Spiko Cash & Carry
Turn the futures basis into yield for your treasury.
What is a cash & carry strategy?
Buy an asset on the spot market, meaning you pay today and receive it immediately. This can be a physical asset, such as a specific quantity of wheat, or a financial instrument, such as a government bond.
Simultaneously sell the same asset on a futures market, meaning you agree today on a price to deliver it at a later date (typically one month), while holding on to the asset itself until then.
Because you hold the asset and have already locked in its future selling price, the trade doesn't depend on which way the asset's price moves. You capture the difference between the spot purchase price and the futures selling price by holding the position until the futures contract expires. That's a cash & carry trade.
Example: buy the asset today at $100,000 and sell the one-month future at $101,000. Whether the price rises or falls in between, you deliver the asset you already hold, collect $101,000, and keep the $1,000 spread.
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.
Meet Spiko Cash & Carry
Our cash & carry strategy identifies the assets with the most attractive spread between spot markets and CME futures.
Each month, it captures the best opportunity available.
Our cash & carry strategy identifies the assets with the most attractive spread between spot markets and CME futures.
It starts over the following month.
It's implemented by Marex, a leading commodities and financial derivatives broker, which acts as Spiko Cash & Carry's sole counterparty.
We team up with industry leaders
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It is only available to eligible users and is not marketed or promoted for distribution outside of France.
You put your excess cash to work
Available from a minimum initial subscription of €100,000 (or equivalent in USD)
Past performance is not indicative of future results.
Understanding the risk profile
Risk 1
Money market funds
Spiko Cash & Carry
Risk 2
Short-term bond funds
Risk 3
Long-term bond funds
Risk 4
Multi-asset funds
Risk 5
European or U.S. equity funds
Risk 6
Emerging markets equity funds
Risk 7
Tech or crypto funds
Key figures
*Annualized net yield (after fees) over the past 31 days.
Product characteristics
FAQ
What are the risks of Spiko Cash & Carry?
Spiko Cash & Carry carries two main types of risks:
• Strategy-inherent risks: risks tied to how the strategy performs, such as basis risk within the month and roll risk at month-end;
• Counterparty risk: the fund relies on synthetic replication, via a certificate issued by Marex, to deliver the strategy's performance rather than implementing it directly. As a result, capital is at risk if Marex defaults on its certificate.
Why does the fund use an index calculated by MSCI?
The index allows the strategy's performance to be calculated daily and independently, following a fully deterministic methodology. The fund's counterparty, Marex, issues a certificate that the fund purchases; this certificate pays the fund the performance of the strategy. As a result, the strategy's execution risk is borne by Marex, rather than the fund.
Does the fund pay exactly the performance of the index?
No, because the fund charges fees, both management fees and a performance fee. As a result, the fund's performance corresponds to the strategy reflected in the index, minus these fees.
Which CME contracts are tracked by the strategy?
The strategy currently follows 1-month futures contracts on BTC, ETH, SOL, and XRP, a list that may evolve over time. These contracts were selected because they have historically offered frequent and significant carry opportunities, in line with the strategy's objective of maximizing the carry opportunities to capture.
What are the eligibility criteria for subscribing to the fund?
Spiko Cash & Carry is open to individuals and companies with a minimum initial subscription of €100,000 (or equivalent in USD).