Anemoy Capital / Janus Henderson Anemoy Treasury Fund (JTRSY)

The research assessment is favorable, with conditions. DefiLlama’s ”anemoy-capital” slug tracks the Janus Henderson Anemoy Treasury Fund (JTRSY), formerly the Anemoy Liquid Treasury Fund. The fund launched in October 2023. Janus Henderson Investors joined as sub-investment manager in September 2024, and the fund took its new name in February 2025. By fund quality, this is the strongest issuer/RWA entry researched in this batch. S&P Global Ratings rates it AA+f/S1+, the highest rating given to any tokenized fund, and Moody’s rates it Aa. Pershing LLC, a BNY affiliate, provides custody, while Circle handles USDC settlement. No hack, fraud, or NAV impairment was identified against the fund itself. None of those strengths makes the fund available to this registry’s clients. It is licensed as a BVI Professional Fund under Anemoy Capital SPC Limited and limited to non-US ”Professional Investors” or ”Sophisticated Private Investors” under BVI rules. It explicitly excludes US Persons under Regulation S and has a flat $100,000 minimum for subscriptions and redemptions. This is the same access bar that this registry already applied to BlackRock BUIDL, Circle USYC, and Ondo Global Markets: it is a well-run fund that a US mass-affluent advisor cannot lawfully source for a client.

Review triggers: events that reopen the 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

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-17.

The research file

Fund history and identity

The Anemoy Liquid Treasury Fund, or LTF, with token ALTF1, launched on Centrifuge Chain around October 2023. It invests only in 0-3 month US Treasury Bills and rebalances monthly. Janus Henderson Investors joined as sub-investment manager in September 2024. The fund was renamed the Janus Henderson Anemoy Treasury Fund, or JTRSY, in February 2025. It is the same legal vehicle, not a new product. JTRSY has since crossed roughly $872-882M AUM, which is consistent with the TVL that DefiLlama tracks for this protocol slug. This confirms that the registry entry covers JTRSY under its Anemoy branding, not a separate product.

Legal structure

The BVI Financial Services Commission licenses the fund as a BVI Professional Fund under Anemoy Capital SPC Limited, a Segregated Portfolio Company. JTRSY and Anemoy’s other funds, JAAA and ACRDX, each occupy a separate portfolio. BVI SPC law keeps each fund’s assets separate from the others in bankruptcy. Anemoy Asset Management Limited is the investment manager, and Janus Henderson Investors is the sub-investment manager. This is a real, licensed offshore fund structure. Its oversight is clearly lighter than that of a US-registered vehicle, but it is regulated in its own jurisdiction.

Eligibility, the disqualifying fact

The fund is limited to non-US persons who meet BVI’s ”Professional Investor” or ”Sophisticated Private Investor” standard. This is a separate and lighter test than the US accredited-investor or qualified-purchaser tests, but it explicitly excludes US Persons under Regulation S Rule 902, regardless of their US accreditation status. Base tokens cannot be transferred freely. Both the fund’s disclosures and third-party product pages say that recipient wallets must pass KYC and appear on a whitelist. Centrifuge has since introduced a wrapped ”deRWA” version, deJTRSY, that can be transferred freely and used in DeFi. It sits on top of the permissioned base token and gives unwrapped holders a quite different risk profile. This memo does not approve that version. The base fund’s eligibility limit remains the reason for rejection either way.

Custody, redemption, and ratings

Pershing LLC, a BNY affiliate, is the custodian. Circle serves as exchange agent and converts proceeds to and from USDC. The minimum subscription and redemption is $100,000 USDC. The annual management fee is 25 basis points and accrues daily in NAV. Marketing describes ”daily or even instant redemption,” although actual settlement depends on fund processes and does not come with a guaranteed same-day service level. In September 2024, Chronicle Labs was hired to publish real-time on-chain price and verification data. This data sits on top of Centrifuge’s own discounted-cash-flow NAV calculation, which is checked against the custodian’s mark-to-market reports. S&P Global Ratings assigns AA+f/S1+, the highest rating given to any tokenized fund. Moody’s assigns Aa. Particula raised its rating to AA+ in May 2025.

Platform-level context and comparison

No hack, fraud, or NAV impairment was found against LTF/JTRSY itself. Centrifuge, the infrastructure provider, has older and unrelated platform history worth noting. Its pre-Anemoy Tinlake real-world-lending pools accumulated roughly $15.5M in defaulted loans from 2023 across several originators. Those pools are separate from JTRSY’s book of T-bills only. Compared with BlackRock BUIDL, which has a $5M minimum and a US qualified-purchaser limit, and Ondo OUSG, a Cayman LP with qualified-access limits and a $100K non-instant minimum, Anemoy’s $100,000 minimum and BVI professional-investor limit place it in the same institutional tier. But Ondo’s USDY offers a US-accredited retail tier. Anemoy/JTRSY offers no similar path for this registry’s clients 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 research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.