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Amundi Smart Overnight Return UCITS ETF CHF Hedged Acc tracks the issuer-declared index: Solactive SARON Daily Total Return Index. Mind the share class: this is the version hedged to CHF — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.10%, plus 0.00% in transaction costs estimated by the issuer in the KID. Replication is synthetic replication (swap based); income is accumulated and reinvested in the fund. The fund has assets of about 3 million euro, was launched on 29 October 2025 and is domiciled in Luxembourg.
This Sub-Fund is passively managed. The investment objective of the Sub-Fund is to reflect the performance of the euro short-term rate (“€STR”) compounded rate (the “Benchmark Index”) and to minimize the tracking error between the net asset value of the Sub-Fund and the performance of the Benchmark Index. The anticipated level of the tracking error, under normal market conditions is indicated in the prospectus of the Sub-Fund. The euro short-term rate (€STR) reflects the wholesale euro unsecured overnight borrowing costs of banks located in the Euro area. The €STR is published on each Business Day based on transactions conducted and settled on the previous Business Day (the reporting date “T”) with a maturity date of T+1 which are deemed to have been executed at arm’s length and thus reflect market rates in an unbiased way. The daily compounded €STR is calculated and published by the European Central Bank (ECB). The ECB reviews the €STR methodology and publishes a report every year. For hedged share classes, the Sub-Fund will also use a daily currency-hedge strategy, in order to minimize the impact of the evolution of each respective share class currency against Euro. The Benchmark Index for investments in these share-classes not denominated in Euro and hedged against Euro is the equivalent overnight money market rate for the currency of the related share class (SARON for CHF-hedged share classes). Updated composition of the Sub-Fund holdings is available on www.amundietf.com. In addition, the indicative net asset value is published on the Reuters and Bloomberg pages of the Sub-Fund, and might also be mentioned on the websites of the stock exchanges where the Sub-Fund is listed. The Sub-Fund will apply an Indirect Replication methodology to get exposition to the Benchmark Index. The Sub-Fund will invest into an investment portofolio, consisting of transferable securities or units or shares of UCITS, financial derivative instruments (in particular total return swap, currency forwards and currency swaps transactions strictly designed to hedge currency risks, interest rate swaps transactions aiming at reducing interest rate risks). The Sub-Fund may receive collateral from credit institutions to reduce part or all of the counterparty risks, or derivatives traded with such credit institutions. More information about the investment portfolio or the investment strategy of the Sub-Fund is detailed in the Prospectus of the Sub-Fund.
Keep reading the KID section ▾
Intended Retail Investor:This product is intended for investors, with a basic knowledge of and no or limited experience of investing in funds seeking to preserve some or all of the capital invested over the recommended holding period with the ability to bear losses up to the amount invested.
Redemption and Dealing:The Sub-Fund's shares are listed and traded on one or more stock exchanges. In normal circumstances, you may deal in shares during the trading hours of the stock exchanges. Only authorised participants (e.g., selected financial institutions) may deal in shares directly with the Sub-Fund on the primary market. Further details are provided in the MULTI UNITS LUXEMBOURG prospectus.
Distribution policy:As this is a non-distributing share class, investment income is reinvested. the accumulation share automatically retains, and reinvests, all attributable income within the Sub-Fund; thereby accumulating value in the price of the accumulation shares.
More Information:You may get further information about the Sub-Fund, including the prospectus, and financial reports which are available at and free of charge on request from: Amundi Luxembourg S.A. at 5, allée Scheffer 2520 Luxembourg, Luxembourg.
| From the peak of | Trough | Depth | Back to break-even | Days underwater |
|---|---|---|---|---|
| 16 Dec 2025 | 17 Dec 2025 | -0.00% | 18 Dec 2025 | 2 |
| 16 Apr 2026 | 17 Apr 2026 | -0.00% | 20 Apr 2026 | 4 |
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sept | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | |||
| 2025 | 0.0 | 0.0 |
We do not publish a tracking difference for this share class — and it is not an oversight.
SMCH is hedged to CHF; the index the issuer places next to it in its documents is the unhedged, foreign-currency version. Subtracting one from the other does not measure replication quality: it measures the exchange rate. In a year when the currency moves 5%, “the TD” would come out near 5 points — a plausible-looking number, with decimals, and wrong.
Other sites publish that number. We would rather show one figure less than one figure wrong: the TD will return here the day we have the CHF-hedged index series, which the issuer does not publish today.
| Full history | |
|---|---|
| Volatility (ann.) | 3.25% |
| Max drawdown | -4.29% |
| Sharpe | -0.92 |
| Sortino | -1.36 |
| Exchange | Ticker |
|---|---|
| SIX Swiss Exchange | SMCH |