ETF's are a bit closer to the real thing, but if you want to invest in something, why don't you just buy the damned thing instead of paying your broker $30 a quarter and $10 a trade? Brokers are dinosaurs that are ready for mass extinction.
Physically backed ones are, but there's a ton of derivative-based ETFs that are applying. ONe of them is probably going to get rejected tomorrow. Just wait for the noobs to start selling when they hear the news. You know what is becoming the easiest way to part newbies with their coins? File for SEC approval and get rejected. It doesn't matter what idiocies you were proposing, idiots will sell hearing that the SEC does not approve of Bitcoin.