DeFi Janus Henderson Anemoy S&P500® Fund Token 

DESPXA Price

What is DeFi Janus Henderson Anemoy S&P500® Fund Token (DESPXA)?

DESPXA (deSPXA) is the DeFi-transferable wrapper of the Janus Henderson Anemoy S&P 500® Fund — per the issuer, the first licensed S&P 500 index fund token, built under license from S&P Dow Jones Indices. Each token represents a share of the underlying index fund, giving eligible non-US investors 24/7 on-chain S&P 500 exposure without leaving a DEX. Anemoy Capital manages the fund, with Janus Henderson as sub-investment manager. Centrifuge issues the token on Base under its deRWA framework.

How do SPXA and deSPXA differ?

SPXA and deSPXA are two wrappers over the same underlying fund. SPXA is the original permissioned fund share, live since September 25, 2025. deSPXA launched on March 30, 2026 as the freely transferable version for non-US users, offered in reliance on Regulation S. US persons cannot hold deSPXA, and both wrappers track the same S&P 500 fund NAV.

Who is behind the Janus Henderson Anemoy S&P 500 fund?

Janus Henderson is the sub-investment manager of the underlying fund; the firm reported about $457 billion in assets under management as of June 30, 2025. Anemoy Capital acts as investment manager, and Centrifuge provides the tokenization rails on Base. S&P Dow Jones Indices licenses the index — the collaboration was announced on July 1, 2025. FalconX joined the SPXA launch as anchor investor in September 2025, Keyrock provides market making, and Chronicle supplies pricing oracles.

What does one DESPXA token represent?

One deSPXA token represents a share of the underlying S&P 500 index fund — not a claim on a separate crypto asset. The token price tracks the fund's net asset value, so returns mirror the S&P 500 index minus fund fees. The contract is an ERC-20 called ShareToken with 18 decimals, issued on Base, with on-chain transfer-restriction checks enforcing the Regulation S restriction. No team or investor token allocation exists.

How is deSPXA's token supply created, and is there a fixed maximum?

Authorized Participants mint new deSPXA tokens and redeem them at NAV, in USDC, through the Centrifuge app. No fixed maximum supply exists — the outstanding amount expands and contracts with fund flows, so any circulating count is a moving snapshot (the live figure appears on DropsTab). Scheduled token unlocks do not apply to deSPXA; price risk is equity-index risk plus fund fees, not dilution.

Where can you trade deSPXA on Base?

Per DropsTab data, deSPXA trades exclusively on decentralized exchanges on Base — DESPXA/USDC on Uniswap V3 (Base) and deSPXA/USDC across multiple Aerodrome (Base) pools, all quoted in USDC. No centralized exchange and no derivative listings exist for the token. The issuer additionally names Definitive as a trading venue. Trading runs 24/7, unlike the underlying fund's traditional market hours.

What are the liquidity risks of trading deSPXA?

Liquidity is thin. DropsTab lists deSPXA on multiple Base DEX venues only, and the outstanding float is small, so depth is limited and spreads can be wide. The token price can deviate from NAV between the fund's daily subscription windows. Authorized Participant arbitrage anchors the market price back toward NAV over time.

How can non-US investors buy deSPXA?

Eligible non-US investors can subscribe directly in USDC through the Centrifuge app. Per third-party tracker rwa.xyz, the minimum subscription is about 1,000 USDC, the subscription fee is 0%, and subscription windows open daily. Minted shares arrive as deSPXA tokens on Base, and US persons are excluded under Regulation S. Alternatively, eligible users can buy existing tokens on Base DEXs such as Uniswap V3 and Aerodrome.

What can you do with deSPXA beyond buying and holding?

deSPXA functions as DeFi collateral and yield material. Holders can borrow against deSPXA positions on Morpho, short the token on Euler, and earn yield through Multipli's RWAusd. Curated strategies come from Steakhouse and Clearstar, while Aerodrome and Definitive host trading. The fund family behind deSPXA also spans JTRSY (Treasury), JAAA (AAA CLO), and Apollo's ACRDX (private credit).