Pendle launched a market for deJAAA on October 21, 2026. This token acts as a wrapper for the Janus Henderson Anemoy AAA CLO Fund, allowing users to split their exposure into separate principal and yield components for on-chain trading.
The underlying JAAA fund, which launched in mid-2025, is domiciled in the British Virgin Islands and tokenized via Centrifuge. Its on-chain assets under management currently range between $580 million and $690 million, with a net asset value per token of approximately $1.05.
The fund offers floating-rate yields between 3% and 4.5% based on 7-day APY readings, while charging a 0.50% management fee. Janus Henderson manages over $30 billion in similar AAA CLO strategies and has total assets under management of around $500 billion.
JAAA is also utilized on Aave Horizon and Morpho. Governance proposals from October 15, 2026, suggest increasing the loan-to-value parameters for JAAA on Aave Horizon to 87% and 89%. The deJAAA market on Pendle is scheduled to reach maturity on November 26, 2026.
