Although the fund itself has certain risk prevention ability, it is difficult to completely avoid the overall systemic risk of the securities market. These risks mainly include:

The first is policy risk. It mainly refers to the risk that the macro policies of the country such as fiscal policy, monetary policy, industrial policy and regional development policy have changed obviously, which will lead to violent fluctuations in the fund market and affect the fund's income.

The second is the economic cycle risk. It means that with the cyclical change of economic operation, the income level of the securities market changes periodically, and the income level of fund investment will also change accordingly.

The third is interest rate risk. The fluctuation of interest rate in financial market will lead to the change of price and yield in securities market. The fund invests in bonds and stocks, and the income level will be affected by interest rate changes.

The fourth is inflation risk. If there is inflation, the income of the fund's investment in securities may be offset by inflation, thus affecting the preservation and appreciation of the fund's assets.

The fifth is liquidity risk. The stocks and bonds in the fund portfolio will face high liquidity risk for various reasons, which will increase the difficulty of securities trading and increase the subscription cost or liquidation cost.