Centrifuge Puts Janus Henderson CLO Fund Onchain With JAAA Token

Centrifuge has tokenized shares in the Janus Henderson Anemoy AAA CLO Fund as JAAA, with Chronicle's Proof of Asset framework publishing the fund's positions, prices, valuations, yields and data sources directly onchain for anyone to verify.

The token represents shares in a professional fund domiciled in the British Virgin Islands and managed by Janus Henderson Investors. It gives non-US professional investors exposure to AAA-rated collateralized loan obligation tranches. The fund launched on July 25, 2025 and charges a 0.50% management fee.

Fund ownership traditionally means trusting a monthly PDF and a transfer agent. JAAA takes a different route. The shares live onchain, and so do the receipts behind them.

What does JAAA actually hold?

A CLO bundles a large pool of corporate loans and slices it into layers by risk. The AAA layer sits at the top of that structure. It carries the highest credit rating in the stack.

Investor rights remain governed by the fund's offering documents. In plain terms, the token is a wrapper around a conventional legal claim — not a replacement for one. That matters for anyone weighing enforcement risk. The blockchain settlement layer sits on top of the existing legal architecture, not apart from it.

JAAA's assets under management currently sit between $580 million and $680 million. That is down from more than $1 billion at an earlier peak. The net asset value per token runs around $1.05 to $1.06, with reported yields in the low to mid 5% range.

The token has been deployed across several blockchains:

• Ethereum
• Arbitrum
• Solana
• Base
• Avalanche

Why does Chronicle's role matter?

Chronicle's Proof of Asset framework verifies key fund data and writes it to the blockchain. The attestation set covers portfolio positions, pricing, valuations, yields and the provenance of that information — where it came from, not just what it says.

Attestations run for both the standard JAAA token and its DeFi-friendly wrapper, deJAAA. That dual coverage keeps the base token and the composable version anchored to the same verified data.

This is the operational shift worth watching. Investors can check what the fund holds onchain instead of taking someone's word for it, compressing the verification gap that normally separates fund shareholders from fund assets.

How does JAAA plug into DeFi?

The deJAAA wrapper exists so the token can move through decentralized finance protocols without friction. It has already found traction as collateral.

Around $47 million worth of JAAA was supplied as collateral on Aave Horizon, making it the largest tokenized asset on that platform at the time. That single deployment is the clearest evidence of the token's composability thesis working in practice — institutional-grade CLO exposure sitting inside a lending market as usable collateral.

What does this change for professional investors?

For non-US professional investors, JAAA offers high-grade CLO exposure with onchain settlement and composability. Yields in the low to mid 5% range and a 0.50% fee put it in the same conversation as other income-focused tokenized funds.

The constraints are real, though. The fund is restricted to non-US professional investors, which caps its addressable market. And the AUM decline from above $1 billion to the $580 million to $680 million range shows the product has not escaped the broader pullback in tokenized-fund inflows.

The road ahead

The combination of onchain share ownership, third-party attestation and live DeFi collateral use marks a step change in how tokenized funds operate, even at a reduced AUM base. Whether JAAA rebuilds toward its earlier billion-dollar scale will depend on whether verified, real-time portfolio transparency becomes a baseline expectation for institutional allocators rather than a differentiator. For now, the infrastructure is in place across five chains, and the data flows daily.