"ETDs" also known as "baby bonds" or simply "bonds" are small-denomination bonds traded on U.S. exchanges, primarily $25 denomination bonds. ETD can directly place an order in the form of re-entrustment in the securities company, and the order is based on 1 share, so petty bourgeoisie can also place an order. There is only a handling fee for the transaction (each securities company is different, some only need 0.3%), unlike funds and ETFs that have to pay storage fees & management fees in addition to the handling fee, and the issuing company will buy it at $25 when it expires. Repurchase is more beneficial to investors than funds & ETFs that do not have guaranteed repurchase.