ETF will fall below its net value, that is, its price is lower than that of 1 yuan, which may lead to the break of the fund's net value in the following circumstances:

1. Under the circumstances that the market conditions are getting worse and investors' investment sentiment is depressed, the market transactions are inactive, and the fund continues to fall due to the influence of market conditions, making its net value lower than that of 1 yuan.

2. The constituent stocks invested by the fund are in a downward channel, which will also lead to the trend of the fund being affected by the constituent stocks, and the fund is in a downward channel, and its net value falls below 1 yuan.

3. etf, as an on-site fund, will cause investors in the market to panic and throw it out, resulting in a lower net value than 1 yuan.