Supports: listing name, $9.9M market cap

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.