JTRSY

Janus Henderson Anemoy Treasury Fund

Issued by Anemoy Capital SPC

Overall risk score70

Smart Contract Security

100

Executive Summary

bench3.ai assessed the public smart-contract and configuration evidence for JTRSY, the Janus Henderson Anemoy Treasury Fund token. The assessed production baseline comprises eight EVM deployments currently listed by Centrifuge—Ethereum, Base, Arbitrum, Avalanche, Plume, BNB Smart Chain, Monad and Pharos—and a separately reviewed Solana Token-2022 mint. [E01-E03; S01]

The eight EVM deployments were active, callable token surfaces at their recorded blocks. Each had a nonzero FullRestrictions hook; read-only token and direct-hook probes completed with the recorded success results, and complete Rely/Deny history replay left only the official Root, Spoke and BalanceSheet wards. The Solana mint was materially different: at finalized slot 451,407,195 it had zero supply, one frozen zero-balance associated token account and no official Solana vault or issuance/redemption program identified. [E01-E03]

Assessment conclusion

No reportable implementation vulnerability was confirmed in the examined EVM restriction and ward paths or in the observed Solana token configuration. Three control observations are reported. The result is bounded to the recorded deployments and states; it does not establish the security of an unobserved future Solana issuance lifecycle or the completed retirement of X Layer.

ClassificationRecorded result
Confirmed vulnerabilitiesCritical 0 | High 0 | Medium 0 | Low 0
Control observations3; privileged governance, dormant-deployment control and legal/accounting boundaries
Unresolved technical issuesNo ordinary-caller defect was established; the remaining gaps concern deployment lifecycle, inactive Solana behavior and private controls

Material qualifications

The current public deployment table no longer lists X Layer, although the retained registry records JTRSY code at 0xc18e6f730896971a79d748e8dea61067a9bc6040 at X Layer block 71,765,200. No authoritative retirement, migration-completion or residual-asset record was obtained. This report therefore treats X Layer as offboarded from the current manifest but with unresolved lifecycle status, not as a current assessed production network and not as proven safely decommissioned. [E01, E04; L01]

Solana's zero supply materially limits current economic exposure, but it also means production issuance, redemption, cross-chain and end-to-end supply-accounting behavior could not be observed. Its threshold-two Squads controller has no on-chain timelock, and private member custody and approval procedures were not assessed. [E02-E03; O02; L02-L03]

Market Data

Total Asset Value
$343.76M
7D Annualized Net Yield
2.57%

Overall assessment

70

JTRSY represents shares in a BVI segregated Treasury portfolio offered to non-U.S. professional investors, with a daily USDC redemption route.

Rating details

Assessed

Asset scope

Janus Henderson Anemoy Treasury Fund, segregated portfolio of Anemoy Capital SPC Limited

Source dates to

Underlying assets

Portfolio risk

71.5

The June 2026 factsheet describes a portfolio solely of U.S. Treasury bills.

Observation date:

Fund or portfolio credit quality

80

Portfolio maturity

100

Currency mismatch

10

Non-sovereign concentration

15

Five-day portfolio liquidity

100

Custodian quality

25

Custodian institution

25

Custody records and asset controls

25

Token structure

Investor protection

100

Holder claim

100

Insolvency protection

100

Backing and reconciliation

65

Fund accounting and assurance

65

Token backing reconciliation

65

Redemption and Exit

62.5

Redemption timing

100

Exit performance and suspension

25

Counterparties

Legal standing

72

Holder vehicle regulation

75

Service-provider permissions

65

Operating history

25

Manager and registry operating history

25

Operations

65

Service continuity

65

Blockchain networks

Ethereum, monad, pharos, X Layer, Base, Arbitrum, Plume, Avalanche, BNB Chain

Sources