ETF stands for exchange traded fund. This will trade over the counter (OTC) and won't be listed on an exchange, so it isn't technically an exchange traded anything.
The other problem is that there is no creation process for publicly tradable shares. With a typical ETF, there are entities known as "authorized participants" who can exchange a fixed amount of the underlying securities for shares in the ETF (and vice versa). This creates the mechanism for the ETF price to track the price of the underlying securities. If the price of SPY rises above the price of the S&P 500 index, APs can buy the underlying securities, exchange them for new shares of SPY, then sell the SPY shares. This pushes the price of SPY down towards the fundamental value. That process doesn't exist for BIT because new publicly tradable shares can be created only through this weird 12-month lockup expiration process. It will be interesting to see how it trades!
