The original papers on Digital Issuance focused on native digital assets and smart tokens in capital markets and institutional investment. Dr Hunt has published a new white paper on Native Digital Funds on the Funds Europe website., which sets out the application of the single smart token issuance and operating model to the world of funds and collective investments. It shows how the native digital funds enable a single operating model across all fund types (pension, insurance, foundation, endowment, investment…), and at all levels in the collective investment value chain (underlying assets, funds, platforms, distributors, advisors…). Deploying smart tokens committing flows, rather than shares, units or tokenised conventional funds, creates flexibility in the definition of investment products, and allows funds to deliver directly to the outcome requirements of their clients. Liquidity through a secondary market becomes practical without operational complexity.