The invoice price of the treasury bond futures contract is equal to the futures settlement price multiplied by the conversion of the current treasury bond selected by the seller to the corresponding futures contract. The futures contract price of treasury bonds is multiplied by the conversion factor of deliverable bonds, so that the futures price is converted into the forward price of a specific deliverable bond on the futures delivery date, which is called the adjusted futures price, that is, the adjusted futures price is equal to the futures price conversion factor. When the treasury bonds are delivered, the bears transfer the delivered bonds to the bulls, who pay cash. This cash price is the invoice price of treasury bonds futures.