“Bonds are safe” + “ETFs are safe” = “Bond ETF can’t go down”

The market bear has revealed that some people actually think ETF means “safe” or means “can't go down”. An ETF is just a basket of securities, all of which can all go down.

Now, compound “bonds can't go down” with “ETF can't go down” to get “Bond ETF can't go down”
This is wrong. Bonds had interest rate risk and default risk. They are not risk free.

Many bond ETFs are down 15% from their peaks.

TLT BNDW BATS etc