Finance
These 2 Cash Funds Beat SGOV But Theres a Catch
Date: 2026-06-21 11:45:09
Last week we covered 5 places to park your cash and beat your bank. You asked about two funds I didn’t include: JAAA and BOXX. So today, we cover both
JAAA (Janus Henderson AAA CLO ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) both get talked about as cash alternatives yielding more than SGOV or a money market. But neither one is a plain T-bill fund — and the differences matter a lot depending on what you actually need the money to do.
For BOXX, I reference Professor Daniel Hemel’s analysis in Tax Notes, “The Tax Trap Inside the BOXX,” which lays out why the strategy may not survive IRS scrutiny under sections 1258 and 1092.
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⏱️ Chapters:
00:00 — You asked about these two
01:19 — JAAA: what a AAA CLO actually is
02:29 — Why “AAA” doesn’t mean “won’t move”
04:53 — BOXX: the box-spread strategy explained
06:57 — The BOXX tax catch (and the IRS question)
08:50 — Where each one actually fits
⚠️ DISCLAIMER
This video is for educational purposes only and is not financial, tax, or investment advice. Yields, rates, and tax rules mentioned are current as of recording and will change. The tax treatment of BOXX is unsettled and contested — consult a qualified CPA or tax advisor before making any decision. Investments carry risk, including possible loss of principal. Consult a qualified professional before investing.
