Amundi launches tokenized index fund units

Europe’s biggest asset manager, Amundi, launched a blockchain-based share class for its Amundi Core STOXX Europe 600 index fund on Ethereum’s public network, the company confirmed in a statement. This initiative marks Amundi’s expansion into tokenized investment products aimed specifically at institutional investors and digital asset platforms, following its earlier cash-focused tokenization efforts.

The tokenized units will sit beside the conventional ones, and the fund will remain available through traditional channels. Amundi defines tokenization as issuing fund units in digital form on a blockchain, with the token representing a fund unit, not ether or a direct holding of the 600 stocks.

Tokenization on a Public Chain

The new class is fully integrated into the fund’s existing operating model and relies on CACEIS technology and infrastructure for tokenizing fund units. CACEIS also supplied investor digital wallets and a digital order platform for subscriptions and redemptions for Amundi’s earlier money market class.

A public blockchain is accessible infrastructure open to anyone, but that does not mean fund units are freely tradable. Investor identification rules, transfer restrictions, and regulatory obligations still apply, so holding a token in a wallet does not guarantee it can be sent to any other wallet.

Amundi cites automation, improved accessibility, fast settlement, and transparency as the potential benefits of tokenization. However, the company has not announced any quantified fee reduction, and the International Monetary Fund‘s October 2026 Global Financial Stability Report notes that legal ownership rules, liquidity safeguards, links between systems, and settlement arrangements need work before the market grows.

Market Context

Tokenized stocks were worth $4.24 billion as of Nov. 4, up nearly 27% over 30 days, according to RWA.xyz data. All ten of RWA.xyz’s largest tokenized equity products were tied to US companies or US-listed securities. Amundi’s tokenized index fund is a different kind of product, tracking the STOXX Europe 600 Index, which covers 600 large-, mid-, and small-cap companies across developed European markets.

Amundi’s first tokenized money market share class was launched on Nov. 4, 2025, and the company has since extended its blockchain fund offerings beyond cash products.

The decision framework for readers considering tokenized fund units is short, with the exposure being the same 600-stock European index, fees and retail terms for the new class not announced, transfers on the public chain remaining restricted, and the speed and efficiency benefits stated as goals that have not yet been measured. Amundi’s announcement does not state how much money the share class holds, and the company has not said whether its units will trade on a secondary venue.

According to FranceTransactions, Amundi’s announcement does not state subscription conditions for individual investors, whether the class can sit inside French life-insurance contracts or share-savings plans, or what fees the class charges. The target audience is framed as institutional clients and digital platforms, and the announcement also does not state how individual savers can buy the new class.

The company has also launched the Spiko Amundi Overnight Swap Fund with $100 million in committed assets on Ethereum and Stellar, a treasury product for corporates and financial institutions.

The EU’s DLT Pilot Regime, launched in 2023, allows firms to test blockchain-based trading and settlement of assets under temporary exemptions. However, Amundi’s materials do not say whether its new share class operates under this regime. The company ties further expansion to the development of market infrastructure and regulatory frameworks.

Regulatory Frameworks

In April 2026, 39 companies and industry groups, including Nasdaq and Boerse Stuttgart Group, urged EU officials to fast-track changes to the DLT Pilot Regime and review it as standalone legislation. They warned that Europe risks falling behind the US in tokenized finance, and asked for broader asset eligibility, higher volume limits, and removal of time limits on licenses.

The report also found that five actively traded tokenized US stocks were about 1.5 times as volatile as their conventional counterparts and significantly less liquid.