Compared with the direct investment in bonds by investors themselves, buying bond funds can enjoy a variety of special treatments and get higher returns. For example, it can indirectly enter the bond issuance market and gain more investment opportunities; You can enter the interbank market and hold financial bonds with higher interest rates; You can enter the repurchase market and enjoy the treatment of super institutional investors who purchase new shares by financing and risk-free reverse repurchase interest income; The cash assets of the fund are deposited in the custodian bank, enjoying the deposit interest rate of 1.89%, which is much higher than the deposit interest rate of residents and enterprises with .72% (including interest tax); Enjoy various tax benefits. There is no need to pay stamp duty at the time of purchase and redemption, and the dividends obtained can also be exempted from income tax; You can also enjoy the low transaction cost of the fund's bond investment. For ordinary bonds, the two basic elements are interest rate sensitivity and credit quality. The rise and fall of bond prices is inversely related to the rise and fall of interest rates. The credit of a bond fund depends on the credit rating of the bonds it invests in.