ETN on the EUR OVERNIGHT RATE Index

Issuer: BNP Paribas Asset Management

Asset Class: Fixed Income

TER: 10

Trading Currency: EUR

Pays Income: False

Listing Date: 04 Nov 2025

Ticker: CSHE

ISIN: LU3025345516

This instrument is engineered to offer investors a return that closely mirrors the performance of the euro interbank overnight lending rate. It serves as an effective proxy for holding cash, providing a tool for capital preservation and efficient liquidity management. The product tracks an index based on this key interest rate, representing a low-risk haven for capital during times of market uncertainty or as a temporary allocation for funds awaiting deployment into other asset classes. Its performance is directly influenced by the monetary policy of the European Central Bank, making it a transparent vehicle for gaining exposure to short-term interest rate movements within the Eurozone.

Structured as a total return instrument, any interest accrued is automatically reinvested, fostering the potential for compound growth over time. This accumulation feature simplifies portfolio management, as it eliminates the need to handle periodic cash distributions. As an exchange-traded note, the return is subject to the credit risk of the issuing financial institution. This structure ensures precise tracking of the designated interest rate benchmark, providing investors with a straightforward and efficient investment solution. The instrument's design is focused on delivering the benchmark's performance with minimal tracking error.

This product is particularly well-suited for the cash and short-term fixed-income segments of an investment portfolio. It offers the benefit of intraday liquidity, allowing investors to buy and sell shares throughout the trading day, a distinct advantage over traditional money market funds or bank deposits. For corporate treasurers and institutional investors, it represents a valuable instrument for managing operational cash flows and short-term liquidity needs. Its low-cost structure helps to maximize the net return, making it an efficient choice for those seeking stability and a yield alternative to holding physical cash.