(1) Liquidity risk
Any kind of investment tool has liquidity risk, that is, the difficulty that investors face when they need to sell and the risk that they cannot realize it at a suitable price. Compared with stocks and closed-end funds, the liquidity risk of open-end funds is different. Under normal circumstances, the fund manager must undertake the redemption obligation based on the net asset value of the fund, and investors do not have the liquidity risk of not finding a buyer at a suitable price. However, when the fund is faced with the extreme situation of huge redemption or suspension of redemption, fund investors may not be able to redeem it in full with the net asset value of the unit fund on that day. If investors choose to postpone redemption, they will bear the risk that the net asset value of unit funds will fall on the subsequent redemption date, which is the liquidity risk of open-end funds.
According to the provisions of the Pilot Measures for Open-ended Securities Investment Funds, huge redemption means that the net redemption application of the fund exceeds 65,438+00% of the total fund share in a single trading day. When a huge redemption occurs, the fund manager can postpone the remaining redemption applications on the premise that the proportion of redemption accepted on that day is not less than 10% of the total fund share. For the redemption application of the day, the redemption share accepted on the day is determined according to the proportion of the redemption application amount of a single account to the total redemption amount. If the fund has been redeemed in huge amounts continuously, the fund manager may suspend accepting redemption applications according to the provisions of the fund contract and prospectus. Once the above situation occurs, investors need to bear the liquidity risk of not being able to recover their investment in time.
(2) the risk of unknown purchase and redemption prices
The subscription quantity and redemption amount of open-end funds are calculated according to the net asset value of the fund unit on the fund trading day plus or minus related expenses. When investors purchase and redeem fund shares on the same day, the reference unit net asset value is the data of the last fund trading day. However, investors can't predict the change of the net asset value of fund units from the previous trading day to that trading day, so investors can't know at what price when purchasing and redeeming. This kind of risk is the risk that the purchase and redemption price of open-end funds is unknown. Compared with short-term investors, this risk is much smaller for long-term investors.
(3) Fund investment risk
Like closed-end funds, the investment risks of open-end funds include stock investment risks and bond investment risks. Among them, the risk of stock investment mainly depends on the operating risk of listed companies, the risk of securities market and the risk of economic cycle fluctuation. The risk of bond investment mainly refers to the risk that interest rate changes affect the return on bond investment. The investment risks of credit risk funds in bonds are usually different because of their different investment objectives. Income funds have the lowest investment risk, growth funds has the highest investment risk, and balanced funds are in the middle. According to their risk tolerance, investors can choose the types of funds suitable for their financial situation and investment objectives.
(4) Institutional operational risk
Open-end funds are provided with various services by many institutions, and there are many risks in their operation, including system operation risk, management risk and operation risk.
(5) Force majeure risk
Refers to the risks brought to fund investors in the event of force majeure such as war and natural disasters.