What does standard conformal prediction guarantee?

Under exchangeability and correct implementation, what does ordinary split conformal prediction primarily guarantee at miscoverage level $\alpha$ ?

The shortest possible prediction set among all valid uncertainty methods

Conditional coverage of at least $1-\alpha$ for every possible feature vector $x$

Marginal coverage of approximately or at least $1-\alpha$ over a new exchangeable observation

Coverage of $1-\alpha$ separately within every demographic subgroup