S&P Global Ratings has assigned its first rating to a European tokenised fund, giving the Spiko Amundi Overnight Swap Fund (EUR) ‘AAAf’ fund credit quality and ‘S1+’ fund volatility ratings.
The fund launched in March 2026 and had passed €1.2bn in assets as of 18 September, making it one of the largest tokenised funds in Europe.
S&P said the ‘AAAf’ rating reflects extremely strong credit quality and very low credit risk. The ‘S1+’ rating means it expects the fund to show extremely low monthly return volatility compared with short-dated government securities.
The fund was co-created by Spiko and Amundi Asset Management and sits within the French-incorporated Spiko SICAV. It aims to deliver at least €STR plus 0.25% over three months through daily-reset total return swaps with BNP Paribas. CACEIS acts as depositary and administrator.
Shares are issued as tokens across eight public blockchains, including Ethereum, Solana, Stellar, Polygon, Arbitrum and Base. The on-chain ledger serves as the fund’s primary shareholder register.
Transfers are restricted to whitelisted wallets, and the transfer agent can reject or freeze token movements where required. An off-chain contingency process allows investors to redeem if the technology fails. S&P said operational risk from the on-chain setup is generally well mitigated.
The rating adds to S&P’s growing coverage of tokenised funds. It has previously rated Franklin Templeton’s BENJI fund, the Janus Henderson Anemoy Treasury Fund and OpenEden’s tokenised TBILL fund.
The Spiko fund joins the Delta Wellington Ultra Short Treasury On-Chain Fund as one of two tokenised funds holding an ‘AAAf’ rating from the agency.
S&P said it assesses tokenised funds on off-chain factors such as asset quality and management, alongside how on-chain risks are mitigated.
