1, unfavorable market conditions: the market conditions for fund investment are unfavorable, and the decline in the prices of investment products such as stocks will directly lead to the decline in the net value of the fund.

2. The stock of the fund's heavy position falls: If the stock held by the fund's heavy position is in poor shape, it will also have a certain impact on the fund's net value.

3. Fund management fees and sales expenses: factors such as fund management fees and sales expenses may also have an impact on the net value of the fund.