Is it true an entire ETF could go bankrupt and all money tied to it goes to zero?

I have a relative who swears an ETF just like an individual stock could go belly up and all money in it could be lost. I told them this is not possible unless every single stock in that ETF was to go to zero. The example was JEPI (which pays a nice dividend). I have money in JEPI to give me a check (pays monthly dividends). My relative told me JEPI could go to zero overnight. I told them no it cannot because it is made up of very many stocks. Who is wrong and who is right?