All investments have risk, but some investments are riskier than others. The First Mortgage PIE Trust has a risk rating of 1 out of 7 - the lowest possible rating for a managed fund in New Zealand. This means that there should be a relatively low volatility in returns from the Fund, but it does not mean there is no risk. The Fund invests into loans secured by NZ first registered mortgages, not shares or cryptocurrency. It's not a bank deposit, so it isn't government-guaranteed, but it carries the lowest risk rating available for this type of investment. Returns are not guaranteed and can change.