Short-term debt financing products are not suitable for five-year treasury bonds futures. According to relevant public information, the stock of short-term treasury bonds is too small to carry out treasury bond futures. Long-term treasury bonds are mainly held by insurance companies, and the participating institutions are too single. Most of the long-term treasury bonds are kept in the held-to-maturity accounts of institutions and rarely traded in the market, so they are not suitable for treasury bond futures.