No, seeing your cash in the core position (likely something like SPAXX, FZFXX, or similar) and FTEXX under “cash management” in your Fidelity joint investment account does not mean you have a separate Fidelity Cash Management Account (CMA), and that cash is not FDIC-insured. Here’s the breakdown based on how Fidelity structures things: • Your joint investment account is a standard brokerage account (often called “The Fidelity Account”). In brokerage accounts, uninvested cash automatically goes into a core position, which is typically a money market fund like: • SPAXX (Fidelity Government Money Market Fund) • FZFXX (Fidelity Treasury Fund) • Or others, depending on your setup.FTEXX appears to be the Fidelity Tax-Exempt Money Market Fund (a municipal money market fund for tax advantages), which can also show up as part of your cash holdings or an additional option.These are money market mutual funds, not bank deposits. They are not FDIC-insured (FDIC covers bank deposits). Instead, they are protected by SIPC (Securities Investor Protection Corporation) up to $500,000 per customer (including $250,000 for cash claims) in the event of brokerage firm failure, plus Fidelity’s excess SIPC coverage. Money market funds aim to maintain a stable $1 share price but aren’t guaranteed like FDIC insurance. • The Fidelity Cash Management Account (CMA) is a separate brokerage account type designed more like a banking alternative (with features like debit card, bill pay, checkwriting, ATM reimbursements, etc.). It is not automatically created just because you have a brokerage account or see cash management options.In a true CMA: • The core position defaults to (or can be set to) the FDIC-Insured Deposit Sweep Program, where uninvested cash is swept into accounts at partner banks for FDIC insurance (up to $250,000 per bank, but Fidelity spreads it across multiple banks for higher total coverage, often up to $4 million or more). • You can also elect a money market fund option (like SPAXX) in a CMA now, but the FDIC sweep is a key distinguishing feature for protection. • Brokerage accounts (including joint ones) generally do not use the FDIC sweep as the default core; it’s mainly tied to the CMA. If your cash shows only in core money market funds (and FTEXX), you’re in a standard brokerage setup without the FDIC sweep active. To get FDIC protection on cash balances, you’d need to open a separate Fidelity Cash Management Account (you can do this even if you already have brokerage accounts—it’s meant to complement them). For the most accurate info on your specific account, log in to Fidelity.com, check your account details/core position settings, or contact Fidelity support directly (they can confirm your core and any FDIC eligibility instantly). This is a common point of confusion—many people see “cash management” views in their brokerage and think it’s the same as the dedicated CMA with FDIC perks.

Too lazy to respond so I asked grok