Amundi has expanded its push into active exchange traded funds with the launch of the Amundi EUR Cash Active UCITS ETF, a new vehicle designed to give investors low-risk access to euro money markets. The product strengthens the firm’s developing active ETF platform and arrives at a time of heightened interest in cash strategies across Europe.
The French asset manager positions the new ETF as a complement to its existing suite of active strategies, including funds aligned with responsible investment objectives. The launch also underlines Amundi’s established position in fixed income, where it oversees more than €840bn, including over €180bn in money market mandates.
This scale, combined with 35 years of experience managing short-duration assets, provides the foundation for the new strategy, which seeks to offer a liquid, transparent and cost-competitive route into the money market segment.
The ETF has been seeded with €100m, carries a management fee of 0.10 per cent and is listed on Deutsche Börse. Benchmarked against the Solactive Euro Overnight Return index, it invests in short-term euro-denominated bank deposits, commercial paper and certificates of deposit. The objective is to deliver steady income while maintaining capital preservation, effectively acting as a cash-management building block for both retail and institutional portfolios.
Amundi’s ambitious ETF launch plans
Its launch comes shortly after Amundi outlined an ambitious plan to introduce 100 ETFs by 2028 and develop a dedicated business line focused on active and white-label solutions. The move reflects increasing investor appetite for exchange traded formats that combine intraday liquidity with active management oversight, an area where Amundi continues to broaden its capabilities through closer alignment between its ETF and active investment teams.
The backdrop for the launch is a euro money market environment that, while off its 2024 peaks, continues to offer yields well above pre-pandemic levels. One- and three-month euro money market rates currently stand between 1.9 and 2 per cent, below the 3.7–3.9 per cent highs reached early last year but significantly stronger than the near-zero yields that characterised the decade prior to 2020. These higher carry levels have drawn renewed attention to cash-oriented strategies, especially among investors seeking defensive positioning amid policy uncertainty.
Amundi’s new ETF becomes the third active fixed-income product within its ETF range, following similar initiatives across short-duration credit and other money market structures. It also enters a competitive landscape shaped by BlackRock’s launch of the iShares € Cash UCITS ETF in 2024, the first actively managed money market ETF in Europe. That fund has accumulated close to €1bn within a year, demonstrating the degree of investor demand in this area.
European money market ETFs are doing well
Passive overnight-rate ETFs have also seen strong inflows. Products from UBS, Invesco and BNP Paribas have joined a segment dominated by the long-established Xtrackers II Euro Overnight Rate UCITS ETF and Amundi’s own overnight strategies. Collectively, these funds have gathered $9.2bn so far in 2025, driven by retail investors using neobroker platforms and seeking alternatives to low-yielding savings accounts.
The continued appeal of cash ETFs will hinge on policy decisions from the European Central Bank and the evolution of credit spreads from currently compressed levels. For now, steady yields and regulatory comfort around money market instruments are helping make cash a more prominent component of ETF product development, and Amundi’s latest launch signals that Europe’s largest asset manager intends to play a leading role in shaping that trend.
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