Spiko EU T-Bills Money Market Fund

SPIKO SICAV was approved on 5 April 2024 and created on 15 May. Its EU T-Bills sub-fund issues the EUR share identified by FR001400ODL1. The prospectus says registered shares sit on supported public DLTs and are technically represented as tokens; EUTBL is therefore a legal fund share recorded through blockchain infrastructure, rather than a euro stablecoin or a free-standing claim invented by the token contract.

The legal right is precise but easy to overstate. Each shareholder owns a proportional interest in the UCITS assets and receives one vote for each share. The portfolio remains pooled under the SICAV and depositary structure. A holder cannot point to a particular French or German Treasury bill and claim that security as individually segregated property.

Spiko presents the product as a route to Treasury bills from core Eurozone states, primarily Germany and France, with maturities under six months. The current prospectus grants the manager a wider legal toolkit: up to 100% of net assets may be placed in euro-denominated bonds and money-market instruments issued by Eurozone governments, and the MMF derogation can allow concentration across several issues of one member state.

The sub-fund may also use reverse repurchase agreements and retain settlement cash within stated limits. Those instruments do not turn EUTBL into a bank deposit, and repo collateral does not become the holder's separately owned property. CACEIS Bank safeguards the fund's assets while Twenty First Capital chooses investments inside the mandate.

The target is compounded €STR after fund and share-class fees over a recommended minimum week. It is an objective, not a promise. The KID says investors must be able to bear loss of the whole investment, and the prospectus warns that market rates, public-issuer credit, counterparties, operations and DLT failures can reduce NAV.

The 2026 prospectus lists Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink, Stellar and Solana as DLTs used for the register. An investor chooses a supported network at subscription, but the wallet must first be validated. Transfers are legally binding over-the-counter share transfers and can reach only another allowlisted address; public visibility of balances is not public eligibility.

Spiko's published EVM Token code makes the administrative boundary concrete. Permissioned callers can mint, burn, pause and unpause, reset ownership and authorize a UUPS implementation upgrade. The transfer hook checks both sender and recipient through a Permission Manager. The code shows what authorized roles can do, but the reviewed public materials do not independently establish every current role holder on every deployed chain.

CACEIS Fund Administration calculates official NAV on applicable French business days. The latest prospectus places the Paris cut-off at 11:30: orders received later roll to the next business day, and exceptional market events can cause the execution NAV to be recalculated. Accumulated income changes the value per share; it is not paid as a fixed daily coupon.

The same prospectus permits a redemption cap when net redemption requests reach 10% of assets and exceptional circumstances make it appropriate for shareholders. Unexecuted amounts carry forward, with the mechanism limited to 20 NAVs in three months and no more than one month. Settlement in eligible electronic-money tokens is optional and can be delayed, suspended or refused for AML reasons, so wallet redemption should not be described as a guaranteed instant euro conversion.

Fees also have two layers. Spiko currently displays a 0.25% annual management fee, while the binding fee table allows up to 0.30% including tax plus up to 0.10% for operating expenses and other services. Subscription and redemption commissions are listed as none, but investors pay network transaction costs and may face an exceptional wallet-recovery charge of up to €500 excluding VAT.

Twenty First Capital is both Management Company and delegated investment manager. CACEIS Bank is the independent depositary-custodian charged with safekeeping, cash-flow monitoring and checking management decisions; CACEIS Fund Administration is the accounting and administrative agent. Spiko Finance distributes the shares, controls the shareholder register and clears subscriptions and redemptions.

That division matters if Spiko's interface fails. The KID describes product assets as separate from the Management Company and legally segregated at the custodian, while Spiko says fund orders can still be placed through the manager. It does not remove sovereign, market, counterparty or operational risk. EUTBL's distinguishing feature is the legal share surviving behind the token—not the token abolishing the fund's institutions.