They are backed by bitcoin, and will start to share the public addresses so people can check the wallets. Unfortunately, just like gold and silver, they will become fractional reserve because it is the mission of Wall street to destroy every real asset it comes into contact with, and make a Frankenstein-like derivative out of it. This is coming from a former financial professional.

Wall street, and all the other big entities cares nothing about sound money, the ethos of bitcoin, and the spirit of what Satoshi tried to do. They will use it to "share bitcoin with the world" and get "mass adoption" but what will happen is it will be another tool used to trick people into thinking they own something that they do not.

Thank you for the sats.