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If you’re connecting the SAE lead to a battery, yes the + lead needs to be the one that’s shielded. If you’re connecting to an accessory device (air pump, battery charger, etc.) that will be plugged into an SAE lead that’s connected to a battery, then the + lead needs to be the exposed one.
I was shopping around for a new, heavier gauge, SAE connector last year. I found a lot of options, but also various issues with the shielding being reversed. There seemed to be some connection to boats using a different arrangement, but it was never quite clear. All I can suggest is that you shop carefully to get it the way you need it.
I didn't expect that getting a heavier SAE battery connector would take me down the rabbit hole that it did. But there it is.
Rich may be right about that boat thing; I've seen those sort of connectors before that have the hot lead from the battery as the unshielded connector. However, that other device in the photo posted by Nsrider is a polarity reverser. If you connect that to the end of the battery lead, it'll switch the hot lead to the shielded portion of the connector. I imagine they sell them together so you can use the battery lead for either application.
You can still use the connector without the polarity reverser; you just have to swap the leads around. If you do, make sure you change the lead colors (red tape on the black lead, black tape on the red) to avoid that "aw crap!" moment.