FedEx, page 1 paragraph 2
"Training is mandatory for those shipping hazardous materials, including limited quantity, ORM-D and other exceptions."
page 4 lists "FedEx Ground Acceptable Hazardous Materials", and clearly at the bottom of the list is cartridges, small arms limited quantity.
49CFR is title 49 of the Code of Federal Regulations, which includes regulations for ammo. Ammo DOES indeed fall under regulated hazardous materials.
Exception is not the same as exemption. This was my point. UPS carves out for the exception in their shipping policy. FedEx does not.