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Spiko Cash & Carry

Let your cash work harder with a cash & carry strategy on digital assets.

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Put your extra cash to work

Targeted returns
7%*
In USD
5%*
In EUR
Profit & Loss
Daily
update
Recommended holding period
> 6
months
Cash always accessible
T+2
settlement

*Annualized rate expected net of fees, based on 5 years of backtesting of the Spiko Cash & Carry strategy.

Risk level:
Low
(2/7)
  • Risk 1: Money market funds
Risk 2:
  • Short-duration bond funds
  • Spiko Cash & Carry
  • Risk 3: Long-duration bond funds
  • Risk 4: Balanced funds (equities & bonds)
  • Risk 5: European or U.S. equity ETFs
  • Risk 6: Emerging markets equity ETFs
  • Risk 7: Tech & crypto ETFs

What is a cash & carry strategy?

Step 1

Buy an asset on the spot market. This can be a physical asset, such as a specific quantity of wheat, or a financial instrument, such as a government bond.

Step 2

Simultaneously sell the same asset on a futures market, thus committing to deliver it at a future date (typically one month) at a price fixed today.

Outcome

This trade locks in the difference between the spot purchase price and the futures selling price. By holding the position until the futures contract expires, you capture the corresponding return. That’s a cash-and-carry trade.

Important:

This trade is justified only if the futures selling price (Step 2) exceeds the spot purchase price (Step 1) and if the resulting spread is greater than the return on risk-free assets, such as Treasury bills.

How does our cash & carry strategy work?

Digital assets, notably bitcoin (BTC) and ether (ETH), currently rank among the assets offering the most attractive cash & carry opportunities.

A close up of a coin on a dark background.
A close up of a wall with numbers on it.

Each month, we allocate capital to the strategy with the highest expected return among:

  • a cash & carry trade on BTC using the nearest futures contract listed on the Chicago Mercantile Exchange (CME),
  • the same trade on ETH,
  • Treasury bills.

If T-bills are the most attractive option at the start of the month, Spiko Cash & Carry monitors daily whether entering a cash & carry trade on BTC or ETH is worthwhile. When conditions are favorable, the Treasury bills are sold to fund the carry trade. The position is then held until the futures contract expires, and the same strategy is repeated the following month.

This strategy is fully deterministic, developed by Spiko, and detailed in the index rulebook available here. It is implemented by Marex, a leading commodities trading firm that acts as the fund’s sole counterparty.

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Performance and allocation history

The historical performance of the index does not include fees charged by Marex and Spiko; respectively 1% fixed p.a. and 25% on perf. above SOFR.

Current allocation

Last updated on Nov. 21, 2025

BTC carry trade
ETH carry trade
Treasury bills

Source: Compass Financial Technologies - more details here

Our partners

Trading firm
Marex, a global financial services firm specializing in trading and risk management, is implementing the Spiko Cash & Carry strategy.
Depositary bank
CACEIS, part of the Crédit Agricole Group, acts as depositary bank and oversees Spiko Euro’s accounting.
Statutory auditor
PwC, acting as statutory auditor, conducts four audits annually of Spiko Euro's accounts to ensure their accuracy and compliance.

Product characteristics

Official name
Spiko Digital Assets Cash & Carry Fund
Target net yield in USD
icône help text
Expected net annual return after fees, based on 5 years of backtesting the fund's strategy.
7.00%
Expected net annual return after fees, based on 5 years of backtesting the fund's strategy.
Target net yield in EUR
icône help text
Expected net annual return after fees, based on 5 years of backtesting the fund's strategy.
‍5.00%
Expected net annual return after fees, based on 5 years of backtesting the fund's strategy.
Risk index
2/7
Total assets
icône help text
Value of assets held by the fund.
__TOTAL_ASSETS__
Value of assets held by the fund.
Investment strategy
icône help text
A strategy whose return is paid back to the fund by its counterparty, based on the performance of the strategy index
Carry trade on BTC or ETH
A strategy whose return is paid back to the fund by its counterparty, based on the performance of the strategy index
ISIN
icône help text
International Securities Identification Number. It is a unique code that globally standardizes the identification of a financial instrument.
FR0014010ON7 (EUR), FR0014010OM9 (USD)
International Securities Identification Number. It is a unique code that globally standardizes the identification of a financial instrument.
Available currencies
USD, EUR
Marex fees
1.00%
Management fees
icône help text
Annual costs paid by investors to cover the fund’s management and administration services.
0.10% + 25% annual performance fee above the risk-free rate (ESTR in EUR and SOFR in USD)
Annual costs paid by investors to cover the fund’s management and administration services.
Use of income
icône help text
Method for distributing returns generated by the cash & carry strategy to investors.
Capitalisation
Method for distributing returns generated by the cash & carry strategy to investors.
Minimum initial deposit
icône help text
Minimum initial deposit amount.
100 000 EUR
Minimum initial deposit amount.
Domicile
France
Launch date
24/07/2025
Asset manager
Twenty First Capital
Index administrator
Compass Financial Technologies
Supervisory authority
French Financial Markets Authority (AMF)
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FAQ

What risks are associated with Spiko Cash & Carry?

Spiko Cash & Carry has a low risk rating of 2/7 on the RSSI scale.

Capital may be at risk if Marex, the counterparty responsible for executing the Spiko Cash & Carry strategy, defaults.

Furthermore, the strategy is designed to optimize returns on a monthly basis, rather than generate daily interest. When the strategy is invested in a carry trade, the spot and futures prices of the underlying can diverge, potentially resulting in temporary losses over the course of the month.

How is this product structured from a regulatory standpoint?

Spiko Cash & Carry is set up as a French fonds professionnel spécialisé (professional specialized investment fund). In this regard, it is simply declared to the French Financial Markets Authority (AMF).

Why focus on digital assets?

Because they offer some of the most attractive cash & carry opportunities right now. Two factors explain this: first, the speculative appetite for this asset class, which drives steeply upward-sloping futures curves (in contango); and second, the still-limited presence of major financial institutions in this market, leaving these profit opportunities largely unarbitraged.

Which platforms are used to hold digital assets purchased on the spot market and to take futures positions?

Marex uses Coinbase to custody spot digital assets and the CME (Chicago Mercantile Exchange) to trade futures contracts. The CME is the world’s largest derivatives trading platform and features a clearinghouse that stands between buyers and sellers to eliminate counterparty risk.

Which customers are eligible for this product?

Spiko Cash & Carry is open to individuals and companies with a minimum initial subscription of €100,000.

Where can I find the product's legal documentation?

You can find the Spiko Cash & Carry fund prospectus here, and the key information document (KID) here.

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