LONDON (S&P Global Ratings) Sept. 29, 2026 — S&P Global Ratings today assigned ‘AAAf’ fund credit ratings (FCQR) and ‘S1+’ fund volatility ratings (FVR) to the Spiko Amundi Overnight Swap Fund (EUR).
The ‘AAAf’ FCQR reflects our view that the credit quality of the fund’s portfolio exposure is extremely strong, indicating very low credit risk. The ‘S1+’ FVR indicates that we expect the Spiko Amundi Overnight Swap Fund (EUR) to maintain extremely low monthly return volatility compared to a portfolio of short-duration government securities with a maturity of 12 months or less, ensuring a highly stable return profile.
Fund overview
The Spiko Amundi Overnight Swap Fund (EUR) (the fund) is a tokenized subfund of the French-incorporated Spiko SICAV (Société d’Investissement à Capital Variable). Launched in March 2026, the fund exceeds €1.2 billion in assets as of Sept. 18, 2026. Co-created by Spiko and Amundi Asset Management, the fund–the euro share class of the Spiko Amundi Overnight Swap Fund–aims to deliver an annualized net performance of at least euro short-term rate (€STR) + 0.25% over a three-month period. The fund generates stable yields above €STR through fully collateralized total return swaps (TRS) with tier 1 bank counterparties (rated ‘A-‘ or above). To achieve this, the fund holds a diversified portfolio of equities and bonds and exchanges their total return for an overnight rate + a spread via daily reset TRS. This results in a low-volatility, cash-equivalent profile with overnight liquidity. This swap effectively passes on the daily performance of its equity portfolio to the bank counterparty, BNP Paribas S.A. (A+/Stable/A-1), which in turn pays the fund a predetermined daily yield. Since the TRS resets to zero every business day, the fund limits its exposure to only one day of market variation in the unlikely event of a bank default. The fund retains full ownership of its securities, which are held at the depositary bank CACEIS rather than with the swap counterparty. CACEIS computes the net asset value (NAV) daily. Fund shares are registered as tokens across several blockchain networks, including Ethereum, Stellar, Solana, Polygon, Arbitrum, and Base.
FCQR analysis
Our preliminary FCQR assessment is largely determined by the creditworthiness of BNP Paribas SA, the fund’s sole total return swap counterparty. However, we believe the associated concentration risk is well-managed, given the overall financial strength of BNP within the global banking sector. Furthermore, structural features–such as the daily swap unwind and the fund’s short maturity profile–support the high FCQR.
Our intermediate FCQR assessment considers a qualitative evaluation of management. We view the fund’s management, organizational structure, risk management, compliance (including digital and technology aspects), credit culture, and credit research, as strong. We determined the portfolio risk assessment–focusing on counterparty risk, concentration risk, liquidity, and the fund credit score cushion–to be neutral; however, these factors did not necessitate any adjustments to the intermediate FCQR.
FVR analysis
We determined the ‘S1+’ FVR after reviewing historical returns from a comparable proxy index given the limited track record of the fund’s portfolio risk factors, including duration, credit exposures, liquidity, derivatives, leverage, foreign currency exposure, and investment concentration. We deemed these factors to be neutral, reflecting the fund’s investment guidelines. We also conducted a comparative rating analysis against similar funds, which did not necessitate any adjustments to the assigned ratings.
Operational overview
Investors open an account via the Spiko platform subject to standard anti-money laundering and know-your-customer procedures. The fund issues shares as fungible tokens across eight public blockchains. The on-chain token ledger acts as the primary shareholder register, providing transparent, immutable, and independently verifiable history of all transactions. Spiko maintains a structured database of all on-chain events as a complete backup.
Authorized cross-network transfers are processed through the “burning” of shares recorded on one network and the “minting” of shares on the other network. The system restricts all token movements to whitelisted wallets. Although the relevant blockchain networks are public and permissionless, the transfer agent maintains control over digital SAFO tokens, including the ability to restrict, reject, or freeze transfers, in accordance with applicable requirements. In the event of a major technological failure, an off-chain contingency process ensures investors can redeem tokens and restore token ownership.
The platform uses a permissioned, transfer agent-controlled custody model. Wallets are whitelisted and protected by institutional key management, governed by strict access and change-of-management controls, and are continuously monitored, all of which reconcile to the authoritative shareholder register. Investors can also use their own custody solution.
Following a review of the smart contract audit and remediations, wallet security standards, and off-chain contingency plans, we conclude that operational risk pertaining to the on-chain setup is generally well mitigated.
Management company
Twenty First Capital SAS is a portfolio management company authorized by the Autorité des marchés financiers.
Distributor/transfer agent
- Spiko Finance is an investment firm licensed by the French Prudential Control and Resolution Authority (ACPR). Serving as both the transfer agent and a distributor of fund units/shares, Spiko is responsible for:
- Shareholder registry: maintaining the official shareholder register of each fund compartment.
- Processing subscriptions: receiving client funds, verifying KYC/AML compliance, and minting the appropriate number of fund tokens on the blockchain.
- Processing redemptions: burning the required number of fund tokens and arranging the payment of redemption proceeds.
- Identity management: maintaining the link between investor identities and their respective blockchain wallet addresses.
- Reporting: producing and distributing investor statements and transaction confirmations.
Investment manager
Amundi Asset Management is a leading global asset manager with an extensive track record meeting diverse investment objectives. As of June 30, 2026, Amundi managed €2.6 trillion in assets. The Amundi Group owns Amundi Asset Management and is a subsidiary of Credit Agricole SA (A+/Stable/A-1).
Depositary/custodian
CACEIS S.A. (A+/Stable/A-1) is an ACPR-authorized credit institution. As the depositary, CACEIS is responsible for safekeeping assets, verifying the regularity of the management company’s decisions, and monitoring SICAV’s cash flows. The depositary’s primary objective is to protect the interests of SICAV’s investors.
Administrator
CACEIS is also the fund administrator, responsible for calculating NAV, bookkeeping, and all other administrative functions.
We will review the fund’s portfolio reports and all relevant fund information on a monthly basis to ensure it continues to align with the assigned ratings.
