SPXA, issued by the Janus Henderson Anemoy S&P 500 Fund managed by Anemoy Capital and tokenized through the Centrifuge protocol, is a tokenized equity index fund interest providing onchain exposure to the S&P 500 index [S1].

Each token represents a share-class interest in the Janus Henderson Anemoy S&P 500 Fund, with Anemoy acting as investment manager and Janus Henderson Investors UK as sub-investment manager, providing exposure tracking the S&P 500 index fund's net asset value (NAV) [S1]. The product is described as the first tokenized index fund licensed by S&P Dow Jones Indices [S1]. Holders bear a 0.50% annual management fee.

The fund is structured by Centrifuge's asset-management arm Anemoy with Janus Henderson as sub-investment manager, and Centrifuge supplies the onchain tokenization and distribution layer through smart contracts operated by the Cayman Islands-registered Centrifuge Network Foundation [S2][S1]. Holders receive ERC-20 share tokens representing an interest in the fund [S3][S1]. The deSPXA offering is made only outside the United States to non-U.S. persons in reliance on Regulation S under the U.S. Securities Act of 1933 and is unavailable to U.S. persons [S4]. Non-U.S. Authorized Participants mint and redeem directly at NAV, mirroring how ETFs operate [S4].

Share tokens follow the ERC-20 standard with ERC-1404 permissioning hooks, issued from ERC-4626 and ERC-7540 vaults [S3][S5]. SPXA and deSPXA launched on Base, with multichain expansion powered through Wormhole and LayerZero [S1][S4]. NAV and pricing are computed on the hub chain and distributed to spoke chains, with pricing delivered by the Chronicle oracle [S5][S4].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://centrifuge.io/blog/centrifuge-launches-spxa" },
    { id: "S2", url: "https://centrifuge.io/imprint" },
    { id: "S3", url: "https://docs.centrifuge.io/user/concepts/tokenization/" },
    { id: "S4", url: "https://centrifuge.io/blog/despxa-on-base" },
    { id: "S5", url: "https://docs.centrifuge.io/developer/protocol/overview/" },
  ]}
/>


# Asset redemptions methodology

## 1. Overview

The total value of tokenized assets that are burned or returned to issuer-controlled addresses in exchange for offchain collateral assets is measured by the asset redemptions metric. User demand to exit asset positions and reclaim backing collateral is reflected by this metric. Daily redemption volumes are aggregated across all supported blockchains and converted to USD using end-of-day price feeds. A comprehensive view of capital outflows from tokenized assets is provided by this metric.

## 2. Data sources

- **EVM chain events**: ERC-20 token transfers, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token burn instructions and balance changes
- **Non-EVM chain events**: Native token burn events, transaction net flows, and asset pallet events covering Algorand, Cardano, Injective, Near, Polkadot Asset Hub, Ripple, Stacks, Stellar, and Sui
- **Asset metadata**: Token addresses and decimal precision
- **External data**: End-of-day price feeds

## 3. Step-by-step calculation

### Component A: Extract raw redemption and burn events

- **Purpose**: Token destruction or return to issuer custody across all supported blockchains is identified.
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the recipient is the zero address or the dead address. On Solana, SPL token `Burn` instructions are parsed. On Algorand, token transfers to non-circulating configuration addresses (such as creator or reserve addresses) are extracted. On Cardano, negative token deltas are derived from transaction outputs and inputs. On Injective, token transfers with a burn event type are selected. On Near, token burn events are extracted. On Polkadot Asset Hub, `Burned` events from the assets pallet are parsed. On Ripple, transaction net flows that result in issuer inflows are identified. On Stacks, token transfers where the recipient address is null are parsed. On Stellar, SEP-41 `sep41_burn` events are extracted. On Sui, negative deltas are derived from total supply changes of treasury control objects.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (raw quantity)

### Component B: Apply premint corrections

- **Purpose**: Raw burn volumes are adjusted to exclude non-circulating token movements and include circulation exits.
- **Logic**: For supported assets, raw burn volumes are adjusted by subtracting preburns and adding premint redemptions. Preburns, which represent tokens burned directly from issuer-controlled premint addresses without ever entering circulation, are subtracted from the total. Premint redemptions, which represent transfers from circulating addresses back into premint addresses, are added to the total as they represent assets exiting active circulation.
- **Key fields**: `timestamp` (event time), `token_address` (asset contract address), `amount` (corrected quantity)

### Component C: Normalization and USD conversion

- **Purpose**: Token quantities are normalized by decimal precision and converted to USD.
- **Logic**: Daily token-denominated redemption amounts are aggregated by timestamp, chain, and token address. These amounts are normalized by decimal precision retrieved from token metadata. The normalized redemption amounts are then multiplied by end-of-day price feeds sourced from market data providers to calculate the final USD-denominated redemption value. If no redemptions occur on a given day, the daily value is filled with zero values.
- **Key fields**: `timestamp` (day), `chain_id` (blockchain identifier), `token_address` (asset contract address), `amount` (normalized token quantity), `price_usd` (asset price), `value` (USD-denominated redemption value)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Value of assets redeemed or burned for underlying collateral.

Asset redemptions

Tokenized stocks

Anemoy earns management fees on assets under management. Its funds are tokenized and issued onchain via Centrifuge.

Anemoy manages tokenized, fully onchain funds covering AAA CLOs, US Treasuries, S&P 500 exposure and private credit. Janus Henderson Investors acts as sub-investment manager to the CLO, Treasury and S&P 500 funds; Apollo to the diversified credit fund.

Anemoy Asset Management Limited is a privately held, BVI-regulated fund manager. Its funds are issued through Anemoy Capital SPC Limited.

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Real-world asset (RWA) issuers

Anemoy

Janus Henderson Anemoy S&P 500 Fund (SPXA) is a tokenized share issued by Centrifuge through Anemoy Capital SPC Limited and distributed through k-f dev AG.

Each token represents one underlying share and carries an annual fee of 0.5%.

The underlying shares are audited by MHA Cayman.

Anemoy Capital SPC Limited is incorporated in the British Virgin Islands and is regulated under the British Virgin Islands securities regime.

Holder terms are governed by the law of the British Virgin Islands.

SPXA has been issued on Base as an ERC-1404 token since October 2025.

Janus Henderson Anemoy S&P 500 FundSPXA