Low-risk option for savings and cash

In investment, every now and then quick actions are needed to complement the long-term asset management vision. Short-term fixed-income funds are a good choice when the investor has reason to accept more moderate capital appreciation potential. 

Subscription fee Annual management fee Redemption fee
0,00 % 0,15 % 0,00 %

Fund units generate OP bonuses. No fee is charged for fund subscriptions or redemptions

OP-Euro is a short-term fixed-income fund that invests mostly in fixed-income instruments issued in euros by banks, other companies, governments and other public-sector entities in Europe. The fund aims to achieve capital appreciation for the invested assets in the long term.

The key risks associated with the fund unit's value performance are credit risk, liquidity risk and industry risk arising from the investments' focus on the banking and financial sector. Changes in credit risk premiums may have a significant impact on the fund's yield. Credit risk may also materialise as a result of an issuer's bankruptcy or insolvency. To a minor extent the fund is also exposed to interest rate risk (modified duration between 0–1). In abnormal market conditions, the liquidity of the fund's investments may weaken, which may have an effect on the investments' value performance and also lead to delays in the redemption of fund units.

OP-Euro is suitable for those appreciating security and seeking corresponding yield as the return offered by deposits but who want their assets to be rapidly available without the need to worry about major fluctuations in the fund's value. Companies can also make use of the fund in enhanced cash management. OP-Euro offers a flexible alternative to 12-month deposits or fixed-income investments.

The portfolio manager's review is available on the fund's Finnish pages.

OP-Euro is an actively managed short-term fixed income fund which invests its assets in Investment Grade fixed income instruments issued by banks, companies, governments and public sector entities mainly in euros. If invests are made in other currencies, the currency risk is hedged in full. The Fund aims to achieve capital appreciation for the invested assets in the long term. The Fund may not achieve the objective of its investment operations under all market conditions.

The Fund may only invest in fixed income instruments with a remaining term to maturity of 2 years at maximum. The Fund's investments are mainly direct fixed income investments, but the Fund may use fixed income derivatives and credit default swaps to hedge against market changes and to replace direct investments. The Fund diversifies its investments broadly among various issuers' fixed income instruments. The investment instruments are typically certificates of deposit, commercial papers, local authority papers, floating and fixed rate bonds as well as deposits. A classified investment must have an Investment Grade credit rating by a recognised credit rating agency, and other fixed income instruments must have a corresponding rating, as estimated by the Fund’s portfolio management.

Modified duration, which measures the Fund’s interest rate risk, is moderate and can be 0–1. Interest rate risk means the impact of changes in the general interest rate level on the value of the Fund’s investments. The higher the figure, the more sensitive the Fund is to value changes.

The Fund's benchmark index is 3 month Euribor. With active investing, the Fund seeks to outperform its benchmark index in the long term. The Fund’s active risk level is mainly low and differs only slightly from the composition, weights and risk level of the benchmark index.

The Fund follows OP Asset Management’s Principles for Responsible Investment. The consideration of responsibility issues in investment analyses and decisions provides additional information that complements conventional financial and market data. Relevant responsibility factors can in the long run affect the financial performance of investments and, thereby, the obtained return. The responsibility analysis of investment products uses both the ESG analysis of an external provider, MSCI ESG Research, and OP Asset Management’s ESG analysis model. Assessment of good governance forms an integral part of our investment analysis. We monitor and report on factors such as the investments’ share of green revenue, carbon intensity and ESG risk category, based on data received from an external service provider, MSCI ESG Research. The benchmark indexes selected for our funds do not follow the same ESG investment policy as our funds.

Exclusionary screening: The fund excludes companies from its active direct investments according to OP's general exclusionary principles – for example, controversial weapon manufacturers, mining companies producing thermal coal, power companies using thermal coal, companies producing tobacco and unconventional oil and gas, and companies that have breached international norms and where engagement has been unsuccessful. The list of exclusions is public. In negative screening, the fund first uses a general exclusion list and then excludes other harmful and controversial sectors. The funds do not invest in tobacco companies nor in companies involved in unconventional oil and gas extraction. We use the data and analysis of MSCI ESG Research and Sustainalytics to aid this exclusion process.

Shareholders’ meetings: OP funds participate in shareholders’ meetings in Finland and abroad in line with OP Fund Management Company Ltd’s shareholder engagement principles that take responsibility aspects into account. For Finnish, but especially overseas general meetings, we make use of an international service provider (Institutional Shareholder Services) in general meeting research.

Violation of international norms: International norms, such as the UN Global Compact, define the minimum level for responsible business. In active direct investments in OP funds, OP Asset Management exercises influence on companies that are considered to have violated international norms. The funds are screened regularly for non-compliances with international standards. In the event that a non-compliance is detected, an influencing process is begun with the company in question. The aim is to make non-compliant companies change their practices and begin to comply with international norms in their operations. If influencing proves fruitless, the company may be placed on the exclusion list. We use Sustainalytics as a service provider for identifying violations of international norms.

OP Asset Management also exercises influence on certain companies in various responsibility themes, such as climate change.

More information on OP funds’ current topics relating to responsibility and shareholder engagement is available in the Responsible Investing Biannual Report. The latest report is available on the responsible investing web page.

More details Basic data, performance and fact figures

Basic data

Fund manager
Tuula Vierimaa
Benchmark index
Euribor 3 months
Start date
fund serie
Accumulation unit
Fund size
1329 Meur
Serie value (26.01.)
21,20 EUR
Monthly review
Key Information Document
Sustainability data

Accumulated profit (26.01)

1mth 3mth 6mth 1 y 3 y p.a. 5 y p.a.
OP-Euro A +0,19 % +0,52 % −0,05 % −0,75 % −0,37 % −0,27 %
Benchmark +0,13 % +0,30 % +0,17 % −0,20 % −0,39 % −0,37 %

Yearly performance

2018 2019 2020 2021 2022 YTD
OP-Euro A −0,23 % 0,00 % −0,09 % −0,28 % −0,94 % +0,14 %
Benchmark −0,33 % −0,34 % −0,39 % −0,55 % −0,33 % +0,09 %

Key figures

Volatility 12 m vola 12m Sharpe 12 m Duration
OP-Euro A 0,51 % -6,39 -
Benchmark index - - -

Owner-customer benefits as of 1 January 2021

  • Book-entry account and custody €0: Custody of Finnish and foreign shares and ETFs without monthly charges. 
  • Buy and sell fund units €0: Buy, sell and switch nearly all of our funds without costs and earn OP bonuses by investing in mutual funds.*
  • Benefits from equity trading: 
    • A 1% brokerage fee cap on Finnish and Swedish shares and securities – shares, warrants and ETFs.
    • Brokerage fee 0.05–0.17, i.e. the more you trade, the lower your trading costs. The benefits mentioned above are available on OP-mobile, OP Business mobile and at op.fi (in Finnish for personal customers).
  • New benefit: Equity analyses €0: Free equity and market analysis.
  • Benefits of saving through insurance: Take out an insurance policy, switch between investment instruments and transfer funds free of charge. Earn OP bonuses from unit-linked insurance assets.**

*No OP bonuses will accrue from the R2 Crystal Fund nor from institutional series of funds.

OP bonuses

In addition to OP bonuses earned through saving and investment, owner-customer earn bonuses from

  • loans
  • funds in accounts
  • insurance premiums for home, family and motor vehicle policies.

From 1 November 2020, OP bonuses will accrue from:

  • home loans, secured bank loans, student loans
  • savings and investment accounts
  • mutual fund units and unit-linked insurance
  • non-life insurance bills

The change on 1 November 2020 means that no OP bonuses will accrue from:

  • deposits in current accounts
  • unsecured consumer loans (Flexible Consumer Credit, Special Consumer Credit, One-off Credit and Overdraft Facility)
  • OP hire purchase
  • Purchases paid using OP Visa as a credit card, the balance of credit with interest of OP-Visa and OP Duo cards

OP bonuses are used for the bank’s service charges and insurance premiums.

**The following investment products linked to the insurance assets do not bring OP bonuses from 1 April 2022: OP-Venäjä A, JPM Russia A, JPM Emerging Europe Equity Fund and BlackRock GF Emerging Europe Fund A.

Remember that investment always involves risks. The value of investments can rise and fall, and an investor can lose part or all of the money they invest. OP funds are managed by OP Fund Management Company Ltd, with OP cooperative bank acting as its agent. Normal transaction costs are charged for the following special common funds: OP-Public Services Real Estate, OP-Forest Owner, OP-Rental Yield and OP-Alternative Portfolio special common funds.