I have a feeling that the fund would be invested in an ETF, and it would have an effect to the market if it is invested in a spot ETF since it requires holding an actual Bitcoin thus creating demands in the market.  It would be a waste of funds if it were invested in the Futures Bitcoin ETF since the funds do not really get into the market of Bitcoin. 

Regardless, I think it is one step forward for Bitcoin and cryptocurrency if the retirement accounts are approved to invest in cryptocurrency.