Spiko Amundi Overnight Swap Fund (GBP)

gbpSAFO is the GBP accumulation share of Spiko Amundi Overnight Swap Fund, with ISIN FR0014015LF8. It is one share class of the French-law Spiko SICAV. It is not Spiko’s separate UK Treasury-bill fund, and the other currency classes inside SAFO are not the same security. The ISIN resolves those look-alike names.

A holder owns a proportional interest in the pooled UCITS assets and receives one vote for each share. The token is the register entry for that legal share on an approved distributed ledger. It is not a bank deposit, a pound reserve or direct ownership of a particular bond in the portfolio.

Amundi may select bonds, equities and money-market instruments. Total return swaps pass the portfolio’s gains, losses, dividends and coupons to eligible bank counterparties. In exchange, the banks pay the relevant overnight benchmark plus a predetermined margin. The three-month objective is an annualized return at least equal to SONIA plus 0.50%, minus the fees applicable to the GBP class. This is a management objective, not a guaranteed return.

That design makes a stock-filled portfolio capable of producing an overnight-rate-shaped result, but only while the hedge and counterparty perform. Collateralization and daily reset reduce exposure; they do not guarantee capital. If a bank defaults, the fund can again face the market and currency risks of the securities it owns.

Twenty First Capital is the regulated management company. Amundi manages investments by delegation. CACEIS safeguards fund assets, monitors flows and calculates administration records. Spiko Finance distributes the share, maintains the DLT shareholder register and clears subscription and redemption orders.

This division means a token balance survives as a legal fund record rather than a promise from a single app. It also means service failure, custody, valuation and compliance decisions remain institutional dependencies. BNP Paribas was the first named swap counterparty; that role does not make it the token issuer or give holders a direct claim on the bank.

The prospectus lists eight ledger representations for the GBP share, including Ethereum address 0xc273986a91e4bfc543610a5cb5860b7cfefb6cc0. Both sides of an ordinary transfer must be allowlisted. A secondary transfer is treated as a redemption followed by simultaneous subscription and can have tax consequences.

Cash orders received by 3 p.m. Paris time enter the relevant NAV process. Redemptions ordinarily settle on D+1, provided the sterling market is open; otherwise settlement moves to its next open day. In exceptional circumstances, the manager may limit redemptions when net redemption requests across all SAFO share classes reach 25% of the sub-fund’s net assets. Unexecuted requests carry forward, with the mechanism limited to 20 valuation days over three months.

Spiko’s EVM code lets authorized roles mint and burn register units, pause transfers, reset ownership and approve UUPS upgrades. Those powers support correction, recovery and compliance, while preventing a wallet holder from treating the token as permissionless bearer money. The code reveals capabilities but not every current human signer across all deployments.

Costs are less tidy than the token display. The September prospectus states 0.25% management plus up to 0.10% operating expenses. The product page calls 0.25% the only fee, while the technical table lists 0.30% annual fees for gbpSAFO and the KID estimates 0.09% under its own measure. These disclosures remain unreconciled until the distributor identifies the charge governing a specific order.