Can ETFs go bankrupt?

ETFs aren't operating companies, so "bankruptcy" isn't the usual outcome. More commonly, an ETF is closed and liquidated by the issuer. In that process, the fund sells holdings (or transfers them) and returns cash (or value) to shareholders. (sec.gov)

The risk you usually care about is the value of the underlying holdings. If the assets inside the ETF fall, the ETF's price falls. If an issuer shuts the fund, you may face a taxable event in a taxable account, but you're generally not wiped out just because the fund closes.

To reduce surprises, keep an eye on AUM, trading volume, and issuer announcements. Small ETFs have a higher chance of closure, even if the strategy itself is fine.