Because the investment object of this fund is guaranteed by the government, it is relatively safe. As an investment object, national debt has both advantages and disadvantages. Because the government has the reliable ability to repay the issued bonds on time, the quality of such bonds is relatively high, which will not make investors feel the danger of failing to repay the principal at maturity, and the government will not refuse to pay or default on the interest payable on the bonds due. Therefore, investing in such bonds is relatively safe and stable. Treasury bonds have a relatively wide ready-made market and transactions are very active. Especially among institutional investors, transactions are constantly happening, so if bondholders need funds, they are easy to sell, with high liquidity and marketability. However, the share price of the fund will still fluctuate, which is determined by the characteristics of the bond itself. The value of the bond itself is not constant, and the biggest influence on it is the interest rate. This is because the bond interest rate is set by comparing the market interest rate at the time of issuance. If it is set low, no one will buy bonds; If it is set on the high side, of course, it will be more convenient to sell bonds, but it will increase the burden on issuers. Therefore, the debt interest rate is always determined by the market interest rate. When the market interest rate is low, the bond interest rate is generally set at a relatively low level, which is beneficial to bond issuers, because the burden of paying bond interest by issuers can be lighter, and vice versa. However, the market interest rate is affected by many factors, which is often in a state of change, which is beyond the control of bond issuers. Bonds are traded at a discount in the market. In order to sell bonds in the market, it is necessary to increase the discount rate and reduce the bond price. If bondholders sell bonds at this time, they will inevitably suffer losses. If the current market interest rate is lower than the original bond interest rate, bond trading will increase the bond price by lowering the discount rate. If the bondholder sells bonds at this time, he may get a capital gain from the difference between the purchase price and the purchase price.