The main reason is that the value of the fund will fluctuate with the change of the value of the assets it holds, the market is not good, and the performance of an investment target is not good, the value of the fund will fall, and investors will also suffer financial losses. The value of the fund will not really disappear. When the net value of the fund falls to a certain extent, it will be liquidated. After the fund liquidation, the fund shares held by investors will be converted into cash according to the net value before liquidation.