"JAAA is a high-quality bond fund, not a cash substitute — its AAA-rated CLO tranche offers ~5-5.5% yield but carries 2% drawdown risk in credit scares."
These 2 Cash Funds Beat SGOV — But There’s a Catch
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"JAAA is a high-quality bond fund, not a cash substitute — its AAA-rated CLO tranche offers ~5-5.5% yield but carries 2% drawdown risk in credit scares."
"BOXX uses a box-spread option strategy to track T-bill returns with potential tax advantages, but the IRS has not blessed the structure, creating regulatory tail risk."