Toronto-based Evolve Funds Group Inc.’s Bitcoin ETF is now trading on the Toronto Stock Exchange.

With this launch, “investors will be able to trade Bitcoin on a regulated stock exchange,” said Raj Lala, president and CEO with Evolve Funds, in a release. “It will be as simple as buying shares through their bank or brokerage.”

The ETF invests directly in Bitcoin. The purchased cryptocurrency will be stored in a “cold wallet” (i.e., storage that is disconnected from the internet) via the fund’s custodians, Gemini Trust Company and Cidel Trust Company. CIBC Mellon Global Securities Services Company will be the fund’s administrator.

The Bitcoin ETF will provide investors with exposure to the daily price movements of the U.S.-dollar price of the cryptocurrency. The ETF’s daily net asset value will be based on the CME CF Bitcoin Reference Rate.

“Unlike the technical challenges of investing in Bitcoin, units of EBIT will be safely transacted via a familiar brokerage investing platform,” said Lala. “EBIT will provide daily liquidity, transparency and security for directly purchasing Bitcoin through a regulated ETF structure.”

The ETF has a management fee of 1%.

Evolve’s fund comes on the heels of Purpose Investment Inc.’s launch of its own direct custody Bitcoin ETF last week.

Horizons ETFs Management (Canada) Inc., Accelerate Financial Technologies Inc. and Arxnovum Investments Inc. have also recently filed preliminary prospectuses for their own crypto ETFs.