I am not overly concerned about the ETF saga, but I have been following along. As it stands, the following ETFs are awaiting a decision:

ARK

Blackrock

Bitwise

VanEck

Wisdomtree

Invesco and Galaxy

Fidelity

Valkyrie

Just curious, if approved, how many bitcoins do we anticipate each company would buy to hold within the ETF?

How do the number of shares issued correlate to the number of bitcoin the fund decides to purchase?

Do they purchase an initial amount? Or just buy and sell in real time as people acquire and sell shares of the fund?

I guess what I am really asking is, How does an ETF work?