The professional skills, research ability and investment management level of fund managers directly affect their information possession, analysis and judgment on the economic situation and the trend of securities prices, and then affect the expected annualized income level of fund investment. At the same time, whether the fund manager's investment management system, risk management and internal control system are sound, whether it can effectively prevent compliance risks such as moral hazard, and the professional ethics level of the fund manager will also have an impact on the expected annualized income level of the fund.

During the operation of each business link, the relevant parties of the Fund may make mistakes or violate the operating rules due to imperfect internal control or human factors, thus leading to risks, such as unauthorized trading, insider trading, trading mistakes and fraud. In addition, in the background operation of open-end funds, due to the failure or error of technical system, it may affect normal transactions and even affect the interests of fund share holders. This technical risk may come from fund managers, fund custodians, registration institutions, sales institutions, stock exchanges and securities registration and settlement institutions.

The operating conditions of listed companies are influenced by many factors, such as management ability, industry competition, market prospect, technology update, financial situation, new product research and development, etc. All these will lead to changes in the company's 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 expected annualized income of the fund investment. Listed companies may also undergo unpredictable changes. Although the fund can disperse this unsystematic risk through diversification, it cannot be completely avoided.