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The first U.S. cryptocurrency index exchange-traded fund has gone live for trading.

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“We are ushering in the age of crypto index investing,” Grayscale CEO Peter Mintzberg told CNBC last week as the Grayscale Digital Large Cap Fund (NYSE: GDLC) finally went live for trading.

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The fund, also known as the Grayscale CoinDesk Crypto 5 ETF, provides investors with exposure to the top five largest and most liquid cryptocurrency assets, as measured by the CoinDesk 5 Index. Bitcoin accounts for 72.43% of the fund’s weighting, while Ethereum accounts for 16.95%. XRP, Solana and Cardano represent 5.6%, 4.01% and 1.02% of the fund’s allocation, respectively, according to Grayscale’s website. Grayscale claims that the fund covers 90% of the total cryptocurrency market capitalization.

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Grayscale has committed to rebalancing the fund quarterly to keep its alignment with the CoinDesk 5 Index.

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The fund saw a respectable $22 million in trading volume on its first day of trading, according to Bloomberg Intelligence Senior ETF Analyst Eric Balchunas, as analysts have expressed high hopes for cryptocurrency index funds.

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“I think basket/index crypto ETPs are going to be the third or possibly second largest category of crypto ETPs after only Bitcoin ETPs over a long enough time frame,” Bloomberg Intelligence Senior ETF Analyst James Seyffart said last week.

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GDLC existed as a private over-the-counter fund before receiving approval from the Securities and Exchange Commission last week to convert to an ETF. The SEC initially approved the conversion in July, but stayed its decision at the same time.

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Last week’s approval coincides with the SEC’s unveiling of generic listing standards for cryptocurrency-based ETFs. Bitwise investment chief Matt Hougan  said last week these standards will trigger a “crypto ETPalooza” by making the cryptocurrency ETF filing process easier and approvals faster. Meanwhile, Balchunas said the standards could result in over 100 cryptocurrency ETFs launching in the next 12 months.