The fund (not an ETF) has already amassed $5 million in assets.

Fidelity Investments, the multi-trillion dollar asset manager, is launching the Fidelity Ethereum Index Fund, according to an Oct. 4 filing with the Securities and Exchange Commission.

It will provide investors with exposure to ETH, or the Ether cryptocurrency.

The new fund is housed in the company’s Digital Assets division, formed in 2018 to mark its foray into crypto and digital markets by way of providing custody and trading services. (Barron’s)

In 2020, Fidelity launched the Wise Origin Bitcoin Index Fund I through this division. As of May this fund had an AUM in excess of $125 million.

The fund manager also has launched an ETF each for metaverse and digital payments.

Fidelity Ethereum Index Fund

The fund had already garnered an investment of $5.018 million as of September 30, with the first sale effected on September 26.

According to the filing, the minimum investment accepted from any outside investor is $50,000. Only accredited investors may invest in the fund.

However, it was reported last month that Fidelity would launch bitcoin trading for retail investors through its brokerage customers.

The fund tracks the Fidelity Ethereum Index PR (FIDETHP) through passive, direct ownership of Ether. Notably, this is not an ETF – instead, investors get to buy units in a limited partnership by way of private placement.

“As the marketplace for digital assets grows, Fidelity recognizes the need for a diverse set of products and solutions that help customers gain exposure in a manner that aligns with their distinct financial objectives and risk tolerance. We have continued to see client demand for exposure to digital assets beyond bitcoin,” a spokesperson told CoinDesk in an email.

Related Story: Fidelity Launches Crypto And Metaverse Themed ETFs

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