Regulated Brazilian fund manager Hashdex has inked a deal with Nasdaq to launch the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX).

The stock exchange announced it had approved the ‘Hashdex Nasdaq Crypto Index’ on September 18, revealing that 3 million Class E shares will be issued for trade on the platform. Cointelegraph Brazil confirmed the Nasdaq partnership and ETF with Hashdex’s chief executive, Marcelo Sampaio

According to local media outlet Infomoney, the fund should be live and trading on the BSX by the end of the year. The report notes that Hashdex chose to apply with BSX due to Bermuda’s crypto-friendly regulations.

Exchange-traded funds offer a regulated and insured vehicle for institutional investors access exposure to commodities without holding the underlying assets.

While no further details regarding the ETF have been made public, Hashdex stated that the methodology and other key information concerning the product will be released by Nasdaq on the product’s launch date.

In comments to major Brazilian newspaper Oglobo, Sampaio said the ETF’s launch would advance institutional investment in the crypto sector.

Hashdex currently manages $46.4 million worth of assets spanning four funds, including funds holding crypto assets. The firm’s auditor is KPMG, its primary financial institution is Silvergate Bank, and Hashdex’s crypto asset custodians are Xapo, Kingdom Trust, and Vo1t.

Earlier this week, former Goldman Sachs executive and fund manager Raoul Pal predicted that the launch of Bitcoin ETF in the U.S was also imminent, stating:

“I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it. Every pension plan will allocate some money to it. Every family office will allocate some money to it. And the more the price goes up, the more they will allocate.”

In recent years, the United States Securities and Exchange Commission (SEC) has rejected proposals for Bitcoin ETFs from the Winklevoss twins, and Wilshire Phoenix and NYSE broker Arca.