Even ones which legally registered and comply with government regulation?
They can say that they are good, safe and careful in management of their company treasury and customer fund as well as don't misuse customer funds without agreement of users.
But only God can know what they are actually doing. FTX and Sam Bankman-Fried said everything were good, Terra and Do Kwon told the same, but both FTX and Terra collapsed very quickly.
Trust Bitcoin Spot ETFs if people distrust accuracy and importance of "It is not your private keys, it is not your bitcoin!"
I get your point. But to be clear, i asked that question to OP since he seems to trust 3rd party (ETP or ETP in this case) and i wonder if that also applies to centralized exchange that usually allow you withdraw Bitcoin to our own wallet.