European Money Market Fund Reform – Your Questions, Answered.

As we progress towards the implementation of European Money Market Fund Reform, we are committed to being as transparent as possible about our future plans. This video series is intended to help guide you through the changes.

For further information, please explore our Reform Centre and refer to these supporting documents:

The team answers your questions

What product types will be available?

There will be three fund structures for Short-Term Money Market Funds (MMFs). Explore these fund structures here.

How will Low Volatility Net Asset Value (LVNAV) products work?

LVNAV funds will be a new type of Money Market Fund that replicates much of the utility of a Constant Net Asset Value (CNAV) fund, with some differences. Learn more about why we believe LVNAV may be an appealing alternative to CNAV.

What is the difference between LVNAV funds and Short-Term VNAV funds?

While both Short-Term products, there are three primary differences between these fund types. We share those main differences and other information in this video.

Will intraday settlement be available?

We understand that intraday settlement is an important feature of MMFs. We intend to offer this across all fund types, however, there will be differences in settlement across the fund types. Learn about how intraday settlement options may impact you.

Fees and gates - what, when, why?

Explore what the prescribed scenarios are for the implementation of liquidity fees and redemption gates, and what funds will be subject to them.


Capital at risk. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.

Short Term Money Market Funds and Money Market Funds do not generally experience extreme price variations, and changes in interest rates will impact these products. With respect to Money Market Funds, levels of credit risk are affected by longer weighted average maturity and weighted average life.



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