Outperform overnight rates on your treasury

Frequently asked questions about Amundi STAR

The risk-free rate refers to the theoretical return on a risk-free investment. In practice, it corresponds to the overnight reference rates set by central banks — the €STR in the eurozone and the SOFR in the United States. These rates reflect the cost at which banks lend to one another overnight. They form the basis of Amundi STAR's return, to which a target spread of 0.10% net of fees is added.

A Total Return Swap is a financial contract whereby two parties exchange the performance of underlying assets. In the case of Amundi STAR, the UCITS transfers to BNP Paribas the performance of its equity portfolio — comprising companies included in the MSCI World or S&P 500 — in exchange for a daily return set at €STR or SOFR, plus a spread of 0.10% net of fees. This mechanism fully insulates you from equity market movements. The spread is contractually locked with BNP Paribas until end-2027.

As with any investment fund, capital in Amundi STAR is not guaranteed. However, the standardised risk indicator (SRI) stands at 1/7 according to the KID — the lowest level on the scale.

Through the Total Return Swap mechanism between the UCITS and BNP Paribas, you bear no exposure to equity market fluctuations. The equity performance is exchanged daily for a fixed return. Equity market volatility is transferred to BNP Paribas, not to you.

The risk would materialise only in the event of a default by BNP Paribas. In this scenario, the asset portfolio of the fund held in custody by CACEIS, the depositary bank of Credit Agricole, would be liquidated to reimburse investors.

Full or partial redemption orders are placed directly from your Memo Bank workspace and processed daily. Proceeds are credited within one business day.