Spiko Amundi Overnight Swap Fund

The Spiko Amundi Overnight Swap Fund, tokenized as SAFO, is a UCITS fund launched jointly by Spiko and Amundi, Europe's largest asset manager. This entry covers the United States dollar share class; a euro share class exists separately under the eurSAFO ticker.

How SAFO works

The fund generates returns through fully collateralized total return swaps arranged with major banks, beginning with BNP Paribas, targeting a yield above the effective federal funds rate benchmark for the dollar class. Total return swaps are contracts in which one party pays the total return of a reference asset in exchange for a financing rate, and full collateralisation is used to limit counterparty exposure. The fund maintains overnight liquidity, meaning investors can subscribe and redeem on a daily basis, and the minimum subscription is set at one dollar.

The shareholder register is maintained on chain across several networks, with the categorisation listing Ethereum, Polygon, Arbitrum, Base, Starknet, and Etherlink ecosystems. Chainlink provides on-chain net asset value oracle feeds, CACEIS of the Credit Agricole group acts as depositary bank, and PwC serves as auditor. The fund is supervised by the French Financial Markets Authority.

There is no maximum supply. Token count reflects subscriptions and redemptions, currently around 143 million.

Role in the ecosystem

SAFO is part of the tokenized money market fund category, where established asset managers issue regulated fund shares recorded on public blockchains. The involvement of Amundi, a depositary bank, and an external auditor reflects a structure closer to conventional fund administration than to crypto-native yield products, with the blockchain serving as the register rather than as the source of yield.