Just for clarity. Almost no one would use this as their sole product. They are used as a tool in portfolio construction.

For instance, you may have a balanced fund that is 90% BTC / 10% CBOJ (protected ETF).

Each quarter you may re-balance between BTC -> CBOJ to maintain 90/10 allocation. Normally these constructions use USD, however in this case you would get the benefit of 100% downside protection (like cash), while still getting upside.

tldr. This becomes like a cash account that can earn up to 11.5% interest depending on bitcoins performance.