1. Unknown risk of open-end fund subscription and redemption price refers to the fact that when investors purchase and redeem fund shares on the same day, the unit net asset value referred to is the data of the last open day of the fund, but investors cannot predict the change of the net asset value of fund shares from the previous trading day to the open day, so investors cannot know what the price will be at the time of subscription and redemption. This kind of risk is the risk that the purchase and redemption price of open-end funds is unknown.

2. Investment risk of open-end funds The investment risk of open-end funds refers to stock investment risk and bond investment risk. 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, and the risk of bond investment mainly refers to the risk that interest rate changes affect the income of bond investment and the credit risk of bond investment. The investment risks of funds are usually different with different investment objectives. Income funds have the lowest investment risk, growth funds has the highest risk, and balanced funds are in the middle. Investors can choose the fund type suitable for their financial situation and investment objectives according to their risk tolerance.

3. Force majeure risk refers to the risk brought to fund investors when force majeure such as war and natural disasters occurs.

4. Market Risk Market risk mainly includes policy risk, economic cycle risk, interest rate risk, operating risk of listed companies and purchasing power risk.

5. Policy Risk Policy risk refers to the risk caused by market price fluctuation due to changes in national macro policies (such as monetary policy, fiscal policy, industrial policy and regional development policy). )

6. Economic cycle risk Economic cycle risk refers to the periodic changes in the profitability of various industries and listed companies, thus affecting the trend of the secondary market of individual stocks and even the entire industry sector.

7. Interest rate risk Interest rate risk means that the fluctuation of market interest rate will lead to changes in the price and yield of the securities market. Interest rate directly affects the price and yield of national debt, and affects the financing cost and profit of enterprises. When the fund invests in treasury bonds and stocks, its income level will be affected by changes in interest rates.

8. Operational risk of listed companies The operational risk of listed companies means that the operational quality of listed companies is affected by many factors, such as management ability, financial status, market prospect, industry competition and personnel quality. All these will lead to changes in corporate profits. If the listed company invested by the fund is not well managed, its share price may fall, or the profit available for distribution may decrease, thus reducing the investment income of the fund. Although the fund can disperse this unsystematic risk through diversification, it cannot be completely avoided.

9. Purchasing power risk Purchasing power risk means that the profits of the fund will be mainly distributed in the form of cash, which may lead to a decline in purchasing power due to the influence of inflation, thus reducing the actual income of the fund.