Says this article at the New York Times.
One share of that fund would be worth 0.2 bitcoins. They have filed for the necessary regulatory approval.
If that gets approved, it would be a great new way for the average customer to invest some money in bitcoins. Right now, for most people doing so is a major hassle. In many cases you need international wire transfers, which cost a lot of fees and time. And you need to register with and trust some exchange or other.
In contrast, if this bitcoins fund gets established, investors would just buy it like any other financial instrument.
I wonder if somebody is trying to do something like this in the EU. It sure seems like a good idea.