Internet Explorer cannot open a local htm or html file

Scenario and Problem:

I try to run the following cmdlets
PS C:\Windows\system32> get-alias | convertto-html > aliases.html

Of course, that would produce a local aliases.html file at C:\Windows\System32

I can see the file in Windows Explorer:

But surprisingly, I cannot open it in IE,either through the File|Open, dragging the file into address bar, or the following cmdlet:

PS C:\Windows\system32> invoke-item aliases.html

I got an error message in IE: This page can’t be displayed. 
In Chrome, I got: This webpage is not found. No webpage was found for the web address: file:///C:/Windows/System32/aliases.html

But if I save the file to my own folder, everything works fine. So it is a security issue.

Save the file to your own working folder, not to the system folder.