The Janus Henderson Anemoy Treasury Fund has become one of the largest tokenized U.S. Treasury products, with its current value sitting close to $900 million. JTRSY is not a newly launched tokenization project, however: the fund began operating in August 2024 and was renamed in February 2025 after Janus Henderson deepened its role as sub-investment manager.
Centrifuge recently highlighted independent research from Vault Street that examined JTRSY through its legal structure, portfolio composition, net asset value mechanics, custody and redemption terms. The focus reflects a shift from treating tokenized funds as technical experiments to assessing them through conventional fund-analysis standards.
Short-Term Treasuries Anchor the Fund Structure
JTRSY is a British Virgin Islands professional fund available to eligible non-U.S. professional investors. It invests exclusively in short-duration U.S. Treasury bills with remaining maturities of up to three months, while its tokenized shares are issued through Centrifuge’s infrastructure. The blockchain record represents legally recognized fund shares rather than synthetic exposure to Treasury prices.
Live RWA.xyz data on August 4 placed the fund’s total value at approximately $882 million, with a $1.11 net asset value and a 30-day annualized yield of 3.24%. Vault Street’s separate research snapshot described approximately $900 million in assets and a yield near 3.6%. The difference illustrates how fund value and annualized yield can change with subscriptions, redemptions and Treasury-market conditions.
S&P Global Ratings initially assigned JTRSY an AA+f fund credit-quality rating and an S1+ volatility rating in March 2025, before the fund was later reported as upgraded to AAAf. Janus Henderson manages the Treasury portfolio, while the latest Vault Street assessment identifies J.P. Morgan as custodian. Those institutional roles matter because tokenization does not replace portfolio management, safekeeping or regulated fund administration.
Onchain Access Still Operates Through Fund Controls
JTRSY’s onchain structure provides daily net asset value reporting and share issuance across several networks, but access remains permissioned. RWA.xyz lists a $500,000 minimum investment, daily subscriptions and redemptions, and a 0.25% annual management fee. Whitelisted ownership and fund-level controls distinguish JTRSY from freely traded crypto tokens.
The structure can still support blockchain-based financial applications. JTRSY has been incorporated into products such as Vault Street’s primeUSD, where tokenized Treasury positions serve as collateral for an institutional yield strategy. That use case extends the fund beyond passive wallet ownership without changing the underlying exposure to short-term government debt.
The growing emphasis on legal recourse, custody, NAV calculation and redemption timing suggests that tokenized real-world assets are entering a more mature evaluation phase. JTRSY’s significance lies less in placing a Treasury fund onchain than in making traditional fund mechanics visible and usable within blockchain infrastructure.
That development does not guarantee broader demand or eliminate operational and liquidity risks. The fund remains restricted to eligible investors, and its performance depends on Treasury yields, service providers and the reliability of its technical stack. The stronger conclusion is that tokenized funds are increasingly being judged as investment products first and blockchain implementations second.