UCITS funds are a type of funds that have become an increasingly popular form of investment in the Republic of Croatia over the last ten years. With the accession to the European Union, the EU regulation was taken over, which prescribes the operation and operation of UCITS funds. In the Republic of Croatia, HANFA ensures the operation of UCITS funds in accordance with the adopted regulations. Given that UCITS funds are open investment funds with a public offering, they offer the possibility of investing to a large number of people, i.e. to everyone who is interested in it. UCITS funds, unlike alternative investment funds, are intended for investors who do not have special knowledge about investing and financing. In this way, investors have the certainty that their role is managed by experts who possess the necessary knowledge and skills. Companies for the management of investment funds establish the fund and at the same time dispose of the invested funds. The collected funds are invested in various transferable securities. This is intended to increase the price of shares in the fund, which would lead to an increase in both the fund's assets and the investors' assets. Market risk is one of the main threats to the realization of returns and should therefore be continuously monitored. For this reason, the paper will describe and calculate the risk measures for the selected funds. The aim of this paper is to analyze the risks and returns of the selected five funds in the period from 2019. to 2024. Based on the definition and classification of open investment funds with a public offer and the conducted analysis, conclusions were drawn about the riskiness of investing in them.