During the 2007-2009 financial crisis, some money market funds had large losses in their holdings, which resulted in the NAV dropping below $1 a share. This is referred to as:

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When the NAV of a money market fund drops below $1 a share, it is referred to as "breaking the buck." This occurs when the fund experiences losses on its holdings, causing the value of the fund's assets to decline and the NAV to fall below the $1 mark.

During the 2007-2009 Financial Crisis, Some Money Market Funds Had