I agree with those concerns, I do think the idea is to capture Bitcoin the way gold has been captured, so it can't function as the measurement of debasement, but to me its a dangerous game

Bitcoin can move faster than gold, and can be easily audited, so how long can an ETF remain unbacked before it blows up?

Thats some major risk an ETF issuer would be running, I think many of these smaller ETF applicants are just looking for a free ride sucking up 2% in fees to buy Bitcoin for boomers