Again: This is my emergency fund. This is my "the shit has hit the fan and it's all gone to hell" (like with a global pandemic, for example) fund. I'm not gonna gamble with the emergency fund. You may. I do not. We have no idea how bad this could get. As I mentioned above, I have other money that I do invest in the market, but I keep a year's worth of expenses in cash (edit: and some in iBonds, but most of that was put in years ago when the yields were higher.)