Janus Henderson Anemoy AAA CLO Fund

JAAA is the on-chain token for the Janus Henderson Anemoy AAA CLO Fund, a tokenised fund investing in the highest-rated tranches of collateralised loan obligations (CLOs). CLOs pool corporate loans and slice them into tranches by risk; the AAA tranche sits at the top, first in line for repayment. Managed by Janus Henderson through the Anemoy and Centrifuge tokenisation stack, JAAA lets eligible on-chain investors access a professionally managed credit portfolio that has historically offered a yield premium over short-term Treasuries.

Each JAAA token represents a share in the underlying fund, whose value accrues from interest paid by the AAA CLO holdings. It is a yield-bearing real-world asset token: rather than a fixed peg, its price reflects the fund's net asset value as income accumulates. Issuance runs through a regulated, KYC-gated structure, with the portfolio managed off-chain by Janus Henderson and represented on-chain via tokenisation infrastructure. Redemptions settle against fund assets, and access is limited to verified, eligible investors rather than open retail markets.

JAAA's value is driven by the yield on AAA CLO tranches, which tracks floating short-term rates plus a credit spread, so higher rates and wider spreads increase income. Because CLOs are floating-rate, the fund can benefit from a higher-rate environment relative to fixed-rate bonds. The token appreciates steadily with accrued income rather than trading on speculation. Demand comes from crypto treasuries and institutions seeking diversified, yield-bearing on-chain credit exposure beyond Treasury-only products.

Although AAA tranches are the most protected, CLOs carry credit and liquidity risk that can rise sharply in a downturn; ratings are not guarantees. As an RWA token, JAAA adds smart-contract, custodial and issuer risk, and access is restricted by regulation. Secondary liquidity is limited, and the on-chain value ultimately depends on off-chain fund performance and manager execution.