Spiko Dollar
Earn daily yield in USD from a systemically important bank (BNP Paribas).
Smart cash management
*Net-of-fees rate, accrued and paid daily by the banking counterparty (BNP Paribas).
Built for safety
We team up
with industry leaders
Asset managerAmundi, Europe’s largest asset manager, acts as manager of Spiko Dollar.
Banking counterpartyBNP Paribas pays interest to Spiko Dollar daily.
Depositary bankCACEIS, a subsidiary of Crédit Agricole, acts as custodian and handles the accounting for Spiko Dollar.
AuditorPwC performs four annual audits of Spiko Dollar.
We are regulated and supervised in France under EU law
Transparent by design
*Net-of-fees rate, accrued and paid daily by the banking counterparty (BNP Paribas).
How Spiko Dollar works
To reduce capital requirements, banks seek exposure to the performance of financial instruments - such as listed equities - off-balance-sheet.
Spiko Dollar steps in by selecting, from among leading banks, the one offering the most favorable terms to acquire the financial instruments it seeks exposure to.
Each day, the portfolio's returns are passed on to the selected bank, while Spiko Dollar receives a guaranteed daily yield in exchange. This contractual arrangement between Spiko Dollar and the bank is known as a Total Return Swap.
In the unlikely event of a bank default, Spiko Dollar would liquidate the portfolio. Proven since 2014, this strategy has never experienced a default.
Underlying assets
Your cash benefits from double protection: the creditworthiness of a Tier 1 bank, and, should that bank fail, full ownership of a portfolio of financial assets that can be easily liquidated.
Product characteristics
- Official name
- Spiko Amundi Overnight Swap Fund
- Current net yield
- 4.37%
- Assets under management
- 000
- Investment mandate
- Total Return Swaps with Tier 1 banks
- ISIN
- FR0014015LE1
- Currency
- USD ($)
- Management fees
- 0.25%
- Use of income
- Accumulating
- Minimum subscription
- $1
- Minimum redemption
- $1
- Domicile
- France
- Launch date
- 03/03/2026
- Delegated asset manager
- Amundi Asset Management
- Supervisory authority
- French Financial Markets Authority (AMF)Verify approval
FAQ
What are the fees for using Spiko Dollar?
The only fee for using Spiko Dollar is an annual management fee of 0.25% on your deposited funds, calculated daily on a prorated basis. The interest displayed on our website or in our app is always shown net of fees. There are no fees for maintaining a Spiko account, and deposits and withdrawals are free of any transaction charges. Last but not least, there are no custody fees.
What are the risks and how are my funds protected?
Your funds are backed by a Tier 1 bank and are at risk only in the unlikely event of its default. In such a case, your funds remain protected by the portfolio of securities wholly owned by Spiko's funds, which would be promptly liquidated to minimize any potential losses. In the event of residual losses following the liquidation of the securities portfolio, Spiko Dollar would hold a senior claim on the bank.
How would I access my funds if Spiko goes bankrupt?
First and foremost, you have no financial exposure to Spiko’s insolvency, as your funds are never on Spiko’s balance sheet. When you deposit funds, they are transferred directly from your checking account to the depositary bank. Likewise, withdrawals are sent straight from the depositary bank to your designated bank account. The account must be in your name, as Spiko cannot be used as a payment method.
That said, Spiko’s insolvency could affect you operationally, as the platform might no longer be available for placing withdrawal orders, for example. Fortunately, Spiko’s products are regulated and supervised by the French Financial Markets Authority (AMF), and their operation does not depend on the distributor. In practice, you can always place your withdrawal orders through the management company by phone or email.
Which banks do you partner with to negotiate interest terms?
Only global systemically important banks. Specifically: BNP Paribas, Société Générale, Crédit Agricole CIB, Natixis, Goldman Sachs, J.P. Morgan, Citi, Morgan Stanley, Barclays, UBS, HSBC, Santander, and Bank of America.
Why are banks willing to offer a rate higher than the risk-free rate?
Holding financial instruments on its balance sheet is costly for a bank due to the associated regulatory capital requirements. A bank is therefore willing to pay a rate above the risk-free rate to an institutional intermediary like Spiko Euro, Spiko Dollar, Spiko Pound, Spiko Swiss Franc to hold these financial instruments on its behalf. This is a mutually beneficial arrangement: Spiko's funds aims to earn an attractive return on cash, while the bank gains exposure to the performance of a portfolio of financial instruments without carrying it on its balance sheet.
How are cash flows handled between Spiko Dollar and the bank paying the interest?
Amundi records the market value of Spiko Dollar's equity basket every afternoon.
If the market value has increased compared to the previous day, Amundi sells the number of shares required to bring the basket back to its initial value and transfers the proceeds to BNP Paribas.
If the market value has decreased, BNP Paribas pays the shortfall so that Spiko Dollar can repurchase shares and restore the basket to its initial value.
Regardless of market conditions, BNP Paribas pays SOFR + 0.48% daily to Spiko Dollar.
Numerical examples for Spiko Dollar, based on an equity basket valued at $100:
Scenario 1 - Basket ends the day at $95: BNP Paribas pays $5 to Spiko Dollar, plus SOFR + 0.48%.
Scenario 2 - Basket ends the day at $105: Spiko Dollar pays $5 to BNP Paribas, while BNP Paribas pays SOFR + 0.48% to Spiko Dollar.
Where can I find the product’s legal documentation?
You can find the prospectus and the key information document (KID) here.