If IRS makes ruling on BOXX will the ETF's price drop?

Right now BOXX ETF is operating in a gray area to reclassify short term capital gains into long term capital gains. If the IRS makes a ruling disqualifying the treatment of gains on BOXX as long term capital gains and recategorizes the gains to short term capital gains at either the fund or investor level, I think it's safe to assume overnight the fund would be sold heavily and AUM would drop drastically. If the AUM drops sharply, would the price of the ETF drop at all? Or would bid ask spread w