Particula Rating Report: Anemoy ($JTRSY), May 2025

Particula has upgraded the rating of the Janus Henderson Anemoy Treasury Fund ($JTRSY) token from A+ to AA+ as of May 7, 2025.* The $JTRSY token represents shares in a segregated portfolio issued by Anemoy Capital SPC Limited, a bankruptcy-remote vehicle regulated in the British Virgin Islands.

Anemoy Asset Management Limited acts as the investment manager, with Janus Henderson Investors appointed as sub-investment manager, adding institutional oversight and asset management expertise. The open-ended fund offers on-chain exposure to short-duration U.S. Treasury Bills and is designed to provide daily liquidity, capital preservation and real-time portfolio transparency via the Centrifuge platform.

The upgrade reflects material improvements to the token's governance, operational, and technical architecture. Key drivers include the delegation of portfolio oversight to a tier-one asset manager, the execution of a scaled go-to-market strategy and the implementation of a more robust access control system addressing prior centralization concerns and reinforcing operational resilience.
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The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.

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