Answer: D

The effect of using Treasury bond futures to hedge credit bonds as a whole through beta is relatively poor. The main reason is that the value of credit bonds is composed of interest rates and credit spreads, and The correlation between credit spread and treasury bond yield is low. Credit spread is an important source of income for credit bonds. The performance of this part of risk and interest rate risk are not necessarily consistent. Therefore, the use of treasury bond futures cannot solve the credit risk part of credit bonds. , resulting in relatively poor hedging effect.