Feb 05

 

Crane Data is ramping up preparations for our ninth annual ultra-​short bond fund event, Bond Fund Symposium, which will take place March 19-​20, 2026 at the Hyatt Regency in Boston, Mass. Crane'​s Bond Fund Symposium offers a concentrated and affordable educational experience, as well as an excellent networking venue, for bond fund and fixed-​income professionals, and enhanced cash investors. Registrations are now being accepted ($​1,​000) and speaking and sponsorship opportunities are still available. We review the latest agenda and details below, and we also give an update on our upcoming big show, Money Fund Symposium, which will be held this June in Jersey City, NJ, June 24-​26. (Note: Crane Data will also be celebrating its 20th Birthday at the BFS Cocktail Party, March 19, from 5-​7pm, and Boston locals are welcome to stop by and check out the conference and party!)

Bond Fund Symposium'​s Day One (​3/​19) morning agenda includes: Ultra-​Short Bond Fund Update: Spring Break with Teresa Ho of J.​P. Morgan Securities and Jerome Schneider of PIMCO; State of the Bond Fund Marketplace, with Lei Li of ICI and Peter Crane of Crane Data; and Bond Market Strategists: Rates & Returns, with Will Hoffman of Bloomberg Intelligence. (Note: The agenda is still shifting slightly, so let us know if you'​re interested in speaking or have any requests!)

The Day One afternoon agenda includes: Senior Portfolio Manager Perspectives moderated by Peter Crane of Crane Data with Richard Mejzak of BlackRock, Dave Rothweiler of UBS Asset Management and Dave Martucci of J.​P. Morgan A.​M.; LGIPs, SMAs & Stable Value Funds moderated by John Donohue of RBC Global A.​M. with Kelsey Bosshard of RBC Global AM, Peter Gargiulo of Fitch Ratings and Patricia Kao of Silicon Valley Bank; Stable Value & Core Bond Fund Issues with Kevin Calabro of Franklin Templeton and Michael Salvay of Payden & Rygel; and, ETF Index & Near-​Cash ETF Trends featuring Marcel Benjamin of State Street'​s SPDR Fixed-​Income Group, James Palmieri of State Street Investment Management and Rahul Ghai of S&​P Global Ratings. Thursday will close with a reception sponsored by Northern Trust (​which is open to anyone in the area to "​crash").

Day Two'​s agenda includes: Money Funds & Conservative Ultra-​Shorts with Peter Crane of Crane Data and Morten Olsen of Northern Trust A.​M.; Regulatory Update: Bond Fund Issues '​26 with Louis Rosenbaum of Dechert LLP and Jamie Gershkow of Stradley Ronon; Sustainable & European Bond Fund Update with Henry Shilling of Sustainable Research & Analysis and John Hunt of Sullivan & Worcester LLP; and, Bond Fund Data & Information with Peter Crane of Crane Data.

Portfolio managers, analysts, investors, issuers, service providers, and anyone interested in expanding their knowledge of bond funds and fixed-​income investing will benefit from our comprehensive program. A block of rooms has been reserved at the Hyatt Regency Boston. We'​d like to thank our sponsors and exhibitors -- Northern Trust Asset Management, Capitolis, UBS Asset Management, Mayer Brown, Northcross, Fitch Ratings, Fidelity Investments, J.​P. Morgan, Bloomberg Intelligence, Payden & Rygel, PIMCO and Dechert -- for their support. (​We'​d also love to get some new ones!) E-​mail us for more details, and let us know if you'​d like to request a free ticket or 2-​for-​1 deal!

Also, our annual Money Fund Symposium will be held June 24-​26, 2026 at the Hyatt Regency Jersey City. Crane'​s Money Fund Symposium covers the latest trends in money funds, interest rates, regulations, ratings, and money market instruments such as commercial paper, CDs and repo. We also include segments on offshore money funds, money market ETFs, stablecoin reserves and tokenized money funds.

Money Fund Symposium is run by Crane Data, publisher of the Money Fund Intelligence newsletter. It offers money market portfolio managers, investors, issuers, dealers and service providers a concentrated and affordable educational experience and informal networking venue. Registration is $​1,​000 and includes meals, beverages, binders and t-​shirts. Exhibit space is $​3,​000 (​and includes 2 tickets); and sponsorship opportunities are $​4.​5K (​3 tickets), $​6K (​4 tickets), $​7.​5K (​5 tickets) and $​10K (​8 tickets). The latest MFS agenda is available online and we are now taking registrations. A block of rooms has been reserved at the Hyatt Regency Jersey City.

We'​ll also soon start making plans for our European Money Fund Symposium, which will be held Sept. 24-​25, 2026, at The Pullman Hotel in Paris, France. (​Let us know if you'​d like details on speaking or sponsoring.) Finally, mark your calendars for our next Money Fund University, which will be held Dec. 17-​18 in Greenwich, Conn. Watch for details on these shows in coming weeks and months, and we hope to see you in Boston, Jersey City, Paris or Greenwich in 2026!

Jan 08

 

The January issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Thursday morning, features the articles: "Yields Drop to 3.​6%; Assets Break Through $​8.​1 Trillion," which discusses the decline in yields but continued jump in assets; "ICI: Worldwide MMFs Jump in Q3'​25 to $​12.​7T; China $​2T," which looks at the latest MMF statistics outside the U.​S.; and "Top Money Funds of 2025; 17th Annual MFI Awards," which reviews the best performing MMFs of 2025. We also sent out our MFI XLS spreadsheet Thursday a.​m., and we'​ve updated our Money Fund Wisdom database with 12/​31/​25 data. Our January Money Fund Portfolio Holdings are scheduled to ship on Monday, Jan. 12, and our January Bond Fund Intelligence is scheduled to go out on Thursday, Jan. 15.

MFI'​s "Yields Drop to 3.​6%" story says, "Money market mutual fund assets jumped by another $​123.​5 billion in December to a record $​8.​116 trillion, according to our monthly MFI XLS. In 2025, assets rose by $​932.​6 billion, or 13.​0%. Assets have continued higher in January month-​to-​date, rising by $​56.​6B to a record $​8.​165 trillion (​as of 1/​6/​26).

The story continues, "MMF assets increased by $​132.​8 billion in November, $​142.​1 billion in October, $​105.​2 billion in September and $​132.​0 billion in August. They rose by $​63.​7 billion in July, $​6.​7 billion in June and $​100.​9 billion in May. But MMFs decreased $​24.​4 billion in April. Assets increased by $​2.​8 billion in March, $​94.​2 billion in February, $​52.​8 billion in January, and $​110.​9 billion last December."

We write in the "ICI: Worldwide," story, "​The Investment Company Institute'​s 'Worldwide Regulated Open-​Fund Assets and Flows, Third Quarter 2025' shows that money fund assets globally rose by $​430.​2 billion, or 3.​5%, in Q3'​25 to a record $​12.​745 trillion. Increases were led by a sharp jump in money funds in the U.​S. and China, while Ireland and Luxembourg also rose. Meanwhile, money funds in Korea were lower. MMF assets worldwide increased by $​1.​530 trillion, or 13.​6%, in the 12 months through 9/​30/​25, and money funds in the U.​S. now represent 57.​4% of worldwide assets."

It adds, "​ICI'​s release says, 'Worldwide regulated open-​end fund assets, excluding assets in funds of funds, increased 5.​0% to $​84.​90 trillion at the end of the third quarter of 2025. Worldwide net cash inflow to all funds was $​821 billion in the third quarter, compared with $​714 billion of net inflows in the second quarter of 2025. The Investment Company Institute compiles worldwide regulated open-​end fund statistics on behalf of the International Investment Funds Association (​IIFA), the organization of national fund associations. The collection for the third quarter of 2025 contains statistics from 44 jurisdictions.'"

Our "Top Money Funds of 2025" article says, "This issue recognizes the top performing money funds, ranked by total returns, for calendar year 2025, as well as the top funds for the past 5‐​year and 10‐​year periods. We present the funds below with our annual Money Fund Intelligence Awards. These are given to the No. 1‐​ranked funds based on 1‐​year, 5‐​year and 10‐​year returns, through Dec. 31, 2025, in each of our major fund categories -- Prime Institutional, Government Institutional, Treasury Institutional, Prime Retail, Government Retail, Treasury Retail and Tax‐​Exempt."

It continues, "The Top-​Performing Prime Inst fund (​and fund overall) was BlackRock Cash Inst MMF SL (​BISXX), which returned 4.​46%. Among Prime Retail money funds, Morgan Stanley Inst Liq MMP Wealth (​MWMXX) had the best return in 2025 (​4.​37%). (​Our Crane 100 Money Fund Index returned 4.​11% in 2025.)

MFI also includes the News brief, "Fed Cuts Funds Target to 3.​5-​3.​75%." It says, "As expected, the Federal Reserve'​s FOMC cut interest rates by a quarter percent to a range of 3.​5-​3.​75% on Dec. 10. See the release, 'Federal Reserve issues FOMC statement.'"

Another News brief, "Boston Fed Paper Examines Vulnerabilities of MM ETFs, Tokenized MMFs," comments, "​The Federal Reserve Bank of Boston published, 'A Framework for Understanding the Vulnerabilities of New Money-​Like Products.' It says, '[​T]​he recent emergence of new types of non-​bank money-​like products, such as stablecoins, tokenized money market funds (​MMFs), and money market exchange-​traded funds (​MMETFs), could be transformative for finance.... [​L]​ike other money-​like assets, such as uninsured deposits and MMFs, the new products can be susceptible to costly, disruptive runs and thus contribute to financial system vulnerabilities.'"

A third News brief, "JPM Treasury MM ETF Live," says: "​A release, 'J.​P. Morgan Asset Management Unveils New JPMorgan 100% U.​S. Treasury Securities Money Market ETF (​JMMF),' states, 'J.​P. Morgan Asset Management ... announced the launch of the JPMorgan 100% U.​S. Treasury Securities Money Market ETF (​JMMF) on the NYSE Arca. JMMF is designed to offer investors current income, easy access to their funds, and low volatility of principal, while also providing the convenience and transparency of an ETF. As demand for active ETFs continues to grow, investors are seeking more strategies across asset classes that offer greater transparency and ... flexibility.'"

A sidebar, "JPMAM Tokenized MMF Live," says, "​A release titled, 'J.​P. Morgan Asset Management Launches Its First Tokenized Money Market Fund.' states, 'JPMAM ... announced the launch of its first tokenized money market fund, My OnChain Net Yield Fund ('​MONY'), now available on the public Ethereum blockchain. Powered by Kinexys Digital Assets, the firm'​s industry-​leading, multi-​chain asset tokenization solution, MONY is a 506(​c) private placement fund providing qualified investors the opportunity to earn U.​S. dollar yields by subscribing through Morgan Money, the firm'​s ... platform for liquidity management. Morgan Money is the first institutional liquidity trading platform to integrate traditional and on-​chain assets offering investors access to a full-​range of money market products.'"

Our January MFI XLS, with December 31 data, shows total assets rose $​123.​5 billion to a record high $​8.​116 trillion, after increasing $​129.​3 billion in November, $​141.​5 billion in October, $​100.​4 billion in September, $​129.​9 billion in August, $​69.​0 billion in July, $​10.​1 billion in June and jumping $​90.​3 billion in May. MMFs decreased $​26.​6 billion in April and $​4.​6 billion in March. Assets increased $​90.​4 billion in February and $​47.​9 billion last January.

Our broad Crane Money Fund Average 7-​Day Yield was down 20 bps at 3.​48%, and our Crane 100 Money Fund Index (​the 100 largest taxable funds) was down 20 bps at 3.​58% in December. On a Gross Yield Basis (​7-​Day) (​before expenses are taken out), the Crane MFA and the Crane 100 averaged 3.​85% and 3.​85%. Charged Expenses averaged 0.​37% and 0.​27% for the Crane MFA and the Crane 100. (​We'​ll revise expenses once we upload the SEC'​s Form N-​MFP data for 12/​31/​25 on Friday, 1/​9.) The average WAM (​weighted average maturity) for the Crane MFA was 38 days (​unchanged) and the Crane 100 WAM was unchanged from the previous month at 40 days. (​See our Crane Index or craneindexes.​xlsx history file for more on our averages.)

Nov 07

 

The November issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "State Street Joins Money Market ETF Party; Barron'​s," which discusses a filing for the latest Prime Money Market ETF; "BNY on Money Market Evolution; Schwab, NTRS Q3'​25 Earnings," which reviews the latest money fund and digital asset commentary on earnings calls; and "BlackRock Breaks $​1 Trillion; Stablecoin Reserve," which highlights BlackRock'​s AUM milestone and new '​BSTBL' Fund. We also sent out our MFI XLS spreadsheet Friday a.​m., and we'​ve updated our Money Fund Wisdom database with 10/​31/​25 data. Our November Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Nov. 12 (​a day late due to the Veterans Day Holiday), and our November Bond Fund Intelligence is scheduled to go out on Monday, Nov. 17.

MFI'​s "State Street ETF" story says, "State Street Investment Management filed to launch State Street Prime Money Market ETF, the 7th Money Market ETF offering and just the second '​Prime' Money Market ETF. The Form N1-​A Registration Statement states, 'The investment objective of the State Street Prime Money Market ETF is to seek to maximize current income, to the extent consistent with the preservation of capital and liquidity.' The expense ratio for the fund has not been disclosed yet."

The story continues, "​It explains, 'The Fund'​s Board of Trustees has determined that the Fund will qualify as a '​money market fund' pursuant to Rule 2a-​7 under the Investment Company Act of 1940, as amended ('Rule 2a-​7'); therefore, the Fund invests in accordance with regulatory requirements applicable to money market funds, which require ... the Fund to invest only in short-​term, high quality debt obligations..., to maintain a maximum dollar-​weighted average maturity and dollar-​weighted average life of sixty (​60) days or less and 120 days or less, respectively, and to meet requirements as to portfolio diversification and liquidity.'"

We write in our "BNY on Money Market Evolution" profile, "BNY released its third quarter earnings late last month, and the giant custodial bank discussed money markets, stablecoins and tokenized money markets on its earnings call. President & CEO Robin Vince tells us, 'Our early commitment to the digital asset space, paired with the principles of safety, scalability and innovation that have defined BNY for centuries, now positions us to support the growing institutional adoption of digital asset products. In just one example from this past quarter, OpenEden, a leading platform for the tokenization of real-​world assets, headquartered in Singapore, appointed BNY as investment manager and primary custodian for the underlying assets of its flagship Tokenized U.​S. Treasury Bills Fund.'"

It adds, "​He explains, As global capital markets move toward an `​always-​on operating model, blockchain technology and digital asset adoption are becoming important enablers. In a meaningful step toward enhancing the utility of money market fund shares, we announced a collaborative initiative with Goldman Sachs to maintain on blockchain technology, a mirror record of customers’ ownership of select money market funds, live and available through our LiquidityDirect platform. This includes a new token-​enabled share class of our ... Dreyfus Treasury Securities Cash Management Fund. We are encouraged by developments in the U.​S. regulatory landscape that will further enable tokenized products and allow us to support clients as they consider moving to a more '​on chain' financial world.'"

Our "BlackRock $​1 Trillion" article says, "​A press release titled, 'BlackRock Introduces ’​40 Act 2a7 Money Market Fund in GENIUS-​aligned Form,' is subtitled, 'As BlackRock'​s cash management business surpasses $​1 trillion in assets under management, the firm introduces a GENIUS Act-​aligned '​40 Act 2a-​7 money market fund to meet growing demand in the stablecoin market.'"

The article continues, "​It tells us, 'BlackRock announced a strategic update to one of its money market funds, reflecting a refined investment approach designed to enhance liquidity, align with emerging regulatory frameworks, and support the evolving needs of clients.' (​Note: As of Sept. 30, Crane Data shows BlackRock with $​665.​6 billion in U.​S. money funds and $​342.​4 billion in European or ‘​offshore’ money funds, for a total of $​1.​008 trillion.)"

MFI also includes the News brief, "Fed Cuts Rates Again to 3.​75-​4.​0%." It says, "The Federal Reserve Board again reduced short-​term rates, cutting 1/​4 point on 10/​29. Our Crane 100 Money Fund Index has declined to 3.​84% (​on 11/​6) from 3.​92 on 10/​31. Yields should drift lower in coming days as money funds digest the latest rate cut."

Another News brief, "Assets Break $​7.​9/$​7.​5 Trillion," comments, "Crane Data'​s totals show assets jumping $​141.​5 billion in October to a record $​7.​860 trillion. They also just broke above the $​7.​9 trillion level in the first week of November (jumping $​65.​0 billion to $​7.​914 trillion as of 11/​5). Meanwhile ICI'​s latest weekly shows money fund assets increasing by $​116.​4 billion to a new record high of $​7.​535 trillion. MMF assets are up by $​945 billion, or 14.​3%, over the past 52 weeks (​​through 11/​5/​25), with Institutional MMFs up $​587 billion, or 14.​9% and Retail MMFs up $​358 billion, or 13.​5%."

A third News brief, "Federated'​s Donahue Talks Money Markets, Digital Initiatives," says: "Federated Hermes CEO Chris Donahue comments on their recent earnings call, 'In the declining rate environment of the third quarter, investors with interest in capital preservation and liquidity continued to rely on our money market offerings. They also turned to our microshort and ultrashort funds, which are a step further out the yield curve.... We'​re also developing money market funds and share classes available in tokenized form and working with parties on digital asset infrastructure. These efforts include a planned GENIUS Act compliant money market fund designed to serve as collateral for stablecoins.'"

A sidebar, "NYT: Still Buying MMFs," says, "​The New York Times asks in an article, 'Interest Rates Are Falling. Why Are People Still Buying Money Market Funds?' They write, 'Money market funds seem to be defying gravity. They are paying less in interest to investors, but becoming more popular. Given a choice, people usually want more for their money, not less. Yet since the Federal Reserve began pushing short-​term interest rates down more than a year ago, investors have been funneling hundreds of billions of additional dollars into these funds.'"

Our November MFI XLS, with October 31 data, shows total assets rose $​141.​5 billion to a record high $​7.​860 trillion, after increasing $​100.​4 billion in September, $​129.​9 billion in August, $​69.​0 billion in July, $​10.​1 billion in June and jumping $​90.​3 billion in May. MMFs decreased $​26.​6 billion in April and $​4.​6 billion in March. Assets increased $​90.​4 billion in February, $​47.​9 billion in January. Assets jumped $​113.​0 billion in December and $​196.​1 billion last November.

Our broad Crane Money Fund Average 7-​Day Yield was down 4 bps at 3.​79%, and our Crane 100 Money Fund Index (​the 100 largest taxable funds) was down 5 bps at 3.​89% in October. On a Gross Yield Basis (​7-​Day) (​before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.​16% and 4.​16%. Charged Expenses averaged 0.​37% and 0.​27% for the Crane MFA and the Crane 100. (​We'​ll revise expenses once we upload the SEC'​s Form N-​MFP data for 10/​31/​25 on Monday, 11/​10.) The average WAM (​weighted average maturity) for the Crane MFA was 40 days (​down 1 day) and the Crane 100 WAM was down 1 day from the previous month at 41 days. (​See our Crane Index or craneindexes.​xlsx history file for more on our averages.)

Sep 08

 

The September issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Monday morning, features the articles: "Money Fund Assets Blow Past $​7.​5 Trillion; on Way to $​8.​0?," which reviews the latest surge in MMF assets; "BNY Dreyfus, Goldman Both Launch Stablecoin Reserves," which quotes from new filings for Stablecoin Reserves money funds; and, "JPM on Offshore MMFs; European MFs Record $​1.​5T," which covers a recent update on money funds in Ireland. We also sent out our MFI XLS spreadsheet Monday a.​m., and we'​ve updated our Money Fund Wisdom database with 8/​31/​25 data. Our September Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Sept. 10, and our September Bond Fund Intelligence is scheduled to go out on Monday, Sept. 15.

MFI'​s "Assets" article says, "Money market mutual fund assets surged in August, breaking the $​7.​5 trillion level for the first time ever earlier in the month and hitting a record $​7.​608 billion at month-​end. They continue to jump in September, rising by $​60.​6 billion in the first 4 days of the new month. Year-​to-​date, money fund assets have increased by $​489.​1 billion (​6.​8%), and over the past year assets have increased by $​1.​018 trillion, or 15.​4%.

It continues, "MMF asset totals first crossed the $​7.​0 trillion threshold last November, and they’​ve since marked a series of new highs: $​7.​1 trillion on Dec. 3, $​7.​2 trillion on Jan. 2, $​7.​3 trillion on Feb. 26, $​7.​4 trillion on May 30, $​7.​5 trillion on Aug. 4, and $​7.​6 trillion on Aug. 29."

We write in our "Stablecoin Reserves" profile, "Over the past month, both BNY and Goldman Sachs filed to launch Stablecoin Reserves funds, following in the footsteps of BlackRock'​s Circle Reserves. A filing for BNY Dreyfus Stablecoin Reserves Fund tells us, "The fund pursues its investment objective by investing in (​i) U.​S. Treasury bills, notes, or bonds (​collectively, U.​S. Treasury securities), (​ii) overnight repurchase agreements collateralized solely by U.​S. Treasury securities, and (​iii) cash. The fund is a money fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-​7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $​1.​00. The U.​S. Treasury securities in which the fund invests have a maturity of 93 days or less."

It states, "BNY'​s N1-​A explains, 'The fund is a '​government money market fund,' as that term is defined in Rule 2a-​7, and as such is required to invest at least 99.​5% of its total assets in securities issued or guaranteed as to principal and interest by the U.​S. government or its agencies or instrumentalities, repurchase agreements collateralized solely by cash and/​or government securities, and cash. The fund seeks to enter into repurchase agreements that present minimal credit risk, based on an assessment by Dreyfus, a division of Mellon Investments Corporation (​Dreyfus), the fund'​s sub adviser, of the counterparty'​s credit quality and capacity to meet its financial obligations, among other factors. Shares of the fund are intended to serve as reserves backing outstanding payment stablecoins. The fund does not invest in stablecoins.'"

Our "JPM on Offshore MMFs" piece says, "J.​P. Morgan Securities published a brief titled, 'A Closer Look Into Offshore USD MMFs,' which tells us, 'While we often focus on onshore MMFs given their colossal size ($​7.​3tn), we would be remiss not to talk about offshore USD MMFs which also play a significant role in the money markets. Over the past three years, much like their onshore counterparts, offshore USD MMFs have grown significantly in AUM, increasing by $​257bn to $​796bn and $​53bn YTD. However, unlike their onshore counterparts, much of the AUMs reside in prime MMFs (​LVNAVs and VNAVs) as opposed to government MMFs (​CNAVs). As a result, a substantial portion of their holdings (​61%) are credit-​based products (​CP/​CDs) vs. rates (​39%).'"

The article continues, "​JPM explains, 'Even so, the amount of cash allocated to rates products such as T-​bills and repos is not insignificant. In June, combined T-​bill and repo holdings among offshore government and prime funds totaled $​240bn, not too far off from its peak (~$​260bn) in late 2024.... Of that amount, $​163bn were in repo and $​77bn in T-​bills as offshore MMFs reduced their T-​bill exposure during the first half of the year. As T-​bill paydowns persisted, offshore MMFs decreased their bill holdings by $​44bn over 1H25 and by $​71bn from their local peak in November of last year. As a result, offshore MMFs rotated into repo. During the first half of the year, offshore MMFs increased their repo exposure by $​35bn, with over half of this increase driven by dealer repo.'"

MFI also includes the News brief, "MF Average Yield Dips Below 4.​0%; Crane 100 Down to 4.​10%." It says, "Money fund yields inched lower in August ahead of an expected cut in rates by the Fed later this month. The Crane Money Fund Average, an average of all (​722) taxable money funds tracked by Crane Data, fell to 3.​99% from 4.​01%, the first time this number has been below 4.​0% since 12/​31/​22. Our Crane 100 Money Fund Index inched lower to 4.​10%. (​Yields are simple, net and annualized and averages are simple and not asset-​weighted.)

Another News brief, "WisdomTree Govt MM Digital Fund Changes to Treasury," tells readers, "WisdomTree Government Money Market Digital Fund (​WTGXX) filed to change its name to WisdomTree Treasury Money Market Digital Fund. The Prospectus Supplement says, '​Effective on or about Nov. 1, 2025, the Fund'​s name, non-​fundamental investment policy, and principal investment strategies will be revised. Why the Changes: The impetus for the changes is to ensure the Fund'​s eligible investor base includes payment stablecoin issuers seeking to comply with newly enacted U.​S. legislation, namely the Guiding and Establishing National Innovation for U.​S. Stablecoins Act (​the '​GENIUS Act'). (​For more, see our 2/​26/​24 News, 'WisdomTree Launches Digital Govt MMF.')"

A third News brief titled, "JPM Says T-​Bills Back," states, "J.​P. Morgan'​s '​Short-​Term Market Outlook & Strategy' featured a brief titled, 'The bills are back in town.' It explains, '​We think repo markets will remain orderly for three reasons. First, MMF AUMs are still rising and we expect this to continue into year-​end, allowing investment in T-​bills without reallocating from repo. We think MMF AUMs can reach $​7.​6-​7.​7tn by year-​end, and there are many other T-​bill liquidity buyers, some of which do not engage in repo, that can help take down the bill supply. Second, bank portfolios are underinvested in repo relative to history, with their repo exposure at $​710bn or below 3% of total assets, vs. $​850bn or ~​5% of total assets in mid-​2019.... Third, the SRF remains available as a source of liquidity, and we think primary dealers will have no problem using it when the economics make sense.'"

A sidebar, "Paper on MF Vulnerabilities," says, "​The Journal of Banking & Finance published a study titled, 'Money Market Funds Vulnerabilities and Systemic Liquidity Crises.' It explains, 'Despite regulatory reforms, Money Market Funds (​MMFs) experienced severe stress in March 2020, following large redemptions and dislocations in short term markets. We provide a model showing the tradeoffs between liquidity and capital preservation services offered by MMFs. We show that in a crisis, MMFs cannot provide liquidity and capital preservation to investors at the same time. As a result, investors have an incentive to run preemptively. We calibrate our model on data from USD MMFs and find that most funds would have been unable to meet redemptions above 30% mid-​March 2020. Unless short-​term funding markets are made resilient in times of stress, MMFs will face similar challenges during future liquidity crises.'"

Our September MFI XLS, with August 31 data, shows total assets rose $​129.​9 billion to a record high $​7.​608 trillion, after increasing $​69.​0 billion in July, $​10.​1 billion in June and jumping $​90.​3 billion in May. MMFs decreased $​26.​6 billion in April and $​4.​6 billion in March. Assets increased $​90.​4 billion in February, $​47.​9 billion in January and $​113.​0 billion in December. Assets jumped $​196.​1 billion in November, $​89.​9 billion in October and $​155.​2 billion last September.

Our broad Crane Money Fund Average 7-​Day Yield was down 2 bps at 3.​99%, and our Crane 100 Money Fund Index (​the 100 largest taxable funds) was down 2 bps at 4.​10% in August. On a Gross Yield Basis (​7-​Day) (​before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.​36% and 4.​37%. Charged Expenses averaged 0.​37% and 0.​26% for the Crane MFA and the Crane 100. (​We'​ll revise expenses once we upload the SEC'​s Form N-​MFP data for 8/​31/​25 on Tuesday, 9/​9.) The average WAM (​weighted average maturity) for the Crane MFA was 41 days (​up 2 days) and the Crane 100 WAM was up 1 day from the previous month at 42 days. (​See our Crane Index or craneindexes.​xlsx history file for more on our averages.)