Pendle has opened a market for deJAAA, a token that wraps exposure to Janus Henderson’s AAA-rated collateralized loan obligation strategy. The DeFi yield-trading protocol now lets users carve that exposure into separate principal and yield pieces and trade them on-chain.
What Pendle actually launched
The new market went live on October 21, 2026. It centers on deJAAA, a wrapper for the Janus Henderson Anemoy AAA CLO Fund, better known by its ticker, JAAA.
The market is expected to mature on November 26, 2026.
A CLO is a bundle of corporate loans, sliced into layers that get paid in order of seniority. The AAA layer sits at the front of the line, so it gets paid first and carries the least risk.
JAAA holds that senior slice. deJAAA is a freely transferable wrapper around JAAA shares, built so the asset can move around DeFi while keeping the same underlying economics.
Pendle’s role is to take that wrapper and split it in two. One piece represents the principal. The other represents the yield stream it generates over time.
The numbers behind JAAA
JAAA launched in mid-2025 as a tokenized professional fund domiciled in the British Virgin Islands. It is tokenized by Anemoy Capital SPC (BVI) through Centrifuge.
The fund launched backed by $1 billion in seed capital from the Sky ecosystem.
Its on-chain assets under management currently sit in the range of $580 million to $690 million. Net asset value per token is estimated at approximately $1.05.
Recent floating-rate yields have landed between 3% and 4.5%, based on 7-day APY readings. The fund charges a management fee of 0.50%.
Janus Henderson oversees more than $30 billion in similar AAA CLO strategies and holds total assets under management of around $500 billion.
Where deJAAA fits in DeFi
The Pendle listing is not JAAA’s first appearance in decentralized finance. The fund has already been used on Aave Horizon and Morpho.
On those platforms, governance discussions have centered on how much users should be able to borrow against JAAA. Proposals dated October 15, 2026, suggested raising JAAA’s loan-to-value parameters on Aave Horizon to 87% and 89%.
With deJAAA, holders can trade exposure on secondary markets and use it as collateral, rather than relying only on primary redemptions through the fund itself.
What this means for DeFi and real-world assets
The combination of venues creates layered use cases. A user could hold JAAA exposure, borrow against it on a lending market, and hedge or speculate on its yield through Pendle.
Those risks are real even with a AAA rating. The fund’s yields are floating, so a shift in rates changes what yield buyers actually receive. The wrapper adds another layer of smart contract and structural complexity on top of the underlying fund.
Higher LTV proposals on Aave Horizon cut both ways. More borrowing power makes the asset more useful, but it also leaves less cushion if prices move or redemptions get crowded.
The key things to track over the coming weeks are trading activity in the deJAAA market before its November 26, 2026 maturity, the outcome of the Aave Horizon LTV proposals, and whether JAAA’s on-chain assets climb beyond their current range.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.