It's an exchange traded fund. For Bitcoin or Ethereum that means it will track the price. So people who are not savy enough to buy bitcoin or ethereum will buy the Bitcoin ETF on a regular exchange and the fund will have collateral.
In the future there will be Crypto etf's as well. They will have different exposures and different risk levels. So you can buy a crypto etf "stock" that exposes you to lets say bitcoin, ethereum, eos, neo, litecoin etc..and it will be considered a low risk fund. Or you could buy a higher risk etf with shitcoins that give your higher risk/reward.
This usually drives adoption. Thats why there was disseapointment when it wasnt approved. But personally I never thought it would happen right now. I think a lot of poeple panic sold now. The Winklevoss ETF was not even the "real" etf people are anticipating the outcome of..thats in September. So some fools just sold cheap. IF ETF is approved we can see some higher prices, but like I said..weve had Bitcoin ETF in stockholm for years, and it hasnt really driven adoption.
Sounds terrible way of getting involved with crypto! And it sounds (just from what you said) like insurance - A complete manipulation of human emotions hahahahaha! Ill stick to just swaping pieces of paper for crypto and steer clear of the crazy ideas hahahahha
Thanks for an awesome answer appreciated :)