Switzerland-based investment product provider 21Shares is launching the world’s first Solana exchange-traded product (ETP). The vehicle, trading under the “ASOL” ticker, goes live on Tuesday. 

21Shares, formerly known as Amun, said Friday the Solana ETP will list on Switzerland’s primary stock exchange, the Swiss SIX.

The Solana ecosystem is backed heavily by Sam Bankman-Fried, the CEO and founder of crypto derivatives exchange FTX and Alameda Research. SOL is currently the 14th-largest cryptocurrency with a market cap of nearly $8 billion, according to CoinGecko.

Solana Labs, the team building the Solana network, raised $314 million earlier this month in a token sale co-led by Andresseen Horowitz and Polychain Capital.

The 21Shares ETP will give investors exposure to the high-throughput Solana blockchain and track the performance of its SOL token with each unit of the ETP backed by 0.667 SOL at launch with a base fee of 2.5% per annum.

The Solana ETP structure is physically collateralized, segregated and replicates 1:1 the tracking of the crypto asset, 21Shares said.

European regulators have been showing an increased willingness to list a wide range of cryptocurrency ETPs as the asset class grows in popularity. Due to increased demand, 21Shares launched ETPs for the native cryptocurrencies of the Stellar and Cardano blockchains in April. 

21Shares said it has appointed Coinbase Custody as the SOL ETP’s main custodian. 

“These new ETPs deliver what clients asked for,” 21Shares CEO Hany Rashwan said in a statement. “We expect to add two new crypto ETPs in the next months together with new listing and trading venues.”

The Solana ETP will also be available on the Stuttgart and Dusseldorf multilateral trading facilities (MTFs) in Germany.