The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Justin Schwartz: And we have a municipal product, Short-Term Tax-Exempt Fund, that has a similar maturity and duration profile to the ultra-short-term taxable fund that is available for clients as well who desire the tax-exempt income. So our shareholders are going to have some increased transparency into the portfolios, and that's going to take place through the website. Amy Chain: So your settlement fund and your brokerage account has to be the Federal Money Market Fund; otherwise, any impacts to investors? For a deeper dive on some of the topics, terms, and concepts that we talked about, I encourage you to visit our money market reform overview page on vanguard.com. (You can change your preference anytime. I mean, a money market fund allows investors to go ahead and transact in their portfolios all the time. Amy Chain: So all of the securities within the money market portfolios have maturities of 60 days or less, or a large majority of them. No pricing data is available for this time frame, Hong Kong Seen Selling Bills to Mop Up Cash After Ant’s IPO, Emerging-Market Dip Buyers Can’t Wait for U.S. Election Results, Traders Eye Cheap Rubles as Hedge Against Trump Election Win, Libor Trader Tom Hayes to Be Released From Jail in January, Australia’s Central Bank Expected to Cut Rates to a Fresh Record Low, ECB’s Holzmann Sees Quality of Stimulus in Focus in December, Turkey’s Lira Poised for Steepest Monthly Rout in Two Years, ECB Prods Governments to Get on With Spending in Virus Fight, Lagarde Primes ECB for More Economic Stimulus, ECB Signals December Stimulus Coming on New Virus Lockdowns, Bloomberg Retracts Story on London Court Hearing, New Europe Lockdowns Raise Prospect of ECB Stimulus Surprise, Surge in SOFR Derivatives Bodes Well for Shift, Libor Transition Seen on Track Even as Virus Adds Complications, Trudeau Holds Off on New Budget Goal as Billions Flow Out in Aid, SAP CEO: Pandemic an Inflection Point as Customers Move to Cloud, The Vanguard Group So with Vanguard Brokerage thought that would be the best option for clients. Justin Schwartz: And as we talked a little bit about before for brokerage clients, the settlement fund change will happen. It's a variable NAV fund very similar to a bond fund, but it buys shorter-duration assets. And certainly, as we did during the financial crisis, if we saw conditions eroding in the markets, we would turn around and enhance that to go ahead and make sure that we had an even larger buffer, again, similar to the way we managed the cash back in that time period. Money market funds invest short-term. David Glocke: Yes. It's a money market fund that is pegged at $1/share, so you won't see market value growth, though there is a very small dividend payment. Under the new structure, you can move your Vanguard funds into your brokerage account. So these products give investors who have that risk profile an opportunity to do something a bit different. And so for us in Prime Money Market, I go out and I buy U.S. Treasury securities or I might go out and buy an agency security, which are very highly liquid and also qualify as weekly liquidity for the SEC rules.