Spiko Amundi Overnight Swap Fund (EUR)

The Spiko Amundi Overnight Swap Fund, traded as eurSAFO, is a tokenized UCITS fund created by Spiko together with Amundi, Europe's largest asset manager. It is a regulated investment fund whose shareholder register is maintained on blockchain networks rather than only in a traditional registrar's books, so holders own fund shares represented as transferable tokens.

The euro share class allows subscriptions from as little as one euro, which is far below the usual entry point for institutional money market products. The fund targets a return above the euro short-term rate benchmark while maintaining overnight liquidity, meaning holders can subscribe and redeem on a daily basis.

How the strategy works

Rather than holding a portfolio of securities directly, the fund uses fully collateralized total return swaps with major banks, starting with BNP Paribas, to obtain its exposure. Collateralization is intended to limit counterparty risk from those swap agreements. Chainlink oracles publish the fund's net asset value on chain, so the token price reflects the official valuation rather than a market-determined price set by trading.

The register is hosted across Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink, and Stellar. CACEIS, part of the Crédit Agricole group, acts as depositary bank, PwC serves as auditor, and the fund is supervised by the French financial regulator, the AMF.

What it is not

eurSAFO is a fund share, not a stablecoin. Its value is expected to rise gradually as the fund accrues yield rather than to stay fixed at one euro, and access is subject to the eligibility and onboarding rules that apply to regulated fund investors. Supply is uncapped and changes as shares are subscribed and redeemed.