From what I understand, many shares were bought (+$4billion), but they haven't bought the the BTC to back it yet. There are delays since cash settlement or whatever isn't until EOD at the earliest. I imagine if there was USD price movement due to buying actual BTC it will be on at least a 1 day lag.
Discussion
This is my understanding also. Over the coming months it will be a breeze for institutions to package up diversified investment products that include btc.
E.g
30 percent shares
40 percent property
20 percent cash
10 percent Bitcoin.
People won't even know they have invested in Bitcoin in their managed portfolios.
Normal stock settlement is 3 days - don’t know if that will apply to ETF.