What are the risks of Bitcoin ETFs vs direct Bitcoin ownership?

A Bitcoin ETF (like IBIT or FBTC) holds Bitcoin on your behalf and trades on a stock exchange — it is convenient and fully regulated, but you do not own the underlying Bitcoin and pay a small expense ratio. Direct ownership via an exchange or wallet means you control your coins but accept custody risk (losing access if you lose keys) and exchange risk (exchange insolvency). ETFs are simpler; direct ownership gives full control.