Janus Henderson Anemoy Treasury Fund (JTRSY) is a tokenized, actively managed investment fund that provides on-chain exposure to a portfolio of short-term U.S. Treasury securities. The fund is structured to offer institutional investors, DAOs, and Web3 treasuries a stable, low-risk, and liquid source of U.S. dollar-denominated yield. It represents a collaboration between the traditional asset manager Janus Henderson and the Web3-native asset manager Anemoy, bridging traditional finance (TradFi) with decentralized finance (DeFi). ^{[1] [2]}​

Overview

The Janus Henderson Anemoy Treasury Fund launched on August 5, 2024, with the primary objective of providing investors with money market returns and daily liquidity while minimizing price and duration risks. ^[3] The fund issues its shares to investors in the form of the JTRSY token, a real-world asset (RWA) that operates on multiple blockchains. ^[1] By tokenizing direct ownership of U.S. Treasury Bills, the fund aims to serve as a low-risk, yield-bearing instrument for managing on-chain capital, offering an alternative to volatile crypto assets or non-interest-bearing stablecoins. ^[2]

The fund's structure is designed to pass the yield generated from its underlying government securities directly to token holders, minus management fees and operational costs. ^[2] This is achieved through the appreciation of the token's Net Asset Value (NAV) over time. ^[1]

Legal and Regulatory Structure

The fund is legally domiciled in the British Virgin Islands (BVI) and structured as a regulated BVI Professional Fund. ^[2] It is licensed by the British Virgin Islands Financial Services Commission (FSC) and operates under the BVI Securities and Investment Business Act. ^[3]

Legal Entity and Investor Protection

The fund is established as a segregated portfolio under Anemoy Capital SPC Ltd., a segregated portfolio company (SPC). ^[4] This structure is designed to be "bankruptcy-remote," which provides a high level of investor protection by legally separating the fund's assets from the balance sheets of its managing entities. ^[2]

Investor Restrictions

Shares in the fund are not registered under the U.S. Securities Act of 1933 and are not offered or available to "US Persons" as defined in Rule 902 of Regulation S. ^[1] The fund is offered exclusively to non-U.S. entities that meet the definition of "Professional Investors" under BVI regulations and "Qualified Crypto Institutions." ^{[4] [2]}

Credit and Volatility Ratings

On March 11, 2025, S&P Global Ratings assigned the fund official ratings:

• Fund Credit Quality Rating (FCQR): AA+f This rating indicates that the credit quality of the fund's portfolio is considered "very strong." The rating was adjusted down one notch from a preliminary AAAf assessment due to the fund's limited operating history at the time.
• Fund Volatility Rating (FVR): S1+ This rating signifies that the fund is expected to exhibit "extremely low volatility," comparable to a portfolio of short-duration government securities.

These ratings reflect the fund's strategy of investing exclusively in high-quality, short-term U.S. Treasury securities. ^[4]

Management and Key Participants

The fund's operation involves a collaboration between several established firms in both traditional and decentralized finance.

• Anemoy: A Web3-native asset manager and the on-chain investment manager for the fund. As a division of Centrifuge, Anemoy is responsible for all on-chain activities, including compliance, tokenization, investor support, and managing the minting and redemption of JTRSY tokens. ^{[2] [4]}
• Janus Henderson Group: A global asset management firm that acts as the fund's subadviser and sub-investment manager. Janus Henderson Investors UK Ltd. handles all off-chain financial activities, including the day-to-day active management of the U.S. Treasury portfolio, trade execution, and validation of the daily NAV. ^{[2] [4]}
• Centrifuge: The technology platform that provides the core infrastructure for the fund's tokenization, on-chain management, and distribution. ^[4]
• Pershing LLC: A subsidiary of BNY Mellon Corp., serving as the custodian that holds the physical U.S. Treasury securities. ^[4]
• StoneX: The regulated prime broker responsible for executing the purchase and sale of U.S. Treasury securities for the fund's portfolio. ^[4]
• Trident Trust: Serves as the fund administrator, responsible for maintaining on-chain and off-chain investor registries and overseeing the NAV calculation. ^[4]
• Circle: Functions as the crypto custodian and exchange agent, facilitating the 1-to-1 conversion between USDC and U.S. dollars for subscriptions and redemptions. ^[4]
• Chronicle: Provides the oracle network that supplies the fund's NAV and token price data to its smart contracts. ^[4]
• Wintermute: A strategic partner responsible for enhancing the on-chain market liquidity of the JTRSY token. ^[1]

Fund Structure and Investment Strategy

Underlying Assets

The fund invests exclusively in and directly holds a portfolio of U.S. Treasury Bills (T-bills), which are backed by the full faith and credit of the U.S. government. ^{[2] [3]} The underlying assets are held in custody with Pershing LLC. ^[4] The individual CUSIPs (unique identification numbers) for the T-bills in the portfolio are viewable in near real-time on-chain through the Centrifuge dApp, providing a high degree of transparency. ^{[2] [4]}

Investment Strategy

The fund's investment objective is to seek current income while maintaining the liquidity and stability of the principal investment. ^[4] To achieve this, it employs an actively managed, laddered portfolio strategy, focusing on T-bills with remaining maturities between 0 and 3 months. ^[2] As the T-bills mature, the management team at Janus Henderson rolls the proceeds forward by purchasing new T-bills in either primary or secondary markets, a method designed to maximize prevailing interest rates while minimizing price risk. ^[2]

Blockchain and Token Mechanics

Technology and Architecture

JTRSY is built on the Centrifuge protocol and employs a multichain model. ^[4]​

• Administration Chain: The Centrifuge Chain is used for fund administration.
• Token Issuance Chains: JTRSY tokens are issued as ERC-20 standard tokens on multiple blockchains, including Ethereum, Base, Arbitrum, Celo, and Avalanche C-Chain. ^{[4] [3]}
• Cross-Chain Functionality: The token's multichain presence is supported by Wormhole. ^[3]

Subscription (Minting) Process

The process for purchasing JTRSY tokens is designed for permitted institutional investors:

1. Onboarding: Investors complete a Know Your Client (KYC) process with the fund administrator, Trident Trust, to have their wallet address whitelisted.
2. Order and Payment: The approved investor connects their wallet to the Centrifuge application and transfers USDC stablecoins to the fund's smart contract.
3. Token Minting: Upon receipt, the smart contract atomically mints new JTRSY tokens and delivers them to the investor's wallet.
4. Fiat Conversion and Asset Purchase: The USDC is sent to an asset management wallet where Circle converts it to U.S. dollars. These funds are then used by the prime broker, StoneX, to purchase T-bills as directed by Janus Henderson. Investors also have the option to subscribe directly with fiat USD. ^[4]

Redemption Process

Investors can redeem their JTRSY tokens daily. The process targets T+1 settlement during U.S. banking hours and is guaranteed within a maximum of seven business days. ^[2] The steps are as follows:

1. Request: The investor locks their JTRSY tokens in the redemption smart contract.
2. Asset Sale: The fund manager instructs the broker to sell a corresponding amount of T-bills.
3. USDC Conversion and Payout: The U.S. dollar proceeds from the sale are converted to USDC by Circle and paid out to the investor's wallet after the daily NAV is updated. ^[4]

Yield Distribution

The fund is an accumulating fund, meaning the yield generated by the underlying T-bill portfolio is automatically reinvested back into the fund. ^[3] This causes the Net Asset Value (NAV) of each JTRSY token to appreciate over time. Unlike some other yield-bearing tokens, holders do not receive dividend payouts or see the number of tokens they hold increase via rebasing; instead, the value of each token grows. ^[1]​

Market Data and Metrics

As of March 5, 2026, the Janus Henderson Anemoy Treasury Fund held the following market metrics:

• Market Capitalization: $105.7 Million ^[1]
• Token Price (NAV): ~$1.08 ^[1]
• Total Token Supply: 518,328,892.31 JTRSY ^[3]
• Number of Holders: 10 ^[3]
• Overall Crypto Market Rank: #451 ^[1]
• RWA Category Rank (Tokenized U.S. Treasuries): #5 ^[1]

Use Cases and Target Audience

Target Audience

The fund is specifically structured for sophisticated, non-U.S. crypto-native and traditional finance entities, including:

• DAOs and Web3 Treasuries seeking stable, low-risk yield for treasury management.
• Stablecoin issuers requiring high-quality, liquid collateral for reserves.
• Institutional investors and family offices looking for regulated on-chain exposure to traditional fixed-income assets.
• Qualified crypto institutions and exchanges. ^{[1] [2]}

Primary Use Cases

• Yield Generation: Earning passive, low-risk yield sourced from U.S. government securities.
• On-Chain Collateral: Using JTRSY as high-quality collateral in DeFi lending and borrowing protocols.
• Portfolio Diversification: Adding a reliable, stable, off-chain cash equivalent to a digital asset portfolio. ^[1]

Fees and Access

• Management Fee: 0.15% (15 basis points) annually on Assets Under Management (AUM). This fee was waived for the fund's initial investors.
• Pass-Through Costs: Third-party operational fees for services like fund administration, auditing, custody, and brokerage are passed through to investors. This mechanism is activated once the fund's AUM exceeds $50 million USDC.
• Other Fees: There are no performance, subscription, or redemption fees. ^{[2] [3]}

Access to the fund requires a minimum investment of 100,000 USDC and a minimum redemption amount of 100,000 USDC. ^[3]

Investment Risks and Mitigations

While the underlying assets are considered extremely safe, the tokenized fund carries several risks common to digital assets, for which it has implemented specific mitigations.

• Market and Credit Risk: The value of U.S. Treasury securities can fluctuate with interest rate changes, though this risk is considered very low due to the short-term nature of the holdings. ^{[1] [4]}
• Smart Contract and Cybersecurity Risk: Potential for bugs or exploits in the smart contracts. Mitigations include using multisignature wallets, multifactor authentication, and restricting fund interactions to whitelisted wallets only. The fund's architecture also intentionally avoids using cross-chain bridges, a common point of vulnerability in DeFi. ^{[1] [4]}
• Stablecoin De-Peg Risk (USDC): A de-pegging event could impact operations. This risk is minimized by immediately converting inbound USDC to fiat U.S. dollars via Circle upon subscription and only converting fiat back to USDC upon redemption. This dramatically reduces the fund's exposure time to USDC. ^[4]
• Technological Disruption: An outage on a supported blockchain could disrupt access. This is mitigated by the fund's multichain presence; if one chain experiences an outage, investors can still process redemptions on another supported chain (like Ethereum) or in fiat USD off-chain. The fund administrator also maintains complete off-chain records, allowing tokenized shares to be replaced with traditional shares in a worst-case scenario. ^[4]
• Counterparty Risk: The fund relies on the performance of its key partners, including Anemoy, Janus Henderson, Pershing, and Circle. ^[1]
• Regulatory Risk: The legal and regulatory landscape for tokenized securities is still evolving and could change in ways that adversely affect the fund. ^[1]

Comparison to Other RWA Tokens

The JTRSY fund is positioned as a more cost-efficient model compared to other tokenized treasury products. Many RWA tokens represent shares of a third-party ETF or mutual fund. This approach often involves layered fees, where investors pay the fees of the tokenization provider on top of the embedded expense ratio of the underlying ETF. By directly tokenizing a managed portfolio of U.S. Treasuries, JTRSY aims to avoid this layer of fees, potentially offering a higher net yield to investors. ^[2]