Can ETFs go to zero?

An ETF's value ultimately comes from what it holds. A broad market ETF going to zero would require the underlying market to become essentially worthless, which is extremely unlikely. But certain ETFs can get very close to zero if they're concentrated in distressed assets or use leverage in a way that compounds losses. (sec.gov)

It's more plausible for a narrow or leveraged product to suffer severe losses. Leveraged and inverse ETFs, in particular, are typically designed for short-term use and can behave very differently from what people expect if held long term. (investor.gov)

If you're worried about "zero" risk, check concentration (top holdings), leverage, and the ETF's investment objective. The more specialized the exposure, the more important those details become.