Institutional Crypto ETFs vs Custodial Ethereum

I have my crypto directly on the blockchain in my custody with a key and Ledger, and I've been trying investing in Ethereum via ETFs. I never use exchanges and generally agree with the saying "Not your Key, Not your Crypto". However here in Canada there have been some institutional ETF securities invested in Ethereum & Bitcoin that are supposedly protected that I'm curious about, mainly by Purpose Investments. So these Ethereum ETFs are institutional securities on the Toronto Stock Exchange (TSX), and are held in Trust and supposedly protected. They cannot be lent out or abused like exchanges have been doing.

I have read quite a bit about these and I invest in lots of ETFs, and would prefer to invest in crypto through ETFs, rather than have to hide pass keys around my house and mess with Ledgers etc. I recently read though that Purpose keeps the crypto with Gemini in cold storage via their Trust company and they are separate from Gemini's Earn business who is currently having the liquidity crunch and halted withdrawals.

Gemini claims that their lending business is completely separate from their institutional custody business which they claim is supposedly safe from this whole FTX mess because it's held in trust and regulated by banking law etc. Supposedly if Gemini dies, the securities would be returned to me if the company isn't bought by another like any other stock or ETF. I wanted to ask here how bulletproof their claim actually is though seeing how much B.S. has been floating around by all of these crypto companies lately.