Core Insights - The Red Tower Hongtu CSI Interbank Certificate of Deposit AAA Index 7-Day Holding Fund is convening a meeting to discuss its continued operation due to a significant decline in its asset size, which has dropped over 60% since its inception [1][2] - The fund's size decreased from 871 million yuan at inception to 6.6 million yuan by the end of 2023, representing a 92.4% reduction [2] - The overall market for interbank certificate of deposit index funds has also seen a substantial contraction, with a total size reduction of nearly 65% from 355.15 billion yuan to 125.83 billion yuan [2] Fund Performance - The Red Tower Hongtu fund has experienced a continuous decline in size, with its assets falling to 1.1 million yuan by mid-2023, which is less than 1% of its original size [2] - The first batch of interbank certificate of deposit index funds launched in December 2021 was initially popular, attracting over 10 billion yuan, but has since seen a significant drop in total assets [2][5] - As of mid-2023, there are 101 interbank certificate of deposit index funds in the market, with a combined size of 125.83 billion yuan, down from 355.15 billion yuan at issuance [2] Risk of Fund Liquidation - The Red Tower Hongtu fund has been below the 50 million yuan threshold for 60 consecutive working days, prompting the company to submit a plan to regulatory authorities regarding its continued operation [1] - A previous attempt to hold a meeting to discuss the fund's future was unsuccessful due to insufficient participation [1] - Among the 52 interbank certificate of deposit index funds, 24 have sizes below 50 million yuan, indicating a risk of liquidation [2][4] Yield Comparison - The average yield of interbank certificate of deposit index funds this year is only 0.7%, underperforming compared to bond funds at 1.8% and money market funds at 0.97% [5] - Over the past year and two years, the average yields for interbank certificate of deposit index funds were 1.24% and 3.23%, respectively, which are lower than the yields of money market funds during the same periods [5]