Bond funds mainly invest in bonds, and the fund income is determined by the bonds invested. Bond income mainly includes interest income of bonds and spread income of bond transactions. The interest income of bonds is fixed, even if the spread of bond transactions is reduced, investors can get interest income, so bond funds are fixed-income products.

However, it should be noted that bond funds cannot be regarded as fixed-income products in the strict sense, because the income of bond funds is uncertain, and investors still make money by buying and selling the difference.