You have a better option. You don't have to play with IOUs. You can have the real thing.
Crypto has the same king of 'scammers' at the wheel, which is why we have tokens, defi's, and smart-contracts, ... endless novelty's, anything talked about but the real thing, which of course is boring and not profitable for the scammers.
If I can pull "IOU's" out of my arse, and sell them to suckers; then why would you not expect a ton of ETF's for crypto to flourish, the SEC is just a gate-keeper, they decide who gets to be rich, and who doesn't; Its called a 'circle-jerk' then entire wall-street club/family is a circle-jerk of scammers selling worthless paper to the morons ( pensioners, inverstors, and the gullible )
But then most of the crypto world is also a circle-jerk of scammers trying to sell their bile to noobs
Sure why not just by BTC for cash and be done with it? Well because its boring, and it there is nobody there to hold your hand. Most people are poor, and they need confirmation, they need someone to lead them to the toilet since birth.
I would never buy ETF gold, or ETF crypto, why? But I have a choice, but lots of people have no choice, also the taxes are a big problem for the old-farts, they know that Fidelity&Schwab will automatically take care of all these 'headaches'
All big companys are always looking for new revenue sources, its just normal, and they must make appearances otherwise the young will see them as 'not with it';
Lastly, most sad of all is that BTC was designed to get out of the fake paper world (FIAT), and this high-way to hell BTC-ETF is just a paper fiat version of bitcoin, where the IOU's can be sold 100x, just like fiat bankers do borrow $1 and loan out $100;
Then just like GOLD, when 100x paper trades over the real thing, then the GOV can control the price; so eventually they will control the price of BTC, just like they do Real-Gold.