Core Viewpoint - The article discusses the recent trend of some money market funds increasing their management fees despite a broader trend of fee reductions in the industry, highlighting the complexities and implications of fee structures in the current low-yield environment [1][5][10]. Group 1: Fee Adjustments and Trends - On November 20, two money market funds, Xin'ao Cash Treasure and Fuanda Shenzhou Tiantili, announced the restoration of their management fees to 0.80% and 0.55% respectively, after temporarily lowering them to 0.30% due to low estimated annualized returns [1][2]. - The fee adjustment mechanism in these funds is designed to prevent negative net returns per ten thousand units, allowing for temporary fee reductions when returns fall below a certain threshold [4][5]. - The average seven-day annualized yield of money market funds has decreased from 1.25% mid-year to 1.1% by November 20, with 69 funds yielding below 1% [5][8]. Group 2: Impact of High Fees - The average management fee across the market is currently 0.26%, with some funds charging as high as 0.9%, which significantly impacts net returns, especially as overall yields decline [7][12]. - Funds with higher comprehensive fees (management, custody, and service fees) have shown lower average annualized yields, with those exceeding 0.7% yielding only 0.785% compared to the market average of 1.23% [7][12]. - The high fee structures are increasingly seen as a hidden cost that erodes investor returns, particularly in a low-yield environment [6][10]. Group 3: Regulatory and Market Context - Regulatory signals have indicated a push towards reducing fees for money market funds, with recent guidelines suggesting a cap on sales service fees and encouraging fund companies to lower management fees [10][11]. - Despite the downward pressure on yields, the overall scale and number of money market fund investors have continued to grow, indicating a persistent demand for these investment vehicles [12][13]. - The article emphasizes the importance of ongoing fee reforms to protect the interests of small and medium investors, as larger funds benefit from economies of scale that can facilitate lower fees [13].

Group 1 - The fund management company, Xinda Measurement Fund Management Co., Ltd., has announced a reduction in the management fee from 0.80% to 0.30% starting from November 17, 2026, due to certain triggering conditions [1] - The management fee adjustment is aimed at mitigating risks associated with negative net performance and ensuring the stability of sales institutions [1] - The fund will revert to the original management fee of 0.80% after one year if the conditions for the fee reduction are resolved, with a formal announcement to be made by the fund management company [1] Group 2 - The fund primarily invests in money market instruments, and the estimated net yield per ten thousand fund units and the seven-day annualized estimated yield may fluctuate due to market volatility [2] - The fund management company retains the right to adjust the management fee based on the operational status of the fund [2]

Core Viewpoint - The company announces a fee reduction for the Xin'ao Cash Management Money Market Fund, effective from November 3, 2025, to better meet investor needs [1][21]. Group 1: Fund Changes - The fund name will change from "Xinda Cash Management Money Market Fund" to "Xin'ao Cash Management Money Market Fund" [21]. - The fund manager will change from Xinda Securities Co., Ltd. to Xinda Australia Fund Management Co., Ltd. [22]. - The product category will shift from "money market collective asset management plan" to "money market fund" [23]. - The product will no longer have a fixed duration, changing from a specified end date to "no fixed duration" [24]. - The product code will change from "970158" to "025672" [26]. - The fund manager will be replaced by Tian Yang from Xinda Australia Fund Management Co., Ltd. [27]. Group 2: Fee Structure and Operations - Starting from November 3, 2025, the sales service fee rate for the fund will be reduced to 0.01% per year [1]. - The minimum initial subscription amount is set at 1,000.00 yuan, with the same amount required for additional subscriptions [7]. - The fund will not charge subscription fees under normal circumstances, unless specified by law or the fund contract [8]. - The fund does not impose restrictions on the minimum redemption amount or minimum holding shares [10]. - The fund will not charge redemption fees in general, except under specific conditions related to the fund's asset composition [11]. Group 3: Investor Communication - Investors are encouraged to read the fund contract, prospectus, and product information documents for detailed information [2][17]. - The company provides customer service through a hotline for inquiries regarding the fund [3][17].