Is ProShares launching a bitcoin ETF with indirect BTC exposure?

Excuse me, could you please clarify if there's any truth to the rumor that ProShares is planning to introduce a Bitcoin ETF that provides investors with an indirect exposure to the cryptocurrency? I'm curious to know if such a product is indeed in the pipeline and if so, what are the potential benefits and drawbacks of investing in it compared to directly owning Bitcoins or using other investment vehicles? Additionally, would this ETF be regulated and what measures would be in place to ensure the safety and security of investors' funds?