Investment in bond funds mainly faces three risks: first, interest rate risk, that is, when the bank interest rate drops, bond funds can get a certain spread income in addition to interest income, while when the bank interest rate rises, bond prices will inevitably fall; Second, credit risk, that is, if the credit status of corporate bonds deteriorates, the spread between corporate bonds, corporate bonds and non-credit risk bonds will expand, and the price of credit bonds may fall; The third is liquidity risk. The liquidity risk of bond funds is mainly manifested as "centralized redemption", but it is unlikely to happen at present.