BOXX
Alpha Architect 1-3 Month Box ETF
stock BATS ETF

The research available these days via your brokerage or on the internet makes it so much easier to find great dividend paying ETFs and CEFs.
Retired in 2020, lived off dividends until I started drawing SS in 2025. Some of the CEFs I used to be in are CLM, CRF, OXLC, GOF, FSCO, NBXG, and AIO.
When I went on SS, I transitioned from CEFs to mutual funds with little or no downside but have a decent yield: SEMRX, TRBUX, EADOX, AGEPX, and EGRAX. Bought the first 4 in March 2025 and bought EGRAX after its ex div date the end of last year. To max out my Roth Conversions next year, I am considering putting all my taxable accounts in BOXX, no dividend but steady rise.

Short-term savings in FDLXX, long-term split evenly between BOXX, SGOV and USFR.
I have a tendency to tinker with and complicate my finances too much, and having multiple cashlike ETFs helps scratch the itch a little.

[https://www.wealthmanagement.com/regulation-compliance/treasury-flags-concern-over-potentially-abusive-tax-trades](https://www.wealthmanagement.com/regulation-compliance/treasury-flags-concern-over-potentially-abusive-tax-trades) original article is from Bloomberg I think. Basically on the morning of July 21, 2026 at a Wall Street Tax Association seminar, Kevin Salinger, deputy assistant secretary for tax policy at the Treasury, and Erika Nijenhuis, senior counsel told people, amongst other tax moves they considered suspect, they would be giving box-spread ETFs a very serious look. BOXX is the largest box-spread ETF. The end of the article says, "Salinger will be acting assistant secretary for tax policy at the Treasury as well as acting IRS chief counsel after the departure of Kenneth Kies, Bloomberg Tax reported Tuesday, citing a Treasury email."

Yes, a few weeks ago the IRS said they were not happy with the strategy that BOXX was using. This could mean they'll make a new rule before EOY and we'll all owe back taxes *or* they might put out a strongly worded opinion in a few years. 

Has there been any recent updates/changes for BOXX's IRS interpretation? I've been holding out on investing in BOXX pending clarification but haven't seen anything newsworthy recently.

This is the answer. BOXX or XBOX. Then use tax loss harvesting to reduce the taxes even further on the capital gains.

BOXX. The "interest" is actual capital gains and if held for over a year thus more tax efficient long term capital gains.
Note it isn't state tax exempt so if you live in a state with high state income taxes that likely comes out ahead.

BOXX because Im a freak and I like watching line go up.

BOXX, but sadly not for long it sounds

I have a portion of my “cash” in BOXX for exactly this reason. If it pans out it saves me alot during my high income years. It’s most likely “worst case” appears to be it gets taxed as income - which is what my MM holdings get anyway. So I’m taking a non traditional approach to some of my liquid holdings to bring down my tax drag on them.

Isn't the IRS looking into the legality of BOXX?

If you have a longer time frame, using BOXX for a portion of the savings might be a good option. The money compounds but there is no periodic interest income paid out. That gives you the option to time redemptions and get long term cap gains treatment. BOXX is not a t-bill based product. It has to be viewed as riskier than some of the other choices mentioned here.

The liquidity in your taxable brokerage account will show up on a creditor's scan.
That can be good - if you were applying for a loan. It can be _bad_ if someone's coming after you for money.
Most states give creditor protections to Roth's, just like 401k/IRA. Some may differentiate between pre-tax and post-tax dollars. You can research this for more accurate info.
We are 3Y FIRE'd. We are now living 100% off our Roth. For now, we left an amount in our post-tax brokerage equal to what is left on our low-APR mortgage (in `BOXX`). For the time being this gives us more liquidity, on paper, incase we want to change the house/relocate/etc.