I think this will be good, overall. I don't know what kind of regulations such an ETF has to follow, but one of the benefits of bitcoin is that it's inherently auditable. If the ETF is not backed, it shouldn't affect the price, right? Bitcoin's market price is determined by thousands of exchanges. It's the ultimate market good. If they start out backed and then try to renege on it, well that's fine too. Anyone who discovers this can call bullshit and short the ETF.