Amundi, Europe’s largest asset manager, brought its tokenization push into European equities on November 5. It launched an Ethereum-based share class of its Core STOXX Europe 600 fund. Investors receive units in the existing fund, not blockchain-issued shares of its 600 underlying companies, according to Amundi’s announcement.What CACEIS changes, and what it doesn’tAmundi worked with CACEIS, its asset-servicing partner, to launch the STOXX Europe 600 fund’s tokenized share class. CACEIS provides the technology and infrastructure used to issue fund units on public Ethereum. Amundi continues to operate the fund as before. Investors can still access the fund through traditional channels, while its underlying investments remain unchanged.According to Amundi, tokenization can simplify certain processes of the fund, enhance settlement speed, and increase distribution by using blockchain technology. However, Amundi’s announcement of November 5 doesn’t provide information on the settlement time or inclusions about costs estimates of the new class of shares. The announcement fails to answer the question whether investors would be able to trade the fund units at any time or through an active secondary market.The distinction is important because the transfer of tokens from one wallet to another does not imply that investors could trade them with ease. In a September 2026 research, Pantera Capital investigated 110 non-stablecoin products (those valued above $10 million). In June, open access products comprised 41% of the total value of the sample but caused 99.8% of the spot trading recorded. In addition, Pantera highlighted that wallet transfers may involve various operations including subscriptions, redemptions and custody transfers and not trades conducted by the investors.From a money fund to an equity indexAmundi’s entry into equity index investment is based on its initial efforts in cash management solutions. In November 2025, the company launched its own tokenized version of the Amundi Funds Cash EUR money market fund, which has been explored in the past by Cryptopolitan. This fund provides exposure similar to that of cash. Meanwhile, the new STOXX Europe 600 share class will provide investors with accessibility to a broad European stock index.The money-market fund has already attracted institutional investment. On October 8, 2026, Crédit Agricole Assurances invested an initial €100 million in a tokenized unit of the fund, according to CACEIS. The investment shows institutional interest in Amundi’s tokenized cash product. However, it does not establish whether investors will show similar interest in the new equity-index share class.A market still weighted toward cashAmundi’s expansion into equities comes as cash-like products continue to dominate the tokenized fund market. In its June 2026 assessment, Allium valued U.S. tokenized Treasury and money-market funds at $14.2 billion, roughly eight times their value two years earlier. Treasury and government-bond funds accounted for $10.7 billion (75%). Registered money-market funds held the remaining $3.5 billion (25%). Ethereum hosted $7.1 billion, or half the total.Looking at the broader market, Callan estimated that global tokenized financial assets were worth approximately $30 billion in July 2026. U.S. Treasuries and money funds represented roughly half that amount. Callan’s estimate covers more asset classes than Allium’s U.S. fund figures, so the two totals are not directly comparable.Amundi Tokenizes STOXX Europe 600 on Ethereum: Cash vs. Equity FundsExpanding beyond cash also brings challenges. The IMF warned in October 2026 that tokenized equity markets remained less liquid and more fragmented than traditional markets.For Amundi, the real test now lies in how well the new share class works for investors. Can it settle transactions faster and at lower costs? Can investors redeem their holdings reliably and trade the units when needed? The Ethereum launch is a starting point. Whether it delivers meaningful benefits will depend on the results.If you're reading this, you’re already ahead. Stay there with our newsletter.