1。 Liquidity risk. Any kind of investment tool has liquidity risk, that is, the difficulty that investors face when they need to sell and the risk that they cannot realize it at a suitable price. For example, under normal circumstances, investors of open-end funds do not have liquidity risk because they can't find a buyer at a suitable price. However, when the fund faces the extreme situation of huge redemption or suspension of redemption, fund investors may bear the risk of being unable to redeem or redeeming at a low price because of the decline in net value, which is the liquidity risk of open-end funds.

2。 Fund investment risk. The degree of risk of securities investment funds varies with the investment direction and objectives they pursue. For example, some securities investment funds mainly invest in small stocks with strong growth and high risk; If some securities investment funds mainly invest in the stock or bond market with stable performance, the income is relatively stable and the risk is relatively small. When investing, investors should carefully read the prospectus of the fund, have a clear understanding of the nature of the securities investment fund, the investment of the fund and the goals pursued by the fund, and have a basic judgment on the portfolio risk of the fund.

3。 Institutional management risk. Because the establishment and operation of participating funds involve different institutions such as trustees, accounting firms and fund managers, there are risks in the management and operation of institutions.

4。 Various risks in the securities market. Changes in political and economic policies at home and abroad will cause price fluctuations in the securities market, and these risks will directly affect the securities market, thus affecting the return and price of funds.

5。 Different risks of different types of funds. For open-end funds, there is a risk that the subscription and redemption prices are unknown. When investors purchase and redeem fund shares on the same day, the reference unit net asset value is the data of the last fund trading day. However, investors can't predict the change of the net asset value of fund units from the previous trading day to that trading day, so investors can't know at what price when purchasing and redeeming. This kind of risk is the risk that the purchase and redemption price of open-end funds is unknown. Closed-end funds have the risk of maturity. It should be noted that closed-end funds will be liquidated when they expire. The liquidation price is the net asset value of the fund when it expires, and the P/E ratio has no meaning to it.