Effectively: No.

We could make some non-custodial smart contract that acts like an ETF just fine, but no one bothers to because we all know in advance how regulators will treat it.

And if the SEC doesn't approve it then it won't be touched by any fund managers at all. No real money could possibly be moved into it.

I wonder this too. Some kind of multisig. Capital will naturally flow to locales where there is the highest freedom for the user, not necessarily where the shadowy "yield" or dividends are.