It is because the stock price invested by the fund has fallen. E Fund's supply reform hybrid fund has become a high risk because the stock price of the fund investment has fallen, leading to a decline in the fund's net value, thus making investors take higher risks. In addition, the fund share changes too sharply, which also leads to an increase in fund risk. The fund's investment strategy also includes investing in stocks with the theme of supply-side reform. This kind of stock belongs to emerging industries or high-growth industries, and its volatility and risk are also high. Therefore, this is a high risk.