The thing is that those companies are custodians of those shares and control the voting power. On a separate note the ownership in their products at best follows the Pareto principle where 80% of the share belong to 20% of customers. But I would bet it looks more like 90% of the share belonging to 5% of customers if not less.

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Voting power is a good point .. never thought about it ..but the truth is I have been investing in individual stocks for over 20 years but never voted on anything :-)...

And I guess voting doesn't make any sense for bitcoin ETFs .. can they change the bitcoin development strategy... I don't think so...