For me the downside is lack of accountability and management. The only way I've found to interact with it is via the wallet app on my phone which is a PITA.
VMFXX at 5.22% makes more sense, except it's not FDIC insured.
> The fund invests at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or cash (collectively, government securities).
While not explicitly FDIC insured, you can consider it backed by the full faith and credit of the US government. FDIC, Federal Reserve, it’s just splitting hairs wrt these instruments.
> The fund invests at least 99.5% of its total assets in cash, U.S. government securities, and/or repurchase agreements that are collateralized solely by U.S. government securities or cash (collectively, government securities).
While not explicitly FDIC insured, you can consider it backed by the full faith and credit of the US government. FDIC, Federal Reserve, it’s just splitting hairs wrt these instruments.