The Spiko Amundi Overnight Swap Fund (EUR) (EURSAFO) is a tokenized UCITS fund developed by Spiko and Amundi. The fund is structured to provide exposure to euro-denominated short-term financial instruments through a blockchain-based share registry.

Launched in March 2026, the fund records ownership across multiple blockchain networks, including Ethereum, Polygon PoS, and Arbitrum. ^[1]​^{[2] [1] [2]}

Overview

EURSAFO is managed within the UCITS regulatory framework. Amundi acts as the delegated investment manager, while Spiko provides the tokenization infrastructure associated with the fund's digital share registry.

The fund utilizes a tokenized structure that represents ownership interests in the underlying investment vehicle. Its operations combine traditional fund management processes with blockchain-based recordkeeping. ^{[1] [2] [3] [4] [5] [6]}

Technology

The fund uses a fully collateralized Total Return Swap (TRS) structure involving financial counterparties, including BNP Paribas. Under this arrangement, the fund's performance is linked to the return generated through the swap agreement.

Share ownership records are maintained on public blockchain networks. Ethereum, Polygon PoS, and Arbitrum are among the supported networks used for recording and transferring tokenized fund shares.

The tokenization framework enables the issuance, transfer, and redemption of fund shares through blockchain infrastructure while remaining subject to applicable regulatory requirements. ^{[4] [5] [6]}

Investment Structure

The fund's portfolio consists primarily of short-term euro-denominated financial exposures obtained through its investment structure.

Portfolio components may include:

• Euro cash deposits;
• Short-term financial instruments;
• Collateralized derivative arrangements;
• Liquidity management positions.

The composition of the portfolio may change according to investment and operational requirements. ^{[1] [2] [3]}

Token Structure

EURSAFO tokens represent ownership interests in the fund rather than functioning as an independent cryptocurrency.

Characteristics reported for the fund include:

• A circulating supply of approximately 365.6 million tokens;
• No subscription fees;
• No redemption fees;
• A management fee of 0.25%;
• Blockchain-based ownership records.

Token issuance and redemption are linked to the underlying fund structure. ^{[1] [3] [5]}

Ecosystem

The fund's tokenized shares are available on multiple blockchain networks, including Ethereum, Polygon PoS, and Arbitrum.

The multi-chain approach allows fund shares to be recorded and transferred across different blockchain environments while maintaining a unified underlying fund structure. ^{[2] [4] [6]}

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