JTRSY — Janus Henderson Anemoy Treasury Fund

Tim Shekikhachev

Timofey Kupriyanov

Research

JTRSY

RWA

Investment Grade

JTRSY is issued through the Janus Henderson Anemoy Treasury Fund Segregated Portfolio of Anemoy Capital SPC Limited, a segregated portfolio company incorporated in the British Virgin Islands on 18 August 2023. The offering is governed by the Fund's Confidential Information Memorandum dated April 2026, the Portfolio Supplement dated April 2026, and the Memorandum and Articles of Association. Under BVI law and the Articles, the assets and liabilities of each segregated portfolio are segregated from every other portfolio: proceeds, assets, income, and expenses of a portfolio are applied only to that portfolio, and creditors of other portfolios have no recourse to JTRSY assets. Expenses that cannot be allocated to a particular portfolio are divided equally between portfolios or pro-rata by NAV.

The fund is a Professional Fund within the meaning of the BVI Securities and Investment Business Act, 2010 (SIBA), recognised by the BVI Financial Services Commission. The Memorandum is explicit about what this does and does not mean: the fund is not subject to FSC supervision, and the investor-protection requirements applicable to Public Funds do not apply — recognition involves no examination of the merits of the fund or substantive supervision of its portfolio. Shares are offered only to Professional Investors (persons whose ordinary business involves comparable assets, or who declare net worth above US$1M and consent to professional-investor treatment) who are not U.S. Persons, with a minimum initial investment of US$500,000. The offering is made outside the United States in reliance on Regulation S; the fund is not registered under the Investment Company Act, and the Investment Manager is not SEC-registered (the sub-investment manager, Janus Henderson Investors US LLC, is). Shares acquired by persons not entitled to hold them will be compulsorily redeemed.

A JTRSY token represents direct legal ownership of participating shares under BVI law — not a synthetic, derivative, or wrapped claim. The Portfolio offers a single class of participating non-voting ordinary shares of no par value; voting rights attach exclusively to the Fund's 100 Management Shares, so shareholders hold economic rights without governance rights. There is no intermediating SPV or feeder, and no embedded leverage or structural subordination at the token layer. The investor is a shareholder of the segregated portfolio, the portfolio owns the Treasury Bills, and the bills sit with the custodian. Direct ownership also supports redemption-in-kind.

The custody, portfolio-management, NAV, and audit functions are performed by independent providers. The affiliation that matters is Anemoy–Centrifuge: the manager and the tokenization rail share common origins, and both fund directors, Martin Quensel and Anil Sood, are Anemoy/Centrifuge principals. The Memorandum itself identifies reliance on these two individuals as a key-person risk. Delegation of portfolio management to Janus Henderson and of NAV, registrar, and KYC functions to Trident limits the practical scope of the affiliation to fund sponsorship, governance, and on-chain operations.

Fund assets are insulated at three layers. At the fund level, BVI statutory segregation ring-fences JTRSY assets from every other portfolio of the SPC. At the custody level, the bills are held in segregated custody accounts, with the fund as direct owner — the manager manages but does not hold fund assets. The Memorandum carries the standard caveat: segregated portfolios are not separate legal entities, and courts outside the BVI may not recognise the statutory segregation, in which case the assets of one portfolio could be exposed to the liabilities of another — a scenario that has never occurred.

The governance position is now documented from the offering materials. The principal powers:

None of the suspension powers has been exercised to date. The catch-all suspension trigger and the concentration of governance in non-shareholder hands are structurally common to the professional-fund format.

The investment objective is current income consistent with liquidity and stability of principal, and the strategy is to invest 100% of total assets in cash and cash equivalents, including money market funds and U.S. Treasury Bills guaranteed as to principal and interest by the U.S. Treasury. Investments encompass T-Bill strips across 1M, 3M, and 6M maturities, rolled into new issuances purchased on primary or secondary markets as assets come due, within a laddered structure. The Portfolio may also hold direct repo positions rather than t-bills. Issuer concentration is single-issuer by design (the U.S. Treasury); currency is USD only; there are no distributions — income accumulates in a rising NAV per share.

The Portfolio Supplement prohibits leverage, hedging, and investment in any derivative instrument. Repo is expressly permitted for liquidity and management purposes.

Maturity ladder:

Holdings are independently attested on-chain by Chronicle via Proof of Asset, with each position individually verifiable.

All 13 positions are U.S. Treasury Bills, within the eligible-instrument scope, and the longest remaining maturity (≈111 days, ≈3.7 months) sits well inside the six-month structure. The snapshot WAM of ≈56 days. The ladder remains evenly constructed: front-loaded through 60 days (≈58% of NAV) with consistent weekly spacing.

NAV is calculated by Trident Trust, the independent fund administrator, using mark-to-market methodology: each Treasury position is valued daily at market prices sourced from Bloomberg, with unrealized gains and losses reflected in NAV, and Janus Henderson validates NAV as part of its portfolio-management oversight. NAV is published daily excluding administrator holidays: Trident delivers the NAV around 23:00–00:00 CET each business day, it passes internal verification, and it is pushed on-chain the following day around 12:00 CET (6:00 AM ET) — so the on-chain price reflects the prior business day's NAV. These are operational timings, not contractual clock times (per issuer, July 2026).Purchases and redemptions execute on estimated, unaudited NAV, with no post-audit revision of executed transactions (except Board-discretion clawback for material errors); and mark-to-market valuation means rate moves are visible in NAV rather than deferred. The fund has recorded no NAV/share drawdown since inception.

The canonical attestation layer is Chronicle's Proof of Asset feed, which publishes NAV, holdings-level data, and fund composition on-chain, sourced from the custodian and administrator. A Chainlink JTRSY-NAV feed also exists on Ethereum mainnet however the Chainlink feed should be treated as unofficial.

Yield accrues through the daily NAV. Trident strikes a mark-to-market NAV each Business Day and Chronicle attests it on-chain, so the share price steps up day by day as bill income accrues, and the same published price governs both subscriptions and redemptions approved against that day's batch. There are no distributions, return is realized through NAV appreciation. The fund has not suffered a NAV/share drawdown to date. NAV-per-share history is independently available via the Centrifuge API and the Chronicle Proof of Asset feed, published figures are NAV-based and net of the management fee and fund-borne expenses.

JTRSY uses the Centrifuge V3 AsyncVault (ERC-7540). Both legs are asynchronous, request-based, and settled against published NAV; flows can be initiated through the Centrifuge UI, SDK, or directly against the contracts. Subscriptions are accepted daily on each Business Day. Procedurally: KYC/AML clearance by the Fund Administrator, wallet whitelisting, then the investor approves USDC and calls requestDeposit — USDC moves to the global escrow; Anemoy ops converts USDC to USD via Circle and instructs the executing broker to purchase T-Bills into custody; once NAV is published, the manager approves the batch and the investor self-claims shares via mint(). Redemptions may be requested on any Business Day: requestRedeem locks shares in the redemption escrow (the transfer of share tokens to the fund's designated wallet constitutes an irrevocable redemption request); the manager approves once the bill sale settles and the USD/USDC ramp completes; the investor claims via withdraw(). The protocol cannot move funds out of an investor's wallet — investors always self-claim.

Cut-off is 2pm ET; later requests roll to the next Business Day. The cut-off fixes the trade date, not same-day claimability: orders received before 2pm ET count as trade date T and settle in the ordinary course on T+1, which is when mints and redemptions become claimable on-chain once the fulfillment executes. There is no fixed contractual clock time within T+1 — operationally, claimability follows NAV delivery and settlement processing, and often completes earlier in practice, but T+1 is the timing to build against. The Portfolio Supplement commits to payment of redemption proceeds within one or two Business Days. Ordinary-course settlement is T+1, extending to T+2/T+3 only on banking, custodian, or ramp delays.

Grove Basin is a programmable credit facility operated by Grove Labs, a Steakhouse Financial subsidiary announced on 14 May 2026 with up to $1B in daily stablecoin liquidity for instant redemptions against supported tokenized funds, JTRSY among the first alongside BUIDL. The facility fronts USDC to the redeeming holder and is repaid when the fund's standard redemption settles. The facility is a third-party arrangement outside the fund's own obligations: its capacity, pricing, and continuation are not fund covenants.

No queues, gates, or notice periods are currently in place, and no suspension has ever occurred. The documented powers are broad, however: the Board may suspend redemptions, payment of proceeds, or NAV determination during market closures, emergencies, pricing breakdowns, abnormal funds-transfer conditions, legal prohibition or in such other circumstances as it determines in its sole discretion. AML- and sanctions-based refusal and per-shareholder suspension powers sit alongside. These are the tail-risk levers an integration must underwrite: in a severe stress, on-chain redemption is not a contractual guarantee.

USDC is the canonical subscription/redemption asset; USDC ↔ USD via Circle is typically 0–5bps. The Memorandum permits payment of redemption proceeds in USD at the shareholder's request or where the relevant blockchain or wallet is unavailable. It provides a useful fallback that removes hard dependence on the stablecoin rail for exit. Conversion cost is borne within the flow (0–5bps, flow-dependent); value sitting in USDC rather than fund shares or bills carries peg and convertibility risk for whoever holds it at that moment.

JTRSY token: 0x8c21...4b86. The following addresses hold ward access on the token contract, verified on-chain and cross-referenced against the Sherlock V3.1 deployment verification:

Subscription and redemption vaults (ERC-7540 entry points). Investors do not interact with the share token directly for subscriptions and redemptions; each supported subscription asset has a dedicated AsyncVault through which requestDeposit / requestRedeem and the subsequent mint() / withdraw() claims are executed. Active vaults for JTRSY on Ethereum mainnet, verified against the Centrifuge indexer API:

All four are Async-kind vaults in Linked status reporting the same manager contract, with additional vaults deployed on the fund's other supported networks (11 active vaults protocol-wide for JTRSY per the Centrifuge API, July 2026).

Transfer eligibility is enforced via a dedicated FullRestrictions hook contract (0x21cd...5ecc), wired to the token (the token's hook() getter returns this address) and source-verified on Etherscan as an exact match to the audited src/hooks/FullRestrictions.sol (compiler v0.8.28). Non-eligible transfers revert. The whitelist itself is governed off-chain: the Memorandum assigns whitelist maintenance to the Fund Administrator, and operationally new addresses are submitted to Trident for a wallet check, with the wallet whitelisted only on Trident's approval. At the registrar layer, the Memorandum assigns whitelist maintenance to the Fund Administrator: Trident maintains the list of accounts permitted to subscribe, acquire, and transfer shares, and transfers between whitelisted accounts are permitted at any time, including when the fund is not accepting subscriptions or redemptions. A transfer effected on-chain may precede its recording on the fund's books. The practical implication for a DeFi integration is that the integrating contract must itself be whitelisted before JTRSY can move into or out of it.

The core protocol is immutable, so the admin surface reduces to protocol-level authorization and configuration changes, all gated through Root behind the 48h timelock. The governance chain:

The AsyncRequestManager is the operationally significant affiliated control point in the stack: it cannot reach into investor wallets — investors always self-claim via mint()/withdraw() — but daily settlement depends on it.

Chronicle Proof of Asset publishes on-chain attestations for JTRSY including NAV, holdings-level data, and fund composition, sourced from custodians and administrators, pushed daily. The single official attestation provider is a concentration point at the publication layer, and the upstream dependency is Trident's NAV calculation.

The deployed V3.1.0 commit has been reviewed by at least four independent security reviewers (BurraSec, yAudit, xmxanuel, and a Sherlock/Blackthorn audit competition) with the deployment itself verified by Sherlock in February 2026. Across its history the protocol reports 24 security reviews, including tier-1 firms Spearbit and Blackthorn, with the full engagement table on the Centrifuge security page and report PDFs published at github.com/centrifuge/protocol/tree/main/docs/audits. The core team completed a third-party operational security review with OPSEK in 2025.

No reported exploits, hacks, or security incidents targeting Centrifuge or the JTRSY token contract — 0 exploits since mainnet launch in 2019 (per Centrifuge security documentation). Centrifuge runs an active bug bounty on Cantina with a $250,000 maximum reward.

The fund's operation depends on a chain of providers, each a potential single point of failure for a different function:

• Custodian (JPMorgan) — holds the bills; the integrity of the structure rests here.
• Fund Administrator (Trident Trust) — strikes NAV and operates transfer agency, allowlist, and KYC/AML.
• Auditor (MHA Cayman) — annual audit; statements filed with the BVI FSC.
• Oracle layer (Chronicle) — publishes the attestation on-chain; single official provider.
• Stablecoin ramp (Circle / USDC) — the on-chain settlement asset; USD fallback available for redemption proceeds per the Memorandum.
• Executing broker (JPMorgan) — T-Bill trading.
• Investment Manager ops (Anemoy MPC) — approves settlement batches; affiliated with the tokenization platform.

A failure at Trident stalls pricing and therefore settlement; custody and brokerage failures are mitigated by the segregated, unlevered, self-liquidating nature of the holdings.

The Fund Manager role runs on an Anemoy-controlled MPC requiring 3 signers. Protocol governance runs through the Guardian Safe (with Cantina third-party signers) behind the Root 48h timelock, with the Guardian implemented as a Gnosis Safe with a Zodiac Delay module on a 24-hour delay. The Guardian can pause the protocol in emergencies, schedule upgrades, and configure adapters.