there is quite a bit of literature available online, this one in German: https://www.test.de/Mit-Overnight-ETF-am-Geldmarkt-anlegen-Tagesgeld-fuer-Fortgeschrittene-6070550-0/. In essence it follows the EURIBOR, you will need to keep an eye on this interbank interest rate. ATM it gives you a decent return and does not have the downside of "Tagesgeld" where you typically only get time bound offers and securities are limited to 100.000Euro. Alternative to Lyxor: Xtrackers EUR Overnight Rate Swap
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@PS-Munich Thanks for this precious knowledge!
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What i understand, is that this etfs buys super short time debt to maturity. They do not own any long term bond for eg, that would result in a loss of price with a ECB rate cut. And the type of debt they own is super reliable, low risk. So low risk plus super short term debt, results in a low buy stable returns
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It is a synthetic etf, so it has a contract with a counterpart that will pay whatever the tracked index varies
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