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Money Market Fund Statistics, May 2021

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Money Market Fund Statistics, May 2021 Division of Investment Management Analytics Office Money Market Fund Statistics Form N-MFP Data, period ending May 2021 Filings Received through June 11, 2021 This is a report of the Staff of the Division of Investment Management's Analytics Office of the U.S. Securities and Exchange Commission. The Commission has expressed no view regarding the analysis, findings, or conclusions contained herein. Information presented in this report reflects staff's compilation and analysis of data reported to the Commission on Form N-MFP for the reference period. The presented information does not reflect any filings or amended filings submitted after June 11, 2021. Staff works with information reported on Form N-MFP and with filers to correct possible reporting errors and may update reported information to correct what appear to be clear filer errors. Corrected data from amended filings may be published in a corrected report or in the next regular report, as determined by staff. If you have any questions or comments about this report, please contact Viktoria Baklanova ([email protected]), Isaac Kuznits ([email protected]), or Trevor Tatum ([email protected]) in the Division of Investment Management's Analytics Office with the subject line \Money Market Fund Statistics." U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 Table 1: Number of Money Market Funds Reporting Fund totals do not include feeder funds. See Figure 1 for more details. Category Fund Type 2021-05 Change 2021-04 Subtotal 65 #5 70 Institutional Public 35 #1 36 Prime Institutional Nonpublic 7 - 7 Retail 23 #4 27 Subtotal 65 #2 67 Tax Exempt Institutional 12 - 12 Retail 53 #2 55 Subtotal 190 #3 193 Government & Government 140 #2 142 Treasury Treasury 50 #1 51 Total Total 320 #10 330 Table 2: Money Market Fund Net Assets ($ Billions)1 See Figure 2 for more details. Category Fund Type 2021-05 Change 2021-04 Subtotal 914.6 #14.6 929.2 Institutional Public 441.0 "0.8 440.2 Prime Institutional Nonpublic 241.4 #4.6 246.0 Retail 232.2 #10.8 243.0 Subtotal 101.5 #3.3 104.8 Tax Exempt Institutional 18.1 "0.1 18.0 Retail 83.4 #3.4 86.8 Subtotal 4,096.3 "90.3 4,006.0 Government & Government 2,816.4 "67.6 2,748.8 Treasury Treasury 1,279.9 "22.7 1,257.2 Total Total 5,112.4 "72.4 5,040.0 1Some calculations in the change column in the tables in this report may not total as expected due to rounding. Terms used in this report are defined in Appendix II, Key Definitions. Page 1 of 35 U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 Table 3: Asset-Weighted Seven-Day Gross Yield (Percent) See Figure 3 for more details. Category Fund Type 2021-05 Change 2021-04 Institutional 0.09 #0.01 0.10 Prime Retail 0.15 #0.01 0.16 Institutional 0.07 #0.02 0.09 Tax Exempt Retail 0.12 #0.01 0.13 Government 0.05 #0.02 0.07 Government & Treasury Treasury 0.04 #0.02 0.06 Table 4: Asset-Weighted Seven-Day Net Yield (Percent) See Figure 4 for more details. Category Fund Type 2021-05 Change 2021-04 Institutional 0.05 #0.01 0.06 Prime Retail 0.02 - 0.02 Institutional 0.03 - 0.03 Tax Exempt Retail 0.01 - 0.01 Government 0.02 - 0.02 Government & Treasury Treasury 0.01 - 0.01 Table 5: Weighted Average Life (Days) See Figure 5 for more details. Category Fund Type 2021-05 Change 2021-04 Institutional 57.1 #1.1 58.2 Prime Retail 50.1 "1.5 48.6 Institutional 13.7 "0.9 12.8 Tax Exempt Retail 22.6 #0.2 22.8 Government 82.9 #5.7 88.6 Government & Treasury Treasury 84.9 #6.2 91.1 Page 2 of 35 U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 Table 6: Weighted Average Maturity (Days) See Figure 6 for more details. Category Fund Type 2021-05 Change 2021-04 Institutional 40.2 #1.0 41.2 Prime Retail 39.6 #1.5 41.1 Institutional 13.6 "1.2 12.4 Tax Exempt Retail 21.7 #0.2 21.9 Government 35.7 #5.0 40.7 Government & Treasury Treasury 39.2 #4.5 43.7 Table 7: Ratio of Daily Liquid Assets to Total Assets (Percent) See Figure 7 for more details. Category Fund Type 2021-05 Change 2021-04 Institutional 52.2 "1.4 50.8 Prime Retail 35.3 "4.4 30.9 Government 71.9 "1.8 70.1 Government & Treasury Treasury 96.4 "0.9 95.5 Table 8: Ratio of Weekly Liquid Assets to Total Assets (Percent) See Figure 8 for more details. Category Fund Type 2021-05 Change 2021-04 Institutional 64.7 "1.5 63.2 Prime Retail 47.2 "3.0 44.2 Institutional 86.9 #0.2 87.1 Tax Exempt Retail 77.6 #0.6 78.2 Government 84.8 "0.8 84.0 Government & Treasury Treasury 99.4 "0.0 99.4 Page 3 of 35 U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 Table 9: Prime Holdings of Bank-Related Securities by Country ($ Billions) See Figure 9 for more details. Country 2021-05 Change 2021-04 Canada 95.4 #6.1 101.5 France 88.4 "6.5 81.9 Japan 73.8 "3.1 70.7 US 55.1 #0.2 55.3 Germany 37.9 #1.1 39.0 UK 35.9 #1.4 37.3 Netherlands 31.5 #3.7 35.2 Aust/NZ 24.7 #1.4 26.1 Switzerland 14.4 #1.9 16.3 Table 10: Prime Holdings of Bank-Related Securities by Region ($ Billions) See Figure 10 for more details. Country 2021-05 Change 2021-04 Eurozone 176.6 "1.8 174.8 Americas 150.6 #6.3 156.9 Asia-Pacific 113.2 "2.7 110.5 Europe (non-Euro) 106.6 #5.6 112.2 Table 11: Prime Money Market Fund Aggregate Product Exposures ($ Billions) See Figure 11 for more details. Asset Type 2021-05 Change 2021-04 Gov. and Treas. 322.5 #6.5 329.0 CDs and Time Deposits 230.9 #2.2 233.1 Financial Co. CP 190.5 "0.6 189.9 Non-Financial Co. CP and Other 122.3 #6.1 128.4 Asset-Backed 39.3 #2.5 41.8 Total 905.5 #16.7 922.2 Page 4 of 35 U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 Table 12: Government & Treasury Funds Bank Repo Counterparties by Country ($ Billions) See Figure 12 for more details. Month 2021-05 Change 2021-04 US 177.9 #5.6 183.5 Canada 145.3 #14.8 160.1 France 190.6 #16.7 207.3 UK 79.9 #6.4 86.3 Germany 23.1 #2.5 25.6 Japan 150.2 #2.1 152.3 Other 37.9 #3.7 41.6 Total 804.9 #51.8 856.7 Table 13: Money Market Fund Repurchase Agreements with the Federal Reserve ($ Billions) See Figure 13 for more details. 2021-05 Change 2021-04 Total 458.6 "278.8 179.8 Table 14: Securities with more than 179 Days to Maturity (Percent) See Figure 14 for more details. Category Fund Type 2021-05 Change 2021-04 Institutional 8.0 "0.2 7.8 Prime Retail 6.1 "1.6 4.5 Institutional 0.7 "0.1 0.6 Tax Exempt Retail 2.9 "0.3 2.6 Government 12.7 #1.3 14.0 Government & Treasury Treasury 11.6 #2.8 14.4 Page 5 of 35 Prime Inst. Prime Retail Government Tax Exempt Inst. Tax Exempt Retail Treasury 250 200 150 100 U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 Number of Money Market Funds 50 Figure 1: Number of Money Market Funds 0 2017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-05 See Table A1 for more details. Page 6 of 35 U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 Figure 2: Money Market Fund Net Assets ($ Billions) See Table A2 for more details. Prime Inst. Prime Retail Government Tax Exempt Inst. Tax Exempt Retail Treasury 3,000 2,500 2,000 1,500 1,000 Net Assets ($Billions) 500 0 2017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-05 Page 7 of 35 Prime Inst. Prime Retail Government Tax Exempt Inst. Tax Exempt Retail Treasury 3.5 3.0 2.5 2.0 1.5 1.0 U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 0.5 Asset-Weighted Seven-Day Gross Yield (%) 0.0 Figure 3: Weighted 7-Day Gross Yields 2017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-05 See Table A3 for more details. Page 8 of 35 Prime Inst. Prime Retail Government Tax Exempt Inst. Tax Exempt Retail Treasury 3.5 3.0 2.5 2.0 1.5 1.0 U.S. Securities and Exchange Commission, Money Market Funds Statistics, Filings through June 11, 2021 Asset-Weighted Seven-Day Net Yield (%) 0.5 0.0 Figure 4: Weighted 7-Day Net Yields 2017-072017-092017-112018-012018-032018-052018-072018-092018-112019-012019-032019-052019-072019-092019-112020-012020-032020-052020-072020-092020-112021-012021-032021-05 See Table A4 for more details.
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