Another interesting cash alternative with unique taxa advantages is the relatively-new BOXX ETF by Alpha Architect (I know the CEO, Wes Gray. He's a good dude).

It uses a "box spreads" options strategy to generate returns similar to short-term Treasury bills, creating synthetic bills-like returns. Expense ratio is 0.19%.

Taxation Benefits:
Tax Deferral: aims to defer tax liabilities until shareholders sell their ETF shares, unlike traditional Treasury bills that generate taxable interest income annually. Big advantage if you plan on a long-term hold.

Capital Gains Treatment: When investors sell BOXX shares, the gains are intended to be taxed as capital gains rather than ordinary income, qualifying for lower long-term capital gains tax rates if held > 1 year.

https://funds.alphaarchitect.com/boxetf/

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