there is no compulsory liquidation mechanism.

in the absence of margin trading, ETF has no compulsory liquidation mechanism. It is an open-end fund with variable fund share, which is listed and traded on the exchange, and belongs to a special type of open-end fund.

during the fund raising period, investors can only buy funds. After the fund raising period, they will enter the closed period of the fund. During the closed period of the fund, investors cannot purchase and redeem the fund.