Generally speaking, investors need to face the following risks: (1) institutional risk. In emerging markets, the systemic risk of securities investment mainly comes from the imperfection of the system. In China, both the securities market and funds are in the transitional stage from the initial stage to the rapid development, but the institutional infrastructure such as laws, regulations and regulatory environment to ensure fair and effective market is still relatively backward. Therefore, fund investors are always faced with the risks brought by the lack, change or offside of the system. (2) Asset risk. Capital assets such as stocks, bonds or money market instruments also have systemic risks brought about by changes in macroeconomic situation, adjustment of government policies, and investors' income risk preferences. When the return risk characteristics of these capital assets change, the return risk of funds with them as investment targets will also fluctuate. (3) Fund manager risk. The responsibility of securities investment fund managers is to win or lose against the comparative benchmark of tracking capital asset markets such as stocks. The lack of knowledge structure, professional experience and judgment and decision-making ability may lead to the actual performance of fund managers underperforming the benchmark to varying degrees. (4) Capital operation risk. In operation, the financial health, internal risk control ability and operational efficiency of fund managers and custodians may have a negative impact on the assets or income of the fund. (5) Liquidity risk. The liquidity risk of securities investment funds comes from two aspects: first, when investors need cash and have to sell their fund shares, they may suffer price or time risks; Second, if the assets covered by all fund redemption orders exceed the fund's cash reserves, the fund manager will have to sell the securities in the portfolio at the transaction price or transaction quantity. In China, fund investors also face the risk of "huge redemption limit", that is, when the number of redemption applications received by the fund on a certain day exceeds 10% of the total share of the fund, the fund has the right to postpone the processing of redemption applications exceeding 10% of the total share. This means that investors are faced with a huge risk of not being able to redeem the fund in full and on time.