Why are 'mutual funds subject to market risks'?

Why are 'mutual funds subject to market risks'?

The disclaimer 'Mutual funds are subject to market risks' appears at the end of every piece of content that mentions mutual funds. But what is market risk and how is it measured.

Why are Mutual Funds Subjected to Market Risks? I Black by ClearTax
Why are 'mutual funds subject to market risks'?
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Mutual Funds are subject to Market Risk.
Mutual funds are NOT subject to market risks
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Mutual funds subject to market risk
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Why Mutual funds?
Mutual Funds are subject to market risk, read documents carefully before signing
Mutual Fund investments are subjected to Market Risk, Read Scheme related documents carefully.
mutual fund investments are subjected to market risk
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Mutual Funds are subject to market risk disclaimer in Hindi- meaning, definition and impact on you
Mutual funds are subject to market risks
"Investing in Mutual Funds Subject To Market Risk, Read All Scheme Related Documents Carefully"
What is "Mutual Funds Are Subject To Market Risk" इसका क्या मतलब है?