Nick Cherney, Head of Innovation at Janus Henderson, released educational videos detailing the mechanics of collateralized loan obligations (CLOs) and their onchain implementation. The Janus Henderson Anemoy AAA CLO Fund (JAAA) currently manages approximately $687 million in assets.
The fund operates across eight blockchain networks, including Ethereum and Solana. It pools between 140 and 180 floating-rate corporate loans, distributing cash flows through a tiered tranche structure where senior tranches receive priority payments.
Centrifuge provides the tokenization layer for JAAA, enabling daily subscriptions and redemptions in stablecoins. The fund offers an annual percentage yield of approximately 4.5%.
The broader Centrifuge platform reports a total value locked exceeding $1.6 billion in tokenized assets. JAAA tokens are designed to be used as collateral in DeFi protocols or integrated into various yield strategies.
While traditional AAA-rated CLO tranches have historically avoided principal losses, onchain versions introduce new technical exposures, including smart contract vulnerabilities, oracle dependencies, and cross-chain bridge risks.
