Erp in the fund means equity risk premium. Fund knowledge, short-term interest rate and long-term interest rate: in the yield curve, the short-term interest rate is below 1 year, the long-term interest rate is above 5 years, and the intermediate interest rate is in the middle. This term is a bond term. Equity risk premium ERP: refers to the difference between the return rate of a market portfolio or a stock with average market risk and the risk-free return rate.