Here's a comment we made elsewhere that covers this (along with other similar comments / threads you can find on our account).
We are a collective of large LEO stakeholders who wanted to see a leveraged LEO ETF created. We will run this as we please and don't claim anything above and beyond that.
We are fully transparent and all of our transactions are on chain. If you don't trust it nor want to be involved in it, then don't buy it - the same as you can buy native BTC instead of MSTR if you don't want the leveraged exposure / third-party risk
DYOR