Yep that is something that most people never seem to grasp. I bet that out of everyone here that has cash in a moneymarket, about 0% of us actually know what investments that moneymarket is composed of. Myself included. By the nature of the return the moneymarket gives, there must be some components of every moneymarket fund that is riskier and some that are not risky at all.
If you want to find out exactly what composition your money market has, call your provider and ask. While money markets are low risk, they are not FDIC insured.
I would agree with Andy, the level of exposure is probably small… each institution has a different composure.
