At best, it's a correlative stock of a holding company to the underlying Bitcoin, a custodial trusted entity. You can trade and use this like a stock in Retirement and Tax incentivized accounts and it's perhaps better to have exposure to Bitcoin via this method than buying whatever globo-mega mutual fund or Bank ETF your local Bank is pushing.
At worst it's a paper issuance of BTC that you don't control and it might not even be 1-1 held or solvent, so it's 3 or 4 layers deep of custody, sitting as collateral in some exchanges account, hoping that no employee goes renegade and rugs everyone for which underwrites never recover or make good to investors 1-1.
Consider both scenarios. Is there a grey area where having some ETF opposed to XYZ stonk is acceptable in addition to cold storage?
Or is this to be avoided at all costs and is antithesis to Bitcoin it's self?
(FWIW Canada already has covered call Bitcoin ETFs.)