What would happen to shareholders of an ETF if the company managing it goes bankrupt? Do they become unsecured creditors

For example, if Blackrock went bankrupt, would shareholders of their SGOV short term treasury etf just become unsecured creditors, or would blackrock first have to liquidate the SGOV shares and pay shareholders out what ever is left? My understanding is that either way liquidation would hurt a lot since they would have to sell the underlying treasuries on 2nd market instead of at maturity. However, if shareholders just become unsecured creditors, that changes the risk proposition quite a bit com

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