Swiss digital asset bank Sygnum has opened the ETH Alpha Fund SP, a market-neutral vehicle for professional investors. The fund started accepting investors on Nov. 2 and is available to qualified and professional investors in approved markets, including Switzerland.

The strategy pairs native ETH staking with options premiums, cross-venue arbitrage and derivatives carry and funding trades. All gains and losses are realized in ETH rather than dollars.

The fund targets 8% to 10% annual returns in ETH, net of fees, versus an average staking yield of 2.63% at the end of September.

The product is aimed at long-term ETH holders who measure performance in ETH terms. Ethereum staking reached 43.8 million ETH, or nearly 36% of supply, by the end of the third quarter.