What Is SPAXX in Fidelity? Why Is This Under My Account?

Someone asks:

So I woke up today and found this SPAXX investment in my portfolio. I never bought this and I don’t know what it is. I have an option to sell this. Can someone enlighten me what this is? Im a new investor and im still in the learning process

SPAXX is the ticker symbol for Fidelity Government Money Market Fund. When you deposit money into your Fidelity account, SPAXX will be used to hold that cash. This also applies to any uninvested or unsettled cash you may have available in your balance. In other words, SPAXX is your core cash position. Now that you know the fact, there is no need to panic.

Do I earn interest for my uninvested cash at Fidelity?

You do earn interest for any amount you have in your SPAXX core cash position. The interest rate as of writing this post is 0.01%.

Hi! I'm Diego, 38, and I currently reside in New York. I work as a financial analyst. I primarily focus on initiatives involving research and data analysis.

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