The question is about systemic risk to the fund, not the brokerage. SIPC insures the brokerage, not te position; if SPAXX goes to zero, you ain't getting nothi

The question is about systemic risk to the fund, not the brokerage. SIPC insures the brokerage, not te position; if SPAXX goes to zero, you ain't getting nothing from SIPC. And, to be clear: money market mutual funds ARE exposed to liquidity and credit risks, but a run on a mutual fund doesn't get the same protection as a run on a bank. https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/mutual-funds/understanding-liquidity-in-money-market-mutual-funds.pdf https://www.fidelity.com/bin-public/060_www_fidelity_com/doc...