EL7.AI
CryptoMedium•23 October 2026•
5 min read

JAAA Tokenized Fund Launched by Janus Henderson in 2025 Reaches $1 Billion in Assets

Key Facts

1The tokenized JAAA fund reached $1 billion in assets under management, according to a Centrifuge announcement on February 26, 2026.
2Centrifuge announced the integration of up to $100 million of JAAA into Resolv’s framework through Aave Horizon.
3The combined assets of the JTRSY and JAAA strategies totaled $1.5 billion through August 2026.
4The U.S.-traded JAAA fund had net assets of $32.55 billion on October 20, 2026.

The JAAA fund tokenized on the Centrifuge network is not a new launch on October 23; Janus Henderson and Centrifuge launched it on June 25, 2025, and its assets under management later reached $1 billion, according to Centrifuge. The platform described it as the first AAA-rated CLO debt fund to be brought fully on-chain, and the fastest tokenized fund to reach that size. The fund gives investors exposure to AAA-rated CLO tranches through an actively managed portfolio, according to the Anemoy page. The page describes the product as an open-ended fund regulated in the British Virgin Islands and available to non-U.S. professional investors. The U.S.-traded JAAA fund is another product with the same ticker, and available product descriptions do not support the claim that the two funds are “entirely” separate.

At the launch of the tokenized fund, Centrifuge said Grove deployed an initial allocation of $1 billion into it. The platform noted that Janus Henderson’s AAA-rated CLO fund strategy attracted the largest inflows among actively managed fixed-income funds in the previous year, citing the company. This context provides background on the demand underpinning the fund when it began operating on-chain, but does not change the fact that the current announcement does not establish a new launch. In the U.S., the JAAA-traded fund began operating on October 16, 2020, and Janus Henderson describes it as investing in high-quality CLOs. The fund’s net assets totaled $32.55 billion on October 20, 2026, according to company data, a measure that applies to the U.S. fund, not the tokenized fund.

JAAA’s use expanded from providing credit exposure to inclusion in collateral and decentralized finance arrangements. On February 26, 2026, Centrifuge announced that Resolv was integrating up to $100 million of the fund into its collateral and yield framework through Aave Horizon. The platform said Resolv uses JAAA as “actively managed, leveraged collateral inside decentralized lending markets.” The arrangement links shares of the tokenized fund to lending markets, where they serve as collateral within Resolv’s strategy. The announcement shows the fund’s documented uses broadening after its launch, from investing in AAA-rated CLO tranches to deployment in digital collateral infrastructure.

On August 19, 2026, Centrifuge and Symbiotic announced immediate USDC liquidity for eligible JAAA holders through Symbiotic’s liquidity route. Centrifuge said the arrangement accelerates access to liquidity compared with the fund’s usual T+1 redemption schedule. This means an eligible holder can access liquidity immediately while the fund shares remain on the usual redemption path. The integration covered three funds, with total assets under management of $1.6 billion, according to Centrifuge. Coverage published in September also reported that eligible JAAA and JTRSY holders can access immediate USDC liquidity through the same route, while their shares continue to be redeemed on the usual schedule.

In another institutional initiative, Janus Henderson, SMT and Centrifuge announced on September 2, 2026, the creation of an on-chain treasury to manage reserve assets linked to loyalty programs. Centrifuge said the treasury’s initial allocation includes the JTRSY and JAAA strategies. The platform said the strategies’ combined assets totaled $1.5 billion through August 2026. The partners’ announcement estimated that loyalty programs issue more than $300 billion in value annually. The move places the fund within an institutional reserve-management arrangement, alongside its uses in lending markets and liquidity provision.

Nick Cherney, head of innovation at Janus Henderson, said treasuries are a “natural extension of the tokenization strategy,” as they enable a shift from putting individual funds on-chain to managing portfolios designed for specific client needs. The statement explains the company’s objective for the treasury arrangement, shifting the focus from making individual products available to managing a group of assets within one structure. The JTRSY and JAAA strategies, according to Centrifuge’s announcement, remain the treasury’s initial allocation components. The announcement came more than a year after the launch of tokenized JAAA, and after its inclusion in collateral and liquidity arrangements. The fund’s announced uses thus span exposure to CLO tranches, use as collateral, immediate liquidity for eligible holders, and allocation within loyalty-program reserves.

Centrifuge’s announcements point to broader growth in tokenized real-world assets on-chain, saying their value exceeded $38 billion as of August 25, 2026, compared with $12 billion in June 2025. This growth places JAAA’s expansion and uses within a larger market for tokenized funds and assets, without by itself establishing the impact of those developments on the fund’s performance. Figures for the U.S. ETF remain separate from data on the tokenized fund: $32.55 billion in net assets for the former on October 20, 2026, and $1 billion in assets under management reached by the latter, according to Centrifuge’s February 2026 announcement. The latest documented institutional step in the available materials is the loyalty-program reserve treasury announced on September 2, 2026. The announcement did not set a later date for launching a new treasury phase or changing the fund’s uses.