Sounds highly unlikely to me - there are better & easier ways to achieve the same outcome.

Anyone could fork bitcoin right now & proclaim it as the real bitcoin. I don't understand why you'd go to the trouble of creating an ETF & then defrauding holders of their actual bitcoin.

It sounds too me like the lawyers who drafted the T&Cs don't understand Bitcoin. I generally presume incompetence rather than malevolence.

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I hope you're right.

I don't claim it to be the most likely scenario, simply a plausible one.