the issuer could go out of business? but even in that case the ETF itself is a separate legal entity of its own and will either be managed by another issuer or be liquidated and ppl get their money back

it's tightly regulated (no lending of any sort is allowed) and audited so really not a FTX like situation. but ofc still good to allow ppl to publicly verify so one of the things bitwise does is publish our holding addresses https://twitter.com/BitwiseInvest/status/1757813223536103568 (we're the only US ETF to do this)