First, it seems that there is almost no possibility of bankruptcy in Public Offering of Fund at present, because management fees are collected (by scale). As long as the scale goes up, after several years of operation and cost sharing, it will gradually make a profit. Of course, this is the status quo that Public Offering of Fund does not invest with its own funds and does not participate in financial derivatives. It's hard to say in the future.

Second, private funds send special accounts through Public Offering of Fund, although it seems that public funds bear the problem. However, firstly, Public Offering of Fund is not a fool, and there are risk control and compliance personnel to check. Secondly, Public Offering of Fund may ask for private placement in the transaction structure or privately.

You seem to have asked the right question, but you are not. The market risk, price fluctuation risk and irrevocable risk (liquidity risk) you mentioned do not exist independently, but will be intertwined, and one factor may trigger another. Generally speaking, liquidity will be considered in the transaction structure. When a small-scale incident occurs, the fund company can generally cover it by itself, that is, pay you the money first and then handle it by itself. When the financial crisis broke out on a large scale, fund companies would not let you go even if they lost their insurance. This is also natural, but it seems unlikely at present.