Reserve Primary Fund breaks the buck (2008)
The Reserve Primary Fund, the oldest U.S. money market fund, saw its share price fall below $1 after its Lehman Brothers holdings lost value, setting off a run on money funds nationwide.
The Treasury rolled out a temporary guarantee program, and regulators later tightened money fund rules.
No investor ultimately lost principal, but 'seeking $1.00' became a caveat rather than a promise.
Explains WisdomTree's warning that WTGXX seeks $1.00 but does not guarantee it and is not FDIC-insured.
