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Straight to the point:

It's not a slump, it's a surge.

See the figure below:

Reason:

The main investment targets of the money fund include bank deposits, bonds and so on. The yield of bonds is higher than that of bank deposits, and the longer the maturity of bonds, the higher the yield. So most fund managers will invest in some very safe bonds to get a higher return on investment.

Bond interest will be paid on the agreed date. When the money fund invests in many securities such as bonds, it will also stagger the maturity dates to ensure that the maturity dates are different. When a lot of bonds expire on a certain day and the income of the money fund is distributed by day, the income per 10 thousand shares will be particularly high on a certain day. Seven-day annualization is also an average return of 10 thousand in seven days, so it will also rise instantly.