Yeah. It is like options. The stock, like Apple, is the underlying, so if it goes up or down, the options will likely follow. But owning options has nothing to do with Apple stock or the company.
So they are looking to create products that will use the Bitcoin Spot ETF as the underlying but will not have anything directly to do with it.
Great, this is like playing with price movements and market making under the conditions of a contract except people lose or gain in options, here they will get dividends depending on the assets traded in profits.