Exchange Traded Concepts, the Oklahoma City-based ETF incubator firm, today rolled out an ETF focused on U.S. and Canadian companies that extract crude oil from so-called oil sands—a growing source piece of the oil market that has added crucial supply at a time of growing global demand.

The Sustainable North American Oil Sands ETF (NYSEArca: SNDS) came to market this morning, Exchange Traded Concepts said today in press release. The launch was also confirmed by the NYSE. The fund tracks an index that shares the same name, and will have Sustainable Wealth Management as its index provider while being advised by Exchange Traded Concepts.

SNDS will compete in part with the Market Vectors Unconventional Oil & Gas ETF (NYSEArca: FRAK), as both provide access to oil sands. However, SNDS comes with a 0.50 percent annual expense ratio, while FRAK has a net expense ratio of 0.54 percent.

Oil sands petroleum, often called synthetic crude oil, has emerged as a new source of oil supply thanks to expansion of technology that now allows for its extraction from the ground. While oil sands are found across the globe, Canada and Venezuela hold the largest deposits. The crude is separated from the sands through a heating process that most often uses natural gas

Though it may provide a step in meeting growing global demand for oil, the unconventional methods used in turning oil sands into fuel have some environmentalists and oil analysts warning that the process may be harming the environment.

SNDS will invest in U.S.- and Canada-listed companies involved in everything from production, oil exploration, refinement, marketing, storage and transportation to equipment and service providers.

The index for SNDS is designed to provide equal-weighted exposure to 25 to 40 companies with strong focus on yield outside of OPEC nations. As of May 31, the index had a 3.15 percent dividend yield.

The ETF was last being offered at $20.31 and bid at $20.25, according to information posted on the Yahoo Finance website. About 1,900 shares of SNDS changed hands, the website said.