Which phrase corresponds to the obligation to understand risk level, fees, income type, and tax consequences of funds offered for sale?

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Understanding the product you’re selling means you know its risk level, fees, how income is paid, and the tax consequences. This obligation is captured by the phrase Know your product. It ensures you can explain these elements clearly to investors and determine whether the fund makes sense for them based on solid product knowledge. This is different from Know Your Client, which centers on the investor’s personal situation, and from Suitability, which checks whether a product fits that client’s circumstances; Professional Responsibility covers broader ethical duties. So, Know your product is the best fit for the described obligation.