Impossible, the net value of the fund is calculated by assets/shares. The total assets of the fund must be 5% of the funds, and other investments in financial instruments such as stocks and bonds can never be zero.

The assets of the fund are managed by the fund company, but they do not belong to the fund company, but are managed by the corresponding bank. Fund companies can only invest in assets and cannot use them themselves.

Even if the fund company goes bankrupt, the fund is still in bank custody, which has nothing to do with the fund company. It's like having an accountant manage your money. If the accountant dies, your money is still there.