Spiko US T-Bills Money Market Fund ustbl

Spiko US T-Bills Money Market Fund (USTBL) is a French-domiciled UCITS short-term variable-net-asset-value money-market fund (Short-Term VNAV MMF) denominated in U.S. dollars. Its stated objective is capital preservation and consistent performance matching or exceeding the capitalized Fed Funds (Daily Effective Compounded Federal Funds Rate) over the recommended minimum holding period; the prospectus notes that returns can be below the benchmark after costs and can be negative in very low-rate periods.

The fund is a sub-fund of Spiko SICAV, created in 2024 and managed by Twenty First Capital (AMF authorization GP-11000029), with CACEIS Bank as depositary/custodian and PwC Audit as statutory auditor. The USD share class has ISIN FR001400ODM9, Bloomberg code SPKUSMM FP Equity, accumulating income, daily valuation, and risk level 1/7 on the manager's product page.

What differentiates USTBL is its tokenized shareholder register: shares are represented as tokens on supported public DLTs, rather than being registered on Euroclear France. The prospectus lists Ethereum, Polygon PoS, Arbitrum One, Starknet, Base, Etherlink, Stellar and Solana for the USD share register. Spiko describes the funds as tokenized European UCITS money-market funds with 24/7 transferability subject to allowlisted addresses.

Conventional access to Treasury-bill cash management can involve intermediaries, large minimums, restricted dealing windows and operational friction. Spiko's product is designed to make short-term U.S. government-bill exposure accessible through an app/API, with a stated minimum initial and subsequent subscription of 1 USD for the USD share class.

The product addresses the need for a liquid dollar cash vehicle rather than a fixed-term deposit: the fund calculates NAV daily, reinvests income, and offers subscriptions/redemptions through Spiko Finance and other appointed distributors. The portfolio's liquidity requirements are explicit under the MMF rules (at least 7.5% one-day and 15% seven-day liquidity).

It does not eliminate investment risk. Capital is not guaranteed; Treasury prices can move with rates, the U.S. government is a concentrated single issuer, and token/DLT custody introduces technical, wallet, cybersecurity and regulatory risks. Investors whose reference currency is not USD also face currency risk.

The portfolio may invest up to 100% of net assets in dollar-denominated bonds and money-market instruments issued by the U.S. government, primarily Treasury bills; it may also use U.S.-government securities in repurchase agreements. The prospectus says it uses the Article 17(7) MMF derogation allowing up to 100% in short-term instruments of that government, subject to diversification across at least six issues and no issue exceeding 30% of total assets. It uses no derivatives and no other UCITS holdings.

Risk and liquidity are constrained by short-term MMF limits: weighted average maturity (WAM) <=60 days, weighted average life (WAL) <=120 days, maximum residual security life six months, and minimum daily/weekly liquidity of 7.5%/15%. The fund aims to keep no bank deposits other than cash strictly needed for settlement. Income and realized gains are fully capitalized, so returns accrue through NAV rather than cash distributions.

Spiko Finance maintains the shareholder register and clears orders. Shares can be held/transferred only through investor wallet addresses that are validated (allowlisted) by the management company. The public register addresses differ by chain; the prospectus records the USD share addresses. Standard product materials describe daily liquidity, while actual order processing and any redemption-cap mechanism remain subject to the prospectus and fund dealing terms.

The fund charges no subscription or redemption fee; the manager's product page lists a maximum 0.30% TTC management fee, while Spiko's live product dashboard currently labels the share class management fee 0.25%. The live dashboard reports values such as NAV, AUM and rolling yields and identifies itself as data from the Spiko Public API; these figures change over time, so investors should consult current documents rather than treat them as fixed terms.