Public Debt CNAV
Money market funds.
A constant net asset value (CNAV) per share money market fund, substantially invested in public debt.
At least 99.5% of the portfolio must be invested in public debt securities, reverse repo secured with government securities, and cash.
Money Market Fund (MMF) reforms in 2019 replaced [prime] constant net asset value (CNAV) funds with two new categories:
- - the Public Debt CNAV fund, and
- - the low-volatility NAV (LNAV) fund.