From the perspective of product attributes, both are bond funds. And in the investment strategy, they all adopt fixed income strategy and tend to absolute income. The biggest difference between them lies in the difference of duration strategy, investment scope and purchase and redemption mechanism. According to the fund prospectus, the remaining term of short-term wealth management funds is short, which is controlled within 150 days, while the only short-term debt-based fund in China, Harvest's ultra-short debt, maintains a fund duration of more than 0.5 years and less than 1 year. Generally speaking, the longer the duration, the higher the expected rate of return, but it also means that investors need to bear a higher interest rate change crisis.

In addition, although both of them focus on money market instruments and tend to adopt enhanced investment strategies on the basis of money market fund investment strategies, there are certain differences in the choice of varieties that pursue excess returns. The selection range of short-term debt funds is relatively higher, such as subprime bonds and floating rate notes, which are not within the investment range of short-term financial management funds. In the mechanism of purchase and redemption, short-term debt funds are relatively more flexible and more suitable for investors with high liquidity requirements, because they can choose to purchase and redeem funds on any trading day, while the purchase and redemption of short-term wealth management funds are limited by the operation cycle.