Centrifuge brings fund ownership onchain with JAAA token

Fund ownership usually means trusting a monthly PDF and a transfer agent you’ve never met. Centrifuge’s JAAA token tries a different approach: put the shares onchain, then put the receipts there too.

JAAA is the onchain version of shares in the Janus Henderson Anemoy AAA CLO Fund. Through Chronicle’s Proof of Asset framework, the fund’s portfolio positions, prices, values, yields and data sources are published directly on the blockchain. Investors can verify what the fund holds instead of taking someone’s word for it.

What JAAA actually is

The fund is set up as a professional fund in the British Virgin Islands. Janus Henderson Investors manages it.

It gives non-US professional investors exposure to AAA-rated collateralized loan obligation tranches. 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 and carries the highest credit rating.

Their rights are governed by the fund’s offering documents, so the token is a wrapper around a conventional legal claim, not a replacement for one.

The fund began operating on July 25, 2025. It charges a management fee of 0.50%.

The numbers behind the token

JAAA’s assets under management currently sit somewhere between $580 million and $680 million. That figure has come down from more than $1 billion at an earlier peak.

The net asset value per token is around $1.05 to $1.06. Reported yields land in the low to mid 5% range.

JAAA has been deployed across several blockchains, including Ethereum, Arbitrum, Solana, Base and Avalanche.

Why Chronicle’s role matters

Chronicle’s Proof of Asset framework verifies key fund data and writes it to the blockchain, covering positions, pricing, valuations, yields and where the information came from.

Attestations run for both the standard JAAA token and its DeFi-friendly wrapper, deJAAA.

JAAA in DeFi

The deJAAA wrapper exists so the token can plug into decentralized finance protocols without friction.

Around $47 million worth of JAAA was supplied as collateral on Aave Horizon, making it the largest tokenized asset there at that point.

What this means

For professional investors outside the US, JAAA offers a way to hold 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 fund is restricted to non-US professional investors, which limits its addressable market. Its assets under management have also fallen from above $1 billion to the $580 million to $680 million range.