Etizolam is a thienodiazepine, a subfamily of benzos. Related thienodiazepines are brotizolam (a very potent hypnotic), bentazepam, clotiazepam, and a couple of others. Now olanzapine (Zyprexa) happens to be a thienodiazepine, but it does not share the typical benzodiazepine effects with the other members of this benzodiazepine subfamily.
Etizolam is a potent benzo that has typical benzo properties: anxiolytic, sedative, muscle relaxant, amnesic, and anticonvulsant.
It is primarily an anxiolytic at doses 0.5-1 mg, and is sometimes used as an hypnotic for insomnia at doses 1-2 mg. It is roughly as potent as lorazepam, wherein 1 mg of etizolam = 1 mg lorazepam.