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Purpose Investments, an institutional firm with more than $12 billion under management, on Wednesday announced the launch of mutual fund units for the world’s first ETF backed and settled by Bitcoin.

“We’re happy to provide another easy and secure way for Canadian investors to gain exposure to Bitcoin,” said CEO and founder Som Seif. Mutual funds that allow investors exposure to Bitcoin have risen in demand by investors worldwide this year.

The Purpose Bitcoin ETF invests directly in Bitcoin allowing investors efficient exposure to Bitcoin without the associated risk and burden of self-custody.

The Purpose Bitcoin ETF aims to accurately reflect the price of Bitcoin, meaning its units may be purchased or redeemed at net asset value per unit of the applicable class without premiums or discounts, which might otherwise be associated with listed Bitcoin securities like Grayscale.

The Purpose Bitcoin Fund currently has $1.2 billion in assets under management, consisting of 21,688.950498 Bitcoin. All three of the offerings are backed by at least 0.0001 Bitcoin per share, with a current net asset value of between $10 and $12.

There are currently between 5,000 and 7,000 available shares per Bitcoin in the funds.

In the US, the SEC has yet to approve a Bitcoin or Bitcoin futures backed ETF, despite many filings and a rise in demand this year. An ETF in the US would open the floodgates to new institutional investors that cannot or will not otherwise get any Bitcoin price exposure.