Benchmark index
Spiko US T-Bills Money Market Fund
The target net return of the US T-Bills Money Market Fund is the Effective Federal Funds Rate (EFFR).
The US T-Bills Money Market Fund invests exclusively in United States Treasury Bills (US T-Bills) with a maturity of less than 6 months. Apart from US T-Bills, the Fund may keep a small cash balance in USD to deal with investments and redemptions. The Fund has no exposure to stablecoins and is therefore not exposed to a depeg risk.
US T-Bills are short-term debt obligations issued by the US Treasury Department with a maturity of one year or less. We chose to fully invest the Fund in US T-Bills because:
- they are backed by the full faith and credit of the US government, and therefore provide one of the safest financial counterparties on Earth;
- the US T-Bills market is one of the world's deepest and most liquid markets.
The EFFR is computed on business days by the Federal Reserve Bank of New York. The current and historial value of the EFFR can be found on the website of the New York Fed.
Spiko EU T-Bills Money Market Fund
The target net return of the EU T-Bills Money Market Fund is the Euro Short-Term Rate (€STR).
The EU T-Bills Money Market Fund invests exclusively in T-Bills issued by national governments of the Eurozone with a maturity of less than 6 months and an "investment grade" credit rating. Apart from these bills, the Fund may keep a small cash balance in EUR to deal with investments and redemptions. The Fund has no exposure to stablecoins and is therefore not exposed to a depeg risk.
The €STR is computed on business days by the European Central Bank. The current and historial value of the €STR can be found on the website of the European Central Bank.