Spiko Amundi Overnight Swap Fund (EUR)

The legal object comes first. eurSAFO is the EUR accumulation share of Spiko Amundi Overnight Swap Fund, a sub-fund inside Spiko SICAV. Under the prospectus, each shareholder owns a portion of the UCITS assets proportional to the shares held and receives one vote for each share. The same share is entered on a DLT register and technically represented as a token. Holding that token therefore records fund ownership; it does not create a direct deposit at BNP Paribas or title to a named stock in the portfolio.

Amundi can fill the sub-fund with bonds, equities and money-market instruments, yet the investor is not buying their raw market path. Total return swaps pass the basket's gains, losses, dividends and coupons to the bank counterparty. The other swap leg pays the fund the overnight benchmark plus a margin fixed when the contract is agreed. For euros, €STR is the ex-post comparator. The structure separates legal ownership of securities from their intended economic exposure.

That separation is conditional. The KID assigns the product its lowest summary risk class but separately warns that counterparty default or non-performance can materially reduce NAV and may not be covered by collateral. In that event, the fund can again be exposed to the held securities and residual currency effects. An overnight-shaped return is the result of a contract, not a guarantee attached to the token.

Twenty First Capital is the regulated management company. Amundi Asset Management selects and manages the investment and swap strategy under delegation. CACEIS Bank is the depositary and custodian, safeguarding assets and monitoring cash flows. CACEIS Fund Administration separately serves as accounting representative and administrative agent. Spiko Finance operates the shareholder register, clears subscriptions and redemptions, and distributes the shares. The division protects fund assets from an ordinary distributor insolvency, but it also means the product depends on a chain of regulated operators rather than on token code alone.

Approved addresses can transfer shares around the clock, and the transfer of the token permanently transfers the fund share. The permission is narrower than ordinary ERC-20 mobility: every receiving address must first pass allowlisting, and the prospectus treats an OTC transfer as a redemption followed by a simultaneous subscription. Cash redemption runs on another schedule. Orders received by 3 p.m. Paris time use the relevant NAV, and payment ordinarily settles on D+1. In exceptional conditions, the manager may gate redemptions after net requests reach 25% of assets, for no more than 20 valuation days over three months.

The prospectus publishes eurSAFO register addresses across eight ledgers, including Ethereum address 0x0990b149e915cb08e2143a5c6f669c907eddc8b0. The open EVM implementation enforces the allowlist and exposes restricted mint, burn, pause, unpause, ownership reset and UUPS upgrade paths. These functions can repair records or stop prohibited transfers, which is consistent with a regulated register. They also mean a wallet holder cannot infer administrative independence from self-custody. The code shows what authorized roles can do; it does not by itself identify every current person controlling those roles.

The latest prospectus reviewed here sets the standard classes' management fee at 0.25% including tax and allows up to 0.10% for operating expenses and other services. Spiko's live fee table instead lists 0.23% for eurSAFO, while the product page says 0.25%. The July KID estimates management, administrative and operating costs at 0.09%, a measure with a different label and calculation. These figures should not be averaged or silently selected. Until the distributor reconciles them, the legal schedule and the investor's current order documentation are the safer basis for an all-in cost decision.