It makes perfect sense. You won't see me buying bitcoin ETFs either, because if I have the real asset why would I want a paper derivative? Apart from the fact that you have to pay fees as O'Leary says. But some will be successful, however, as many people will buy them like they buy other commodity ETFs, such as gold or oil, even though in the competition that will be established between them only some will end up surviving and being the winners.