Hong Kong stock ETF refers to a transactional open index fund (ETF) with the Hong Kong stock market index as the underlying index. Like investing in other ETFs, investing in Hong Kong stock ETFs will face the following risks: First, the risk of fund net value fluctuation. Since the target of Hong Kong stock ETF is to copy the target index, when the target index fluctuates due to various factors, the net value of Hong Kong stock ETF will also fluctuate. This is the biggest risk of investing in Hong Kong stock ETFs. The second is the risk of tracking error between the fund net value and the underlying index. Due to the influence of management fees, dividends of constituent stocks and other factors, it is difficult for ETF managers to completely copy the index performance, resulting in tracking errors. The third is the risk of trading discount premium. Due to the arbitrage mechanism of discount premium in Hong Kong stock ETF, the transaction price tends to be consistent with the net value under normal circumstances, but due to the influence of market supply and demand, its discount premium may also fluctuate greatly in the short term.