It requires more specificity with the language. You would not be holding it - someone else would be. Thus given you don’t have bitcoin, obviously you get none of the benefits of it.
How would that co-opt bitcoin?
Discussion
What I fear is a precedent being established where bitcoin flows to asset managers and doesn't come out, then holding bitcoin on a balance sheet is levied/disincentivized, driving people towards the ETFs. My concern is about who is holding it, though I suppose that anyone can still mine their blocks and people could not report bitcoin holdings altogether